RT add-ons vs. MTP v6.0

Hi Everybody,

I know that sometimes it can be confusing when we have RT add-ons that can give slightly different results to the full MTP v6.0. The reason for this is that the RT add-ons are just a “cut down” product that contain automatic setups. Whereas the full MTP v6.0 has all the tools and modules for a more complete analysis.

We have found that the people who buy the full MTP v6.0 are more willing to take the time and make the effort to learn and study how to get more form the software by understand the reasons and the logic “behind” the MTP setups. So the full MTP v6.0 is a more professional program for the professional trader who is dedicated to learning to become the best he/she can. That is why I spend so much time “teaching” more advanced techniques.

But the RT add-ons are more designed for the trader who just wants automatic setups and has no desire to learn or take themselves to higher levels as traders.

I hope that most of you will want to become better traders by “learning” the setups behind MTP, and that is why I am putting so much effort (and money) into the new upcoming Real-time (MTP V6.5) version of MTPredictor, so the serious and professional traders among you can have all the advanced tools and modules available to you in a fully real-time product.

Thanks, Steve

3min ES TS1 sell Part 2

OK, let’s roll back the chart (using the chart replay mode) to take a more detailed look at this setup, as it is my favourite setup.

As you can see, we have a 3-swing (ABC) correction coming after an “initial decline” off an “prior high”. In other words in Elliott Wave terms this should be considered a Wave (2) correction. As I have mentioned before – what comes after a Wave (2) ? Exactly a strong Wave (3) type swing. This is why this is my favourite setup because very often we get a strong move of this setup.

As you can see, the only question was whether the Wave (2), TS1 setup should, be considered as it made a “double top” with the prior high. So is a double top still a correction ? In the early days of MTP I used to say No, that is why the RT add-ons need a correction to be “less than” the prior high. But I have amended this in V6.0 to say it can be “less than or equal to”, as I have found than many times a good move can come off a double top / bottom. This is what we have in this example.

Either way, this still fulfils the general concept behind the TS1 setup in that we have a important top that is followed by an initial, decline, that is then followed by a 3-swing, abc, correction. As I say, this is my favourite trade setup and one that I am always on the lookout for.

Thanks, Steve

PS, I will also take a good look at this setup in my customer Advanced trading webinar later today (MTP customers only)

3min ES TS1 sell

Hi Everybody

Today I would like to take a close look at a TS1 sell on the 3min ES yesterday. The reason I want to take a good look is that we have amended the code in MTP v6.0 to take account of double tops and bottoms, which we don’t have in the RT add-ons, so this TS1 sell was found in MTP v6.0 but not in the RT add-ons, so I want to explore it in detail to show you the logic behind it.

First, let’s look at the completed trade. As per the standard trade management guidelines, the ATRStop was used as the STF strength band was exceeded. The trade was then stopped out for a very nice +7R Profit (ignoring slippage and commission).

Yes, there would have been a -1R loss just before the trade got going, but as you can see, this +7R profit more than made up for the small -1R loss first

OK, now let’s look at the logic behind the TS1 setup in more detail in my next post

Thanks, Steve

PS, I will also take a good look at this setup in my customer Advanced trading webinar later today (MTP customers only)

3min FTSE – Wave 5 high

Hi Everybody,

Here is one for the Advanced Traders among you.

The 3min FTSE just made a good looking 5-wave rally (off the prior TS4, ABC, low) with the high reversing right at the Typical Wave 5 WPT. There was also Stochastic divergence.

As you should all know, the initial target off a complete Wave 5 is the DP from the prior Wave (4) swing. Well, the FTSE declined straight into this zone where +4.7R Profit (ignoring slippage and commission) was available.

Again, this is for the Advanced Traders among you, but does show what some of the more advanced features in the software can do

Thanks, Steve

YM 3min

As you can see from the chart, yesterday was another horrible day where the market just moved sideways in a narrow range.

There was a TS3 sell later in the day, but as we were at 15min DP support this should have been avoided by all but the Advanced Traders among you. Then (if you did take it) as it was against the 15min DP, stops should have been brought to break-even quickly..

But either way, yesterday was another hard day, which is what we were expecting.....

Thanks, Steve

YM 15min

Hi Everybody,

As I anticipated in yesterday’s post, it was another hard day yesterday on the US e-minis, but then this is just to be expected because of the cyclical nature of trading.....

Having said that, just take a look at the YM 15min Chart, and where yesterday’s decline stopped – right at our DP support

So, knowing that we were at 15min DP support and in the hard part of the trading cycle, what should you have been looking for on the 3min Charts ?

Thanks, Steve

FOREX – EURUSD short Part 2

OK, but what of the “larger degree” trend I hear you all ask.

Well, if you look at the 4hr Chart you can see how the 1Hr DP sell was actually unfolding “at the same time” as a TS3 sell on the 4hr chart. So this gave added weight that a high was unfolding and as such it was Ok to consider the 1hr short.....

Thanks

Steve