Now a question ?

Here is a DP sell that is just staring to unfold on this same 3min FTSE chart. BUT (as I have already said in the post below), the 15min Chart is up, and we are not at a nice clear 15min DP resistance zone. So should you consider taking this DP sell or not ?

Hopefully you should all say No to this question. As such, this has been a good example of how to screen your automatic setups so that they fall “in the direction of” the larger degree trend.

Thanks, Steve

TS4 buy on the 3min FTSE

Hi Everybody,

I have been talking a lot recently about the more advanced analysis and techniques, but we must all remember that MTPredictor has a number of purely automatic setups. A great example was this TS4 buy that has just unfolded on the 3min FTSE. Please remember to always check the automatic setups with the direction of the larger degree trend on the 15min Charts. In this example the 15min chart was up, so this was a good setup to consider.

The trade management was using the WPT targets, as the STF was weak (not above the strength band)

The result was a nice +2.7R Profit (ignoring slippage and commission)

Thanks, Steve

Well, here is the answer..........

For those of you who read this blog regularly, you will know that it is always best to try and orient your trades so they fall “in the direction of” the larger degree trend. So let’s now look at the 15min Chart of the Russell.

Can you all see how the first 3min DP sell’s were not at the 15min DP resistance, but the second one (14:40 EST) was. In other words, the second 3min DP sell at 14:40 was the stronger signal because it was at the larger degree DP resistance.

And as you have seen in the post below, this 3min DP sell then made approx +8R Profit (ignoring slippage and commission) as the Russell declined nicely into the close.

Thanks

Steve

Question on the Russell Index

Hi Everybody,

Here is an interesting question, that one of our newer users emailed me yesterday. He wanted to know why the DP sell on the 5min Russell Index at 14:40EST was better than the one at 12:50EST and if there were any reason to choose one over the other ?

Well, from what you have all learnt so far on this Forum, what do you all think

(hint: what was the 15min, larger degree, chart saying)

I will answer this in the next post....

Steve

PS, chart is using the RT add-ons on eSignal

Gap Opening Play on the YM

Hi Everybody,

I have a few things to talk about today, but I would like to start with a “gap opening” play, that I have taught in the Trading Course, This is where a market (mainly US minis) gaps on the open but then reverses very quickly after the open at DP support or resistance. Many times you can get a quick “pop” as the gap is reversed quickly in the first move of the day.

This is exactly what happened on the 3min YM yesterday, where the gap opened down, then stopped and reversed right at DP support, before a rally unfolded, that then went straight to the opposing DP, where a nice +2.8R Profit was available.

This is a nice setup for the Advanced Traders among you......

As always, this works better when it is “with the larger degree trend”. And this 3min DP low was also right at 15min DP support (not shown), so was a good setup all round.

Thanks, Steve

VSA on 5min Dax

Hi Everybody,

One for the Advanced Traders amoung you....

The trade that I was watching closely yesterday was a long on the 5min DAX from a VSA setup late in the morning. If you look at the chart you can see how we had an automatic TS3 sell, but the decline from that high only unfolded in 3 swings (ABC). What sparked my interest was how the Wave C low unfolded right on at the typical Wave C WPT on a high volume spike bar (VSA). We also had stochastic divergence (not shown) at the time. This stopped the decline dead and indicated a low was forming.

The 5min DAX than rallied strongly. In the absence of any clear Elliott Wave patterns the ATRStop was used to manage the trade. The result was a nice +5.8R Profit.

A nice example of our VSA, high volume spike trade.

Thanks

Steve

FOREX – GBPUSD 60min (Part 2)

Now compare the example below to this one on the same GBPUSD 60min Chart for the automatic DP buy just a few days earlier, where we had an initial R/R of 2:5, i.e. just above our 2:1 minimum. Yes, we all know that this does not “guarantee” that the profits will always be larger, because nobody knows the future. But at least it gives you a good starting point.

