Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
FYI, if anyone starts a discord group, we can't permit it to be linked to within a futures.io post. It may be unfortunate, but we have had to disallow discord links because of the vast potential for vendors to use them as a way to pitch to our membership, even if the discord initially was established for completely innocent purposes. We have seen enough of this that we know we have to prevent it.
Another thread on futures.io dedicated to specific applications of these trading ideas would be fine, assuming it was different enough from the focus of this thread to not basically split the topic, as @JonnyBoy suggested.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Before today I didn't know what Discord really was! I had heard of it but didn't know what it was actually for. I must be getting old.
--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
I didn’t know there is such limitation, sorry for bring that suggestion up. My initial intention was to make the communication more connected and efficient
I've enjoyed this discussion of vwap-based trades, as I take them quite often myself. I'd love to just see a new thread devoted to the trades themselves. In part, that's because I'd rather not have to open up yet another application -- Discord, whatever --as it's hard enough to keep track of charts, FIO, and so forth. My brain has a limited capacity, which is quickly closing in.
@JonnyBoy I'll try and get the thread back on topic by sharing something that hit me today. Hopefully a new thread will be created to share setups/trade ideas. My intentions of sharing that long setup I took wasn't to derail anything, sorry about that!
Today while I was trading I realized how important the context of the day really is. Without that type of context and just taking a long trade because price is going from SD+1 to VWAP is a way to fail using this strategy. You said it yourself, "If you mechanically took every VWAP setup just because it was a "setup" then I think you will be disappointed with the results."
In an effort for me (a noob) to understand more about "types of days" & context to look for I want to ask if you could explain a tad bit about the column titles for the metrics you posted here. (post #139)
Open In Range/Open Out of Range of what?
Also, what are the sub categories in the two columns: higher & lower, higher (HIR), lower (LIR) ?
No harm done with the chart. That happens every once in a while when we get excited.
There is a plethora of information ''out there'' and in FIO but you can break it down like this.
Open In Range [OIR] - for the RTH session the open is within the range (High to Low) of the prior trading day.
> the subset Higher In Range [HIR] - for the RTH session the open is inside yesterdays range but in the upper part of that range.
> the subset Lower In Range [LIR] - for the RTH session the open is inside yesterdays range but in the lower part of that range.
Open Out Range [OOR] - for the RTH session the open is outside of the range (High to Low) of the prior trading day.
> the subset Higher Out Range [HOR] - for the RTH session the open is outside yesterdays range to the upside
> the subset Lower Out Range [LOR] - for the RTH session the open is outside yesterdays range to the down side
Context is absolutely a fundamental part of assessing what kind of day you expect. The type of day and type of open can affect how you approach the market. For example, if you OIR at the prior days volume point of control (VPOC) would you expect the day to trend or not? Meaning it will lower my expectations for targets.
I hope that helps.
--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
However, I'm a bit confused by the Higher & Lower subset. I'm not sure how price could be opening higher and lower of a range at the same time? Very confused on that one.
Not sure what you see that implies this. He's saying that a "HOR" is opening above yesterday's range an a "LOR" is opening below yesterday's range, and he's categorizing both of these as "OOR", opening outside of yesterday's range.
This stuff has been around for decades -- see a very old but good book, "Mind Over Markets" (you can find the PDF around I'm sure), for open auction in-range, out of range, etc. It's old but concepts are still good, at least many of them are.
I didn't know anything about it either until recently.
