The Holy Grail of setups Part 2

It would have been nice if the automatic setup came in on the 3min YM chart, but we did get an automatic TS1 sell setup on the 3min NQ. Again, this is a good example of why I always follow all 4 US e-minis. There was a minor abc on the 3min YM, using the Elliot Wave module, but the 3min NQ was the more obvious setup

As you can see, this nailed the high perfectly before a sharp fall...........

As the STF was strong, the ATR was used for a nice +8.4R Profit (ignoring slippage and commission)

There are some brilliant setups unfolding on markets each and every day, day after day, I just hope that you all have done your homework so you know what to look for :)

Thanks, Steve

The Holy Grail of setups

Hi Everybody,

Here is another perfect example of what I call “The Holy Grail” of setups. It is one I detail ion the Trading Course, and talk about a lot.

What we are looking for is an important high or low, for example the 5-wave high on the 5min YM chart. Then we need an “initial decline”, then we are looking for is the “first correction” to the “initial decline” to sub divide into a minor abc pattern. This ideally should be found as an automatic TS1 or TS3 setup.

Why is this setup so good ? Well, because after a Wave (2) correction we “usually” get a Wave (3) swing which is the strongest and longest of all the Elliott Wave sequences, so carries the largest profit potential.

So all the pieces were in place on this YM 5min Chart. With a clear 5 wave rally, then a decline then a rally into the Wave 2orB WPT......

Thanks, Steve

Question on History signals Part 3

So the end result, was ONE short trade (not three) that resulted in a nice +3.8R Profit (ignoring slippage and commission) on the close.

So again, History Signals should be viewed and thought of as “filled” trades and not “failed” trades.....

Thanks, Steve

Question on History signals Part 2

As you can see, we got three possible sell signals late in the day on this 3min YM chart, two history signals and one TS4 sell, so is that three trades ?

No, if you see the help video:

p://www.mtpredictor.com/help/videos/65-history2/65-history2.html

You will see that once we place the Analysis on the first history signal, the short trade was filled, BUT (and this is the important part) is was NOT stopped out. So when the next two signals came up, you would already have been in a short trade.

So this means that just because you see a History triangle on a chart, it does not mean that it is a “failed” (-1R loss) trade, all it means is that it is a “filled” trade. You should then place the Analysis on to see how it would have been managed.....

Thanks, Steve

Question on History signals

Hi Everybody.

Here is a question I get a lot, and it is to do with the History Signals that are in MTPredictor v6.5.

Sometimes we can get “double tops” or double bottoms that can shift the pivot lines along, this then places a history triangle on the chart. So the question (please see the chart) is whether these are actually filled and then failed trades, or what do they mean ?

Thanks

Steve

+7R Profit on the 3min Dax

But now compare the ES trade (post below) to a TS3 buy on the 3min DAX at the same time............

Here the DAX rallied nicely to reach the first profited profit target, where standard traders would have banked a nice +7R Profit (ignoring slippage and commission).

This just goes to show why it is a good idea to follow more than just one market, and how the same set, at the same time, on deferent markets can work out very differently

Thanks, Steve

3min ES

Hi Everybody,

Sometimes days can just be hard work and frustrating. For example, if you look at this 3min ES chart, you can see that we got a TS3 buy at 11.42EST. But the ES just went sideways for the rest of the day, and this trade would have been ultimately closed on the close for a +2.2R Profit (ignoring slippage and commission).

Yes this was a profit, but it was certainly a frustrating trade.................. But as professional traders, we have to accept that sometime trading can be hard work. This is just life !

BTW, the reason the TS3 is shown as a “history triangle” is that the ES made a “double bottom” a few bars later, so the pivot moved over ......... But the long trade was never stopped out.

Thanks, Steve