US E-minis yesterday

Hi Everybody,

As the 15min Chart moved strongly higher and there were no DP levels to provide resistance, the larger degree trend should have considered as still UP. So I would have been very cautious about the sells that appeared yesterday.

As I always say, better to trade “in the direction of” the larger degree trend, and the only group of traders that should consider “counter trend” trades are the more Advanced Traders among you. But, again as I have said before, caution should be used and stops moved closer quicker.

So it was a quiet day yesterday, but that does not matter as the prior two days were huge with some massive profits. Remember the Cyclical Nature of Trading, yes we do get quiet days as well :-)

Thanks, Steve

Cyclical Nature of Trading.....

The last few days have been yet another excellent example of the Cyclical Nature of Trading at work. After a few days at the end of last week when trading was tricky, we suddenly get two massive days in a row. This is why I keep saying how you must anticipate that you will have periods of small losses (but the aim is to keep these small) as well as quiet periods ( when you are uncertain of the larger degree picture), but as we have seen again and again and again and again, it is not long before the good trades come round again. This is just the natural way Profits and Loses unfold in the markets.....

Thanks, Steve

3 min ES – DP low

As we can see, right at the same time the 15min ES chart was at 15min DP support, the 3min gave us an automatic DP buy setup. This nailed the low of the day for us ! This is exactly the same as we had on the NQ the day before :-)

The ES then rallied strongly off the low. After a scary initial pullback (no 100% initial risk on this trade as the larger degree picture was clear), the ES did reach the first projected profit target, but as the STF Strength band was exceeded, we swap to the ATRStop, which held the long trade into the close for a nice +5.7R Profit (ignoring slippage and commission)

Thanks, Steve

15 min ES – DP low

For me, the larger degree trend became a little clearer when the 15min Charts put in a DP low early afternoon (this was also a TS3 buy on other minis), see chart to the right. This then gave a opportunity for long trades on the short-term 3min charts, as the 15min was now at support.

So let’s turn to the 3min ES to see what we find (next post)

Thanks, Steve

3min YM - Profits and Loses

Hi Everybody,

As the 15min trend was uncertain, in the early part of the day yesterday (more on this in the next post) you could have decided to take trades on both sides of the market. So I want to take a look at what would have happened on the 3min YM yesterday (this is only a sample of 1 day as there was a lot of trades on this chart yesterday, but may not be representative of everyday’s activity).

As you can see, we had a few trades, the first was a TS1 sell that made +4.7R Profit (ignoring slippage and commission). Note the small green triangles, these are failed trades. BUT not always filled, the first is a good example as this was invalidated (as the market went below the prior bars low “before” being filled), so the long trade was not entered. Then we had a -1R loss, then a nice +3.7R Profit, then a break-even TS3 sell later in the afternoon. So overall a possible +7R (+4.7 plus -1R Plus +3.7R Plus 0R) day yesterday.

Again, I have to stress that I do not suggest taking “all” the trades every day, but on a day when the larger degree trend is unsure and you use the 100% initial risk guideline, then Advanced Traders could consider it. But again, I stress that it is always best to trade “with” the larger degree trend and when in doubt, stay out.

Thanks, Steve

Now for the Advanced Traders...

OK, we have already see that the NQ was moving up into the “opposing” DP level, so what do you think would have been the sensible thing to do when you reached the 15min DP resistance zone AND you were at the maximum Wave 3 WPT on the 3min Chart AND that bar came on a high volume VSA spike AND you were sitting on a massive +10R Profit ?

Exactly, tighten stops................ This enabled you to come out at the high of the day ! Long from the low of the day to bank profits at the high of the day for +10R Profit (ignoring slippage and commission), not bad :-) , and all it took was a little advanced knowledge and experience. All of the tools that you need are in MTPredictor, you just need to take the time and make the effort to learn how to use them.

Thanks, Steve

Larger degree trend on the 15min NQ

OK, here is the 15min NQ chart, as you can see the 3min DP Buy was right at the “larger degree” 15min DP support zone. As such giving the 3min DP added weight.

The 15min NQ then rallied nicely to the “opposing” DP.

