Pop Quiz........... 15min Chart
As we can see, the 15min Chart made a Wave C low, with the low reversing right at the Typical Wave C WPT and was starting to rally off this low at the time the 3min TS1 sell appeared. So the 3min TS1 sell was “against” the larger degree 15min Chart.
Normally, and for the standard traders, I would suggest that you pass on these “unless” you have a very good reason to take the trade (or example, the pattern looks perfect, like the ES in yesterdays post), and then “if” you do decide to trade against the larger degree trend, look to protect yourself quicker by using the 100% initial risk guideline.
But generally, it is always better to look to trade with the larger degree trend...
Steve
As we can see, the 15min Chart made a Wave C low, with the low reversing right at the Typical Wave C WPT and was starting to rally off this low at the time the 3min TS1 sell appeared. So the 3min TS1 sell was “against” the larger degree 15min Chart.
Normally, and for the standard traders, I would suggest that you pass on these “unless” you have a very good reason to take the trade (or example, the pattern looks perfect, like the ES in yesterdays post), and then “if” you do decide to trade against the larger degree trend, look to protect yourself quicker by using the 100% initial risk guideline.
But generally, it is always better to look to trade with the larger degree trend...
Steve
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