YM – a bit frustrating....

It was not all plain sailing yesterday.

While there was the Russell trade that was a nice one, there were also some losses, but (as usual) these were kept small at just -1R. For example on the 3min YM, there was a -1R loss just before the eventual low on the Russell.

Then there was the frustrating DP sell. Yes this nailed the high of the day, but the market just drifted sideways after the trade entry............

So, I just want to make sure that (in the spirit of fairness) that I do mention some small losses yesterday as well as a frustrating trade, alongside the good TF winner (last post).

Thanks, Steve

Russell Index (TF) – Part 2

As we have already seen, the 15min TF had made a Wave 2orB low, so the trend was up, and “ideally” up into the higher 15min DP. So when this TS1 buy came up on the 3min chart it was a good one to consider.......

AS all of you who follow this blog regularly, when we get a trade that looks like he has come off an “important high or low”, then it is “more likely” to be a Wave (2), so then we should anticipate a stronger Wave (3) type swing to follow. This was a food exempt, as the 3min Typical Wave 3 WPT was “in the same area” as the larger degree 15min DP target from the last post.

As you can see, the TF did indeed rally up to reach the Typical Wave 3 WPT, where a nice +7.5R Profit was available (ignoring slippage and commission)

Thanks, Steve

PS, Yes, this trade used WPT targets and not the standard STF, so should be considered an Advanced Trade. But I hope this is the type of trade that you all can learn to spot yourselves...

Russell Index (TF) – Part 1

Hi Everybody,

As there was quite a lot of activity yesterday, I only have time to look at one trade from yesterday on the e-minis, so let’s look at the Russell Index, starting with the larger degree trend.

As you can see, the 15min TF was making a Wave 2orB low, using the Elliott Wave module. This set the larger degree trend to be up, “ideally” into the higher DP target”.

So now let’s move down to the 3min chart to see if there were any long trades after this 15min Wave 2orB low.

Thanks, Steve