US Markets: Real-time Trading

[tar001]

wow!! amazing:D



I am long the YM and the Russell:D you know we can't have a down day(not a big one anyway)

[tar001]

now it gets tricky, at the DP MIGHT think about shorting it



wow!! amazing:D

[tar001]

Just for the record this was the RIGHT DP(I am not in it as it is late in the trading day)



now it gets tricky, at the DP MIGHT think about shorting it

[TreeShaker]

My only trade today so far on the ER. Short of course :D

Larry how did you keep from being stopped out after the blue DP appeared on the chart? It looks like it even went higher than the red dots for the stops.:confused:

[TreeShaker]

I am long the YM and the Russell:D you know we can't have a down day(not a big one anyway)

What made you get into the YM? I don't see any signals, even though it was a nice move.

[TreeShaker]

I've gone from -16R to -12.8 paper account and -10R real. I decided to use only strick rules for awhile and had 2 loses today and saw the ones that ran didn't start at WPT, they were inbetween, a little past etc. Of course I wasn't in them because they weren't exact. Go figure. :rolleyes: Any thoughts?

[Larry22]

Larry how did you keep from being stopped out after the blue DP appeared on the chart? It looks like it even went higher than the red dots for the stops.:confused:

Well if you would have read some of my post you would have learned that I allways put my stop 3 ticks above the red bar not the ATR (red dots) not at the beginning of a trade, then I don't allways follow exactly the rules I usually put my trailing stop loss a bit higher then the ATR (red dots) as per my experience.

I hope you were able to buy that nice ABC correction after the decline, that was a perfect double ABC separated by an X wave that is shown as a B wave on the 5 min, it was in the typical range (A = C) :D

[tar001]

If you look where I placed the green arrow on this chart you will see the pivot point in which this DP was found(it was not automatic) you have to do that throughout the trading day. When I posted the short(if you scroll back you will see it) I mentioned that the down move might stop at this DP. I also like the bar pattern and it was a low risk trade so I took it. Also if you look at the oscillator there is divergence from the low of the oscillator(where it is blue) to the oscillator where I placed the long entry



What made you get into the YM? I don't see any signals, even though it was a nice move.

[tar001]

hmmmmm I don't see the green arrow?



If you look where I placed the green arrow on this chart you will see the pivot point in which this DP was found(it was not automatic) you have to do that throughout the trading day. When I posted the short(if you scroll back you will see it) I mentioned that the down move might stop at this DP. I also like the bar pattern and it was a low risk trade so I took it. Also if you look at the oscillator there is divergence from the low of the oscillator(where it is blue) to the oscillator where I placed the long entry

[d-day]

I've gone from -16R to -12.8 paper account and -10R real. I decided to use only strick rules for awhile and had 2 loses today and saw the ones that ran didn't start at WPT, they were inbetween, a little past etc. Of course I wasn't in them because they weren't exact. Go figure. :rolleyes: Any thoughts?


I know that Matt and Steve discourage the use of additional indicators beyond the price oscillator, aka STF, but one thing that has been working very well for me lately is that I only take those MTP signals where there is stochastic divergence. I have been using a 5 period %k on a 3 minute ER2 chart. For example, there was a TS3 sell signal on the 3 minute ER2 at 2:18, 2:21 and again at 2:27 EDT. However, in each case, stochastics was making higher highs along with price. Heeding the rising stochastic would have saved you from two stop outs for -2R. The rising stochastic indicated that there may have been enough momo (and indeed there was enough momo) to muscle through not only the fib resistance signalled by MTP but structural resistance represented by the first hour low (old support/now new resistance) and the trendline anchored from yesterday's high print at 15:21 and the 16:12 lower high and today's 11:33-39 and 12:45 touches.

The DP short that Larry posted earlier coincided with stochastic divergence indicating waning momentum and also coincided with that down trendline. That was my first trade today also. I covered way to soon.

My second trade was to go long the ER2 at the 78.6 retracement of yesterday's swing. (That is where I should have "stopped and reversed" my previous short DP trade, but as I said, I covered way too soon). I added on the pullback to the broken downtrendline I referenced above, and I exited at 850.8 (851.3 was the ultimate high, and it was a 261.8% external fib extension of the first bounce off the 78.6% fib retracement level).

All this to say that MTP is a great tool, and its effectiveness is greatly increased by viewing the signals in the context of price action, and not in isolation from price. One should always be aware of where price is in relation to both fibonacci and structural support and resistance.

But hey, all I learned about trading came from an ornery one-eyed Texan, so what do I know?

Some days I'm luckier than others.

[d-day]

By the way, on the 3 minute ER2 we also had DP buy signals at 10:52 and 11:04 as well as TS4 buy signals at 12:04, 12:07, and 12:10 (all times Eastern Daylight Time). Again, if you used momentum divergence as a requirement to filter these trades you would have avoided another -2R.

You do not need to use stochastics. Depending upon the intrument(s) and time frame(s) you trade, you could use RSI, CCI, stochastics, MACD, Williams%R, blah blah blah. The point is to pick something that you understand, experiment with the settings to match your market & time frame, and then train your eye to read it.

Also, how many markets are you trading? For daytrading, one is enough. I also swing trade stocks (using options mainly), bonds and notes, nat gas, crude, and gold. But I only daytrade the ER2 (though when my broker increased margin requirements I did daytrade the ES only). I do not understand those of you who take every trade, or even just look at every siganl, off the 3,5, and 15 minute ER2, YM, NQ, and ES. Almost any one of those will give you 2-3 good trades/day. Why not concentrate on one chart and try to grab those 2 or 3 good trades instead of frantically watching 12 charts and trying to analyze simulataneous signals.

Pick one chart, e.g. 5 minute ES or 7 minute YM or 13 minute NQ or whatever. Do your homework at night - draw your trendlines, support and resistance lines (prior highs/lows, fib retracements and extensions). In the morning, set you time frame to 24 hours, and not on your chart important Globex extremes/inflection points.

For example, if you look at the chart I posted above, you will see a vertical green line, demarcating the open. You will also see two thin red lines - these represent what I took to be important support/resistance levels from the globex session. The upper line is 851.3. The market gapped lower, and rallied into that resistance level. The market then sold off most of the day, slowly retracing 78.6% of yesterday's rally. The ER2 then rallied off the LOD and found resistance where? Yep, 851.3, which happened also to be the 261.8% extension of the first minor swing off of today's low. There is no reason anyone with MTPredictor should ever be down -10R if he or she is doing the work necessary to learn to read price, and hence learn to interpret the MTP signals in the context of price action.

I took a screenshot of my ER2 chart for the week, i.e. I compressed it to show what it looks like for Monday-Wednesday. I leave everything on there. I print it every night and I save a screen shot. I study my charts. Everyday. I start everyday with a "Map" already on my chart. Recent health problems have kept me from being able to monitor every tick during the day, so I set price alerts to notify me when price is near a point that I expect may yield a set-up. So easy even a caveman can do it.

And I have not had a losing trade yet this week. 5/5 monday, 1/1 Tuesday, 2/2 today. Believe me, I do have my share of losing trades.

[Steve Griffiths]

Hi David,

On the contrary, I do encourage people to find their "own" methods and indicators that can help them in their own trading. Trading is very personal, each trader has to find what works for them....

But you have hit on the most important point is that you take the time "to study" your charts and learn what does and does not work. This is a rare example with most traders today who seem to expect massive profits with no work. As such, I encourage everybody to take your lead and take the time to do this. The rewards will be there.

Myself, I plotted all my chart my hand for over 3 years with pencil and paper. This may sound madness, but after that I got a real "feel" for how my chosen markets would react.

So thanks for posting such a detailed explanation here, there are many new traders who could learn a lot about what they have to do themselves to be successful, and the work, time and commitment it takes.

Thanks

Steve

[scooper]

I know that Matt and Steve discourage the use of additional indicators beyond the price oscillator, aka STF, but one thing that has been working very well for me lately is that I only take those MTP signals where there is stochastic divergence. I have been using a 5 period %k on a 3 minute ER2 chart. For example, there was a TS3 sell signal on the 3 minute ER2 at 2:18, 2:21 and again at 2:27 EDT. However, in each case, stochastics was making higher highs along with price. Heeding the rising stochastic would have saved you from two stop outs for -2R. The rising stochastic indicated that there may have been enough momo (and indeed there was enough momo) to muscle through not only the fib resistance signalled by MTP but structural resistance represented by the first hour low (old support/now new resistance) and the trendline anchored from yesterday's high print at 15:21 and the 16:12 lower high and today's 11:33-39 and 12:45 touches.

The DP short that Larry posted earlier coincided with stochastic divergence indicating waning momentum and also coincided with that down trendline. That was my first trade today also. I covered way to soon.

My second trade was to go long the ER2 at the 78.6 retracement of yesterday's swing. (That is where I should have "stopped and reversed" my previous short DP trade, but as I said, I covered way too soon). I added on the pullback to the broken downtrendline I referenced above, and I exited at 850.8 (851.3 was the ultimate high, and it was a 261.8% external fib extension of the first bounce off the 78.6% fib retracement level).

All this to say that MTP is a great tool, and its effectiveness is greatly increased by viewing the signals in the context of price action, and not in isolation from price. One should always be aware of where price is in relation to both fibonacci and structural support and resistance.

But hey, all I learned about trading came from an ornery one-eyed Texan, so what do I know?

Some days I'm luckier than others.

Thanks David, this is a great post for me. I think its only natural to want to up your percentages BTW with extra filters. That's not about trying to be right but trying to further stack the odds of a low risk trade in our favour.

I like your explanation of the Stochastic divergence and have never considered using it. I took that sell trade and was stopped out - would have been nice to avoid or maybe reduce risk from 2% to 1% perhaps?

