OK, now we know that the larger degree trend was up in the morning yesterday, were there any Standard Automatic setups that the Standard Traders among you could have taken advantage of ?
Yes, there certainly was IF you look at the chart you can see that the 3min NQ gave us a lovely TS3 buy around mid morning. The NQ rallied nicely to the first profit target, where the STF was strong, so standard trade management swapped to the ATRStop. The NQ continued higher until it was stopped out for a nice +4R Profit (ignoring slippage and commission).
This was a perfect example of what I was talking about when I say that it is best to wait for the “ideal trades”, well this was perfect, a nice ABC pattern that also fell in line with a clear and obvious larger degree up trend. Not al days are easy, but when they are obvious (like this), then take them :)
Thanks, Steve
Yes, there certainly was IF you look at the chart you can see that the 3min NQ gave us a lovely TS3 buy around mid morning. The NQ rallied nicely to the first profit target, where the STF was strong, so standard trade management swapped to the ATRStop. The NQ continued higher until it was stopped out for a nice +4R Profit (ignoring slippage and commission).
This was a perfect example of what I was talking about when I say that it is best to wait for the “ideal trades”, well this was perfect, a nice ABC pattern that also fell in line with a clear and obvious larger degree up trend. Not al days are easy, but when they are obvious (like this), then take them :)
Thanks, Steve
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