US Markets: Real-time Trading

[Raj Kumar]

Did US adjust at the w/e??
Maybe this is the Holy Grail hidden edge....

Lol....The Holy Grail.......May be we trade based on Delayed Quotes...?:)
Just kidding....Dont mean to offend :-)

Well....Good trade any way...FWIW....There was a 3 min DP Buy on NQ that stopped out around that timeframe....

[unkelmark]

Thanks Hodger for your message.

Because of their issues, i got filled on an order that i cancelled, they didnt process the cancel.

I have never been ripped like this before, do you know if i have rights here since it was their fault or is it "trader beware" ?

[davidh]

Hi,
I must be asleep at the wheel - completely forgot to reset for US change.
No wonder it got so quiet at the end of the session yesterday!
All reset now and my great adv TS3 disappeared!
I'll keep the cash, though.:cool:

[TAS]

Hi,

All reset now and my great adv TS3 disappeared!
.:cool:

LLLOOOLLL, U are lucky man..

[scooper]

Hi,
I must be asleep at the wheel - completely forgot to reset for US change.
No wonder it got so quiet at the end of the session yesterday!
All reset now and my great adv TS3 disappeared!
I'll keep the cash, though.:cool:

Nice one, I reversed my DP trade on the 5 min as a continuation trade and ended up at 1.06R net for the day.

Should have been heaps more but this is my first day back in about 6 months.

Time to debrief myself and see what I have learned.

[Stefan61200]

Hi,
I must be asleep at the wheel - completely forgot to reset for US change.
No wonder it got so quiet at the end of the session yesterday!
All reset now and my great adv TS3 disappeared!
I'll keep the cash, though.:cool:


David,

I had the same story yesterday. I was sitting in front of the screen for about 10 minutes wondering why I can't see any reaction in the market. :D :D :D

Stefan

[TAS]

ES wave a = wave c and right at DP , crazy trade on the card, short ES at CLOSE !!! ( though this is 24 hour globex play )

TAS

[hodger]

Thanks Hodger for your message.

Because of their issues, i got filled on an order that i cancelled, they didnt process the cancel.

I have never been ripped like this before, do you know if i have rights here since it was their fault or is it "trader beware" ?

Sorry....I just don't know. As soon as you cancelled it, it should have disappeared from your active orders screen. If their server was down and you phoned it in they would have recorded it. As far as I know they would not likely assume responsibility for server glitches. You may want to ask some of the US based regular posters on here who they use.

[hodger]

Sorry....I just don't know. As soon as you cancelled it, it should have disappeared from your active orders screen. If their server was down and you phoned it in they would have recorded it. As far as I know they would not likely assume responsibility for server glitches. You may want to ask some of the US based regular posters on here who they use.

PS.....I don't do much day trading but I've found OEC is fine for EOD....no problems.

[TreeShaker]

Thanks Hodger for your message.

Because of their issues, i got filled on an order that i cancelled, they didnt process the cancel.

I have never been ripped like this before, do you know if i have rights here since it was their fault or is it "trader beware" ?

Call your broker and ask their policy. IB you have to call within 9 min.s of transaction.

[d-day]

Hi David,

Thanks for your kind words.


Since my professional and family commitments have severely curtailed my intraday trading of e-mini markets, I have also been busily exploring and researching several other promising ideas that involve using MTP as a trading tool on its own and in combination with other systems on longer tome frames (e.g. End Of Day). If any of these projects (including the one on use of cycles plus MTP) turn out to be good I will certainly post the results here. In addition, I have also been exploring the idea of trading, using MTP, the full / big stock index contracts using the continuous contracts. I have been scanning them and paper trading them for some time. Here is an example of a trade that MTP (NT version) identified in the Russell 2000 contract (Point Value = $500 and Tick = $25) on December 26th, 2007. The the series of charts attached to this message illustrate the course of this trade and the subsequent one that followed it and the issues related to management of these two trades. They also illustrate how using the system of rules described in chart 3 and MTP as a trading tool, one could have anticipated this type of trades and subsequently managed them successfully. The first trade yeilded, at the third profit target, $76,500 and the second trade (currently open) has a value of $60,550. Both these trades were in synchrony with the general trend of Russell 2000. There is

Hi Rama,

Sorry for the delay in responding to you. I had some technical difficulties that kept me off line for a few days. It was great to read your above post. Keep us updated on your work. Those are some eye-popping numbers, to be sure. I for one will be very interested in reading your follow-up.

Best wishes,

d-day

[d-day]

Short ES pre-market at 1305.5, initial stop 1309.75.

TAS

I know its after the fact, armchair trading, TAS, but that would have been my first play of the day had I been able to trade today.

[d-day]

i got some of it back on a non mtp trade - cci set to 14 did a nice divergence when we did that double bottom at 11:50cst on the es 5min

That was the place to stop and reverse shorts given that TVGR was in effect, wouldn't you say?

[d-day]

i believe Dave thinks TVGR is stronger but dont quote me


In my opinion and experience, the Trader Vic Gap Rule trumps TTT, MTP, RSI, MACD, STF, dday.efs and any other acronym you can come up with.

[unkelmark]

Call your broker and ask their policy. IB you have to call within 9 min.s of transaction.


Thanks Treeshaker, I call OEC trade desk and they say they will call me back and, well, no call back, or I call them and they say i should send an email with my order number, and i say: you mean like the email i sent 1 hour ago to the president, the trade desk, and the trade desk supervisor?

I guess i will move over to IB.

Guess i didn't need that $400.00

[d-day]

Well, time for question back to TTT, regardless of the close level, should we deem today as true SHORT SELL DAY based on half day initial decline ?

Again, this is to add more sauce to MTP routines...

TAS

The day of the cycle does not change, regardless of the how the day's trade unfolds. The cycle merely helps to anticipate price action, not forecast price action. As even Linda Raschke has noted, Taylor does explain the why's and wherefore's of when to sell short on a Buy Day and when to buy on a Sell Short Day.

[d-day]

What is TVGR?

Excuse the stupid qs if it is something obvious

P

The Trader Vic Gap Rule

"If there is a gap, and it is going to reverse, it will do so 10-15 minutes after the opening 95% of the time. Please believe me on the odds, they are real. If the market continues in the direction of the gap after 10 to 15 minutes, it is a strong sign that the move will continue for the rest of the day, closing in that direction as well. Even if the market reverses after the 10-15 minute period, if it fails to fill the gap, odds are that the market will close in the direction of the gap." Victor Sperandeo, " Trader Vic II: Principles of Professional Speculation, pg. 231

Here's the way I try to trade it (though I am flexible). Today the market gapped open to the upside. The market started trending lower, and it is a TTT Short Sale Day. Go short if not already short from pre-open. Hold short with stop and reverse above session high for first hour. If new high not made during first hour, then trail stop above swing highs (I use the 3 minute). Stop and reverse to long if and only if DP or Double Bottom with divergence after 11:30 AM EST. Otherwise, expect trend day down to fill the gap. If DP or Double Bottom, go long with stop under low of day, hold til close expecting market to close on high.

Of course, in the absence of a DP/Double Bottom divergence set up, and if the market takes out a swing high and your are stopped out, and the gap has not been filled, use whatever set-up you like to get long.

Reverse for gaps lower.

The TVGR is as close to Holy Grail as there is, in my opinion.

[Raj Kumar]

Attached is a 135 min chart of ES Day Version. The market formed a Bullish Bat version. This pattern is popularized/founded by Scott Carney of Harmonictrader.com

[grose]

"If there is a gap, and it is going to reverse, it will do so 10-15 minutes after the opening 95% of the time...

Hi d-day, thanks for sharing the definition and your approach. The way I'm reading the quote is that Trader Vic is saying the reversal will take shape within the first 15 minutes if it is going to occur. I'm not reading it to mean that he's saying the reversal, or gap fill, will occur within 15 minutes.

With a gap -- using a gap up as an example -- you'll typically see some kind of reaction pull back, as was the case today. But that doesn't mean it's altogether reversing as far as the trend of the day is concerned. What do you like to see to be convinced that a high probability reversal (which I read to mean a fill or near-fill of the opening gap) is showing its hand in that first 10-15 minute time window? Thanks.

Regards,

Gordon

[sr100m]

thanks for the TVGR explanation David and for introducing Taylor - ploughing through the book - it seems to be spookily accurate.

Paul

[d-day]

Is today the day we should start trading the June e-mini's as the front month, or tomorrow?

[Larry22]

Is today the day we should start trading the June e-mini's as the front month, or tomorrow?


If I'm not mistaking it is tomorrow as I usually receive an e-mail from Ninjatrader informing me to switch and I haven't received anything yet.

[d-day]

Hi d-day, thanks for sharing the definition and your approach. The way I'm reading the quote is that Trader Vic is saying the reversal will take shape within the first 15 minutes if it is going to occur. I'm not reading it to mean that he's saying the reversal, or gap fill, will occur within 15 minutes.

With a gap -- using a gap up as an example -- you'll typically see some kind of reaction pull back, as was the case today. But that doesn't mean it's altogether reversing as far as the trend of the day is concerned. What do you like to see to be convinced that a high probability reversal (which I read to mean a fill or near-fill of the opening gap) is showing its hand in that first 10-15 minute time window? Thanks.

Regards,

Gordon

Hi Gordon,

I think of it in terms of which way does the market trends from the opening range. I usually define the opening range, for my purposes, as the first 3 minute bar or 5 minute bar. In the past, I have also used the first 10 minute or 15 minute bar as well. If the market gaps up, and trends higher, then, I think what Trader Vic is saying is that if the impulse higher is going to fail, the reversal back through the bottom of the opening range should occur within 10-15 minutes. If, on the other hand, the market gaps up and trends higher, and then the first pullback holds at or above the low of the opening range, then it is 95% certain that the gap will not be filled during that session.

