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)
On the edge of a bias flip. Trade is at adxvma and w-vwap.
Correlated markets pointing to strength in ES except for euro dollar. But 3 out of 4 is not bad support for a long ES.
I'd just like to see it clear the w-vwap first before going long. It's Friday and next week is FOMC rate hike decision. Will market want to go long and stay that way into the weekend? I'd be surprised but I have to trade what's in front of me.
Morning trade from 9:59 - 10:50 shows how the trade was in the money and ended up about break even. I was looking for a bigger move and was willing to tolerate the price to come back to the d-vwap, but no further after having been in the money. I would have been better off closing that trade at the prior day open line. However using those lines earlier in the week proved to be a mistake so i'm now not even paying attention to them.
Afternoon trade 12:47 shows how instead of waiting for my target to get hit, or even having a target at the D-vwap or better I closed the trade for fear of a repeat of the morning trade. But this time price moved further to the D-vwap.
This is what happens when you try to do something outside your trading plan. You get burned.
I tried to get cute and scalp a few ticks to the short side just before the market close. The market had been in barbwire chop for a while and I thought one more barb wire bar down would be a high probability. But with the close fast approaching market forces where actually likely to cause the pattern to discontinue.
More valuable lessons learned on sim.