Please watch this video to see how I construct the yellow horizontal VWAP (volume-weighted average price) control point lines as I strive to determine where key price support and resistance lines are, to see how much confluence the Fibonacci sales have to those lines in an attempt to find a rational target for my trades, long or short.
Realize that in most cases, I am trading with a 15-minute price bar chart, meaning each bar lasts for 15 minutes. When I finish the first portion of these trade set up concepts, I will cover how I trade them. I will, when I can, trade hourly signals in active and volatile conditions as well.
Remember that they key to my trading is to 1) protect equity first, and then 2) to take reasonable profits for the first contract, so that any additional contract can run on a breakeven basis, making them free trades.
Please watch the video and if you have any questions, leave them in the comments, and I will answer them as quickly as I can.
Have a great rest of the weekend everyone!
