US Markets: Real-time Trading

[d-day]

Flat all around - using the 5,3,3 the YM gave a little DP short sell, but I didn't change my order to sell enough contracts to reverse. Proper entry point would have been short at 13532. Why did I not go short? No good reason, really - DP with stoch divergence is usually worth a shot. I guess I'm at that point where it is the end of the week and I'm profitable for the day after a losing day yesterday and I want to end the week that way, so why take any more risk.

Unless something very compelling develops, I'm likely done for the day.

Entering spectator mode.

[d-day]

Why did I not go short? No good reason, really - DP with stoch divergence is usually worth a shot. I guess I'm at that point where it is the end of the week and I'm profitable for the day after a losing day yesterday and I want to end the week that way, so why take any more risk.


Of course, that DP short hit for 1.5R limit out at the first DP target, and if you kept half to hold for the next target you could be looking at a potential 2.8R reward with a break even stop.

[TAS]

I bailed out at 13532, which is one tick below the 13:27 red sell bar at DP, not too bad since entry was lower to 15504, so +2.8R ignoring commission.

Keep watching, everyone.

TAS


Hi D-day,

You have come to the commentary point that everyone loves to hear, I am in it as well, see how it unfolds, breakeven and free trades now.:)

thanks and regards,

TAS

[d-day]

Of course, that DP short hit for 1.5R limit out at the first DP target, and if you kept half to hold for the next target you could be looking at a potential 2.8R reward with a break even stop.

It really doesn't get easier than this ... really it doesn't.

I had a screenshot of the long DP prior to it getting triggered but I had a question mark in the file name and the pic didn't take. Too bad ... I like posting the set-up "before the fact" - so I'm sorry for the after the fact pic.

[d-day]

It really doesn't get easier than this ... really it doesn't.

A little more than 1/2 closed at almost +2R and a few left with a breakeven stop.

Isn't there anyone else out there besides TAS and me using MTP for fun and profit?

[d-day]

A little more than 1/2 closed at almost +2R and a few left with a breakeven stop.

Isn't there anyone else out there besides TAS and me using MTP for fun and profit?

I did not get a short signal on the YM, and this market may go much higher from here. I did however cover my position for a total +2R on that trade. The MA's are trending down, my Dday VTF is now giving the nod, ever so slightly, to the bears, and neither the Dday nor the 5,3,3 is showing much "uumph" to this litlte bounce. Besides, my boy and I are ready to settle down to watch Mickey Saves Santa. I'll be keeping one eye on the charts (that is another reason I stick to one cheap laptop with a wireless card instead of the Multi-monitor multi-desktop multi-dollar set-ups the pros use - I am a very mobile trader and can trade "Couch Potato Style" if I so choose). I'm strictly a low-budget amateur.

[jay21]

I did not get a short signal on the YM, and this market may go much higher from here. I did however cover my position for a total +2R on that trade. The MA's are trending down, my Dday VTF is now giving the nod, ever so slightly, to the bears, and neither the Dday nor the 5,3,3 is showing much "uumph" to this litlte bounce. Besides, my boy and I are ready to settle down to watch Mickey Saves Santa. I'll be keeping one eye on the charts (that is another reason I stick to one cheap laptop with a wireless card instead of the Multi-monitor multi-desktop multi-dollar set-ups the pros use - I am a very mobile trader and can trade "Couch Potato Style" if I so choose). I'm strictly a low-budget amateur.

Hey - if so you're one of the GREAT low-budget amateurs:) - Merry X-mas to you and the family!!
Johan

[AndyvB]

David: I admire your "couch potato style"... I would fall asleep at the wheel....computer..
I follow your posts..great that you do them..thank you

[TreeShaker]

A little more than 1/2 closed at almost +2R and a few left with a breakeven stop.

Isn't there anyone else out there besides TAS and me using MTP for fun and profit?

I was in the game but no profit or fun.:( I took a YM 3min TS1 that lead up to your short trade. It target so fast 2.0R and dropped back down that I couldn't send a sell order fast enough. I was hoping that it would take another run up, which it didn't, so down 0.4R and by the time I got stopped out it was too late to take the better trade of the short.

[pegasus5]

Hey Guys,

Don't you just love it when a plan comes together? So far the Elliot Wave Structure is conforming to plan. Price completed 5 Wave Down marking the 10% correction from the highs...then staged a rally that stalled near the Wave 1 or A level...Price is now correcting the latest move which should take price down to the Wave 2 or B level. This will be an important test for the Bulls resolve and if they can regain control price can then stage a very powerful Wave 3 move into 2008.

Hint: Think potential formation of TS2 at completion of Wave 2 or B ;)

Now I'm not predicting that this will happen because I don't know of anyone who can predict future market movement, least me, but I do believe that as traders we should have a roadmap of possible future outcomes.


We should all have been prepared with the recent price action as Steve Griffiths has given us the software tool and education manual that describes these price structures.

Good Trading to All MTPer's :)

David

[edfash]

When reviewing the wave structure and putting it in the perspective of weekly and monthly charts it seems a more bearish interpretation is likely. The July high made a double top with the Mar 2000 high. We then retested that high in Oct and failed to convincingly exceed it. The most recent move from Oct to Nov was an impulsive 5 wave move down, which seems likely to be a higher degree wave 1. The corrective structure from the Nov lows accurred as an ABC. This seems likely to be a wave 2, and terminated at the .786 retracement of the 5 wave structure down (what I am interpreting as wave 1). I am interpreting the current structure as the possible initiation of a wave 3 down, unless the correction to wave 1 is more complex than a simple ABC.

I would appreciate further feedback.

Great Trading to all.

[Larry22]

ER2 60 min wave counts with a clear 5 wave down pattern.

I don't know if anyone had paid attention to that post, well for the few of you who wanted a follow up on that.

As expected the ER2 made a 7th wave down on the hourly charts.

This one was a freebie see the 60 min charts and the 5 min abc entry point to sell.

[Larry22]

For the ER2 we have a 5 wave down structure so I presume that we might make at least another leg down but we achieved a cluster zone 62% 763.5 of the entire up leg and a 78% 763.6 from the last up leg, so we had great chances of going up for an ABC before going down.


Sorry I had the wrong quote on my previous post.

But charts says it all

[Larry22]

When reviewing the wave structure and putting it in the perspective of weekly and monthly charts it seems a more bearish interpretation is likely. The July high made a double top with the Mar 2000 high. We then retested that high in Oct and failed to convincingly exceed it. The most recent move from Oct to Nov was an impulsive 5 wave move down, which seems likely to be a higher degree wave 1. The corrective structure from the Nov lows accurred as an ABC. This seems likely to be a wave 2, and terminated at the .786 retracement of the 5 wave structure down (what I am interpreting as wave 1). I am interpreting the current structure as the possible initiation of a wave 3 down, unless the correction to wave 1 is more complex than a simple ABC.

I would appreciate further feedback.

Great Trading to all.

Dear edfash it is nice of you of analyzing weekly and monthly charts but you are in a daytrading section, so for me the only count that matters are my 60 min, 15 min, 5 min and 3 min charts. Iwill look at the daily to confirm some of my hourly counts but that's as far as I'll go.

I don't care about weekly and monthly counts, these are way too far and irrelevant for me, I'm not saying that I won't occasionnaly look at them to check for retracements and projections but I didn't had to view them recently.

If you have followed my post you will see that most of my analysis is based on the 60 min charts, from there I try to pinpoint a reversal target and a wave count to match, when I have both I increase my chances of having a winning trade, then I look at 3 min and 5 min charts to analyse the wave count and make a trade from target areas and wave counts combined with MTP signals.

Again for me weekly won't be of any use since I strictly daytrade.

If you daytrade I suggest you apply these but again if you are a long term trader, daily or weekly, then it's ok to analyse the way you do. The only problem is that it can take a long time before you can validate your wave counts, for intradays it can only take 5 or 15 minutes sometimes. :D

[Larry22]

Hey Guys,

Don't you just love it when a plan comes together? So far the Elliot Wave Structure is conforming to plan. Price completed 5 Wave Down marking the 10% correction from the highs...then staged a rally that stalled near the Wave 1 or A level...Price is now correcting the latest move which should take price down to the Wave 2 or B level. This will be an important test for the Bulls resolve and if they can regain control price can then stage a very powerful Wave 3 move into 2008.

Hint: Think potential formation of TS2 at completion of Wave 2 or B ;)

Now I'm not predicting that this will happen because I don't know of anyone who can predict future market movement, least me, but I do believe that as traders we should have a roadmap of possible future outcomes.


We should all have been prepared with the recent price action as Steve Griffiths has given us the software tool and education manual that describes these price structures.

Good Trading to All MTPer's :)

David

Hi David I agree that I tend for that type of scenario but for the moment the ES has a 5 wave down structure so it will have to do a 6th and a 7 wave down before this scenario can take places, we have enough room to go down for that.

Time and hourly waves will show us what the market wants to do. ;)

[pegasus5]

Hi David I agree that I tend for that type of scenario but for the moment the ES has a 5 wave down structure so it will have to do a 6th and a 7 wave down before this scenario can take places, we have enough room to go down for that.

Time and hourly waves will show us what the market wants to do. ;)

Hi Larry,

My Daily Count is only to keep my perspective just as a painter will often take a step back to view his work from a distance, but I totally agree with you that the lower degree will give us the early clues for future direction.

Thanks for your work on the lower degree as it has been quite helpful in my own trading. Keep up the good work as I'm sure many others appreciate it as well.

Cheers,
David

[d-day]

[QUOTE=pegasus5;12340Thanks for your work on the lower degree as it has been quite helpful in my own trading. Keep up the good work as I'm sure many others appreciate it as well.[/QUOTE]

Hi Larry,

I second Pegasus's gratitude. Your wave counting approach is both intriguing and invaluable. I do hope you continue to share this with us, as I too have benefited greatly from your work.

