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Nice trade! How were those targets determined? I know your stats-based model probably suggested a high likelihood of a trend-up day today but how are your target prices actually determined? They don't look to be VWAP based but perhaps they are. +4SD at the time of the entry for that third target 2974 perhaps?
Thanks!
Can you help answer these questions from other members on NexusFi?
That I can't share. They are VWAP based but not static VWAP based. And we got stuck at 2974.25 too. Nice.
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- Trade what you see. Invest in what you believe -
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Understood and completely respect your answer. You've shared more than enough here and I believe you've provided the tools necessary for anyone to dig deeper and figure out how to further improve this edge for themselves.
I am using Sierra Chart. Several pages back I posted some charts to have compared with Jonny's and was able to get it damn near exact. I also shared the chartbook several pages back in case you want to play around with my exact chart. The VWAP indicator is built into the platform and is in all packages.
If you have never used Sierra Chart you'll find it might be overwhelming. However, there are a lot of resources via Sierra Chart support board, google, and their extensive help docs that you can find the answer to anything. Let me know if you have any questions about it.
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- Trade what you see. Invest in what you believe -
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this thread is becoming a trade ideas sharing thread, shall someone start a telegram or discord group(that's the only two i know is good for group chat), @JonnyBoy @mtzimmer1 ? im sure it will gets hot.
I'll defer to @JonnyBoy on that. I consider myself an intermediate trader some days and an amateur on most. I will think about starting a discord once I have confidence in my profitability and the ability to offer valuable advice and insight.
Agreed. A new thread should be started to cover trades that are placed/working/ideas etc. using the VWAP methodology. Good point. We don't want to distract from the main focus of the thread.
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- Trade what you see. Invest in what you believe -
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You should look into an anchored VWAP drawing indicator. @JonnyBoy recommended https://www.edevaay.com/tool-box/drawcator-vwap/ as a good solution. I'm still experimenting with the indicator, but it is to be used as a supplement to the RTH/ETH VWAP and SD levels. You have to pick the bar you anchor the VWAP to however, that is not done for you.
I think the most interesting part of the anchored VWAP is determining WHICH bar(s) is significant. From a human perspective, you'd only know once you'd anchored and drew the VWAP and analyzed whether price respected or disregarded the VWAP line. Now it is somewhat obvious which bars could potentially be significant. Swing highs and lows are generally good bars to anchor to as they represent levels where supply/demand changed. I wonder whether an indicator could be designed that would run calculations and compute VWAPS for EVERY bar dynamically, and determine whether the VWAP was significant. I'm manually doing this now using a proprietary indicator that determines intraday highs/lows and anchoring the VWAPs there.
The anchored VWAPs aren't 100% neccessary to be successful trading primarily based of VWAP imo. The setups provided by @JonnyBoy off the RTHs (i'm using ETH) are plenty to generate consistent profits. I think it's important not to overcomplicate VWAP trading, and use it as a guide to determine the short-term direction of price action. Watching what the bars do around SD levels is very interesting, and you'll find yourself more immersed in the PA behavior rather than the actual VWAP/SD level. That's where the anchored VWAPs become extremely interesting, as they allow you to dynamically assign a VWAP to 'interesting' bar groups. For me, this is currently more an art than a science. The less reliant on indicators you are the better usually. THe VWAP and SD levels allows me to focus on the PA without the clutter of a bunch of indies potentially clouding my decision making.
