Hi Everybody,
As I always teach, Advanced Traders should always have an eye on the “larger degree trend” using support and resistance zones on the 15min Charts. In this way they can tell if a trade on the 3min chart is against or with this trend.
As you can see, the 15min ES hot DP resistance (which nailed the high) and as such the 15min ES was declining at the time the TS1 buy came in on the 3min Charts. So this trade was “against” the 15min trend. That is why the 100% initial risk guideline should have been used.
Thanks, Steve
As I always teach, Advanced Traders should always have an eye on the “larger degree trend” using support and resistance zones on the 15min Charts. In this way they can tell if a trade on the 3min chart is against or with this trend.
As you can see, the 15min ES hot DP resistance (which nailed the high) and as such the 15min ES was declining at the time the TS1 buy came in on the 3min Charts. So this trade was “against” the 15min trend. That is why the 100% initial risk guideline should have been used.
Thanks, Steve
