US Markets: Real-time Trading

[bandler6]

Larry ,

Thanks for posting your screen caps.

For some reason, when I look back at the same ER2 chart, I am not seeing the numerous past trade setups. I'm sure I'm overlooking an obvious switch somewhere...but I can't seem to find it :confused:.

Steve G,

Also the whole RTFM concept has really helped to enhance my understanding of what I'm looking at :D. Now if I could only get my job to stop interfering with my trading.

Today I made enough to cover the cost of MTP.

Thanks in advance,

Bandler6

[Larry22]

Larry ,

Thanks for posting your screen caps.

For some reason, when I look back at the same ER2 chart, I am not seeing the numerous past trade setups. I'm sure I'm overlooking an obvious switch somewhere...but I can't seem to find it :confused:.

Steve G,

Also the whole RTFM concept has really helped to enhance my understanding of what I'm looking at :D. Now if I could only get my job to stop interfering with my trading.

Today I made enough to cover the cost of MTP.

Thanks in advance,

Bandler6

The difference with your charts is that all my filters are set to false except for the Risk/Reward ratio. I don't advise anyone who is not experimented to do so, as you will get more false signals, so you need to combine it with some indicators.



Laurent

[Minor]

What are your settings for that chart, I did not recieve half of the setups that you show. This is my first time posting. I appreciate your help.

Thanks

[Larry22]

What are your settings for that chart, I did not recieve half of the setups that you show. This is my first time posting. I appreciate your help.

Thanks

See my previous post the answer is there, again I do not recommend these settings if you don't know what you're doing as you may have more signals but a lot of false one.

Laurent

[jay21]

Sure but I never loose much as my entries are based on tick charts and I allways take partial profits at 1.3 points, so sometimes even if I'm wrong and the market stop me I still make money.

My secret is that I also buy or sell at certain price levels so if the market is not there then I usually skip the trade or waits for it to reach it as most of the time it allways do. Another thing my stop loss is first set at 2 points for the ER2 then I readjust. I have also some indicators that don't lie and help me see if my trade will work or not if these fails then I don't wait to be stopped I bail out.

I hope this will help you understand how I trade, I sure would like to show you some of the trades I did today but I have too much valuable stuff on the charts I use to post it. If I have time I'll try to find a chart that I can show you but it won't show everything I use to trade as this is considered restricted area.

Laurent

This is interesting stuff Laurent. I am experimenting myself with early abortion of trades that do not work out (ie even before they reach my general stop-loss or the profit target). Can you say something more on what you are looking at to make the decision to abort early or not do so (ie early indications that the trade is not working out)?

Also just being curious - what win/loss ratio do you generally tend to have?

Johan

[Steve Griffiths]

Hi Guys

I agree.............. This is just for the more "experienced" Elliott Waver's out there ;) the buy on the ER2 was a nice one............ Please see below....

After the initial decline a low was put in place (earlier in the day), then we got a minor 5-wave rally (which is impulsive), and what should "ideally" follow then - exactly, an ABC correction......... and that is exactly what we got, with the Wave C low reversing right at the Typical Wave C WPT.......

So, yes, for the experienced eye, this was a no-brainier........

I hope to cover more additional "advanced" set-ups like this in my training once the new v6.0 has been released.... which will make this type of advanced analysis much easier :)

Steve

[edfash]

w4? in the meantime FTSE provided a nice easy profit opportunity.

interesting that bad news came out regarding LEH about 12:30 am ET. ES sold off but was promptly bought.

[edfash]

entry on 1600t

[Larry22]

This is interesting stuff Laurent. I am experimenting myself with early abortion of trades that do not work out (ie even before they reach my general stop-loss or the profit target). Can you say something more on what you are looking at to make the decision to abort early or not do so (ie early indications that the trade is not working out)?

Also just being curious - what win/loss ratio do you generally tend to have?

Johan

Hi Johan, I'll be very honest with you I have never calculated my win/loss ratio, all I know is that every week I finish on the plus side, that's all what matters to me.

For your second question I can't reveal anything but everything is based on simplicity and obvious indicators that you can look at.

I can't calculate the number of hours that I have spent researching on how to improve my trading techniques and I'm still learning and discovering things that help me, so I'm sure you'll understand my position on this matter.

I think everyone needs to find his own way of trading so you can feel confident and comfortable in what you're doing.

Good luck


Laurent

[jay21]

Hi Johan, I'll be very honest with you I have never calculated my win/loss ratio, all I know is that every week I finish on the plus side, that's all what matters to me.

For your second question I can't reveal anything but everything is based on simplicity and obvious indicators that you can look at.

I can't calculate the number of hours that I have spent researching on how to improve my trading techniques and I'm still learning and discovering things that help me, so I'm sure you'll understand my position on this matter.

I think everyone needs to find his own way of trading so you can feel confident and comfortable in what you're doing.

Good luck


Laurent


Thanks man - I respect your stance.

Just once in a while tell us when you are not right in your analysis (if it happens...:)) - I feel generally there is often more to learn from losses than from winnings.

Best of luck to you as well!!

[Larry22]

Hi I hope some of you have been able to sell wave 4 of the ES from edfash's earlier post and were able to reverse at the bottom of wave 5.

I played the ER2 but ended up with something nice too.

See both 15 min charts.

P.S. I forgot to mention that the ER2 was the easiest one for me to buy on the low as it was on his 62% retracement (730.9) from the entire leg up from may 23rd.


Laurent

[Stefan61200]

Hi I hope some of you have been able to sell wave 4 of the ES from edfash's earlier post and were able to reverse at the bottom of wave 5.

I played the ER2 but ended up with something nice too.

See both 15 min charts.

P.S. I forgot to mention that the ER2 was the easiest one for me to buy on the low as it was on his 62% retracement (730.9) from the entire leg up from may 23rd.


Laurent

Hi Laurent,

I am wondering how you got this TS3 short at the ES 15 min chart. I tried every filter on/off - no chance. I hope not it is data difference again. :confused:

Thank you
Stefan

P.S. I did not pay attention a lot to the 15 min so I took two TS3/4 long and lost. :mad:

[Larry22]

Hi Laurent,

I am wondering how you got this TS3 short at the ES 15 min chart. I tried every filter on/off - no chance. I hope not it is data difference again. :confused:

Thank you
Stefan

P.S. I did not pay attention a lot to the 15 min so I took two TS3/4 long and lost. :mad:

I never got any 15 min short signal on the ES but got one on the ER2 the signal was coming from a tick chart from edfash's post.

I have a very old version of MTP RT so that's probably why I have signals and you don't, I think it's build 16 or 20 as I haven't upgraded for a while.

So don't try to get my signals, sorry for that.

Laurent

[prh]

The following ESM8 trade evolved over the course of the day with a R:R ratio of 6.6

PRH

[edfash]

rus and naz close to 20d highs

[edfash]

15 miin DP zone in rus stops it for the time being

[TAS]

MTP did give us chance to go long from the open, I missed it due to PC tech issue... however, I managed to go long ER2 at 737.3 during its first pullback with merely 5 ticks risk... well I just heared "order filled", which mean 10 points profit has been banked... I still feel it may get 755.3 late today, but that's not for me, I am happy with the ride so far...:D

Anyway, good luck with shorts at this DP with somehow divergence, I decide to keep money dry for the rest of day...

TAS

[Russell Stagg]

Tas

Hi - its a great trade but I don't see how you are using mtp here. The only thing showing is a short TS3!

Thanks.

[Larry22]

MTP did give us chance to go long from the open, I missed it due to PC tech issue... however, I managed to go long ER2 at 737.3 during its first pullback with merely 5 ticks risk... well I just heared "order filled", which mean 10 points profit has been banked... I still feel it may get 755.3 late today, but that's not for me, I am happy with the ride so far...:D

Anyway, good luck with shorts at this DP with somehow divergence, I decide to keep money dry for the rest of day...

TAS

Great trade there TAS, I went long 2 times this morning once at 735.1 (pre-market) and was exited 3 points higher as I was away from my PC and couldn't believe it when I cam back. So I rebought at 734.4 and this time made sure that my last profit order was higher then 3 points. :D

I went short at 749.7 near edfash's target in the ER2 as we had DP and divergence I allready took partial profits and I might get out if the market doesn't drop soon.


Laurent

[TAS]

Hi Russ,

You can see 3min pivot just at the opening as per MTP manual DP long trade, which I missed as stated above. My entry was around 10:20 EST on my tick charts minor ABC correction... hope this explains...

TAS

Tas

Hi - its a great trade but I don't see how you are using mtp here. The only thing showing is a short TS3!

Thanks.

[edfash]

possible targets above & below

[TAS]

Hi Laurent,

I believe U already make your short trade a free one, too many time I saw market strength over the session. Trend continuation kind of senario happens much often then reversal. Yes, we are at the critical level... but time plays a bit in this game for us to finally short. To my understanding, It's just COLLECTING AND DISTRIBUTING on different time frame

TAS

Great trade there TAS, I went long 2 times this morning once at 735.1 (pre-market) and was exited 3 points higher as I was away from my PC and couldn't believe it when I cam back. So I rebought at 734.4 and this time made sure that my last profit order was higher then 3 points. :D

I went short at 749.7 near edfash's target in the ER2 as we had DP and divergence I allready took partial profits and I might get out if the market doesn't drop soon.


