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Good morning! does your weekly vwap reset every Sunday evening(market open).On the eurusd, the weekly vwap resets Sunday evening, so for the 1st day of the week, on my chart, the weekly vwap is literally the same as the daily vwap.
So yes, minus one important detail for me. I start my ETH chart at the 3 a.m. time because it is the European currency after all. So I mark the opening drive and the all important open/close levels at 3 a.m. Weekly VWAP for me starts at the open on Sunday evening, then the ETH starts 3 a.m. on Monday morning, and my RTH starts at 7 a.m.
Now that I am using momentum/TPO/confluence to set direction and enter the market, the multiple VWAP's have been less of an issue for me to trade around.
Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
i know what you mean...years ago i had eth and rth vwap, and it was too much for me.I took some entries today that made sense.Confluence was there.Any charts today?
Alright, so trying to think of how I can best journal to be most effective for anyone reading it. I think I will start with my top down process for the morning, then my expectations for the day, then what happened and how I adjusted and traded it.
So a couple things to note, I am using basic price action, TPO, and also levels from the EURO to gauge how the GBP(my market) is trading. Since the EUR/USD has the strongest weighting to the USD I consider it a leading indicator. I am still learning the nuances but it is coming along quickly. Like when we are consolidating and pulling back to support, while the EURO is trending nicely higher, this is usually a good low risk entry. Things like that, or sometimes the EURO will break significantly before the GBP, another good heads up.
Also with my trades, to help understand why I trade the way I do it is pretty simple. When I have a level I am looking to enter at I will try to quickly get fully scaled in, then start capturing profits immediately to improve my average. I trade in sets of three, so I have a quick profit target at closest S/R, an intermediate target, and a runner. I have a price action pattern I use to add back on the 3rd(and 2nd if taken off), so that I can get back in full size when conditions are favorable. I push every trade I have with full conviction while constantly taking profits as if the market will run forever. Runner is usually looked to be locked in around ADR unless looks to be a trend day. I use price action and momentum to tell me when I should start to become less aggressive and start looking for a reversal, although the TPO is quite important in that aspect as well.
Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
Ok so I trade from 7 a.m. to noon, at my desk around 6:40 after quiet time. Get up around 6, in bed by midnight. I function pretty well at 6 hours of sleep, but usually need a coffee shot around 8 and I am set. Just started eating much better/cleaner, and working out as of a week ago. Feeling great and already losing weight. At 34 my goal is to get in the best shape of my life, full lifestyle change, no diet fad stuff.
So this morning I wasn't sure if I would get to trade anything since today is daddy doughnut breakfast at my daughter's school, she is in kendergarten so it's her first year at elementary school. We had a blast and would not miss it.
Knew we had Draghi speaking, a high market impact conference out at 9 a.m., but that doesn't always mean it will move the GBP substantially.
Based on Friday's high volume expansion move lower, and a 100 point move higher from the 3 a.m. open, I was looking for an inside day, and more than likely a move lower back to value. But when high volume and news come out all that can get scrapped. So here is the TPO where you can see Friday's move, ON consolidation, and the move higher off the open.
Also to sum up today, you can see in the TPO momentum(each vertical line equals 30 minutes trading, and the market is either moving higher/lower/or balancing) where we moved higher from the news event, stalled then fully reversed lower, then moved back higher pretty much making it a balanced day.
When the EURO started flying on high volume, the GBP hadn't taken off yet, so I took a small position to test the waters, and as the market moved and the TPO reversed higher I got full size. I marked my entries so you can see where I took profits and added. Then you can see where my abandon ship level was at, and where I completely reversed. Again quickly getting full size, almost no MAE and quick move to first two targets.
Just a quick note, previous days VWAP is a very good target on most reversion to the mean days, as well as VPOC but it was quite far away, and you can see how it held the market here. Main reason why I held on and kept pressing the short was specifically due to the failure at the highs, and our still small range. ADR was like 87, and we were at 42 points, so I was going for it. Once market started to balance around ETH VWAP/Y VWAP and strengthen to the upside I started to exit, then reversed on the B/O this time fully aware of the balanced profile shape, but looking for one more shot to developing VAH. When we didn't get the momentum I was looking for, I figured the trade a dud and exited being done for the day.
Mind you I could have taken full profit on both moves and ended up with a nice day, but for me on days where you can press this would only fall far short of my expectations. I ended the day with a decent profit considering both positions were reversed on me, previously this kind of day would definitely have been a loss for me. But I will always push the trade as far as it will let me from now on.
2 min RTH chart with added on ETH VWAP shows price action for the day, and my entries/exits.
Let me know how I can make this better! Good trading everyone. Also you can see how the market broke around 11:30, I do not initiate new trades that late in the day. Noonish is lunch for U.S. go home time for England, usually low vol chop.
Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
Good to have you back man, and glad you've found a missing link in your trading... exactly what I am looking for right now. I'll have a look at that thread you linked to, been paying more attention to VP lately...
Very nice entries on the 6b.I see you are using the 2 min.For the fade today off the highs, are you looking for some type of divergence at confluence?Or maybe a sell candle like a dogi or hammer? or maybe both!I watched the quick charts for years, killed me...much different tho when there is confluence at a level....or perhaps the ADR was maxed...good stuff
Bob
