EURUSD Trade on Dec 28, 2015 02:01 from shellsnail: Tradervue User Stock Trades.

What did the market do?

The market dropped below VWAP and steeply into the 1.09646 4hour level upon Frankfurt open. It subsequently cascaded down to 1.09593, the next significant support level. Trend turned on the 15 minute chart. At this level it consolidated for 30 minutes before recovering above the session VWAP and taking off from there.

What did I do?

I got long at the first drop into the 4H level. I got longer when it dropped into the next support level, reaching my full position size. I took off some risk when price double topped on the 1 minute chart, refusing to break VWAP. I exited all my position once the 15 minute trend turned and price tested resistance/supply. I entered a tier 1 short at supply. I did not react when price cleared VWAP.

What was I thinking?

When price first hit into the 4H level, that was a clear long set-up from my plan. Later the second level provided a even better set-up. However as price refuses to bounce from those levels, I had to take some risk off to account for the deteriorating odds of the trade. Furthermore, once the odds fully turned, I had to trade to reflect the change in bias. The market no longer favoured a long trade and was favouring scalps with a short bias.

What went best?

Adjusting my position according to the change in bias was perfect. The detailed planning pre-market helped me execute my plan with confidence.

What went worst?

VWAP being a new tool in my arsenal, I was unable to incorporate its pronouncements into my process in a way to reduce my risk.

Continue best

Continue coming to the market 45 minutes early to prepare for the session.

Stop worst

Start taking more notice of the VWAP and how it correlates with price and see whether it can help me make better decisions in those crucial 60-90 minutes around session opens.