Thanks

Steve

FOREX – GBPUSD 60min (Part 1)

Hi Everybody,

Today I thought I would start with a training exercise on Risk/Reward, and making sure that you check the initial Risk/Reward at the first profit target.

If you look at the 60-min Chart of the GBPUSD you can see how we looked to have got a nice Wave 5 high that unfolded at both the minimum Wave 5 WPT and DP resistance. We also had nice oscillator divergence at the high at well. So it a first glance it did look like it was a good setup. But how good was it in term of Risk/Reward.

If you remember, we like to have trades that (on average) produce profits that are much larger than the losses. One was we do that is to try and only consider trades that start off with a possible 2:1 Risk Reward (or greater) at the first target. In this example the R/R at the first target was only 1.9:1. Some may say that is close enough, but at least with MTPredictor you have the tools to quickly and easily check this to then make an informed decision.

Thanks

Steve

Loses – they do happen !

Hi Everybody,

I just wanted to share with you all a nice and what was “at the time” a valid “manual” advanced trade, which did not unfold as anticipated. Again there are too many software soles people and so called Gurus who never show or even mention loses. I hope you should all know that loses can and do unfold, even when using expert and advanced analysis.

So does this mean that the analysis was wrong? Of course not, your aim on the losers is to control the loss and keep it small. As long as you do that you are doing your job correctly. This is why I wanted to post this losing example, to show and remind you all that losses can and do unfold. But your job as a trader is to keep them small, at just -1R in this example.

Thanks

Steve

Elliott Wave module

Hi everybody,

We also have some more tools and modules available in the software for the more Advanced traders among you, like the Elliott Wave module. Here you can see a wave 5 high (that reversed right at the typical Wave 5 WPT), that was also on a high volume (VSA) bar that unfolded early afternoon. The 3min YM then declined into the DP (form the prior wave 4 low) absolutely perfectly. This a an advanced trade that is covered on Part 2 of the Trading Course.

As you can see, MTPredictor has the tools and modules to help you find and then evaluate trade setups, no matter whether you are a new or more experienced trader.....

Steve

PS, The Elliott Wave module should be considered an advanced tool so ashould only be used by people who have studied the Trading Course

High volume spike analysis (VSA)

High volume spike analysis (VSA)

Hi everybody,

MTPredictor is not just a black box to be followed blindly, we have far more that will help you become better traders, for example the new VSA, volume spike analysis, bars in MTP v6.0. As you can see, both the DP buys yesterday unfolded with these.

For more info on this please click here

Steve

OK, what of the larger degree, 15min trend?

As you can see, the 15min ES declined into DP support and then made a low and rallied, so the DP nailed the market perfectly yesterday. This meant that the first 3min DP buy of the day was just short of the 15min DP support, but the second one was right in the 15min DP, so was perfect. Then, the later TS4 sell was “against” the new 15min up trend so should have been avoided.

DP’s are always tricky, that is why we will be reclassifying them soon as more “Advanced trades”. The best way to use DP’s is when they align perfectly with the larger degree 15min Chart. As we have seen here, the first 3min DP sell was not ideal, as it was short of the 15min support, but the second one was absolutely perfect. Therefore if you are an advanced trader you should have been quicker to raise your initial protect stop on the less than ideal setup, while been more liberal with the ideal one. In this way the Advanced trader could have avoided the -1R loss on the first DP buy with a break-even trade.

This is good advice for the automatic DP setup, be cautious about this unless you are confident of the larger degree position. That is why we will be reclassifying the automatic DP as an Advanced setup as it requires some more thought and experience.

Steve

Another nice day yesterday

Hi Everybody,

What another brilliant day again yesterday, mainly on the ES.

If you look at the chart you can see how we had a couple of DP buys in the morning, the second of which nailed the low of the day perfectly ! The main question was whether to take the TS4 sell that unfolded as the ES was rallying off the lows ? Well, as always, this is where the 15min Chart comes in. And as we will see in the next post, the ES was rallying off DP support, so the trend was up now, so you should have avoided this TS4 sell and held the DP long into its profit target for a very nice +5.4R Profit...............

