Wednesday, July 27, 2011

Setup: VWAP Line Bounce (VLB)

Here's an example from today of the VLB setup that I recently wrote about.

I didn't take it, but this provided a great risk/reward, especially if taken on the 2 min chart.  Risk was about 7 cents.  I would have exited 1/2 the position around 31.85ish.

Extra confidence due to:
1) VWAP was aligned pretty well with the .50 level
2) Resistance provided by the Opening Range Low (ORL)
TRN - 2 min chart

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