Hi Everybody,
Today I wanted to answer a few questions on the 3min NQ, and in particular how to manage trades that are “against” the larger degree (15min) trend.
The day started well yesterday with the DP resistance nailing the high of the day for you ! But later in the morning a nice TS1 sell unfolded. For the Advanced Traders among you, as this was against larger degree (15min) DP support you should have moved your stop to break even quicker, using the 100% initial risk guideline. This is what I was looking at in my Advanced Customer Training webinar on Wednesday.
The result was a nice +5R Profit (ignoring slippage and commission). So yes there can be good trades against the trend, but you must manage than more aggressively as you are against the main trend.
Thanks, Steve
Today I wanted to answer a few questions on the 3min NQ, and in particular how to manage trades that are “against” the larger degree (15min) trend.
The day started well yesterday with the DP resistance nailing the high of the day for you ! But later in the morning a nice TS1 sell unfolded. For the Advanced Traders among you, as this was against larger degree (15min) DP support you should have moved your stop to break even quicker, using the 100% initial risk guideline. This is what I was looking at in my Advanced Customer Training webinar on Wednesday.
The result was a nice +5R Profit (ignoring slippage and commission). So yes there can be good trades against the trend, but you must manage than more aggressively as you are against the main trend.
Thanks, Steve
Posts