Things do not fall all into place this well all the time, but when they do, it is worth maximising your profits on the trades you have. Which brings me nicely onto whether the Advanced Traders among you could have squeezed any more profit out of that 3min long trade. Let’s see in the next post.....

Thanks, Steve

+8R Profit on the 3min NQ

But for me the “trade of the day” was the DP buy on the 3min NQ, as this nailed the very low of the day for you !!

As you can see from the chart, standard trade management guidelines swapped to the ATRStop once the STF strength band was exceeded. The result as a massive +8R Profit (ignoring slippage and commission).

OK, I know what you all asking, why take DP’s as they are more of an advanced technique. Well, the exceptions are when they fall in line with “larger degree” support or resistance (on the 15min chart) or they are et the end of 5 swings. Well guess what ? This 3min DP was bang at 15min DP support as we will see in the next post, so was a real beautiful trade....

But the main point here is how after a few hard days along comes some massive profits, so you have to be in the right frame of mind to take full advantage of these. Too many amateurs have a few loses and then give up, so they are never there to make these big profits.....

Thanks, Steve

+6R Profit on the 3min Russell

Hi Everybody,

Isn’t the Cyclical nature of Trading amazing ! After a few hard and tricky days, we then get a massive day like yesterday ! This is what I keep on saying, you will get hard times and quiet times and small losses, and sometimes all will seem against you, but then along comes a day like yesterday. This is what I posted the “How Profits and loses unfold in the real world” to help you see how this really works.

OK, lots to talk about today so let’s start with a nice TS1 sell on the 3min Russell Index. Nothing out of the ordinary here, the 15min Chart was coming down from DP resistance so this was “with” the 15min Trend even though the 3min STF was blue.

Using standard trade management guidelines meant swapping to the ATRStop as the STF strength band was exceeded. The result a nice +6R Profit (ignoring slippage and commission). A nice start to the day.

Thanks, Steve

YM 3min

The best potential sell yesterday was form a “manual” DP high on the 3min YM. As this was using manual analysis it should be considered and Advanced setup. AS you can see this only made a small Profit but a profit all the same.

This does bring up the question on what professional traders should expect for their Profits and losses, so please read this PDF Click here that shows how profits and losses typically unfold in the real world. It is interesting that amateur expect big Profits every day, but the world simply does not work like that

Steve

ES 3min

Hi Everybody

Well yesterday was an interesting day. The 15min ES put in a high at the DP as I anticipated before the open yesterday so I was (personally) looking for sells as I had considered (at the time) that the 15min trend had turned down. So I (personally) would have avoided the buys that came up on the 3min ES yesterday, The first a TS1 sell that would have been stopped out for a -1R Loss, but was not a very good looking setup.

The one that did interest me, because the pattern was so nice, was the TS3 buy at 13:30EST, but as I have already said, this was against what was perceived (at the time) as a new 15min down trend, as because we have to be consistent as traders, it was best to pass on this one.

The only group of traders who could have considered it were the Advanced Traders, but then stops should have been moved to break-even quickly. Interestingly after all the discussions yesterday, “if” advanced traders had taken the two sell on the 3min NQ on Friday for a -2R loss, then the Profit on this one TS3 long would have more than made up for these being a +2.5R Profit (ignoring slippage and commission). This just goes to show that however you choose to trade, consistency is necessary, even after a few losing trades, as the winners will be just round the corner.....

Thanks, and a interesting day yesterday......

Steve

15min ES chart before the open

Hi Everybody,

What a difference a day makes....

I am not going to make any comments on this chart as the markets have not opened yet, so we don’t know whether this DP resistance on the 15min ES will hold or not.

But it gives you all something to look at today :-)

Thanks, Steve

Daily S&P Chart

Hi Everybody,

I would like to update you on the current position of the Daily S&P Chart.

As you can see we are now at the first profit target from the recent TS4 buy (off the Jul 8 low) and we are also at a Major DP resistance zone............. So I would not be at all surprised to see at least a minor high unfold at this level.

Thanks, Steve

Question on the 3min NQ and Larger Degree trend – Part 2

Here is the 15min NQ chart, as you can see the trend is clearly up.

