A big part of being a successful trader is being able to change your perspective and look at things in a variety of ways. The more ways you have to evaluate the market, the more opportunities you'll have to take advantage of.
The Dow Jones eMini Futures gave a good example of why it's important to be able to look at things from different vantage points. The first image was the Stochastic Sell trade that popped up around 11:30 AM Pacific Time. Unfortunately, I missed the trade and had to watch as the market worked it's way lower; however, because I understand the four core Advanced GET Strategies, I was able to switch to a lower time frame (a one-minute chart) and take the subsequent XTL Breakdown Trade.
By being able to quickly shift to a different timeframe and employ another strategy, I was able to participate in the same trend continuation that the Stochastic Sell Trade offered.
~Trade Smart.....
Duane Gott
Duane, I wanted you to know I read your blog on daytrading the Dow. I put it to use this morning (Aug 13). I was stopped out of the 3min ES early and then switched to the 1 min got back in on a Stochastic and had a nice trade down to the lows of the days so far.....Thanks
Posted by: MikeJ | August 13, 2008 at 08:21 AM
Great work Mike!
Posted by: Duane Gott | August 13, 2008 at 12:42 PM