Aggression & Passivity

Who Was Patient, Who Was Seen

VWAP told you what the session, in aggregate, has paid. It said nothing about how that average was made, who chose to wait at a better price and who chose to pay up at once. Behind every print stands a choice the average alone conceals. One trader demanded to be filled immediately and paid the spread for the privilege; another waited, content to be filled only if price returned. Urgency on one side, patience on the other. That choice, made millions of times a day, is what moves price and builds the structure price moves through. Learn to read which side chose which, and the tape stops being noise and starts revealing intent.