OK, as you should all know by now, I only like automatic DP sells if they are at larger degree support or resistance, or after a clear 5 wave pattern. Well, as we have already seen 3110 to 3115 was larger degree DP resistance so when this automatic DP sell arrived on the 3min Chart with its high right in this area, it was a god trade to consider...........
This was the actual high of the day – short from the very high bar of the day, that is the perfect position for any day trader !!
Using the standard trade management guidelines meant swapping to the ATRStop as the STF strength band was exceeded. This results in a very nice +3.9R Profit (ignoring slippage and commission)
I hope you can all see how this 3min sell “fitted in” with the larger degree 15min DP resistance, as such this has been a brilliant training example for you all to learn from.......
Thanks, Steve
This was the actual high of the day – short from the very high bar of the day, that is the perfect position for any day trader !!
Using the standard trade management guidelines meant swapping to the ATRStop as the STF strength band was exceeded. This results in a very nice +3.9R Profit (ignoring slippage and commission)
I hope you can all see how this 3min sell “fitted in” with the larger degree 15min DP resistance, as such this has been a brilliant training example for you all to learn from.......
Thanks, Steve
Posts