If the market gaps higher and immediately trends lower, I try to get short. I will stay short until we then take out the high of the opening range during the AM session, which, perhaps arbitrarily, I define as 9:30 AM to 11:30 AM. During that 2 hour period on a day when the market immediately trends down form a gap higher, all buy signals are suspect to me. I look for the market to find support, bounce, and then re-test support with momentum divergence on the retest before reversing my short bias. I prefer this retest to take place after 11:30 AM. In other words, prior to 11:30 AM, no new high, no new buy (generally - though I have violated this in the past).

You would, of course, reverse the above for a gap down (a gap down that trends down without reversing up through the opening range's high within 15 minutes or so of the open would be expected not to fill the gap during that session; and a gap down that immediately trends up becomes a long bias situation with all sell signals suspect until either a DP, TS, or Double Top with divergence, preferably occurring after 11:30 AM - no new low, a buying I shall go).

Also, on days where economic news comes out at 10 AM, I treat that as a second opening range. Any trending occurring at that time is likely either to accelerate or reverse, and thus I will be more flexible and willing to switch biases depending upon the market's reaction following the second "opening range."

In short, I apply Trader Vic's Gap Rule in accordance with where price is trending in relation to the opening range.

And the 11:30 AM guideline is, of course, null and void the moment the gap is filled.

[d-day]

since we follow Taylor, some vintage Rashke is in order today. the am session which follows a trend day is anticipated to have good 2 way trading. the setups she teaches are based upon the ES 5 min chart and occur at the BB's (day session only). today the day session gapped down below the 5 min lower BB seeting up a buy, the target is the midline of the BB's or the 5sma. the 2nd trade was at the upper BB which coincided with a DP on my trusty 1600 tick chart, again the minimal target is the 5sma, but following standard MTPredictor exit rules worked out far better. these trades are valid in the am session only following a range expansion trend day.


Hi Edfash,

would this be a day that you would anticipate what Raschke calls a Z day, and if so, would this be a day that you would be looking for your bollinger band/DP set up?

Thank you,

d-day

[jjc]

Hi Edfash,

would this be a day that you would anticipate what Raschke calls a Z day, and if so, would this be a day that you would be looking for your bollinger band/DP set up?

Thank you,

d-day

i kinda like these dragons we'r not sposed to talk about :)

[d-day]

If I'm not mistaking it is tomorrow as I usually receive an e-mail from Ninjatrader informing me to switch and I haven't received anything yet.

Thanks Laurent. I thought I usually make the change on the Thursday prior to expiration, but IB gave the rollover notice this morning, and that's why I asked.

[d-day]

i kinda like these dragons we'r not sposed to talk about :)


That dragon is soooooooooooo 3-11, jjc. What do we do about 3-12? Unless you mean that the dragon is going to continue to spew fire-brathing new rally highs.

Or is Noneck the Dragon Slayer lurking near-by?

[jjc]

That dragon is soooooooooooo 3-11, jjc. What do we do about 3-12? Unless you mean that the dragon is going to continue to spew fire-brathing new rally highs.

Or is Noneck the Dragon Slayer lurking near-by?

might test 1300.5 if it cant above 1325.25 - but who knows for sure, eh :)

[richbois]

Is today the day we should start trading the June e-mini's as the front month, or tomorrow?

Please note that Equity Indices products; ES, NQ, ER2, EMD and YM roll on Thursday the 13th at 8:30 am Chicago time from the March 08 contract to the June 08 contract. The month code for June is 'M'.

just got that email from my broker

[d-day]

Please note that Equity Indices products; ES, NQ, ER2, EMD and YM roll on Thursday the 13th at 8:30 am Chicago time from the March 08 contract to the June 08 contract. The month code for June is 'M'.

just got that email from my broker

Thanks Richard. I thought it was tomorrow, but IB threw me for a bit of a loop today.

[scooper]

Anyone else in this manual DP long?

Looking good so far!

[d-day]

Anyone else in this manual DP long?

Looking good so far!



Don't let it get away from you. The NQ just triggered (per MTP entry rules) a 3 minute auto DP short at 1754.75. I'd like to have seen the ER2 hit the DP projected off the 9:36 am EDT swing high first, but we do not always get the market to play along with the script we submitted without it adding its own editions and revisions.

Of course, the ER2 might make a new high while the rest of the market fails to do so - its momo has not deteriorated nearly as much as the NQ and the ES.

[d-day]

NQ auto DP on 3 minute - per my entry rules, sell stop 1753.50, stop loss 1758.5 (current 1756.25 - no trigger yet).

[d-day]

NQ auto DP on 3 minute - per my entry rules, sell stop 1753.50, stop loss 1758.5 (current 1756.25 - no trigger yet).


Orders cancelled - no trade.

By the way, it is a Buy Day. I may be trying to out-think myself a bit too much here.

[richbois]

Orders cancelled - no trade.

By the way, it is a Buy Day. I may be trying to out-think myself a bit too much here.

but could it be a Buy Day with High made 1st??????????

[scooper]

Don't let it get away from you. The NQ just triggered (per MTP entry rules) a 3 minute auto DP short at 1754.75. I'd like to have seen the ER2 hit the DP projected off the 9:36 am EDT swing high first, but we do not always get the market to play along with the script we submitted without it adding its own editions and revisions.

Of course, the ER2 might make a new high while the rest of the market fails to do so - its momo has not deteriorated nearly as much as the NQ and the ES.

Out on limit at 677.60 for net 4.9R

I saw the NQ DP kick off and thought time to bail. Looks like I left a load more R on the table.

Still good to be having a good R distribution now I'm back to live trading.

Screen cap shows the orders.

[d-day]

but could it be a Buy Day with High made 1st??????????


It could be ... and we really won't know that yet. I do think that the fact that we did not see a lot of energy wasted on a gap up at the open, and the fact that we had a nice, orderly pullback to Bollinger Band and 34 ema/50 sma support gives the Bulls (or the scared Bears) the benefit of the doubt for now. Also, with a close at the high yesterday, the most likely scenario was for some upside follow-through today. That being said, my one trade today was to short the ER2 shortly after the open, which I covered at the DP where Scooper wisely went long. I myself merely covered my short and I did not reverse there. I wish I did, of course. But when I called IB and said "But I wish I had placed a long trade there" they said they could not honor my wishes. So much for wishful thinking;)

Oh well. Right now, barring a sharp and obvious momentum reversal, I will wait for a pullback to the expected support between yesterday's high and the opening swing high, or the 34 ema or the 50 sma to get long.

[Steve Griffiths]

Hi Guys

I am testing the new v6.0 here and saw this nice "minor" ABC into the low of the day. What I liked was how this minor abc correction stopped at both WPT support and DP support from the last minor low.

Steve

[Larry22]

Hi, for those of you who are interested in waves count we have now made 5 waves high since the low yesterday on the 15 min charts ER2 or AB, still waiting for confirmation on the 60 min.

This could be the first wave (1A) of the possible correction.


Laurent

[scooper]

Out on limit at 677.60 for net 4.9R

I saw the NQ DP kick off and thought time to bail. Looks like I left a load more R on the table.

Still good to be having a good R distribution now I'm back to live trading.

Screen cap shows the orders.

Well the ATR stop would have stopped out at 678.3 so I actually left 7 ticks on the table - I can live with that.:D

[edfash]

today would not be a Z day despite the strong afternoon trend. Z days follow days that are Open-X/Close-X, which obviously was not yesterday's pattern.

[d-day]

Hi Guys

I am testing the new v6.0 here and saw this nice "minor" ABC into the low of the day. What I liked was how this minor abc correction stopped at both WPT support and DP support from the last minor low.

Steve

Hi Steve,

Does the new version 6 run on e-signal 8, or do I need to "upgrade" to e-signal 10?

Thank you,

David

[Stefan61200]

Well the ATR stop would have stopped out at 678.3 so I actually left 7 ticks on the table - I can live with that.:D

Did anyone take that DP signal in YM @ 16:15?

[Steve Griffiths]

Did anyone take that DP signal in YM @ 16:15?

Hi Stefan,

that is NOT a valid DP signal (as it is too far past the DP level) , you need to turn yuor 2+2 Filters back ON.........

Steve

[Stefan61200]

Hi Stefan,

that is NOT a valid DP signal (as it is too far past the DP level) , you need to turn yuor 2+2 Filters back ON.........

Steve

oops... thank you Steve. Now it is gone. But I will let it run.

Stefan

[Steve Griffiths]

Hi Steve,

Does the new version 6 run on e-signal 8, or do I need to "upgrade" to e-signal 10?

Thank you,

David

Hi David,

At the moment I am using the Data1.efs to automatically write out ASCII data from my eSignal chart to read in v6.

But (planned but not promised ;) ) our programming is reviewing the full eSignal API to see whether we can fully real-time data into v6 to make it a full real-time program. But, I need to review with the programmer first before we know what is involved....

Steve

[grose]

Hi d-day,

Thank you for your detailed explanation. Very useful. I PDF'ed two posts to create a referenceable doc for anyone's/everyone's use.

Regards,

Gordon

[grose]

Hi Stefan,

that is NOT a valid DP signal (as it is too far past the DP level) , you need to turn yuor 2+2 Filters back ON.........

Steve

Hi Steve,

I've dutifully searched back through dozen's of pages -- I know somewhere in the recent past someone referenced "Steve's 2+2 rules" and referred to an archived recording, as I recall, that describes what that is. Could you please define what 2+2 means and/or post back a link to where that can be found? Thanks,

Gordon

[Gepetto]

http://www.mtpredictor.com/members/Feb2007.html

Vincent

[TreeShaker]

Is anyone using NT 6.5 beta 10? If so, what do you think? Does anyone know what it means when the background in Alerts is black?