I also noticed at the same time that the TS3 came up the other indices were just pushing through their resistance point and so if I had seen that as well (maybe I should adjust my screen layouts so I can see them all at once) I may have avoided that one.

Of course the point is not to avoid trades and cherry pick as that will lead to missing some good entries no doubt but applying a bit more sensibility is good with me.

Thanks again for the post and clear chart. I understand what you mean and have taken that on board.

[Steve Griffiths]

Hi Guys

I understand totally and this this end we are working (in house) on a new study based on volume that (we hope) will help filter trades as well

Still have a lot to do here, but we are working on this now....

Thanks

Steve

[tombtrader]

Excellent posts DD. If this is not the roadmap to profits, then nothing is.

By the way, on the 3 minute ER2 we also had DP buy signals at 10:52 and 11:04 as well as TS4 buy signals at 12:04, 12:07, and 12:10 (all times Eastern Daylight Time). Again, if you used momentum divergence as a requirement to filter these trades you would have avoided another -2R.

You do not need to use stochastics. Depending upon the intrument(s) and time frame(s) you trade, you could use RSI, CCI, stochastics, MACD, Williams%R, blah blah blah. The point is to pick something that you understand, experiment with the settings to match your market & time frame, and then train your eye to read it.

Also, how many markets are you trading? For daytrading, one is enough. I also swing trade stocks (using options mainly), bonds and notes, nat gas, crude, and gold. But I only daytrade the ER2 (though when my broker increased margin requirements I did daytrade the ES only). I do not understand those of you who take every trade, or even just look at every siganl, off the 3,5, and 15 minute ER2, YM, NQ, and ES. Almost any one of those will give you 2-3 good trades/day. Why not concentrate on one chart and try to grab those 2 or 3 good trades instead of frantically watching 12 charts and trying to analyze simulataneous signals.

Pick one chart, e.g. 5 minute ES or 7 minute YM or 13 minute NQ or whatever. Do your homework at night - draw your trendlines, support and resistance lines (prior highs/lows, fib retracements and extensions). In the morning, set you time frame to 24 hours, and not on your chart important Globex extremes/inflection points.

For example, if you look at the chart I posted above, you will see a vertical green line, demarcating the open. You will also see two thin red lines - these represent what I took to be important support/resistance levels from the globex session. The upper line is 851.3. The market gapped lower, and rallied into that resistance level. The market then sold off most of the day, slowly retracing 78.6% of yesterday's rally. The ER2 then rallied off the LOD and found resistance where? Yep, 851.3, which happened also to be the 261.8% extension of the first minor swing off of today's low. There is no reason anyone with MTPredictor should ever be down -10R if he or she is doing the work necessary to learn to read price, and hence learn to interpret the MTP signals in the context of price action.

I took a screenshot of my ER2 chart for the week, i.e. I compressed it to show what it looks like for Monday-Wednesday. I leave everything on there. I print it every night and I save a screen shot. I study my charts. Everyday. I start everyday with a "Map" already on my chart. Recent health problems have kept me from being able to monitor every tick during the day, so I set price alerts to notify me when price is near a point that I expect may yield a set-up. So easy even a caveman can do it.

And I have not had a losing trade yet this week. 5/5 monday, 1/1 Tuesday, 2/2 today. Believe me, I do have my share of losing trades.

[TreeShaker]

:) :mad: I know that Matt and Steve discourage the use of additional indicators beyond the price oscillator, aka STF, but one thing that has been working very well for me lately is that I only take those MTP signals where there is stochastic divergence. I have been using a 5 period %k on a 3 minute ER2 chart. For example, there was a TS3 sell signal on the 3 minute ER2 at 2:18, 2:21 and again at 2:27 EDT. However, in each case, stochastics was making higher highs along with price. Heeding the rising stochastic would have saved you from two stop outs for -2R. The rising stochastic indicated that there may have been enough momo (and indeed there was enough momo) to muscle through not only the fib resistance signalled by MTP but structural resistance represented by the first hour low (old support/now new resistance) and the trendline anchored from yesterday's high print at 15:21 and the 16:12 lower high and today's 11:33-39 and 12:45 touches.

The DP short that Larry posted earlier coincided with stochastic divergence indicating waning momentum and also coincided with that down trendline. That was my first trade today also. I covered way to soon.

My second trade was to go long the ER2 at the 78.6 retracement of yesterday's swing. (That is where I should have "stopped and reversed" my previous short DP trade, but as I said, I covered way too soon). I added on the pullback to the broken downtrendline I referenced above, and I exited at 850.8 (851.3 was the ultimate high, and it was a 261.8% external fib extension of the first bounce off the 78.6% fib retracement level).

All this to say that MTP is a great tool, and its effectiveness is greatly increased by viewing the signals in the context of price action, and not in isolation from price. One should always be aware of where price is in relation to both fibonacci and structural support and resistance.

But hey, all I learned about trading came from an ornery one-eyed Texan, so what do I know?

Some days I'm luckier than others.

Thanks for the input. I think you would have had to have nerves of steel to not cover where you did. You really didn't miss much of the move compared to the additional risk to ride out those up surges.

My luck stays bad. I was in a red DP on EMD 5min, 0940 PDT. It had neg diverg on STF, STO, at a grn DP level, at R1 of the Pivot Point indicator, and stopped me out on the 7th bar by 0.1 and is now nicely going down without me.:mad:

[TreeShaker]

Well if you would have read some of my post you would have learned that I allways put my stop 3 ticks above the red bar not the ATR (red dots) not at the beginning of a trade, then I don't allways follow exactly the rules I usually put my trailing stop loss a bit higher then the ATR (red dots) as per my experience.

I hope you were able to buy that nice ABC correction after the decline, that was a perfect double ABC separated by an X wave that is shown as a B wave on the 5 min, it was in the typical range (A = C) :D

Thanks for the reply Larry,
I do read your post but I can't remember what each person's outlook is. I can't even remember my own. HAHA:o Maybe that's my problem. I have been tightening my stops because I have had many runs to 1.5R and back down giving me a -R, over and over again.:mad: I guess you have been getting some good runs to stay so loose on the stops. Good for you!:)

[TreeShaker]

By the way, on the 3 minute ER2 we also had DP buy signals at 10:52 and 11:04 as well as TS4 buy signals at 12:04, 12:07, and 12:10 (all times Eastern Daylight Time). Again, if you used momentum divergence as a requirement to filter these trades you would have avoided another -2R.

You do not need to use stochastics. Depending upon the intrument(s) and time frame(s) you trade, you could use RSI, CCI, stochastics, MACD, Williams%R, blah blah blah. The point is to pick something that you understand, experiment with the settings to match your market & time frame, and then train your eye to read it.

Also, how many markets are you trading? For daytrading, one is enough. I also swing trade stocks (using options mainly), bonds and notes, nat gas, crude, and gold. But I only daytrade the ER2 (though when my broker increased margin requirements I did daytrade the ES only). I do not understand those of you who take every trade, or even just look at every siganl, off the 3,5, and 15 minute ER2, YM, NQ, and ES. Almost any one of those will give you 2-3 good trades/day. Why not concentrate on one chart and try to grab those 2 or 3 good trades instead of frantically watching 12 charts and trying to analyze simulataneous signals.

Pick one chart, e.g. 5 minute ES or 7 minute YM or 13 minute NQ or whatever. Do your homework at night - draw your trendlines, support and resistance lines (prior highs/lows, fib retracements and extensions). In the morning, set you time frame to 24 hours, and not on your chart important Globex extremes/inflection points.

For example, if you look at the chart I posted above, you will see a vertical green line, demarcating the open. You will also see two thin red lines - these represent what I took to be important support/resistance levels from the globex session. The upper line is 851.3. The market gapped lower, and rallied into that resistance level. The market then sold off most of the day, slowly retracing 78.6% of yesterday's rally. The ER2 then rallied off the LOD and found resistance where? Yep, 851.3, which happened also to be the 261.8% extension of the first minor swing off of today's low. There is no reason anyone with MTPredictor should ever be down -10R if he or she is doing the work necessary to learn to read price, and hence learn to interpret the MTP signals in the context of price action.

I took a screenshot of my ER2 chart for the week, i.e. I compressed it to show what it looks like for Monday-Wednesday. I leave everything on there. I print it every night and I save a screen shot. I study my charts. Everyday. I start everyday with a "Map" already on my chart. Recent health problems have kept me from being able to monitor every tick during the day, so I set price alerts to notify me when price is near a point that I expect may yield a set-up. So easy even a caveman can do it.

And I have not had a losing trade yet this week. 5/5 monday, 1/1 Tuesday, 2/2 today. Believe me, I do have my share of losing trades.

This really good stuff David, thanks. I didn't follow what you were saying about the 24 hrs. and not on your chart etc.

I have the 5 E mini on my screen, but I have noticed that they are usually the same pattern. So, I take a look at which one comes up first or sometimes one has a better pattern than another, and then I disregard the others. I have 3 monitors so I can see them all at once.

I like what you did with the alerts. Of course you have figured out where they should be. I haven't gotten there yet so I haven't even read on how to set the alerts.

[d-day]

Perfect DP short with momentum divergence crashing through all fib and structural support on its way to filling the gap - minimum gap target is 850.4
and we're getting close. A good place to book some profits would be 850.9 buy limit - about 5 ticks off the target. We'll see if we get a fill there.

[d-day]

That was easy ... now we should see 846.5 or so, which is the 78.6% retracement of the rally off yesterday's low. I took some off at 850.9 and I'm trailing the rest.

[TAS]

Hi everyone,

What a Good news from MTP team! Attention US markets traders, ES show unual volume today. Near 1 mil so far, comparing to 300K my last check last Tue. People Wake UP !?