Laurent

[Larry22]

Hi Laurent,

I believe U already make your short trade a free one, too many time I saw market strength over the session. Trend continuation kind of senario happens much often then reversal. Yes, we are at the critical level... but time plays a bit in this game for us to finally short. To my understanding, It's just COLLECTING AND DISTRIBUTING on different time frame

TAS

I agree with you TAS, like I said previously I took that trade as we had reached a target area for which I was ready to short and we also had divergence and a possible ABC , so that's why I tried this one, again I allways take partial profits when the market starts to go my way.

I sure would have hesitated if no divergence would have been present, but like you know it's a win some and loose some, but as long as losses are smaller then gain then we make money.

You sure did the right choice not to trade it as when you have made enough money you don't have to trade every signal as sometimes you ended up loosing part of what you won.

Laurent

[Steve Griffiths]

Hi Guys

Another sneak preview of the new MTPredictor v6.0, which will have all the advanced Elliott Wave tools easily available.....

As you can see, this nailed both the high and the low of the day on the ES yesterday :)

Steve

PS, we hope to start external Beta testing of v6.0 next week sometime

[edfash]

possible projections if we start to make new highs. perfect symmetry in the 2 down waves.

[edfash]

another few bars have foremed

[Russell Stagg]

Hi Russ,

You can see 3min pivot just at the opening as per MTP manual DP long trade, which I missed as stated above. My entry was around 10:20 EST on my tick charts minor ABC correction... hope this explains...

TAS

Err - nope I am still not getting this. Here is what I see.
I feel I am missing something blindingly obvious but it has been niggling away at me for a day or two now.:confused:

[edfash]

just makes you say hmmm.

[Larry22]

just makes you say hmmm.

Yup unfortunately like you I was asleep when this happened as I knew that top was close but it's been made around 2:00 ET, too bad. :(

[Minor]

Now that we have traded into wave 4, What do you take from this.
Thanks

[edfash]

exoecting consolidation after friday's range expansion, the er has offered some nice 2 way trading

[edfash]

same patterns on es & er

[edfash]

current structure

[edfash]

follow-up chart

have a peaceful night.

[Steve Griffiths]

Hi Edflash,

Yes it was nice the see the Typical Wave C WPT nail the high of the day on the ES ............

I also liked the pattern of the ER2, see below, particularly how the rally into the high unfolded in 5 waves.......... The high was then nailed by the combination of the DP and the Typical Wave 5 WPT..............

I still find this stuff amazing, how markets sometimes make their highs and lows right as these support / resistance zones !

Steve

[Sejake]

Maybe one more leg down here in the Russell?

Tryin her out.

[edfash]

so far so good. strength bands weak

[Sejake]

Ed hope you did better than I....
Made a couple ticks but basically stopped at B/E...bad time to cut the grass :)

Well on to the next one.....G/L

Sejake

[TreeShaker]

Happy rollover day to you all! :) I did my Ninja Trader rollover re: their request and all went fine for my minute charts, but tick charts now only have a few bars. Anybody know about such a thing? Are we not suppose to rollover tick charts? :confused:

[edfash]

lower the # of ticks in each bar. lol.

interesting chart in NQ. currently has symmetrical pennant (other indices as well).

[TreeShaker]

lower the # of ticks in each bar. lol.

interesting chart in NQ. currently has symmetrical pennant (other indices as well).

Thanks for the reply Edfash. How do I lower the number of ticks in each bar. I select the number of ticks and how many days of history and that is all I know about.

[kbednar]

I am still trying to get a grip incorporating my trading with MTP.
Did anyone take the ES TS3 short at 11;18 est? Actually there were two...first one a loser. I wanted to get short today. I was waiting for the high of the morning to be broken and then take the larger degree T3 or DP short, but the high was never broken and the small degree T3 short did not look very good. Of course I missed the big move down because there was no viable set up. For anyone who took that short trade, can you share your reasoning either here or private message...................Thanks in advance.

PS. I just know I am missing something !!! ( besides a brain that is)
Ken

[edfash]

ken-

today was a frustrating day in that none of the markets that we follow offered automatic MTP short setups. on the 5 min charts at 11:20 the ES made a slightly lower low, what many would consider a double top, i was watching that bar carefully for a new high or preferably a DP setup to go short. although i was not watching the dow as carefully (i usually only trade the dow when alerted to an automatic setup) price touched a manual dp with divergence and was a valid trade entry (unfortunately i did not see till later). similar setups existed in the 3 minute charts as well.

treeshaker-

i was just kidding and meant use a lower interval tick chart. i love to follow the 3200 tick chart in the es, but today it was quite useless.

have a good night.

[kbednar]

[QUOTE=edfash;17140]ken-

today was a frustrating day in that none of the markets that we follow offered automatic MTP short setups. on the 5 min charts at 11:20 the ES made a slightly lower low, what many would consider a double top, i was watching that bar carefully for a new high or preferably a DP setup to go short. although i was not watching the dow as carefully (i usually only trade the dow when alerted to an automatic setup) price touched a manual dp with divergence and was a valid trade entry (unfortunately i did not see till later). similar setups existed in the 3 minute charts as well.


Edfash:

Thank you for the reply.........Im was doing the exact same thing you were while watching that bar with binoculars.....and I also do not follow the DJIA, but it is my opinion that the automatic DP should have picked that up for you.> Sure is frustrating and costly to miss those just because 3 of the 4 markets barely missed generating a signal.
I will be looking to get short again Friday....we have further down to go, if not this week, then next. I believe we are in wave 5 down to about 1320 area on the ES, but what do I know? Thanks again.

Ken :):):)

[davidh]

Hi Ken,
I took the ES short to which you refer but was somewhat spooked by MTP's handling of the signal (eSignal) - showing it as a losing trade when in fact the high of 1355 was never taken out (see screenshot). This is a bug which I have reported before but has not been fixed. I took the trade as it seemed to me to be a standard set up with 2.0 RR and black STF.
Unfortunately I did not ride the trade as long as I should have, as I got a stupid idea in my head that I should be looking for advanced longs, so that screwed up my trading day nicely!
Good luck
David

[Steve Griffiths]

Hi David,

yes you are correct, that second sell on the 3min ES was never stopped out, see attached. as such this was a nice profitable trade.....

Steve

[Steve Griffiths]

As a PS,

This sell on the ES came at the same time as the YM was making a nice "manual" DP sell, see below..... so this was added confidence in the market making a high...

Steve

[davidh]

Hi David,

yes you are correct, that second sell on the 3min ES was never stopped out, see attached. as such this was a nice profitable trade.....

Steve

Hi Steve,
Concerning that trade again, unless I am mistaken standard guidelines would have given a 2R winner rather than 3.1R as the STF was not near the strength bands when the first WPT was reached and so the ATR should not have been used to manage the trade?
Thanks,
David

[Steve Griffiths]

Hi David,

Sorry, I am always thinking as an "Advanced Trader" and I do find it hard to come back down to the "standard guidelines" sometimes. Personally I saw that the 15min ES was bouncing off DP resistance so was anticipating more than just a minor decline, as such it was a good idea to let the 3min short "run".........

But again, this was with an "advanced eye", and I do find it hard to think in terms of the standard guidelines sometimes when I automatically use my 20-years experience to see the "bigger picture"

I hope this helps ?

Steve

[davidh]

Hi Steve,
Thanks for your reply.
I can certainly understand that you develop an intuitive feel for the markets after 20 years.
I am still at the stage of trying to follow a system and 'do the right thing'. I still make loads of mistakes, usually associated with getting out of winning trades too early, and have been trying to address that by using the ATR stop.
However I took note of your guidance in your recent webinar that the ATR stop should normally not be used unless the strength band was exceeded at the WPT so I applied that rule on this occasion.
The 15 minute DP (to my untrained eye) looked unconvincing and as there was no divergence (and the 15 min STF strength band was exceeded to the long side) I decided not to be influenced by it on this trade. My mistake.

Thanks,
David

[kbednar]

Hi Ken,
I took the ES short to which you refer but was somewhat spooked by MTP's handling of the signal (eSignal) - showing it as a losing trade when in fact the high of 1355 was never taken out (see screenshot). This is a bug which I have reported before but has not been fixed. I took the trade as it seemed to me to be a standard set up with 2.0 RR and black STF.
Unfortunately I did not ride the trade as long as I should have, as I got a stupid idea in my head that I should be looking for advanced longs, so that screwed up my trading day nicely!
Good luck
David

Hi David:

Thank you for the reply. Just curious as to why one would take those 2 trades (first one a losing trade) when the DP Setup was just a few ticks away and also the larger degree ABC trade down would be just beyond that. I had no divergence on any indicator and the trend was definitely up at the time. One of the bad things about being an engineer is that I tend to over analyze, that I think is my problem. Oh well, thanks again. Good luck trading today.

Ken :)
Ken :):)

[kbednar]

All:

I remember this being brought up before....But I do not know the answer.

Does anyone have any thoughts about having a live trading room or at least board, for MTP purchasers ONLY. No prospects on this board or room. It would be great if Steve or Tony or Matt would be willing to run the room in which we can all discuss possible trading opportunities as they arise real time.

If someone already has a room or board, I would be happy to go thru the screening process, take a test, or give an arm or leg to be included.

There are new friends to be made and new ideas to be explored!!

