A standard TS2 buy

Hi Everybody,

To start with, a nice and standard TS2 buy on the 3min NQ. As you can see, this made a nice +2.4R Profit at the WPT target (ignoring slippage and commission).

The larger degree trend was up on the 15min chart, so this was a nice standard trade............

But what of the DP sells later in the day ?

Steve

A difficult day part 3

There were some nice trades on the long side in other markets, like the YM and NQ, particularly later in the day, which would have been OK, as the 15min trend had turned up again by then.

But I agree, yesterday was a tricky day.

As we all know, this is down to the Cyclical Nature of Trading, where the good times are followed by harder times when a few losses occur as well as quiet times, before the good times come round again. This is just how trading unfolds in the real world.

Thanks, Steve

A difficult day part 2

So the question is whether the TS3 sell on the 3min ES chart was “in the direct of” the 15min Trend ?

If you look at the chart to the right you can see how the 15min ES had hit DP resistance and was starting to decline. So yes, the 15min trend “at that time” had turned down, so looking for sells on the 3min chart was correct.

What most amateurs do not understand is that sometimes, no matter what our analysis says, the markets does what it wants, that is why we have stops in the market. In this case the stops did their job by keeping the loss small at just -1R

Thanks, Steve

A difficult day

Hi Everybody,

Unlike most Gurus and vendors in the business, I do talk about losses and the hard days, and yesterday was a hard day on the US e-minis. They do happen, all professional traders will tell you this, it is just that most vendors conveniently forget about these hard days!

Anyway, the trade I wanted to look at was the losing TS3 on the 3min ES in the morning yesterday.

Yes this was a -1R loss, but that loss was kept small at just -1R, but the question was whether this was a valid trade. For this, let’s take a look at the 15min Chart

Thanks, Steve

15min Dax

As I was looking at the last TS3 buy on the 3mikn Dax, I always see how this “fits in” with the 15min Chart. As you can see, the Elliott Wave module has nailed most of the last major turns on the 15min chart perfectly.

The 3min TS3 buy was actually at the last 15min Wave (4) low, with profits taken at the 15min Wave (5) high. As you can see, this was the top, with the 15min DAX declining sharply into today..........

Steve

3min DAX

Hi Everybody,

This is what I mean about keeping and eye on corrected markets.

Some of you may have been asking whether you would have spotted the manual DP YM trade in the post below, but what if “at the same time” there was an automatic TYS3 sell on another world Indices – the DAX ? Surely that would help add weight to it ?

Exactly, as you can see, in its own rights, this was a nice +5.8R Profit (ignoring slippage and commission), but it also helped “add weight” to your manual analysis using the DP on the 3min YM chart.

Thanks, Steve

Now for the Advanced Traders

OK, as we have seen from the 15min ES, the larger degree trend was up, so were there any possible buy setups for the more Advanced Traders among you ?

Yes, look at the 3min YM chart. Here we had DP support on good Stochastic Divergence. This provided a good support zone. The long trade was then off the blue (buy) bar.

The trade was run to new highs when it ran right into DP resistance. With +5R open profit, it would have been a good idea to look to protect this. The result, a nice +5R Profit (ignoring slippage and commission).

Steve