Example: NVS - vwap line bounce setup (VLB)

Here's a nice example of the VLB (VWAP line bounce) setup on NVS from yesterday.  I did not take this trade, since I wasn't monitoring the markets very carefully.  But NVS was on my list from earlier in the morning, so it stood out when I took a glance at my charts.

Here's what it looked like at the time of setup on the 2 min charts:

NVS - 2min

If you look closely, there was a setup triggered several bars earlier, and I generally put my stop about $.05 or so above the VWAP, which would have kept me in the trade. But I'm going to be conservative and assume I missed it, or got stopped out, and look this setup from the 2nd attempt.

NVS - 2min - post setup entry

This setup ended up doing quite well, hitting the FE and even going down to the FE20 level.  I don't want to disappoint myself by calculating the reward/risk ratio and what I could have made, but this wasn't too bad for a "scalp" type trading setup!