[scooper]

Anyone else in the Russell TS3 buy on the 5 min. Good start but looking flaky. testing me nerves!

[scooper]

Anyone else in the Russell TS3 buy on the 5 min. Good start but looking flaky. testing me nerves!

Well, just stopped out so there you go. No wonder I did not like the way it was trading.

[scooper]

OK, Now long of good looking DP on 3 Min ES.

[scooper]

OK, Now long of good looking DP on 3 Min ES.

Well, stopped again.

[TreeShaker]

Hi, for those of you who are interested in waves count we have now made 5 waves high since the low yesterday on the 15 min charts ER2 or AB, still waiting for confirmation on the 60 min.

This could be the first wave (1A) of the possible correction.


Laurent

Maybe later you could post a chart showing what EW forecast for tomorrow. :)

[Raj Kumar]

Tough read on markets today. ES 30 minutes found Resistance @78.6% retracement from 1345 to 72.5 Day only basis. tomorrow is rollover....
Glad i was a spectator today....and will be tomorrow as well....
Good luck...
--Raj

[Larry22]

Maybe later you could post a chart showing what EW forecast for tomorrow. :)

I will make an exception and post a chart of the 15 min with my wave count labelled.

For me it was obvious that when we made the 5th wave up we had to go down for a correction to at least the 38% retracement, that level has allready been achieved.

So I will see tomorrow morning with the opening where we might be heading.


Laurent

[TreeShaker]

I will make an exception and post a chart of the 15 min with my wave count labelled.

For me it was obvious that when we made the 5th wave up we had to go down for a correction to at least the 38% retracement, that level has allready been achieved.

So I will see tomorrow morning with the opening where we might be heading.


Laurent

Thank you Laurent, I couldn't see that pattern without you pointing it out. With a rollover, will that mess the whole thing up?

[Larry22]

Thank you Laurent, I couldn't see that pattern without you pointing it out. With a rollover, will that mess the whole thing up?

Nope nothing change as we have the same wave patterns on june contract.

Laurent

[Larry22]

OK, to help some of you to see what is a perfect text book 5 waves pattern I will post a pick of the ER2 from a tick chart.

You will notice that wave 4 low stopped right where it should (near the top of wave 1) and we also had a DP there, you can also clearly see that we had 5 waves in the third wave (longest one) and for the finish wave 5 stopped right at the DP.

That is why I wrote in a previous post that we had made a 5 wave advance, for me it was clear that we had to make a correction from that point to the 38 % retracement or a bit lower to the DP where we are at now.

I went short from the DP took some partial profits and sold again around 13:25 on a signal based on a lower time frame.

[TAS]

OK, to help some of you to see what is a perfect text book 5 waves pattern I will post a pick of the ER2 from a tick chart..

Thank you Laurent for posting such picture perfect tick chart:cool:... what's the value for your tick BTW?

TAS

[TAS]

Hi Guys

I am testing the new v6.0 here and saw this nice "minor" ABC into the low of the day. What I liked was how this minor abc correction stopped at both WPT support and DP support from the last minor low.

Steve

Hi Steve,

Will U incorporate such minor pattern ABC TS set-ups into your upcoming RT realease for NINJATrader users?... and we are all in beta testing mode for RT for quite a few months. Any particular why U don't put it officially ?

Thanks again for hard work.:)

TAS

[Steve Griffiths]

Hi Guys

Here is a nice short on the 3min NQ, which fitted in perfectly with the larger-degree pattern that a few of you found for a Wave 5 high earlier in the session.....

A nice +7R profit was the result.....

Steve

[Steve Griffiths]

Thank you Laurent, I couldn't see that pattern without you pointing it out. With a rollover, will that mess the whole thing up?

Hi Treeshaker.....

Remember that you can always us MTP EOD to help you identify these Elliott Wave Patterns for you....

As you can see below, MTP automatically found the Wave 5 high, including placing the min Wave 5 WPT on the chart, which nailed the exact high for you.... :)

So you already have all the EW tools you need in MTP, if you do not feel confident about performing your own labelling.

Please remember, MTP uses my "unique isolation approach" to EW counts, in which I keep things simple - no complicated corrections, X-waves or other stuff that just gets re-labeled later. If you need more help on why "standard" EW does not work and why it is far better keeping things simple, please re-read Part 1 of the Trading Course.

I hope this helps ?

Steve

[TAS]

Hi Guys

Here is a nice short on the 3min NQ, which fitted in perfectly with the larger-degree pattern that a few of you found for a Wave 5 high earlier in the session.....

A nice +7R profit was the result.....

Steve

Hi Steve,

After congratulating on this NQ short trade, I must confess ;) I scare about this kind of trade which reverses beyond typical WPT and right at the Maximum WPT, especially this was TS1 and unfolded WITHIN intermediate swing...though I might miss something while a possible high could develop following 5-wave advance...

Thanks and regards,

TAS

[TAS]

PS. with possible ignorance of possible high unfolding yesterday, I would have NO CONFIDENCE to run such NQ trade into close for 7R, still in hindsight, ES already hits DP and moving around before NQ 15:27 3min bar hit its first profit target and BY WHICH TIME the STF was well away from the strength band as we could see...

Well , money talks.... Congrats again for those who spot and manage this trade and achieve the results as per STEVE posted.

TAS

[Steve Griffiths]

PS. with possible ignorance of possible high unfolding yesterday, I would have NO CONFIDENCE to run such NQ trade into close for 7R, still in hindsight, ES already hits DP and moving around before NQ 15:27 3min bar hit its first profit target and BY WHICH TIME the STF was well away from the strength band as we could see...

Well , money talks.... Congrats again for those who spot and manage this trade and achieve the results as per STEVE posted.

TAS

What can I say............. all I can do is give you all the tools to do this, whether you decide to actually follow the MTP guidelines is up to the individual.

This is a perfect example, the "standard MTP guidelines (which are well documented)" says that when the STF strength band is exceeded, to trail using the ATRStop.... that would have held the short tarde into the close for a +7R Profit...

As I say, all I (MTPredictor) can do is give you the tools, whether you decide to follow them it up to the individual....

I am not having a go here, I am just re-stating the standard MTP guidelines for other traders to learn from...

Steve

[TAS]

This is a perfect example, the "standard MTP guidelines (which are well documented)" says that when the STF strength band is exceeded, to trail using the ATRStop....
Steve

Thanks for the quick reply STEVE, should we look at the STF relating to strength band AS SOON AS price reach FIRST profit target??:confused:

TAS

[edfash]

the analogous 5 wave sequence in the ES ended at a DP on the 3200 tick chart, which is an excellent roadmap for intraday trading and wave structure analysis.

[Steve Griffiths]

the analogous 5 wave sequence in the ES ended at a DP on the 3200 tick chart, which is an excellent roadmap for intraday trading and wave structure analysis.

Lovely DP sell at the high :)

Nice one.........

Steve

[kbednar]

[QUOTE=Steve Griffiths;15743]Hi Treeshaker.....

Remember that you can always us MTP EOD to help you identify these Elliott Wave Patterns for you....

As you can see below, MTP automatically found the Wave 5 high, including placing the min Wave 5 WPT on the chart, which nailed the exact high for you.... :)

So you already have all the EW tools you need in MTP, if you do not feel confident about performing your own labelling.

Please remember, MTP uses my "unique isolation approach" to EW counts, in which I keep things simple - no complicated corrections, X-waves or other stuff that just gets re-labeled later. If you need more help on why "standard" EW does not work and why it is far better keeping things simple, please re-read Part 1 of the Trading Course.


Thank You for the reminder, Steve. Sometimes us real time traders get caught up in only the real time program.

Ken:)

[grose]

Do tell, j, do tell! What do americanbulls have to say?!

By the way, big move coming today or tomorrow from the looks of the MO (something I learned from Dr. Robert McHugh).

Hi d-day,

I'm working my way back through posts -- your comment here was very interesting as well. Do you have a specific link where McHugh talks about his work with McClellan Osc, or another resource you'd recommend? Thanks for your comments.

I've been impressed with the posts and trades. A great forum.

Regards,

Gordon

[d-day]

today would not be a Z day despite the strong afternoon trend. Z days follow days that are Open-X/Close-X, which obviously was not yesterday's pattern.

Hi edfash,

Please excuse my further question, but I confess not to be familar with the "Open-X/Close-X" formula/shorthand:confused: . May I ask you to explain it down to the "dummie" level:o ?

Thank you,

d-day

[TreeShaker]

Hi Treeshaker.....

Remember that you can always us MTP EOD to help you identify these Elliott Wave Patterns for you....

As you can see below, MTP automatically found the Wave 5 high, including placing the min Wave 5 WPT on the chart, which nailed the exact high for you.... :)

So you already have all the EW tools you need in MTP, if you do not feel confident about performing your own labelling.

Please remember, MTP uses my "unique isolation approach" to EW counts, in which I keep things simple - no complicated corrections, X-waves or other stuff that just gets re-labeled later. If you need more help on why "standard" EW does not work and why it is far better keeping things simple, please re-read Part 1 of the Trading Course.

I hope this helps ?

Steve

Thanks for that reminder Steve. My problem for EOD is that I don't get futures data for EOD.

[edfash]

sorry for the shorthand. simply refers to a trading day that opens at one end of its range and closes at the other. this would suggest the following day will trade back and forth as market participants try to digest the new area of value.:)

[d-day]

Hi d-day,

Thank you for your detailed explanation. Very useful. I PDF'ed two posts to create a referenceable doc for anyone's/everyone's use.

Regards,

Gordon

Well if I knew you were going to do that I'd have proof read it and filled in a few more blanks lol. Maybe I should taka Rama's advice and write a book (I read somewhere that Booksellers and Systems Vendors make more money selling their wares than they do actually trading :rolleyes: ).