And congratulations on your retirement, and welcome to the business of speculation.

Best Wishes,

d-day

[jjc]

Speaking of waves...maybe the wave count for Friday was just too easy?

Steps;

1. find market structure high (MSH)

2. find fib retracement

3. anchor linear regression channel from low of MSH to low of fib .78 MSH on Friday.

4. target of wave 3 which was also DP from 1st hour low.

j

[Larry22]

Hi Larry,

I second Pegasus's gratitude. Your wave counting approach is both intriguing and invaluable. I do hope you continue to share this with us, as I too have benefited greatly from your work.

And congratulations on your retirement, and welcome to the business of speculation.
Best Wishes,

d-day

Thanks for the wishes, I can't wait to start monday my new full time job, still I can't complain, the company gave me my Christmas bonus and a departure premium.

I can relax and sit on my butt doing nothing for 3 months with that. :D

[Larry22]

Speaking of waves...maybe the wave count for Friday was just too easy?

Steps;

1. find market structure high (MSH)

2. find fib retracement

3. anchor linear regression channel from low of MSH to low of fib .78 MSH on Friday.

4. target of wave 3 which was also DP from 1st hour low.

j

Well jjc, you have days when wave counts and target matches perfectly, that was one of these days. :D

You had near the opening the YM at a DP and his 62% retracement from the 12-12 low then it went up to the cluster zone of 78,6 % and 127 % projection and a TS1 at the same time what else, a cherry maybe. Then it was down we go down to at least the 88,6 % area and the 127 % projection as I expect the market will do a double ABC on the 15 min and 60 min, see the charts.

In order 3 min, 15 min and hourly, YM of course.

[jjc]

Well jjc, you have days when wave counts and target matches perfectly, that was one of these days. :D

You had near the opening the YM at a DP and his 62% retracement from the 12-12 low then it went up to the cluster zone of 78,6 % and 127 % projection and a TS1 at the same time what else, a cherry maybe. Then it was down we go down to at least the 88,6 % area and the 127 % projection as I expect the market will do a double ABC on the 15 min and 60 min, see the charts.

In order 3 min, 15 min and hourly, YM of course.

Larry

I do the lazy man's version of filtered waves but it looks as if we are in agreement of the count...hence, still bullish on the RYNVX

good luck

j

[d-day]

First, Good luck to all this week.

Ok, who's doing what? There once was a time twhen I would play a 5 minute opening range breakout and that would have gotten me nicely short the YM. However, I have not been participating in breakout set-ups lately, so I am flat, and waiting for a clear and present set-up.

The biggest danger I face on a Monday morning is that after two days of not trading, I'm often in a hurry to get a position on, and I start to "see" set-ups that aren't there, or I'll be tempted to start flipping to different time frames to see if I can "see" a set-up I may be "missing".

Patience on Monday mornings often eludes me.

[Larry22]

We seems to have achieved a level for which market could have made their low's abc's on the ER2 and YM.

I'm not sure sure that I will trade today as I have a cold and had to shuffle more then 1 1/2 feet of snow in my driveway. The joy of winter. :D

[d-day]

Manual DP long on the NQ

[edfash]

Looking at a possible w3 completion which subdivided into 5 waves.

[TreeShaker]

First, Good luck to all this week.

Ok, who's doing what? There once was a time twhen I would play a 5 minute opening range breakout and that would have gotten me nicely short the YM. However, I have not been participating in breakout set-ups lately, so I am flat, and waiting for a clear and present set-up.

The biggest danger I face on a Monday morning is that after two days of not trading, I'm often in a hurry to get a position on, and I start to "see" set-ups that aren't there, or I'll be tempted to start flipping to different time frames to see if I can "see" a set-up I may be "missing".

Patience on Monday mornings often eludes me.

Maybe I need more of that patience Dave, I am down 2R already as the TSx for a sell kept poping up with divergence. When the real signal came I had stepped away from the computer just long enough to be late to enter so I missed it.:(

[d-day]

Maybe I need more of that patience Dave, I am down 2R already as the TSx for a sell kept poping up with divergence. When the real signal came I had stepped away from the computer just long enough to be late to enter so I missed it.:(


Hi TreeDude,

I snuck out of the long NQ with +1R and then I promptly lost -1R on the short YM 3 minuteTS2 the first time around. We still had strong divergence so I got back in and due to fat clumsy fingers I was trying to take partial profits and +2R and ended up exited the whole position. So as it is, a lot of angst, worry, and nail biting so far for a +1R day, but I'll take it. Although the DP target will be new lows, so this will prolly be a runner and thus run away without me.

[jjc]

Hi TreeDude,

I snuck out of the long NQ with +1R and then I promptly lost -1R on the short YM 3 minuteTS2 the first time around. We still had strong divergence so I got back in and due to fat clumsy fingers I was trying to take partial profits and +2R and ended up exited the whole position. So as it is, a lot of angst, worry, and nail biting so far for a +1R day, but I'll take it. Although the DP target will be new lows, so this will prolly be a runner and thus run away without me.

Dave

What TS2 on the YM 3min? I dont have that on my chats

j

[jjc]

Dave

What TS2 on the YM 3min? I dont have that on my chats

j


Meant to type charts

j

[d-day]

Dave

What TS2 on the YM 3min? I dont have that on my charts

j


Here you go, J. I was stopped out the first time I went shorty but made twice that back by reshorting - note the divergence.

[TreeShaker]

Here you go, J. I was stopped out the first time I went shorty but made twice that back by reshorting - note the divergence.

That was the very short that got me for - 1R and the reshort you took is the one I missed stepping away a couple of min.s :(

[Steve Griffiths]

Nice sell set-ups now :)

Steve

[d-day]

Nice sell set-ups now :)

Steve

Been there, done that - Those sell set-ups were almost 20 minutes ago!

[Steve Griffiths]

Ben there, done that - Those sell set-ups were almost 20 minutes ago!

Hi David,

Great, gald you caught them :)

[edfash]

Current structure projects to at least 1455-54

[Steve Griffiths]

TreeShaker, I hope you did not miss this one as well ?

+8R profit :)

Steve

[TreeShaker]

TreeShaker, I hope you did not miss this one as well ?

+8R profit :)

Steve

Yep Steve, I did. :( I don't know why I'm playing the game today because I have missed every good signal on the YM today. :rolleyes: Now I have to be careful that I don't invent good trades to make up for what I missed.

[Steve Griffiths]

Yep Steve, I did. :( I don't know why I'm playing the game today because I have missed every good signal on the YM today. :rolleyes: Now I have to be careful that I don't invent good trades to make up for what I missed.

All we (at MTPredictor) can do is give you all the automatic trade set-ups, what each individual does with them is up to them....

There will always be tomorrow...

Steve

[d-day]

TreeShaker, I hope you did not miss this one as well ?

+8R profit :)

Steve

I made it out with +7R myself - nice TS that was

[jjc]

Current structure projects to at least 1455-54


edfash

Whats the indicator you are posting? The black background makes it difficult for me to see. Or, how you are arriving at the waves?

thanks

j

[d-day]

The black background makes it difficult for me to see.

I agree about that black background.

[edfash]

jjc:
in addition to the STF, I also use a MACD with settings of 3/10/16. i usually get rid of the slow line. my wave measurements are based upon displacements, usually 1:1 or 1:1.382. for the projection of a 5 wave move i use wave 1 displaced to the beginning of wave 5, wave 3 displaced to the beginning of wave 5, and a 2.618 extension of wave 1. the red line on the attached chart is a 1:1 displacement of wave 1 onto the initiation of wave 5. this 5 wave structure on this chart (600 tick), corresponded to wave 5 on the 1600 tick chart i posted earlier. the 600 tick chart allows greater precision for wave completion projections.

thanks for asking.

[edfash]

sorry about the black background, those images are from TradeStation. I'll post charts from Ninja in the future.

[jjc]

jjc:
in addition to the STF, I also use a MACD with settings of 3/10/16. i usually get rid of the slow line. my wave measurements are based upon displacements, usually 1:1 or 1:1.382. for the projection of a 5 wave move i use wave 1 displaced to the beginning of wave 5, wave 3 displaced to the beginning of wave 5, and a 2.618 extension of wave 1. the red line on the attached chart is a 1:1 displacement of wave 1 onto the initiation of wave 5. this 5 wave structure on this chart (600 tick), corresponded to wave 5 on the 1600 tick chart i posted earlier. the 600 tick chart allows greater precision for wave completion projections.

thanks for asking.

esfash

You have really piqued my interest.

I've always been a big fan of the 512tick on the ES but now I'm looking at your 600t, but on the Esignal platform. I can't get the MACD 3 10 16 to look just like yours but I'm working on it. From what I see so far the divergence was awesome.

I need more work on getting your projection on wave 5 though.

Do me a personal favor and keep posting your charts !

j

[edfash]

jjc:

the 3/10/16 macd is the macd that Linda Rashke teaches and has used for years. it really is an awesome momentum indicator. much of her daytrading revolves around it (new momentum extremes that confirm price extremes vs. divergence). a new price extreme, confirmed by momentum, and an ADX >30 is the basis of the "holy grail" trade used by many.

i use a fib extension tool on all abc's or 1-2-3 pivot sets, set at 100% and 138% of 1 to 2, displaced to 3. a 5 wave move is 2 sequential 1-2-3 pivot sets. to project the termination of wave 5, i use a displacement of wave 3 to the beginning of wave, and a displacement of wave 1 to the beginning of wave 5. i also use a 2.618 extension of wave 1, this is known as an Exhaustion Fib. the X Fib is incredibly useful for a true Elliot Wave (wave 3 longest and no overlap between the wave 1 and the wave 4 retracement). these measurements are incredibly powerful when combined with divergence. sometimes the wave 5 projection corresponds to a DP level, now that is a great trade.

hope this helps. for the fun of it i attached a 2 year Elliot Wave on a weekly Dow chart. sorry about the black background. wave 1 begins in Fall, 2005 and the thick white line is the X Fib or 2.618 extension of wave 1. it is also confluent with the projection of wave 1 onto wave 5. as you can see these projections nailed the dow high well in advance of it happening. and there is sweet 3/10 sell divergence at the price extreme.

