OK, this DP sell on the 5min ES made a nice +5.6R Profit (ignoring slippage and commission) but could the Advanced Traders among you have done any better ? Well, yes, the ATRStop is good, but very often it will get you out late after a turn has unfolded. Knowledge of Elliott Wave patterns can very often get you out nearer the actual turn. This is where the Elliott Wave module in MTPredictor v6.0 comes in.
As you can see from the chart, the decline off the DP high unfolded as a minor 5-wave pattern. As the ES declined into the minimum Wave 5 WPT, the stochastic was showing divergence, signalling that the current down trend was weakening. This was a sign to bring stops closer.
This would have stopped out the DP short (form the high of the day) at nearer a +7.6R Profit (ignoring slippage and commission), adding +2R over the ATRStop on its own.
As this requires knowledge of the more advance tools in MTPredictor, so this is for the more Advanced Traders among you, but it does show you the power of the tools and modules in MTPredictor.
Thanks, Steve
As you can see from the chart, the decline off the DP high unfolded as a minor 5-wave pattern. As the ES declined into the minimum Wave 5 WPT, the stochastic was showing divergence, signalling that the current down trend was weakening. This was a sign to bring stops closer.
This would have stopped out the DP short (form the high of the day) at nearer a +7.6R Profit (ignoring slippage and commission), adding +2R over the ATRStop on its own.
As this requires knowledge of the more advance tools in MTPredictor, so this is for the more Advanced Traders among you, but it does show you the power of the tools and modules in MTPredictor.
Thanks, Steve
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