I would add that the TVGR, briefly, that as always, you need to be aware of where both support and resistance are in relation to the gap and to price itself. The proximity of price to S/R will help you determine what to use as an opening range and what is likely to be just noise and subject to whipsaw. As always, be flexible. I break my own rules all the time (albeit usually to my detriment;) )

[G Fryer]

If we fill the gap from the Fed gift on tuesday we will also hit a major DP.

Gillian

[d-day]

If we fill the gap from the Fed gift on tuesday we will also hit a major DP.

Gillian

Do you think we will rally from there, or go through it like the proverbial "hot knife through butter."?

[Eddo]

Greetings - been away for a cpl of days - missed the monster 2 days ago ...... but just gone Long AB on 3 min DP with Divergence :)

chris

[d-day]

sorry for the shorthand. simply refers to a trading day that opens at one end of its range and closes at the other. this would suggest the following day will trade back and forth as market participants try to digest the new area of value.:)


Thanks edfash. So that is, if I am not mistaken, short hand for a trend day. So the initial reaction lower following the gap higher would eliminate Tuesday from having been a "trend day" for Z-day purposes? I'm not agreeing or disagreeing, but trying to understand. As I read Raschke, a trend day typically opens at one end of its range and closes at the other. However, I also read her as suggesting that the market can also open high, pullback, and then rally to close at its high, or open down, rally, and then decline all day and close at its low. In other words, I thought that the open and the LOD or the Open and the HOD did not necessarily have to be one and the same to qualify as a "trend day."

[G Fryer]

Do you think we will rally from there, or go through it like the proverbial "hot knife through butter."?

YOU'RE asking ME??? Wow! So far I haven't been good at predicting the future, although I could see the economic problems a mile away... falling dollar, idiot FED, etc. I digress.

OK, if you look at MTP charts in the EOD system, pull up 10 minute or so, it looks like we are at an EW pivot & DP, so odds are we should rally somewhere to the gap we got this morning... then perhaps the hot knife scenario!

I would have like to see the 3min DP signal have gone a little lower... but it still might pan out. Lets see what happens when it hits the target!

Gillian

[Eddo]

Greetings - been away for a cpl of days - missed the monster 2 days ago ...... but just gone Long AB on 3 min DP with Divergence :)

chris

............ just hit first tgt at opposite DP at around +4.7R -

I should go away more often ! :)

[d-day]

Greetings - been away for a cpl of days - missed the monster 2 days ago ...... but just gone Long AB on 3 min DP with Divergence :)

chris

Great trade Chris - I was short there and stopped and reversed myself. I liked that the DP was up by the falling 50 sma. Now we get to see if the bulls have the power to muscle through and cause the 2nd TVGR failure in a week (I said it was close to Holy Grail trade - but not that it is the Holy Grail trade lol - it fails 5-10% of the time).

MTP nailed that one good and propper!

[Eddo]

Great trade Chris - I was short there and stopped and reversed myself. I liked that the DP was up by the falling 50 sma. Now we get to see if the bulls have the power to muscle through and cause the 2nd TVGR failure in a week (I said it was close to Holy Grail trade - but not that it is the Holy Grail trade lol - it fails 5-10% of the time).

MTP nailed that one good and proper!

Yes indeed it did - nice and simple with everything (except my Trin) in line for a low risk +4R gain - I'am now flat and watching :)

[Raj Kumar]

Thanks edfash. So that is, if I am not mistaken, short hand for a trend day. So the initial reaction lower following the gap higher would eliminate Tuesday from having been a "trend day" for Z-day purposes? I'm not agreeing or disagreeing, but trying to understand. As I read Raschke, a trend day typically opens at one end of its range and closes at the other. However, I also read her as suggesting that the market can also open high, pullback, and then rally to close at its high, or open down, rally, and then decline all day and close at its low. In other words, I thought that the open and the LOD or the Open and the HOD did not necessarily have to be one and the same to qualify as a "trend day."

dday,
Here is one way to quantify a Trend Day:
Up Day: Opens in bottom 20% of days range and closes in top 20% of days range and Range Expansion is atleast > 1.0 * Average True Range of 14 days.
Reverse for Down trend day.
Hope it makes sense....
--Raj

[G Fryer]

All sorts of volume churning at the HOD suggesting a change in trend soon. TRIN & momentum reversing too. We are at another EW pivot... but too far above the last DP.

Gillian

[Eddo]

All sorts of volume churning at the HOD suggesting a change in trend soon. TRIN & momentum reversing too. We are at another EW pivot... but too far above the last DP.

Gillian

It seems to me like the last 20-30 mins of up was on declining volume which looks good in my view for the bears in town?

[Raj Kumar]

Nice Looking TS1 on ES 2 min

[Raj Kumar]

FAiled TS1 could lead to retest of Lows IMHO....Else watch out here comes Highs....Gonna trail Stop on partials using ATRStop Close, 0 Ratchet...Do or Die spot here.....If TS1 failure, gonna do a Failed TS1 Setup
Good Luck

[Eddo]

FAiled TS1 could lead to retest of Lows IMHO....Else watch out here comes Highs....Gonna trail Stop on partials using ATRStop Close, 0 Ratchet...Do or Die spot here.....If TS1 failure, gonna do a Failed TS1 Setup
Good Luck

yup - the thing which is still troubling me about the Long side at the moment is the lack of volume - but good luck to you :)

[edfash]

certainly no one would disagree that tues was a trend day in every sense of the word, the market breadth trended up every single 15 min bar, even when the market was correcting down from the large opening gap. the only reason the following day would not be considered a Z day in the LBR definiton of such, is that the probabilities of trades on both sides of the opening price are lessened by that type of price action as oppossed to price action that is unidirectional from open to close. this is based upon their research, not opinion.

[richbois]

yup - the thing which is still troubling me about the Long side at the moment is the lack of volume - but good luck to you :)

could it be the lack of volume is due to lunch time

[edfash]

this is a 15 min bar chart of vold (the difference between up volume and down volume). the chart shows about the past 5 sessions, the session heading up is tues. this clearly suggested that price would head back up after the correction back from the gap. a trend in this indicator is very powerful.

[Larry22]

Sorry to just post now but I was busy this morning beside trading of course. :D

If you all remeber from yesterday's post I had post a pic of the ER2 with a 5 wave advance, so from there what can we expect, the 5 wave can be labeled as 1A we probably finished the down correction or a big A wave. From there we are either in a B wave that has to retrace more then 50% from the top of wave 5 (currently 78%) or we currently are in wave 3C (if so new high has to occured).

Only time and minor waves will tell us, but for sure you had to be on the buy side once you had that 3 min DP and that we broke the high at 661.2.

I hope my explanations are clear enough as sometimes I forgot that not everyone can see and understand wave patterns the way I see it.


Laurent

[scooper]

Just took an advanced trade with filters 2+2 off and STF off on the ES 3 Min. My first so I was very nervous about it. I saw the DP lows and they were so close to the 15 Min DP it just looked like a likely candidate for a swing reversal

Anyway, with today having been a bit hit and miss (stuffed up my order on the DP low and so only took a v.small profit just before it rocketed) I thought I should bail at first profit target. Man was I wrong I left double the profit on the table. :mad:

Anyway, I managed a 2.1R profit. Hope you other MTPers caught this ripper.

Makes me 7.4R this week.

[Stefan61200]

I am a little bit frustrated. Yesterday and today I got stopped out at the 3 mins ATR Stop in the lunch lack. With the 5 mins ATR Stop both trades were running until end of day.

Are you guys "always" use the ATR Stop of a higher time frame.

Thank you
Stefan

[scooper]

I am a little bit frustrated. Yesterday and today I got stopped out at the 3 mins ATR Stop in the lunch lack. With the 5 mins ATR Stop both trades were running until end of day.

Are you guys "always" use the ATR Stop of a higher time frame.

Thank you
Stefan

Hi Stefan

I use ATR of the timeframe the trade was taken on but I am flexible to change to low of last bar etc if I see a potential reversal area.

The higher time frame ATRs in my testing only work when you have a run away day (like yesterday and now today). The other 70% of the time the same time frame ATR will do a good job when you feel the trade may run some more.

BTW exits are the hardest task in trading.....knowing how to exit and when. Look at my last trade. That sucker is at about 8R on the same time frame ATR and I only took 2.1R in case my instincts were wrong.

These sorts of skills will take time to practice and master. I'm getting better and you will too. I review all my trades at the end of the day and see if I could have managed them better. If you do this you will double the amount of trading experience you get and your brain will eventually be able to advise on when to switch up or down. I am not in Steve Griffiths league yet or some of the others who post but its working for me and I'm improving all the time.

Good luck
Steve

[Stefan61200]

Hi Stefan

I use ATR of the timeframe the trade was taken on but I am flexible to change to low of last bar etc if I see a potential reversal area.

The higher time frame ATRs in my testing only work when you have a run away day (like yesterday and now today). The other 70% of the time the same time frame ATR will do a good job when you feel the trade may run some more.

BTW exits are the hardest task in trading.....knowing how to exit and when. Look at my last trade. That sucker is at about 8R on the same time frame ATR and I only took 2.1R in case my instincts were wrong.

These sorts of skills will take time to practice and master. I'm getting better and you will too. I review all my trades at the end of the day and see if I could have managed them better. If you do this you will double the amount of trading experience you get and your brain will eventually be able to advise on when to switch up or down. I am not in Steve Griffiths league yet or some of the others who post but its working for me and I'm improving all the time.

Good luck
Steve

Hi Steve,

thanks a lot for your encouraging words. Its true the exit is the hardest part in trading. I will do my home work later on and see what will come tomorrow.