Ken

[TAS]

Hi,

My thought is just to be practicable to invite STEVE back to well be-loved DAILY REPORT as soon as MTP finished EOD V6.0 initial release.

I also remember we MTPer had got a overwhelming demand for DAILY REPORT during the famous poll conducted sometime last year, and STEVE admits it's just a bit of business cost as the one-year webinar contract has been signed.

Anyway, I deeply appreciate MTP team's post purchase service...of any kind...if possible...

NEVER STOP LEARNING BY AGE

tas:)

[Sejake]

Sorry a bit tardy in posting....anyone in this DP?
Also showing a TS2 BUY showing up on RT scanner so may have to stop and reverse. Will watch the next couple bars here...

[Steve Griffiths]

Hi David,

You were correct to stick to the standard guidelines, as these keep you in the best position when you are learning........... only when you become more experience can you "break the rules"...

For example, does anybody have a guess why it would have been a good idea to Bank the +9R Profit on this FTSE long rather than let it ride with the ATRStop for a +6R Profit (Yes +6R is a great profit anyway)........

But my point is, that with a little experience you can squeeze some more out of what were already very good trades, even when using the standard guidelines....

Steve

[jay21]

Hi David,

You were correct to stick to the standard guidelines, as these keep you in the best position when you are learning........... only when you become more experience can you "break the rules"...

For example, does anybody have a guess why it would have been a good idea to Bank the +9R Profit on this FTSE long rather than let it ride with the ATRStop for a +6R Profit (Yes +6R is a great profit anyway)........

But my point is, that with a little experience you can squeeze some more out of what were already very good trades, even when using the standard guidelines....

Steve

Steve,

just a small remark relating to you speaking about the advanced rules contra the beginners´ rules; wouldn't it make sense to teach the "complete" rules straight away.

As per the above example the rule would then be to disregard the Strength band rule when there is a major higher time-frame DP-area supporting the trade...?

In fact formulating the rule like that is not so much more complex or advanced the way I see it.

It is very easy to discuss after the fact what was the criteria one chose to make the (right) decision.

Tks,
Johan

[Steve Griffiths]

Hi Jay,

Exactly, because the higher time frame (15min Chart) DP was there providing a higher degree resistance area.

Steve

[Jaylock]

What I meant was: Will the automatic routine post the same signal one one time frame, each one reflecting a different wave count. There were two TS2 buy signals on the ES 5MIn chart. They cant be reflecting the same wave count

[Sejake]

I'm sure no one cares... :) (am I in the right thread??) but ive booked the DP short for 2R and was just triggered in this long...

Sejake

[Sejake]

As it's Friday afternoon...I've closed trade for 2R.
Good weekend all......

Sejake

[edfash]

so quiet here you can hear a pin drop

[Steve Griffiths]

Hi Edflash.....

I agree very quiet today............... There was the short sell on the 3min ES using a "gap opening DP" play.....

Using the "standard tarde management guidelines", you don't switch to the ATRStop unless the STF is strong, but only once the initial profit target has been reached

The result ........... a nice +3.4R Profit

Steve

[Steve Griffiths]

And for you "experts"

Classic Elliott............ the decline was 5-waves which stopped right at the minimum Wave 5 WPT, which was followed by an "initial rally" right into the DP from the prior minor Wave 4 high............... right out of the text book ;) and MTP v6.0 nailed each turn for you :)

Steve

[mydet]

Not sure where the target

[mydet]

Maybe the target (sim account)

[Biggo]

Not sure where the target


Hi Mydet

Good luck with trade :)
Didnt have STF divergence on my chart, did you take that into account ?

Cheers

Biggo

[TAS]

Hi Mydet,

It looks all US markets hit the bottom (so far) at the same time around 10:57am EST, but only YM did touch large time frame DP. What I would suggest is to take some profit at lower time DP and at the very least U may already make your bet a free one, anyway best of luck to you if market rewards you with great patience and rides you to the other side of the bigger DP around 12255. For me, I would definitely close this long if other more liquid market unfolds in valid TS3 sell set-up.

As always only time will tell.

TAS

[edfash]

market initially stalled at 15 min dp, then completed a 5th wave down. possible target is the w4 dp. internals awfully weak and a retest of lod highly likely. key low pivot 1333.25 and its dp support zone.

[Larry22]

This is the current count I have on the ES 5 minutes, currently 5 waves down in the possible 5th wave.

Sorry for posting late but I trade first then post.

The only problem I see is that it hasn't broke his low yet but again this could be wave 1 of the 5th wave down.

Time will tell



Laurent

[Larry22]

I hope some of you caught that nice TS3 buy low risk trade on the ER2 3 min chart , we also had a nice DP sell set-up earlier.


Laurent

[d-day]

I've been working on some other projects lately but I was at my desk this afternoon and caught a nice bounce in the ES. I ignored the DP but took the double bottom - just following the divergence on the 5,3,3 stoch, supported by a nice volume spike as well.

[Larry22]

Well lucky dude, just happened to be there at the right moment I guess. :D


Think about why I spend all day waiting for these, while some just sneak in and make a winning trade. :rolleyes:

Go figure

[d-day]

Well lucky dude, just happened to be there at the right moment I guess. :D


Think about why I spend all day waiting for these, while some just sneak in and make a winning trade. :rolleyes:

Go figure

I admit my timing was very lucky, though I was sitting there when the auto DP signalled, but I sat that out and waited for the re-test. What's that old saying? "Its sometimes better to be lucky than good." lol

[Steve Griffiths]

Hi D-day, good to see you on the board again :)

Yes I saw the low on the AB at DP support with good STF divergence. see below...

Not standard tarde management, but as it was late in the day and the close was near and the tarde was sitting on +4.5R Profit, I was very wary of the weakening Staochastic (tripple divergence), so was a good idea to start to bring the stop closer......... again, this is not standard trade management...

The result, a nice +4.5R Profit

Steve

PS, there was also a nice short trade earlier in the day on the ES, because it uses only advanced techniques and I don't want to show it as I will be accused of doing things that are above the standard set-ups, so I will keep that one to myself ;)

[Biggo]

Hi,

My thought is just to be practicable to invite STEVE back to well be-loved DAILY REPORT as soon as MTP finished EOD V6.0 initial release.

I also remember we MTPer had got a overwhelming demand for DAILY REPORT during the famous poll conducted sometime last year, and STEVE admits it's just a bit of business cost as the one-year webinar contract has been signed.

Anyway, I deeply appreciate MTP team's post purchase service...of any kind...if possible...

NEVER STOP LEARNING BY AGE

tas:)


Agree with you there TAS would be great to see the Daily Report back when the work on the new EOD version is finished.
Although I enjoy the Webinars personally the daily reports I really miss.
Dont think there has been many people following the webinars & thats probibly the reason they seem to have dried up

Cheers

Biggo

[Steve Griffiths]

Hi Biggo

Thanks for the post

I apologize for very few webinars this month, everybody at MTP is flat out getting the new v6.0 ready for its July 1 launch.

Once things have quietened down after the launch we will be back to a full webinar Schedule

Thanks

Steve

PS, I will not being doing the daily reports again, mainly because (although they were good), they took too much time and, I was getting RSI from all the typing, so on health grounds I had to stop them....

[Minor]

Steve,

just a small remark relating to you speaking about the advanced rules contra the beginners´ rules; wouldn't it make sense to teach the "complete" rules straight away.

As per the above example the rule would then be to disregard the Strength band rule when there is a major higher time-frame DP-area supporting the trade...?

In fact formulating the rule like that is not so much more complex or advanced the way I see it.

It is very easy to discuss after the fact what was the criteria one chose to make the (right) decision.

Tks,
Johan

Hi Biggo

Thanks for the post

I apologize for very few webinars this month, everybody at MTP is flat out getting the new v6.0 ready for its July 1 launch.

Once things have quietened down after the launch we will be back to a full webinar Schedule

Thanks

Steve

PS, I will not being doing the daily reports again, mainly because (although they were good), they took too much time and, I was getting RSI from all the typing, so on health grounds I had to stop them....

Maybe just a brief Friday review or ?

Thanks Minor

[BigBlock]

Hi Biggo

Thanks for the post

I apologize for very few webinars this month, everybody at MTP is flat out getting the new v6.0 ready for its July 1 launch.

Once things have quietened down after the launch we will be back to a full webinar Schedule

Thanks

Steve

PS, I will not being doing the daily reports again, mainly because (although they were good), they took too much time and, I was getting RSI from all the typing, so on health grounds I had to stop them....

Steve,

As you know, I am a newbie to all of this and have never experienced the "Daily Report". (This is actually my first post to the board).

But, from the posts made here of its value, and your recent post about your health issues related to the report, would it be possible that an audio version of the daily report might be posted on your website for MTP clients?

Just asking :)

Thanks!

[Larry22]

Daily reports were interesting to read, true but people don't realize the amount of time that you have to spent to write everything down, as you also have to add pictures and annotations and follow a few markets then analyze weekly,daily and intraday charts.

Believe me I know what it is as I put annotations on my charts and follow a few markets, so when beside that you have to write comments it is very time consuming.

Over the years I have learned that if you want to trade you have to study and try a few things, from what I have seen on this forum it is allmost the same people posting charts, only a few have recently posted a few trades.

It would be nice for a change to see other people posting trades or possible trades or wave counts. You have all the tools that you need with MTP RT and EOD don't be shy.

