Russell in on the action later

Also, for those of you who follow the Russell Index, we had a nice TS3 sell later in the day that made a nice +2.2R Profit (ignoring slippage and commission) as well.

So a bit like the day before, on the surface a hard day, but with Patience and Discipline you should have some out OK

Lastly, if you would like to see how amazing MTPredictor really is, please take a look at the Advanced Blog for a trade I was following myself yesterday for a massive +10R !!

Thanks, Steve

Mind the Gap... Part 2

But notice the difference on the 3min YM. Here the TS3 sell was “within a whisker” of filling the gap. And on the YM, the short trade was not stopped out, and went on to reach the DP support zone for a nice +4.3R Profit (ignoring slippage and commission).

Please note, I am not saying that this always will work, but most experience traders will always be aware of “Gaps” and how the markets likes to fill them..........

Thanks, Steve

Mind the Gap...

Hi Everybody,

Yesterday was a hard day, but there was one trade that I would like to look at in a bit more detail. And that was the TS3 sell at 10:54 on the ES and YM.

But first, let’s look at the Gap Down on the open. As the more experienced traders among you will know, gaps will normally “get filled”. So taking a trade where the market is trying to “fill the gap” as we had on the ES yesterday should always be vieww3de with caution. So this was the first sell on the 3min ES yesterday and was just the second one as well.

But this leads me nicely onto how markets do unfold differently. On the ES the 10:54 sell had “not quite” filed the gap, so let’s look at the YM in the next post.

Thanks, Steve

Patience, Patience, and more Patience

It was not only the ES that had a good trade yesterday, the YM got into the act as well. But, as with the ES, the TS3 sell on the 3min YM only arrived very late in the day.

As you can see, this TS3 sell caught the fall in the last hour of trading, for a nice +2.7R Profit (ignoring slippage and commission). Add this to the Profits from the ES and yesterday turned out to be a good day, even if you did have to wait a long time, the Profits were there...........

Thanks, Steve

Patience, Patience, and more Patience

Hi Everybody,

Yesterday was a good example of why you need Patience as well as Discipline when trading. Yesterday the markets were very quiet for most of the day with the 3min ES just drifting lower slowly. However, the ES gave two sells signals later in the day, the first for a -1R loss, but the second was for a +2.9R Profit (ignoring slippage and commission).

AS always, the Profits was much larger than the losses, therefore making money overall.

So the lesson here is even though it may be quiet, all “day traders” must be there for the whole day as you never know when the profits will arrive.....

Thanks, Steve

Tricky trade management, Part 2

If we now turn to the 3min NQ (see chart) and if you also look at the 3min Russell (not shown), both these markets were at DP support. Sp with this in mind, it would have been a good idea to look to protect at least some of your open profit on the 3min ES short trade. Especially as you had two -1R losses earlier in the day and we were expecting a hard day yesterday.

In this way, you could have come out of yesterday break-even, which is always a good result when it is a hard day.

This is all about gaining experience and “learning” to become a better and more experienced trader....

Thanks, Steve

Tricky trade management

Hi Everybody,

Today I would like to look at a short trade on the ES yesterday and how to manage it, especially as it was slightly tricky.

First, I would say that “normally” I would suggest sticking to the “standard” trade management guidelines if you are a Standard Trader. But my goal though these posts is to move you beyond this level to become a more experienced trader.

So here was the position yesterday. We had a good day the day before, so we should have been expecting a hard day yesterday so when we had two -1R losses early on, our aim should have been to look to get back to break-even for the day (as we were expecting a hard day). So my question is whether there were any signs to help you protect this 3rd good trade ? Normally we look to the DP form the minor Wave b low, but on the ES it had not quite got there............ But this is where we keep an eye on all the 4 E-minis.

Let’s take a look at the NQ in the next post

Thanks, Steve