US Markets: Real-time Trading

[d-day]

Do we now have 5 waves ? where did we stopped ? :rolleyes:

I hope we're done going up for today, 'cause I got short the es at 1388.25 ... and hoping for a good Short Sale Day profit!

[d-day]

I hope we're done going up for today, 'cause I got short the es at 1388.25 ... and hoping for a good Short Sale Day profit!


By the way, if you squint at the daily INDU charts long enough you may be able to see a scenario where we have just started a monster wave 3 Down.

Of course, I may be wrong, and that's what a trailing stop is for.

[Larry22]

I hope we're done going up for today, 'cause I got short the es at 1388.25 ... and hoping for a good Short Sale Day profit!

LOL I sold the ER2 around 710 took some profits and I'll wait for the ATR to stop me with what I have left in the market.

Still we have to be careful as the market has one more leg up to do technically before going lower then yesterday's low.

As usual only time and waves pattern will tell.

[d-day]

I hope we're done going up for today, 'cause I got short the es at 1388.25 ... and hoping for a good Short Sale Day profit!


By the way, if you squint at the daily INDU charts long enough you may be able to see a scenario where we have just started a monster wave 3 Down.

Of course, I may be wrong, and that's what a trailing stop is for.

[Larry22]

By the way, if you squint at the daily INDU charts long enough you may be able to see a scenario where we have just started a monster wave 3 Down.

Of course, I may be wrong, and that's what a trailing stop is for.

I know, remember the one I have sent you monday,that is why I have sold the ER2 even if we have 5 waves up as it went right in a price resistance cluster area on the 15 min chart. ;)

[d-day]

I know, remember the one I have sent you monday,that is why I have sold the ER2 even if we have 5 waves up as it went right in a price resistance cluster area on the 15 min chart. ;)

Yup, Bye Bye "Bull" Market lol.

[d-day]

Yup, Bye Bye "Bull" Market lol.


Ok, ES retraced 88.6% of the rally off yesterday's double bottom - it is time for put up or shut up by the Bulls - does this bounce here become a rally to new highs, or do they sell her?

I'm betting the the way to play is to short bounces, but I may be wrong - and that 1370 on the ES is potent support.

[Larry22]

Yup, Bye Bye "Bull" Market lol.

I forgot to say that the ES had a corrective pattern on the tick charts, anyway I just took my profits and I'm now flat just in case as the market is in a support area. That looks very bearish for the moment but this is the place to buy.

[d-day]

I forgot to say that the ES had a corrective pattern on the tick charts, anyway I just took my profits and I'm now flat just in case as the market is in a support area. That looks very bearish for the moment but this is the place to buy.

Care to tell me what kind of mess that thing on the ES is off the LOD? Looks like a bear flag with a bunch of overlapping waves, but I;d like to knw in ES terms what it appears to be, and when will it end lol.

[Larry22]

Care to tell me what kind of mess that thing on the ES is off the LOD? Looks like a bear flag with a bunch of overlapping waves, but I;d like to knw in ES terms what it appears to be, and when will it end lol.


I sure would like to tell you David, all I know is that it's starting to look bearish as we are supposedly in wave 3C but this could ended up as a weak 3C wave as we haven't been able to go thru the 50% resistance from the top.

Again as usual only time will tell.

Laurent

[d-day]

I sure would like to tell you David, all I know is that it's starting to look bearish as we are supposedly in wave 3C but this could ended up as a weak 3C wave.

Again time will tell.

Laurent


Sure is acting as though we're stuckin a wave 4 - could the first wave off the HOD be a wave 1, then the first reaction a wave 2, the decline to the LOD a wave 3, and thus we are in a wave 4 correction (or the early stages of wave 5 down?

[Larry22]

Sure is acting as though we're stuckin a wave 4 - could the first wave off the HOD be a wave 1, then the first reaction a wave 2, the decline to the LOD a wave 3, and thus we are in a wave 4 correction (or the early stages of wave 5 down?
Could be but this scenario would apply more likely on the ER2, we could also be in wave 3 of 3 up but it looks too weak for now.

The ES looks more like an ABC followed by an X, anayway that is why for the moment I'm flat.

I forgot to say that if the market close in the negative daily, that won't look too good for a bullish scenario.

Laurent

[d-day]

Could be but this scenario would apply more likely on the ER2, we could also be in wave 3 of 3 up but it looks too weak for now.

The ES looks more like an ABC followed by an X, anayway that is why for the moment I'm flat.

I forgot to say that if the market close in the negative daily, that won't look too good for a bullish scenario.

Laurent


My broker made about one ES point out of every three I made because of commish on small 1 and 2 tick profits trying to short this sucker all the way up lol!

I see this rising channel with lots of chop and overlap - it could be price will just keep meandering up until it retraces whatever amount of the morning decline it wishes to retrace before resuming the decline. Of course, it could also breakout the top of the channel, though it would be rare to see a true breakout above an upsloping channel. My guess is that 1383.25 or there abouts is the place to sell her again - that will be the high of the opening print, it is an area of prior support/resistance, and it the 61.8% retracement of the decline from HOD to LOD.

So I have a sell stop at 1383.25 for one last go at it - we'll see what happens.

[d-day]

My guess is that 1383.25 or there abouts is the place to sell her again - that will be the high of the opening print, it is an area of prior support/resistance, and it the 61.8% retracement of the decline from HOD to LOD.

So I have a sell stop at 1383.25 for one last go at it - we'll see what happens.

Actual high 1383.50, filled at 1383.25 - now we wait and se if this bounce goes all the way back to the top or do we get a real sell-off when the MOC orders hit.

[richbois]

Actual high 1383.50, filled at 1383.25 - now we wait and se if this bounce goes all the way back to the top or do we get a real sell-off when the MOC orders hit.

nice call

what time is the MOC 4:00 or 4:15

PS i would not hold passed 4 as Apple is reporting

[d-day]

Actual high 1383.50, filled at 1383.25 - now we wait and se if this bounce goes all the way back to the top or do we get a real sell-off when the MOC orders hit.


Well it was looking real good for about 7.987 seconds lol

Someone (or something) does not want this market to go down and test that 1370.

I'm flat and done for the day. If she's going down, she's going down without me.

[Larry22]

Actual high 1383.50, filled at 1383.25 - now we wait and se if this bounce goes all the way back to the top or do we get a real sell-off when the MOC orders hit.

I wish you good luck, as I sold the ER2 at 708 and took everything out at 705 as I 'm too chicken :o for the moment.

The market can go both ways from here so no low risk trade for me at the moment.

But it sure does look more and more bearish for the moment odds seems to be on your side.

May the bearish force be with you my son. ;)

[d-day]

Well it was looking real good for about 7.987 seconds lol

Someone (or something) does not want this market to go down and test that 1370.

I'm flat and done for the day. If she's going down, she's going down without me.

She may break here - this is the first real decent price/volume pattern all afternoon.

[d-day]

nice call

what time is the MOC 4:00 or 4:15

PS i would not hold passed 4 as Apple is reporting


From everything I've been told, MOC order start getting filled at 3:40 EDT

[Larry22]

From everything I've been told, MOC order start getting filled at 3:40 EDT

:eek: Glad to learned that from you d-day, your broker is sure gonna love you today. :D

[d-day]

[QUOTE=Larry22;16648 your broker is sure gonna love you today. :D[/QUOTE]

My broker made 25% of my profit today ... which usually means I traded too much and didn't wait properly for good set ups. But each short entry I made was at a good entry point, and my only mistake was that I kept expecting that lower trendline to break so instead of booking a few points profit on each trade I kept letting my profits evaporate and repeatedly was stopped out for +1 tick here and + 2 ticks there. But I really did think we'd at least retest the LOD.

Oh well, I still end on the plus side for the day.

I wish everyone a wonderful evening,

d-day

[d-day]

PS i would not hold passed 4 as Apple is reporting

Now she blows! So does this mean Apple did not delight? Anyone? I don't watch biz news so I have no idea, but whatever happened is the reason this thing waited all day to drop without dropping.

[richbois]

Now she blows! So does this mean Apple did not delight? Anyone? I don't watch biz news so I have no idea, but whatever happened is the reason this thing waited all day to drop without dropping.

so far no APPLE but Amazon and Starbux dont look too good

[d-day]

Now she blows! So does this mean Apple did not delight? Anyone? I don't watch biz news so I have no idea, but whatever happened is the reason this thing waited all day to drop without dropping.


Well, here is the move I was expecting all afternoon - I do hate when this happens, but as jjc says, "that's life in the fast lane." lol

[jjc]

Well, here is the move I was expecting all afternoon - I do hate when this happens, but as jjc says, "that's life in the fast lane." lol


actually the 'Eagles' sang those lyrics, but nonetheless, i like to use the words :)

awesome trading - so, whats the plan for tomorrow? inquiring minds want to know

j

[billm]

nice call

what time is the MOC 4:00 or 4:15

PS i would not hold passed 4 as Apple is reporting



The closing range in the S&P' is 3:14:30 to 3:15:00 P.M. Central Time. (same for the mini's) Market on close futures orders (MOC) are filled in that 30 second period.

[richbois]

The closing range in the S&P' is 3:14:30 to 3:15:00 P.M. Central Time. (same for the mini's) Market on close futures orders (MOC) are filled in that 30 second period.

Thank you for the info

[edfash]

the dax poked its head above yesterday's high on the bullish news but was repelled by the 5 min DP zone.

