Another perfect example of Patience Part 2

Here is the ES 15min Chart.

As you can see, the 3min TS4 buy came at a 15min TS2 buy. Then the 15min ES was moving up to a Wave 5 high. That was why you should have looked to hold your 3min TS4 longs and not look to swap to shorts as 3min sells came in, because the 15min trend was clearly up at that time.......

Thanks

Steve

Another perfect example of Patience

Hi Everybody,

Amazing how yesterday gave us another perfect example of an almost identical trade from the day before. As you can see, after a -1R loss, then we had a TS4 buy, that nailed the low of the day (we have now done this for 2 days running !). The ES then crept higher until the DP target was reached, where the STF was strong, so we swapped to the ATRStop for a very nice +3.8R Profit (ignoring slippage and commission).

So again, and absolutely perfect example of where patience to let the trade unfold and mature was needed.

The only question camas as some sells unfolded along the way..... But these were “against” the 15min Up trend (next post) so should have been ignored...

So again, the lesson is patience............

Steve

Patience is required

Hi Everybody,

Yesterday was a perfect example of why every professional trader needs patience.

As you can see, the 3min ES gave a nice TS3 buy yesterday, which as the low of the day. The ES then crept higher all day, to eventually reach the first projected profit target. At this point the bars low were not breached, so this long trade remained intact. The STF then broke the strength band so the trade was held until close, which was near the high of the day for a nice +4R Profit (ignoring slippage and commission).

But the point here is that there was just one trade, long form the low of the day, into the close, which was near the high of the day for a good profit. I wonder how many of you did not hold this all the way and as such did not maximise your profits on this trade. Patience is a fundamental requirement for all successful traders....

Steve

3min YM

But what I did like yesterday was how, at the same time as the ES was banking its profit, the 3min YM gave us a good looking TS4 sell. This caught the decline into the close for a nice +3R Profit (ignoring slippage and commission). Makin yesterday a good day overall on the US e-minis

Thanks, Steve

PS, there was also a lovely manual long on the Russell early in the day but as this required totally manual analysis it is beyond the scope of this Blog.

3min ES

Hi Everybody,

After a quiet start, the 3min ES did give us a few tardes, the first was a -1R loss (yes losses can and do happen, but the trick is keeping them small), which was followed by a nice +2.3R Profit (ignoring slippage and commission). Notice how the STF was weak, so the WPT targets were used.

Thanks, Steve

+5.8R on the 3min FTSE

Hi Everybody,

For those of you who read my post on the FOREX Blog on the TS1 setup this morning, well, here is another great example that unfolded on the 3min FTSE from just this morning..........

As you can see, the FTSE rallied up to the Typical Wave 3 WPT nicely where a Profit of +5.8R was available (ignoring slippage and commissions)

Thanks, Steve

PS, there was an opportunity to get short a little while later as a Wave 5 high came in to ride the sharp fall that is currently unfolding, but I will let you all look at that and how it “fitted in” with the larger degree trend perfectly..............

This stuff is absolutely amazing sometimes

For the Advanced Traders....

Hi Everybody,

When there are few setups, the more Advanced among you can also look for “ABC” patterns that unfold by themselves. A good example was on the 3min YM yesterday, where an ABC correction unfolded after the initial decline from the high. This could have been used to enter a new short trade...........

The YM then declined sharply. A simple trade management strategy could have been the ATRStop that would have resulted in a nice +6R Profit (ignoring slippage and commission).

But because this was found using the Elliott Waves module it should be considered an Advanced technique.

Thanks, Steve