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Since i have been watching DAX charts for a long time, I have almost forgotten that VWAP is a key level on the charts that are likely to be tested and reacted from.
This morning I have come into the London session with a thesis that the Euro has made its weekly high yesterday, and we are likely to roll over to the down side after another failed attempt.
I have traded on the short side once on the fib retracement and it didn't work out. And then I have initiated short again at the developing weekly volume profile value high at 11795, and the short has worked out. But there is very little follow through, hence I have taken 10 pips and run away.
A better opportunity came in Pound after it has spiked up after the news release and made a top formation. The initial short is at 13260, then the second portion was in after some weak hands' attempt to pop the price at 13245. Those weak hands are eventually stopped out bringing price down to the session VWAP where I have my profit target.
Assessing my performance on the metrics of being consistent, I think i have under performed that I have shorted in a tight consolidation in Euro which has turned out to be a continuation formation. This is a mistake of not being patient enough. Better entry usually come in the form of Wolfe wave type wedge formation.
On the process front, I am still struggling in reading the chart properly in Cooper and I am still wandering into DAX charts from time to time. A new setup takes time to adjust.
Wow, what I have missed when I was away to pick up my kids!
Look at the flush created when the VWAP being taken out and the reaction when it trades back to the VWAP in 6B.
Look at the chart in 6B that the spike this morning had a throw over the up trend line and then turned around to trade through the lower trend line. This is a strong reversal signal that the big boys has used the spike up to build up a massive short position.
The weak area identified this morning has been taken.
Maybe I should consider to just have an open position when I am away from the desk.
Carry position over night should not be that scary.
