Hi Everybody
A couple of weeks ago I reminded you all not to forget the 5min Charts, well Friday was a good example of this. The 3min Charts on the US e-minis were slow, but the 5min NQ gave us a buy signal that nailed the low early afternoon perfectly.
Yes there was a small (-1R) loss earlier as the NQ was dropping into the low. I hope you will all like the new “Historical signals” feature of the new MTPredictor v6.5RT once it has been launched...... Anyway, once the long trade was filled, the 5min NQ started to rally nicely. The only question came as an “opposing” sell appeared later in the day. As I have already said, “if” you are already in a good position that is “with” the larger degree trend, it makes no sense to want to swap to a weaker position that is “against” the larger degree trend”. Therefore, this sell should have been ignored.
The 5min NQ, then reached the DP (from the prior wave b high), where a high volume (VSA) bar unfolded. This was the signal to tighten stops. The result, was a +2.7R Profit (ignoring slippage and commission), adding this to the -1R loss from earlier in the day, and overall Friday on the 5min NQ should have been profitable.
Thanks, Steve
A couple of weeks ago I reminded you all not to forget the 5min Charts, well Friday was a good example of this. The 3min Charts on the US e-minis were slow, but the 5min NQ gave us a buy signal that nailed the low early afternoon perfectly.
Yes there was a small (-1R) loss earlier as the NQ was dropping into the low. I hope you will all like the new “Historical signals” feature of the new MTPredictor v6.5RT once it has been launched...... Anyway, once the long trade was filled, the 5min NQ started to rally nicely. The only question came as an “opposing” sell appeared later in the day. As I have already said, “if” you are already in a good position that is “with” the larger degree trend, it makes no sense to want to swap to a weaker position that is “against” the larger degree trend”. Therefore, this sell should have been ignored.
The 5min NQ, then reached the DP (from the prior wave b high), where a high volume (VSA) bar unfolded. This was the signal to tighten stops. The result, was a +2.7R Profit (ignoring slippage and commission), adding this to the -1R loss from earlier in the day, and overall Friday on the 5min NQ should have been profitable.
Thanks, Steve
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