Remember, for you to swap direction on the larger degree trend you have to have evidence that the larger degree chart is putting a high in (Wave 5 or DP etc etc), but so far this has not happened......

Thanks, and I hope this helps ? Steve

Question on the 3min NQ and Larger Degree trend

Hi Everybody

Today I would like to look at the 3min NQ and look particular at how we define the “larger degree” trend, as I know there has been some confusion recently.

At the basic level we use the colour of the STF on the 3min Chart itself to define the main trend for that chart and that time frame. Yes, the STF does look at a slightly longer trend than 3min but I think the terminology of “larger degree” needs to be clarified. So at the base level you can use just the STF colour, but I strongly recommend that you “also” look at the larger degree chart, in this case the 15min Chart. I outlined this in the “Day Trading” Chapter in Part 2 of the Trading Course, but it is worth a re-cap here.

So looking at the 15min Chart on Friday, you can clearly see that the trend was UP. There were no DP resistance areas in play and the 15min STF was blue as well as the 15min Chart making higher swing highs and higher swing lows. In other words the 15min Chart was trending UP. So bearing this in mind, should you have considered the TS3 sells earlier in the day ?

As I always say, it is better trading “with” the larger degree trend, so you should have passed on these (Even the Advanced traders as there were no reasons to anticipate a decline on Friday).

So this is what I mean by the “larger degree” trend, it is the trend on the larger degree time frame chart, which is the 15min Chart for 3 and 5min trades.

Thanks, and I hope this helps ? Steve

S&P – Daily Chart Update

Hi Everybody,

I just wanted to update you all on the current TS4 long in the S&P form the Jul 8 low.

As you can see, this nailed the very low of Jul 8, and since then the S&P has rallied strongly. We have now reached the first profit target, so should start to protect any longs.

Thanks

Steve

YM on Jul 23 part 2

So the question was whether to take this DP sell or not ? On the surface this was a good looking DP as it was on a high volume (VSA) bar as well as stochastic divergence. BUT, and here is the big question, it was “against” the larger degree up trend. So my normal advice is to be very carefully (particularly on DP’s) when they are “against” the larger degree trend.....

The only thing that it had going for it was that it was towards the end of the day, on a day where there was a big up move in the morning, so it would be natural for some “profit taking” to come in and push the market lower towards the end of the day.

So my advice would be to avoid trades that are “against” the larger degree trend, and then and only if you are an advanced trader should you consider them. But even if you do, protect yourself quicker as you know you are against the larger degree trend. In this example it would have probably been a break-even trade anyway as the 100% initial risk was just reached. So (in this example) it did not really matter whether you passed on the trade, or took it and got stopped out for break-even.

Thanks

Steve

YM on Jul 23

Hi Everybody

I received a few question on the YM 3min for Yesterday, so I would like to take a quick look.

The day started with a nice TS3 buy that unfolded late morning. This was a standard setup that was managed using the WPT targets as the STF was weak. As you can see a nice +3R Profit (ignoring slippage and commission) was available as the YM drifted higher as the first projected profit target was reached.

So this setup was OK, because it was “in the direction of” the larger degree up trend, but the main question was on the DP sell later in the day, next post.

Thanks

Steve

Adobe – update

Hi Everybody,

Just a quick update on the US Stock, Adobe, that I looked at a few days ago.

As you can see Adobe is still moving higher slightly and currently sitting on an open Profit of approx +8R (ignoring slippage and commission).

Let’s see how the next few days unfold.....

Steve

And for the Advanced Traders....

There was also added conformation from Stochastic divergence and a high volume (VSA) bar unfolding at this same TS4 low as well. Both these added extra weight to the standard TS4 buy setups for the Advanced Traders among you.

Thanks, Steve

Don’t trade too short a time frame !

Hi Everybody,

Yesterday was a perfect example of why I tell you all not to trade too short a time frame. If you only look at the really short time frames then you can lose sight of the larger degree picture. For example you could have been trying to “top pick” as the strong rally yesterday afternoon unfolded. BUT........ if you have been looking at a longer 5min chart then you would have nailed the low of the day on the YM and then rode the strong rally up all day.........

