This is why I always say that the good and experienced Advanced Trader will always do better because they have experience. So today’s lesson is to always keep an eye on correlated markets.
In the Post below we saw how the 3min ES short made a nice +4.3R Profit using the ATRStop, but the experienced Elliott Wavers among you will have noticed that this short reached the Typical Wave 3 WPT. In this type of trade, this was the “ideal” place to look to tighten stops as the decline was probably reaching an end.
But first, were there any “other” reason that a low may be unfolding ? Yes, both the YM and NQ had reached DP support, so were also giving signals that the decline was nearing and end.
OK, back to the 3min ES
Steve
In the Post below we saw how the 3min ES short made a nice +4.3R Profit using the ATRStop, but the experienced Elliott Wavers among you will have noticed that this short reached the Typical Wave 3 WPT. In this type of trade, this was the “ideal” place to look to tighten stops as the decline was probably reaching an end.
But first, were there any “other” reason that a low may be unfolding ? Yes, both the YM and NQ had reached DP support, so were also giving signals that the decline was nearing and end.
OK, back to the 3min ES
Steve
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