OK, as we have already seen, as the 15min ES was at DP resistance it was OK to look for DP sells on the shorter time frames (even if there are “against” the STF colour). And guess what – the 5min ES chart gave us a DP sell at the very high of the day ! Yes there was a -1R loss before this 5min DP sell as the 3min ES give a 3min DP sell just before, but then you should all have been following the 5min charts as well, so re-entered on the 5min Charts.
As an Advanced Trader and knowing that the “larger degree” trend was down, should you have been looking to come out at the first target, or look to run the short trade further ?
Exactly, the ATRStop was a good choice as that enabled the short trade to run as the ES declined for most of the day. The end Result as a nice +5.2R Profit (ignoring slippage).
But what has amazed me over the last few days is how well the DP’s have been working on the 15min Chart, and as such have enabled us to maximise trades on the shorter time frames. The results have been brilliant - it is always a great feeling to be long or short form the very bar of the high or low of the day – as that is the very best any day trader can do !
Thanks, Steve
As an Advanced Trader and knowing that the “larger degree” trend was down, should you have been looking to come out at the first target, or look to run the short trade further ?
Exactly, the ATRStop was a good choice as that enabled the short trade to run as the ES declined for most of the day. The end Result as a nice +5.2R Profit (ignoring slippage).
But what has amazed me over the last few days is how well the DP’s have been working on the 15min Chart, and as such have enabled us to maximise trades on the shorter time frames. The results have been brilliant - it is always a great feeling to be long or short form the very bar of the high or low of the day – as that is the very best any day trader can do !
Thanks, Steve