The only question was how to handle the first DP buy of the day, was this a -1R loss or break-even ? I will answer this in the nest post

Thanks, and what another great day yesterday...........

Steve

Hi Everybody,

At the same time as the NQ sell, there was also a very nice (and perfect) VSA (volume spike analysis) sell on the 3min Russell.

If you look at the chart to the right, you can see a perfect reversal at the DP on the bar “after” the VSA bar that broke to new highs............ And all of this on both STF and Stochastic divergence........... This is about as perfect as this particular setup can get..............

The result, a nice +8R Profit (ignoring slippage and commission) as the Russell declined sharply into the close

Thanks

Steve

Was this the only trade yesterday ?

Well no, the lead up to this brilliant +8R on the 3min NQ was a little quieter. On the right I have a screen shot of the 3min ES, so here we had a small profit from the TS3 early in the day. Then there would have been a -1R loss, followed by a break-even trade at the first attempt at the manual DP high. So just treading water before the massive NQ trade. Again, it shows how you must have patience and disciple when trading, even if you have had a flat and slow day so far and even if the last two days have been tricky, you must keep focused, as the next big trade could only be minutes away

Thanks

Steve

OK, but what of the larger degree 15min Chart I hear you all say ?

Well, if you look at the chart on the right, you can all see how this manual DP sell on the 3min Chart was actually coming off DP resistance on the 15min Chart as well. This is why I always say to keep an eye on the 15min Charts during the day as well. This set up the larger degree trend reversal so gave permission for the lovely 3min sell.

The rest is history, as the NQ collapsed into the close.

But do you all see how patience and disciple would have brought you though the last few days, just treading water, protecting your trading capital, so you were then ready to take full advantage of this massive trade. This is what professional trading is all about.............

Steve

Massive +8R Profit on the 3min NQ

Hi Everybody.........

The cyclical nature of trading is certainly amazing. After a couple of hard days, we then get this massive +8R Profit on the 3min NQ. Yes it was a “manual” trade and therefore only for the more Advanced traders among you, but was a beautiful setup. Can you all see how the NQ made the DP after a 5-wave advance, this is a classic topping pattern. Also, notice the huge divergence in the Stochastic. All of which was pointing to a beautiful sell setup. This nailed the exact high of the day for you !

The NQ then collapsed into the close where a massive +8R Profit (ignoring slippage and commission) as available.

What a brilliant trade, and show how after a few hard days the professional trader must never lose heart as a massive trade is usually just around the corner ...........

Steve

As a PS....................

Here is the same TS3 buy setup on the 5min ES chart (that we had on the 3min chart in an earlier post).

As you can see, because the 5min chart uses slightly larger swings this TS3 had its first projected profit target (as outline in my advanced manual analysis earlier) slightly higher than on the 3min chart. And as such would have been nearer +4.4R Profit (ignoring slippage and commission).

Just shows how the Advanced Trader should always keep an eye on all time frames to see how the swings are unfolding...........

Again, MTPredictor gives you the power to do this quickly and easily...

Steve

Now for the all the additional info

OK, so far you have seen this trade from the basic and automatic setups only perspective, then I added in some advanced trade management for the advanced traders among you. BUT I want finally to add in all the other “supporting” factors that made this setup a real gimme :-)

As you can see, not only was this setup on a blue STF (uptrend) but the Wave C low unfolded right at the Typical Wave C WPT after a sharp wide range bar down that was a high volume (VSA) bar. And all of this on Stochastic divergence. As you can see, everything was all coming together to highlight this as a real beauty of a trade.......

As you can see, MTPredictor has all the tolls, you need whatever level you are to help uncover and then mange great trade setups

Thanks

Steve

Now for the Advanced traders among you

As you can see form the chart to the right, the ABC correction (TS3 buy setup) came after a nice 5-wave rally (found using the Elliott Wave module), so from this advanced traders should have been anticipating a continued rally higher. This is exactly what unfolded.