Anyway, Volume-based new indicator must be very helpful in judgement, appreciate so much in advance. :)

TAS



Hi Guys

I understand totally and this this end we are working (in house) on a new study based on volume that (we hope) will help filter trades as well

Still have a lot to do here, but we are working on this now....

Thanks

Steve

[d-day]

That was fun. It took all day to get just one trade, but what a trade it was! 8R on half, 16R on a quarter, and letting the other quarter run like a lottery ticket lol.

This is starting to smell like a trend change given the impulsive nature of that move down.

[Steve Griffiths]

Hi David and all.......

Yep a real beauity on the 15min chart as well............ and with your Stochasitc Divergence :)

So all MTP users should have been all over this one :)

Steve

[d-day]

Hi David and all.......

Yep a real beauity on the 15min chart as well............ and with your Stochasitc Divergence :)

So all MTP users should have been all over this one :)

Steve

Yes. This is a trade you have to take - even if the R/R from the auto routine is less than 2.0 - You just never know when the BIG ONE will come. We're getting suport at the opposing DP now. I do wish I had stayed short my whole position - we hit a whopping 22R at the DP! Oh well. Still not a bad trade.

[Steve Griffiths]

Brilliant,

Yep, even +8R on the 15min chart at the DP support............. this is what MTP is all about wiping out all those small -2R and -3R days all in one BIG profit, this is what I love about keeping the losses small when they unfold, ready to make the most of the BOG profits, which puts you up overall - this is what professional trading is all about.

I love it ;)

Steve

[tar001]

what happened? so much for trading with the trend. The trend was up all day
in this for a bounce? boing!:D

[tar001]

oops forgot the chart



what happened? so much for trading with the trend. The trend was up all day
in this for a bounce? boing!:D

[scooper]

Hi

I was long a DP continuation trade on the YM which stopped out B/E. Hence it was bit late to enter the DP trade on the Russell (I only trade 1 position at a time).

Shame I wasn't in the Russell trade as that was an excellent drop. V Quick Money

We got some momo on the way down......:D

David after what I've just seen your comments in your excellent early post on trading just one index as a rule is what paid huge dividends today.

And Steve - I feel a bit sick that I wasn't in that one. All MTP'ers should have been all over it but not me.:(

[scooper]

Lets see if we get and ABC corrections for another plunge.....

[tar001]

don't feel too bad, I wasn't in it either, at least I wasn't long:D


Hi

I was long a DP continuation trade on the YM which stopped out B/E. Hence it was bit late to enter the DP trade on the Russell (I only trade 1 position at a time).

Shame I wasn't in the Russell trade as that was an excellent drop. V Quick Money

We got some momo on the way down......:D

David after what I've just seen your comments in your excellent early post on trading just one index as a rule is what paid huge dividends today.

And Steve - I feel a bit sick that I wasn't in that one. All MTP'ers should have been all over it but not me.:(

[d-day]

Here's an auto 3 minute buy on the ER2. However, my stochastics is confirming the lower low, so I will stand aside. We should see a bounce soon, but I won't trade it without bullish momentum divergence.

[tar001]

And here we could bounce a bit



Here's an auto 3 minute buy on the ER2. However, my stochastics is confirming the lower low, so I will stand aside. We should see a bounce soon, but I won't trade it without bullish momentum divergence.

[d-day]

Maybe, and it sure "looks" tradable. But I am only now registering bullish divergences on the shortest time frames, i.e. 1 minute chart. I may miss a bounce here, but if you ask me, this DP long is a crap shoot. Momentum indicators indicate we still have lower to go. Now "lower" may be just a new low by a few ticks, and not necessarily another 20 points down. But a few ticks is enough to get you -1R.

[tar001]

Yeah I meant it more as a place to take short profits than a place to go long, looks like I was wrong though, no bounce:D I don't have a feel for the marketb today so I just step aside



Maybe, and it sure "looks" tradable. But I am only now registering bullish divergences on the shortest time frames, i.e. 1 minute chart. I may miss a bounce here, but if you ask me, this DP long is a crap shoot. Momentum indicators indicate we still have lower to go. Now "lower" may be just a new low by a few ticks, and not necessarily another 20 points down. But a few ticks is enough to get you -1R.

[TreeShaker]

Yes. This is a trade you have to take - even if the R/R from the auto routine is less than 2.0 - You just never know when the BIG ONE will come. We're getting suport at the opposing DP now. I do wish I had stayed short my whole position - we hit a whopping 22R at the DP! Oh well. Still not a bad trade.

I saw the less than 2.0 and passed on it; my leg is tired from kicking myself. So how did you know to take it even though it was suppose to be less than 2.0? I'm missing a major part of the puzzle!::(

[TreeShaker]

David,
I'm using NT and they have Stockastics & Fast Sto, what are you using? I put them both on for awhile but I didn't see much difference. But, my Stochastics seems to be flowing up and down much more gradual than yours.

[d-day]

I saw the less than 2.0 and passed on it; my leg is tired from kicking myself. So how did you know to take it even though it was suppose to be less than 2.0? I'm missing a major part of the puzzle!::(

I disregard the 2R requirement. If the set up looks right, whether a TS1-4 or a DP trade, and if momentum is supporting the trade, I take it. As I said, you never know which trade is going to stop right at, say, a .6R target and reverse and which one is going to steamroll to a 20+R pofit. I also do not give a rat's hindquarter for the "trend". I have no problem selling against a strong rally or buying against a sharp decline. All that matters is 1) price, 2) where price is in relation to fibonacci and structural support/resistance, and momentum. I basically take all trades where there is bullish divergence (for longs) and bearish divergence (for shorts) regardless of STF color (I don't keep STF on my chart at all) or R/R ratio. But That's me.

[tar001]

this pretty much says it all, don't know why its so hard when the markets open

[jands]

David,
I'm using NT and they have Stockastics & Fast Sto, what are you using? I put them both on for awhile but I didn't see much difference. But, my Stochastics seems to be flowing up and down much more gradual than yours.

Change the Slow Stoch to 5 period.

I beleive DD uses 5,3,3 for his settings.

Hope this works,

Jim

[TreeShaker]

Thanks Jim, I'll try that.

[d-day]

Change the Slow Stoch to 5 period.

I beleive DD uses 5,3,3 for his settings.

Hope this works,

Jim

Yes, for the 3 minute ER2 I use a 5,3,3. While I do not regularly trade the ES and the YM, when I do attempt to trade those I like using a 20 period CCI (courtesy of our fellow MTPblogger jjc), or a 20 period RSI. For Forex I prefer MACD and I use the standard 12, 26, 9 basis the close. For stocks I use daily and weekly charts and I like an 8 period slow stochastic.

However, there is nothing magical about these settings. They work for me largely because I have logged many many hours studying many many charts. I am obsessed with charts lol. The point is that what works for me and my eyes, risk tolerance, markets, trading style, etc. may be a complete disaster for someone else. For example, I have not had much success using the STF price oscillator, while others I know use it with great success. I know a fellow here on the boards who uses ADX/DMI as though it were a crystal ball. Another MTP'er I have spoken with uses an 8 period momentum to daytrade the 15 minute chart of crude and he rarely loses. You need to find what works for you.

[jands]

Yes, for the 3 minute ER2 I use a 5,3,3. While I do not regularly trade the ES and the YM, when I do attempt to trade those I like using a 20 period CCI (courtesy of our fellow MTPblogger jjc), or a 20 period RSI. For Forex I prefer MACD and I use the standard 12, 26, 9 basis the close. For stocks I use daily and weekly charts and I like an 8 period slow stochastic.

However, there is nothing magical about these settings. They work for me largely because I have logged many many hours studying many many charts. I am obsessed with charts lol. The point is that what works for me and my eyes, risk tolerance, markets, trading style, etc. may be a complete disaster for someone else. For example, I have not had much success using the STF price oscillator, while others I know use it with great success. I know a fellow here on the boards who uses ADX/DMI as though it were a crystal ball. Another MTP'er I have spoken with uses an 8 period momentum to daytrade the 15 minute chart of crude and he rarely loses. You need to find what works for you.

Wise words David,

Thanks,
Jim

[tar001]

This was my problem today, I shorted at the red arrow and got stopped out(it was at a dp with divergence) when the auto dp came along(it disappeared after the next bar?) I passed. from then on I started looking for a bounce but to not much avail......
that can be a problem with the smaller time frames, the price bars rattle around the dp quite a few times and you can get stopped out alot:confused:
oh well, tomorrow is another day

[TreeShaker]

:confused: This was my problem today, I shorted at the red arrow and got stopped out(it was at a dp with divergence) when the auto dp came along(it disappeared after the next bar?) I passed. from then on I started looking for a bounce but to not much avail......
that can be a problem with the smaller time frames, the price bars rattle around the dp quite a few times and you can get stopped out alot:confused:
oh well, tomorrow is another day

The reason it disappeared was that the RR was less than 2R. I took the filter off and it came back. I didn't take the trade because it violated the rules, but Dave did and made a bundle.

[tar001]

really? as I show it here by clicking only on the analysis button it shows a 3.1 R/R? the auto dp was not on there (it disappeared) until I refreshed the chart at the end of the day. no biggie, I should have seen that without the DP label on there.....
:D



:confused:

The reason it disappeared was that the RR was less than 2R. I took the filter off and it came back. I didn't take the trade because it violated the rules, but Dave did and made a bundle.

[TreeShaker]

really? as I show it here by clicking only on the analysis button it shows a 3.1 R/R? the auto dp was not on there (it disappeared) until I refreshed the chart at the end of the day. no biggie, I should have seen that without the DP label on there.....
:D

I rechecked it and it was the 2+2 filter. Turned it to false and the DP came back. That don't make sense to my eyes but that's how it was.

