Perfect Wave 5 low

But for me the best setup was on the 3min Russell Index. As you can see from the chart, we had a “perfect and ideal” 5-wave pattern, with the low right at the Typical Wave 5 WPT. Then, to add more weight, we had a high volume (VSA) spike at the low. To me, this was the best and most obvious setup yesterday.....

The TF rallied nicely to reach the DP from the prior Wave 4 high, exactly as outlined in the Trading Course :)

The result was a nice +3R Profit (ignoring slippage and commission)

Thanks, Steve

3min ES Chart

The 3min ES chart gave us a few buying opportunities. The first of which would have been a “break-even” trade, as it exceeded the 100% initial risk level. The second would have been a -1R loss. But then there was a DP buy that nailed the low perfectly.............

The ES then rallied nicely to bank +2.1R Profit at the DP target (ignoring slippage and commission). This was using the Standard Trade Management Guidelines.

Thanks, Steve

Larger degree trend

Hi Everybody,

As usual, let’s start with the larger degree trend by looking at the 15min ES Chart.

I admit, this picture is less than perfectly clear as the last DP has been breached and the 15min ES was pushing higher. This would suggest the trend was up.

As such, we should be looking for buys on the 3 and 5min Charts, but because the picture was less than “perfect” I would suggest a little caution, by using the 100% initial risk guideline.

Thanks, Steve

A Brilliant start in Europe

Hi Everybody,

The European Traders have had a brilliant start to the new decade with this TS3 buy on the 3mion FTSE.

We have just reached the first projected profit target (+7.2R Profit), but as the STF is strong Standard Traders would have swapped to using the ATRStop for trade management.

With the profit at over +7R (Ignoring slippage and commission), this is a brilliant trade, and a great start to the new year :)

Thanks, Steve

Now for the Advanced stuff

OK, the post below, looked at using the Standard Trade Management guidelines. But what if you are an Advanced Trader ?

Well, the Advanced traders among you will have used the Elliott Waves nodule and spotted that the low of the day was at the Typical Wave 3 WPT, using the Major degree. Knowing this, you would have wanted to lock in the +6R Profit (ignoring slippage and commission) at this level.

This shows how powerful the tools are that come with MTPredictor, nailing the low of the day like this was amazing :)

Thanks, Steve

15min YM Chart

Hi Everybody,

I know most of the time, we only look at the 15min Chart for the “trend direction” and then trade on the 3 and 5min Charts. But when the volume is low, for example over Christmas, we can get some very nice trades on the 15min Charts themselves.

For example, this lovely ABC correction on the 15min YM Chart for a TS4 sell.

Using the Standard Trade Management Guidelines, meant swapping to the ATRStop as the STF Strength band was exceeded as the first target was met. So this trade is still open and currently sitting on a nice +4.9R Profit (ignoring slippage and commission)....

Thanks, Steve

Happy New Year,

Hi Everybody,

I hope you all had a good rest over the Christmas and New Year holidays, and as such are all well rested and ready to get back to what the markets will give us this year ?

So with that in mind, let’s get back and take a look at the markets....

Thanks

Steve