[d-day]

the 3/10/16 macd is the macd that Linda Rashke teaches and has used for years. it really is an awesome momentum indicator. much of her daytrading revolves around it (new momentum extremes that confirm price extremes vs. divergence). a new price extreme, confirmed by momentum, and an ADX >30 is the basis of the "holy grail" trade used by many.

If you are using e-signal, you can go to basic studies, select price oscillator, and set it to 3/10 for the same effect. You can choose to display it as a histogram or as a line and you can adjust the thickness of the line to aid in seeing it better.

[d-day]

for the fun of it i attached a 2 year Elliot Wave on a weekly Dow chart. sorry about the black background. wave 1 begins in Fall, 2005 and the thick white line is the X Fib or 2.618 extension of wave 1. it is also confluent with the projection of wave 1 onto wave 5. as you can see these projections nailed the dow high well in advance of it happening. and there is sweet 3/10 sell divergence at the price extreme.

Hi Ed,

Great stuff!

Thanks,

d-day

[jjc]

If you are using e-signal, you can go to basic studies, select price oscillator, and set it to 3/10 for the same effect. You can choose to display it as a histogram or as a line and you can adjust the thickness of the line to aid in seeing it better.

D

When you and I were on Yahoo IM live...that last trade that Ed posted is the trade we were both long from 59.50 and I bailed for a loss while you rode it for a super nice gain. And, you asked why I bailed?

What was I thinking I'll never know :mad: :confused: :p :(

[Steve Griffiths]

Hi Guys,

Please remember that all RT users have access to the EOD MTPredictor program in which you have the WPT module. This is designed to project the most likely areas where all the common Ellliott wave swings will end. So if you are looking to work out where a "manual" Wave 5 swings will end, then this is the tool to use...

I hope this helps ?

Steve

Just reminding you that you all already have one of the best Elliott Wave tools on the planet for your use ;)

[Steve Griffiths]

Hi Guys

For all those of you who trade the European Indexes, here is a massive +10R profit on the Dax from this morning.......

Steve

[pegasus5]

Hi Steve,

I have a request...I had sent an e-mail to support but haven't received a response yet...

Thanks,

Davis

[Larry22]

Morning, for those of you who are following hourly charts of the e-minis, you should be aware that they have all reached a decision point and a 78,6 % projection from the A wave down.

It will be interesting to see what the market will do today. I will probably go long on a downward correction as the market is allready up, again everything will depends of what the market will do in the first 15 to 30 minutes.

[d-day]

I wish I had taken a screenshot of this Manual T-Bond (ZB H8) long trade from this morning as it was unfolding, but I did not, so I am sorry for the "after the fact" post. Nonetheless, I thought some here would find it to be of interest. Very simple manual DP using 5,3,3 stochastic to identify divergence. Currently sitting on an open +2.2R profit, stop is at roughly +1R, and target is 115 3/32 for a 3+R profit.

[d-day]

Manual T-Bond (ZB H8) long trade from this morning target is 115 3/32 for a 3+R profit.


Direct Hit

[d-day]

I shorted the YM at the DP on the open at 13320 but I covered at 13316.
One of these days I wil learn that if all four open at or near a DP, then short/buy the NQ -for the NQ tends to fill its gaps, and it does so more quickly. In fact, there are many days where the NQ is the only index that fills its gap while the others leave open chart gaps that, if they fill at all, do so hours, days, weeks, months (you get the idea) later. The NQ has not yet filled its gap back to yesterday's close, but if I had simply limited out at the 50 MA you would have snagged a quick +1.5R, instead of not even clearing +.1R on the YM.

[TreeShaker]

Morning, for those of you who are following hourly charts of the e-minis, you should be aware that they have all reached a decision point and a 78,6 % projection from the A wave down.

It will be interesting to see what the market will do today. I will probably go long on a downward correction as the market is allready up, again everything will depends of what the market will do in the first 15 to 30 minutes.

At the risk of appearing dumb, how can you go long if the market is making a downward correction?:confused:

[d-day]

I shorted the YM at the DP on the open at 13320 but I covered at 13316. One of these days I wil learn that if all four open at or near a DP, then short/buy the NQ -for the NQ tends to fill its gaps, and it does so more quickly.

One of these days I wil also learn a bit more patience lol.

[Steve Griffiths]

Hi Guys,

Please remember that all RT users have access to the EOD MTPredictor program in which you have the WPT module. This is designed to project the most likely areas where all the common Ellliott wave swings will end. So if you are looking to work out where a "manual" Wave 5 swings will end, then this is the tool to use...

I hope this helps ?

Steve

Just reminding you that you all already have one of the best Elliott Wave tools on the planet for your use ;)

Here is a great example on the 3min FTSE from this morning ?

The WPT module nailed the high perfectly :)

Steve

[d-day]

Hi Guys,

Please remember that all RT users have access to the EOD MTPredictor program in which you have the WPT module. This is designed to project the most likely areas where all the common Ellliott wave swings will end. So if you are looking to work out where a "manual" Wave 5 swings will end, then this is the tool to use...

If only we could do this from within e-signal, that would be most welcome!

[Steve Griffiths]

The chart says it all.............. +3R profit from the DP sell at the high of the day !

Steve

[d-day]

Manual T-Bond (ZB H8) long trade from this morning using 5,3,3 stochastic to identify divergence target is 115 3/32 for a 3+R profit.


Direct Hit

And still kicking with +5R Open Trade Equity - not the mini-bull flag pullbacks that offer great low risk places to pyramid your position (+13.4R combined Open Profit using pyrimiding at the mini-flags), and they also make for easy trailing stop placement.

[TreeShaker]

Is anyone into that great ER2 3min DP short that I'm kicking myself for missing re: changing my chart time frame and not returning to the 3 min.:(

[TreeShaker]

Picture says--------

[TreeShaker]

The 15 min charts are starting to have potential long DPs. What do the Elliot Wave experts say about that? Are we to expect a reversal?

[jjc]

The 15 min charts are starting to have potential long DPs. What do the Elliot Wave experts say about that? Are we to expect a reversal?


TreeShaker...you have a private message

j

[Steve Griffiths]

Hi Guys....

I hope we are not all falling into the trap of "trying to forecast" the future.......... as we all should know by now, that is a very dodgy road to head down that will normally end in disaster.

If anybody finds themselves straying, please please re-read Part 1 of the Trading Course to remind you all why "forecasting" does not work, and indeed why is not needed to make money .....

Steve

[TreeShaker]

Hi Guys....

I hope we are not all falling into the trap of "trying to forecast" the future.......... as we all should know by now, that is a very dodgy road to head down that will normally end in disaster.

If anybody finds themselves straying, please please re-read Part 1 of the Trading Course to remind you all why "forecasting" does not work, and indeed why is not needed to make money .....

Steve

I don't have a futures data feed for my EOD, but others do and have projected potential turning points. That's what you teach, no forcasting involved.:)

[d-day]

I don't have a futures data feed for my EOD, but others do and have projected potential turning points. That's what you teach, no forcasting involved.:)

But you can use e-sig data in EOD, TimberRipper.

[TreeShaker]

But you can use e-sig data in EOD, TimberRipper.

Ah, you are right wise one, and E-signal comes to you on the wings of a dragon for the measly sum of $99 per mo., but alas I have already paid for a yr of TC2007 which doesn't provide futures data and I must suffer this scourge until my time is up or I increase my purse holdings, least I be cast into debtor's prison and they give the key to my wife.:(

[edfash]

A 5 wave move unfolded seen on this 3200 Tick chart which reversed the market. This EW had an extended wave 3. There is excellent symmetry in the corrective waves, and the structure terminates at the X Fib alternate (a 2.618 extension of wave 1 displaced to the beginning of wave 3), and a 1.382extension of wave 1 displaced to the beginning of wave.

[Steve Griffiths]

Hi Guys,

Here we go....

1. Notice the 15min AB gave the automatic DP buy....
2. Then use this to come down to the 5min Chart for the trade entry.

This had you long from the low of the day yesterday..... The ATRStop then held you long all day for one trade for a profit of +5.5R......

This is a technique I have taught before so I hope you all caught this trade ?

Steve

[jjc]

Hi Guys,

Here we go....

1. Notice the 15min AB gave the automatic DP buy....
2. Then use this to come down to the 5min Chart for the trade entry.

This had you long from the low of the day yesterday..... The ATRStop then held you long all day for one trade for a profit of +5.5R......

This is a technique I have taught before so I hope you all caught this trade ?

Steve

Steve

If I understand you correctly...for the trading day of Dec 19th, if the ER gets to the 735 area we should be looking for a long there?

And, the up side has yet to be determined since no pivot has been made yet?

Is this the trading plan you suggest?



J

[Steve Griffiths]

Hi Everybody,

Second attempt it got there :)

Steve

[Steve Griffiths]

Hi Everybody,

It was not all plain sailing today, here is a frustrating trade form earlier on the 3min NQ. Was looking good until weakness in the Stochastic suggested trouble. At least the ATRStop pulled a small Profit....