[tar001]

Are you using Ninja charts? or Esignal? I notice on my Esignal charts there are no setups today


I rechecked it and it was the 2+2 filter. Turned it to false and the DP came back. That don't make sense to my eyes but that's how it was.

[Eddo]

Hi there - this is a question for Steve please

I hope that everyone else got the fantastic SPX (ES) short setup yesterday (it was the best trade I have had this year) but my question is this:- when the setup bar (5 min eSignal Chart) was forming, I got an auto Alert of the DP setup.

I took the trade because everything to me seemed perfect with red bar, divergence and slap bang in the middle of a manual DP. But .......... when the setup bar had completed, the DP signal disapeared, but interestingly, when I click the Analysis button over the bar the Analysis was placed on the chart but with a very small R:R.

Was it that the R:R, being less than 2, that caused the signal to disapear?

[Eddo]

Oh silly boy - I've just turned off the R:R filter and hey ho there is the signal !

Sorry to trouble you Steve I thought I had it off :eek:

[TreeShaker]

Are you using Ninja charts? or Esignal? I notice on my Esignal charts there are no setups today

I use NT. It's free to use with IB.

[scooper]

Shoot. -1R on 3 Min Russell DP short.

[scooper]

Here's another go at this one. Filled at 848.3. This is the manual DP again with STF divergence.

There is no stochastic divergence so I'm not 2 sure what will happen.....

But we are at 0.618 Fib retracement level so maybe it will find resistance here.

[Eddo]

Here's another go at this one. Filled at 848.3. This is the manual DP again with STF divergence.

There is no stochastic divergence so I'm not 2 sure what will happen.....

But we are at 0.618 Fib retracement level so maybe it will find resistance here.

I'am aboard with you as well Scooper - :confused:

[scooper]

Well, glad someone is!......

Looks to be moving the right way though:)

[Eddo]

Well, glad someone is!......

Looks to be moving the right way though:)

Early days but my stops are already at b/e so its a free ride

[Eddo]

Early days but my stops are already at b/e so its a free ride

Stopped out - for B/E - looked a bit weak and when the TS2 buy signal came in I thought I should either reverse or get out for a small gain ....... I didn't do either:(

[scooper]

I was stopped out breakeven as well. Looks like it was a shakeout:eek:

Did you get a TS2 buy ..... I didn't with Esignal?

Have you got some filters turned off?

[Eddo]

I was stopped out breakeven as well. Looks like it was a shakeout:eek:

Possibley, but either way Iam in again short on an Auto DP SPX - so we shall see.

[scooper]

I'm not in the ES trade but good luck on it.

Okey dokey, just filled at 2191.25 on the NQ 5 Min DP auto trade. Nice divergence.......

Fingers crossed.....

[Eddo]

I'm not in the ES trade but good luck on it.

Okey dokey, just filled at 2191.25 on the NQ 5 Min DP auto trade. Nice divergence.......

Fingers crossed.....

Yes, everything pinging away on the short side ........... we will see - I think your Nas setup looks nicer than my SPX one :(

[TreeShaker]

Anyone have any winners today yet? Just wondering if I missed any while I was picking losers. Down 2. A red DP on EMD and a red DP on ES at 0836 PDT. Had all the makings. David's stockastics, neg. diverg in STF, close to the 50% retrace from yesterday, and bam. :( Andy that was a majority of indicators!

[Eddo]

Anyone have any winners today yet? Just wondering if I missed any while I was picking losers. Down 2. A red DP on EMD and a red DP on ES at 0836 PDT. Had all the makings. David's stockastics, neg. diverg in STF, close to the 50% retrace from yesterday, and bam. :( Andy that was a majority of indicators!

Is that you shaking the bloody tree at the moment :) - I got a nice little Long Daxi earlier which has put me into the blue for the day but I lost a 5 min FTSE very early - all in all up 1R but my SPX short DP will make or break the day :p

[scooper]

Well, I'm finding it a bit rough when I keep getting filled and then it zips straight up on the next bar to within a tick of the stop!:eek:

Just starting to look more favorable but my confidence in these DPs is low today after yesterdays big plunge.......my gut says we are due a bounce. Maybe this one will work out - its just another marble as they say.

[Eddo]

Well, I'm finding it a bit rough when I keep getting filled and then it zips straight up on the next bar to within a tick of the stop!:eek:

Just starting to look more favorable but my confidence in these DPs is low today after yesterdays big plunge.......my gut says we are due a bounce. Maybe this one will work out - its just another marble as they say.

Ah yes but remember that yesterdays big plunge was preceeded by a very nice DP red bar on the SPX and yahoooooo the ride was better than a black run on Whistler :D

[Rob E]

its just another marble as they say.


Glad U like my saying Scooper!!!;)


Each Trade Is Just Another Marble Out Of The Bag!!!

[scooper]

Hi Chris + Rob

Came out at target on NQ with limit order at 2182.25

Nice 2.6R putting me approx 1.2R up on the day (commission takes about .2R per trade approx).

I'm doing the Van Tharp Peak Performance Course so I must be marbles :D

I'm glad I had this winner though as I'm in the UK and have to go out this evening. Nice to be up on the week (only 1.2R) but its my first week in profit so a milestone has been achieved.

Thanks for your posts - its keeps me sane as just sitting in front of the PC can be a tad laborious.

[Steve Griffiths]

3min NQ just made +2.6R on the 3min Chart ............

Steve

[Eddo]

Hi Chris + Rob

Came out at target on NQ with limit order at 2182.25

Nice 2.6R putting me approx 1.2R up on the day (commission takes about .2R per trade approx).

I'm doing the Van Tharp Peak Performance Course so I must be marbles :D

I'm glad I had this winner though as I'm in the UK and have to go out this evening. Nice to be up on the week (only 1.2R) but its my first week in profit so a milestone has been achieved.

Thanks for your posts - its keeps me sane as just sitting in front of the PC can be a tad laborious.

Yes its just a matter of keeping the faith, not letting your head get in the way, and keeping pulling the Marble out of the bag ........... or course I have a massive advantage in that I don't have a brain which helps greatly :D Enjoy your weekends all

[TreeShaker]

Anyone take the ER2 TS3 @ 1000 PDT? It was good for 2.5 R. I passed on it because I thought it had more upside coming. :mad: I would like to see the rational for taking it if any did.

[d-day]

Anyone have any winners today yet? Just wondering if I missed any while I was picking losers. Down 2. A red DP on EMD and a red DP on ES at 0836 PDT. Had all the makings. David's stockastics, neg. diverg in STF, close to the 50% retrace from yesterday, and bam. :( Andy that was a majority of indicators!

I use NT. It's free to use with IB.


Hmmmmmmmmmmmmmmm ... is this a case of you get what you (don't) pay for?

When is "free" costing you more than you think it is?

[d-day]

Anyone take the ER2 TS3 @ 1000 PDT? It was good for 2.5 R. I passed on it because I thought it had more upside coming. :mad: I would like to see the rational for taking it if any did.


You should include the time frame and the direction, eg ER2 5 minute TS3 long. I saw no TS on the 3 minute ER2, long, short or otherwise.

[TreeShaker]

Hmmmmmmmmmmmmmmm ... is this a case of you get what you (don't) pay for?

When is "free" costing you more than you think it is?

Hi David,
Not knocking it, just saying that I can't seem to get it right, even when I'm doing it right. DON'T TAKE ME TO VEGAS!:rolleyes:

[TreeShaker]

You should include the time frame and the direction, eg ER2 5 minute TS3 long. I saw no TS on the 3 minute ER2, long, short or otherwise.

It's the 3 min ER2 @ 1000 PDT, filters off. It analyzed for 1.7R but went past the TYP WPT and would have been realistically stopped out at 2.6R. Anxious to see what you make of it.

[d-day]

It's the 3 min ER2 @ 1000 PDT, filters off. It analyzed for 1.7R but went past the TYP WPT and would have been realistically stopped out at 2.6R. Anxious to see what you make of it.


I took off the filters (I guess) and the only thing that showed up was a TS3buy at 12:36 EDT. At 12:57 PM EDT (10:00 AM PDT) I went short, but there was no TS signal that I could see. It was a manual DP short, and yes, it ran for 2.7 R in my case.

[TreeShaker]

Just got into NQ 5 min red DP, neg diverg in STF and Stockastics, at retace 76.4, grn DP and somebody with wings tapped on my window and told me to take it. What do you all think?:)

[TreeShaker]

I took off the filters (I guess) and the only thing that showed up was a TS3buy at 12:36 EDT. At 12:57 PM EDT (10:00 AM PDT) I went short, but there was no TS signal that I could see. It was a manual DP short, and yes, it ran for 2.7 R in my case.

That's the very place that I have a TS3 and your next DP I have a TS1. Weird!:eek: So you took because price was climbing and Stockastics was flat (there was neg diverg in STF also)? I thought it might bump up a little more.

[pegasus5]

ES 5000v Chart Just gorgeous :)

[pegasus5]

ES 233 tick DP Setups Picture Perfect!!:D

[d-day]

ES 233 tick DP Setups Picture Perfect!!:D

From one David to another ... well played!

[tar001]

this is a 233 tick chart of the Russell I did not have it up today so did not take these trades but it did hit each pivot perfectly
I wonder why it always happens to be on a time frame I don't have up for the day? sheeeeeesh:confused: the really nice thing about the tick charts is how well the patterns stand out



ES 233 tick DP Setups Picture Perfect!!:D

[tar001]

I was mainly looking to be long all day today as it had hit obvious support yesterday



this is a 233 tick chart of the Russell I did not have it up today so did not take these trades but it did hit each pivot perfectly
I wonder why it always happens to be on a time frame I don't have up for the day? sheeeeeesh:confused: the really nice thing about the tick charts is how well the patterns stand out

[tar001]

and this is the NQ tick chart, the blue horizontal line is the DP so you could have gone long there
wow!!:D


I was mainly looking to be long all day today as it had hit obvious support yesterday

[rrs]

ES 233 tick DP Setups Picture Perfect!!:D

Hi David,

In your impressive 233 tick chart of ES the second panel has a "BBS" histogram with tiny, up and down arrows. Can you explain what the "BBS" and the up and down arrows represent?