Good luck
Stefan

[Steve Griffiths]

Hi Steve,

My advice is keep on watching the markets, day in and day out. There is no short-cut for experience. But you have the right attitude here, so keep on watching and learning....

Steve

[grose]

...but its working for me and I'm improving all the time.

Good luck
Steve

Hi Steve,

At > 7R for the week, assuming 1R = 2%, I'd say you're doing just fine! :)

Gordon

[scooper]

Hi Steve,

At > 7R for the week, assuming 1R = 2%, I'd say you're doing just fine! :)

Gordon

Hi

Thanks!

Actually I'm only at 1% risk until I have a whole completed month with no mistakes. Still not bad in terms of cash though! If it was 2% I could take the rest of the month off but then again you have to make hay while the sun shines as they say:)

Seriously, though I'm very pleased but it has been a long hard path to tread and even more challenges await I'm sure. This time I am ready though and I'm trying to hone my techniques curve skills which is the edge I think every trader needs.

Here's to you getting some more R's in the bank as well.....:D

[Larry22]

As you all know Russell and Nasdaq have different wave counts then the S&P and Dow Jones.

I have played a little with the MTP eod software and found this possible weekly wave count on the Russell we could have finished the wave 3 leg as we have 5 minor waves unless of course we make extensions but this could also means that we will go much higher, as usual only time and waves will tell us.

I will post later a possible wave count on the Nasdaq.


Laurent

[Larry22]

Nasdaq seems to have made 5 waves down, we can notice wave 3 and 5 stopped at their targets.

This wave count could also be labelled wave 1, 2 and wave 3 subdividing in a 5 waves

So are we due for a big correction ???


Laurent

[d-day]

By the way, for anyone who has been following the TTT cycle, today is Short Sale Day. The cycle sometimes gets a bit out of line with price action, but this is why once you find the cycle, you should rarely, rarely "re-set" it. It always re-asserts itself after a short period of time. At least hat has been my experience since last June.

I hope many of you were either short at the DP/Divergence prior to the open or at least got short at the open when we hit right at the DP's. And if you did get short, I sure hope you took some profits - when the market offers you a windfall, ATR be darned, take the money and run.

Have a good weekend.

d-day

[scooper]

By the way, for anyone who has been following the TTT cycle, today is Short Sale Day. The cycle sometimes gets a bit out of line with price action, but this is why once you find the cycle, you should rarely, rarely "re-set" it. It always re-asserts itself after a short period of time. At least hat has been my experience since last June.

I hope many of you were either short at the DP/Divergence prior to the open or at least got short at the open when we hit right at the DP's. And if you did get short, I sure hope you took some profits - when the market offers you a windfall, ATR be darned, take the money and run.

Have a good weekend.

d-day

Its a shame I did not see a valid signal on my 3/5 min charts as I would love to have been on that train:eek:

[Raj Kumar]

By the way, for anyone who has been following the TTT cycle, today is Short Sale Day. The cycle sometimes gets a bit out of line with price action, but this is why once you find the cycle, you should rarely, rarely "re-set" it. It always re-asserts itself after a short period of time. At least hat has been my experience since last June.

I hope many of you were either short at the DP/Divergence prior to the open or at least got short at the open when we hit right at the DP's. And if you did get short, I sure hope you took some profits - when the market offers you a windfall, ATR be darned, take the money and run.

Have a good weekend.

d-day

Easier said d-day...Say u shorted @1324, where would you cash in? 10, 00, 90, 80? I trailed partials on 1 min ATR and got stopped out @94.5 and rest trailing around 5 min ATR...
If i am stopped out @12 on rest of 5 min ATR, so be it....But what is to say it wont go to 1263? Thought the purpose of DP is to ride on until you are stopped out...But again i may be totally wrong but atleast i am riding it :-)
Have a good Weekend...

[d-day]

Easier said d-day... Thought the purpose of DP is to ride on until you are stopped out...But again i may be totally wrong but atleast i am riding it :-)
Have a good Weekend...

Let's make an agreement. I won't talk to you, and you don't talk to me. If you can curb your arrogant attitude, maybe I'd reconsider. But I find your superiority complex very unpleasant.

And please, no more melodramatic "exits" from the forum. It is quite tiresome seeing someone post seven or eight times that he is leaving and never coming back, and yet each time he comes back (not that I blame you - it is a great forum). It is a free country, and I never told anyone, including you, not to post. Even if were so inclined as to say such a thing (and I'm not) it is not my forum. So you keep doing whatever it is you want to do, but leave me out of it. Fair enough?

[d-day]

Its a shame I did not see a valid signal on my 3/5 min charts as I would love to have been on that train:eek:

Hi Scooper,

You do not always need to wait for the auto DP to signal. Many times the manual DP's are very profitable. Also, in case you were not aware of it, Steve has a video on an "Opening DP Set-up." I posted the link here in the past. If I can find it, I will re-post it.

Good luck,

d-day

[d-day]

Hi Scooper,

Also, in case you were not aware of it, Steve has a video on an "Opening DP Set-up." I posted the link here in the past. If I can find it, I will re-post it.




Here you go ...

http://www.mtpredictor.com/SlideShows/DP-Dec8-2/DP-Dec8-2.html

[d-day]

Hi Scooper,

You do not always need to wait for the auto DP to signal. Many times the manual DP's are very profitable. Also, in case you were not aware of it, Steve has a video on an "Opening DP Set-up." I posted the link here in the past. If I can find it, I will re-post it.

Good luck,

d-day


Here are two screen shots Scooper - one shows the manual DP short in the pre-market ER2 3 minute (24 hour chart)

The second shows the opening DP on the 15 minute ER2 (day session only chart). It also shows we are likely ready to drop again, at least to a lower time frame DP.

[Raj Kumar]

Let's make an agreement. I won't talk to you, and you don't talk to me. If you can curb your arrogant attitude, maybe I'd reconsider. But I find your superiority complex very unpleasant.

And please, no more melodramatic "exits" from the forum. It is quite tiresome seeing someone post seven or eight times that he is leaving and never coming back, and yet each time he comes back (not that I blame you - it is a great forum). It is a free country, and I never told anyone, including you, not to post. Even if were so inclined as to say such a thing (and I'm not) it is not my forum. So you keep doing whatever it is you want to do, but leave me out of it. Fair enough?

d-day, This is MTP FORUM. Show me one place, one little document, one little small video snippet, where Steve or anyone from MTP says take your profits and run as opposed to trailing Stop and I WILL QUIT TRADING.
The reason i came back on to the forum is:
1. Got replies like this from people on the forum;
<<Sorry that you are not posting further. I am not one sided, and I believe the more input and discussion on any given topic is worth exploring>>
2. This is MTP forum and not d-day Show...
I have trraded using those systems that produce 80% win/losss ratios only to get killed on that 1 bad loss or missed fills. This what we have at MTP is the real Grail. Keeep your losses small and capture the big Wins. By cutting off the Big Wins, one is doing the opposite which is not good.....
Who knows...What today will bring...We may have one of those Outlier Days where market goes LIMIT DOWN. Atleast i have a position in the market and if stopped out so be it....Atleast i am not going to be a spectator watching the market fall....
BTW...No where have i been arrogant..I just asked you a simple question, where did you cover your Shorts? Thats all...
And after this, i take your deal....No more reference to you ...
--Raj

[scooper]

Here are two screen shots Scooper - one shows the manual DP short in the pre-market ER2 3 minute (24 hour chart)

The second shows the opening DP on the 15 minute ER2 (day session only chart). It also shows we are likely ready to drop again, at least to a lower time frame DP.

Hi dday

Yes, I saw the 15 min DPs as part of my preparation and I could see we were at DP levels. I just did not get a sell bar on any of ES (thats my concentrated market at the moment) 3/5 min charts - I was actually keenly awaiting one but they never came - in fact the first 2 bars are blue!

I like your pre open trade but I was not looking to trade pre-market. That's something I will now add to my arsenal as it looks like theres an opportunity there going begging. And if that's the ride you got that's a corker, maybe you could cut and past your fills from an account screen (hiding the balances naturally) for us to admire! I would say that's the trade of a lifetime - print it out and frame it. Well done dude!!!

So far I have managed only 1R today on my own non MTP entry. No point showing that to anyone as it was a simple stochastic short term divergence. I was hoping it would run but with the way this market is moving each bar can be 6 or 7 s&p points.

S

[G Fryer]

Hi dday

Yes, I saw the 15 min DPs as part of my preparation and I could see we were at DP levels. I just did not get a sell bar on any of ES (thats my concentrated market at the moment) 3/5 min charts - I was actually keenly awaiting one but they never came - in fact the first 2 bars are blue!

(snip)

S

I have red sell bars on the ER (4th bar after open on the 3min) & NQ (3rd bar after the open), but not for over another hour on the ES & YM. Different data sources seem to be the culprit.

Gillian

[d-day]

d-day, This is MTP FORUM. Show me one place, one little document, one little small video snippet, where Steve or anyone from MTP says take your profits and run as opposed to trailing Stop and I WILL QUIT TRADING.
The reason i came back on to the forum is:
1. Got replies like this from people on the forum;
<<Sorry that you are not posting further. I am not one sided, and I believe the more input and discussion on any given topic is worth exploring>>
2. This is MTP forum and not d-day Show...
I have trraded using those systems that produce 80% win/losss ratios only to get killed on that 1 bad loss or missed fills. This what we have at MTP is the real Grail. Keeep your losses small and capture the big Wins. By cutting off the Big Wins, one is doing the opposite which is not good.....
Who knows...What today will bring...We may have one of those Outlier Days where market goes LIMIT DOWN. Atleast i have a position in the market and if stopped out so be it....Atleast i am not going to be a spectator watching the market fall....
BTW...No where have i been arrogant..I just asked you a simple question, where did you cover your Shorts? Thats all...
And after this, i take your deal....No more reference to you ...
--Raj

You are an unpleasant, angry person. You have succeeded in making this an unpleasant, angry place. I only asked that you leave me alone, and pretend I am not here.