Please see the chart, as you can see a standard and automatic TS4 buy on the 5min YM had you long form the low of the day ! The STF was blue and the larger degree trend was still up............ The YM rallied strongly into the close for a massive +9R Profit (ignoring slippage and commission) but the point is that this was an easy trade on the 5min chart, that could have been missed buy getting “too close” to the market with too short a time frame chart.

Thanks, Steve

YM 3min – to sell or not?

OK, now we have decided that the larger degree trend was defiantly UP yesterday, how should you view the sells that came up on the 3min Chart. Please note that the STF on the 3min chart itself was also blue, giving yet more indication of a strong UP trend.

I have said before, newer users should not go against the larger degree trend, so for them, they should not have taken these sell. But what of the more advanced trader? Well, I normally only even consider going against the larger degree trend if I have reasons that a counter trend move may unfold. For example at 15min DP etc etc. And yesterday there was no reason at all that I see could see anything other than a strong UP trend. So even the Advanced Traders should have been avoiding the shorts and looking for long trades yesterday.

Remember only go against the larger degree trend if you have a good reason, then if you do, protect yourself quickly....

Steve

YM 15min – larger degree trend

Hi Everybody,

I received a few questions on the sells on the 3min YM yesterday and how they “fitted in” to the larger degree trend.

As usual, you should start your day by looking at the larger degree trend, and on the US e-minis this is the 15min Chart. As you can see, the STF is blue, indicating a strong UP trend, and (also) the 15min YM was NOT at DP resistance. So as far as the 15min Chart was concerned yesterday the larger degree trend was defiantly UP

OK, now let’s look at th3 3min chart in the next post

Steve

ADOBE – US Stock

Hi Everybody,

Just a quickly update on Adobe, a US Stocks that I mentioned a few days ago on the Blog.

As you can see Adobe has just reached its first Profit target after the TS3 Buy on July 8. With the Profit at this level a massive +7R, this is turning out to be a very nice trade indeed......

Thanks

Steve

3min YM Chart

Hi Everybody,

Friday was an interesting day with some sells as well as buys on the short-term US Indicates. A good example is on the 3min YM, see chart.

The easiest was the TS4 buy later in the day, as that went straight up into the close for a nice +2.4R Profit (ignoring slippage and commission). I also like how the setup unfolded on a VSA high volume spike as well....

The TS3 sell earlier in the day was slightly trickier on the trade management, with the question being whether to use the 100% initial risk break-even guideline. So at worst case this would have been a -1R loss, which is smaller than the +2.4R Profit on the TS4 buy (above). Small losses and Big profits – the key to successful trading....

Also notice how the DP nailed the high of the day for you as well :-)

Thanks

Steve

3min Russell – TS3 long for +6.2R Profit

Hi Everybody,

What a brilliant day yesterday on the 3min TF (Russell Index). After a quiet day on Wednesday (we all know and understand about the Cyclical Nature of Trading now :-) ) we had a TS3 buy, off which the Russell rallied strongly.

Using the Standard trade management guidelines meant swapping to the ATRStop one the STF had exceeded its strength Band. The result, a very nice +6.2R Profit (ignoring slippage and commission).

What a brilliant day !

Thanks

Steve

S&P – Daily Chart update

Hi Everybody,

Well, the S&P has reached the minor DP (form the prior minor wave b high) level now, so a minor high “may” unfold in this area.

We will have to wait and see what the markets decides to do. But either way, we have “projected in advance” a level where we focus on for a possible minor high. Remember the DP stands for Decision Point, so the market will make a “decision” here, put in a minor high or push through strongly.

Thanks

Steve

Adobe – US Stock

Hi Everybody,

The strong rally in the S&P (off its TS4 low) has had a good effect on recent longs on individual US shares, for example the current TS3 long in Adobe (ADBE) off the TS3 buy on Jul 8.

As you can see, this is already on a nice +5.7R Profit (ignoring slippage and commission)

Thanks

Steve

S&P – Daily Chart

Hi Everybody,

It is nice to see the S&P moving higher strongly off our TS4 low

The first minor target is the DP form the prior Wave b high, which is only just above the market now.