Thanks for posting your charts.

Rama.

[pegasus5]

Hi Rama,

BBS = Bollinger Band Squeeze displayed as a momentum oscillator. The arrows display "potential" shifts in underlying volatility. Standard divergence studies applies as with any oscillator of choice (i.e Stochastics, BBS, CCI, etc). BBS aids visually in determining the extent of volatility expansion or contraction relative to price action.

Cheers mate!

David

[rrs]

Hi Rama,

BBS = Bollinger Band Squeeze displayed as a momentum oscillator. The arrows display "potential" shifts in underlying volatility. Standard divergence studies applies as with any oscillator of choice (i.e Stochastics, BBS, CCI, etc). BBS aids visually in determining the extent of volatility expansion or contraction relative to price action.

Cheers mate!

David

Hi David,

Thanks for your explanation.

Regards,

Rama.

[Steve Griffiths]

love it............... the charts says it all - short from the high of the day as the collapse still continues..........:)

Steve

PS, new lows are still being made as I type :) :)

[kbednar]

love it............... the charts says it all - short from the high of the day as the collapse still continues..........:)

Steve

PS, new lows are still being made as I type :) :)

Steve....On TradeStation, the high was 14,200, well above the DP level of 14,180, and there was no set up on the YMZ chart. I am not quit sure how you got that set up.:confused:

[Eddo]

A pause to refresh?

I'am back in short again on this Auto TS3 short setup on the INDU (Dow 30) - thinking of October 1987 - lol :)

[davidh]

Hi
I'm on eSignal and my high (YM Z7) was 14181

Best Wishes
David

[Eddo]

Steve....On TradeStation, the high was 14,200, well above the DP level of 14,180, and there was no set up on the YMZ chart. I am not quit sure how you got that set up.:confused:

This was from eSignal data - hit spot on right at the open

[kbednar]

This was from eSignal data - hit spot on right at the open

Thanks Guys....not sure what happened with TradeStation data.

[Eddo]

A pause to refresh?

I'am back in short again on this Auto TS3 short setup on the INDU (Dow 30) - thinking of October 1987 - lol :)

Well as Elvis said 'thank you very much' :)

Half posn closed at 1st tgt - balance running on with an OCO for the 2nd tgt ............. What a day :) ....... time for a Scotch :D

[scooper]

Same here, got 8R on the board for my US account. Almost B/E from my early mistakes now bar about $290 (mistakes being me not following the system like a plonker).

I'm a little exhausted so I'm going to hang up my laurels for today and relax. Been sitting in front of screen since 8am GMT.

FYI - Was still short FTSE on spreadbet and just closed it for +14R. Pity I only have a v.small account but I still made £1030.

I'll join you in a whisky, I think we all deserve it:D

[Eddo]

Same here, got 8R on the board for my US account. Almost B/E from my early mistakes now bar about $290 (mistakes being me not following the system like a plonker).

I'm a little exhausted so I'm going to hang up my laurels for today and relax. Been sitting in front of screen since 8am GMT.

FYI - Was still short FTSE on spreadbet and just closed it for +14R. Pity I only have a v.small account but I still made £1030.

I'll join you in a whisky, I think we all deserve it:D

Enjoy

Yes like you a long day from 8 GMT and apart from a quick walk along the River to check that the Thames was still there its been the screen and the ride for me as well

But what a brill day, 5 trades with four winners for a 16R gain less one loser for a 1R loss = +15R for the day. I trade entirely on a spreadbet account and the spreads can hurt but even with them a 15R day is excellent and a nice little pot of dosh in the bank

............ and so tomorrow we wait for the next Marble :)

[Steve Griffiths]

WOW. what a day today.

That last trade would have run for +10R, then another +3R on the DP continuation trade.

Now a perfect Ts3 for a +5.6R profit.

+18R so far................. what an amazing day !!!

Steve

PS, glad lots of you are having a good day as well........... so well done to you all, it is always nice when such BIG profitable days come round, sure make up for the small -2R or -3R days, and that is what professional trading is all about - keeping the losses small on the hard days, then hitting BIG on days like this !

[Eddo]

WOW. what a day today.

That last trade would have run for +10R, then another +3R on the DP continuation trade.

Now a perfect Ts3 for a +5.6R profit.

+18R so far................. what an amazing day !!!

Steve

PS, glad lots of you are having a good day as well........... so well done to you all, it is always nice when such BIG profitable days come round, sure make up for the small -2R or -3R days, and that is what professional trading is all about - keeping the losses small on the hard days, then hitting BIG on days like this !

Like I've been saying for many years now Steve ........ this MTP thing really does work :) :) ......... doesn't it

Chris

[Eddo]

This might be interesting and worth keeping an eye on? Also got the 60 min INDU pinging away for a TS long as well

[Eddo]

This might be interesting and worth keeping an eye on? Also got the 60 min INDU pinging away for a TS long as well

Well that was good enough for me so Iam now long from 13904 :eek:

[leeda]

Well that was good enough for me so Iam now long from 13904 :eek:

it'l be interesting to see where this goes from here, i still have a fair bit of resistance above

[Eddo]

it'l be interesting to see where this goes from here, i still have a fair bit of resistance above

Yup - I jumped the gun a tad but looks like clear blue skies to me until at least the 13950 ish level ........ thats if we can actually take off!!

[leeda]

Yup - I jumped the gun a tad but looks like clear blue skies to me until at least the 13950 ish level ........ thats if we can actually take off!!

yeh i would go with 950 as it was previuos support so MAY become resistance, there is some buying coming in so it should rise but id be wary as im expecting further declines (once back at resistance)

[Eddo]

Extreme care now with the 3 & 5 min starting to look like ABC's -

[scooper]

I'm long from the DP on the YM 5 Min. Its sure looks like an ABC with a good looking setup. Not sure whether to reverse if this one kicks off....

[Eddo]

I'm long from the DP on the YM 5 Min. Its sure looks like an ABC with a good looking setup. Not sure whether to reverse if this one kicks off....

Iam still long and going to wait till I see the whites of this ones eyes before I reverse

[scooper]

Well, I decided to leave it long and wait for ATR stop. Guess what....got stopped out.

Flat for the day -1R and + 1R.:o

Taking my stop out was the low tick.....of couse!

[Eddo]

Well, I decided to leave it long and wait for ATR stop. Guess what....got stopped out.

Flat for the day -1R and + 1R.:o

Still hasn't hit my stop and whilst I know that every single MTP client is on the other side of the fence from me right now Iam going to leave mine on until I stop out or hit my 1st tgt at around 14,000 :D

Closed out for a + 0.5R should have reversed on that perfect looking TS1 - have a good ride all of you on the right side of the fence

[scooper]

Not much about. No more trades for me. Signing off.

Worked out a little profit actually (0.2R) on the day.

Lets see what tommorow brings.....:)

[Steve Griffiths]

Hi Guys,

Nice to see a good day on the 3min ER2 yesterday, two +4R trades for a total of +8R..... nice :)

Steve

[Larry22]

Wow great trade this mornig.

I bought some ER2 at 822.6 :D

I admit I cheated a bit but my wave count was giving me a go.

I will post later on, cause I'm not at home right now.

[Steve Griffiths]

Hi Guys,

For those of you who attended my "advanced strategies" webinar yesterday....

A "manual" 5 wave count on the 3min YM - followed by a abc correction into the DP from the prior Wave 4 low - text book :)

A quick +5R profit as the YM popped up into the opposing DP........

Shows this stuff works ;)

Steve

[Larry22]

Hi Guys,

For those of you who attended my "advanced strategies" webinar yesterday....

A "manual" 5 wave count on the 3min YM - followed by a abc correction into the DP from the prior Wave 4 low - text book :)

A quick +5R profit as the YM popped up into the opposing DP........

Shows this stuff works ;)

Steve

Yup Yup, same count in the Russell. :D

[Steve Griffiths]

Nice one...........

This is why I encourage others to follow our lead and LEARN how markets unfold. All this stuff is outlined in my Trading Course and covered in videos, all people have to do is take the time to study and learn.

Something very few do..........

So Larry, that was a nice one for just the two of us, are you buying the beer ;)

Steve

[Eddo]

Hi Guys,

For those of you who attended my "advanced strategies" webinar yesterday....

A "manual" 5 wave count on the 3min YM - followed by a abc correction into the DP from the prior Wave 4 low - text book :)

A quick +5R profit as the YM popped up into the opposing DP........

Shows this stuff works ;)

Steve

Steve

Is this on the website for viewing? I can't find it :mad:

[Larry22]

Nice one...........

This is why I encourage others to follow our lead and LEARN how markets unfold. All this stuff is outlined in my Trading Course and covered in videos, all people have to do is take the time to study and learn.

Something very few do..........

So Larry, that was a nice one for just the two of us, are you buying the beer ;)

Steve

Sure, the only problem is where do we meet to drink it. :D

Montreal is a bit far from your place. :)

[d-day]

Wow great trade this mornig.

I bought some ER2 at 822.6 :D

I admit I cheated a bit but my wave count was giving me a go.

I will post later on, cause I'm not at home right now.


Hi Larry,

I don't know what your wave count looks like, but I got long at 822.6 also - a legitimate DP trade with divergence. MTP actually signalled the trade on the 24 hour chart. I stopped at reversed at 829.3 limit and trailing my stop now on that one. A TS1 long is being signalled on the 3 minute ER2 but I'm holding my short for now as my stochastics suggest we still have a bit more to the downside possibly.