So what about targets ? Well, for this the advanced trader would have used the WPT module and then projected up using the whole of the prior 5 wave advance. The initial target would have been the minimum Wave C WPT.

This would have resulted in a nice +4R Profit approx (ignoring slippage and commission).

As you can see, the experienced and advanced trader could have doubled the profit from the standard trader, This is why I always say that it is worth the time and effort it takes to learn how to trade like an expert.

Steve

OK, now we have set the larger degree trend, it is time to move down to the 3 and 5min Charts to look for trades that fall “in the direction of” this larger degree up trend.

And that is exactly what we got later in the day as the 3min ES gave us a nice looking TS3 buy setup.

As the STF was weak (below the strength band) the trade was taken off at the first profit target, which resulted in a small +2.1R Profit. Although it was only a small profit, it was a profit, and that is OK.

This was using the Standard and basic trade management guidelines, the Expert and Advanced trader could have done better (next post)

Steve

PS. There was also a buy setup on the YM at the same time as this ES setup that would have made +3R approx at the first target.

ES trade on Tuesday

Hi Everybody,

As usual, let’s start with a look at the larger degree trend using the 15min Charts. If you look to the right you can see how the ES put a low in right at DP support on the 15min Chart , so the “larger degree” trend (on the 15min Chart) was up for shorter term trades on the 3 and 5min charts.

So now let’s move over to the 3min ES and see what unfolded....

Steve

Daily S&P update

Hi Everybody,

It was no wonder that the S&P (on the daily Chart) had a fall yesterday, because if you look at the chart on the right you can see how it had reached the level of two prior highs. This would have been a natural resistance area using standard technical analysis, so it should have been no surprise that we had a decline from this level yesterday

Thanks

Steve

3min Dax - Advanced trade management

Hi Everybody,

However, just because one market is going through a hard patch does not mean that they all are. Of you look at the chart on the right you can see how the 3min DAX gave us another beautiful trade this morning.

The TS3 buy nailed the low of the day. The markets then rallied into a DP sell setup where a +7.5R Profit was available.

For those of you are more advanced, you will have noted (no chart) that the larger degree 15-min picture was unclear as we got into this DP sell. In some of my posits below I suggested not “stopping and reversing” form a good trade into a weaker trade that was against the 15min chart. But what happens if you are sitting on a good profit (+7.5R) and the larger degree trend is unclear ? Well, common sense should kick in. In this example that meant protecting the larger +7.5R Profit and then avoiding the new DP sell.

As you can see, there is a lot of common sense in trading that can only be gained by experience, and that is what it means to be a good advanced trader.....

Thanks

Steve

As a PS, the 5min Chart had also made a nice 5-wave rally which was another raeson to anticipate a top and therefore look to portect the proift on the currnet long trade as the high came in

What to do on the Hard days

Hi Everybody,

If you ever read on the Internet that trading is easy and it is easy to make loads of money every day, then you know you are dealing with somebody that has no practical experience of trading themselves............. The fact of trading life is that there will be hard days, this is why I talked about the cyclical nature of trading only a few days ago, because all professional traders know that there will be hard days (or hard weeks or hard months) when making money will be virtually impossible. Please click here for my prior post on this.

As you can see form the chart to the right, yesterday was one of these days. With such small and choppy swings, it would have been almost impossible to make money yesterday.

So what should you do on days like this. Well, you should have been anticipating a hard day as we had such a brilliant week last week on the US e-minis, so your aim yesterday should have been to avoid all but the best looking setups (of which there were none) or be very very careful. In other words, during the hard part of the cycle your aim should be to just tread water and preserve your capital so you are then ready for when the profits come though again.

This is just a natural cycle of profits and losses that unfolds day after day, but few people talk about it because so few Gurus or software vendors are actually traders themselves.

