Hi Everybody,
Following on from earlier last week, I received some email about what to do when you have a trade that is “against” the larger degree trend. Do you just ignore it ?
Well, this depends on how confident a trader you are and how clear and clean the new setup is. If you are a new trader and a little unsure, then always better to avoid and wait for a better setups. BUT if you are an advanced or more experienced trader and you like the look of the setup then you can always take it. BUT (and here is the difference to the standard trade management guidelines), you can look to protect the trade earlier........
Let’s take a look at the ES from Friday, starting with the larger degree trend.
If you look at the 15-min ES chart here you can see how the market was declining off good DP resistance earlier in the day, so in the morning the 15min trend was down.........
Now let’s more onto the 3min chart in the next post
Steve
Following on from earlier last week, I received some email about what to do when you have a trade that is “against” the larger degree trend. Do you just ignore it ?
Well, this depends on how confident a trader you are and how clear and clean the new setup is. If you are a new trader and a little unsure, then always better to avoid and wait for a better setups. BUT if you are an advanced or more experienced trader and you like the look of the setup then you can always take it. BUT (and here is the difference to the standard trade management guidelines), you can look to protect the trade earlier........
Let’s take a look at the ES from Friday, starting with the larger degree trend.
If you look at the 15-min ES chart here you can see how the market was declining off good DP resistance earlier in the day, so in the morning the 15min trend was down.........
Now let’s more onto the 3min chart in the next post
Steve
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