Thanks

Steve

DAX – 3min TS3 long

Hi Everybody,

After the last few posts on the ES, you may think that this is all too much hard work, well as you all know about the Cyclical Nature of Trading, you will know that sometimes trading can be hard, but conversely sometimes it can be a lot more straightforward

For example, this TS3 buy on the 3min Dax that has just been stopped out for a very nice +4.7R Profit (ignoring slippage and commission)

This was using the standard trade management guidelines and as the larger degree trend was up, the trade was a lot easier to mange. As soon as the STF strength band was exceeded, you swap to the ATRStop. This allowed the trade to run up.

Thanks, Steve

ES 3min – Advanced look

As outlined in the post below, the Advanced Trader, knowing that this TS3 long was against the larger degree 15min trend (at the time) should have first moved their stops to break-even quicker, using the 100% initial risk level. Then secondly been quicker to bank profits. The ATRStop is for running trades, and this usually only happens when you are “with” the larger degree trend. Trades “against” the larger degree trend usually are small and as such should be exited quickly. “Cut and run” if you like.........

The result, a slightly larger +2.8R Profit at the first projected profit target.

Thanks, Steve

ES 3min – dilemma con’t

As you can see, the 15min ES Chart had reached DP resistance and had started to decline, so (at the time) the larger degree trend had looked to have reversed down. So should you now consider buys on the shorter 3 and 5min Charts ?

Well, as I have said before, what I suggest is that if you are a newer trader then No, trades against the larger degree trend should be avoided. But if you are more experienced, then you can consider them, but as you know they are against the larger degree trend, then you should look to protect them more aggressively, by moving stops to break-even quicker (100% initial risk level). So it all depends on how confident or experienced you are. But either way, you can make an informed choice as you have a better idea of what the larger degree trend is doing.

Thanks, Steve

ES 3min – dilemma

Hi Everybody,

I received a very good question for a user yesterday and that was whether to take trades against a bounce of the larger degree DP or not. The TS3 buy on the 3min ES yesterday was a perfect example of this.

As you can see, this was a good looking TS3 Buy, which resulted in a +1.9R Profit using the standard trade management guidelines (ATRStop used as STF was strong). But the question was whether this should have been taken at all because the 15min chart was reversing off DP resistance, please see the next post.

Thanks

Steve

Daily S&P Chart

Hi Everybody,

If you all remember a week ago (July 6 post) I “projected in advance” the Typical Wave C WPT support zone where we should look for a potential support zone in the S&P. Well that is exactly what has happened.

If you look at the chart you can see that we have now made a TS4 low at the combination of the Typical Wave C WPT and the DP from the prior wave 4 low..........

This shows the power of MTPredictor and how you can be “prepared in advance”, I projected this level over a week ago !!

Thanks

Steve

3min NQ – TS3 buy

The standard traders among you had a little longer to wait until a nice TS3 buy setups unfolded later in the day.

As the STF was weak, you should have used the WPT targets. +3.4R Profit was available as the NQ hit the first projected target.

Please note that as the larger degree trend was up yesterday, you should have only been focusing on Buys, and not trying to “top pick”......

Thanks

Steve

3min NQ – Gap open Play

Hi Everybody,

No sooner than I have talked about the DP on the NQ in yesterday’s post than the US markets opened and gave us a perfect “Gap Open” Play again on the 3mion NQ !

As you can see from the chart the NQ declined form one DP to another for a potential +4.4R Profit (ignoring slippage and commission). This DP actually nailed the very low of the day for us as well ! Please remember the Gap Open play is an Advanced technique as it requires some manual use of the DP’s

But this was a nice start to the day yesterday..........

Thanks

Steve

3min NQ - losses

Hi Everybody,

In this post I just wanted to remind you that even the Advanced Techniques can make losing trades at times.

Normally I suggest that when the larger degree trend is uncertain or you are against the larger degree trend the Advanced Traders among you can protect against losses by moving your protective stop to break-even quicker (by using the 100% initial risk level). But sometimes this is not quick enough and a -1R can result. Please see this example from Friday on the 3mon NQ.

