3min DP sell nails high of day !

Hi Everybody,

Yesterday was an interesting day, with the markets working their way high for most of the day, until a DP sell arrive on the 3min YM at 14:45 EST. As you all know, I am always cautious about DP setup, as they must be in tune with the larger degree trend, i.e. at “larger degree” support or resistance. As you have see from the last post, the 15min YM was right at the Typical Wave 3 WPT, so a decline was likely, as such this 3min DP sell was a good one to consider.

As you can see, this nailed the very high of the day for you !!

The YM then declined nicely. As the STF strength band was exceeded the ATRStop was used for trade management (standard trade management guidelines). The result was a nice +3.8R Profit (ignoring slippage and commission).

A nice start to the week :-)

Steve

Larger degree trend on 15min YM

Hi Everybody,

As always, let’s start with the larger degree trend. Nothing much was happening on the 15min Charts, until the 15min YM reached the Typical Wave 3 WPT. Normally I don’t like taking tares off the Wave 3 WPT as these are “counter trend”, but on the “shorter term charts, a move was likely from this level. As such we can now move down to the 3min Chart to see if any setups were unfolding at this time.....

I have also include some other support / resistance zones on this 15min Chart, and as you can see, these have done a brilliant job, nailing the last few highs and lows absolutely perfectly. I still find it amazing how well this stuff works sometimes !

Thanks

Steve