+5.8R on the 3min FTSE

Hi Everybody,

For those of you who read my post on the FOREX Blog on the TS1 setup this morning, well, here is another great example that unfolded on the 3min FTSE from just this morning..........

As you can see, the FTSE rallied up to the Typical Wave 3 WPT nicely where a Profit of +5.8R was available (ignoring slippage and commissions)

Thanks, Steve

PS, there was an opportunity to get short a little while later as a Wave 5 high came in to ride the sharp fall that is currently unfolding, but I will let you all look at that and how it “fitted in” with the larger degree trend perfectly..............

This stuff is absolutely amazing sometimes

For the Advanced Traders....

Hi Everybody,

When there are few setups, the more Advanced among you can also look for “ABC” patterns that unfold by themselves. A good example was on the 3min YM yesterday, where an ABC correction unfolded after the initial decline from the high. This could have been used to enter a new short trade...........

The YM then declined sharply. A simple trade management strategy could have been the ATRStop that would have resulted in a nice +6R Profit (ignoring slippage and commission).

But because this was found using the Elliott Waves module it should be considered an Advanced technique.

Thanks, Steve