[Steve Griffiths]

yep, but for me the FTSE was even more amazing.........

DP to DP, absolutely perfectly - absolutely amazing :)

Steve

[Steve Griffiths]

the dax poked its head above yesterday's high on the bullish news but was repelled by the 5 min DP zone.

Yep, makes me wary of the current TS3 buy on the 3min Chart, because of the 5min DP resistance.............

Steve

[edfash]

my thoughts exactly

[d-day]

the dax poked its head above yesterday's high on the bullish news but was repelled by the 5 min DP zone.

ES Opened into 3/5 minute DP just above 1383-1383.50 resistance - a safe low risk (tight stop) shorting opportunity. Now the ES looks as though it is trying to hammer out a bottom at the 1373-73.50 support level, with decent divergence on both the 3 minute and 5 minute time frames, and we look to be getting a TS on the 15 minute (awaiting blue reversal bar) with the 5,3,3 near oversold on the 15 minute (but not quite and not yet turning up). So a potential bottom, but not yet free of suspicion.

[edfash]

possibly forming a 5th wave down from the 4/18 high.

possible zones the market may find support.

[edfash]

3200 tick chart has a DP zone which aligns with other projections

[Larry22]

Call me crazy but for me I had 5 waves up in the ER2 and I bought at 708.5 as this was wave A = wave C (100 %)and a 88% retracement of the entire leg up also. This could be the beginning of wave 3.



As usual time and waves will tell.

I forgot to mention that as usual I allready took some profits and letting the other contracts ride the wave as this is now a free trade.


Laurent

[d-day]

Back at the channel lines from yesterday, now testing the underside of the lower channel line as resistance

[Larry22]

Call me crazy but for me I had 5 waves up in the ER2 and I bought at 708.5 as this was wave A = wave C (100 %)and a 88% retracement of the entire leg up also. This could be the beginning of wave 3.



As usual time and waves will tell.

I forgot to mention that as usual I allready took some profits and letting the other contracts ride the wave as this is now a free trade.


Laurent

Well you will excuse me but my profit objective has been reached so I'm now flat and my day is done. ;)

Time to go milk my cows. :D

[d-day]

Back at the channel lines from yesterday, now testing the underside of the lower channel line as resistance

and now a break and, for the moment, a hold above the channel, so the trend up is in force

Also shown is the earlier mentioned TS3 buy signal on the 15 minute ES, wheich pulled back from its first profit objective and successfully tested the now broken down trend line from the 4/18 high as support and off to the races we go, again. I think I just heard a short seller scream outside lol

[d-day]

and now a break and, for the moment, a hold above the channel, so the trend up is in force

Also shown is the earlier mentioned TS3 buy signal on the 15 minute ES, wheich pulled back from its first profit objective and successfully tested the now broken down trend line from the 4/18 high as support and off to the races we go, again. I think I just heard a short seller scream outside lol

Did I mention that today TTT Buy Day?

[Larry22]

I think I just heard a short seller scream outside lol

All I can say is that it wasn't me. :D


BTW was it a TTT buy day today. :rolleyes:

[TAS]

All I can say is if market structure fits well into TTT bias, great chance to reap massive profit like today.

Hope everyone is FAT.:D

TAS

[Steve Griffiths]

yep....

A brilliant day................

I hope you all spotted the 15min TS3 buy on the NQ, then dropped down to the 5min (as I have shown before) for the actual trade entry.............

The result, a +8R Profit ............... nice :) :)

Steve

[AlanD]

yep....

A brilliant day................

I hope you all spotted the 15min TS3 buy on the NQ, then dropped down to the 5min (as I have shown before) for the actual trade entry.............

The result, a +8R Profit ............... nice :) :)

Steve

Excellent catch Steve!! Wish I was there to play it myself. Unfortunately, I am here in the International Zone (Baghdad) dodging rockets. :( Well the plus is that I get to trade vicariously through you guys. Keeping posting the charts! I study them.:)

[edfash]

coming out of range contraction into range expansion the trade of the day is continuation. here are 2 more charts to love AlanD. stay safe and we're all praying for you and your buddies.

[AlanD]

coming out of range contraction into range expansion the trade of the day is continuation. here are 2 more charts to love AlanD. stay safe and we're all praying for you and your buddies.

Ed,

Thanks for the kind thoughts. It's been a little crazy here since Easter. Taking rockets almost daily! Had 4 land within 35 mtrs from my location the past several weeks. A little too close for comfort. But we are "schwacking" the bad guys over in Sadr City. Not too far from my current location.

Anyway thanks for the charts. I have my data feed turned off while I'm over here so the only real exposure I get to MTP is through the charts you guys post and the great Webinars Steve and the guys so graciously put together. I watch them all and read all the posts and analyze the charts!

Alan

[edfash]

well that's another motivation to post. although in all honesty i would prefer that you pay more attention to the rockets than the charts. misreading the charts only loses money.:(

es failed to penetrate the 1400 round #, ie "failure test", making any further long continuation trades unlikely to succeed, and best avoided.

[Larry22]

well that's another motivation to post. although in all honesty i would prefer that you pay more attention to the rockets than the charts. misreading the charts only loses money.:(

es failed to penetrate the 1400 round #, ie "failure test", making any further long continuation trades unlikely to succeed, and best avoided.

I agree with you edfash as this could also be labelled a B wave as the ER2 hasn't made new high.

Tomorrow should help us to have a better view of the market.

[d-day]

es failed to penetrate the 1400 round #, ie "failure test", making any further long continuation trades unlikely to succeed, and best avoided.


Yes sir, there is nothing bullish about a new high that the market cannot maintain for even one five minute bar.

MTP caught the high with an auto DP on the 5 minute.

Also, the cash Dow poked its head up above the downtrend line from the October Highs but closed back below it ... again, despite the rally, this is not the most bullish price action.

[d-day]

Yes sir, there is nothing bullish about a new high that the market cannot maintain for even one five minute bar.

Today sure felt like a top ... perhaps this will put to rest all this foolish bullishness and let this market finally get in gear to the downside. I do much better on the short side than the long for some reason;).

Let's hear it for SPX 1060!

[Larry22]

Today sure felt like a top ... perhaps this will put to rest all this foolish bullishness and let this market finally get in gear to the downside. I do much better on the short side than the long for some reason;).

Let's hear it for SPX 1060!

You sure sound like someone who has his bear suit on, I think your wife will be surprised to sleep with a bear right beside her. :D

Too bad I was away, I would have sold the top for a few more buck as this would have been my record as I had allready made 15 points in the ER2 today.

:rolleyes:

You know maybe it was better not as my wife would have found an easy way to take care of that extra cash for me. ;)

[Steve Griffiths]

Excellent catch Steve!! Wish I was there to play it myself. Unfortunately, I am here in the International Zone (Baghdad) dodging rockets. :( Well the plus is that I get to trade vicariously through you guys. Keeping posting the charts! I study them.:)

Hi Alan,

Actually the end result would have been slightly better :) As you can see, the STF strength band was exceeded, so the trade should have been managed with the ATRStop. This would have held you long for a massive +10R Profit................. nice :)

Also, it was great to see that so many of you have a good day yesterday.

Well done Larry. 15 points from the ER2 in one day is good trading - well done

But as most of you saw (including David) yesterday was a "no-brainier" so you all should have come out with some very good profits.

Don't get greedy today, as days like yesterday don't happen everyday

Well done to you all...........

Steve

[d-day]

You sure sound like someone who has his bear suit on


Well, I prefer to trade bear markets (I just do better trading the short side and I have no idea why), but at the same time, the daily and weekly charts sure should be giving the bears pause right now as there is definately something bullish in the air (though that may be your cows I'm smelling;) )

[Larry22]

Well, I prefer to trade bear markets (I just do better trading the short side and I have no idea why), but at the same time, the daily and weekly charts sure should be giving the bears pause right now as there is definately something bullish in the air (though that may be your cows I'm smelling;) )

Talking about cows, I sold the ER2 at 720.2 and just bought the top of previous wave 1A (15 min) 712 for an 8 point profit not bad.

Time to milk the cows for me. :D

[d-day]

Talking about cows, I sold the ER2 at 720.2 and just bought the top of previous wave 1A (15 min) 712 for an 8 point profit not bad.

Time to milk the cows for me. :D


Frankly Laurent, a thrifty and frugal farmer such as yourself should not be leaving so many crumbs fall through your fingers (unless you have chickens to fed too) - On the 1 minute ER2 a manual DP would have gotten you short on a sell limit at 720.80 and you could have rode it down with a buy limit 1 tick above support at 711.40. What will your wife say when she finds out you left 14 ticks out in the yard as chicken scratch!:rolleyes:

LOL - just kidding friend;) - nicely traded.

d-day

PS - for the record, I myself did not do this trade. I did short the ES but not until it had fallen to 1392.75. I should have sold the ER2 at that DP but I lost my e-sig data manager and by the time I was back up and running the ES short at 1392.75 was the best I could do.

[Larry22]

What will your wife say when she finds out you left 14 ticks out in the yard as chicken scratch!:rolleyes:

d-day



Please d-day I beg you not to tell her, as she might go get chickens and then I would have to feed them and pick up the eggs every morning. :o

[d-day]

Steve, would you be able to have your programmer add an "edit studies" field to let us select colors for the DP box? This dark green is tough to see for us guys using black backgrounds.

