Hi Everybody,
After the initial decline on the US minis yesterday, a rally unfolded off the lows, but what interested me was how this rally unfolded as a 3-swing ABC. As you all know, I like ABC correction’s.
Yes, the larger degree picture was unclear (i will look at that in the next post), so the Advanced Traders among you could have played this TS4 sell on the 3min Russell a bit more cautious than normal and move the stop to break even quicker than normal (after 100% initial risk had been reached).
The result was a nice +6R Profit (ignoring slippage and commission) as the TF declined into the first profit target
But as a note: Isn’t amazing how the cyclical nature of trading unfolds. Just yesterday I outlined how we have had a few hard days and as such we should be preparing for some good (and profitable) days soon, well that is exactly what we got yesterday. All trading goes in cycles, so once you realize this you will not become frustrated on the quiet days as you will know that some good days will be just round the corner....
Thanks, Steve
After the initial decline on the US minis yesterday, a rally unfolded off the lows, but what interested me was how this rally unfolded as a 3-swing ABC. As you all know, I like ABC correction’s.
Yes, the larger degree picture was unclear (i will look at that in the next post), so the Advanced Traders among you could have played this TS4 sell on the 3min Russell a bit more cautious than normal and move the stop to break even quicker than normal (after 100% initial risk had been reached).
The result was a nice +6R Profit (ignoring slippage and commission) as the TF declined into the first profit target
But as a note: Isn’t amazing how the cyclical nature of trading unfolds. Just yesterday I outlined how we have had a few hard days and as such we should be preparing for some good (and profitable) days soon, well that is exactly what we got yesterday. All trading goes in cycles, so once you realize this you will not become frustrated on the quiet days as you will know that some good days will be just round the corner....
Thanks, Steve
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