Hi Everybody,
I have a few things to talk about today, but I would like to start with a “gap opening” play, that I have taught in the Trading Course, This is where a market (mainly US minis) gaps on the open but then reverses very quickly after the open at DP support or resistance. Many times you can get a quick “pop” as the gap is reversed quickly in the first move of the day.
This is exactly what happened on the 3min YM yesterday, where the gap opened down, then stopped and reversed right at DP support, before a rally unfolded, that then went straight to the opposing DP, where a nice +2.8R Profit was available.
This is a nice setup for the Advanced Traders among you......
As always, this works better when it is “with the larger degree trend”. And this 3min DP low was also right at 15min DP support (not shown), so was a good setup all round.
Thanks, Steve
I have a few things to talk about today, but I would like to start with a “gap opening” play, that I have taught in the Trading Course, This is where a market (mainly US minis) gaps on the open but then reverses very quickly after the open at DP support or resistance. Many times you can get a quick “pop” as the gap is reversed quickly in the first move of the day.
This is exactly what happened on the 3min YM yesterday, where the gap opened down, then stopped and reversed right at DP support, before a rally unfolded, that then went straight to the opposing DP, where a nice +2.8R Profit was available.
This is a nice setup for the Advanced Traders among you......
As always, this works better when it is “with the larger degree trend”. And this 3min DP low was also right at 15min DP support (not shown), so was a good setup all round.
Thanks, Steve
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