RT add-ons vs. MTP v6.0

Hi Everybody,

I know that sometimes it can be confusing when we have RT add-ons that can give slightly different results to the full MTP v6.0. The reason for this is that the RT add-ons are just a “cut down” product that contain automatic setups. Whereas the full MTP v6.0 has all the tools and modules for a more complete analysis.

We have found that the people who buy the full MTP v6.0 are more willing to take the time and make the effort to learn and study how to get more form the software by understand the reasons and the logic “behind” the MTP setups. So the full MTP v6.0 is a more professional program for the professional trader who is dedicated to learning to become the best he/she can. That is why I spend so much time “teaching” more advanced techniques.

But the RT add-ons are more designed for the trader who just wants automatic setups and has no desire to learn or take themselves to higher levels as traders.

I hope that most of you will want to become better traders by “learning” the setups behind MTP, and that is why I am putting so much effort (and money) into the new upcoming Real-time (MTP V6.5) version of MTPredictor, so the serious and professional traders among you can have all the advanced tools and modules available to you in a fully real-time product.

Thanks, Steve

3min ES TS1 sell Part 2

OK, let’s roll back the chart (using the chart replay mode) to take a more detailed look at this setup, as it is my favourite setup.

As you can see, we have a 3-swing (ABC) correction coming after an “initial decline” off an “prior high”. In other words in Elliott Wave terms this should be considered a Wave (2) correction. As I have mentioned before – what comes after a Wave (2) ? Exactly a strong Wave (3) type swing. This is why this is my favourite setup because very often we get a strong move of this setup.

As you can see, the only question was whether the Wave (2), TS1 setup should, be considered as it made a “double top” with the prior high. So is a double top still a correction ? In the early days of MTP I used to say No, that is why the RT add-ons need a correction to be “less than” the prior high. But I have amended this in V6.0 to say it can be “less than or equal to”, as I have found than many times a good move can come off a double top / bottom. This is what we have in this example.

Either way, this still fulfils the general concept behind the TS1 setup in that we have a important top that is followed by an initial, decline, that is then followed by a 3-swing, abc, correction. As I say, this is my favourite trade setup and one that I am always on the lookout for.

Thanks, Steve

PS, I will also take a good look at this setup in my customer Advanced trading webinar later today (MTP customers only)

3min ES TS1 sell

Hi Everybody

Today I would like to take a close look at a TS1 sell on the 3min ES yesterday. The reason I want to take a good look is that we have amended the code in MTP v6.0 to take account of double tops and bottoms, which we don’t have in the RT add-ons, so this TS1 sell was found in MTP v6.0 but not in the RT add-ons, so I want to explore it in detail to show you the logic behind it.

First, let’s look at the completed trade. As per the standard trade management guidelines, the ATRStop was used as the STF strength band was exceeded. The trade was then stopped out for a very nice +7R Profit (ignoring slippage and commission).

Yes, there would have been a -1R loss just before the trade got going, but as you can see, this +7R profit more than made up for the small -1R loss first

OK, now let’s look at the logic behind the TS1 setup in more detail in my next post

Thanks, Steve

PS, I will also take a good look at this setup in my customer Advanced trading webinar later today (MTP customers only)