Thank you,

d-day

[Steve Griffiths]

Steve, would you be able to have your programmer add an "edit studies" field to let us select colors for the DP box? This dark green is tough to see for us guys using black backgrounds.

Thank you,

d-day

Hi David,

yes you will be able to change the DP colors in the new v6.0

Steve

[Larry22]

d-day did you hired spies again to hack my PC and steal information from my charts. :mad:

I know your kids are smart but tell them to stop doing this, you should also pay them with more then ice cream cones for their work. :D

[Larry22]

Steve, would you be able to have your programmer add an "edit studies" field to let us select colors for the DP box? This dark green is tough to see for us guys using black backgrounds.

Thank you,

d-day

That's what I like with Ninjatrader I can set the DP any color I want.

P.S Good thing your kids didn't mess with the color of my DP's yet. ;)

[d-day]

d-day did you hired spies again to hack my PC and steal information from my charts. :mad:

I know your kids are smart but tell them to stop doing this, you should also pay them with more then ice cream cones for their work. :D

If I did then I'd know what you thought about this DP n the 5 minute ER2 - I'm a little leary of it as both the ER2 and the ES have broken below a level of support and this DP is between that support (now resistance?) and the next level down at 706.20-706.90

To buy, or not to buy, that is the question (and also to stay short the ES or cover, but that is another question) lol.

We shall see what unfolds. I'm going to give it a try, as we are due an oversold bounce here, but I will watching carefully to see if we get rejected at or near the 20 ema on the 5 minute. And I'm staying with my short ES for now too, just in case.

[d-day]

Hi David,

yes you will be able to change the DP colors in the new v6.0

Steve

But v6 is going to require Ninja trader, will it not? If so, then how about doing it for the e-signal efs's for those of us who are not Ninja fans?

[Larry22]

But v6 is going to require Ninja trader, will it not? If so, then how about doing it for the e-signal efs's for those of us who are not Ninja fans?

If I'm not mistaking V6 will work with E-Signal data feed.

[Steve Griffiths]

But v6 is going to require Ninja trader, will it not? If so, then how about doing it for the e-signal efs's for those of us who are not Ninja fans?

Hi David,

The new v6.0 has got nothing to do with NinjaTrader, is is a completely "stand-a-lone" program.

Our programmer has been working all this week to make it "fully real-time" with eSignal RT data (which will be ideal for you :) ), we hope to add additional RT data feeds (like Open-tick and others) in the months after initial release...........

Thanks

Steve

[Steve Griffiths]

If I'm not mistaking V6 will work with E-Signal data feed.

That is what we hope ;) I should know next week as this is what our programmer is working on right now :)

Steve

[Larry22]

If I did then I'd know what you thought about this DP n the 5 minute ER2 - I'm a little leary of it as both the ER2 and the ES have broken below a level of support and this DP is between that support (now resistance?) and the next level down at 706.20-706.90

To buy, or not to buy, that is the question (and also to stay short the ES or cover, but that is another question) lol.

We shall see what unfolds. I'm going to give it a try, as we are due an oversold bounce here, but I will watching carefully to see if we get rejected at or near the 20 ema on the 5 minute. And I'm staying with my short ES for now too, just in case.

Well to be honest if the markets wants to hold this is the place as we seems to have a double ABC on the 15 min in 3 waves on th 60 min. What I would like to see is a reversal on the 60 then a wave lower for a fifth wave.

This would clearly show that the decline has started but for the moment everything points to corretive pattern.


I have no current positions because I will probably take the afternoon off as I made enough in the last 2 days and I can hear the outdoor calling me. Yes I can hear it :eek: Doh ! it's my cows calling me. :D


Laurent

[Steve Griffiths]

Hi Guys,

A slow day here................. but at least there was this nice +4.4R Profit on the 5min ER2

Long form the very low of the day is always nice ;)

Steve

[edfash]

steve's trade gave an automatic TS3 buy

[edfash]

have a fun-filled, safe weekend everyone.

[jjc]

Hi David,

The new v6.0 has got nothing to do with NinjaTrader, is is a completely "stand-a-lone" program.

Our programmer has been working all this week to make it "fully real-time" with eSignal RT data (which will be ideal for you :) ), we hope to add additional RT data feeds (like Open-tick and others) in the months after initial release...........

Thanks

Steve

does it work with esignal 10.0 now?

j



http://forum.esignalcentral.com/showthread.php?threadid=17973

[Steve Griffiths]

does it work with esignal 10.0 now?

j


Hi J.

If you mean the MTP efs's, then Yes.

Thanks

Steve

[Steve Griffiths]

Hi Guys,

A slow day here................. but at least there was this nice +4.4R Profit on the 5min ER2

Long form the very low of the day is always nice ;)

Steve

Hi Guys

After this was stopped out, for a nice +4.4R Porfit, a "trend continuation" set-up gave us another opportunity to enter a long tarde, this took advantage ofthe rally into the higher DP resistance.

Amazing where the high of the day unfolded, right at the DP from the prior days high - amazing :)

But this added another +2.9R to the 4.4R from earlier, so +7R today to add to the +10R on the NQ yesterday........ MTP defiantly has had a good fews days here...........

But the best thing is seeing you guys making good money in your posts. I have also received many emails over the last few days from customers who have done very well over the last few days as well. So well done to all of you :)

Steve

[edfash]

3200tick chart shows a 5th wave up off the 4/24 low. prime completion zone suggests 1405 to 1408. current globex high 1404.75. TTT sell short day i believe.

[Larry22]

3200tick chart shows a 5th wave up off the 4/24 low. prime completion zone suggests 1405 to 1408. current globex high 1404.75. TTT sell short day i believe.


I believe you're right sir, I allready sold the ER2 at 723.6 and took some partial profits as I write this. As usual I have now a free trade.

P.S I would have expected the ER2 to make a new high like the ES but strangely it didn't , I will have to study my charts as this could mean they haven't finished climbing yet ??

[tonis]

To all Ninjatraders and Interactive Brokers customers out there.

I am having problems visualising tick charts, as only the ticks that happen while I am (or was) actually online are shown or recorded.

Any idea how to download historical tick data? My MTP charts are full of blanks and totally useless...

Thanks!

[Larry22]

To all Ninjatraders and Interactive Brokers customers out there.

I am having problems visualising tick charts, as only the ticks that happen while I am (or was) actually online are shown or recorded.

Any idea how to download historical tick data? My MTP charts are full of blanks and totally useless...

Thanks!

Very easy IB doesn't provide historical data for tick charts, if you want to trade with tick charts go with E-Signal for your datafeed as you will see that there is a big difference with IB tick as it's only an average of the tick s that you have at the moment.

You can susbscribe to the E-Mini package about 115.00 $ a month I think.

[TreeShaker]

To all Ninjatraders and Interactive Brokers customers out there.

I am having problems visualising tick charts, as only the ticks that happen while I am (or was) actually online are shown or recorded.

Any idea how to download historical tick data? My MTP charts are full of blanks and totally useless...

Thanks!

Rt click your chart, look into Format Data and see how much history you are getting. I think the default is 3 days. You don't get true ticks, like Laurent says but I was getting 20 days on mine. I now use Zen Fire, which gives good ticks for free. They want you to use their brokerage but will keep renewing your 30 day trial.

[d-day]

3200tick chart shows a 5th wave up off the 4/24 low. prime completion zone suggests 1405 to 1408. current globex high 1404.75. TTT sell short day i believe.

It is indeed TTT Short Sale Day, and I have done a couple of short trades for what has amounted to scalp type trades rather than big profit running trades. I always am a litle uncomfortable holding a short whent there is a new globex high hovering but a few points above the regular session HOD.

[d-day]

I would have expected the ER2 to make a new high like the ES but strangely it didn't , I will have to study my charts as this could mean they haven't finished climbing yet ??

Perhaps we will get a nice ES double top around 1404.75 and that will drag the ER2 to one higher high before a downtrend sets in.

Perhaps.

[tonis]

Rt click your chart, look into Format Data and see how much history you are getting. I think the default is 3 days. You don't get true ticks, like Laurent says but I was getting 20 days on mine. I now use Zen Fire, which gives good ticks for free. They want you to use their brokerage but will keep renewing your 30 day trial.

Thanks for the info. I will do just that! My only alternative was to keep my computer on all day, but with a toddler messing around at home I cound end up in a real financial mess...

Or come to think about it now, he probably has more luck with his trades than I have.... Oops sorry, I forgot luck has nothing to do with this game.

[Steve Griffiths]

Hi Guys

Amazing how the markets seem to have hit a ceiling at the laregr degree DP levels

Steve

[Larry22]

Hi Guys

Amazing how the markets seem to have hit a ceiling at the laregr degree DP levels

Steve

Not amazing as this was predictable on a 60 min chart specially on the ES.

I wil e-mail you my count. ;)

Laurent

[TAS]

And I believe tick chart traders may have found nice sell setup in around 9:38 EST... Good luck...:)

TAS

Hi Guys

Amazing how the markets seem to have hit a ceiling at the laregr degree DP levels

Steve

[tonis]

Why so quiet today? Not a lot of action?

Anybody short after the TS3 on 3-min ES?

[edfash]

just to reinforce laurent's point on both er and es. these zones are worth putting on your short term charts so you do not trade against them. the level ojn the er is from the 60 min chart drawn on my 15 min chart.

the es after completing 5 waves on the intermediate time frame, finds support just above the .786 retrace of the 5th wave.