The only way to get better is not to rely on others but try on your own.

Good luck !


Laurent

[Larry22]

A little chart to show you how sometimes DP are easy to trade, nothing complicated about that and no daily reports required.

ER2 3 min chart.


Laurent

[mydet]

Can it break the 15 Min DP

[edfash]

hello mtp traders. i am away from home for about a week and getting some r&r. i couldn't agree with laurent's comments more. the more people participate, the more vital the community will be, and we can all learn from each other. posting to the forum will help each individual who chooses to do so, and takes away some of the frequent monotony we all experience.
good luck to all.

[Steve Griffiths]

I agree...

This Forum cost us time and money to host and look after, and it is provided free for MTP customers to make use of........... so please do just that - make use of it.........

Steve

[Steve Griffiths]

Hi Guys

I know this is the US emini thread, but we had a nice TS3 sell on the FTSE earlier, see below.........

A nice +4.8R Profit there :)

Steve

[Steve Griffiths]

OK, back to the US markets

And a nice DP buy on the 3min AB..........

Steve

[Larry22]

OK, back to the US markets

And a nice DP buy on the 3min AB..........

Steve

The beauty of this trade was that it was a C wave on the 15 min chart and was right at the 78% retracement and at the DP from the 60 min previous low around 722.5.

Then on the 3 min charts we had a nice 5 wave down pattern in that C leg with the small DP from previous wave, so everything was there to buy at this low.

I hope some of you saw that opportunity.

Laurent

[jands]

The beauty of this trade was that it was a C wave on the 15 min chart and was right at the 78% retracement and at the DP from the 60 min previous low around 722.5.

Then on the 3 min charts we had a nice 5 wave down pattern in that C leg with the small DP from previous wave, so everything was there to buy at this low.

I hope some of you saw that opportunity.

Laurent

Laurent,

Thanks for your posts, I like that way you point out when many things come together for a better trade.

Comments like that from you and other traders have helped tremendously.

Have a good one,

Jim

[Larry22]

Laurent,

Thanks for your posts, I like that way you point out when many things come together for a better trade.

Comments like that from you and other traders have helped tremendously.

Have a good one,

Jim

Thanks Jim, I hope some of you were able to buy again the other low (ER2) as this was the ultimate long trade before a failure of the ABC as we had a double ABC on the 15 min.

ABC in the A down then ABC up and ABC in the C leg, the count could change monday but for the moment that is what it looks like.

Then on the 3 min we could see a very big divergence with the MAC on the last low and a big spike of volume confirming that it was time to buy.

[Steve Griffiths]

Hi Larry,

I agree, there was another great long trade on the ER2 later in the day, see below.

For those of you who have been following my advanced training for a while will know that I like to look for ABC correction, but "especially" abc corrections that unfold as part of the "first correction" following an "initial move" off an "important high or low".

Well, after the DP provided support and we made an "initial rally", the stage was set to start to see how the minor pattern off any "correction" from this "initial rally" unfolded...... and as you can see, the ABC unfolded with the low right at the typical Wave C WPT..........

The trade entry trigger was as the high of the blue (buy) bar was exceeded...........

The result, a very nice +3R Profit .....

Add that to the +3R from the automatic DP earlier in the day and the Russell gave us some nice profits yesterday, over +6R !!

Steve

[Minor]

I'm not a salesman. I am a very happy MTP user.

And that being said - for all of you spectators out there who are trading but doing so without MTPredictor, what are you waiting for? I have had trades were I lost more that the cost of the software. The last time that happened was before I started using MTPredictor.

In fact, my worse day since starting to use MTPredictor was a -4R day. Not one of those failed trades was an MTP set-up. In fact, not one of those trades was a legitimate set-up of any kind. It was a narrow range day and I had an itchy trigger finger and everytime I fired I shot myself in the equity.

My best day? I won't tell you that. I will say is this: I'm a former stock and commodities broker. I've known a few winnng traders and many, many losers over the years. If you trade using MTPredictor inteligently, and if you use the risk/reward module to size and place all of your entries and stops, and if you also learn to recognize a few simple continuation patterns, and then use the risk/reward module to pyramid your positions on trend days by entering at those patterns, you can join the ranks of the happy few rather than the miserable many.

If you are just starting out, then consider MTPredictor part of your start-up costs. The risk/reward module alone is worth your own weight in gold. The DP module is worth again as much.

Tis is Golden

[Minor]

Being an avid aviator, I have come to utilize "checklists" to make sure I have completed various tasks before, during, and after a flight. With this is mind, I was updating my personnal MTP Trade Setup Checklist, which is based upon the various videos that our gracious host Steve has tirelessly created for our education.

I have just condensed those videos into checklist format for my daily use. Sometimes in the heat of the trading day, you may "think" there is a vaild setup and take the trade, only to get stopped out....and when reviewing this trade, it becomes crystal clear that is wasn't a valid setup afterall....Then you get mad at yourself for taking such an obvious "invalid" setup.

Does this sound familiar? Well if it does, then you are not alone, because I have done exactly that, taken invalid setups. I then decided to create a checklist to help guide me when evaluating a setup.

I have included his checklist for MTP'ers that may be encountering the same issues that happened to me. This checklist may only serve as an initial guide, and I strongly encourage members to review the excellent videos on the various trade setups that Steve has created for all to learn from.

Good Trading,
David

At the top of this post, It says MY MTP ckecklist, Is there one of these checklists around or can someone offer one they may have, I have started to create my own, but would also like to see some others that I might add to mine and improve upon.
Thanks Minor Hmmm, The post was #120 and it showed there, But is not on this copy

[Larry22]

At the top of this post, It says MY MTP ckecklist, Is there one of these checklists around or can someone offer one they may have, I have started to create my own, but would also like to see some others that I might add to mine and improve upon.
Thanks Minor Hmmm, The post was #120 and it showed there, But is not on this copy

Sure there is but why don't you start by posting yours and then I might help you as you see it's allways like that, people want to get everything but don't seem to be in a hurry to share.

P.S. If you have read most of my post you should be able to have a very nice checklist. ;)

Laurent

[Minor]

Sure there is but why don't you start by posting yours and then I might help you as you see it's allways like that, people want to get everything but don't seem to be in a hurry to share.

P.S. If you have read most of my post you should be able to have a very nice checklist. ;)

Laurent

Thank You Laurent, Your posts are very informative and I appreciate them, If you take notice of my post you will see that I am not just asking for someone to do all my work for me. As I mentioned i am working on one for me and will be happy to share with anyone when complete. I am sure I will have to revise it and tailor it as well. Ihave read the introduction to Mtp predictor and the automatic setups and Summarized it with ref to certain pages that spoke to me. I have also read the Part 1 of The Trading/training Course. I am in the middle of reading Part 2 and hope i have the time to finish it soon, I am finding it a very good read and appreciate Steve's abilities not only as a Trader but a writer as well.

Good Trading
Minor

[Minor]

Thank You Laurent, Your posts are very informative and I appreciate them, If you take notice of my post you will see that I am not just asking for someone to do all my work for me. As I mentioned i am working on one for me and will be happy to share with anyone when complete. I am sure I will have to revise it and tailor it as well. Ihave read the introduction to Mtp predictor and the automatic setups and Summarized it with ref to certain pages that spoke to me. I have also read the Part 1 of The Trading/training Course. I am in the middle of reading Part 2 and hope i have the time to finish it soon, I am finding it a very good read and appreciate Steve's abilities not only as a Trader but a writer as well.

Good Trading
Minor
Treyin to add attach, looks like file a little to big

[Minor]

Sorry, I still have to get use to the forum, It seems the only way ;)I could get this on was snap a pic. Thats where I am.

Thanks Minor

[Larry22]

Wow if that's your checklist you sure won't make it as by the time you will have reviewed your list it will be too late to enter a trade.

1) Look at the charts from higher time frame, 60 or 15 min, then identify important pivots (DP's, retracements, projections...)

2) Identify the main trend of the market or where it might be heading

3) From a lower time frame 3 or 5 min you take signals that are in the same direction of the main trend specially if they are on important higher targets.


I think that's a good start for you.

There is much more but everything has been said on this forum just look at the earlier posts and you will find a lot more info. Your list shouldn't be too long as when you enter a trade you have to make quick decisions sometimes.

Laurent

[Minor]

I am Laughing hard, You are exactly right. That is more of my Study Guide, I have some of the basic stuff from MTP that i am referring to for entries. Thank You very much for your time responding to my posts.

I will try to keep my posts on this thread to trading.

Thanks Minor

[Sejake]

Yes these are not RT posts....just posting on the recent talk of sharing to the forum and hoping it's ok....
Trading plan for the day was to watch for completion of the 5 waves down in hourly ES and short the ABC retraces.
First trade was at typ wve C point for 6 R's(rounding out for commissions etc) with target at the DP.
Second trade still in progress entered at the wve 2 or B retrace (entry on 1 min chart). and following ATR.

Sejake

[Sejake]

Keeping 15min DP target in mind as well....

[TAS]

Hi all,

Is today more like the "DAY AFTER"? ER2 and ES have different wave count on 15min, whatever side of the market you trade, DON'T GET GREEDY.

TAS

[TAS]

Also,

can someone share with me if XLF (financial sector SPDR) hits DP yesterday, with any possible divergence? This is key part to watch as per whole S&P.

