15min Dax

As I was looking at the last TS3 buy on the 3mikn Dax, I always see how this “fits in” with the 15min Chart. As you can see, the Elliott Wave module has nailed most of the last major turns on the 15min chart perfectly.

The 3min TS3 buy was actually at the last 15min Wave (4) low, with profits taken at the 15min Wave (5) high. As you can see, this was the top, with the 15min DAX declining sharply into today..........

Steve

3min DAX

Hi Everybody,

This is what I mean about keeping and eye on corrected markets.

Some of you may have been asking whether you would have spotted the manual DP YM trade in the post below, but what if “at the same time” there was an automatic TYS3 sell on another world Indices – the DAX ? Surely that would help add weight to it ?

Exactly, as you can see, in its own rights, this was a nice +5.8R Profit (ignoring slippage and commission), but it also helped “add weight” to your manual analysis using the DP on the 3min YM chart.

Thanks, Steve

Now for the Advanced Traders

OK, as we have seen from the 15min ES, the larger degree trend was up, so were there any possible buy setups for the more Advanced Traders among you ?

Yes, look at the 3min YM chart. Here we had DP support on good Stochastic Divergence. This provided a good support zone. The long trade was then off the blue (buy) bar.

The trade was run to new highs when it ran right into DP resistance. With +5R open profit, it would have been a good idea to look to protect this. The result, a nice +5R Profit (ignoring slippage and commission).

Steve

ES - 15min Chart

Pop Quiz........... 15min Chart

As we can see, the 15min Chart made a Wave C low, with the low reversing right at the Typical Wave C WPT and was starting to rally off this low at the time the 3min TS1 sell appeared. So the 3min TS1 sell was “against” the larger degree 15min Chart.

Normally, and for the standard traders, I would suggest that you pass on these “unless” you have a very good reason to take the trade (or example, the pattern looks perfect, like the ES in yesterdays post), and then “if” you do decide to trade against the larger degree trend, look to protect yourself quicker by using the 100% initial risk guideline.

But generally, it is always better to look to trade with the larger degree trend...

Steve

3min ES question

Hi Everybody.

Pop Quiz...........

Should you have considered the TS1 sell on the 3min ES early in the day yesterday ?

Let’s take a look now at the 15min Chart to see what the larger degree trend was doing at the time

Please remember, although all the filled trades are shown by historical triangles on the charts, it does not mean that you should blindly take them all....

Steve