Wave 5 nails high of the day !

OK, If you look back at the first post today on the 15min, you can see that the DP’s not only nailed the low of the day for us, but also nailed the high of the day !

Sop was there anything that would have helped nail this high on the 3min Chart ? There certainly was

If you look at the chart, you can see how the Elliott Wave module found a 5-wave sequence going into the high. But (this is the important part) can you see how the high of the day fell right at the Typical Wave 5 WPT ! The YM then decline sharply for the rest of the day....

What a day yesterday, where the tools in MTPredictor nailed both the high and low of the day for you in the US markets, absolutely brilliant !

Thanks, Steve

Perfect TS3 buy on the 3min NQ

OK, now we know that the larger degree trend was up in the morning yesterday, were there any Standard Automatic setups that the Standard Traders among you could have taken advantage of ?

Yes, there certainly was IF you look at the chart you can see that the 3min NQ gave us a lovely TS3 buy around mid morning. The NQ rallied nicely to the first profit target, where the STF was strong, so standard trade management swapped to the ATRStop. The NQ continued higher until it was stopped out for a nice +4R Profit (ignoring slippage and commission).

This was a perfect example of what I was talking about when I say that it is best to wait for the “ideal trades”, well this was perfect, a nice ABC pattern that also fell in line with a clear and obvious larger degree up trend. Not al days are easy, but when they are obvious (like this), then take them :)

Thanks, Steve

Gap opening DP play on the YM

OK, now we know that the YM was at DP support on the 15min Chart near the open, we could have used the Advanced technique that I have talked about before of looking for a reversal at DP support / resistance, just after the open. Especially when this “falls in line” with larger degree support / resistance. Yesterday was a perfect example of this......

As you can see, this had you long from the very low of the day !

The YM then rallied nicely into the opposing DP where +4.3R Profit (ignoring slippage and commission) was available.

Thanks, Steve

DP’s nail the high and low of the day !

Hi Everybody,

WOW, what a day yesterday, the DP’s on the 15min YM chart nailed BOTH the high and the low of the day for us. Absolutely amazing !

This is how well the DP’s work, and why we use them for the larger degree trend identification. Agreed, they don’t work all the time, but then nothing does, and that is not how to trade. That is why we use the “isolation approach” so we work with what is working “here and now”. This is what successful trading is all about and a skill all successful professional traders must learn.

In the DP’s you have one of the best support / resistance tools on the market, so use them :)

Thanks, Steve