Must be the holidays breaking my concentration. Also, I didn't see your usual "T-Day Crew" post! I can't believe how much of a fool I was: -The people's opinions I take into account were all bullish. -The charts I followed turned bullish -I saw an ISH -I sensed an ADU Yet I kept trying to short the heck out of the market! It's my loss and I truly hope I will learn from it, but I make no promises... I think it was due to mostly paying attention to the NQ and thinking that it was ahead of itself and would retrace.
Yes, I looked into it after reading about it in a few places (including your work). It's the only indicator on my screen (I don't consider floor trader pivots as "indicators" per se). For a long time I was sure that indicators had zero value. Obviously, I am sure now that I was wrong. VWAP is like a floor trader pivot--a "self-fulfilling prophecy. Your explanation makes sense. I have gone back months on some stocks and indices, and sometimes the moves start at 3:58 on stocks and etfs (like XLF).
is this what VWAP is supposed to look like? It looks like it is always crossing. What are you looking for just a touch and then a continuation it the move?
Safe to to say there is an intermediate rally here. I have not bought it either and have been losing the whole time. With the slower volume/volatility it is easy to overtrade. When you break it down you can only be short flat or long. I am still short here. Good trading.
Not too sure about that King. So far we're above (or the top end) of the opening range Also, I keep seeing huge lots hitting the ask on the booktrader (only started staring at it this morning). I'm talking about 100+ lots slamming the ask vs retail hitting the bid. Edit: aren't we printing a bull flag on the 5min? Edit2: Spoke too soon...
Longs may set target to 905 for today. To keep the short term uptrend going, retracement in coming days should not take out 850.
For the ES, I set it to 405 for the 1 minute (basically, because of 405 minutes in the trading day). If one used 3 minute bars, then set it to 135 (405/3).