[Larry22]

just to reinforce laurent's point on both er and es. these zones are worth putting on your short term charts so you do not trade against them. the level ojn the er is from the 60 min chart drawn on my 15 min chart.

the es after completing 5 waves on the intermediate time frame, finds support just above the .786 retrace of the 5th wave.


Great post edfash, we now have a 5 wave decline in the ES and a 7 waves (corrective) in the ER2 on the 3 min ???

Anyway I bought at 714.7 (based on 3 and 15 min) allready took partial profits and now have a free trade, that's what count the most. :D

P.S. I forgot to mention the divergence that was present on my MACDBB that helped me to take my decision to buy.

Laurent

[tonis]

Great post edfash, we now have a 5 wave decline in the ES and a 7 waves (corrective) in the ER2 on the 3 min ???

Anyway I bought at 714.7 (based on 3 and 15 min) allready took partial profits and now have a free trade, that's what count the most. :D

P.S. I forgot to mention the divergence that was present on my MACDBB that helped me to take my decision to buy.

Laurent

Laurent,

Are those automatic DP's? (around 11:00 and 12:00) Why didn't I get them? What filters do I need to adjust?

Merci!

[Larry22]

Laurent,

Are those automatic DP's? (around 11:00 and 12:00) Why didn't I get them? What filters do I need to adjust?

Merci!

1) My time is CDT (Chicago time)
2) My settings are different most of the filters are set to false I wouldn't recommend these of you are not very familiar with wave counts and have been using MTP for quite a while.

I hope this answers your questions otherwise you can e-mail me as I don't want people to get confused with settings and use the wrong one's.


Laurent

[tonis]

1) My time is CDT (Chicago time)
2) My settings are different most of the filters are set to false I wouldn't recommend these of you are not very familiar with wave counts and have been using MTP for quite a while.

I hope this answers your questions otherwise you can e-mail me as I don't want people to get confused with settings and use the wrong one's.


Laurent

OK, I will try to emulate. I would like to understand, in order to learn. In my trading, I have them generally turned off.

Thanks!

[tonis]

OK, I will try to emulate. I would like to understand, in order to learn. In my trading, I have them generally turned off.

Thanks!

It's funny, turning all the filters off I get the first DP but not the second... Anyway, I will reload my normal settings and carry on.

Thanks.

[edfash]

the rev bar came out of a manual DP zone on the 3 min (default filters), and a manual DP zone on the 15 min (also the .786 rtc of the move up since Friday).

[Larry22]

It's funny, turning all the filters off I get the first DP but not the second... Anyway, I will reload my normal settings and carry on.

Thanks.

That's probably because I have an old version of MTP RT as I have no need for the newer versionn since it would give me less possible trades.

[edfash]

completed 5 wave move with w5=1.382 w1, then promptly retraced almost all of wave 5. hoping for the DP zone as a target.

[edfash]

forgot to post the higher time frame dax chart.

[Steve Griffiths]

completed 5 wave move with w5=1.382 w1, then promptly retraced almost all of wave 5. hoping for the DP zone as a target.

Nice trade there, nailed the low of the day beautifully...............

Now at +6R Profit !!

Nice one

Steve

[davidh]

Nice TS1 on 3min ES in progress... anyone else in that one?

...Came out at 1398.25 - may regret not using ATR but Fed day so a bit cautious now.

[Steve Griffiths]

Nice TS1 on 3min ES in progress... anyone else in that one?

...Came out at 1398.25 - may regret not using ATR but Fed day so a bit cautious now.

Nice trade there, well done David...............

Steve

[davidh]

Thanks Steve. In the YM TS3 Long now (3 mins) looking for the wave 5 to complete up to the DP at about 12951

[davidh]

Thanks Steve. In the YM TS3 Long now (3 mins) looking for the wave 5 to complete up to the DP at about 12951

Didn't quite make it to DP. Used ATR stop in view of imminent Fed so came out with just a small profit.

....Ouch! That'll teach me!

[G Fryer]

Didn't quite make it to DP. Used ATR stop in view of imminent Fed so came out with just a small profit.

....Ouch! That'll teach me!

Ouch either way... if you had stuck it out, the whipsaw would probably taken out your stop. Selling was a good thing: the YM bumped up against the high and couldn't break through and volume was declining (meaning no new buyers.)

Gillian

[G Fryer]

I'm just playing around with charts on the EOD and looking at the 15min ES: the Fed spike whipped perfectly between DPs! The low was the wave 4 DP we've been talking about, and the high was the DP off the 4/28 high @ 3:30 EST. I guess that just goes to show you the power of DPs!

Gillian

[Steve Griffiths]

I'm just playing around with charts on the EOD and looking at the 15min ES: the Fed spike whipped perfectly between DPs! The low was the wave 4 DP we've been talking about, and the high was the DP off the 4/28 high @ 3:30 EST. I guess that just goes to show you the power of DPs!

Gillian

Here is the chart................. nailed the high perfectly :)

Steve

[G Fryer]

Here is the chart................. nailed the high perfectly :)

Steve

The ES has now bounced off the opposing DP from this morning's low.

Hindsight is wonderful, but you would have had to have had a strong stomach to have traded this, it least at the outset!

G

[d-day]

The ES has now bounced off the opposing DP from this morning's low.

Hindsight is wonderful, but you would have had to have had a strong stomach to have traded this, it least at the outset!

G


Truer words are seldom heard.

[Larry22]

Yup not an easy day to trade but I managed to sell the ER2 at 727 based on low time frame tick chart but didn't had the guts to hold it all the way down. :(

Anayway I bought at 713 as we had price clusters in the 712 area and possible ABC then took profits at 716 so not that bad for today. ;)


Laurent

[Steve Griffiths]

Truer words are seldom heard.

Agreed,

Trying to trade in and around the sharp spikes made by an announcement is not wise..............

I just found it interesting that the rally ran out of steam at the DP ;)

Steve

[jjc]

The ES has now bounced off the opposing DP from this morning's low.

Hindsight is wonderful, but you would have had to have had a strong stomach to have traded this, it least at the outset!
G

actually, its not hindsight at all - you just dont know all the places where to look at to do battle

steve's dp was also the triple IB (initial balance) and a favorite place for market profile traders to do battle on RE days

j

[Larry22]

actually, its not hindsight at all - you just dont know all the places where to look at to do battle

steve's dp was also the triple IB (initial balance) and a favorite place for market profile traders to do battle on RE days

j

Hey jjc glad to see that you're still around.

Can you provide more details on your IB thing as all I used to know about IB is that it's my broker and it cost me money everytime I press buy or sell. :D


Laurent

[jjc]

Hey jjc glad to see that you're still around.

Can you provide more details on your IB thing as all I used to know about IB is that it's my broker and it cost me money everytime I press buy or sell. :D


Laurent

hi larry

there are several good market profile trades, the IB trade is a good - another one is the OR (opening range) trade which takes place after the first 1min of the open - today's AOR (absolute opening range) on the ES was a sell at 1386.25 and it hit perfectly and the other was a buy at 1383.00 which also hit perfectly

lots of ways to skin a cat, eh

j

[edfash]

ES retested the 15 min DP zone after the open. auto DP on the 3 Min. maybe it can reach the high DP zone at 1410?

[Steve Griffiths]

Yep, my feeling as well

15min DP gave support so the 3min DP long tarde looked good.........

Steve

[TAS]

YES indeed, market tells us how important the DP zones are for ER2 and ES, but the NQ tends to overrun again and again...

Good luck everyone on the right side...:)

TAS

[TAS]

Hi J,

Nice to see U around. What are RE days?

Thank U for skinning the terminology.:D

TAS




a favorite place for market profile traders to do battle on RE days

j

[Steve Griffiths]

Yep, my feeling as well

15min DP gave support so the 3min DP long tarde looked good.........

Steve

Stop now at +8R............... turing out to be a very nice trade indeed

Steve

[Steve Griffiths]

+11R at the opposing DP ................. nice :)

Steve

[jjc]

Hi J,

Nice to see U around. What are RE days?

Thank U for skinning the terminology.:D

TAS

hey tas

RE = range extention

we are at triple IB now on the ES (IB = initial balance, is the first hour of trading per market profile) - which btw, is the DP per 15min charts that steve and the others are talking about at 1410'ish on the ES - how cool is that

(rumor has it most market profile traders like to use limit orders at double and triple IB's, ;) )



j

[TAS]

I am in ER2 free short trade, see if we can get 725.9 in last 25 minutes...?

TAS

[Larry22]

I am in ER2 free short trade, see if we can get 725.9 in last 25 minutes...?

TAS

:eek: You sure have balls TAS as I sold it 3 times allready at 729.5 and took my profit everytime as the market doesn't seem to want to go down.

But again this could be it

Good luck.

Laurent

[TAS]

Well, flat all, enough profit for me on half position as my posision sizing was upon 5 tick risks on 1min TS4 of ER2, 5min ES was hitting manual DP WITHIN 15min DP zone while I went short ER2, almost 1:1 in wave retracement structure as well...

Hope tomorrow morning ER2 will give us a short time frame DP to go short just as ES did today on the long side...

TAS

[Larry22]

Hope tomorrow morning ER2 will give us a short time frame DP to go short just as ES did today on the long side...

TAS

We had one long TS1 signal on the ER2 near 9:38 EDT and I took it, off course it was coming from tick charts still the ES was a much lower risk as it was allmost at his bottom.


