For those of you who are using the full MTP v6.0 (via the timed updates) will have seen that the decline on the 5min YM unfolded as a very good looking 5-wave sequence. The Elliott Wave module in V6.0 not only found the wave 5 low, but also projected the WPT levels where the wave 5 was likely to end.
So what would have the sensible course of action been as the YM entered the Typical Wave 5 WPT “and” you were sitting on over +8R Profit on your current TS1 short trade................... ?
Exactly, start to protect the profit by trailing your stop just above the bar’s highs. This then banked profits for you at the low of the day !
As you can see, MTP has the tools available for you to make these informed decisions. All you have to do is take the time, do the study to understands the Trading Course and how Elliott Wave patterns can and do unfold in the markets.
Thanks, Steve