No cheating here :)

[Eddo]

Steve

Is this on the website for viewing? I can't find it :mad:

Sorry but just found it

[Steve Griffiths]

Hi Larry,

I don't know what your wave count looks like, but I got long at 822.6 also - a legitimate DP trade with divergence. MTP actually signalled the trade on the 24 hour chart. I stopped at reversed at 829.3 limit and trailing my stop now on that one. A TS1 long is being signalled on the 3 minute ER2 but I'm holding my short for now as my stochastics suggest we still have a bit more to the downside possibly.


No cheating here :)

Hi David,

Nice one................ shows there is more than one way to get a profit :)

Well done as well................. looks like you are in on the beer as well ;)

Steve

[d-day]

A TS1 long is being signalled on the 3 minute ER2 but I'm holding my short for now as my stochastics suggest we still have a bit more to the downside possibly.

Here is the ER2 3 minute showing the TS1 - again, I am holding short against this signal. New momo lows confirm the new price lows. My stop on the short is 826.4. This doesn't mean that the TS1 will not be a winning trade - but it does make it a lower odds trade in my opinion. ER2 should not bottom before 823.4 is traded - low so far is 823.7. Close, but not close enough. You can also see where I am looking for a potential long DP/Divergence trade.

[Larry22]

Hi Larry,

I don't know what your wave count looks like, but I got long at 822.6 also - a legitimate DP trade with divergence. MTP actually signalled the trade on the 24 hour chart. I stopped at reversed at 829.3 limit and trailing my stop now on that one. A TS1 long is being signalled on the 3 minute ER2 but I'm holding my short for now as my stochastics suggest we still have a bit more to the downside possibly.


No cheating here :)

Sorry for the delay, I can't post a wave count right now but it is based on a 15 minutes on the global market. Yesterday we made the low and we are probably doing an ABC for wave 2.

I have to mention that I allready took profit at around 828, and waiting a confirmation the end of wave 2 to buy again. :D

[d-day]

Sorry for the delay, I can't post a wave count right now but it is based on a 15 minutes on the global market. Yesterday we made the low and we are probably doing an ABC for wave 2.

I have to mention that I allready took profit at around 828, and waiting a confirmation the end of wave 2 to buy again. :D

ER2 just traded at 823.7 as momo made higher low, so we may be trying to put in a double bottom, preventing a full 78.6% retrace of the LOD-HOD swing.

[d-day]

ER2 just traded at 823.7 as momo made higher low, so we may be trying to put in a double bottom, preventing a full 78.6% retrace of the LOD-HOD swing.

Going nowhere fast, as they say. I'm flat and I will stay that way. The market has traded within its first hour range so I see no reason to do anything unless and untill we break that range, or at least trade back to the edge of it, one way or the other. Perhaps a break of the downtrend line from yesterday afternoon's high might be an early long entry signal.

[scooper]

What a rough tide 2day. I'm 2R down from YM trades that were stopped out. Took the TS3 sell on the NQ and got filled and moving along nicely......

Then Ninja Trader throws a wobbler and claims I'm a heap load of contracts long and $6000 down.....eek

In a quick flourish I hit the flatten everything button and it fired off orders on the NQ and YM. It was really screwy. Anyway, net result having phoned in to the broker and got flat is a loss of $2700. For me that is 7R loss plus the earlier 2R.

At this moment in time I'm gutted. Forgive me if I just turn off the computer and go down the pub.

My broker is Global Futures and NT latest version. Beware gents if this happens to you it could be worse if you have a big account.

:mad:

[Eddo]

What a rough tide 2day. I'm 2R down from YM trades that were stopped out. Took the TS3 sell on the NQ and got filled and moving along nicely......

Then Ninja Trader throws a wobbler and claims I'm a heap load of contracts long and $6000 down.....eek

In a quick flourish I hit the flatten everything button and it fired off orders on the NQ and YM. It was really screwy. Anyway, net result having phoned in to the broker and got flat is a loss of $2700. For me that is 7R loss plus the earlier 2R.

At this moment in time I'm gutted. Forgive me if I just turn off the computer and go down the pub.

My broker is Global Futures and NT latest version. Beware gents if this happens to you it could be worse if you have a big account.

:mad:

Oh lord - forgive me for asking but I guess your based here in the UK so what on earth are you doing pratting about with trades via Ninja - you should be using a spreadbet account (as you know the gains are TAX FREE) and you control the trades - not some piece of very doggy software which I bined weeks ago and went back to good old eSignal

Sorry about your losses - enjoy your pint :)

Chris

[scooper]

Oh lord - forgive me for asking but I guess your based here in the UK so what on earth are you doing pratting about with trades via Ninja - you should be using a spreadbet account (as you know the gains are TAX FREE) and you control the trades - not some piece of very doggy software which I bined weeks ago and went back to good old eSignal

Sorry about your losses - enjoy your pint :)

Chris

Hi Chris

Yes, now I've calmed down I'm more than a little upset by NT. The platform is good for placing orders when it works.

I do have a spreadbet account but you can't do stops within so much of the spread etc so its a pain with tight entries. On the tax front when I actually make some money I will be happy to deal a little out:)

Right now, my head is in a spin and I'm running checks on the main PC to see if there is any problem with it.

I'll probably miss a 10R winner now to cap it all off.:rolleyes:

[Larry22]

Going nowhere fast, as they say. I'm flat and I will stay that way. The market has traded within its first hour range so I see no reason to do anything unless and untill we break that range, or at least trade back to the edge of it, one way or the other. Perhaps a break of the downtrend line from yesterday afternoon's high might be an early long entry signal.

Well done David, sorry for the delay to post my chart but like I told you earlier I wasn't home. I was working and partially trading but I had a scenario and all my retracements were there, I was just waiting for that 76% to get hit (821.7) and see the pattern unfold. Then all I had to do was letting my finger press the buy button. :D

I hope you will be able to see my wave count on the 15 min charts (24 hrs).

The pattern couldn't have been better then that. That's why I was expecting at least a 3 wave pattern in that up leg, unfortunately for me I couldn't get the second up leg cause I had to go away from my PC Iwas long at 825 from the TS3 (3 min) but sold it at about the same price since I had to leave from my PC for the afternoon. :(

[Eddo]

All aboard ............ ? :)

[Eddo]

All aboard ............ ? :)

Well that worked out very nicely didn't it

Have a nice weekend everyone :)

[TreeShaker]

Anyone in on the 0800 PDT YM 3 min. TS1. It just reached the 2.7R and now has a red DP. Haven't eval. the DP yet.

[TAS]

Hi TreeShaker,

Any chart going with your comments ???

Cheers,

TAS

Anyone in on the 0800 PDT YM 3 min. TS1. It just reached the 2.7R and now has a red DP. Haven't eval. the DP yet.

[TreeShaker]

Hi TreeShaker,

Any chart going with your comments ???

Cheers,

TAS

How do I do that?

[TreeShaker]

I think it's moved about 80 points now. Wow! :D I can't attach the chart because I'm on two different computers and I don't have a share file for them.:( Sorry.

[Steve Griffiths]

Hi Guys

Advanced trade here - this is the only time I will turn off the STF Filter, when I am happy that we have made an important low and the abc unfolds as part of the "first correction" to the "initial swing" off the low".

For the EW Gurus out there - this is typically a Wave (2) correction, which is "usually" followed by a Wave (3) swing............ That is why I was gunning for the 3rd (not first) target as this was the typical Wave 3 WPT...

Which is exactly what has unfolded here :)

Steve

[davidh]

Steve,
This was a great trade and one I considered, but was rather put off by the wave B swing which presumably would normally be filtered out by the software or you would advise against taking the trade because of it?
Well done anyway
David

[Larry22]

Hi Guys

Advanced trade here - this is the only time I will turn off the STF Filter, when I am happy that we have made an important low and the abc unfolds as part of the "first correction" to the "initial swing" off the low".

For the EW Gurus out there - this is typically a Wave (2) correction, which is "usually" followed by a Wave (3) swing............ That is why I was gunning for the 3rd (not first) target as this was the typical Wave 3 WPT...

Which is exactly what has unfolded here :)

Steve

Yup yup, I agree it was time to be long.

The 60 min chart YM had made the 50 % retracement from his low and had a double ABC I will post a pic later cause i'm working right now and can't trade today. :(

I should be able to quit my job soon and trade full time. :D

[Steve Griffiths]

Hi Larry and all,

One for the slightly longer term traders.......

Yep, always a good idea to look at the longer term 15min charts, because traders wont miss huge profit like this +10R, which had you short throughout the whole of Fridays sharp fall...........

Steve

[scooper]

Ah well, that sort of day for me guys. Took the TS3 longs on the AB on the 3 min (2 entries). Both stopped out.

Anyone else in the same boat?

I'm in again, as we have not had 2 bars closing below the Typical WPT yet. Fingers crossed....

[scooper]

Well, maybe you guys filtered it out somehow but I got -3R on that one. As I said on the other thread I'm shattered and with the -2R from earlier just a bad day at -5R.

Hope you all did better....

[TreeShaker]

Hi TreeShaker,

Any chart going with your comments ???

Cheers,

TAS

Hi TAS,

The trade Steve posted was my trade. I got 4.7 R out of it. :D I don't know if you saw my other post, but I'm using my laptop to use the forum and I trade on the desktop. That's why I couldn't attach a chart. I will have to setup a share file to be able to do that and I need to reformat this laptop so I haven't bothered. Sorry.

[TreeShaker]

Yup yup, I agree it was time to be long.

The 60 min chart YM had made the 50 % retracement from his low and had a double ABC I will post a pic later cause i'm working right now and can't trade today. :(

I should be able to quit my job soon and trade full time. :D

Congrats on that long trade Larry, that was awesome.:cool:

[TreeShaker]

Hi Guys

Advanced trade here - this is the only time I will turn off the STF Filter, when I am happy that we have made an important low and the abc unfolds as part of the "first correction" to the "initial swing" off the low".