You ought to take the time to read what other folks post before you respond. And you certainly ought to read what you write before you post it.

You didn't need to have said anything at all. If you did feel compelled to say something, the last line would have been sufficient.

[scooper]

I have red sell bars on the ER (4th bar after open on the 3min) & NQ (3rd bar after the open), but not for over another hour on the ES & YM. Different data sources seem to be the culprit.

Gillian

Hi

Yes I have the ER red bar but it was a little too far from the DP for me. Also, the R/R at the first decision point when calculated gave me a 1.1R/R ratio so no go for me.

The NQ 3 Min had a R/R of 1.5 so no go as well.

Both turned out to be flyers of course but I have to control my risk or my backside is toast:D

Steve

[Steve Griffiths]

Guys,

I agree that you ought to both ignore each other, you both have things to say that many others on the Forum would like to hear, so please keep posting, just ignore what each other has written.

That will then be good for all concerned.

Steve

[Steve Griffiths]

PS.........

Yes Steve does talk about "simply banking profits" when the markets gives you a "gift" but only when you are sitting on a good profit (in terms of a high R/R). This is an advanced technique that I have covered in the past.

Steve

[scooper]

Took the TS3 on the 3 Min ES (short at 1297.5) and decided to manage with ATR stop as we have a good ranging day. This time it got took out by a mega 9 point bar and now I sit here and watch the sucker fall. If I had flipped the coin the other way and used std guidelines I would have some nice extra R's in my account now.

Its hard pick what to use as an exit strategy and this just goes proves it's not about the entries but the exits!

And on that note I have to go out and I end my first week back in full time trading at 8.73R net. Good trading everybody and have a great weekend.

[Raj Kumar]

How Low can ES go? The Daily TS3 has Typical Wave 3 Profit Target at 1274.5 and a Maximum Wave 3 Profit Target of 1198. If 5 min ATRStop does not flip over, could expect atleast 1274.5 and if a DP develops at that level, would be very interesting....

[TAS]

In 1 min TS4 sell on Er2, see how we go from here.

TAS

[TAS]

In 1 min TS4 sell on Er2, see how we go from here.

TAS

out... not with me... move on...

TAS

[jjc]

bear stearns bail out right at dp - good timing, huh

[d-day]

bear stearns bail out right at dp - good timing, huh


Amazing how many "surprise" news announcements occur at DP's, isn't it? lol

Hey j, I thought maybe we'd get a bullish dragon today, but all the er2 gave us was a sick dachshund. I think he's about ready to get "sick to his stomach," to put it nicely.

[d-day]

Show me one place, one little document, one little small video snippet, where Steve or anyone from MTP says take your profits and run as opposed to trailing Stop and I WILL QUIT TRADING.
--Raj






PS.........

Yes Steve does talk about "simply banking profits" when the markets gives you a "gift" but only when you are sitting on a good profit (in terms of a high R/R). This is an advanced technique that I have covered in the past.

Steve

:rolleyes: :rolleyes: :rolleyes:

[jjc]

Quote:
Originally Posted by Raj Kumar
Show me one place, one little document, one little small video snippet, where Steve or anyone from MTP says take your profits and run as opposed to trailing Stop and I WILL QUIT TRADING.
--Raj







Quote:
Originally Posted by Steve Griffiths
PS.........

Yes Steve does talk about "simply banking profits" when the markets gives you a "gift" but only when you are sitting on a good profit (in terms of a high R/R). This is an advanced technique that I have covered in the past.

Steve


raj - its a shame you have retired from trading, it was fun while it lasted, huh?

[Raj Kumar]

Quote:
Originally Posted by Raj Kumar
Show me one place, one little document, one little small video snippet, where Steve or anyone from MTP says take your profits and run as opposed to trailing Stop and I WILL QUIT TRADING.
--Raj

Quote:
Originally Posted by Steve Griffiths
PS.........

Yes Steve does talk about "simply banking profits" when the markets gives you a "gift" but only when you are sitting on a good profit (in terms of a high R/R). This is an advanced technique that I have covered in the past.

Steve


raj - its a shame you have retired from trading, it was fun while it lasted, huh?

Ok....Just think for a second....What was the trade for the Day...Sell Short as the market opened near the 15 min DP in ER. So what was the Goal for the trade? Opposite DP on 15 min. Has the market hit that level today? No Sir...When the Goal/Objective for the trade is not met, isnt it too premature to close out a position? I know what a gift trade is...I have had one today in ES....Did i close it out early? No sir....I waited for the market to stop me out on 5 min ATRStop. Why? Because i am using Lower Timeframe Risk and Targeting a Higher Timeframe Setup.
Also, what is a Gift Trade? Is a 5R a gift trade, a 10R, a 15R or a 20R. Remember the outlier example that Steve showed in DAX about a 10+R Trade?
If your definition of a Gift is 5, 6, or 7R then u wouldnt have caught the entire trade.
When the market hit the low, the STF was at lows. There was no divergences and the markets did not hit the opposite 15 min DP level.
So, i still stick to my point....
--Raj

[grose]

Nasdaq seems to have made 5 waves down, we can notice wave 3 and 5 stopped at their targets.

This wave count could also be labelled wave 1, 2 and wave 3 subdividing in a 5 waves

So are we due for a big correction ???


Laurent

Hi Larry,

The issue with these wave counts, imo, is that they get you thinking about what the market "should/will do" -- predicting imo is counter productive! People wish they could "predict" - and in reality, they can't, but still buy into the notion they "should" be able to -- especially if they work *hard* at it (just more energy focused on resisting the market). If it's done to provide a framework for observing and reacting to current action, then yes, I understand -- but it's a significant challenge for a human being to divorce himself from an opinion he's labored to arrive at -- will the market throw his labor into the wind and go off in another direction? Of course it will. It probably will. But the laborer, how does he abandon his "work"? If he has an opinion, he's created two sides -- the market's side and his side. If the market moves counter to "his" side, then it becomes the "enemy"!! Imagine!! His friend, or at least a neutral party, treated as an enemy! This has nothing, nothing whatsoever to do with this particular analysis, the method of the analysis, or your post. It's just that I read your post, and my immediate reaction was, did I really want to know this stuff? Would it help me make money? Or could it slow me down -- even just a little -- if the time came where things began to unfold in a way that was very or totally different from the analysis I had read and potentially bought into -- and at this moment it was immediately time to shed my opinions and move on? Shedding biases takes time, but the market waits for nothing and no one.

Thank you for your post for stimulating this thinking. I just wanted to share my reactions (or were they ramblings :) Perhaps the beauty of this thing they call "isoation" is that it sets up and ultimately expires one way or the other in a short period of time, and then the game is reset. No baggage. Again, please, please do not take me the wrong way or any offense whatsoever -- I think it's useful to know whether you're in a bear or a bull market, but not much more. I don't know if it's possible -- or more important -- useful -- to think about more than that (possibly less?).

Again, if I haven't been clear about one key fact in any way -- these are just my ramblings.

Gordon

[d-day]

The issue with these wave counts, imo, is that they get you thinking about what the market "should/will do" -- predicting imo is counter productive! People wish they could "predict" - and in reality, they can't, but still buy into the notion they "should" be able to -- especially if they work *hard* at it (just more energy focused on resisting the market). If it's done to provide a framework for observing and reacting to current action, then yes, I understand -- but it's a significant challenge for a human being to divorce himself from an opinion he's labored to arrive at -- will the market throw his labor into the wind and go off in another direction? Of course it will. It probably will. Gordon


as usual only time and waves will tell us.
Laurent

I know I may seem always to be splitting semantical hairs here, but I have never sensed that Laurent's wave counts are meant to "predict" so much as they enable the trader to anticipate potential price action based upon what is most likely, next most likely, least likely. Laurent always concludes his presentations similarly to the above referenced quote - only time will tell.

MTPredictor EOD, for example, is a great tool to use for working out possible wave counts, profit objectives, etc. Although Steve no longer publishes his daily report (shame on him ;) ), those who used to read it remember that the first section of the report included an analysis of the previous day's price action using MTP and Steve would provide likely scenarios based upon that analysis. Not forecasts, not predictions, but analysis that helped determine the odds.

In addition to MTPredictor, I also use TTT to try to anticipate what the likely trend for a given day may be. Does it always correctly determine price action in advance? Of course not ... but it is right more often than wrong; and when price does something other than what was anticipated, that in and of itself is an important piece of information.

jjc uses point and figure charts to determine significant support and resistance levels. This enables him to anticipate the most likely course for price to take if and when it reaches a certain level. Does it always rally off support or decline away from resistance? Of course not ... but knowing that a significant support/resistance level has just been breeched is an important piece of intelligence.

All this to say that what all of we little folks is looking for is an edge, something to help give us a slight advantage against the competition. I for one have learned and continue to learn from Larry's approach to wave analysis. None of us adhere to a dogmatic view of what is going to happen. For example, the Trader Vic Gap Rule is 90-95% accurate, and yet twice in the last week and a half, the market has acted contrary to what one would have anticipated had the TVGR played out as expected. So, do I toss the TVGR outand forget about it? NO. It is an edge, it will accurately allow you to anticipate the day's trade far more often than it will be wrong. It is an edge.

What to do? Well, the nice thing about MTPredictor and wave analysis, TTT, PnF charting, and observations such as the TVGR is that in each case, we have a potential scenario, and we have a point at which we know we are wrong. Again, that, in and of itself, is an incredible edge.