Steve

[TreeShaker]

Steve

If I understand you correctly...for the trading day of Dec 19th, if the ER gets to the 735 area we should be looking for a long there?

And, the up side has yet to be determined since no pivot has been made yet?

Is this the trading plan you suggest?



J
I guess you don't get an answer.

[jjc]

I guess you don't get an answer.

I will, you just have to be patient :)

j

[Steve Griffiths]

Guys,

I don't follow the Forum all the time, nor am I available 24/7, I do have other work here at MTP ;)

If you see the below 15min YM chart you will see why I liked the 5min YM sell I posted earlier.....

I hope this helps ?

Steve

[d-day]

Steve

If I understand you correctly...for the trading day of Dec 19th, if the ER gets to the 735 area we should be looking for a long there?

And, the up side has yet to be determined since no pivot has been made yet?

Is this the trading plan you suggest?



J


I don't think Steve would suggest that we just jump right in at a DP. The way I would approach the ER2 if it were to trade back down to 735-ish is that I'd see what the swings down looked like and look for bullish momentum divergences to form as price approached that DP.

I think that what his post was meant to convey was that if you are alerted to an automatic DP on the fifteen minute chart, you could then drill down to the 5 minute chart for position sizing, entry, and trade management (i.e. trailing stops). This is basically the same thing that many of us do when we enter and manage a trade on the 1 minute chart though we are only trading signals off the 3 or 5 minute charts, just Steve's example uses higher time frames.

[Steve Griffiths]

I think that what his post was meant to convey was that if you are alerted to an automatic DP on the fifteen minute chart, you could then drill down to the 5 minute chart for position sizing, entry, and trade management (i.e. trailing stops). This is basically the same thing that many of us do when we enter and manage a trade on the 1 minute chart though we are only trading signals off the 3 or 5 minute charts, just Steve's example uses higher time frames.

Hi David,

Exactly............... well put..

This was what I was suggesting, keep an eye on the larger degree DP's and if the market is at the larger degree DP, then a set-up on the smaller time frame is a good bet.

Just like in the YM 15/5 min example I posted earlier. It juts so happen that the YM made this set-up but there was no clear pattern on the ER2, so the YM was the better bet..

Steve

[Steve Griffiths]

another purely "manual" trade based on divergence at DP support (manual analysis)

Steve

[jjc]

I don't think Steve would suggest that we just jump right in at a DP. The way I would approach the ER2 if it were to trade back down to 735-ish is that I'd see what the swings down looked like and look for bullish momentum divergences to form as price approached that DP.

I think that what his post was meant to convey was that if you are alerted to an automatic DP on the fifteen minute chart, you could then drill down to the 5 minute chart for position sizing, entry, and trade management (i.e. trailing stops). This is basically the same thing that many of us do when we enter and manage a trade on the 1 minute chart though we are only trading signals off the 3 or 5 minute charts, just Steve's example uses higher time frames.

Well heck, I was waiting for the ER to come back down to the 735'ish to then look for all those things you say to look for.

Per his example from yesterday in looking at longer time frames.

So, no trades on the ER today?

j

[G Fryer]

Well yes there was a good ER trade...

On the ER 5min, there was an automatic DP sell (with divergence on the STF) @10:50 EST that hit its target for a R/R of 3.59 at about 1:30. (I was already in the YM trade so I wasn't looking at it.)

It has since reversed and is now approaching another DP, possibly for another reverse swing. You could have then taken the manual DP buy (as a switch and reverse) that was synchronous with the YM trade Steve mentioned.

Gillian

[Larry22]

Well heck, I was waiting for the ER to come back down to the 735'ish to then look for all those things you say to look for.

Per his example from yesterday in looking at longer time frames.

So, no trades on the ER today?

j



Hi jjc, I'm sorry to see that you didn't made any trade on the ER2 today.

I only had 2 trades today on the ER2 based on the MTP system and bullish momentum divergence a TS4 on the 3 min with divergence and a DP on the 5 min with divergence also and the 38% of the total wave plus manual ABC wave count.

Nothing too fancy, I hope this can help you in the future

See the charts 3 min then 5.

Oh I forgot to mention I was only a buyer today on the ER2, I bought the first TS4 at 755.7 and liquidated at 757.8 at the market since it didn't want to broke the 758 of the B wave. The other trade was the one with the most potential since we had a clear ABC pattern on the 5 min and divergence on both time frame,I cashed my profit near the previous top.

[jjc]

Well yes there was a good ER trade...On the ER 5min,
Gillian

I'm referring to a trade off a 15min ER honing down to a smaller time frame.


j

[jjc]

Larry

Looks like we did the same trade but in different markets

Thanks for pics you post


j

[davidh]

Hi Larry,
Thanks for posting your charts. I have one question- I see that the divergence you show on the AB 5 min chart was from 25 mins earlier than the bar used to project the DP. In fact there was no real divergence if you look at stochastics at the actual previous low. Is it generally acceptable in your view to take 'ballpark' divergence or was this one an exception?
Thanks
David

[jjc]

davidh

This chart will really freak you out...It's a Ichimoku on the ER 5min

When MTP made a DP yesterday at approx 11:00cst it was clear sailing when the Ichi made a 'Tenkan Sen/ Kijun Sen Cross' cause of no resistance above.

Then today when MTP made a DP at approx 13:00cst it was also clear sailing when Ichi made a 'Tenkan Sen/Kijun Sen Cross' cause of no resistance above.

Too easy, huh? :)


j

[Larry22]

Hi Larry,
Thanks for posting your charts. I have one question- I see that the divergence you show on the AB 5 min chart was from 25 mins earlier than the bar used to project the DP. In fact there was no real divergence if you look at stochastics at the actual previous low. Is it generally acceptable in your view to take 'ballpark' divergence or was this one an exception?
Thanks
David

You have to understand that I only look at new lows or the filterd waves so the first low wave (A) with the low of the C wave I had a nice divergence, even without it I would have traded it because it was a nice ABC at a DP and the 38% retracement of the entire wave. The divergence was just the extra cherrry on the icing. :D

[jjc]

davidh

This chart will really freak you out...It's a Ichimoku on the ER 5min

When MTP made a DP yesterday at approx 11:00cst it was clear sailing when the Ichi made a 'Tenkan Sen/ Kijun Sen Cross' cause of no resistance above.

Then today when MTP made a DP at approx 13:00cst it was also clear sailing when Ichi made a 'Tenkan Sen/Kijun Sen Cross' cause of no resistance above.

Too easy, huh? :)


j

Maybe if I post the chart you could see it :D

j

[Larry22]

davidh

This chart will really freak you out...It's a Ichimoku on the ER 5min

When MTP made a DP yesterday at approx 11:00cst it was clear sailing when the Ichi made a 'Tenkan Sen/ Kijun Sen Cross' cause of no resistance above.

Then today when MTP made a DP at approx 13:00cst it was also clear sailing when Ichi made a 'Tenkan Sen/Kijun Sen Cross' cause of no resistance above.

Too easy, huh? :)


j

Hum :confused: , I will really need that book that talks about these patterns jjc.

I think I'm a novice in these analysis of yours. :D

[davidh]

JJC
That looks amazing. Are you black belt?
Is it an eSignal add on?
D

[d-day]

This chart will really freak you out...It's a Ichimoku on the ER 5min

So "Ichimoku" is Japanese for "my chihuahua threw up all over my chart."

Right?

;)

[jjc]

So "Ichimoku" is Japanese for "my chihuahua threw up all over my chart."

Right?

;)

How funny... and yes she did :)

Yes, it's an Esignal Tradestation Ninja and prolly every charting service add-on

If you can't find it for Esignal in fileshare give me a 'heyyou' and I will send you mine

This is a good place to learn about the Ichi

Nah, no black belt just a few belts before dinner hehe


http://www.kumotrader.com/ichimoku_wiki/index.php?title=Ichimoku_components#Chikou_Span

j

[TreeShaker]

How funny... and yes she did :)

Yes, it's an Esignal Tradestation Ninja and prolly every charting service add-on

If you can't find it for Esignal in fileshare give me a 'heyyou' and I will send you mine

This is a good place to learn about the Ichi

Nah, no black belt just a few belts before dinner hehe


http://www.kumotrader.com/ichimoku_wiki/index.php?title=Ichimoku_components#Chikou_Spanj
Someone once posted on here that you have all the greatest toys, now I know it's true.:D

[Steve Griffiths]

Hi Guys,

Seems like we are losing the plot and starting to make things overcomplicated - remember the KISS strategy, Keep It Simple is usually the best strategy, over-complicating things by adding more and more indicators does not always result in more profits...

Steve

[edfash]

steve-
i couldn't agree more. here are 2 nice KISS trades using my favorite es chart of them all-1600 tick.

[jjc]

Anyone looking at that TS1 on the NQ 3min chart?

Looks promising

j

[davidh]

Anyone in the NQ 3min TS3 long? Off to a reasonable start.

[Steve Griffiths]

Anyone in the NQ 3min TS3 long? Off to a reasonable start.

Nice Call David,

Just got to the first profit target for +4R :)

Steve

[davidh]

Yes - sorry, meant to say 5 mins. Its looking good although the 3 min dp sell with divergence had me nervous...

[Steve Griffiths]

Hi David

Definitely looking good, now at second target for +6R .....

Nice one....

Steve

[davidh]

I'll settle for the 5.8 R on that one. Should probably run it on the ATR but need to hear the cash register today!
David

[jjc]

steve-
i couldn't agree more. here are 2 nice KISS trades using my favorite es chart of them all-1600 tick.

