3min YM DP buy

Hi Everybody,

Today I would like to remind you all to always keep an eye on the longer terms charts (15min for 3min entry). The DP buy on the 3min YM at 14:18 EST was a great example of this.

Normally we are cautious of DP’s because they can “creep”, but they are OK when they fall at “larger degree” support or resistance, so when this DP buy came up you should have had a quick look at the 15min chart. As you will see in the next post, the 15min “at the time” was right at the minimum Wave C WPT for a potential support, as such, the 3min DP was a good one to take....

As you can see, this nailed the very low of the day for you ! The YM then rallied nicely into the first projected profit target, but the STF was strong (exceeded the strength band) so it was time to swap to the ATRStop to look to run the trade. This held the long into the close for a very nice +6R Profit (ignoring slippage and commission).

So this is why I say to always keep and eye on the longer term charts for potential support / resistance zones.....

Thanks, Steve