It is important to understand (and for me to show) that losses can and do unfold in any trading. Too many Gurus and software vendors never show losses, which just distorts what it means to be a professional trader. Losses can and do happen, the trick is keeping them small, as just -1R

Thanks

Steve

The power of the DP

Hi Everybody,

This post show how powerful the DP’s can be at times. Here the DP’s nailed both the high and low of the day on the NQ on Friday...................

Thanks

Steve

The importance of correct Position Sizing.

Hi Everybody,

Here is a great example of why correct Position Sizing is so important, to keep your losses small and your Profits large.

Here the FTSE 3min had two losing trades, but (this is the important part) the 3rd trade (TS3 sell) made approx +3R (ignoring slippage and commission). So -2R plus +3R = +1R Profit overall. Or in other words, 2 losing trades and 1 winner actually made money overall................

This is the point that so many amateurs traders simply do not get. They all strive a high % if winners (which is actually very very very hard to do for a long time). BUT they do not understand that you don’t have to have a high % of winners to make money, the most important point is that the losses must be kept small, so a number of losses are then cleared and put back into profit again by one big winner.

Here this +3R profit (which was not that big) cleared two prior -1R losses and made money overall............

Most Amateur do not get this, that is why 97% of amateurs fail in this industry............... Bottom line, you must keep your losses small and profits large – it is all about Risk Control........... To become a successful professional trader.

Thanks, Steve

FOREX – GBPUSD 60min (Part 2)

As you can see from the chart the automatic DP buy (shown in the last post) was indeed off a Wave 5 low. This is where the Elliott Wave module in the full MTP v6.0 helps......

Advanced traders could have used the higher DP to protect slightly more profit than the ATRStop.

In this example I am using eSignal data saved to the hard drive via QCollector then loaded into the current MTPredictor V6.0.

Thanks

Steve

FOREX – GBPUSD 60min

Hi Everybody,

A nice DP long trade on the GBPUSD 60min chart has just been stopped out. As you can see from the chart, using the standard trade management guidelines this would have resulted in a nice +5R Profit approximately.

As you all know, I only like DP’s when they come at larger degree support / resistance or at the end of a nice 5-wave sequence, so let’s see this in the next post.

Notice how the automatic Position Sizing guided you how many lots to take for a constant initial risk. Correct Position Sizing is vital for long term trading success....

Thanks

Steve

3min NQ – DP Buy

But the NQ did not stop there.............

Later in the day, a DP buy appeared. As the larger degree trend was unsure, caution should have been used on this setup. This means skipping for newer traders, or for the more Advanced Traders among you, moving the stop to break-even quicker than normal.

But the end result was good, with a nice +2R Profit (ignoring slippage and commission) as the ATRStop was used for trade management.

Thanks, Steve

3min NQ – TS4 sell

3min NQ – TS4 sell

After a quiet day on Tuesday it was nice to see the US minis give us some good trades yesterday. But then as you all know about the Cyclical Nature of Trading, this should come as no surprise to any of you

The 3min NQ was the star of the day yesterday staring with a nice TS4 sell early in the day. The NQ declined from this TS4 high to new lows. Standard trade management meant that the ATRStop was used once the STF strength band was exceeded. The result was a nice +4.2R Profit (ignoring slippage and commission)

A good start to the day :-)

Thanks, Steve

3min CAC40 – Advanced Trade Management

Now for the Advanced Traders among you.....

As you all know, once you become more advanced you can start to look at the patterns in greater detail and start to decide when and when not to follow the standard trade management guidelines (these are for newer traders).

As we have already seen, there was a good DP support zone well below the market, so we could have used this as a “further out” target to “run” at least part of our current short trade from the automatic DP sell. There was also a good 5-wave decline unfolding on the 5min Chart (not shown) that would have helped guide this short as it ran lower.