[Larry22]

Hi Larry,

The issue with these wave counts, imo, is that they get you thinking about what the market "should/will do" -- predicting imo is counter productive! People wish they could "predict" - and in reality, they can't, but still buy into the notion they "should" be able to -- especially if they work *hard* at it (just more energy focused on resisting the market). If it's done to provide a framework for observing and reacting to current action, then yes, I understand -- but it's a significant challenge for a human being to divorce himself from an opinion he's labored to arrive at -- will the market throw his labor into the wind and go off in another direction? Of course it will. It probably will. But the laborer, how does he abandon his "work"? If he has an opinion, he's created two sides -- the market's side and his side. If the market moves counter to "his" side, then it becomes the "enemy"!! Imagine!! His friend, or at least a neutral party, treated as an enemy! This has nothing, nothing whatsoever to do with this particular analysis, the method of the analysis, or your post. It's just that I read your post, and my immediate reaction was, did I really want to know this stuff? Would it help me make money? Or could it slow me down -- even just a little -- if the time came where things began to unfold in a way that was very or totally different from the analysis I had read and potentially bought into -- and at this moment it was immediately time to shed my opinions and move on? Shedding biases takes time, but the market waits for nothing and no one.

Thank you for your post for stimulating this thinking. I just wanted to share my reactions (or were they ramblings :) Perhaps the beauty of this thing they call "isoation" is that it sets up and ultimately expires one way or the other in a short period of time, and then the game is reset. No baggage. Again, please, please do not take me the wrong way or any offense whatsoever -- I think it's useful to know whether you're in a bear or a bull market, but not much more. I don't know if it's possible -- or more important -- useful -- to think about more than that (possibly less?).

Again, if I haven't been clear about one key fact in any way -- these are just my ramblings.

Gordon

I understand your point of view, that's why I've mentioned it before and will remind again that these analysis are only one view as the possibility of where the market can go.

Elliott wave analysis can be interpreted differently as you have people analysing it. There is one sure thing at certain price levels and waves you will get reactions that is only what I try to show.

That is one of the reason why I won't post live intraday wave counts as even if I have a wave pattern you can allways have extension and to see that you need to be able to read waves and this this takes years.

I trade waves patterns with DP, retracements and projections if I don't have both then I don't take the trade. I also know that I will most likely allways have a reaction from where I buy or sell then it is up to me to manage my trades.

Does it help me to have possible scenario :rolleyes: , did I sell near the high at the opening today ;) did I predict that we would possibly make a new high in the ER2 2 days ago.

All I do is deal with probabilities just like MTP software does.

I sure invite you to follow the system that Steve has put in place as this is a very good one, I follow it too, the only difference is that sometimes I don't take some of the signals if I think the market is heading the other way but again this is a risk that I can live with even if I'm wrong sometimes. Nobody is perfect and can be right 100% of the times otherwise I would have allready retired from trading and enjoying all the money that I would have made. :D

[d-day]

Quote:
Originally Posted by Raj Kumar
Show me one place, one little document, one little small video snippet, where Steve or anyone from MTP says take your profits and run as opposed to trailing Stop and I WILL QUIT TRADING.
--Raj







Quote:
Originally Posted by Steve Griffiths
PS.........

Yes Steve does talk about "simply banking profits" when the markets gives you a "gift" but only when you are sitting on a good profit (in terms of a high R/R). This is an advanced technique that I have covered in the past.

Steve


raj - its a shame you have retired from trading, it was fun while it lasted, huh?


"What we've got here is, failure to communicate. Some men, you just can't reach. So, you get what we had here last week ... which is the way he wants it. Well, he gets it. I don't like it anymore than you men." Captain, Cool Hand Luke

[TAS]

Long ES pre-market at 1259.75, initial stop loss 1252, which is 1 point below globex low.

TAS

[TAS]

Move my stop to 1260.5, which is 1 tick below the opening low, and if luck being not just take 3 ticks profit, I might hunt for my forst profit target 1275.25, which is 1 tick below Friday's low, let's see how market pans out...

Good luck to all who long the market right now....:)

TAS



Long ES pre-market at 1259.75, initial stop loss 1252, which is 1 point below globex low.

TAS

[TAS]

Trade as planned, I have taken half off at 1275.25, and I won't change the stop for the rest until market proves otherwise, anyway, being flexible with the balance...

TAS


Move my stop to 1260.5, which is 1 tick below the opening low, and if luck being not just take 3 ticks profit, I might hunt for my forst profit target 1275.25, which is 1 tick below Friday's low, let's see how market pans out...

Good luck to all who long the market right now....:)

TAS

[AndyvB]

Great Trade TAS!!!

[TAS]

Thanks AndyvB, so far on the 3min I don't see where the swing low is, when such is turning out, I might move the stop for the rest to 1 tick below that, and again IF LUCKY, hope to be flat at 1293.75 level...

Did U long from the open? It looks we had DP with divergence on several markets as well...

TAS

Great Trade TAS!!!

[TreeShaker]

Long ES pre-market at 1259.75, initial stop loss 1252, which is 1 point below globex low.

TAS

How did you determine your point of entry?

[TAS]

Hi TreeShaker Friend,

ES hits 60min DP and bounce up overnight, my entry is based on 1 tick above 8:48 EST 3min bar , when I see a blue buy bar and most importantly the ONLY divergence on the way down from globex high.

Good luck to U as well.

TAS



How did you determine your point of entry?

[Steve Griffiths]

Trade as planned, I have taken half off at 1275.25, and I won't change the stop for the rest until market proves otherwise, anyway, being flexible with the balance...

TAS

Great trade TAS - well done :)

Steve

[TreeShaker]

Hi TreeShaker Friend,

ES hits 60min DP and bounce up overnight, my entry is based on 1 tick above 8:48 EST 3min bar , when I see a blue buy bar and most importantly the ONLY divergence on the way down from globex high.

Good luck to U as well.

TAS

I'm glad for you that your trade is working just as you had planned it, but at the risk of appearring stupid, I still don't understand how you made that entry. Do you think that maybe you could post a chart, time permitting?

[TAS]

I'm glad for you that your trade is working just as you had planned it, but at the risk of appearring stupid, I still don't understand how you made that entry. Do you think that maybe you could post a chart, time permitting?

Hi TreeShaker,

Due to some PC problem I can't draw the chart out for U right now until I re-start it some time after today's session if U don't mind, also by the way as U may have noticed I have been stopped at 1260.5 for 3 ticks profits on another half positon. All in all, executed as per my plan.

Cheers,

TAS

[durgesh147]

Ideal DP setup

[Steve Griffiths]

Hi Durgesh.

Brilliant call.................. and made "at the time" (no hindsight ;) )

Now zooming up, blitzed straight though the target and still going...

Brilliant

Steve

[TAS]

Hi STEVE,

I guess U would include today's session into this Wednesday's webinar, i.e., big picture buy overrides short-term sell set-ups... for example, I have seen consecutive 4 losses in the past 45 minutes on ES if people just took the signal blindly...couples of losses on YM, NQ and ER2 as well today on the short side...same reason...

TAS

[d-day]

So just how many folks retired at the end of last week?

[jands]

So just how many folks retired at the end of last week?

I think they are lurking like me:D

Jim

[TreeShaker]

So just how many folks retired at the end of last week?

Are you refering to the forum?

[d-day]

Are you refering to the forum?

Yes, WoodPecker, it has been quite quiet of late.

[Larry22]

Yes, WoodPecker, it has been quite quiet of late.


Very quiet indeed.

Is it a fly that I just heard. :D

[TAS]

Yes, WoodPecker, it has been quite quiet of late.

I sincerely wish it's just because we can do nothing at moment...

TAS

[Larry22]

I sincerely wish it's just because we can do nothing at moment...

TAS

Hard to trade if you look at the 3 min charts, but based on my time frames charts, I sold near the top at the opening and bought the correction based on wave analysis. ;)


These trades are based on advanced trading and years of Elliott wave studies.


Laurent

[AndyvB]

With no or few reactions and gap up or down at open so often, these days are really hard to trade...well i have had very few trades lately...such is life and the good times will return, sooner than we think!

[G Fryer]

Are we waiting for the Fed? That's another 2.5 hours!

BTW, we are pushing past the DP of the 3/14 high.

Gillian

[TAS]

With no or few reactions and gap up or down at open so often, these days are really hard to trade...well i have had very few trades lately...such is life and the good times will return, sooner than we think!

Yes Indeed, this might make more sense of looking at 24 hour tick chart, which removes the session opening gap up/down obviously, and of course this is beyond MTP, I did pre-open buy yesterday and agree I don't have much expertise today to trade waves as top classs student Larry did today.

Good luck ALL.

TAS

[Larry22]

Yes Indeed, this might make more sense of looking at 24 hour tick chart, which removes the session opening gap up/down obviously, and of course this is beyond MTP, I did pre-open buy yesterday and agree I don't have much expertise today to trade waves as top classs student Larry did today.

Good luck ALL.

TAS

The top wasn't obvious but if you look at a ER2 500 tick charts you will see that MTP caught the end of the c wave but to see it in details you would have to go on a smaller scale.

I wouldn't trade without these tick charts still I look at 15 and 60 min. charts also for the bigger picture.

Laurent

[TAS]

The top wasn't obvious but if you look at a ER2 500 tick charts you will see that MTP caught the end of the c wave but to see it in details you would have to go on a smaller scale.

I wouldn't trade without these tick charts still I look at 15 and 60 min. charts also for the bigger picture.

Laurent

Much appreciate Larry for briefing, learning now...:D

TAS

[Larry22]

Well that's it for me as I have an appointment this afternoon, I just took profits from the TS2 long earlier on the ER2.

God luck to everyone who are still long.


