Daily S&P reaches initial target

Hi Everybody,

Well, after 2 months, the S&P has rallied nicely, and has now reached its initial upside target form the Mar 6 low (which came in right at the DP support zone).

So does this mean that we are now going to make a high, and we should be looking for short trades ? Well, not necessarily, all it means is that we have reached the initial target for the rally from the Mar 6 low.

Thanks, Steve

A hard day on Monday

Hi Everybody,

After a few very good days, yesterday was a lot harder, but then this is just the natural cyclical nature of trading – after a few good days, we were overdue for a harder day with less trades.

Having said that, just before close we did get a TS4 but setup that did make the first profit target for +2.4R Profit (ignoring slippage and commission).

But overall, it was a hard day yesterday on the US minis

Thanks, Steve

Also an ABC..........

But here is why I like this 5min YM DP sell, because the pattern was also a 3-swing ABC, and I like ABC patterns :-)

Thanks

Steve

Here is the 15min YM Chart.............

As you can see the 5min DP sell unfolded at the same time as the 15min Chart was giving a TS3 sell. So the 5min DP was “in the direction of” the 15min Chart, so was a good one to consider.

Thanks

Steve

Automatic DP sell on the 5min YM

Hi Everybody,

There were also some nice automatic trade setups on the US e-minis on Friday was well. The one that caught my eye was the DP sell on the 5min YM early afternoon. Normally I am very cautious of DP’s as I always like them to be with the larger degree charts, so they should be more of an Advanced technique. But this was a good one, because not only was it at a 15min TS3 sell (next post) but it was also an nice ABC pattern

Remember, always check the larger degree charts, particularly for the DP setups

Thanks

Steve

DP’s nailing the turns

Hi Everybody,

Wow, what a day on the 3min ES for the DP (Decision Point) on Friday. If you look at the chart to the right (click to enlarge) you can see how the DP tool in MTPredictor managed to nail virtually every high and low throughout the day on Friday............

Steve

Perfect Elliott Wave pattern

Hi Everybody,

I still find it amazing when a market unfolds in an absolutely perfect Elliott Wave pattern. Here (on the 3min ES) we had a 5 wave decline (with the low right at the minimum Wave 5 WPT), which was followed by a rally into the DP (form the prior Wave 4 high) that sub divided into a lesser degree abc, with the high right at the minimum Wave C WPT. This is absolutely perfect, and exactly how it is outlined the Trading Course.........

So when you get a perfect pattern like this, you can’t avoid taking the trade.

The result, a nice +3.2R Profit (ignoring slippage and commission) as the ES declined to new lows and then reversed right at the DP support zone.

Yes, this is for Advanced Traders, but when we get patterns as perfect as this, it makes sense to do your homework, study the course so you are ready for days like this. Seriously, it will be worth it, as we have seen the Advanced Trader could have had an extra +5R (+2R on the last post and +3R here) Profit yesterday, so it makes sense to take the time and do the work that is required to become good at this.

But again, do you all see how the tools and modules in MTPredictor v6.0 helped you uncover these patterns with the Elliott Wave and manual DP modules. The tools are in the software, you just have to learn how to use them :-)

Thanks, Steve