3min FTSE – Wave 5 high

Hi Everybody,

Here is one for the Advanced Traders among you.

The 3min FTSE just made a good looking 5-wave rally (off the prior TS4, ABC, low) with the high reversing right at the Typical Wave 5 WPT. There was also Stochastic divergence.

As you should all know, the initial target off a complete Wave 5 is the DP from the prior Wave (4) swing. Well, the FTSE declined straight into this zone where +4.7R Profit (ignoring slippage and commission) was available.

Again, this is for the Advanced Traders among you, but does show what some of the more advanced features in the software can do

Thanks, Steve

YM 3min

As you can see from the chart, yesterday was another horrible day where the market just moved sideways in a narrow range.

There was a TS3 sell later in the day, but as we were at 15min DP support this should have been avoided by all but the Advanced Traders among you. Then (if you did take it) as it was against the 15min DP, stops should have been brought to break-even quickly..

But either way, yesterday was another hard day, which is what we were expecting.....

Thanks, Steve

YM 15min

Hi Everybody,

As I anticipated in yesterday’s post, it was another hard day yesterday on the US e-minis, but then this is just to be expected because of the cyclical nature of trading.....

Having said that, just take a look at the YM 15min Chart, and where yesterday’s decline stopped – right at our DP support

So, knowing that we were at 15min DP support and in the hard part of the trading cycle, what should you have been looking for on the 3min Charts ?

Thanks, Steve