Thanks

Steve

OK, now let’s move down to the shorter-term chart, in this case the 60min

Here we can see we had a lovely manual DP sell (that also coincided with the larger degree DP resistance). But the case in point is that you are now short, BUT what should you do when an opposing (TS3 buy) setup appears? In the ES example below I suggested that you could take signals against the larger degree trend but only if you protected them quicker than normal by raising the initial protective stop quicker. BUT what if you are already in a profitable trade that is already with the larger degree trend.

Well, it makes no sense to swap a strong position (with the larger degree tend) in favour of a weaker trade (against the larger degree trend). So in this case I would suggest sticking with your existing trade and passing on the opposing TS3 buy (in this example).

Steve

FOREX example using the GBPJPY

Hi Everybody,

Here is a good example of how to use the larger degree trend on a FOREX example, the GBPJPY.

This is a 240min chart. Where you can see how the GBPJPY was declining off DP resistance, down into DP support, so the larger degree trend during this time should have been considered as down.

OK, now let’s take a look at the short-term 60min chart.

Steve

OK............... Let’s see how this 3min short on the Dax unfolded.

Again, please look at the chart on the right (click on the chart to enlarge). You can see how this nailed the high perfectly before the DAX fell sharply. Trade management was with the ATRStop as the STF strength band was exceeded.

The result, a nice +13R Profit.......... not a bad start to the week, first thing on Monday morning :-)

But the point here is that all the setups I outline here are all covered in great detail in the Trading Course, it is up to you all to take the time to study the Course so you are ready for them.

Steve

3min Dax - Advanced trade setup

Hi Everybody

For the Advanced Traders among you.........

For those of you who have read (and then studied) the Trading Course will know that a minor ABC correction into a DP is one of my advanced trade setups. If you look at the chart to the right, this very setup unfolded just this morning on the 3min DAX.

So let’s see how this unfolds.

Again, this very setup is outlined in detail in the “Advanced Trade setups” Chapter of Part 2. So you should all know about it

Thanks

Steve

OK, form the post below, we can see that the 15min ES was down at the time this good looking TS3 buy setup appeared in the 3min chart...........

As I have already said, the newer, or less experienced traders among you should have passed on this trade as it was against the 15min chart. BUT for the more advanced and experienced traders among you, you could have taken the trade, but (and this is the advanced part) knowing that you were against the 15min trend you should have been looking to move your initial stop to break-even quicker than normal to protect the trade quicker.

Doing this would have protected the trade while still allowing it to unfold, just in case it was one of those times when the Elliott Wave pattern was out of sync and the 3min moved against the larger degree trend.

As you can see this would have worked well and allowed you to profit for a nice +3.2R trade as the ES made the initial profit target.

Trading is a funny business, as sometimes you can do the wrong thing and still make money on an individual trade, What we are doing here is still playing the probabilities by taking account of the larger degree trend, but still allowing the more advanced traders among you a way to benefit if the unexpected happens. Being wrong and still making money :-)

Thanks

Steve

What to do if you are against the larger degree trend

Hi Everybody,

Following on from earlier last week, I received some email about what to do when you have a trade that is “against” the larger degree trend. Do you just ignore it ?

Well, this depends on how confident a trader you are and how clear and clean the new setup is. If you are a new trader and a little unsure, then always better to avoid and wait for a better setups. BUT if you are an advanced or more experienced trader and you like the look of the setup then you can always take it. BUT (and here is the difference to the standard trade management guidelines), you can look to protect the trade earlier........

Let’s take a look at the ES from Friday, starting with the larger degree trend.

If you look at the 15-min ES chart here you can see how the market was declining off good DP resistance earlier in the day, so in the morning the 15min trend was down.........

Now let’s more onto the 3min chart in the next post

Steve

The cyclical nature of trading

Hi everybody................

For those who are new to trading you must realize that trading goes though cycles, I call it the “cyclical nature of trading”, where the good times are followed by quieter times which is then followed by a few small losses.

