DP nails low of day !

[Steve Griffiths]

Hi Everybody,

What a trade............ As you can see, the new DP level nailed the low of the day perfectly on this 5min YM chart. Enabling you to go long from the very low of the day for a massive profit (on the close) of 5.5x the initial risk !!

Or put another way, turning an initial risk of approx $360 (2% on a $20,000) account into a profit of just over $2,000 !! :)

Great to see the DP's doing us proud yet again, But seriously, this was a brilliant trade and one that all MTPredictor RT users should have caught :)

Steve

[tombtrader]

What is the significance of the depth (thickness) and width (length) of the DP, if any?

TIA

[Steve Griffiths]

Hi,

None, you just use the Price levels for support/resistance. As you can see from the chart below, it is just the Price of the DP that counts, here the low of the day on the 3min NQ reversed right at the Price level of the DP, that is what you need to look for.

I hope this helps ?

Steve