YM 3min – to sell or not?

OK, now we have decided that the larger degree trend was defiantly UP yesterday, how should you view the sells that came up on the 3min Chart. Please note that the STF on the 3min chart itself was also blue, giving yet more indication of a strong UP trend.

I have said before, newer users should not go against the larger degree trend, so for them, they should not have taken these sell. But what of the more advanced trader? Well, I normally only even consider going against the larger degree trend if I have reasons that a counter trend move may unfold. For example at 15min DP etc etc. And yesterday there was no reason at all that I see could see anything other than a strong UP trend. So even the Advanced Traders should have been avoiding the shorts and looking for long trades yesterday.

Remember only go against the larger degree trend if you have a good reason, then if you do, protect yourself quickly....

Steve

YM 15min – larger degree trend

Hi Everybody,

I received a few questions on the sells on the 3min YM yesterday and how they “fitted in” to the larger degree trend.

As usual, you should start your day by looking at the larger degree trend, and on the US e-minis this is the 15min Chart. As you can see, the STF is blue, indicating a strong UP trend, and (also) the 15min YM was NOT at DP resistance. So as far as the 15min Chart was concerned yesterday the larger degree trend was defiantly UP

OK, now let’s look at th3 3min chart in the next post

Steve