OK, here is the 15min Chart. As you can see the TF was at DP resistance on this 15min Chart at the time the 3min DP sell was coming on. Thinking about my train example again, this is like the rails coming up against a set of buffers that signal the end of the track. As the “larger degree” 15min Chart was at resistance then it was “OK” to go against the STF colour on the 3min Chart as a “larger degree” trend reversal was indicated.
The DP’s and WPT’s are very powerful and this is why I suggest that all traders should always be aware of DP support and resistance zones on their “larger degree” (15min) charts “before” the 3 or 5min Charts get there......... This is just part of the daily routine that all traders must do. Saying you are too lazy to do this “prep work” is no excuse. It does not take any time at all to have a “quick look” at your 15min charts at regular intervals during the day so you all “know” where these areas of “larger degree” support and resistance are.
Thanks, Steve
The DP’s and WPT’s are very powerful and this is why I suggest that all traders should always be aware of DP support and resistance zones on their “larger degree” (15min) charts “before” the 3 or 5min Charts get there......... This is just part of the daily routine that all traders must do. Saying you are too lazy to do this “prep work” is no excuse. It does not take any time at all to have a “quick look” at your 15min charts at regular intervals during the day so you all “know” where these areas of “larger degree” support and resistance are.
Thanks, Steve
