One of today's trades: VWAP Bounce
I did the Vwap bounce dance. I wanted to short more but the price action was a little too spicy for me because I didn't want to lose my gains. I made a measured move instead and on these I use Bookmap's ExecutionPro BreakEven + offset setting to make sure that if I am more than 60 ticks in profit my breakeven is set to 50...which ensures a measured move. I also keep my TP and SL wide because I place my sell stop and my buy stop before I place my limit entry. I do this because NQ can be volatile and sometimes I need room or other times I need less because I am looking at RTH structure and order flow. In Bookmap I came up with a twin screen for a large television out of necessity. Bookmap has a footprint tool that many would say is underdeveloped when compared to ATAS. MotiveWave. Sierra Charts, etc...and I'm ok with that because I was able to work around the relatively restrictive implementation by using the instrument copy add-on. So instead of viewing a volume footprint as intervals of time or range...I look at a footprint as an interval of contracts accumulated. On the left hand side I set that to a histogram of sum total contracts...and if its RTH I set it to 5000 and if in Globex 1500. One the right hand side I set to histogram delta(2500 in RTH and 750 in Globex). This dual layout provides an important edge: I can observe two vantage points of time, price. volume and liquidity simultaneously. the session profiles on the left are also set to sum total and the right are all set to delta. The reason I joined this group is because I want to learn to think like the algos and the market makers and I am a scalper who is invested in learning about Vwap trade setups as much as possible. as I gain confidence I look forward to adding more contracts...but first I have to learn the dynamics and the trade setups.