Laurent

[TAS]

Hi Larry,

I short 1 tick below yours as your fill confirms my view in this battle:)

Naturally market needs some time to digest these strength...

Good Trading to U.

TAS



:eek: You sure have balls TAS as I sold it 3 times allready at 729.5 and took my profit everytime as the market doesn't seem to want to go down.

But again this could be it

Good luck.

Laurent

[Russell Stagg]

+11R at the opposing DP ................. nice :)

Steve

Don't see the reasoning behind this rejection - perhaps you could expand a bit further?

[Steve Griffiths]

Hi Russ,

As already stated in my earlier Post - because we were coming off a 15min (laregr degree) DP support ...............

Exactly as I have taught many times in recent Advanced Webinars as well

I hope this helps ?

Steve

[Steve Griffiths]

Hi Guys

Two trades later in the day on the 3min YM

And before anybody says anything I have turned off the STF Filter for the first TS1 sell. In fact in the new v6.0 we will not filter TS1 trades with the STF at all, as they are always found in the "first correction, so will normally be against the STF ............

As you can see -1R, then +2.8R then +2.3R was a nice end to the day, especially after the +11R on the ES from earlier :)

Steve

[G Fryer]

Well, there's a huge gap open and I have... no data! (Tradestation -- 2nd time this week!)

Anyway, FWIW, the ES has hit the 50% fib retracement of the 12/11 to 3/17 run and it also at a major DP off either 2/4 (the 4th wave down).

This would be a good place for a reversal.. but of course, I can't see yet! Urgh

Gillian

[TreeShaker]

Don't know about the rest of you, I'm having a great day. I sold the ER2 at approx 1200 hrs at a pull back on the 1600 tick at 730.3. Trailing on down and enjoying the ride. :D

[Larry22]

Don't know about the rest of you, I'm having a great day. I sold the ER2 at approx 1200 hrs at a pull back on the 1600 tick at 730.3. Trailing on down and enjoying the ride. :D

Good for you I hope you took some profits near 724 I was a bit late to buy as I was busy outside but still I was able to buy the low of the 5th wave at 725.2 (3 lots) and sold everything at 727.5 as I have to go back outside to work on my pool.

Not too bad for 15 min of work. :D

Now I can also go milk my cows.


Laurent

[Russell Stagg]

Hi Russ,

As already stated in my earlier Post - because we were coming off a 15min (laregr degree) DP support ...............

Exactly as I have taught many times in recent Advanced Webinars as well

I hope this helps ?

Steve

Sorry didn't scroll that far back - I find it difficult at the moment to reject a TS4 trade like that - which would have turned a great long trade into a losing short trade. I don't trade ES yet but I need to move up a gear I think in the old advanced analysis.

[grose]

Hi Gordon,

Yes that is exactly what I will be doing, after the "initial release" of MTP v6.0, we will be adding to it over the coming months. As you say, the first release will not be totally complete, we will release incremental improvements over the coming months,

As far as an eta, this week we are looking at getting fully real-time data (from eSignal to start with) into the product. Once I know (later this week) whether that is possible, I will be in a better position to know how much there is left to do before I can get it to a few Beta testers....

It is amazing how much time, money and effort, goes into developing a completely new product from the ground up ! Our new programmer (for v6) has done a brilliant job, and will be making v6 better as we make improvements as time goes on......

So please be patience, there is no release date yet (so please do not ask us), we are not there yet, but getting close. Once I know how much there is left to do before the initial release I will let you all know a release date and upgrade prices.

Steve

Hi Steve,

Thank you. I may be shedding a tear -- I purchased MTPredictor at the end of last year. I believe the update window is 6 mos. There's May and June to go... I'd be very happy to be a beta tester.

I fully understand the cost and effort associated with development. It's an exciting and often (very) painful process. The results are very rewarding!

Best,

Gordon

[Steve Griffiths]

Hi Gordon,

As in the email above, we do not have a release date yet for v6.0, nor do we have upgrade prices yet either (as I am sure everybody understands with over $200,000 of development costs over the last 18 months there will be a small upgrade fee for current customers). I hope to be able to announce these soon.

But yes, I am very excited about v6.0 as well :)

Thanks

Steve

[TAS]

Good Morning ALL,

Anyone can confirm the globex low for ES and ER2 respectively for me please? I may get some bad tick on my charts...

Thank you in advance.

TAS

[Larry22]

Good Morning ALL,

Anyone can confirm the globex low for ES and ER2 respectively for me please? I may get some bad tick on my charts...

Thank you in advance.

TAS

ER2 = 721.3 and ES = 1400.75

[TAS]

ER2 = 721.3 and ES = 1400.75

Thank you Larry, it was 721.7 low for ER2 in Globex on my chart, anyway, we have seen what had happened and sure to do something already.

I am not quite sure if we should stick to short side per wave count if ER2 breaks the LOD so far today, anyway I'd like to see it holds...

Good trading to U

TAS

[TAS]

Larry, don;t tell us you've made ENOUGH again today and on the way the cow field already...?:D

TAS

[Larry22]

Larry, don;t tell us you've made ENOUGH again today and on the way the cow field already...?:D

TAS

Well I sold the ER2 3 times allready and took my profits everytime (stopped for profits on the last one) so I don't know if I should call the day off allready. :D

[d-day]

Has anyone else noticed that since the March bottom, the nice even, smooth trending moves seem to occur overnight and we daytraders are left with choppy sideways markets or, if a trend occurs, it is a stuttering, choppy affair.

I am not able to trade day session for the next two weeks due to other obligations, but I did manage to catch a nice short this morning on the es pullback to its 5 minute 20 ema.

Not to sound like a conspiracy theorist (though it is my hobby ;)), but I guess when Uncle Ben sleeps, the market gets to act like a free market, and when he's awake, it acts like a market controlled by an academic.

Good luck to all today,

d-day

[edfash]

support comes right where it should have. gapped into the typ wpt on the 15 min ABC, measured move =1399. once the 15 min was on a buy signal the 3 min sell did not make much sense.

[grose]

hi larry

there are several good market profile trades, the IB trade is a good - another one is the OR (opening range) trade which takes place after the first 1min of the open - today's AOR (absolute opening range) on the ES was a sell at 1386.25 and it hit perfectly and the other was a buy at 1383.00 which also hit perfectly

lots of ways to skin a cat, eh

j

Hi jjc,

Could you desribe in more detail how the 1min OR trade works? I've been looking into approaches to trade the open and early part of the market day.
Thanks for your post.

Gordon

[Larry22]

I hope some of you saw that nice sell set-up on the ER2 we had on the 15 and 3 min chart.


The profit target has allmost been reached.


Laurent

[Steve Griffiths]

I hope some of you saw that nice sell set-up on the ER2 we had on the 15 and 3 min chart.

The profit target has allmost been reached.

Laurent

Hi Larry

The 3min NQ was also a beauty .............. +6R profit, DP to DP :)

Steve

[TAS]

Again, yes indeed, another good day for ER2, I short at 733.2, so position has been sized to my preferred 5 ticks again today, though already took some profit, I , for the time being would stick to STEVE's strong STF indication to run the rest to next DP down, hope to hit limit at 724.2, which is 1 tick above 61.8% retracement, before I am stopped by ATR...

Let's see how the market pans out...

Good luck to all on board...:)

TAS

I hope some of you saw that nice sell set-up on the ER2 we had on the 15 and 3 min chart.


The profit target has allmost been reached.


Laurent

[TAS]

Well, I am out and can call it my day, anyway, STEVE's strong strength band did a great job most of time since my trading with aid of MTP...so thank you MTP team and you know all MTP users are all expecting the good news from you very very very badly...:cool:

TAS

[TAS]

It's a joke that market hit my stop before running all the way to my pre-defined level, what I can say is tomorrow will be a brand new day... with sort of regret today...:(

TAS


...hope to hit limit at 724.2, which is 1 tick above 61.8% retracement, before I am stopped by ATR...

TAS

[davidh]

It's a joke that market hit my stop before running all the way to my pre-defined level, what I can say is tomorrow will be a brand new day... with sort of regret today...:(

TAS

Hi Tas
Maybe take the ratchet off your ATR (ie make it 0)? That's what I've done as I got fed up with being taken out by one tick. The AB short was not stopped out (eSig)
Best Wishes
David

[jjc]

Hi jjc,

Could you desribe in more detail how the 1min OR trade works? I've been looking into approaches to trade the open and early part of the market day.
Thanks for your post.

Gordon

maybe this pic will help understand it better - good luck with that

j

[Steve Griffiths]

Hi Guys

Hope you are all short the 3min YM................. at +15R Profit at the moment and still going !!!!

Steve

[Steve Griffiths]

And just look wgere support is starting to come in - at the 15min DP !!

Steve

[Steve Griffiths]

The result.............

a +16R profit............... add that to the +6R from the NQ short (off the high of the day !!) and it has been a massive day for MTP today !!

Hope you all caught a slice of the action............

Steve

[TAS]

Thank you David for suggestion, I will back-test it upon my datafeed, which seems to be making slightly difference when market shows its strength like what happened yesterday.

Good trading to you.

TAS


Hi Tas
Maybe take the ratchet off your ATR (ie make it 0)? That's what I've done as I got fed up with being taken out by one tick. The AB short was not stopped out (eSig)
Best Wishes
David

[d-day]

Hi Fellas,

I'm involved in other non trading related business this week, but I can't help checking the markets out at lunch time.

