Hi Everybody,
Yesterday was a tricky day, with the markets basically just chopping sideways all day. Days like this are always hard to trade. But we did get a TS3 sell on the 3min ES around lunch time. The ES then declined into the DP from the prior Wave b low. For those of you who read these Blogs regularly will know that this is a “minor” support level that can be used when markets are going nowhere (choppy).
As you can see, at this level there was a small, +1.8R Profit available (ignoring slippage and commission).
For those of you who are slightly more experienced, you will also see that there was a high volume (VSA) spike at this DP support level. This gave added weight that a low was in the process of unfolding, and as such profits should have been protected.
Thanks, Steve
Yesterday was a tricky day, with the markets basically just chopping sideways all day. Days like this are always hard to trade. But we did get a TS3 sell on the 3min ES around lunch time. The ES then declined into the DP from the prior Wave b low. For those of you who read these Blogs regularly will know that this is a “minor” support level that can be used when markets are going nowhere (choppy).
As you can see, at this level there was a small, +1.8R Profit available (ignoring slippage and commission).
For those of you who are slightly more experienced, you will also see that there was a high volume (VSA) spike at this DP support level. This gave added weight that a low was in the process of unfolding, and as such profits should have been protected.
Thanks, Steve
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