Hi Everybody,
The first thing you should do each day, before the open, is to look at the larger degree picture (on your 15min Chrats), so you are “prepared in advance” for larger degree DP’s.
If you had dome your homework yesterday, then you would have know that the initial gap down on the NQ landed right at 15min DP support, please see Chart to the right.
The Advanced Traders among you should all know my “gap opening” play, which is where you look for a trade after a gap opening that then starts to reverse at DP support or resistance. Well, this is even stronger if it unfolds at larger degree DP’s as the NQ did yesterday.
So let’s now look at the 5min chart, for the actual entry.......
Steve
The first thing you should do each day, before the open, is to look at the larger degree picture (on your 15min Chrats), so you are “prepared in advance” for larger degree DP’s.
If you had dome your homework yesterday, then you would have know that the initial gap down on the NQ landed right at 15min DP support, please see Chart to the right.
The Advanced Traders among you should all know my “gap opening” play, which is where you look for a trade after a gap opening that then starts to reverse at DP support or resistance. Well, this is even stronger if it unfolds at larger degree DP’s as the NQ did yesterday.
So let’s now look at the 5min chart, for the actual entry.......
Steve
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