Here's a question: If you are short the 5 minute TS3 on the NQat 11:25 EDT, do you ignore the TS3 buy at 12:30 EDT on the 3 minute NQ? Stop and reverse to long? I'm just asking, because I don't know what I would do as I really have no feal for the price action this morning since I just now turned on (and I am about to turn off) my computer.

I'd love to hear how you folks are handling this. Of course, the 3 minute TS3 Buy may not trigger, which would make the question irrelevant.

Good Luck to all,

d-day

[scooper]

Hi,

I have been following the major trend of @ES and I believe the first leg (wave 1) of a major wave 5 has begun. See the attached charts.

Other analysis supporting this includes.....

A) Rally from lows 17 Mar is corrective not impulsive.
B) @ES retraces exactly 50% of whole bear market from 11 oct 07 at 1426 (actually high 1427).
C) Time cycle elements made the whole of last week an important week in terms of longer term time cycles.
D) Both the weekly and daily charts have wave 4 zones at the same levels (tops being labelled at 1429).

So, why post this? Well, I just wanted to share the analysis on my current bigger picture.

My caveats are that this rally may extend beyond the current high but I'm not a full on Elliotician so I don't know where you would call it a day and say OK this is a failed wave 5 - for example if the market spikes to 1431 is that a failure?. Anyone with expert knowledge who can offer guidance would be appreciated as I am looking to scale into a risk controlled position for the longer term.

Thanks and good trading

[TAS]

Hi Scooper,

Great job done there, but why quit day-trading?? It's much easier to control risk within individual session than running position overnight or even days/weeks, unless you have a nice set-up in WORKABLE larger time frame to ride ALREADY PROFITABLE position for JUST one night...

Anyway, it's always nice to see you around here in forum.

Cheers,

TAS

I am looking to scale into a risk controlled position for the longer term.

[Larry22]

Hi Fellas,

I'm involved in other non trading related business this week, but I can't help checking the markets out at lunch time.

Here's a question: If you are short the 5 minute TS3 on the NQat 11:25 EDT, do you ignore the TS3 buy at 12:30 EDT on the 3 minute NQ? Stop and reverse to long? I'm just asking, because I don't know what I would do as I really have no feal for the price action this morning since I just now turned on (and I am about to turn off) my computer.

I'd love to hear how you folks are handling this. Of course, the 3 minute TS3 Buy may not trigger, which would make the question irrelevant.

Good Luck to all,

d-day

Interesting question d-day, I must say that for the NQ it was less obvious as if it would have been on the ES or ER2 as both of these were in a potential wave 4 so I was expecting at least a bigger ABC on the 15 and 60 min.

The best tip I can give you is to go on higher time frame and look at the bigger picture and compare it with another index like in this case ES or ER2 you would have probaly exited the short and gone long as the potential seemed better on the upside then downside. Again I must say that this was obvious to me and maybe not to people less familiar with waves pattern but the higher time frames will allways help you in making better choices.


Laurent

[scooper]

Hi Scooper,

Great job done there, but why quit day-trading?? It's much easier to control risk within individual session than running position overnight or even days/weeks, unless you have a nice set-up in WORKABLE larger time frame to ride ALREADY PROFITABLE position for JUST one night...

Anyway, it's always nice to see you around here in forum.

Cheers,

TAS

Cheers Tas, I am posting less these days as I have made some mistakes on my posts in the past but I still day trade every day using Steve Gs advanced techniques and its going very well. I urge everyone to go advanced period. The more advanced the better .... for me trading at a 40% win rate is just too err.....hard(?) even when you have positive expectancy. But, thats another story and it depends on your brain and experiences etc. For me right now I have 60% + win rate and I trade probably half as much as I used to but make more money. Anyway, as long as it works for me thats all that matters.

But I do have another highly sucessful system that manages positions over longer periods. For the purpose of my post earlier I am looking to see where I might decide the analysis is OK but the market says 'no way' and how to decide where it will be time to bail. In terms of risk there is none as I have been using this system selling this since the retracement high at 1424 a day or so ago and even a run to new highs would pose me no loss now (it would only reduce an already very sizeable profit) but I do feel I need to know where the line in the sand is. I know that a tick above 1427 is a tad tight given the time frame I am looking at:D

Upon further analysis I have initially set the line in the sand at 1465.50 (based upon weekly and monthly retracement clusters) which would still leave me a small profit if the market rallied up there in one day without any retracement but I am interested in anyones comments if they can offer me further guidance as to when the wave 4 zone is no longer valid and the pattern is broken.

Of course, if the market follows the anticipated game plan then its all academic. I hope so, but you never know and thats why I've posted:)

[Larry22]

Cheers Tas, I am posting less these days as I have made some mistakes on my posts in the past but I still day trade every day using Steve Gs advanced techniques and its going very well. I urge everyone to go advanced period. The more advanced the better .... for me trading at a 40% win rate is just too err.....hard(?) even when you have positive expectancy. But, thats another story and it depends on your brain and experiences etc. For me right now I have 60% + win rate and I trade probably half as much as I used to but make more money. Anyway, as long as it works for me thats all that matters.

But I do have another highly sucessful system that manages positions over longer periods. For the purpose of my post earlier I am looking to see where I might decide the analysis is OK but the market says 'no way' and how to decide where it will be time to bail. In terms of risk there is none as I have been using this system selling this since the retracement high at 1424 a day or so ago and even a run to new highs would pose me no loss now (it would only reduce an already very sizeable profit) but I do feel I need to know where the line in the sand is. I know that a tick above 1427 is a tad tight given the time frame I am looking at:D

Upon further analysis I have initially set the line in the sand at 1465.50 (based upon weekly and monthly retracement clusters) which would still leave me a small profit if the market rallied up there in one day without any retracement but I am interested in anyones comments if they can offer me further guidance as to when the wave 4 zone is no longer valid and the pattern is broken.

Of course, if the market follows the anticipated game plan then its all academic. I hope so, but you never know and thats why I've posted:)


Scooper if you want an advice for daily trades, you should look at the 60 min charts as I have been able to call all the major moves on the ES from this chart and the daily.

The ES has from his last top on the 60 min chart (who happened to be a DP and his 50% retracement daily) made a 5 waves pattern in his first leg down, wave 1A then 3 waves up for wave 2B and 1 leg for the wave 3C then we had a rally for possibly wave 4 if we have another low confirming 5 waves daily and 60 min. tomorrow, then the market could climb back to at least 62% from his top.

Again only waves patterns from intraday chart (60 min)analysis will give you good places to seek for possible support and resistance area.

P.S One of the reason why I have less loosing trades is because my trades are based on the 60 and 15 min charts, this gives me a better chance of success as the trades that I take are mostly in the direction of the main trend and they are usually good for 10 points in the ER2. If I decide to take a countertrend trade I quickly take partial profits and keep a tight stop and knows the risk of failure.

Good luck

Laurent

[scooper]

Hi Laurent

Thanks for your post. I agree with your 60 min and 15 min chart for the trend and trading with the trend. This is keeping my hit rate well up on my intraday trades.

I think I have not explained correctly.....I am looking to understand at what point a major wave 4 target area (as shown on those charts I posted) is invalidated and so we would deem that the wave 5 down is not going to occur. The system I am trading this with campaigns with a major trend or wave and is continually buying and selling (a bit like a marketmaker) and so builds profits rapidly but I need to know at what point my short side bias (as I have identified the major wave 5 down beginning) is invalid. Everything I see on the net says that catching the wave 4 top is tricky and can involve multiple legs/swings and a multitude of patterns. Hence a tick stop above 1427 is too tight. At present I really want the market to come up so I can sell it some more but I have a min wave 1 down target of 1366.75 based upon some proprietary calculations. After this wave I am then expecting the daily wave 2 up to be sharp and of course it could retrace all of wave 1 but if it exceeds the high at 1427 is the whole major wave 5 down a wash out OR are we still in a wave 4 correction?

At present I wish to run the position (well, system as it is constantly buying and selling) short and I am prepared to give up all profits made so far (its now a free trade as such). As I stated before I can have a wide stop based upon some of my own calculations but if anyone has extra input I would be glad to hear it and work it into a plan.

Many thanks

[Steve Griffiths]

Hi Guys

I hope you all got this nice TS3 on the 3min NQ yesterday.............. +4R Profit at the first target......

Steve

[tonis]

Hi Laurent

At present I wish to run the position (well, system as it is constantly buying and selling) short and I am prepared to give up all profits made so far (its now a free trade as such). As I stated before I can have a wide stop based upon some of my own calculations but if anyone has extra input I would be glad to hear it and work it into a plan.

Many thanks

You have made yourself a black box system? Could we have a little peek inside?

[scooper]

You have made yourself a black box system? Could we have a little peek inside?

Yes in a way its a black box but a peek inside would not help as its nothing like a standard system and its certainly not like a 'when xyz happens buy or sell with this stop and this target'. It did take a very long to write and test but my latest modifications control risk in a special way that fits my trading style and I am going for a very large profit *many 100s of 1000s of dollars is entirely possible during a larger degree move*. In essence, I now have a free trade and I want to ride it to the end which is the only way to make very large profits as you will know from using techniques like the ATR stop. Of course the ATR stop in this instance will not help as the major wave 2 up will certainly take it out.

