Perfect Wave 5 low

But for me the best setup was on the 3min Russell Index. As you can see from the chart, we had a “perfect and ideal” 5-wave pattern, with the low right at the Typical Wave 5 WPT. Then, to add more weight, we had a high volume (VSA) spike at the low. To me, this was the best and most obvious setup yesterday.....

The TF rallied nicely to reach the DP from the prior Wave 4 high, exactly as outlined in the Trading Course :)

The result was a nice +3R Profit (ignoring slippage and commission)

Thanks, Steve

3min ES Chart

The 3min ES chart gave us a few buying opportunities. The first of which would have been a “break-even” trade, as it exceeded the 100% initial risk level. The second would have been a -1R loss. But then there was a DP buy that nailed the low perfectly.............

The ES then rallied nicely to bank +2.1R Profit at the DP target (ignoring slippage and commission). This was using the Standard Trade Management Guidelines.

Thanks, Steve

Larger degree trend

Hi Everybody,

As usual, let’s start with the larger degree trend by looking at the 15min ES Chart.

I admit, this picture is less than perfectly clear as the last DP has been breached and the 15min ES was pushing higher. This would suggest the trend was up.

As such, we should be looking for buys on the 3 and 5min Charts, but because the picture was less than “perfect” I would suggest a little caution, by using the 100% initial risk guideline.

Thanks, Steve