5min TS1 long on the NQ

OK, now we have a clear 15min DP support and as such the 15min trend had turned up, we start to look for Buys.

And then we got this TS1 long on the 5min NQ chart. Why was this so good ? Well for those of you who have studied the Trading Course, you will know that a TS1 is off the Wave (2) correction, so “ideally” we look to play into the Wave (3) WPT. AND, the TS1 “ideally” comes as the first setup in the new trend direction just after a major turn. Well, that was exactly the picture here, so everything was fitting together very nicely indeed.

The long trade did do as anticipated and did reach the Typical Wave 3 WPT just before the close. For the standard traders among you the STF was strong at the first target as well. But because we were playing for the Typical Wave (3) WPT this was the perfect place to look to bank +7.3R Profit (ignoring slippage and commission)

Brilliant, a perfect example of how much easier trading can be “if” you wait and “only” trade when the picture is clear.....

Thanks, Steve

PS: The only slight question mark was as the TS3 sell came in. But this is when I suggest looking at other “correlated” markets. In particular, the 15min trend on the ES, YM and TF were all strongly up at this stage, so combining this with a strong STF on the 5min NQ and holding and looking to run the currnet TS1 long into the anticipated Typical Wave 3 WPT was best.

Only trade when you have a clear Pattern

Hi Everybody

Yesterday was a perfect example of how easier trading can be, when you wait for a “clear and obvious” setup. Many amateur traders fall down because they want to trade every day, in other words, they tray and “force” trades when the picture is unclear. This leads to confusion and losses. I have always said that it is much better having the patience and discipline to wait and then only trade the “clearest and most obvious” setups. And yesterday was a brilliant example of this

First the 15min trend was nice and clear on this 15min Chart because we had just started to rally off 15minm DP support. Therefore the trend was not clearly up.

So the old phase “when in doubt stay out” is very good advice, and a lesson most amateur traders could learn from. Trade less and only trade when the picture is clear, that is what professional traders do...

Thanks, Steve