OK, but what of the larger degree 15min Chart I hear you all say ?

Well, if you look at the chart on the right, you can all see how this manual DP sell on the 3min Chart was actually coming off DP resistance on the 15min Chart as well. This is why I always say to keep an eye on the 15min Charts during the day as well. This set up the larger degree trend reversal so gave permission for the lovely 3min sell.

The rest is history, as the NQ collapsed into the close.

But do you all see how patience and disciple would have brought you though the last few days, just treading water, protecting your trading capital, so you were then ready to take full advantage of this massive trade. This is what professional trading is all about.............

Steve

Massive +8R Profit on the 3min NQ

Hi Everybody.........

The cyclical nature of trading is certainly amazing. After a couple of hard days, we then get this massive +8R Profit on the 3min NQ. Yes it was a “manual” trade and therefore only for the more Advanced traders among you, but was a beautiful setup. Can you all see how the NQ made the DP after a 5-wave advance, this is a classic topping pattern. Also, notice the huge divergence in the Stochastic. All of which was pointing to a beautiful sell setup. This nailed the exact high of the day for you !

The NQ then collapsed into the close where a massive +8R Profit (ignoring slippage and commission) as available.

What a brilliant trade, and show how after a few hard days the professional trader must never lose heart as a massive trade is usually just around the corner ...........

Steve

As a PS....................

Here is the same TS3 buy setup on the 5min ES chart (that we had on the 3min chart in an earlier post).

As you can see, because the 5min chart uses slightly larger swings this TS3 had its first projected profit target (as outline in my advanced manual analysis earlier) slightly higher than on the 3min chart. And as such would have been nearer +4.4R Profit (ignoring slippage and commission).

Just shows how the Advanced Trader should always keep an eye on all time frames to see how the swings are unfolding...........

Again, MTPredictor gives you the power to do this quickly and easily...

Steve

Now for the all the additional info

OK, so far you have seen this trade from the basic and automatic setups only perspective, then I added in some advanced trade management for the advanced traders among you. BUT I want finally to add in all the other “supporting” factors that made this setup a real gimme :-)

As you can see, not only was this setup on a blue STF (uptrend) but the Wave C low unfolded right at the Typical Wave C WPT after a sharp wide range bar down that was a high volume (VSA) bar. And all of this on Stochastic divergence. As you can see, everything was all coming together to highlight this as a real beauty of a trade.......

As you can see, MTPredictor has all the tolls, you need whatever level you are to help uncover and then mange great trade setups

Thanks

Steve

Now for the Advanced traders among you

As you can see form the chart to the right, the ABC correction (TS3 buy setup) came after a nice 5-wave rally (found using the Elliott Wave module), so from this advanced traders should have been anticipating a continued rally higher. This is exactly what unfolded.

So what about targets ? Well, for this the advanced trader would have used the WPT module and then projected up using the whole of the prior 5 wave advance. The initial target would have been the minimum Wave C WPT.

This would have resulted in a nice +4R Profit approx (ignoring slippage and commission).

As you can see, the experienced and advanced trader could have doubled the profit from the standard trader, This is why I always say that it is worth the time and effort it takes to learn how to trade like an expert.

Steve

OK, now we have set the larger degree trend, it is time to move down to the 3 and 5min Charts to look for trades that fall “in the direction of” this larger degree up trend.

And that is exactly what we got later in the day as the 3min ES gave us a nice looking TS3 buy setup.

As the STF was weak (below the strength band) the trade was taken off at the first profit target, which resulted in a small +2.1R Profit. Although it was only a small profit, it was a profit, and that is OK.

This was using the Standard and basic trade management guidelines, the Expert and Advanced trader could have done better (next post)

Steve

PS. There was also a buy setup on the YM at the same time as this ES setup that would have made +3R approx at the first target.

ES trade on Tuesday

Hi Everybody,

As usual, let’s start with a look at the larger degree trend using the 15min Charts. If you look to the right you can see how the ES put a low in right at DP support on the 15min Chart , so the “larger degree” trend (on the 15min Chart) was up for shorter term trades on the 3 and 5min charts.

So now let’s move over to the 3min ES and see what unfolded....

Steve