The Holy Grail of setups Part 2

It would have been nice if the automatic setup came in on the 3min YM chart, but we did get an automatic TS1 sell setup on the 3min NQ. Again, this is a good example of why I always follow all 4 US e-minis. There was a minor abc on the 3min YM, using the Elliot Wave module, but the 3min NQ was the more obvious setup

As you can see, this nailed the high perfectly before a sharp fall...........

As the STF was strong, the ATR was used for a nice +8.4R Profit (ignoring slippage and commission)

There are some brilliant setups unfolding on markets each and every day, day after day, I just hope that you all have done your homework so you know what to look for :)

Thanks, Steve

The Holy Grail of setups

Hi Everybody,

Here is another perfect example of what I call “The Holy Grail” of setups. It is one I detail ion the Trading Course, and talk about a lot.

What we are looking for is an important high or low, for example the 5-wave high on the 5min YM chart. Then we need an “initial decline”, then we are looking for is the “first correction” to the “initial decline” to sub divide into a minor abc pattern. This ideally should be found as an automatic TS1 or TS3 setup.

Why is this setup so good ? Well, because after a Wave (2) correction we “usually” get a Wave (3) swing which is the strongest and longest of all the Elliott Wave sequences, so carries the largest profit potential.

So all the pieces were in place on this YM 5min Chart. With a clear 5 wave rally, then a decline then a rally into the Wave 2orB WPT......

Thanks, Steve