In other words, do not expect to make profits everyday or every week or every month. You have to take what the market gives you.

And as we have had a few very very good days this week, I anticipated that we are in for a few harder few days, so you must expect this. You job as a professional trader on this harder days is to just keep your head above water so you are ready for the good times when they come round again.

Too many amateurs expect big profits every day, so when the harder times come round they get frustrated so then they miss the good part of the next cycle. So knowing about the “cyclical nature of trading”, will help you to anticipated what to expect from day to day.

I hope this helps ?

Steve

OK, continuing the current ES example ................

OK, continuing................

Now let’s take a look at the shorter term 3 and 5min charts, bearing in mind the larger degree 15min chart was in a nice uptrend.

Well, the 5min ES gave us a very nice TS3 buy setup early in the day. So was this one good one to consider ? Yes, exactly, as the 15min trend was up..........

You should have also been thinking that because the 15min trend was up, not to bail out of this TS3 long trade too early, and even look to run the long trade, until (at least) the 15min DP was reached (as outlined in my post below).

Well, that is exactly what happened, the TS3 long reached the second projected profit target (which was also in the same area as the larger degree 15min DP), so was a good time to tighten stops. The result, a very nice +6.5R Profit.

But do you all see, how this was a nice trade because it was “in the direction of” the larger degree, 15min Chart.

Steve

larger degree trend example

Hi Everybody,

Continuing with the theme earlier in the week on only trading “in the direction of” the larger degree trend, yesterday on the ES was another brilliant example. So let’s start with the position on the 15min Chart. As you can see from the chart on the right, the 15min ES had a DP that the market was rallying up to early in the day, so any buys setups should have been preferred. Then caution should have set in as this 15min DP was reached.

OK, so now let’s move onto the 3 and 5min charts to see how any setups on these “fit in” with the larger degree up trend (for most of the day) on the 15min ES chart yesterday...........

Steve

How to handle losses - keep them small

As a PS to my post below.......

In fact, showing losses and understanding how to keep losses small is so important that I will show two losses on the 3min NQ on Wednesday as well. There are so few software vendors and so called Gurus that never mention losses, it is no wonder so many amateur traders never know how to handle them when they come along.

Here we had two losses, on a day when the larger degree trend was unclear, so it would have been difficult to filter them out using the 15min chart.

But do you see how they were kept small, so two -1R losses here then added to the nice +6.5R Profit on the 3min ES made money over all. Small losses and Big profits, that is the key to successful trading.

But it is important to know, and understand, that losses can and do unfold when trading.......

Steve

+6.5R Profit on the 3min ES

Hi Everybody,

I was out of the office yesterday, so could not post. But Wednesday was another good day on the US eminis with some very nice trades, the best of which was the TS4 buy that unfolded late in the day on the 3min ES.

As you can see, this results in a nice +6.5R Profit as the ES rallied strongly into the close.

Note how we swapped to use the ATRStop (which held the long into the close) once the STF had exceeded its strength band. This is our standard trade management guidelines.

Thanks

Steve

PS. It is always important to remember that although this was a good trade, losses can and do unfold. But because we use correct Position Sizing, these are kept small as just -1R. So even with 2 or 3 losses, the +6.5R profit on the trade shown here would more than cover 2 or 3 losses. But I just wanted to make sure that everybody does understand that any methodology will have losses. The trick is to keep these inevitable losses small and the profit large.

ES training lesson on larger degree trend

Hi Everybody,

I am often asked whether you should take “all” the automatic setups, so I always have to point people back to the Trading Course where I outline how it is always best to only takes trades “in the direction of” the larger degree trend.

Yesterday was a good training lesson on this, please see the chart to the right. Here the first TS3 buy setups should have been avoided as it was against the red STF (this is standard trade management guidelines), but I want to consider the losing trades later in the day (shown by the small green triangles on this eSignal chart using our RT add-ons).