Speaking of keeping it simple..nothing could of been more simple today than watching the ugly dragon rear its head right to MTP DP

[d-day]

Speaking of keeping it simple..nothing could of been more simple today than watching the ugly dragon rear its head right to MTP DP



Your chihuahua has got to be the smartest darn dog this side of the Rio Grande

[Steve Griffiths]

Hi Guys...

KISS, a nice easy +4.4R Profit form this TS3 buy into the close yesterday.... nice :)

Steve

[d-day]

I know we are encouraged not to think too much, but does anyone have any idea what is going on today? The ER2 and NQ have been the strength of the market this week, outperforming the Big Cap YM and ES. Yet today, almost an hour into the day, the YM and ES have managed new highs, while the NQ and ER2 are more or less stuck with the range of the the first 5-10 minutes. And by the way, hostorically if you bought the small caps and shorted the Big Caps at the close on 12/20 market on close and you closed it on 1/09 I believe, you would typically have a very profitable position.

Well, I just went short the auto DP on the 3 minute ES at 1491.

[d-day]

Well, I just went short the auto DP on the 3 minute ES at 1491.


Covered the short ES at 1489 and now long the NQ on the 3 minute TS3 at 2120

[davidh]

Hi Dave,
I've stuck with the ES DP short but long looks like a better option at the moment.....

[d-day]

Covered the short ES at 1489 and now long the NQ on the 3 minute TS3 at 2120

Not alot of "umph" on the NQ, so I exited at +1R (2122.75) though if we hold above the initial 2117.75 stop on this pullback I may be tempted to re-enter.

[jjc]

but does anyone have any idea what is going on today?


Maybe its the Santa Rally... Santa bringing you some presents if you've been a good lil boy? :)

j

[d-day]

Long the ER2 on the 3 minute TS3 - we'll see if that goes anywhere.

[edfash]

YM gave a mini Bah Humbug

[davidh]

Well, I should have come out of my ES 3 min DP short at the minor DP. But I held it on the ATR stop and got taken out. Small gain only. Doh!

[TAS]

Santa rally may have been factored in during overnight period. Dec contract expiry plus last meaningful trading session for the year, this is the day to be.

i wouldn't expect too much.

Anyway, ER2 seems well holding onto that large time frame DP so far...

SEASONS GREETINGS to every MTP users.:)

TAS

[d-day]

Speaking of keeping it simple..nothing could of been more simple today than watching the ugly dragon rear its head right to MTP DP



Ok j, just to show you I'm game - I was long this TS2 on the YM 5 minute (note the beautiful Dday divergence) and I was tempted to stop and reverse or take profits when an auto DP short fired. However, I thought about you "Dragon" post, and thought I saw something happening here - to wit, "Me tawt I taw a Dwagon Head ... I did! I did! I did see a dwagon head!"

So I sayed long and added to my position - Merry Christmas to me!

By the way, j, this dragon pattern of yours has now occurred on 4 of the 5 trading days this week. I'm still working on learning how to read the Ichimoku charts, but the pattern itself has great profit potential.

[jjc]

Ok j, just to show you I'm game - I was long this TS2 on the YM 5 minute (note the beautiful Dday divergence) and I was tempted to stop and reverse or take profits when an ato DP short fired. However, I thought about you "Dragon" post, and thought I saw something happening here - to wit, "Me tawt I taw a Dwagon Head ... I did! I did! I did see a dwagon head!"

So I sayed long and added to my position - Merry Christmas to me!

By the way, j, this dragon pattern of yours has now occurred on 4 of the 5 trading days this week. I'm still working on learning how to read the Ichimoku charts, but the pattern itself has great profit potential.

DDay

Once in a while Goliad the Dragon Slayer shows up and kills that ugly dragon but i guess he took x-mas off or was out partying with Santa last night :)

Good job

j

[d-day]

DDay

Once in a while Goliad the Dragon Slayer shows up and kills that ugly dragon but i guess he took x-mas off or was out partying with Santa last night :)

Good job

j


Is that Goliad another Pattern?

[Steve Griffiths]

Guys,

Please stay focused, if you all want to talk about other extinct animals then please do elsewhere, they have no place on this Forum.

This is an MTPredictor Forum, and on that point here is a nice +4R (3.9) Profit form today using a standard MTPredcitor set-up....

Steve

[edfash]

Not too bad for an options expiration friday.

Happy Holdidays everyone.

[d-day]

I was long this TS2 on the YM 5 minute

I stopped and reversed at the Head and Shoulders momentum reversal - hoping for a trade down to the 50 SMA, but just cause its Christmas doesn't mean I necessarily will get what I wish for.

[d-day]

I stopped and reversed at the Head and Shoulders momentum reversal - hoping for a trade down to the 50 SMA, but just cause its Christmas doesn't mean I necessarily will get what I wish for.


Got myself flat - never made it to the 50 SMA.

Merry Christmas and Happy Holidays to all!

[Russell Stagg]

Guys,

Please stay focused, if you all want to talk about other extinct animals then please do elsewhere, they have no place on this Forum.

This is an MTPredictor Forum, and on that point here is a nice +4R (3.9) Profit form today using a standard MTPredcitor set-up....

Steve

Hi Steve
I took this TS4 myself - intrigued by how you get your chart to show the 3.9R Profit line - can I do this on Tradestation?
Happy Xmas BTW

[Eddo]

Hi Steve
I took this TS4 myself - intrigued by how you get your chart to show the 3.9R Profit line - can I do this on Tradestation?
Happy Xmas BTW

Hi Russell

Iam not a Tradestation user but if the MTP software works in the same way as in eSignal, all you have to do is click the Risk/Reward button, then click the top and bottom of your entry bar and then a third click at your exit and the RR line will be drawn

Happy Christmas btw to one and all

Chris

[Steve Griffiths]

Hi Russell

I am afraid that this is a limitation of TS8, TradeStation charting is over 10 years old and cannot do many things that some of the more modern charting programs can, like eSignal and NinjaTrader.

Thanks

Steve

[Steve Griffiths]

Hi Everybody

Happy Christmas from all at MTPredictor

I would like to take this opportunity to wish all customers a very Happy Christmas to you an your families. Please take this time to spend time with family and loved ones as the markets will be here in a few days time.

We have had a very good year here are MTPredictor and it is nice to hear from so many customers who are doing well with the software. So well done to all of you, may the profits continue next year.

So all that remains for me to do this year is to wish you all a very Happy Christmas and a very prosperous new year from MTPredictor, and thank you all for all your support during the year...

Thanks and good trading....

Steve Griffiths

[Angel]

Dear Steve,

Many THANKS to you, Matt and Tony for the wonderful job you did this year

If there is a dream team, there is at MTpredictor !!!

I wish you all a very happy Christmas

God bless you

Angel

[edfash]

Thank you Steve. The same to you and your family, as well as everyone at MTPredictor. Best wishes of course to everyone in the forum for a happy holiday, a peaceful, healthy, and prosperous new year.

[Russell Stagg]

Hi Russell

I am afraid that this is a limitation of TS8, TradeStation charting is over 10 years old and cannot do many things that some of the more modern charting programs can, like eSignal and NinjaTrader.

Thanks

Steve

TS is so good at many things but I agree some of the charting is old fashioned.
At least you stopped me trying 50 different things to get the r/r line up!

I have to accept with grace the things I cannot change.
A wonderfule new year to you all.

[Steve Griffiths]

Happy Christmas.....

+7R trade here on the 3min AB ................:)

Steve

[Steve Griffiths]

Now at almost +10R profit at the opposing DP.......

Steve

[d-day]

Now at almost +10R profit at the opposing DP.......

Steve

+10R Trades are great when you get them, but this DP never really had a chance to run that far for me. There was a nice TS3 short signal that set up at 12:33 EST. The entry trigger for the short TS3 became my exit on the DP. As we now know the TS3 was stopped out for a -1R loss. Net after these two trades without commissions was -.125R and about -.25R including commish.

I see nothing would have made me disregard the TS3 and stay with the DP, including STF, which was black at the time, and thus trading both long and short signals would have been valid. And I know that divergence is NOT an MTP requirement for TS's, but we did have nice divergence on the 5,3,3 stochastic at the time. So with STF black and stochastic divergence, how do you not take that TS3? Seriously. Of course it is easy, after the fact, to decide that the better trade would have been to ignore the sell signal and let the DP buy run. But unfortunately I have been denied access to the Pantheon of Trading Gods and therefore I must toil along in real time with real money I do not see where taking that short was wrong, based on the information in the chart at the time. Arer we now to insist on the STF being only red for short trades and only blue for long trade? But the STF was black at the time of the DP long, so based on that neither trade should have been executed.

If anyone here did manage to stay long and ignore the short TS3, I'd appreciate if he or she would share with us just what was used to decide that in this case we do not take all the MTP signals.

[jjc]

[QUOTE=David Day;12508
If anyone here did manage to stay long and ignore the short TS3, I'd appreciate if he or she would share with us just what was used to decide that in this case we do not take all the MTP signals.[/QUOTE]


Go take a look at your own Dday.efs and you wouldn't be asking that question.

j

[d-day]

Go take a look at your own Dday.efs and you wouldn't be asking that question.

j


Well I had nice divergence on the Dday which confirmed that the DP long was worth a shot, however, the histogram was in a zone that still allowed for short trades.

So, following MTP rules, that TS3 was fair game. My point is that I see nothing at the time that would have made me ignore that TS3. Now, if that TS3 had actually nailed the high of the reaction, and had the market fallen for a +10R short trade, and had I ignored the TS3, then everyone would have a reason for why I should have gone short. But since the market continued to rally, everyone has a reason why it was wrong to be short. Well, duh! I can look at the chart 2 hours later and tell you which way price went.