Thank you in advance.

TAS

[Larry22]

Hi all,

Is today more like the "DAY AFTER"? ER2 and ES have different wave count on 15min, whatever side of the market you trade, DON'T GET GREEDY.

TAS

LOL

You are right TAS, I bough twice allready the ER2 but took my profits everytime as the ES is weaker and pull the ER2 with him.

I have 2 possible wave count for the ES, 1 is the fifth wave is done and we are in some kind of an ABC or we are in wave 3 of 3 of wave 5 and wave 4 and 5 are missing to complete that wave 3. I have suport at 1310 for possible ending of wave 3 of 5 if we go lower. 1300 should be a good support area for the end of wave 5 of 5.

I know it's a bit complicated I will see if I post a pic or not of my wave count as this is precious to me.

Laurent

[Larry22]

Yes these are not RT posts....just posting on the recent talk of sharing to the forum and hoping it's ok....
Trading plan for the day was to watch for completion of the 5 waves down in hourly ES and short the ABC retraces.
First trade was at typ wve C point for 6 R's(rounding out for commissions etc) with target at the DP.
Second trade still in progress entered at the wve 2 or B retrace (entry on 1 min chart). and following ATR.

Sejake


Thanks Sejake that was nice of you of posting your wave count.


Laurent

[TAS]

hi Laurent,

I DO agree with you here as each piece of market feeling and insight is precious with its hard development in trader's own eye... back to last Friday, ER2 was the only one to hold 1:30pm EST low, I was supposing it to be setting up his last glory in CME, however , as we all, more or less, know maybe another insider standing in between CME and ICE, causing this beauty delay migrating untill at least 2 weeks before Sept. expiry.

Good news? Today so far I am right to cover the MTP short trade (with RARE stoch divergence in 3min) in B pivot.

Real-time ym, nq short set-up unfolding, to me , keep money dry if I trade such ...

TAS

[Sejake]

"Thanks Sejake that was nice of you of posting your wave count".

No problem, it was only in isolation....was looking for that one more down. Looks like it's truncated the 5th.

TAS, Agree not to get too greedy that's why I've closed a couple of trades as well.

But...maybe time to get a bit more greedy now though....if the double bottom holds maybe time for a bit of up...:) This is not a forcast by anymeans, just thinking in probabilities...
Anywho I've reversed long...didn't post earlier as I didn't want to look to skitso....but after 5 down, what's next...up! (unless theres more down!) :)

BTW these manual charts take a long time to sort out and try and look somewhat presentable...as mentioned by others the trading comes first.
Hope that all makes sense.

Sejake

[Sejake]

Not in this one, but it does look nice...still holding long....

Hoping it doesn't bite me in the rear...

[Sejake]

Well not a bad day...two good tardes...one scratch.

Next !

Sejake

[Larry22]

LOL

You are right TAS, I bough twice allready the ER2 but took my profits everytime as the ES is weaker and pull the ER2 with him.

I have 2 possible wave count for the ES, 1 is the fifth wave is done and we are in some kind of an ABC or we are in wave 3 of 3 of wave 5 and wave 4 and 5 are missing to complete that wave 3. I have suport at 1310 for possible ending of wave 3 of 5 if we go lower. 1300 should be a good support area for the end of wave 5 of 5.

I know it's a bit complicated I will see if I post a pic or not of my wave count as this is precious to me.

Laurent

To help you visualize what I meant about my wave count just look at the MTP EOD automatic count on the ES 60 min with major wave count, we seem to be missing a little low in the last leg to complete 5 little waves in wave 5, but again the market could decide that it had enough and go up as we are very close to a bottom for wave 3.


I hope this will help some of you to see that it is easy to find wave counts with MTP EOD, of course I prefer doing it manually but I like to be able to compare my wave count and see if my count makes sense. ;)


Laurent

[TAS]

Hi all,

I just got a break-even trade on 3 min ER2 per possible continuation trade, entry 715.5, if it doesn't go with me quickly, standard guide tells me to be out B/E. I know we may need another leg down to complete 5th wave in WAVE 5 on 15min chart.

In hindsight (I didn't in) , Edfash and other ES 24 hour tick traders may already enjoy the ride to go long from the exact low of the day, so well done guys!:)

TAS

[Larry22]

Hi all,

I just got a break-even trade on 3 min ER2 per possible continuation trade, entry 715.5, if it doesn't go with me quickly, standard guide tells me to be out B/E. I know we may need another leg down to complete 5th wave in WAVE 5 on 15min chart.

In hindsight (I didn't in) , Edfash and other ES 24 hour tick traders may already enjoy the ride to go long from the exact low of the day, so well done guys!:)

TAS

Hi TAS, I bought a bit late at 707 as my target was 706, I made the first ride up and rebought at 707.4 and was able to ride it again for another big chunk.

I also want to tell you that ER2 went down in ABC shape (15 min) in his C wave it made a series of ABC's separated by an X.

So the low could be in.

P.S. My entry was based on a 60 min DP and also on the fact that the ES had all the required waves to climb (see previous post).


Laurent

[Steve Griffiths]

Hi Guys,

Today's rally was a "no brainier", especially after mys post here earlier today about reaching DP support

http://www.mtptrader.com/showthread.php?p=17219#post17219

Glad some of you caught the ride up :)

Steve

[davidh]

Hi Guys,

Today's rally was a "no brainier", especially after mys post here earlier today about reaching DP support

http://www.mtptrader.com/showthread.php?p=17219#post17219

Glad some of you caught the ride up :)

Steve

Hi Steve,
What risk controlled entry strategy would you have recommended to catch the rally on the (real time) 3/5/15 min charts?
Thanks
David

[Steve Griffiths]

Is the rally running out of steam here ?

Steve

[TAS]

Thank you Laurent for debriefing your sequence of thinking for me.:)

TAS

[Steve Griffiths]

Nice +4R here on a "manual" DP to catch the high on the 3min YM....

Steve

[Larry22]

Wow, :eek: I'm glad I took my profits and took the rest of the day off.

Sure I would have been temted to short near the top but I would have expect the market to climb a bit higher.

Conclusion: Allways take some partial profits when you have more then 5 points and allways follow with a trailing stop loss just in case. ;)

[TAS]

I know we may need another leg down to complete 5th wave in WAVE 5 on 15min chart..

TAS

Near 12 points gain on ER2, 706 is the low so far, 1 tick shy of another leg down within the session, we might get it when ER2 re-opens. Anyway, I am out MOC.

TAS

[scooper]

Hi All

Not real time really but I posted here before and for your information my wave counts and other proprietary indicators have reasoned me to switch off my system selling short (look at my prior posts and you will see I was selling short the @ES from the 1420 area with a stop at 1364.75).

I still believe on the daily/weekly charts this is wave 1 down of a larger degree 5 wave swing so I anticipate a 3 week or so rally from here (wave 2 up) or of course we could have a further dip to a lower low (to extend a 5th wave down) but the main point is it is time for my short selling system to step aside and bank profits (i don't know the future which is a real shame!). No need to get caught in an updraft if it starts now. Also, certain time cycles I track also gave a signal yesterday/today (but they can be way wrong also).

I caught the intraday rally on the way up on my second account (my first long trade in 6 weeks!!!) using the DP divergence and large volume spike on the ES just after the consumer sentiment news. The SPX pivot resistance at 1327 gave a nice exit on the @ES at around this price or you may have caught a DP short trade also.

Anyway, all the best to your trading.

[scooper]

A quick addendum to my previous post.

Today calculations offer me support on the @ES at the 1295-1296 level which ties in with SPX support at 1297. As I am now flat on my longer term positions and the Fed minutes loom it will be interesting to see if the wave extends downwards and if the area cited becomes support to any decline.

I will be trading MTP setups intraday after the decision when we settle into a trend.

[TAS]

Hi all,

Today was another lucky day for me, my short limit order was filled at 721, reason being 15min DP, ABC and 3min DP, stoch divergence (just at time!) plus volume spike. ER2 went down to other side of DP and bottomed at 709.9, which was 9 ticks away from my 12-point-profit buy-back limit 709, however, I did manage to get out 4 bars later at 711 with nice 10 points.

It looks MTP DP trade with certain criteria really makes sense, even in highly volatile FOMC day. And I remember in the past we might need some high time frame S/R to MAKE UP FOR 3/5min divergence non-existance, such as today's ES and YM.

Again, this is far from standard MTP trade guideline and I just share my 2-cent thoughts.

Good luck ALL.:)

TAS

[Larry22]

Hi all,

Today was another lucky day for me, my short limit order was filled at 721, reason being 15min DP, ABC and 3min DP, stoch divergence (just at time!) plus volume spike. ER2 went down to other side of DP and bottomed at 709.9, which was 9 ticks away from my 12-point-profit buy-back limit 709, however, I did manage to get out 4 bars later at 711 with nice 10 points.

It looks MTP DP trade with certain criteria really makes sense, even in highly volatile FOMC day. And I remember in the past we might need some high time frame S/R to MAKE UP FOR 3/5min divergence non-existance, such as today's ES and YM.

Again, this is far from standard MTP trade guideline and I just share my 2-cent thoughts.

Good luck ALL.:)

TAS


Wow great trade there TAS, I sure would have liked to play it too but I was outside taking out the linen of my pool as it has to be replaced. :(

I have to say that this was the place to sell as it was also the 62% retracement from the last X wave so you had a lot of target cluster in that area so chances were on your side.