Laurent

[Larry22]

Much appreciate Larry for briefing, learning now...:D

TAS


Tas I hope you were able to buy the LOD based on the tick charts I referred this morning. I came back around 2:30 ET and was able to buy the TS2 + DP and follow the trade with the ATR up to a new high then I had to bail out as I had no more electricity. :(

Good thing I have a ups, as it gave me time to liquidate my position and then shut down the computer, the power only came back around 5:00 pm ET.


Laurent

[d-day]

Does everyone know what today is?

[d-day]

Why - it's Short Sale Day!

[edfash]

the 3200 tick chart is a consisatntly excellent market roadmap. the thick white line is a 2.618 extension of the first wave, and is an excellent exhaustion level. the setup on the YM is a manual DP which coincides with the 3200 DP and exhaustion level.

[d-day]

the 3200 tick chart is a consisatntly excellent market roadmap. the thick white line is a 2.618 extension of the first wave, and is an excellent exhaustion level. the setup on the YM is a manual DP which coincides with the 3200 DP and exhaustion level.



Hi edfash,

Thanks for those charts. I always learn something fresh from the posts of you and Laurent.

Thank you,

David

[Steve Griffiths]

Hi Guys

I hope some of you managed to attend my Advanced Webinar today - where I looked at the 15min chart of the Dax in relation to its 3 (and 5) trade entries....

http://www.mtpredictor.com/support/Webinars2.html

Notice anything similiar to the chart below on the 15min YM and as such did any of you wonder why the 3min buys failed ?

Steve

[Steve Griffiths]

Why - it's Short Sale Day!

Hi David.

Fits in nicley with the 15min Chart above..........

Nice to be in Sync...

Steve

[Steve Griffiths]

the 3200 tick chart is a consisatntly excellent market roadmap. the thick white line is a 2.618 extension of the first wave, and is an excellent exhaustion level. the setup on the YM is a manual DP which coincides with the 3200 DP and exhaustion level.

Hi Edlash.

A good call there, and again fits in with the Bearish stance a few of us have here today on the markets....

Nice one

Steve

[TAS]

Hi Steve,

So 'nice' to see how a few buy set-ups failed in their own way, again wonderful educational webinar to guide 'general' market direction early today...

Thank you.

TAS




Hi David.

Fits in nicley with the 15min Chart above..........

Nice to be in Sync...

Steve

[Larry22]

Hi Guys

I hope some of you managed to attend my Advanced Webinar today - where I looked at the 15min chart of the Dax in relation to its 3 (and 5) trade entries....

http://www.mtpredictor.com/support/Webinars2.html

Notice anything similiar to the chart below on the 15min YM and as such did any of you wonder why the 3min buys failed ?

Steve

Yup I had 5 waves up on the ES and ER2 also that's why today was a day to be short, long were doomed to be stopped.

I'm glad that you showed the chart Steve so people can realize that when you have a good wave count with potential trend then trading becomes easier.

Laurent

[edfash]

5 waves up yesterday, 5 waves down today.

the projection if a 5 wave move developed as soon as the first wave completed was 1299.75 (a 2.618 extension of wave 1). once the market turned down from the completion of wave 4, a displacement of wave 1 onto the wave 4 high would suggest 1304 (a 1:1 displacement) to 1297.5 (a 1.382 displacement). the overlap and close proximity of the pink (1.382) to the white exhaustion fib would make that the prime target. also note the perfect symmetry in the 2 corrective waves.

after completing a 5 wave move one would expect the market to retrace .786 of the 5th wave. the cyan line represents this retracement from yesterday's wave 5. note that today's wave 3 stopped there exactly with nice divergence of the 3/10 macd oscillator.

another interesting pattern that suggested that 1306.5 would be important is the projection off the h&s top. when different techniques point to the same support/resistance zones they clearly take on added importance.

have a great night everyone.

[d-day]

once the market turned down from the completion of wave 4, a displacement of wave 1 onto the wave 4 high would suggest 1304 (a 1:1 displacement) to 1297.5 (a 1.382 displacement).

Hi edfash,

I do appreciate the wave analysis provided by Laurent and yourself. I am still a novice elliotician, and I was wondering if you might be able to explain what you mean by "displacement of wave(s)." Or if there is a text to which you would refer me where wave displacement is discussed with examples.

Thank you again for your valuable posts,

Best Wishes,

d-day

[Larry22]

Hi edfash,

I do appreciate the wave analysis provided by Laurent and yourself. I am still a novice elliotician, and I was wondering if you might be able to explain what you mean by "displacement of wave(s)." Or if there is a text to which you would refer me where wave displacement is discussed with examples.

Thank you again for your valuable posts,

Best Wishes,

d-day

I hope edfash won't get mad at me for answering your question d-day, what he meant was that you take the lenght of wave 1 for projections (beginning to low) and then instead of putting the cursor on the top of wave 2 you put it on the top of wave 4 giving you a projection. This type of projections is in conjonction with wave structure as usually 2 of the waves will have a tendancy to be of equal lenght as very often it will be wave 1 and 5 ( text book ) but sometimes it wil extend a bit more thus this might give you a target area. I sometimes use it but it doesn't seem to work much with the ER2 as I prefer to use DP and normal projections or extensions.

I don't know if E-signal works the same way as Ninjatrader for projections or extensions depending of the software but I suppose it should be.

If you want more detailled explanations feel free to e-mail me at wavextensions@lostincyberspace.com :D

Laurent

[Steve Griffiths]

Hi edfash,

I do appreciate the wave analysis provided by Laurent and yourself. I am still a novice elliotician, and I was wondering if you might be able to explain what you mean by "displacement of wave(s)." Or if there is a text to which you would refer me where wave displacement is discussed with examples.

Thank you again for your valuable posts,

Best Wishes,

d-day

Hi David,

Just to remind you that Part 1 of the Trading Course has a section on learning Elliott Wave. Also to remind you that the EOD program is capable of finding all the common EW patterns for you.

My main piece of advice (and I am sure that the other more experience EW’s on the Forum will agree) is to KEEP IT SIMPLE. A good EW pattern is only on the charts about 50% of the time, so don’t force it. Too many EW Guru’s “force” counts that are not there and as such get into trouble. Then only use the most simple patterns, avoid complex corrections, these are a nightmare.

Then I would also like to remand you that MTP EOD has all the WPT’s – these are all you need for pinpointing where the waves are likely to end. So there is no need for you to try and place the individual Price projections on the chart manually – MTP does it all for you 

Steve

[Steve Griffiths]

Hi Guys

I hope some of you managed to attend my Advanced Webinar today - where I looked at the 15min chart of the Dax in relation to its 3 (and 5) trade entries....

http://www.mtpredictor.com/support/Webinars2.html

Notice anything similiar to the chart below on the 15min YM and as such did any of you wonder why the 3min buys failed ?

Steve

Well, this is exactly what continued to unfold throughout the rest of the session, as the 15min YM headed down from the Typical Wave 5 WPT into the Wave 1orA WPT (taken from the prior Wave 4 low).

Exactly as I demonstrated a few hours earlier in my Advanced webinar, and exactly as is covered in the Trading Course.

This is why I was looking to the short side yesterday and a s such avoiding the longs. This would have helped avoid a few losing trades.

Again, I was not the only one focusing one the short side. David had a TTT short sale day and Edfas and Larry also had 5 wave highs. So there were several good reason yesterday to favour the short side on the 3 and 5 min charts.

I hope this has helped show what some of the more experienced traders here do to help increase their overall winning % of trades, as they become more experienced.....

Steve

[edfash]

good morning all.

david-i believe laurent answered the question about displacements. i use the fib extension tool to measure a wave and then displace it somewhere else. a very helpful displacement yesterday was taking a measurement of wave 2 and displacing it to the wave 3 low. wave 4 was almost perfectly symmetrical to wave 2 and allowed a short trade for the wave 5 decline. i fully expected a wave 5 decline since wave 3 exceeded the anticipated maximum for a wave C, making it far more likely to be a wave 3.

as steve always says, keep it simple and do not force wave counts when they are not there. use them as guides when they are, ie since we completed 5 waves down i would expect a minimal retracement of .786 of the 5th wave, better targets might be a 100% retracement or the DP off the wave 4 high.

good luck to all and have a great day.

[TreeShaker]

Where is the Taylor cycle at? What is the latest wave ct. development? Is anybody in any trades?

[davidh]

Where is the Taylor cycle at? What is the latest wave ct. development? Is anybody in any trades?

Hi Treeshaker,
I believe it's a TTT 'buy' day today.
I believe also the DP to which Steve refers in his post above was hit during the overnight session. I've been ignoring shorts today and keeping on the lookout for longs. Good luck.
David

[TreeShaker]

Hi Treeshaker,
I believe it's a TTT 'buy' day today.
I believe also the DP to which Steve refers in his post above was hit during the overnight session. I've been ignoring shorts today and keeping on the lookout for longs. Good luck.
David

Thanks Dave, I also shall look to the long side. :)

[TAS]

Thanks Dave, I also shall look to the long side. :)

Hi tree Friend,

Are U long YM at moment which seems to give us better R comparing with ES and ER2 trades firing at the same time...

Good luck.

TAS

[TreeShaker]

Hi tree Friend,

Are U long YM at moment which seems to give us better R comparing with ES and ER2 trades firing at the same time...

Good luck.

TAS

No I was undecided if it was going to go so I stood aside. If you're in it, good luck to you.

[TAS]

Odds are now if we couldn't tick to upside, I must out at 12189, which is just i tick below minor entry-testing pullback low... so worst scenario for me on this YM is 2 tick profits (my entry is lowered to 12187).

As per Steve's guide, I should move stop a bit quicker since session only 15min didn't touch the DP as she does in Globex

TAS



Hi tree Friend,

Are U long YM at moment which