3min YM

OK, now we know the larger degree (15min) trend was up into the “measured move” Typical Wave C WPT, we can look at what Buy setups there were on the 3min YM.

As you can see, we have a nice TS2 buy setup early in the day that reached the Typical Wave C WPT. As the STF was weak we do not use the ATRStop, but as the 15min trend was still up, we could compromise buy simply training the stop 1 tick below the bar lows. This would run the trade as the main trend was up, but not give too much room as the STF was still weak.

The result, a nice +5.3R Profit (ignoring slippage and commission)

As you have seen form all these post, good trading comes from experience and can sometimes be more of an “art” rather than pure “science”. Good traders can amend the basic guidelines depending on how the markets are currently unfolding. This is why I am so against totally “mechanical” systems as they will never have the “finesse” of a good and experienced trader.....

Thanks, Steve

Measured moves

Hi Everybody,

I get a lot of questions from people asking why we can place an ABC count on what is obviously an “impulsive swing” in MTPredictor. Usually we are looking for the ABC pattern to be part of a “correction”, please see this help video:
http://www.mtpredictor.com/help/videos/WaveC-Criteria/WaveC-Criteria.html

But, for the Advanced users among you, the Typical Wave C WPT can be used as a “measured move” as it contains the 1:1 ratio. Very often we get an “impulsive swing” that stops at the 1:1 ratio, or at the Typical Wave C WPT.

Yesterday charts of the 15min YM was a great example of this, as you can see, this nailed the high of the day.

But, as experienced is required to know when to apply this, I only suggest that the more Advanced Users among you consider this.

Thanks, Steve