[jjc]

Well I had nice divergence on the Dday which confirmed that the DP long was worth a shot, however, the histogram was in a zone that still allowed for short trades.

So, following MTP rules, that TS3 was fair game. My point is that I see nothing at the time that would have made me ignore that TS3. Now, if that TS3 had actually nailed the high of the reaction, and had the market fallen for a +10R short trade, and had I ignored the TS3, then everyone would have a reason for why I should have gone short. But since the market continued to rally, everyone has a reason why it was wrong to be short. Well, duh! I can look at the chart 2 hours later and tell you which way price went.

Oh, pardon me, you were referring to MTP rules?....I thought you were referring to your Dday rules which clearly show to stay long.

j

[Steve Griffiths]

Hi Guys,

A nice +4.5R Profit here today on the 3min NQ .... :)

Steve

[Rob E]

Hi Guys,

A nice +4.5R Profit here today on the 3min NQ .... :)

Steve

Hey Steve:

What are those 7 little dots seen on your chart there? Is that part of your new in-house volume study that you've been working on?

Thanks!

[Steve Griffiths]

Hi Rob,

Yes, sorry that is a "project in hand". Notice how the TS3 sell comes in on a "failure" after a "dotted" up bar, and profits are taken on a "failure" after a dotted down bar into the profit target.

Still working on this at the moment though....

Steve

[d-day]

I'm short the YM at 510 with a 533 stop on an opening DP Trade - sure is taking its time making its "decision" as to wether we do indeed drop, or conitnue higher and start my day off with a loss.

[d-day]

I'm short the YM at 510 with a 533 stop on an opening DP Trade - sure is taking its time making its "decision" as to wether we do indeed drop, or conitnue higher and start my day off with a loss.

As I was typing the above the market finally made its decision, and a very kind one it was!

[d-day]

I'm short the YM at 510 with a 533 stop on an opening DP Trade - sure is taking its time making its "decision" as to whether we do indeed drop, or conitnue higher and start my day off with a loss.

Never fails that the Opening DP's that I fail to take, for whatever reason (usually I'm not in that morning) drop like a rock (if short) or take off like a rocket (if long), but the ones I do take make me sweat it out for 30-60 minutes before letting me off the hook.

[d-day]

short the ES - TS3 on the five minute chart. Short at 90.50 with a 92.25 stop loss

[d-day]

short the ES - TS3 on the five minute chart. Short at 90.50 with a 92.25 stop loss

I see one of j's dragons forming on the YM, so I will initially hedge and then stop and reverse my short TS3 ES position with a buystop on the YM at 471

[d-day]

I see one of j's dragons forming on the YM, so I will initially hedge and then stop and reverse my short TS3 ES position with a buystop on the YM at 471

stopped out of the short ES and now long the YM. Ts3' short signals on the ES and YM, so I may be stopped and reversed out of this long YM shortly.

[d-day]

stopped out of the short ES and now long the YM. Ts3' short signals on the ES and YM, so I may be stopped and reversed out of this long YM shortly.

The TS3 on the YM turned out to be a mirage, and I'm still waiting for a closing red reversal bar on the ES, so I'm sitting long the YM until I get a valid sell signal somewhere.

[Sejake]

3 min YM just triggered...

[d-day]

The TS3 on the YM turned out to be a mirage, and I'm still waiting for a closing red reversal bar on the ES, so I'm sitting long the YM until I get a valid sell signal somewhere.

Went short the ES on the TS3 at 93 and closed the YM long.

[d-day]

Went short the ES on the TS3 at 93 and closed the YM long.

Still short the ES but I got whacked for another -1R going long the 3 minute YM auto DP

[Sejake]

Target met. Closed 3 min YM at target. Looks like it may be a runner though!
Good luck with ES!

[d-day]

Still short the ES but I got whacked for another -1R going long the 3 minute YM auto DP

Limit out on the ES at first WPT 85.25 - I got to run and I'm done for the day. If anyone else is out there, good luck this afternoon.

[TAS]

:) I am in the TS3 YM short as well, and right now hunting for 13330-13340 area, reason being STF red and STRONG, price has crushed through 15min DP support which was tested yesterday, this 3rd TS3 profit target also coincides with 78.6% retracement of last swing UP in 15 min, PLUS it might gun for filling the gap on the chart...

Good luck with everyone on board with this beauty.

May prosperous 2008 be on your back.

TAS




Limit out on the ES at first WPT 85.25 - I got to run and I'm done for the day. If anyone else is out there, good luck this afternoon.

[Steve Griffiths]

:) I am in the TS3 YM short as well, and right now hunting for 13330-13340 area, reason being STF red and STRONG, price has crushed through 15min DP support which was tested yesterday, this 3rd TS3 profit target also coincides with 78.6% retracement of last swing UP in 15 min, PLUS it might gun for filling the gap on the chart...

Good luck with everyone on board with this beauty.

May prosperous 2008 be on your back.

TAS

Hi Tas,

Yep a massive porfit of +6.4R on that one - well done :)

What a way to end the year .......

Steve

[tar001]

I was in that short as well but I covered at the auto DP, I don't see it on your chart? not complaining mind you as I had a great day regardless


Hi Tas,

Yep a massive porfit of +6.4R on that one - well done :)

What a way to end the year .......

Steve

[d-day]

I was in that short as well but I covered at the auto DP, I don't see it on your chart? not complaining mind you as I had a great day regardless


I think Steve has his "Show History" off, because I took that auto DP long and was stopped out. I was short the ES at the time, so I didn't have to close my short to try the long. I really do not see how one could have stayed long throughout that auto DP if one were short the YM on the TS3, but I'm sure someone will post a set of rules that had we folowed them I would not have lost -1R on the DP long and you would have stayed short for several R more profit.

[tar001]

I wish Steve would address this as it does happen quite a bit, that is why I find myself over trading. I know that futures trading is NOT easy and do not believe there is a better system out there. Those that did stay short through that DP have any input?
I see on a 5 minute chart of the ES that the opening hit resistance and probably was not going to get a sustainable bounce until it hit support? so in hindsight(the easiest way to trade) I guess we should have only been looking for shorts until it hit the support DP. My first trade of the day was the first TS sell setup on the ES and I got stopped out(yippeee) hahahah



I think Steve has his "Show History" off, because I took that auto DP long and was stopped out. I was short the ES at the time, so I didn't have to close my short to try the long. I really do not see how one could have stayed long throughout that auto DP if one were short the YM on the TS3, but I'm sure someone will post a set of rules that had we folowed them I would not have lost -1R on the DP long and you would have stayed short for several R more profit.

[Steve Griffiths]

Hi Guys,

No, Steve did not have the show history off (I would not do that !). I am actually testing a new set of rules for the auto DP to help reduce the number of false trades.

Also, this auto DP was from the Wave b swing and not from the prior major low. As I have said in the past (a number of times) I do not like these kind of DP's as they are less reliable. Which is what we have seen here and why this one should have been avoided, especially as the 5min Chart was still short.

But I hope to be able to release the new auto DP rules soon that will not pick up on the Wave b DP's, like this one, so yes, I am working at making this product better and better for everybody.

I Hope this helps ?

Steve

[d-day]

this auto DP was from the Wave b swing and not from the prior major low. As I have said in the past (a number of times) I do not like these kind of DP's as they are less reliable. Which is what we have seen here and why this one should have been avoided, especially as the 5min Chart was still short.

Hi Steve,

That looks like the DP was from thursday's low and not from friday's B swing pivot low.

You know I use MTP everyday and it I think it is a great program - I wouldn't want to trade without it. If I had to do it all over again, I would not hesitate to purchase MTP. So lest anyone thinks that what I am about to discuss is the result of dissatisfaction with MTPredictor software, I want to go on record as saying that nothing could be farther from the truth. Most days are profitable, and those few times that I do go into a drawdown are usually rcovered with a day or two. So

That being said, I do not think it serves anyone, especially MTP users, to see trade results posted where the outcome has been "optimized" by 20/20 hindsight. For example, earlier in the week someone sent out an email that showed the ER2 DP long that ran for +10R so ong as a trader did not take the TS2 sell signal that occurred soon after entry. Had a trader taken that sell signal, the net result to equity would have been a breakeven to slightly negative R result for the two trades. The explanation provided in the email for not taking the TS2 was that STF was black and there was no divergence. And yet we all know that black STF means we have permission to take trades both long and short, and you yourself has said that divergence is not a requirement for the TS's other than the DP's.

I can't remember now if it was a few days before or a few days after that particular e-mail came, another email from MTP said that for MTP to be profitable you have to take all the signals. But, as noted, in the case of the ER2 trade, and as recently as last night, we are told that we shouldn't take all the signals. The problem is that the criteria for whether or not to take a signal is that we should not take a signal if the trade we are in is the one that is going to be profitable, and the new signal is going to be a loss! Of course, such judgements can only be made after the fact, whent the smoke has cleared and the dust has settled.

Well, I do not take all the MTP signals, but I would wager that those I do take do comport with MTP trading rules as they have been laid out in your course and in the variuous videos and written materials generously provided to MTP members.

And you know what? I do not mind when I follow my rules (a combination of MTP rules and my own) and things do not go my way. I wish I had not stopped and reversed that ER2 trade. I wish I had not tried that YM DP yesterday. But I'm not at all bothered by the fact that I took those trades that did not work out for me.

I do get a bit bent out of shape, however, when I read explanations hours after a signal has triggered and sometimes hours after the market has closed that suggest a "chosen few" had the correct page of the correct volume of the "Rule Book" open that day therefore they made exactly the right decision, time after time. What is even more nagging is the suspicion that, had, for example, that TS2 on the ER2 short ran for +10R instead of geting stopped out, then we would have received an email that said "first we got the DP long, which was stopped for +1R gain when we reversed for the TS2 (which we took because STF was black) and then we made +10R on the short side.