For the EW Gurus out there - this is typically a Wave (2) correction, which is "usually" followed by a Wave (3) swing............ That is why I was gunning for the 3rd (not first) target as this was the typical Wave 3 WPT...

Which is exactly what has unfolded here :)

Steve

That was page 8 of "Itro. to MPTredictor and the automatic trade set-ups.

My first good trade over 2R in a month. Very happy!:)

[Larry22]

As discussed earlier, I will show some of my 60 minutes wave counts on the YM NQ and ER.

With this type of wave count you will understand that my game plan for today was to get long at the open if the price were to be right in the retracement zones and manual DP.

Most of the shorts got stopped today for an obvious reason the trend was long. This shows that it is allways important to have a view of the hourly trend, especially in critical area like today. ;)

[TAS]

Well, I guess you mean that one as well, congrats on this big winner.

TAS



Hi TAS,

The trade Steve posted was my trade. I got 4.7 R out of it. :D I don't know if you saw my other post, but I'm using my laptop to use the forum and I trade on the desktop. That's why I couldn't attach a chart. I will have to setup a share file to be able to do that and I need to reformat this laptop so I haven't bothered. Sorry.

[d-day]

Well, maybe you guys filtered it out somehow but I got -3R on that one. As I said on the other thread I'm shattered and with the -2R from earlier just a bad day at -5R.

Hope you all did better....


That was a first for me - I have had TS3's stop me out and turn south, stop me out twice and turn south, but that was my first 3 time loser when supported by momentum divergence. I managed to make most of it back when I went long into the close on the little pullback to the down trendline that bounded the upper range of the afternoon's bullflag consolidation.

So don't feel bad, you weren't the only one that got plucked for three right there.

[scooper]

That was a first for me - I have had TS3's stop me out and turn south, stop me out twice and turn south, but that was my first 3 time loser when supported by momentum divergence. I managed to make most of it back when I went long into the close on the little pullback to the down trendline that bounded the upper range of the afternoon's bullflag consolidation.

So don't feel bad, you weren't the only one that got plucked for three right there.

Thanks David, its good to see that the experienced guys can and do have the same issues as me on occasion. It makes me feel like I was at least not making a meal of it and doing something very wrong.

I'm in this one now.....on the Russell 3 min

I know there is a possible set of 15 Min TS3 setting up but this looks like a good pattern to me.

[davidh]

Scooper,
My 3 min AB long signal disappeared off my chart (eSignal). Not sure why - RR etc still ok.
Anyway I'm in the 15 min YM TS3 short so we'll see....
Good trading today,
David

[Eddo]

Scooper,
My 3 min AB long signal disappeared off my chart (eSignal). Not sure why - RR etc still ok.
Anyway I'm in the 15 min YM TS3 short so we'll see....
Good trading today,
David

Hi all - sounds like this morning was a good one to have missed on the FTSE Scoop - just came into nice looking 15 min short on INDU so I'am on with you David

[scooper]

My 3 Min Long on the Russell stopped out.......

What a day. Use me as a contraindicator ---- if I take a long position take a short!:D

[d-day]

Thanks David, its good to see that the experienced guys can and do have the same issues as me on occasion. It makes me feel like I was at least not making a meal of it and doing something very wrong.

I'm in this one now.....on the Russell 3 min

I know there is a possible set of 15 Min TS3 setting up but this looks like a good pattern to me.

I've been short from 820.6 and took some profits when she filled the gap and now I'm trailing the rest.

ER2 looks like it is setting up a bullish consolidation. But I'm short with no reason to cover and still less to reverse.

[leeda]

Hi all - sounds like this morning was a good one to have missed on the FTSE Scoop - just came into nice looking 15 min short on INDU so I'am on with you David

chris - any chance of posting the chart for the short set-up on indu once ur out of the trade? thx

[Eddo]

My 3 Min Long on the Russell stopped out.......

What a day. Use me as a contraindicator ---- if I take a long position take a short!:D

Just a thought scooper - I found that when things were going badly wrong for me I would move up a time scale i.e. leave 5 & 3 min charts and concentrate on longer charts like the 15 and 60.

What that did for me was slow me right down (they are far less stressful in my view) and by doing that it usually put my head back where it should be -

I hope that might be of a little help - but in the end they are only marbles and the big one will come out of the bag sooner or later :)

[Eddo]

chris - any chance of posting the chart for the short set-up on indu once ur out of the trade? thx

Hi Leeda

This is the setup I'am running with at the moment :)

[leeda]

Hi Leeda

This is the setup I'am running with at the moment :)

cheers Chris appreciate that, i had resistance at 650 and was waiting 4 it 2 b hit! lets c how it unfolds and if tgts r reached!

[scooper]

Hi Leeda

This is the setup I'am running with at the moment :)

I'm short that 15 Min Ym on a spreadbet. I took a late entry and minimized risk but now its a free trade. I think I will be looking to manage with the ATR

Re the larger charts - yes, I think you are right. I seem to get roasted on the smaller ones at the moment. Might just manage the 15 min YM for now and step back a bit.

[Eddo]

I'm short that 15 Min Ym on a spreadbet. I took a late entry and minimized risk but now its a free trade. I think I will be looking to manage with the ATR

Re the larger charts - yes, I think you are right. I seem to get roasted on the smaller ones at the moment. Might just manage the 15 min YM for now and step back a bit.

Yup its looking nice at the moment - my first tgt is the next DP which for me is around 13460 ish

[davidh]

Hi Chris/Scooper
Think I'm going to bail early on this one. The 15 min ADX, which I follow quite closely, doesn't really seem to support a big downside at present. Nice ride so far though and makes up for a couple of rough days.
Cheers, David

[Eddo]

Hi Chris/Scooper
Think I'm going to bail early on this one. The 15 min ADX, which I follow quite closely, doesn't really seem to support a big downside at present. Nice ride so far though and makes up for a couple of rough days.
Cheers, David

Probably a good call - I'am going to let it run like Scooper I'am on a free ride so going to leave it for the time being :confused:

[scooper]

I'm not keen on this correction on the YM. Looks like a smart call David:confused:

[davidh]

Well at least you're following the system - my 'discretion' has often left a lot of money on the table!
David

[Eddo]

Well at least you're following the system - my 'discretion' has often left a lot of money on the table!
David

Yes its looking like your ADX might have saved you some money David - like a fool however I am still in and going to hang on in and wait for the WPT to get hit which I reckon are about +6R away -

[Eddo]

Well .......... having looked at the 5 min I am thinking that if this turns into an ABC as per my attachment all will be well :p ... or am I just looking for patterns that arn't there :mad:

[jay21]

Hi Chris/Scooper
Think I'm going to bail early on this one. The 15 min ADX, which I follow quite closely, doesn't really seem to support a big downside at present. Nice ride so far though and makes up for a couple of rough days.
Cheers, David

Hey Dave,

the ADX is an indicator I haven't really looked at. I have heard some good stuff about it though, could you tell us something on how you use it?

Best regards,
Johan

[scooper]

Hi Chris

Yes I am watching the same pattern closely......

If its an ABC we may be OK and may get another sell setup on the 3/5 min. I just did not like that first correction rally. If I was not short I would be looking for a correction to that to get a buy setup!

And I suppose the bigger picture will always be on our minds......

[scooper]

Looks like its setting up now....!

[Eddo]

Hi Chris

Yes I am watching the same pattern closely......

If its an ABC we may be OK and may get another sell setup on the 3/5 min. I just did not like that first correction rally. If I was not short I would be looking for a correction to that to get a buy setup!

And I suppose the bigger picture will always be on our minds......

Yes, this is starting to look like the creeping death :( and of course with my stop at b/e (and no Iam not going to move it) you can bet your life that if the ABC does come in it will be right at the same point as my stop - but hey ho its a free ride so no real problems -

[Eddo]

Looks like its setting up now....!

don't breath !!!!!!!!!

[scooper]

Well , I'm filled on my brokerage account at 13638 on the YM 5 Min Short.

I'm hoping this is the big kahuna.............I need it really badly!

Hope we don't get many false starts......

[davidh]

Well I'm back in again with you guys!
David

[Eddo]

Well I'm back in again with you guys!
David

Welcome David - but the 5 min short on my chart is not really right in my view - didn't quite get into the Min Wpt but I'll take it 'cos Iam still short on the old 15 min setup and running with that - good luck to all :)

[scooper]

Here a chart of this beauty.

I'm thinking with the 15 Min setup behind us this should provide a tail wind as such:)

[Eddo]

Well , I'm filled on my brokerage account at 13638 on the YM 5 Min Short.

I'm hoping this is the big kahuna.............I need it really badly!

Hope we don't get many false starts......

I thought you were already short on the 15 scoop? have you increased your position -

[scooper]

Oh, I'm short on the 15 Min on my spreadbet acct and on the 5 min on my brokerage account.

I like to hold positions for longer (overnight and days) on the spreadbet acct but with brokerage overnight margins its a pain if you have more than a few contracts as they want $4000 per contract.

Its moving the right way at least....

[Eddo]

OK its Scotch time here! - positive thinking boys - lets all strap in for the ride I've put in an OCO and intend to come back and look at this in about an hour (just before Wall Street comes back from lunch and starts doing funny things) - I fully expect to see the INDU (YM) down at the Min WPT at which point I will have another Scotch :D

[scooper]

Cracking idea....:D

[Eddo]

Cracking idea....:D

Cheers ! :)

[scooper]

Gadzooks.....another loser for me. I'm starting to forget what a winner feels like.:mad:

[Eddo]

Now we have a valid setup Iam thinking - finally at the Wpt

[scooper]

Well, looks like its setting up again. My entry order is in.

