OK, so far I have outlined a very hard day on the 3min YM with 5 straight -1R losses. But these are all sells, so was there anything that the Advanced Traders among you that may have helped avoid these losses.
First, knowing that we had had a few very good days before and that we are overdue for some losses (Cyclical Nature of Trading) should have made you cautious going into yesterday. Then looking at the 5min Chart and seeing that the low of the day was right at the Typical Wave C WPT should have also made you worry about taking short trades later in the day.
Agreed, I normally do not look at the 5min charts for the larger degree trend I normally use the 15min, But combine this good looking Wave C low (on the 5min) with the fact that we are overdue for some losses, would have made the Advanced Trader be very cautious and probably avoid any 3min sells as the YM rallied off the 5min Wave C low.
Yes, this is Advanced, and comes with experience, but this why I do not believe in totally automated trading as a PC would never be able to view markets as well and as a good and experienced trader.
Steve
First, knowing that we had had a few very good days before and that we are overdue for some losses (Cyclical Nature of Trading) should have made you cautious going into yesterday. Then looking at the 5min Chart and seeing that the low of the day was right at the Typical Wave C WPT should have also made you worry about taking short trades later in the day.
Agreed, I normally do not look at the 5min charts for the larger degree trend I normally use the 15min, But combine this good looking Wave C low (on the 5min) with the fact that we are overdue for some losses, would have made the Advanced Trader be very cautious and probably avoid any 3min sells as the YM rallied off the 5min Wave C low.
Yes, this is Advanced, and comes with experience, but this why I do not believe in totally automated trading as a PC would never be able to view markets as well and as a good and experienced trader.
Steve
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