3min YM – TS3 sell later in the day

For the Standard Traders among you....

I know not all of you are Advanced Traders, so let’s take a look at the 3min YM that gave a Standard TS3 sell signal on the 13:36EST bar, which was filled on the 13:42EST bar.

The YM then declined into the first projected profit target nicely where the trade would have been stopped out for a very nice +4.6R Profit (ignoring slippage and commission), using the stranded trade management guidelines.

So this was a perfect standard trade setup using the standard trade management guidelines...

Thanks, Steve

5min YM – TS1 sell Part 2

For the Advanced Traders among you....

For those of you who are using the full MTP v6.0 (via the timed updates) will have seen that the decline on the 5min YM unfolded as a very good looking 5-wave sequence. The Elliott Wave module in V6.0 not only found the wave 5 low, but also projected the WPT levels where the wave 5 was likely to end.

So what would have the sensible course of action been as the YM entered the Typical Wave 5 WPT “and” you were sitting on over +8R Profit on your current TS1 short trade................... ?

Exactly, start to protect the profit by trailing your stop just above the bar’s highs. This then banked profits for you at the low of the day !

As you can see, MTP has the tools available for you to make these informed decisions. All you have to do is take the time, do the study to understands the Trading Course and how Elliott Wave patterns can and do unfold in the markets.

Thanks, Steve

5min YM – TS1 sell

Hi Everybody,

Wow, what a brilliant day on Friday. In fact there were so many good setups on the US e-minis on Friday that I don’t have time or space to look at them all here, so I will focus on just one, a TS1 sell on the 5min YM.

If you look at the chart, you can see how the 5min YM gave a nice TYS1 sell at 11:05EST on Friday. You should all have been ready for this one as it was almost identical to the TS1 sell I outlined in great detail just a few days ago on the ES.

The YM started to decline nicely, exceeding the STF strength band, so the standard trade management guidelines say to swap to the ATRStop. This would have held you short as the decline continued.

BUT in this post I would like to show you how you could have come out at the low of the day for a nice +8.9R Profit (ignoring slippage and commission). For this lets look to the next post for why you would have protected profits at the low....

Thanks Steve