OK, here is one for the more Advanced Traders among you.
If you look at the 3min ES chart you can see how (at the very low of the day) the 3min ES made a wave 5 low (as found by the Elliott Wave module in MTPredictor). But what interested me was how this wave 5 low was at the minimum Wave 5 WPT and was on good Stochastic divergence (not shown on chart) and was also on a VSA high volume spike (not shown on the chart) so was an “ideal” place to look for a low to unfold.
As you can see, the ES rallied into the DP (from the prior minor Wave 4 high), but the STF strength band had been exceeded, so time to swap to the ATRStop for the trade management. This held the long as the ES rallied sharply, to end with a massive +10R Profit (ignoring slippage and commission).
What a nice trade, and this is a great example of yet another day when MTP has nailed the very high or low of the day for you.
Thanks, Steve
If you look at the 3min ES chart you can see how (at the very low of the day) the 3min ES made a wave 5 low (as found by the Elliott Wave module in MTPredictor). But what interested me was how this wave 5 low was at the minimum Wave 5 WPT and was on good Stochastic divergence (not shown on chart) and was also on a VSA high volume spike (not shown on the chart) so was an “ideal” place to look for a low to unfold.
As you can see, the ES rallied into the DP (from the prior minor Wave 4 high), but the STF strength band had been exceeded, so time to swap to the ATRStop for the trade management. This held the long as the ES rallied sharply, to end with a massive +10R Profit (ignoring slippage and commission).
What a nice trade, and this is a great example of yet another day when MTP has nailed the very high or low of the day for you.
Thanks, Steve
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