Luckily (?) it also tends to catch turning points very well hence why it has been selling since 1424 on the ES. In fact I turned it on at that point in conjunction with my posted analysis. For me I am interested the larger degree wave as the system trades all parts of the session and holds contracts over night etc. I know that is not what MTP day trading is about hence why I am interested in when a larger degree wave 4 is deemed invalid or at least how do you declare the major wave 5 is a failure....

I do still take trades on another account in the day session and for that MTP is just fine...in fact very nice indeed.

And....I may have found some extra information on a EW wave wiki that I am just going thru now. It may give me the answers I seek.....

[Larry22]

Hi Laurent

Thanks for your post. I agree with your 60 min and 15 min chart for the trend and trading with the trend. This is keeping my hit rate well up on my intraday trades.

I think I have not explained correctly.....I am looking to understand at what point a major wave 4 target area (as shown on those charts I posted) is invalidated and so we would deem that the wave 5 down is not going to occur. The system I am trading this with campaigns with a major trend or wave and is continually buying and selling (a bit like a marketmaker) and so builds profits rapidly but I need to know at what point my short side bias (as I have identified the major wave 5 down beginning) is invalid. Everything I see on the net says that catching the wave 4 top is tricky and can involve multiple legs/swings and a multitude of patterns. Hence a tick stop above 1427 is too tight. At present I really want the market to come up so I can sell it some more but I have a min wave 1 down target of 1366.75 based upon some proprietary calculations. After this wave I am then expecting the daily wave 2 up to be sharp and of course it could retrace all of wave 1 but if it exceeds the high at 1427 is the whole major wave 5 down a wash out OR are we still in a wave 4 correction?

At present I wish to run the position (well, system as it is constantly buying and selling) short and I am prepared to give up all profits made so far (its now a free trade as such). As I stated before I can have a wide stop based upon some of my own calculations but if anyone has extra input I would be glad to hear it and work it into a plan.

Many thanks

Hi scooper what I was trying to say was that you can never be sure of a wave count at 100%, as for the wave 4 or B wave as this could also be named as the first 3 leg down could have been an ABC. What I do know is when I see a 5 waves pattern up or down I take most of my profits as I trade usually a minimum of 3 lots in the ER2 and might keep 1 lot in casethe market would continue but it is very rare that the market doesn't come back near the beginning of the first wave as this is what gives a powerful wave 3 as there is a lot of consolidation there.

So what I'm saying is that I allways cash some profits in case I might be wrong if not I'm still in the game.

For your specific question about wave 4 this leg can't overlap the low or high (depending if it's going up or down)wave 2 so if you want to hold to your position you have to be able to hold close to that but normally a real impulse wave will have wave 4 stop around the low (bear scenario) of wave 1 or slightly overlapping it.

I hope this answers your question.


Laurent

[scooper]

Hi scooper what I was trying to say was that you can never be sure of a wave count at 100%, as for the wave 4 or B wave as this could also be named as the first 3 leg down could have been an ABC. What I do know is when I see a 5 waves pattern up or down I take most of my profits as I trade usually a minimum of 3 lots in the ER2 and might keep 1 lot in casethe market would continue but it is very rare that the market doesn't come back near the beginning of the first wave as this is what gives a powerful wave 3 as there is a lot of consolidation there.

So what I'm saying is that I allways cash some profits in case I might be wrong if not I'm still in the game.

For your specific question about wave 4 this leg can't overlap the low or high (depending if it's going up or down)wave 2 so if you want to hold to your position you have to be able to hold close to that but normally a real impulse wave will have wave 4 stop around the low (bear scenario) of wave 1 or slightly overlapping it.

I hope this answers your question.


Laurent


Hi Laurent

Thanks for you post.

Make sure you have your ying and yang in balance....

I agree that the major wave 4 down should not retrace past wave 2 (except by up to maybe 17% max - got that from the Wiki).

Hence, that is where my stop shall lie until I have believe we had the smaller degree wave 2 up (we are in wave 1 down now) of the larger degree wave 5 down and we have then surpassed the low of the current smaller degree wave 1 down. At that point we should then be in a confirmed smaller degree wave 3 down of the major wave 5 down (time to hang onto your hat if you are a bull).

Of course, wave 2 of this major wave 5 maybe an ABC correction and MTP would likely pick ut up.

And it may not happen at all but thats my plan for now:)

[rrs]

.....For me right now I have 60% + win rate and I trade probably half as much as I used to but make more money. Anyway, as long as it works for me thats all that matters.

.....But I do have another highly sucessful system that manages positions over longer periods. For the purpose of my post earlier I am looking to see where I might decide the analysis is OK but the market says 'no way' and how to decide where it will be time to bail.

.....I am interested in anyones comments if they can offer me further guidance as to when the wave 4 zone is no longer valid and the pattern is broken.



Hi,

You questions highlight some of the important challenges facing longer time frame traders / investors whose goal is to gain larger profits by trading the major swings while staying within their risk and position sizing parameters.

Here are your options:

1) Steve's guidelines: You could simply, as you say in your message, "draw a line in the sand" based on the WPTs projected by the end of day version (EOD) of MTP. The main limitation of this option is that price may over / undershoot the projected WPTs.

This can be overcome with either Steve's own guideline (described in the trading course) or, as you suggest in your message, by adding a percentage to the projected WPTs.

2) DGL Lines: Don Fisher's DGLs are built into the EOD version of MTP. As a method of analysing the price swings, Don's DGLs compliment MTP very well and provide an alternetive view of critical price areas. I hope Steve keeps this useful tool in version 6 of MTP.

3) Median Line (ML): Developed, tested and popularised by Dr. Andrews, ML provides an excellent answer to the most important question you ask: when should I consider a given WPT a failure and bail out? (In my view, this questions has several practical implications. In order to keep this message short I won't go into all of them)

The answer to this question is given by a concept originally proposed by Dr. Andrews called "Price Failure". I have illustrated the main element of this concept in the two charts (Emini S&P 500 and Emini Nasdqaq 100 continuous contracts) attached to this message. There is lot more to this concept. But, in the interest of brevity, I will restrict my discussion to the questions you ask in your message.

Like you, I use different systems for different purposes. Using MTP in combination with these tools has allowed me to manage my trades more effectively in a time efficient manner. Your statement, "as long as it works for me thats all that matters" , is one we can all agree with.

Good Luck in your trading.

Sincerely,

Rama.

[unkelmark]

Is anyone using Ninjatrader with the End of Day program?
If yes what data provider are you using? I have only used the RT program and would love to get started with EOD program.

Any tips from the pros out there are most greatly appreciated.


Mark

[Larry22]

Is anyone using Ninjatrader with the End of Day program?
If yes what data provider are you using? I have only used the RT program and would love to get started with EOD program.

Any tips from the pros out there are most greatly appreciated.


Mark

I don't want to be rude to anyone but I think this thread is related to real time trading so let's not forget about that.

Anymore questions related to EOD trades should be posted in the appropriate section.

Otherwise we'll get lost reading this thread


Thank you

[Steve Griffiths]

Hi Guys

On RT trading................... I hope you all saw the TS3 sell on the 3min YM that nailed the high of the day..................

A nice +5R Profit as the market hit the DP support zone.

Interesting how the 3min NQ was making a very nice "manual" DP buy at this same pint (profit taking on the YM short trade). I will show this in my next post.

So another nice day on Friday :)

Steve

[Steve Griffiths]

Hi Guys,

Here is that 3min NQ long trade................. a nice +3.4R Profit, on top of the +5R from the YM short, makes two nice trades on Friday...........

And I have not even mentioned the manual DP that nailed the high of the day on the ER2 ;) so there weer some great trade opportunities to be had on Friday :)

Steve

[scooper]

Hi,

You questions highlight some of the important challenges facing longer time frame traders / investors whose goal is to gain larger profits by trading the major swings while staying within their risk and position sizing parameters.

Here are your options:

1) Steve's guidelines: You could simply, as you say in your message, "draw a line in the sand" based on the WPTs projected by the end of day version (EOD) of MTP. The main limitation of this option is that price may over / undershoot the projected WPTs.

This can be overcome with either Steve's own guideline (described in the trading course) or, as you suggest in your message, by adding a percentage to the projected WPTs.

2) DGL Lines: Don Fisher's DGLs are built into the EOD version of MTP. As a method of analysing the price swings, Don's DGLs compliment MTP very well and provide an alternetive view of critical price areas. I hope Steve keeps this useful tool in version 6 of MTP.

3) Median Line (ML): Developed, tested and popularised by Dr. Andrews, ML provides an excellent answer to the most important question you ask: when should I consider a given WPT a failure and bail out? (In my view, this questions has several practical implications. In order to keep this message short I won't go into all of them)

The answer to this question is given by a concept originally proposed by Dr. Andrews called "Price Failure". I have illustrated the main element of this concept in the two charts (Emini S&P 500 and Emini Nasdqaq 100 continuous contracts) attached to this message. There is lot more to this concept. But, in the interest of brevity, I will restrict my discussion to the questions you ask in your message.

Like you, I use different systems for different purposes. Using MTP in combination with these tools has allowed me to manage my trades more effectively in a time efficient manner. Your statement, "as long as it works for me thats all that matters" , is one we can all agree with.

Good Luck in your trading.

Sincerely,

Rama.