I would hope that if you do change MTP to filter out B swing DP's that you will design it to give the user the choice, as I would still like to be warned of these DP's. I really think that MTP Is fine as it is in its current rendition. I fear that it may suffer adversely if further attemtps to optimize it are made.

Thanks for listening, and a Happy New Year to you, Matt, Tony and the rest of MTPworld.

[pegasus5]

Hi Guys,

Very nice YM Short indeed...I was in this one as well and would like to add my two-cents on how I viewed the DP signal and my trade management.

I always ask myself questions or let's call them "conditions" upon which to base trading decisions. If conditions are "true", then proceed with trade. If conditions are "false", then do not proceed. This method for me keeps my decisions objective, much like how algos are coded. Although humans are not robots (well maybe some are;) ), it is an objective way to base trading decisions by keeping the subjectivity out of the mix.

Just one note regarding those "conditions" that I ask....I have more than one list of conditions that I use, so the following example is by no means a complete list, but is rather a shortcut that I use. I do try to Keep It Simple Stupid (KISS) when evaluating a setup. Don't want to be guilty of "OVERTHINKING". :)

YM Sell Setup Conditions for Trade Entry:

1) Trend...clearly down as STF is Red

2) Price Action has downward bias, but currently consolidation phase

3) ADX/DMI currently neutral, BUT previously displayed trend weakness

4) Given conditions above, I am clearly looking for Short Trade Opportunities

5) MTP TS3 Sell Signal Fires Off...GREAT..Just want I am looking for given current conditions

6) Once in, I determine various "potential" exit points by projecting Fib Extensions such as 1.27, 1.618, 2.618. I use these levels as reference points only, as price action will determine my final exit decision.

7) Manage trade utilizing MTP's ATR Trailing Stop (just a wonderful tool)


At this point I objectively entered trade and now I do the same...objectively manage the trade, as I have no idea how far price will fall...So all I can do is manage.

Now, What happens if there is an opposing signal such as the DP that fired? It is rather simple decision for me because I have established a pre-set of "conditional questions" for this situation, as I have done for many others. Much of what I have established for myself has come from trial and error, so every trader should have a set of rules for various situations.

In this case, when the opposing DP fired, I observed no strong divergences that suggested that the move was over....Also, ADX was accelerating indicating strong trend tendencies, as well as -DMI being quite dominant. I have found that the ADX/DMI should be respected, and as such, I do.

These conditions answered the question of whether to cover short and take long DP or stay with trend. Clearly for me the answer was to ignore the DP and stay with trend and continue to manage trade, as this is what I in-fact did.

As you can see from chart, price achieved the Minimum Wave C (1.618 ext) as well as the Typical Wave C (2.618 ext) before finding support and reversing direction.

By using conditional statements/questions, I keep myself objectively focused for entry, management, and exit.

As a side note: there are many times if I have multiple contracts open, I do slowly take profit at the various Fib Extension levels, such as 1.272, 1.618. This way I am assured of paying myself for taking risk while continuing to afford myself additional profitunities if Mother Market wishes good fortune upon me.


Hope this has been helpful in some way to MTP'ers, young and old.

My Best Wishes To All for a Safe and Prosperous New Year.

God Bless,
David






I wish Steve would address this as it does happen quite a bit, that is why I find myself over trading. I know that futures trading is NOT easy and do not believe there is a better system out there. Those that did stay short through that DP have any input?
I see on a 5 minute chart of the ES that the opening hit resistance and probably was not going to get a sustainable bounce until it hit support? so in hindsight(the easiest way to trade) I guess we should have only been looking for shorts until it hit the support DP. My first trade of the day was the first TS sell setup on the ES and I got stopped out(yippeee) hahahah

[Steve Griffiths]

Hi David,

As I have already said, that DP was from a Wave b low and as such I do not like taking those, that is why it was avoided. NO optimisation, just following the SAME guidelines I have said again and again in the past.

I hope this helps ?

Hi pegasus5

A great explanation, and a great trade - well done there a nice profit....

Steve

[d-day]

Hi David,

As I have already said, that DP was from a Wave b low and as such I do not like taking those, that is why it was avoided.

Steve

Hi Steve,

Perhaps you could post an annotated chart for me, because in the chart I posted, the DP was clearly not from the wave b low but was rather from the prior day's low, which, as such, should have qualified as being a major low. You can clearly see the triangle denoting the losing auto-DP trade at the level of the DP off the prior day's low and well below the DP off the wave B low.

Thank you,

dday

[Steve Griffiths]

Hi David,

I am not sure what settings you have set, but that is not a valid DP buy on the Intermediate degree.... I should know, as I designed the code ;)

Please drop me a private email so I can clarify for you, This Forum is not the place for this kind of support questions.

Thanks

Steve

[d-day]

Now, What happens if there is an opposing signal such as the DP that fired? It is rather simple decision for me because I have established a pre-set of "conditional questions" for this situation, as I have done for many others. Much of what I have established for myself has come from trial and error, so every trader should have a set of rules for various situations.

David


Pegasus,

Thank you for sharing this with us. What is apparent from your use of your own "conditional questions" is that your trade management and decisional apparatus are not identical, and indeed deviate greatly from those outlined in the MTP "User's Manual."

My point is that following MTP rules, that DP trade was a taker. Unless my MTP is not functioning properly, price was well below the level of the b low DP and was indeed sitting at the DP level off the swing low from the prior afternoon. Also, I show an STF value of -.28 at the time of the Thursday low and -.23 at the time of the auto DP buy signal - I have seen (and taken) profitable DP trades posted here and in the now defunct Daily Report that had much much less divergence than that.

And in the end, it does not matter that that DP was a loser and that it would have been more profitable to have ignored that trade and stayed short. What matters to me is what I'm sure matters most to you - consistency. Your rules kept you short and prevented you from taking that DP trade. Mine kept me short the ES but I decided to try the YM. Others are claiming that they used the same rules I thought I was using, for the most part, and they say I should have ignored the DP buy. There are a lot of guys out there new to trading with MTP. I've been using MTP for going on two years. I used to think I knew what the MTP trading rules were, but, I sometimes feel like the guy who said "just when I think I know th enaswers they go and change the questions."

Now, if someone will post an annotated chart explaining to me why that DP was NOT in accordance with MTP rules, then I will gladly stand corrected. Because if I did miss something, or if I have misunderstood something, I am very quick to admit my mistakes. But before you make such an argument, then answer me this: If there had been no TS3 short signal on the YM or ES in effect at the time of that DP, would you then still have ignored that DP? I doubt it. And then answer this - If the DP long had turned out to have "nailed the low of the day" and the YM and ES then rallied for a +10R profit, would you be willing to say that "too bad we didn't take that trade because it violated our trading rules?"

I only raise this issue because if there truly is a way to always be on the right side of conflicting signals, I would love to have it taught to me.

[d-day]

Hi David,

I am not sure what settings you have set, but that is not a valid DP buy on the Intermediate degree.... I should know, as I designed the code ;)

Please drop me a private email so I can clarify for you, This Forum is not the place for this kind of support questions.

Thanks

Steve


My settings are out of the box. The only MTP setting that I ever change is when I do use the ATR, I set it to close, and I usually increase the ATR number.

If that is not a valid DP set up, I think many of us would like to have you do a video showing why that signal was not valid, and then show us one that was valid. If I click "DP" and then click on the Thursday afternoon low, that projects the DP zone at the same level as the auto DP occurred. I've taken that trade many many times and it is usually profitable.

[tar001]

if its any consolation I'm glad you took it. I know you are a good trader and I am glad that I at least covered on that DP, I agree with your take on it and most of the time that trade works(I guess we should be happy about that) you know most of the time I don't even see the ATR? I need to really start paying more attention to that? after all this time I still panic trade(hacker) hahah I wish I had more vision during the trading day like Pegasus, seriously having a pilots mind makes for a great trader. You know I just looked at a 5 minute YM chart at that time and honestly I did not see that trade setup on a 5 minute Friday? if I had I MIGHT have stayed short longer
this A.D.D sucks hahaha
I just added the DM to my charts, I am going to really try to use ALL the tools available, that will be my New Years resolution
:D


My settings are out of the box. The only MTP setting that I ever change is when I do use the ATR, I set it to close, and I usually increase the ATR number.

If that is not a valid DP set up, I think many of us would like to have you do a video showing why that signal was not valid, and then show us one that was valid. If I click "DP" and then click on the Thursday afternoon low, that projects the DP zone at the same level as the auto DP occurred. I've taken that trade many many times and it is usually profitable.

[tar001]

WOW!! that really is a good post, very informative. Now lets see if I can remember a word of it DURING the trading day. I actually do see things on the charts until I am in a trade and then I find myself playing the trading DOME? anyone else have this problem? perhaps I need to start trading on the charts but the are hard to see with all the lines of the entry/exits you get on there with the chart trader turned on(I tried it in simulation mode) my best trading day ever(FAKE money though) :confused:


Hi Guys,

Very nice YM Short indeed...I was in this one as well and would like to add my two-cents on how I viewed the DP signal and my trade management.

I always ask myself questions or let's call them "conditions" upon which to base trading decisions. If conditions are "true", then proceed with trade. If conditions are "false", then do not proceed. This method for me keeps my decisions objective, much like how algos are coded. Although humans are not robots (well maybe some are;) ), it is an objective way to base trading decisions by keeping the subjectivity out of the mix.

