ES – 3min Chart

Hi Everybody

As far as individual trades on the shorter-term, 3 min charts, it looks like we are in the difficult part of the cycle. You all know and understand about the Cyclical Nature of Trading now :-)

As you can see form the chart, yesterday was a horrible day with only small choppy swings producing just a sideways day. Very very hard to try and trade so best to avoid days like this....

Thanks

Steve

YM – 15min Chart

Hi Everybody

Well, yesterday’s sharp fall in the US should have come as no surprise to anybody, especially as I spent so much time looking at the high on the YM (15min) yesterday. As you can see form the chart today, the fall actually went further than our initial targets, but the point is that the fall did continue from the high called a few days ago...

Thanks

Steve

YM – 3min Chart

Here is the amazing bit................ Yesterday I was teaching about the 5 wave sequence in my customer advanced training webinar, and this 3min Chart gave us a perfect example. Just look at how the high of the day was right at the Typical Wave 5 WPT (as well as the 15min DP), so this allowed you to nail the high of the day absolutely perfectly yesterday ! Amazing !

What that did mean, is that now a high was in, you had to be careful about any automatic buys unfolding later on. For new traders that meant avoiding them, for more advanced traders that meant caution, and if taken, raising protective stops quicker than normal.

Either way, the tools in MTPredictor, the DP on the 15min Chart and Elliott Wave 5 high on the 3min chart nailed the high for you, therefore giving you the information you need to make informed choices about your trades................

Thanks

Steve

YM – 15min Chart

Hi Everybody,

Today I would like to start with the larger degree trend on the YM, so that means the 15min Chart

As you can see the larger degree trend was UP, into the DP when a high was made, but the important thing was “after” the YM started to decline from this 15min DP the trend had turned down, so this meant being careful about buys on the shorter 3 and 5min Charts in the afternoon yesterday.

OK, let move down to the shorter 3min charts.......

Thanks

Steve

FOREX – GBP 60min loss

Hi Everybody

Loses – Yes they do unfold and yes all traders experience them................. Please see the same GBPUSD – 60min Chart, just before the nice +3.9R Profit there was a -1R loss. So yes, it is so important to understand that losses can and do happen. The trick is keeping them small. -1R is smaller than the profit of +3.9R. If you keep your losses small and profits large, then you are building the foundation for a successful trading approach.

But again, I cannot stress enough that losses can and will unfold, no matter what trading approach you us. It is your job as a professional trader to keep them small when they unfold.

Thanks

Steve

FOREX – GBP 60min

Hi Everybody

If you remember a few days ago I took a look at a TS4 sell that was stopped out at break-even on the GBPUSD 60min chart. Well, the GBP continued to rally to new highs, but ran into the DP resistance zone where a high unfolded. The GBP then declined into the “opposing” DP where a nice profit of approx +3.9R was available.

Yes this is an Advanced trade as it used the manual DP, but it does show how well the DP can work in the FOREX markets

Thanks

Steve

15min YM

Hi Everybody,

Yesterday the 15min YM gave a perfect example of how to use a 5-wave Elliott Wave count, which was good timing as this is exactly what I was looking at in the Blog yesterday and is what I will be looking at in my customer training later today.

For those of you who know Elliott Wave, you will already know that one place you can find a 5-wave count is in the “minor pattern” of a Wave C swing. Well, if you look at the chart, this is exactly what allowed us to nail the high on the 15min YM Yesterday. As such, this would have allowed you to anticipated yesterday’s sharp fall............

As I keep on saying, there is so much that you can do, for those of you who take the time and make the effort to learn and study. It is a sad fact that there are still far too many people who are too lazy, but then these people will never be able to nail turns like this.......

Thanks, Steve