Well done.

Back to my pool as it has to be ready tomorrow so my cows can drink water. :D

Laurent

[TAS]

Thank you laurent, I find out where do you mean by X wave, great spot there!

U are superior in that U can always apply odds cluster on your chart before things happening...;)

And I have to admit that I grow with the participation of this forum, really miss the old tiime when people are frequently jumping on board to share their view on the trades which are set-up unfolding or already in one of them.

Today's ER2 TS3 sell was a 'no brainer' as well, is it TOO EASY TO BE HASSELLED to talk about? In my recent momery, only our developer STEVE posted such for educational purposes. Are we MTPers all maturing enough? I doubt myself even though I make some money...once upon a time, veteran JJC share with us a small software to refresh the website automatically, this technology seems to be useless on QUITE AGES LIKE NOW

Good trading ALL.

TAS

[Minor]

Hi All

I am reading and learning,I know steve does not like picking the end of a Wave 5, But does anyone have a daily count you could share, As I Am not yet educated enough to try, I want to do my own work, And not cause work for others, You will see me improve in these areas.

Thanks Minor

[Larry22]

Hi All

I am reading and learning,I know steve does not like picking the end of a Wave 5, But does anyone have a daily count you could share, As I Am not yet educated enough to try, I want to do my own work, And not cause work for others, You will see me improve in these areas.

Thanks Minor

Hi Minor I don't know which software you use for RT but I suggest you try to import your data to the MTP EOD software you wil be amazed on how you can find wave patterns with major intermediate or minor.

You can do the same also with daily data if you look at the SPX you wil see that we have 5 minor waves down and that maximum wave 5 is 1292 so we are very close to that number now so time will tell us if this will hold.

So don't be shy to try experimenting to find wave counts.

Laurent

[Minor]

I stll have not used the EOD. I am using TT feed with Ninja and am working on more. Thanks for the response.

Minor

[Minor]

For those of you that would like to brief up on why Steve is cautious at the end of a wave 5, see part 2, chapter 7 starting at about Page 93

Thanks Minor

[scooper]

Well, the wave count extends with my own calculated support now at 1361 on the SPX. Should have stayed short ..lol:)

Picking the end of impulsive is very hard so never mind as pointed out.

My daily count has the DOW extending its wave 5 as well.

[Larry22]

Well, the wave count extends with my own calculated support now at 1361 on the SPX. Should have stayed short ..lol:)

Picking the end of impulsive is very hard so never mind as pointed out.

My daily count has the DOW extending its wave 5 as well.

You are right scooper trying to pick up a bottom or a top is never easy it is only probabilities. I am sure you meant 1261 instead of 1361 ;)

See my wave count on the 60 min (ESU8) , the bottom could have been made earlier but they decided not to, but again we may be close or not. The target on the SPX seems to be at around 1271 on the MTP ext wave 5 :D

P.S I hope some of you will see that MTP EOD can help you a lot when you are not sure of possible wave count.


Laurent

[scooper]

You are right scooper trying to pick up a bottom or a top is never easy it is only probabilities. I am sure you meant 1261 instead of 1361 ;)

See my wave count on the 60 min (ESU8) , the bottom could have been made earlier but they decided not to, but again we may be close or not. The target on the SPX seems to be at around 1271 on the MTP ext wave 5 :D

P.S I hope some of you will see that MTP EOD can help you a lot when you are not sure of possible wave count.


Laurent


Yes, you are right 1261 is what I meant and that fits well with your posted chart. My original count was manual and put bottom for downtrend at the 1300 area but hey it can extend if it wants to as I have already taken the money and run.

Been having a few tech issues with my platforms over the last day or so. I need to get up and running soon just so much s/w to reinstall etc.

Maybe we will have a black friday?:eek:

[jands]

Looks like a BIG day could be unfolding today. ES coming up on a DP and ER2 approaching support!:eek:

Daily support that is!

[Larry22]

Looks like a BIG day could be unfolding today. ES coming up on a DP and ER2 approaching support!:eek:

Daily support that is!

You are right jands ES is very close to his support, if it breaks 1281.50 this should confirm that the low might be in otherwise we may make one last leg down to complete a minor wave 5 of 5 but as stated we could also have a failure as the maximum wave 5 target has been reached.

Time will tell but I do not want to be caught up short in this if we start to climb.


Laurent

[Larry22]

You are right jands ES is very close to his support, if it breaks 1281.50 this should confirm that the low might be in otherwise we may make one last leg down to complete a minor wave 5 of 5 but as stated we could also have a failure as the maximum wave 5 target has been reached.

Time will tell but I do not want to be caught up short in this if we start to climb.


Laurent

To help you understand more clearly what I was saying here's a pic of the 15 min chart showing 5 waves in the last leg down being possibly wave 5 of 5.

As usual time will tell but I now have a free trade as I bought near the low at 1262.50 and allready took partial profits so I have now a free trade.

P.S if the low doesn't hold this wil mean an extension in this last leg so at least 9 waves down.


Laurent

[Larry22]

To help you understand more clearly what I was saying here's a pic of the 15 min chart showing 5 waves in the last leg down being possibly wave 5 of 5.

As usual time will tell but I now have a free trade as I bought near the low at 1262.50 and allready took partial profits so I have now a free trade.

P.S if the low doesn't hold this wil mean an extension in this last leg so at least 9 waves down.


Laurent

Follow up, I took profits around 1275.

My pool is calling me and the weather is warm and sunny here. :D

[Steve Griffiths]

Hi Guys

I have been busy with the MTP V6.0 launch, so I hope you all nailed this beautiful TS3 sell on the ES for +5R Profit ?

Steve

[Steve Griffiths]

Hi Guys

+5R on the way down, then another +5.(R on the way back up again.......... brilliant :)

Steve

[Larry22]

I hope some of you were able to catch that low on the ES, we had 5 waves down and a manual DP on the 5 min charts.

P.S We also had stochastic divergence on the last low (wave 5)



Laurent

[scooper]

TradeStation just gave up on data for a while at the point. I was stalking just like you for that one. Cost me -1.15R as my order was filled way late and as the data went down I rang up and manually exited the trade as when I was on the phone the guy said the price was moving up then down so fast he could not easily quote me a price so I had go out at market.

Bit of a shame as IF I had let it be it would be doing nicely now. But that would not be controlling risk would it?

[Larry22]

TradeStation just gave up on data for a while at the point. I was stalking just like you for that one. Cost me -1.15R as my order was filled way late and as the data went down I rang up and manually exited the trade as when I was on the phone the guy said the price was moving up then down so fast he could not easily quote me a price so I had go out at market.

Bit of a shame as IF I had let it be it would be doing nicely now. But that would not be controlling risk would it?


Wow :eek: I feel so sad for you, I'm glad I'm with E-Signal and IB has data feed too so I allways have a back-up.

I will post a pic later of my 60 min wave count.

Laurent

[TAS]

Hi scooper,

I can feel the same fustration once in several months...U R right, controlling the risk is trader's top priority.

Moving to the next one!:)

TAS

[TAS]

Hi Laurent,

Any experience you can feel the switch between your 2 data feeds while the primary is down? I suppose it's going to be smooth and NO OBVIOUS LOSING TICKS ?

Thank you.

TAS

Wow :eek: I feel so sad for you, I'm glad I'm with E-Signal and IB has data feed too so I allways have a back-up.

I will post a pic later of my 60 min wave count.

Laurent

[Larry22]

Hi Laurent,

Any experience you can feel the switch between your 2 data feeds while the primary is down? I suppose it's going to be smooth and NO OBVIOUS LOSING TICKS ?

Thank you.

TAS

TAS I don't know as it never happend until now but Ninja is supposed to handle this matter smoothly. At worst my TW (IB) is allways open so I can see the price change there and since my orders are placed on this platform no problemo.



Laurent

[d-day]

Wow :eek: I feel so sad for you, I'm glad I'm with E-Signal and IB has data feed too so I allways have a back-up.

I will post a pic later of my 60 min wave count.

Laurent

I use e-signal and IB also. When I'm daytrading I monitor my charts, but I watch price on booktrader with market depth. I find this gives me a better "feel" than staring at the chart. But I wouldn't daytrade without two sources of date comeing in case one goes down.

[Larry22]

I will post a pic later of my 60 min wave count.

Laurent

As promised here is my 60 min wave counts of the ES with the possibilty of the end of wave (3 or C).

I hope you'll appreciate it as I don't think I will post anymore wave counts, like I said earlier in previous posts I don't see any interest from members and not a lot of people sharing wave counts.

Until then ..........


Laurent

[d-day]

I hope you'll appreciate it as I don't think I will post anymore wave counts, like I said earlier in previous posts I don't see any interest from members and not a lot of people sharing wave counts.

Until then ..........


Laurent

The level of participation here has dropped precipitously. I appreciate how you feel Laurent. I'd like to share more, myself, but it seems like only a few are willing to do the "heavy lifting" while others are content to cherry pick (I just got in from plucking cherries from my own little orchard, so the analogy, while strained, works for me lol). By the way, trees are much easier to maintain than cows ;)

[Cyber56]

Laurent,

I'd just like to express my gratitude for all your posts - It has given me another perspective on how to approach the markets.
I've only started contributing recently on the Forum for the Australian Futures and have found it beneficial for myself.
May I encourage users of the software to post once a week (or month) to keep the Forum alive- I'm sure you will find it not only helps your own trading but at the same time will help others.
Larent, best wishes for the future and I hope you will share a chart from time to time.

