OK, what of the larger degree, 15min trend?
As you can see, the 15min ES declined into DP support and then made a low and rallied, so the DP nailed the market perfectly yesterday. This meant that the first 3min DP buy of the day was just short of the 15min DP support, but the second one was right in the 15min DP, so was perfect. Then, the later TS4 sell was “against” the new 15min up trend so should have been avoided.
DP’s are always tricky, that is why we will be reclassifying them soon as more “Advanced trades”. The best way to use DP’s is when they align perfectly with the larger degree 15min Chart. As we have seen here, the first 3min DP sell was not ideal, as it was short of the 15min support, but the second one was absolutely perfect. Therefore if you are an advanced trader you should have been quicker to raise your initial protect stop on the less than ideal setup, while been more liberal with the ideal one. In this way the Advanced trader could have avoided the -1R loss on the first DP buy with a break-even trade.
This is good advice for the automatic DP setup, be cautious about this unless you are confident of the larger degree position. That is why we will be reclassifying the automatic DP as an Advanced setup as it requires some more thought and experience.
Steve
As you can see, the 15min ES declined into DP support and then made a low and rallied, so the DP nailed the market perfectly yesterday. This meant that the first 3min DP buy of the day was just short of the 15min DP support, but the second one was right in the 15min DP, so was perfect. Then, the later TS4 sell was “against” the new 15min up trend so should have been avoided.
DP’s are always tricky, that is why we will be reclassifying them soon as more “Advanced trades”. The best way to use DP’s is when they align perfectly with the larger degree 15min Chart. As we have seen here, the first 3min DP sell was not ideal, as it was short of the 15min support, but the second one was absolutely perfect. Therefore if you are an advanced trader you should have been quicker to raise your initial protect stop on the less than ideal setup, while been more liberal with the ideal one. In this way the Advanced trader could have avoided the -1R loss on the first DP buy with a break-even trade.
This is good advice for the automatic DP setup, be cautious about this unless you are confident of the larger degree position. That is why we will be reclassifying the automatic DP as an Advanced setup as it requires some more thought and experience.
Steve
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