OK, as always, and especially with the DP’s we must take a look at the larger degree trend. For 3 and 5min Charts I tend to look at the 15 and 60min Charts. This works well on the US minis and European Indices.
As you can see, at the time of the 5min ES DP sell, the 60min ES was right at DP resistance, therefore making the 5min DP sell a good one to consider. And also a good one to look to “run” further than the initial targets.
So the lesson here is always do your homework and always be aware of the position of the larger degree charts, their trend and any DP areas that will affect the short term charts.
Thanks, Steve
As you can see, at the time of the 5min ES DP sell, the 60min ES was right at DP resistance, therefore making the 5min DP sell a good one to consider. And also a good one to look to “run” further than the initial targets.
So the lesson here is always do your homework and always be aware of the position of the larger degree charts, their trend and any DP areas that will affect the short term charts.
Thanks, Steve
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