Hi Everybody,
As the 15min Chart moved strongly higher and there were no DP levels to provide resistance, the larger degree trend should have considered as still UP. So I would have been very cautious about the sells that appeared yesterday.
As I always say, better to trade “in the direction of” the larger degree trend, and the only group of traders that should consider “counter trend” trades are the more Advanced Traders among you. But, again as I have said before, caution should be used and stops moved closer quicker.
So it was a quiet day yesterday, but that does not matter as the prior two days were huge with some massive profits. Remember the Cyclical Nature of Trading, yes we do get quiet days as well :-)
Thanks, Steve
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Steve Griffiths, MTPredictor developer
For Trading all markets, including the US E-minis, European Futures and Currencies. From the MTPredictor developer, Steve Griffiths
Steve Griffiths
Steve Griffiths, MTPredictor developer
About Steve Griffiths and MTPredictor Ltd
- Steve Griffiths
- Steve is managing Director of MTPredictor Ltd and developer of the MTPredictor software program that uses his unique isolation approach to Elliott Wave analysis to uncover trades that have low initial risk to high potential profit....
Please read first
In this Blog I will be using MTPredictor to demonstrate how to use the software to find, and then manage, trades. So this Blog is mainly to help current MTPredictor users become better with the software. If you are new to MTPredictor or are seeing MTPredictor for the first time, this Blog will also show you what the software is capable of.
I will be using examples on all time frames and on all markets, from Futures, Stocks and FOREX.
Because the Blog is for Education only, it should not be viewed as a track record for the software, losses can and will unfold with any trading method, so I will also include examples on how to manage losses as well as how to manage the profitable trades.
The Blog lists the newest posts first so sometimes you will have to read a lower posts first to see a train of thought though consecutive examples.
The charts can be enlarged by clicking on them.
Thanks, and I hope you enjoy the reading......
Steve
All examples ignore slippage and commissions
I will be using examples on all time frames and on all markets, from Futures, Stocks and FOREX.
Because the Blog is for Education only, it should not be viewed as a track record for the software, losses can and will unfold with any trading method, so I will also include examples on how to manage losses as well as how to manage the profitable trades.
The Blog lists the newest posts first so sometimes you will have to read a lower posts first to see a train of thought though consecutive examples.
The charts can be enlarged by clicking on them.
Thanks, and I hope you enjoy the reading......
Steve
All examples ignore slippage and commissions
MTPredictor Links
MTPredictor Blog Archive
- ► 2010 (337)
What readers are saying
Thanks for the blog and educational material. I have been trading for over thirty years and have never met a software vendor so committed to his client's success.
I'm not sure what feedback you've been given but I LOVE your blogs. Every night I recreate your scenarios and tweak my trading plan accordingly to your lessons. Keep 'em coming.
Just wanted to say thank you for your daily blogs. I read them all and they definitely help me.
thanks again for the blog it's such a massive help to get almost instant feedback on what you think you see in the charts from the 'main man' so to speak.
Just wanted to tell you that I’m enjoying the new Blog…very good educational pieces.
I would like to take a moment and thank you, for the "Ultimate" in customer care and taking the premise of "follow up after the sale" to a new level. Ongoing webinars are very helpful and I always look forward to the MTP Blog to reinforce the info in Part 2 of the Training Course.
I'm not sure what feedback you've been given but I LOVE your blogs. Every night I recreate your scenarios and tweak my trading plan accordingly to your lessons. Keep 'em coming.
Just wanted to say thank you for your daily blogs. I read them all and they definitely help me.
thanks again for the blog it's such a massive help to get almost instant feedback on what you think you see in the charts from the 'main man' so to speak.
Just wanted to tell you that I’m enjoying the new Blog…very good educational pieces.
I would like to take a moment and thank you, for the "Ultimate" in customer care and taking the premise of "follow up after the sale" to a new level. Ongoing webinars are very helpful and I always look forward to the MTP Blog to reinforce the info in Part 2 of the Training Course.
Great lessons on the blog for today (and everyday). I truly look forward to comparing what I either did (or did not do or missed) every morning and see what you write about on the blog. I am learning more and more everyday with your examples and continued help on the blog and webinars.
I really appreciate what you do and forgive me if I overstate this too often but as you mention, trading is not that easy and you continually need to work and learn if you wish to be successful. Through your examples, the learning curve surely is easier to climb and I thank you for your continued education and your dedication to help others learn.
thank you very much for all you do!
I really like the blog. Nice work!
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The Legal bit
Risk Disclaimer and Disclosure Statement
Trade at your own risk. The information provided here is for Education only and is of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action.
By purchasing the MTPredictor program or trading course, or by reading this Blog, you acknowledge and accept that all trading decisions are your own sole responsibility, and MTPredictor Ltd, MTPredictor.com or anybody associated with MTPredictor Ltd including S. E. Griffiths cannot be held responsible for any losses that are incurred as a result.
Trade at your own risk. The information provided here is for Education only and is of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action.
By purchasing the MTPredictor program or trading course, or by reading this Blog, you acknowledge and accept that all trading decisions are your own sole responsibility, and MTPredictor Ltd, MTPredictor.com or anybody associated with MTPredictor Ltd including S. E. Griffiths cannot be held responsible for any losses that are incurred as a result.
All trades shown on this Blog are hypothetical, they were not executed. There are just shown for illustration and training purposes only.
Click here for a full Risk Disclosure
There is risk of loss in trading and investing. All trade decisions are your own sole responsibility.