TS4 long on the 3min NQ

OK, now let’s take a look at the 3min NQ. We already know that we should have been looking for long trades, as the 15min NQ was at WPT support.................... And we now know that we should be protecting any longs as the 15min TS3 sell came in.........

As you can see, we did indeed get a good looking TS4 buy on the 3min NQ chart, off which a rally unfolded. But this rally looked weak with divergence as new highs came in. So this is why I suggest being more aggressive and protecting the +3.4R Profit (ignoring slippage and commission) later in the day.

A tricky day, but then this was to be expected....

Thanks

Steve

15min ES chart

I normally now move down to the 3min charts for the actual trades, but today I want to also look at the 15min ES chart first, because this has a bearing on trade management on the 3min TS4 long that I will look at in a minute.

The part to focus ion is the TS3 sell that unfolded later in the day. When this came in, alarm bells should have started to ring and this is why I suggest protecting the TS4 long on the 3min chart more aggressively. Especially as we are heading towards the harder part of the trading Cycle (Cyclical Nature of Trading)

Thanks

Steve

15min NQ chart

Hi Everybody,

As I said in yesterday’ post, yesterday was a harder day in the US eminis. But after a few days of sharp declines, a low was likely and the best setup was on the 15min NQ, where the low yesterday came in right at the Typical Wave 3 WPT.

I agree, this was not perfect, and that is why caution should have been used on any long trades. But still longs should have been preferred over shorts yesterday.

Thanks

Steve