Eric
P.S. I've attached a chart with my manual Elliott Wave count of the Aust. SPI.

[Lumer]

Hi Everybody,

-I'm here just like to say, too, that I appreciate your job (all of you!), and many of us (maybe) don't have time to answer: this last months I have had to work...
not always I have time to be here.. with you... so: don't forget!


- and, this is my view... about Australian and Italian market...


Regards

Luigi

[scooper]

As promised here is my 60 min wave counts of the ES with the possibilty of the end of wave (3 or C).

I hope you'll appreciate it as I don't think I will post anymore wave counts, like I said earlier in previous posts I don't see any interest from members and not a lot of people sharing wave counts.

Until then ..........


Laurent


Hey Laurent, sometimes I do not reply. Your counts are very valuable to me and I am sure others. In fact, I sometimes modify mine when I see yours and think crumbs I missed that.

I was intending to post more and I will do this when I get the new V6 and my platforms sorted out more. I am thinking of changing broker back to IB but I need to keep my TS account as I have other systems I run on that platform.

Once the dust settles you will see more posts from me.

Don't go away though as I rate your analysis very highly. The are few pro traders like yourself who actually are prepared to say what they see.

I hope you continue to post sir!

[richbois]

Hi guys

Sorry for being absent so long, but I was busy trading stocks using my books on TTT (Taylor Trading Technique) and even in this last month on down trend I managed a 10% return just playing LONG on stocks.

I must say that TTT is good on stocks. But it also nailed the ES low on Jul 1, the high on Jul 2, and the low on Jul 3, and thanks to some good confirming MTP signals there was some good money to be made.

Sorry Laurent, I will try to post more often.

[TAS]

Good morning ALL,

To share the same care about this forum, I have to re-quote my June 26's post, here it is...:)

TAS


Thank you laurent, I find out where do you mean by X wave, great spot there!

U are superior in that U can always apply odds cluster on your chart before things happening...;)

And I have to admit that I grow with the participation of this forum, really miss the old tiime when people are frequently jumping on board to share their view on the trades which are set-up unfolding or already in one of them.

Today's ER2 TS3 sell was a 'no brainer' as well, is it TOO EASY TO BE HASSELLED to talk about? In my recent momery, only our developer STEVE posted such for educational purposes. Are we MTPers all maturing enough? I doubt myself even though I make some money...once upon a time, veteran JJC share with us a small software to refresh the website automatically, this technology seems to be useless on QUITE AGES LIKE NOW

Good trading ALL.

TAS

[BigBlock]

As promised here is my 60 min wave counts of the ES with the possibilty of the end of wave (3 or C).

I hope you'll appreciate it as I don't think I will post anymore wave counts, like I said earlier in previous posts I don't see any interest from members and not a lot of people sharing wave counts.

Until then ..........


Laurent

Laurent,

I am sure that there are many, like me, that are relatively new to MTP, and the forums, that greatly appreciate the work that you do and the time that you take in explaining and presenting the analysis that you labor on and share with us. Elliott Wave theory, to me, seems more of an art than a science. I struggle with the charts, wondering if I am at all close to being accurate and useful in my analysis, and then I see one of your charts and see pure artistry. Then I think, "Of course! Why didn't 'I' see it that way?"

If I posted my fledgling charts it would look like stick figures posted along side your Mona Lisa.

It would be my wish that you would not give up on us. The goal of each of us is to become a better analyst and trader. The MTP software is a tremendous tool, and the personal application of it and the experience of "pros", such as yourself, d-Day and others, are invaluable. Maybe you had mentors, when you were first learning this business, that aided you on your quest and remember what it was like.

Anyway, I just want to express my appreciation for the lessons you have shared with us and hope that you will continue. Hopefully, I will get up the nerve to post my own analysis for your scrutiny and humor (or horror :eek:) in the not too distant future :)

Jim

[Steve Griffiths]

Hi Jim.

Don't worry, my advice would be to "keep it simple" and only work with an "obvious" and good looking wave count. In my experience this only unfolds on a chart about 50% of the time, this is why I (personally) am happy to admit that I "don't know" when the pattern is not clear........... This is where Elliott gets such a bad press because wave counts are "forced" onto a chart when they are not obvious. This results in counts being wrong.........

So my advice, is to keep it simple and only work with a obvious count, much of the time your charts will be blank.............

I hope this helps ?

Steve

[richbois]

on ES today both MTP and TTT nailed the High and the Low so far

[Steve Griffiths]

This is what I mean by keeping it simple

First look at the 15min chart, then orient your 3 and 5min trades in that direction, so that means shorts (not longs), or at the very least if you did go long on the TS3 buy, then move your stop to break-even very very quickly

Thanks

Steve

[Steve Griffiths]

OK, here is one for the more experienced among you.

1. The 15min gave the daily biases of down........

2. so you could be looking for DP "trend continuation" trades to the short side

3. see attached......... currently sitting on almost +6R Profit

And all from know that the 15min chart had put in a Wave C high and the main trend was now down......

Steve

[Cyber56]

Steve,

This is a TS4 setup on a 1 minute chart I found using MTP6.
Risk/Reward using ATR Stop - 10.7

Eric

[d-day]

on ES today both MTP and TTT nailed the High and the Low so far


I've said it before and I'll say it again (and again and again and again) but MTP with TTT is a phenomemal combo for daytrading the e-mini's. When I get a projected support/resistance limit confluence with MTP (either a TS or a DP) and TTT I have no choice bu to take the trade. That was a nice example, Rich. It also shows the importance of riding the cycle and letting price come to you rather than attepting to change the cycle everytime price extends or a rally fails.

Best Wishes,

d-day

[Steve Griffiths]

Hi Guys

Here is another great example of using the 15min DP for "larger degree support (resistance) and then orienting your shorter-term 3min trades around this on the YM yesterday.

Also, notice the high volume "spike" that came in at the 3min DP support, this is also something I have mentioned before.

Here I have suggested banking profits at the maximum Wave 3 WPT, because you were sitting on a good profit and time was running out for the day session....

I realize this is slightly an "advanced" trade, but it is all based on what I teach on a regular basis

I hope this helps ?

Steve

[Steve Griffiths]

Hiya

Did anybody spot the ABC on all the markets today - especially the 5min AB ?

Steve

[Larry22]

Hiya

Did anybody spot the ABC on all the markets today - especially the 5min AB ?

Steve

Yup it was also a manual DP from wave A and 78% retrace from yesterday's low.

That was an easy trade to make, sorry but no pic's to attach as previous posts.

Need to go take care of my cows now. :D


Laurent

[Steve Griffiths]

Hi Larry.

Well done, I thought you would have nailed this one ;)

For everybody else, please see below ....

Point to note, it is against a red STF, as this is the "first correction" off the "initial rally" from an "important low"

Result, +5R at the DP initial target.........

Steve

[Cyber56]

Some time back there was a great thread on the Taylor Trading Technique - It is well worth doing a Search in this thread if one is interested in furthering their knowledge of the markets - The TTT method compliments the teachings of Market Turn Predictor.
Today, there was a fine example with the ES eMini 3min. chart - A TS2 setup which was confirmed by the TTT method - Shorting 3 contracts @ 1268.25.
Risk/Reward 9.3 ($3150).
www.taylortradingtechnique.net

Eric

[d-day]

Some time back there was a great thread on the Taylor Trading Technique - It is well worth doing a Search in this thread if one is interested in furthering their knowledge of the markets - The TTT method compliments the teachings of Market Turn Predictor.
Today, there was a fine example with the ES eMini 3min. chart - A TS2 setup which was confirmed by the TTT method - Shorting 3 contracts @ 1268.25.
Risk/Reward 9.3 ($3150).
www.taylortradingtechnique.net

Eric


I've said it before and I'll say it again (and again and again and again) but MTP with TTT is a phenomemal combo for daytrading the e-mini's. When I get a projected support/resistance limit confluence with MTP (either a TS or a DP) and TTT I have no choice bu to take the trade. That was a nice example, Rich. It also shows the importance of riding the cycle and letting price come to you rather than attempting to change the cycle everytime price extends or a rally fails.

Best Wishes,

d-day

TTT is difficult to grasp and apply, but worth the effort. I struggled with it for a long time, and it started clicking for me once I finally got the cycle worked out (oh, and after having read Taylor's book about 10 or 20 or 100 times lol). And since I started getting my Taylor Book updated nightly from Richard's service, I've been able to take its application to very high level. It is remarkable how often an MTP TS or DP occurs within a projected TTT support (projected low) or resistance (projected high) zone. In fact, for those who follow TTT, you can attest to the frequency with which Taylor's technique will nail nearly the exact price within a DP zone that the market will turn. Reminds me of the old Reese's Peanut butter cup commercials:

MTP Trader: "Hey, you got TTT in my MTP..."

TTT Trader: "Yeah, but you got MTP in my TTT."

(turning to one another with mutual pleasant surprise across their faces)

MTP Trader/TTT Trade (in unison): "Hey, these work extremely well together."

