Hi Everybody,
I am often asked whether you should take “all” the automatic setups, so I always have to point people back to the Trading Course where I outline how it is always best to only takes trades “in the direction of” the larger degree trend.
Yesterday was a good training lesson on this, please see the chart to the right. Here the first TS3 buy setups should have been avoided as it was against the red STF (this is standard trade management guidelines), but I want to consider the losing trades later in the day (shown by the small green triangles on this eSignal chart using our RT add-ons).
Here these 3min sells were against a larger degree 15min up trend as the 15min chart was rallying off DP support (15min Chart not shown to save space). But the point being is that you should always look to only trade “with” the larger degree trend, and as such always be aware of larger degree DP levels, and then do not (or be very careful about) trades that are against these larger degree trends. As such this would have avoided these otherwsie losing trades for you.
As such, this 3min ES was a good “lesson” yesterday in how to always try and trade "in the direction of" the larger degree trend, alongside the very good +7R Russell profit that I posted below.
Steve
I am often asked whether you should take “all” the automatic setups, so I always have to point people back to the Trading Course where I outline how it is always best to only takes trades “in the direction of” the larger degree trend.
Yesterday was a good training lesson on this, please see the chart to the right. Here the first TS3 buy setups should have been avoided as it was against the red STF (this is standard trade management guidelines), but I want to consider the losing trades later in the day (shown by the small green triangles on this eSignal chart using our RT add-ons).
Here these 3min sells were against a larger degree 15min up trend as the 15min chart was rallying off DP support (15min Chart not shown to save space). But the point being is that you should always look to only trade “with” the larger degree trend, and as such always be aware of larger degree DP levels, and then do not (or be very careful about) trades that are against these larger degree trends. As such this would have avoided these otherwsie losing trades for you.
As such, this 3min ES was a good “lesson” yesterday in how to always try and trade "in the direction of" the larger degree trend, alongside the very good +7R Russell profit that I posted below.
Steve
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