OK, now we have established that the 15min Chart was at DP resistance, let’s see if any sell setups (DP’s) were unfolding ?
And guess what ? We have two, the first was just stopped out for a -1R loss. As usual, any losses are kept small and under control. Then we had another DP sell, which actually nailed the very high of the day for you ! But do you all see how these 3min DP sells were good to consider as they also fell in line with the larger degree trend, which was at DP resistance in this case ?
The Russell declined for there. The result was a +3R Profit (ignoring slippage and commission) as the ATRStop was used because the STF strength band was exceeded.
I hope you all remember this example as it has been a perfect example of how to use the larger degree trend in conjunction with the time frame you are actually trading......
Thanks, Steve
PS, onto the Advanced Traders in the next post and how they could have squeezed a little more profit from this trade.....
And guess what ? We have two, the first was just stopped out for a -1R loss. As usual, any losses are kept small and under control. Then we had another DP sell, which actually nailed the very high of the day for you ! But do you all see how these 3min DP sells were good to consider as they also fell in line with the larger degree trend, which was at DP resistance in this case ?
The Russell declined for there. The result was a +3R Profit (ignoring slippage and commission) as the ATRStop was used because the STF strength band was exceeded.
I hope you all remember this example as it has been a perfect example of how to use the larger degree trend in conjunction with the time frame you are actually trading......
Thanks, Steve
PS, onto the Advanced Traders in the next post and how they could have squeezed a little more profit from this trade.....
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