Just one note regarding those "conditions" that I ask....I have more than one list of conditions that I use, so the following example is by no means a complete list, but is rather a shortcut that I use. I do try to Keep It Simple Stupid (KISS) when evaluating a setup. Don't want to be guilty of "OVERTHINKING". :)

YM Sell Setup Conditions for Trade Entry:

1) Trend...clearly down as STF is Red

2) Price Action has downward bias, but currently consolidation phase

3) ADX/DMI currently neutral, BUT previously displayed trend weakness

4) Given conditions above, I am clearly looking for Short Trade Opportunities

5) MTP TS3 Sell Signal Fires Off...GREAT..Just want I am looking for given current conditions

6) Once in, I determine various "potential" exit points by projecting Fib Extensions such as 1.27, 1.618, 2.618. I use these levels as reference points only, as price action will determine my final exit decision.

7) Manage trade utilizing MTP's ATR Trailing Stop (just a wonderful tool)


At this point I objectively entered trade and now I do the same...objectively manage the trade, as I have no idea how far price will fall...So all I can do is manage.

Now, What happens if there is an opposing signal such as the DP that fired? It is rather simple decision for me because I have established a pre-set of "conditional questions" for this situation, as I have done for many others. Much of what I have established for myself has come from trial and error, so every trader should have a set of rules for various situations.

In this case, when the opposing DP fired, I observed no strong divergences that suggested that the move was over....Also, ADX was accelerating indicating strong trend tendencies, as well as -DMI being quite dominant. I have found that the ADX/DMI should be respected, and as such, I do.

These conditions answered the question of whether to cover short and take long DP or stay with trend. Clearly for me the answer was to ignore the DP and stay with trend and continue to manage trade, as this is what I in-fact did.

As you can see from chart, price achieved the Minimum Wave C (1.618 ext) as well as the Typical Wave C (2.618 ext) before finding support and reversing direction.

By using conditional statements/questions, I keep myself objectively focused for entry, management, and exit.

As a side note: there are many times if I have multiple contracts open, I do slowly take profit at the various Fib Extension levels, such as 1.272, 1.618. This way I am assured of paying myself for taking risk while continuing to afford myself additional profitunities if Mother Market wishes good fortune upon me.


Hope this has been helpful in some way to MTP'ers, young and old.

My Best Wishes To All for a Safe and Prosperous New Year.

God Bless,
David

[jjc]

Me, well, I'm just an ole country boy and like to keep it simple.

That's why I like the pre-auto DP...not too much to do cept do the trade and none of em auto DP's to mess up my thinking.

[tar001]

llooks l.ike you were going short just as I was panic covering hahah do you wait for a red bar to close to go short? is that bar coloring program in Ninja?


Me, well, I'm just an ole country boy and like to keep it simple.

That's why I like the pre-auto DP...not too much to do cept do the trade and none of em auto DP's to mess up my thinking.

[Steve Griffiths]

My settings are out of the box. The only MTP setting that I ever change is when I do use the ATR, I set it to close, and I usually increase the ATR number.

If that is not a valid DP set up, I think many of us would like to have you do a video showing why that signal was not valid, and then show us one that was valid. If I click "DP" and then click on the Thursday afternoon low, that projects the DP zone at the same level as the auto DP occurred. I've taken that trade many many times and it is usually profitable.

Hi David,

As I said before , this Forum is not the place for technical support, that is why I asked you to send me a private email... Doing this on the Forum is just causing misunderstanding and confusion among other users.

So to clarify.

1. I am happy about automatic DP's.

2. The reason "that one" was not valid was because the code works from the prior Intermediate degree low pivot for the DP level; and you have shown that this was from the prior Major Low, therefore this was not a valid Intermediate "automatic" degree DP. Please note, I am talking about the automatic DP's here, not manual ones.

3. So you must have either turned your 2+2 Filter off, or your major set-ups on, the get that DP.

That is why I said that "just" that automatic DP was not valid.

Again, this would have been so much easier via email. Trying to answer support questions on the Forum is not easy and causes confusion among other users....

If you need further help on this question, please send me a private email.....

I hope this helps ?

Steve

[Steve Griffiths]

PS,

Even "if" you had taken that DP as a "manual" DP you would have had a +5R Profit (from the TS3 short) into the low, then a -1R loss at the DP which makes +4R Profit overall.... which in my books is good trading......

Add to that the +1.3R Profit from the manual opening DP and you would have had just over +5.3R (+5, -1 +1.3) Profit for the day as a whole.

So either way, this would have been a very good day on the YM !!

Steve

[d-day]

PS,

Even "if" you had taken that DP as a "manual" DP you would have had a +5R Profit (from the TS3 short) into the low, then a -1R loss at the DP which makes +4R Profit overall.... which in my books is good trading......

Add to that the +1.3R Profit from the manual opening DP and you would have had just over +5.3R (+5, -1 +1.3) Profit for the day as a whole.

So either way, this would have been a very good day on the YM !!

Steve

I never said it wasn't a good day. I said all along that I was not disappointed that that DP did not result in a profit. My point all along was simply that price was at a DP zone, with STF divergence at the time, so the probability that price would put in a tradable low there was at least equal to the probability that price would continue to decline into the next WPT, so given the probabilities involved, a trader would have been as justified in taking that DP as in not taking it. Usually this is not an issue - you could put you order in 1 tick above the signal bar, and if price was not going to reverse but instead decline strongly a trader would not have been stopped into the trade to begin with. This was just one of those times where for the sake of 1 tick stopping you in you lost -1R.

As for this being a "technical" question, as all my settings are "out of the box" except for I do select "display intermediate pivots" this is really a trading question, and as such is perfect for this forum. Afterall, I was not the only MTP user who took that trade, so why not explain the trade to all of us as you see it?

[Steve Griffiths]

Hi David,

Which I have done, several times, and as such this may have been a "manual" DP trade but my point was that this was not a valid "automatic" DP trade, on the Intermediate degree swings, which is why I was happy to hold short on this particular occasion .........

You asked for my reasons, as this is what I have given...

I hope this helps ?

Steve

[jjc]

llooks l.ike you were going short just as I was panic covering hahah do you wait for a red bar to close to go short? is that bar coloring program in Ninja?

Panic covering?

Now, why would you want to be doing that? We just had a sell program go off and you should of been looking for a second one to go off, 3 are rare.

Steve's MTP TS3 flashed a neon sign it was coming...(bear flag with the TS3)

Go take a look at a 5min chart of the ES at 9:cst and you'll see what I mean about a sell proggie...the second hit as I got short.

Think think think !!!


Happy New Year !


j

[tar001]

here was my thought process on covering(obviously in hindsight I was WRONG) we had a gap up the gap was filled, we had a DP with divergence on a 3 minute YM chart. The ES 5 minute chart had a TS sell setup that I took and was stopped out of so I was down 350$ going into the YM short. I did not see the sell setup on the YM 5 minute chart because it all happened so fast(hahah) that is the problem(for me) with having too many charts going, I definitely miss things that are clearly there(at least they are after the market closes) perhaps I don't have the personality required to trade for a living. It is hard for me to NOT feel as though I am a gambler every time I enter a trade and I DEFINITELY don't like to lose which I know is a horrible trait to have as a futures trader. I also have a strong will(thick headed) and IMO the market always bounces, which in fact the YM did bounce but came at a different DP. The mechanics are there to be a good trader but I probably need work in the psychological side of things
:D
Panic covering?

Now, why would you want to be doing that? We just had a sell program go off and you should of been looking for a second one to go off, 3 are rare.

Steve's MTP TS3 flashed a neon sign it was coming...(bear flag with the TS3)

Go take a look at a 5min chart of the ES at 9:cst and you'll see what I mean about a sell proggie...the second hit as I got short.

Think think think !!!


Happy New Year !


j

[tar001]

by the way my demise as a futures trader(if there is one) will be from EVER thinking not from the lack of thinking. That is my biggest issue, I am VERY analytical.


here was my thought process on covering(obviously in hindsight I was WRONG) we had a gap up the gap was filled, we had a DP with divergence on a 3 minute YM chart. The ES 5 minute chart had a TS sell setup that I took and was stopped out of so I was down 350$ going into the YM short. I did not see the sell setup on the YM 5 minute chart because it all happened so fast(hahah) that is the problem(for me) with having too many charts going, I definitely miss things that are clearly there(at least they are after the market closes) perhaps I don't have the personality required to trade for a living. It is hard for me to NOT feel as though I am a gambler every time I enter a trade and I DEFINITELY don't like to lose which I know is a horrible trait to have as a futures trader. I also have a strong will(thick headed) and IMO the market always bounces, which in fact the YM did bounce but came at a different DP. The mechanics are there to be a good trader but I probably need work in the psychological side of things
:D

[d-day]

So is this auto DP on the 3 minute YM a "valid" auto DP or an "in-valid" auto DP?

[Steve Griffiths]

Hi David,

You must have your major set-ups turned to on, for that automatic DP, as it cannot be an automatic DP on the Intermediate degree swings.

Steve

[d-day]

Hi Steve,

So you only recommend DP trades based on the immediately prior intermediate pivot?

Thank you,

David

[Steve Griffiths]

Hi David.

All I was saying was that this was not a "intermediate" degree auto DP, it had come form the Major pivots..

Steve

[tar001]

its only a valid DP if it works hahaha just kidding
this was a nice trade


So is this auto DP on the 3 minute YM a "valid" auto DP or an "in-valid" auto DP?

[tar001]

and this(not the auto DP, I got stopped out of that) the auto DP had STF divergence the manual one had stochastic divergence



its only a valid DP if it works hahaha just kidding
this was a nice trade

[d-day]

Im long this auto DP on the 3 minute NQ - nice STF divergence. I do not know if we have seen the low of the day, but this looks like it is worth a shot for a tradable bounce. We should know soon, price is mulling over whether it wants to rest here and rise a bit or drop yet again.