Hi Everybody,
I have said this a number of times before, but please do not forget the 5min charts. I know it is easy to get stuck on the 3min charts, but there are some brilliant (and clean) setups on the 5min charts as well. A perfect example was on the 5min NQ from yesterday............
As you can see, here we had a perfect (and text book) DP buy that nailed the low of the day for you ! If you also remember a few weeks ago I was talking about how to be careful of DP’s and that they should be used with caution ? Well, this was a perfect example of when they “should” be used. I.e. when they fall “in line” with the larger degree picture (which I will look at in the next post).
But for now, this resulted in a very nice +4.9R Profit (ignoring slippage and commission) as the NQ rallied off the low of the day to reach the first target. Notice how the STF was weak, so we use the target, rather than looking to run with the ATRStop.
Thanks
I have said this a number of times before, but please do not forget the 5min charts. I know it is easy to get stuck on the 3min charts, but there are some brilliant (and clean) setups on the 5min charts as well. A perfect example was on the 5min NQ from yesterday............
As you can see, here we had a perfect (and text book) DP buy that nailed the low of the day for you ! If you also remember a few weeks ago I was talking about how to be careful of DP’s and that they should be used with caution ? Well, this was a perfect example of when they “should” be used. I.e. when they fall “in line” with the larger degree picture (which I will look at in the next post).
But for now, this resulted in a very nice +4.9R Profit (ignoring slippage and commission) as the NQ rallied off the low of the day to reach the first target. Notice how the STF was weak, so we use the target, rather than looking to run with the ATRStop.
Thanks
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