YM yesterday Part 3

OK, now we now that the YM has made a good low around midday, we should be on the lookout for ABC lows off which to take a long trade.

Although there were no automatic buy setups, there was a very good looking ABC low later in the day that was automatically found by the Elliott Wave module. The YM made a good rally off this Wave C into the close for a nice +3.4R Profit (ignoring slippage and commission)

Thanks, Steve

YM yesterday Part 2

If you look at the attached chart, can you all see how we had a low on the YM that not only unfolded at DP support, but was also a 5-wave decline that made the low at the minimum Wave 5 WPT..... And all of this on a high volume (VSA) spike.

This was a good pattern, and one that set the trend to up for the rest of the day...............

Thanks, Steve

YM yesterday

Hi Everybody,

Yesterday was another tricky day, especially in the morning, were we had a -1R loss on the 3min YM.......... Losses can and do happen. It is important to show losing trades, so you all understand how to keep these small. There are too many trading companies that never talk about losses. Here at MTPredictor we are different, we understand how the markets really work, and that losing trades are part of day to day trading. The trick is keeping them small.

But things got a lot clearer later in the day after the low was made around midday, see next post....

Thanks, Steve