The markets are really testing me at the moment. Anyone else going in again?:eek:

[scooper]

Now we have a valid setup Iam thinking - finally at the Wpt

Hi Chris

I was trading the YM (futures) on my brokerage account and it did reach WPT on that chart. I had not realised it was not there on the cash

[Eddo]

Well, looks like its setting up again. My entry order is in.

The markets are really testing me at the moment. Anyone else going in again?:eek:

I'am still short on the 15 min

[scooper]

Well I'm filled. Gritting my teeth now.

If this one does'nt work out you guys have to use me a contra-indicator!:D

[scooper]

I'am still short on the 15 min

Still short on the 15 min on the INDU TS3 and short the YM on the TS3 setup.

[scooper]

Crumbs, this is taking a while to get going. I've got Tharps relaxation CD on to help me through this one......:cool:

[Eddo]

Crumbs, this is taking a while to get going. I've got Tharps relaxation CD on to help me through this one......:cool:

A Tharp and Scotch eh - enjoy :)

[Eddo]

A Tharp and Scotch eh - enjoy :)

Thats me stopped out at B/E on my 15 min :mad:

[davidh]

I stayed in my new short for 20 points and then bailed again. So about 3.5 R today, but not exactly playing by the rules...
Got to go out now so that's it for today.
Cheers
David

[scooper]

Yes, I'm out too b/e on the INDU and another -1R on the YM trade.

I'm 6R down in total today again (-3 on the FTSE, -2 on the YM and -1 on the AB). At this juncture I'm going back to the drawing board as I have a huge drawdown to contend with and I have traded as per the rules without any mistakes. I've missed a few trades owing to being in the toilet, taking the dog for a walk etc but today and right now I'm stressed and Tharp is in the background trying to soothe me. Maybe I need something stronger.

I stuffed up before by not following the rules and sometimes not correctly position sizing. To be honest, this is about as bad as I've felt whilst I have never broken my rules. 14 losers in a row ove the last 3 trading days. And I know that from the my Tharp course the next one may loose too. I may not be due a winner though so I cannot do anything stupid!

It looks like the YM is setting up for a DP sell as well on good divergence. Whether I take it or not I wish you all good trading.

[sullivar]

Yes, I'm out too b/e on the INDU and another -1R on the YM trade.

I'm 6R down in total today again (-3 on the FTSE, -2 on the YM and -1 on the AB). At this juncture I'm going back to the drawing board as I have a huge drawdown to contend with and I have traded as per the rules without any mistakes. I've missed a few trades owing to being in the toilet, taking the dog for a walk etc but today and right now I'm stressed and Tharp is in the background trying to soothe me. Maybe I need something stronger.

I stuffed up before by not following the rules and sometimes not correctly position sizing. To be honest, this is about as bad as I've felt whilst I have never broken my rules. 14 losers in a row ove the last 3 trading days. And I know that from the my Tharp course the next one may loose too. I may not be due a winner though so I cannot do anything stupid!

It looks like the YM is setting up for a DP sell as well on good divergence. Whether I take it or not I wish you all good trading.

Scooper,

I really admire your willingness to talk about the losing trades. I must say it's something very few people do.

Believe me that you are not alone in the losing trades, since I returned from a holiday in Sept I always seem to be in the wrong market at the right time...

Such as in the FTSE when the DAX would have showed a winner or in the NQ when the YM would have been +5R etc. Lots of B/E's which are not paying for the losers.

Your -10R loss due to NT tho was a real kick in the b0llox.

[chrisg]

Hi Scooper,


It looks like you trade a lot of markets on lots of time frames. Just try sticking to one market on one time frame. I know that you do not get as much action but you will not get so over whelmed. It will also not be as easy to get down 6r. I would stay away from the S&P for now as that is where the big dogs play. They like to run stops.:eek: Also you can paper trade with Ninjatrader. :)

chris

[scooper]

Hi Guys

Thank you all for your support. It is much appreciated believe me.

I have done a little research about the 1 time frame and 1 market. In my spreadsheets of this as a simulation is that you miss the winner on another market. That said, being a specialist in one market would always yield less trades but of course you may have more confidence in the trades you take. However, I have done Tharps Peak Performance course and based upon my personal calibration of trade confidence to trade winners (ie, when I have faith I'll win how may times am I right) I see that it would make not a lot of difference. Unless of course I could up my skill level which has to be the next step.

I'm an honest sort of guy and I will post another chart as I gritted my teeth and just had my first winner in 14 trades. Forgive me for taking profits at first target but I was a very stressed man and I needed the winner:D

Overall then I will post this now and my new count is 1 winner in a row........

[TreeShaker]

Yes, I'm out too b/e on the INDU and another -1R on the YM trade.

I'm 6R down in total today again (-3 on the FTSE, -2 on the YM and -1 on the AB). At this juncture I'm going back to the drawing board as I have a huge drawdown to contend with and I have traded as per the rules without any mistakes. I've missed a few trades owing to being in the toilet, taking the dog for a walk etc but today and right now I'm stressed and Tharp is in the background trying to soothe me. Maybe I need something stronger.

I stuffed up before by not following the rules and sometimes not correctly position sizing. To be honest, this is about as bad as I've felt whilst I have never broken my rules. 14 losers in a row ove the last 3 trading days. And I know that from the my Tharp course the next one may loose too. I may not be due a winner though so I cannot do anything stupid!

It looks like the YM is setting up for a DP sell as well on good divergence. Whether I take it or not I wish you all good trading.

You guys came to my rescue when I was down 16R. I'm not out of the woods yet, worked my way back up to -8R. A few colaborating indicators were suggested and several told me not to take MTP indicators by themselves because you get too many losers (sorry Steve, not my words). I went back to paper to practice what I was told and it seems to be making the difference. But here is the main thing, I was so upset with the loses that I couldn't make a good trade if Steve was on the phone with me. If you can, I recommend paper trading for a few days to prove to yourself that you still have trading skills because you won't have the pressure and will be able think. If you must trade to pay the bills, maybe lower R% until you start to turn around. Less pressure equal clearer thinking. Right now your mind is so loud that it can't hear Tharp's tape.

Anybody want to add to this? Traders helping trader!:cool:

[chrisg]

Scooper Private message me your email.

chris

[pegasus5]

Hi MTP'ers,

Some days MTP fires off many intra-day setups, and at other times there may be none, but that doesn't mean we close shop....or does it? Well for me the answer is no...so I do my own intra-day analysis on whatever instrument I'm involved with and try to identify low risk/high probable setups where I have controlled risk...exactly what MTP seeks to accomplish.

This analysis stuff may only be suited for those with greater experience but I believe anyone willing to put in the time and hard effort can benefit. I have attached below today's ES 3 min chart with some basic Fibonacci retracement and projection analysis too see if I could uncover any potential trade setups. Aside from the early morning DP Sell, which by the way I did not take, I did find two (2) trade setups ...One Short early in session and one Long late in session....Both were low risk/high reward setups from my vantagepoint. Those entries are marked with Red and Green arrows. I think all should be able to follow through with this chart analysis.

It doesn't have to be that hard, but Fib basics are an essential knowledge base.

Hope you enjoy!

David

[d-day]

I have done a little research about the 1 time frame and 1 market. In my spreadsheets of this as a simulation is that you miss the winner on another market. That said, being a specialist in one market would always yield less trades but of course you may have more confidence in the trades you take. However, I have done Tharps Peak Performance course and based upon my personal calibration of trade confidence to trade winners (ie, when I have faith I'll win how may times am I right) I see that it would make not a lot of difference. Unless of course I could up my skill level which has to be the next step.

I trade the ER2 only. I trade 1-5 times each day, with 2 being my average.
Nearly every trader I know who earns his or her living transferring money from your account to his account does so by trading 1 market, 1 time frame.

There is a book of interviews called Millionaire Traders. There are two chapters, and only two chapters worth reading - the Chuck Hays and the Paul Willette interviews. Don't even waste your time reading the other 20or however many worthless interviews. Paul Willette started trading the ER2 2 years ago with a 30k account. His equity is now 350k and he takes a draw of 15k/month. He usually only trades the first 2 hours of the day and he his daily $$ goal is $3500. Not too shabby, huh? I doubt he ever would have enjoyed that success if he were trying to trade 4 markets on 3 time frames.

Pick one market, and trade either a 3 minute or 5 minute chart, but make sure to analyze the 15 minute, 60 minute, and daily charts before each day. At the very least you'll slow the bleeding, and you may even learn a thing or two about price action and trading it in the process.

I do my own intra-day analysis on whatever instrument I'm involved with and try to identify low risk/high probable setups where I have controlled risk...exactly what MTP seeks to accomplish.

This analysis stuff may only be suited for those with greater experience but I believe anyone willing to put in the time and hard effort can benefit [from] basic Fibonacci retracement and projection analysis to see if I could uncover any potential trade setups. It doesn't have to be that hard, but Fib basics are an essential knowledge base.

That is some excellent advice from my friend David. I would add that you should also find something to help you filter the MTP set ups. STF is obviously not working for you.

Here's what I did today: 3 trades: +7.7R, +1R. +2.6R Each was a simple divergence trade, except the third, which is a set-up a good friend of mine taught me that we call a CSA. But even that was confirmed by momentum divergence; and each was traded off the 3 minute ER2. And no, not everyday is this good for me, though I wish each day were this good lol. But I have more days like this since going to one one market/one time frame than I ever did when I was frantically trying to trade everything and taking every signal that dinged on my screen.

My friend who taught me that third set-up e-mailed me tonight. He showed me a chart of the 5 minute ES showng a trade he took where he made more dough than I make in a year. At no point did I say to myself "Jeez, I wi