I have some other business commitments that have prevented me from daytrading as much as I had in the past, and since I am unable to be in front of the screen all day as I had in the past, I am now starting to use Rich's US Stocks book to do 1-3 day swing trades on stocks. Of course, the TTT e-Book doesn't do it for you - it is definately a "thinking trader's method," like MTP, and not a "black-box trading system." I have posted here many many many times in the past - you need to read and re-read Taylor's book. And then, after two readings, you will be ready to start studying his book and understanding its real world application.

Best Wishes to all,

d-day

[richbois]

Some time back there was a great thread on the Taylor Trading Technique - It is well worth doing a Search in this thread if one is interested in furthering their knowledge of the markets - The TTT method compliments the teachings of Market Turn Predictor.
Today, there was a fine example with the ES eMini 3min. chart - A TS2 setup which was confirmed by the TTT method - Shorting 3 contracts @ 1268.25.
Risk/Reward 9.3 ($3150).
www.taylortradingtechnique.net

Eric

I am glad you got some of that

TTT not only nailed the Low in ES but also in AB/ER2, YM, NQ

[Biggo]

TTT is difficult to grasp and apply, but worth the effort. I struggled with it for a long time, and it started clicking for me once I finally got the cycle worked out (oh, and after having read Taylor's book about 10 or 20 or 100 times lol). And since I started getting my Taylor Book updated nightly from Richard's service, I've been able to take its application to very high level.
d-day


Hi D Day

How do we go about subscribing to Richards service please ?

Cheers

Phil

[Cyber56]

Hi Phil,

You can go directly to http://www.taylortradingtechnique.net
or contact Richard - rich@taylortradingtechnique.net

Cheers,
Eric

[Steve Griffiths]

Hi Guys

The short for me was off the ABC correction at 11:30EST on the 5min YM..... If you were looking for shorts (because TTT was down), then this got you short, and the ATRStop allowed you to run this short for the rest of the day for a massive +10R Profit !

Again, MTP is the tool that can get you into the tarde for a small controlled risk, once you have an idea of the direction you wish to tarde for the day. This is what D-Day and many others of the betters traders on this Forum do........... and as you can see, the results can be brilliant......

But, it does take work to be this good and to develop this level of understanding as a trader.....

Steve

[d-day]

Again, MTP is the tool that can get you into the tarde for a small controlled risk, once you have an idea of the direction you wish to tarde for the day. This is what D-Day and many others of the betters traders on this Forum do........... and as you can see, the results can be brilliant......

But, it does take work to be this good and to develop this level of understanding as a trader.....

Steve

Absolutely! Some traders use overbought/oversold oscillator readings, some use Elliot Wave analysis, others use TTT, still others use sentiment extremes to determine probable direction or bias for the day - the map, so to speak, of the trading day. The destination is, one hopes, a profitable day, or at the very least, if a losing day, one where the losses are limited. MTP identifies the specific route to take aong the map to arrive safely at one's destination.

And let's not forget that there are a number of traders here and elsewhere who use MTP's larger timeframe DP's to determine probable market direction -so there are many ways to use MTP to take on the daily trading battle.

Best Wishes to all,

d-day

[Sejake]

Nice entry on ES this morning.
Monitored the reversal at the 15 minute DP.
Enty on 5 minute at the 100% extension or AB=CD or symmetry or measured move, whatever you want to call it.
Looking for oppostie DP or ATR stop whatever comes first.

Sejake

[TAS]

REAL_TIME !!!:)

I hope guys catch the ER2 3min or 5min short right now, both time frame STOCH divergence, MTP 3min divergence and 50% retracement.. S DAY... what a confluence...

Not going too far, still chance to get on...

Current 671.5, time 12:27pm EST

Good luck

TAS

[Sejake]

Yep... sells - ABC's showing up right now....Real TIme...

[edfash]

hello all. good to be back. similar setup in ftse to er

[TAS]

REAL TIME UPDATE:

In strict MTP guideline, the ER2 short I talked about 75 minutes ago results a CONTROLLED SMALL LOSS, anyway, depends on individual trading style, comfortable money management approach, this trade could be B/E or even slight profit if you trade more than 1 contract.

Moving on everyone, another short on manual DP unfolding...

TAS

[TAS]

For me, pass on this due to fast catching momentum..

TAS

[edfash]

mtp nails it.

[edfash]

trade coincided with a 15 min sell in the es

[TAS]

Here ER2 goes (of course without me) down from that reversal red sell bar with JUST HAIRY STF divergence on 3min or 5min.

Another way to look at this was to short 5-wave way up, however in my experience, only screaming divergence in the possible end of wave 5 pointed me reversal and hence profitbale trades most of the time. By the way, same time short in YM 5min DP and ES 5min TS4 might be added weight to ER2 DP short with the benefit of hindsight.

Everyone else? Counting money...:)?

TAS

[Sejake]

This TS1 made sense...very clean trade, it looked great and pretty sure everyone was aware of it RT....

Sejake

[scooper]

Here ER2 goes (of course without me) down from that reversal red sell bar with JUST HAIRY STF divergence on 3min or 5min.

Another way to look at this was to short 5-wave way up, however in my experience, only screaming divergence in the possible end of wave 5 pointed me reversal and hence profitbale trades most of the time. By the way, same time short in YM 5min DP and ES 5min TS4 might be added weight to ER2 DP short with the benefit of hindsight.

Everyone else? Counting money...:)?

TAS


Well, it was hard for me to tell if the bottom at the start of the day was important or not. I was in two minds about selling the market after that low, especially as the rally was 5 waves and the last set of DP setups were not really showing much divergence. So I sold it. Moved my stop to B/e as soon as I could and got nowt. But then I sold it again deciding that it was only an R.

Held it to first DP level and out on limit. Best way for me when its hard to get the bigger picture clear in my head.

[scooper]

Well, it was hard for me to tell if the bottom at the start of the day was important or not. I was in two minds about selling the market after that low, especially as the rally was 5 waves and the last set of DP setups were not really showing much divergence. So I sold it. Moved my stop to B/e as soon as I could and got nowt. But then I sold it again deciding that it was only an R.

Held it to first DP level and out on limit. Best way for me when its hard to get the bigger picture clear in my head.


Well it was just retestas and again is it an important bottom or not? Looking like a nice rally from a triple bottom ER2 low but the S&P did break support at 1241 twice and reclaimed it. Hmm, I will wait and see if this is a wave 1 up and look to get in on wave 2 as the bigger picture is muddy at the moment.

[Sejake]

Another nice clean looking TS1 in the works for those that go after hours a bit....

Sejake

[scooper]

Another nice clean looking TS1 in the works for those that go after hours a bit....

Sejake

Hi Sejake

Yep, I am in a cheeky setup that is similar on the YM. Worth a go at 10 to 1 R>R

Well, lets see.....

[scooper]

Thought it was a little too cheeky, virtually instant stop order fill as the globex session opend. Good job it was only a single contract (-0.5R).

Good luck on the ES:D

[Sejake]

Cheeky for sure....I left a couple of extra ticks to compensate for after hours gremlins....looks like I'm about to be stopped too though....

[Steve Griffiths]

Hi Guys

Well done on you all catching the high on the AB before it fell sharply. The NQ (below) had an automatic DP sell at the same time............... resulting in a nice +7R profit :)

So well done to you all for catching some nice profits on a least one market.

Steve

[Minor]

ER smokin Off your setups yesterday

[scooper]

Well, easy DP setup in the 3 min ES at the open. 15 min DP there as well. The only issue muddying the waters is a longer term wave count which projects us a wave 5 down to around 1219. Stop now at B/E so its a freebie!

[edfash]

er also has dp setup on the open

[Larry22]

Yup agreed on this that was the low risk trade of the day, believe me or not but I sold at the opening and then bought for profit and then rebought at 659.5 and couldn't resist at a nice 10 point profits.

Got lucky on this one, now all I have to do is go milk my cows. :D


Laurent

[scooper]

Crumbs, decided to use ATR stop one above B/E and that bar shot down and took it out. Wow. 0.30R for me net on that one.....looks like the larger wave coming in

[scooper]

Yup agreed on this that was the low risk trade of the day, believe me or not but I sold at the opening and then bought for profit and then rebought at 659.5 and couldn't resist at a nice 10 point profits.

Got lucky on this one, now all I have to do is go milk my cows. :D


Laurent

Smart move, I wondered about banking my profit at 3R as well and then taking the rest of the day off. But I did not so I can't milk my cows yet.....

[davidh]

$SPX has just hit the major daily DP. But no divergence. Guess we should still be prepared for rally in the next week or so?

[Larry22]

$SPX has just hit the major daily DP. But no divergence. Guess we should still be prepared for rally in the next week or so?


Yup and I also had an important projection around 1231.25 so we might have a good reaction from this confluence level.

Let's wait and see


Laurent

[scooper]

I am long the DOW on the 3 min DP setup. Has good divergence and also a small stochastic divergence. Big volume spikes on downward move as well. R/R about 3 to 1 at first target. I am only on half acct risk (1%) though as the larger trend is still down.

Re ES - yep, the level stated is a big test area. We will have to see if its enough to turn the ship around....

[scooper]

Well stopped out.....but I did not take the continuation trade as we are close to an 11,000 Dow.

[Larry22]

ES has now reached his TTT low projection on SS day at 1227 based on Richard's book (taylortradingtechnique.net) so we should have some kind of rally here.

Oh I forgot to mention that I b