Hi Rama

Thank you for your informative post. I am actually marking up a chart with some further lines in the sand using techniques and other information I have found within a Wiki on the web. I will look at the DGL lines in MTP Eod as well and take a good look at Dr Andrews work as well (I acutally have a number of books describing these techniques) .

Further, I believe I can also use these type of techniques and wave counts to use a calendar spread hedging strategy for counter trend moves (i.e. the anticpated wave 2 up if this down leg is not a correction and indeed the start of the major wave 5 down).

I am still expecting 1366 area as the 1st support level for this down move in this weeks timeframe, ie if the markets makes it there this week.

Thank you once again.
Steve

PS I will be keeping a close eye on the intraday charts and still trading MTP 3/5 min setups counter trend to the down move. For that I am using another account and of course looking to use my bigger picture as my bias for identifying potential support/resistance areas.

[Steve Griffiths]

Hi Guys

The US markets are tricky today, but the FTSE earlier gave us an absolute gift - a nice TS3 got you short just before the sharp decline, all for a +8R Profit as the FTSE approached the maximum Wave 3 WPT...............

I hope all the European traders amoung you caught this one :)

Steve

[Steve Griffiths]

Hi Everybody,

At last, after a quiet start, this nice TS2 long trade that netted +3.5R Profit............

Patience, patience, patience......

Steve

[mydet]

No setup found

[Steve Griffiths]

Hi Mydent

Well done, that is a brilliant "Advanced set-up" using the manual DP......... As you can see, this nailed the very low of the day for you..........

Well done, a great trade there !

Steve

[Larry22]

I hope some of you were able to sell the ES around 1408 as this was the 62% retracement from the top and also a DP on the 15 min chart we also had the DP on the 3 min chart with the oppposite first DP profit target that has allready been reached.


Laurent

[TAS]

Market seems to have different structure across the board, are we on the way to resolve ER2 itself? :) Only time will tell my long trade is right or not...

Good luck to friends on same side...

TAS

[Steve Griffiths]

Market seems to have different structure across the board, are we on the way to resolve ER2 itself? :) Only time will tell my long trade is right or not...

Good luck to friends on same side...

TAS

Hi Tas,

TS4 long has just reached the first target for a nice +6R profit............. so well done there !

Steve

[mydet]

Nice setup on 3 min FDAX & Z

[Steve Griffiths]

Hi Guys

I hope you all got the NQ sell from the high of the day today :)

Automatic set-up on the 15min Chart, or drill down to the 5min for a classic manual DP trade.....

Currently on a massive +11R Profit as the close of the day is approaching........... :)

Steve

[Larry22]

Hi Guys

I hope you all got the NQ sell from the high of the day today :)

Automatic set-up on the 15min Chart, or drill down to the 5min for a classic manual DP trade.....

Currently on a massive +11R Profit as the close of the day is approaching........... :)

Steve

I didn't traded the NQ but sold the ES at 1420.50 and took profits at 1410.

I'll let members trying to figure out why (if they're interested) I sold there and if it's requested I'll post my 15 min chart with explanations of that low risk trade.

Laurent

[miles2go]

I didn't traded the NQ but sold the ES at 1420.50 and took profits at 1410.

I'll let members trying to figure out why (if they're interested) I sold there and if it's requested I'll post my 15 min chart with explanations of that low risk trade.

Laurent

Hi Larry,

Good Quiz question! I can't read your mind but here is what I think.

1421 was a 100% projection from the low 1396.5 of the previous leg low 1383.75 to the high 1408.25. And 1410 was a 50% retracement of the previous leg.

I am interested in your trade even if my analysis not correct. I will learn the trick though.

[Larry22]

Hi Larry,

Good Quiz question! I can't read your mind but here is what I think.

1421 was a 100% projection from the low 1396.5 of the previous leg low 1383.75 to the high 1408.25. And 1410 was a 50% retracement of the previous leg.

I am interested in your trade even if my analysis not correct. I will learn the trick though.

We have a winner here, good analysis miles2go.

You can see on the 15 min chart that effectively wave 1A= wave 3C at 1420.75 and we also had the 88,6 % retracement nearby and the top so this was a good low risk area for taking the trade as even if this is bullish we needed to make a wave 4 down before going up.

So time will tell us if we will be heading south or north in the next few days.


Laurent

[miles2go]

We have a winner here, good analysis miles2go.

You can see on the 15 min chart that effectively wave 1A= wave 3C at 1420.75 and we also had the 88,6 % retracement nearby and the top so this was a good low risk area for taking the trade as even if this is bullish we needed to make a wave 4 down before going up.

So time will tell us if we will be heading south or north in the next few days.


Laurent

Thanks Larry for sharing your charts. What is the significance of 88.6% retracement? I have only used 78.6%(before 100%) as the maximum point of retracement before the reversal.

[Cyber56]

miles2go,

.886 = Square root of 0.786 or 4th root of 0.618.
Here is a link that you may find useful.
http://www.esignallearning.com/education/marketmaster/archive/0404/040204.asp

Eric

[jjc]

We have a winner here, good analysis miles2go.

You can see on the 15 min chart that effectively wave 1A= wave 3C at 1420.75 and we also had the 88,6 % retracement nearby and the top so this was a good low risk area for taking the trade as even if this is bullish we needed to make a wave 4 down before going up.

So time will tell us if we will be heading south or north in the next few days.


Laurent

gee, i thot u wer going to say something simple , like it had made a triple top

from 5/01 to 5/06 to 5/14

:)

j

[Larry22]

gee, i thot u wer going to say something simple , like it had made a triple top

from 5/01 to 5/06 to 5/14

:)

j

LOL

I could have, but like you said it was way too simple. :D

If you would know me you would understand that I can't put something that simple as I like to work hard for my money. ;)

[Steve Griffiths]

Hi Guys

I know this is a US markets thread, but I thought you would all like to see how beautifully the CAC40 (French market) unfolded today............

A perfect 5-wave rally, followed by an ABC correction (onto the minimum Wave C WPT), before a rally to new highs............... perfect :)

Steve

[edfash]

i have started following the MTP EOD program looking at intraday charts with NT data automatically exported into the program. laurent had mentioned it so i tried it, very useful at tracking longer term minute charts. i wish i knew how to take a screen captue, but have been tracking a 5 wave sequence in the 30 minute charst of es, nq, er. MTP nailed the completion target and it coincided with 30/15 min DP's in the es.

looked for an abc retracement in the er after the initial momentum move down and MTP nailed it.

[richbois]

i have started following the MTP EOD program looking at intraday charts with NT data automatically exported into the program. laurent had mentioned it so i tried it, very useful at tracking longer term minute charts. i wish i knew how to take a screen captue, but have been tracking a 5 wave sequence in the 30 minute charst of es, nq, er. MTP nailed the completion target and it coincided with 30/15 min DP's in the es.

looked for an abc retracement in the er after the initial momentum move down and MTP nailed it.

Hi Ed

here is a link to a free Screen capture program I have been using it for years and no problem with it

http://www.wisdom-soft.com/sh/index.htm

[Larry22]

i have started following the MTP EOD program looking at intraday charts with NT data automatically exported into the program. laurent had mentioned it so i tried it, very useful at tracking longer term minute charts. i wish i knew how to take a screen captue, but have been tracking a 5 wave sequence in the 30 minute charst of es, nq, er. MTP nailed the completion target and it coincided with 30/15 min DP's in the es.

looked for an abc retracement in the er after the initial momentum move down and MTP nailed it.

Hi edfash, glad it's been helpful for you.

I check it out once in a while to compare my wave counts with the EOD software, sometimes it's ok and at other times it has trouble figuring out a leg that has too many waves in it, still I like to see if the software sees what I see. I can't say that it's not good, but for the moment I prefer my wave count but I would say that if you're not good with wave counts you should use it a lot as it will help you find nice trading opportunities.

[Larry22]

See both wave count mine and MTP on a 15 min charts of the ER2 both counts were the same.

No need to tell you that I went short at the opening at 745.6 and collected a nice 10 points profits. ;)

As usual it's now time to go milk my cow as my trading day is done. :D

[edfash]

rich- thanks so much. appreciate the feedback very much.

[Steve Griffiths]

Hi Guys

Second time lucky on the DP to nails the high on the ES.....

Steve

[Steve Griffiths]

Also...

Same on the NQ............ the second DP nailed the high.

As a PS, and for those of you who have been attending my recent Advanced training webinars. Do you see how the reversal at the DP was also accompanied by a high volume spike............. This is a classic amateur "fake out".............

The short is now on +8R Profit !

Steve

[edfash]

same setup in the dax

[unkelmark]

That looks awesome Steve.

Can you say what time frame your chart is on? can't see it from the screen shot.


best regards,


Mark

[Larry22]

That looks awesome Steve.

Can you say what time frame your chart is on? can't see it from the screen shot.


best regards,


Mark

It was a 3 min chart Mark.

[Steve Griffiths]

Yep, that NQ was on a 3min Chart.............

Not only was that a brilliant tarde, with a massive +8R Profit, with the DP nailing the high of the day, but what amazed me even more was what happened next..............

As you can see from the first chart, after the initial decline stopped we got a minor abc rally, that reversed right at the typical Wave C WPT. This gave you the opportunity for another short trade..............

Then just look where the low of the day unfolded, right at the blue (buy) bar at the minimum Wave C WPT !!

Both the minor abc and this intermediate degree ABC were found automatically in the new V6.0 of MTPredictor........

It still amazes me how market can reverse right at these levels sometimes !