TS4 buy on the 3min ES

As the larger degree trend was up yesterday, this TS4 buy on the 3min ES was a good one to take............ But the only questions came as opposing sells appeared as the ES rallied. This brings up a goods question on when and when not to take opposing trades. I use a check list. First, what is the larger degree trend ? and second, are you already in a good trade?

On the ES long, the TS4 was already in the direction of the larger degree trend so it made no sense to swap a strong trade that is already with the larger degree trend for potentially weaker trades that were against it. So in a case like this I say, stick with the original trade and go with the larger degree trend. The result, a nice +3R Profit (ignoring slippage and commission).....

But how was the YM sell below post (that was against the larger degree trend) different? Well, because we were flat (no trade) so a clean decision could be made on the entry. Then the trade was protected quicker (100% initial risk).

Thanks and I hope this helps show how a view on the larger degree trend can help you on your trade decisions,

Steve

Advanced VSA sell on 3min YM

As the larger degree trend was up yesterday, most traders should have been focusing on long trades. BUT, and this is only for the Advanced Traders among you. There was a classic and perfect high volume (VSA) sell at DP resistance on the 3min YM at around 1:00pm EST.

This was a perfect example of how a market broke above old highs only to stop dead at our DP resistance and all on a high volume spike. A classic “fake out” by professional traders, and the sign for a sharp reversal.

The reason I say that this was for the Advanced Traders among you was because it was “against” a larger degree up trend, so you should have protected the trade quicker (using the 100% initial risk level). But this short trade declined past the initial support zone and found a low as the TS4 buy (next post) on the ES came in. The result, a nice +4R Profit (ignoring slippage and commission)

Thanks, Steve

Lovely DP open play on the 3min ES

Hi Everybody,

I hope you all have not forgotten to use the DP on any move from just after the open on the US e-minis. If you look at this 3min ES chart, you can see how the ES declined just after the open but ran into DP support. This was also at the Typical Wave C WPT support zone as well. This then nailed the very low of the day for you !

The ES then rallied into the “opposing” DP for a very nice +3.9R Profit (ignoring slippage and commission). A very nice start to the day.

Yes this was a slightly Advanced Trade, but it is one that I have looked at many times before.....

Thanks, Steve