So the Advanced Trader could have held on until this larger degree DP support zone was reached. As you can see, this would have increased profits to nearer +9.8R (ignoring slippage and commission)

Again, this is only for the more Advanced Traders among you, but does show what is possible once you become more experienced, and I have not even started to talk about possible pyramiding possibilities to increases this profit even more

Thanks, Steve

3min CAC40 - Standard Trade Managemnet

OK, as you should all know by now, I only like automatic DP sells if they are at larger degree support or resistance, or after a clear 5 wave pattern. Well, as we have already seen 3110 to 3115 was larger degree DP resistance so when this automatic DP sell arrived on the 3min Chart with its high right in this area, it was a god trade to consider...........

This was the actual high of the day – short from the very high bar of the day, that is the perfect position for any day trader !!

Using the standard trade management guidelines meant swapping to the ATRStop as the STF strength band was exceeded. This results in a very nice +3.9R Profit (ignoring slippage and commission)

I hope you can all see how this 3min sell “fitted in” with the larger degree 15min DP resistance, as such this has been a brilliant training example for you all to learn from.......

Thanks, Steve

15min CAC40

Hi Everybody,

The CAC40 gave us an excellent training example yesterday, so I would like to spend some time look at it because it shows exactly the procedure to follow to uncover great trades.

First we start with the larger degree 15min Chart, and look fir areas of support or resistance, this usually means using the DP. Yesterday we would have seen that there was strong DP resistance in the 3110 to 3115 area. So this is the area we should be alert for any shorter term automatic DP sells as the CAC started to rally yesterday morning.

Over to the 3min Chart now..................

Thanks, Steve

RDC – US Stock – Wave 5 high

Hi Everybody,

Here is another good example of the 5-wave sequence.

Yes there was a -1R loss on June 8 on the first attempt at the high, but this second attempt is unfolding nicely.

Again, all the pieces are in pace for a good looking Elliott 5-wave pattern

Thanks

Steve

NWL – US Stock Wave 5 high

Hi Everybody,

Here is a great example of the Wave 5 sequence that I was talking about last week in my Customer only Advanced Training.

Here this US Stock, NWL made a good looking 5 wave advance, with the high reversing right at the minimum Wave 5 WPT. All the pieces were in place, exactly as outlined in the training webinar last week. So let’s see whether it can continue down into the initial target of the DP (form the prior Wave 4 low)

Thanks

Steve

3min ES - Advanced analysis

Now for the Advanced Traders among you............

I am not going to say much, just give you a chart showing how the Advanced Traders among you could have uncovered some nice trades with the more advanced routines in MTPredictor.

As you can see, these is so much more that you can grow into with MTPredictor, to make you a better trader...

Thanks

Steve

3min TF

OK, let’s start with a standard and automatic TS3 buy that unfolded later in the day on the Russell Index. This is for the Standard Traders among you out there.

OK, although the 15min TF was not coming off DP support, we did have a clear picture on the 15min YM, so when this TS3 buy came up at 14:51EST it would have been a good one to take.

Knowing the larger degree trend was up, you should have been looking to run any long trades further. Doing this would have held this long trade into the close for a nice +7R Profit (ignoring slippage and commission)

This is why I always suggest following all 4 minis, if you only follow just one market you are missing out on so many good trades like this one......

Thanks

Steve

YM – 15min

Hi Everybody,

As usual, all you Day Traders should start with the major support levels on your larger degree charts, in this case, the 15min. If you had all done that, you would have seen support coming in at the DP on the 15min YM. That then set the trend as up for the rest of the day, so you then know that you should have been focusing on longs on your 3 and 5min charts

So let’s now take a look at these to see what we have.........

But I still think it is amazing how well the DP works, here the DP on this 15min YM chart just nailed the low absolutely perfectly – amazing !

Thanks

Steve

Daily S&P

Hi Everybody,

After the sharp fall on the S&P in the last few days it makes sense to start to look for “potential” support areas. I have to stress that I am NOT “forecasting” that the S&P WILL continue to decline (Forecasting is impossible by anyone), but what I am doing is “preparing in advance “if” the S&P reaches these areas.

Again, I am NOT forecasting that a reversal “will” unfold there, just preparing us in advance for a price zone to be wary of “if” the S&P enters it.....

Thanks, Steve

PS, yes it is a typo in the chart, it should be 867 not 967 :-)