Here these 3min sells were against a larger degree 15min up trend as the 15min chart was rallying off DP support (15min Chart not shown to save space). But the point being is that you should always look to only trade “with” the larger degree trend, and as such always be aware of larger degree DP levels, and then do not (or be very careful about) trades that are against these larger degree trends. As such this would have avoided these otherwsie losing trades for you.

As such, this 3min ES was a good “lesson” yesterday in how to always try and trade "in the direction of" the larger degree trend, alongside the very good +7R Russell profit that I posted below.

Steve

+7R on the 3min Russell

Hi Everybody,

The best trade of the day yesterday on the 4 e-minis in the US was on the 3min TF (Russell Index). As you can see from the chart, this TS1 sell nailed the high of the day perfectly before the Russell declined nicely, only to reach the projected profit target for a nice +7R Profit

A very nice trade, and one that unfolded exactly as outlined in the Trading Course

Steve

Daily S&P update

Hi Everybody,

It is nice to see the S&P continue its rally off the March 6th low, that came in at our DP support zone........

Will the rally continue up into the 900 area where the next DP lies in wait ?

Steve

3min ES trade for +3.9R Profit

Hi Everybody,

Here is a good example of an Advanced Trade setup (for the Advanced Traders only, as the TS3 buy was against a red STF) that unfolded on the 3min ES yesterday (Monday April 13th).

As you can see, the ES rallied nicely to reach the first projected profit targets. There was also DP resistance in this area as well. As the STF was weak at this time, it would have been a good idea to look to bank the +3.9R Profit at that time.

Yes the markets did rally higher later in the day, but “at that time” the sensible course of action would have been to bank the good +3.9R Profit.

Thanks

Steve

Hi Everybody,

As Friday April 10 and Monday April 13 were holidays (Easter) here in the UK, there were no posts

Thanks

Steve

FOREX – GBPUSD reaches its first Profit Target

FOREX – GBPUSD (on this Daily Chart) reaches its first Profit Target

As you can see form the chart to the right, the TS3 long (from the March 11 low) has just reached the first projected profit target, where a potential +4.2R Profit was available. Yes this was an Advanced Trade because the TS3 long was taken against a red STF..........

But the reason I liked this trade is that the TS3 (ABC correction) came off the initial correction, to the initial rally, off an important low. For those of you who have read and studied the Trading Course will know that this is my favourite trade setup.

Thanks

Steve

And for the Advanced Traders ............

And for the Advanced Traders ............ following up on the 3min ES short shown in the post below.

The trade management for the Advanced Traders among you would have been more aggressive as the ES 3min short declined into the Extended Wave 3 WPT. Very few Wave 3's go past this, so you knew the decline was nearing an end.Combine this with the position at the same time on the YM, that had reached the DP support zone, as it was a good idea to move stops closer and as such to lock in nearer +5R Profit on this short...........

A very nice result As you cam see, the more experienced Advanced Traders could use the more advanced tools in MTP to increase their profit on this trade..........

But either way, a nice day yesterday

Steve

Yesterday was a brill day...................

Hi Everybody,

Yesterday was a brill day................... we had the 15min ES giving a TS4 sell, so that set the day for shorts, so then move to the lower time frame, the 3min, and look for sells. Here we had the high of the day unfolding on Stochastic divergence and right at the DP. So short from the high of the day, nice !!

Then for the Standard Traders the trade management would have been using the ATRStop, as the STF (not shown on the chart) band was exceeded................... the result, a nice +3.4R Profit

To me anyway, this all fell into place rather nicely, and is what I have taught many times before...

Thanks

Steve

Nice TS3 buy on the 3min Dax has just unfolded.

Hi Everybody,

A nice TS3 buy on the 3min Dax has just unfolded.

But for me, the main point of interest was the high volume (VSA) spike at the DP (from the wave b high), this was the signal to start to protect your profits on this long trade.

The result, a nice +3.9R Profit as a high came in...

Thanks,
Steve