US Markets: Real-time Trading

[d-day]

on the 3/5 minute ER2 we have a measured move A=C and a Stevenson Price&Time Target converging at approx. 814 at approx. 10:55 EDT.

If price trades along that course, and we get a TS long signal around there with momentum diverging bullishly, I'd think we would have a fairly high odds, trade.

At the moment, however, that scenario is becoming less and less ikely as the ER2 has now traded for nearly 40 minutes with all price action contained by the high and low of the 10 AM EDT bar basis the 3 minute chart. We need a break below 817.1 soon to keep the above scenario alive.

[d-day]

Here's a screenshot of the chart showing the potential for the measured move/SPTT.

As you can see, soon after I posted the above note price began to move out of that 40 minute range, thus keeping thescenario alive.

[Rob E]

on the 3/5 minute ER2 we have a measured move A=C and a Stevenson Price&Time Target converging at approx. 814 at approx. 10:55 EDT.

If price trades along that course, and we get a TS long signal around there with momentum diverging bullishly, I'd think we would have a fairly high odds, trade.

At the moment, however, that scenario is becoming less and less ikely as the ER2 has now traded for nearly 40 minutes with all price action contained by the high and low of the 10 AM EDT bar basis the 3 minute chart. We need a break below 817.1 soon to keep the above scenario alive.

Thanks 4 sharing your insights David! :)

[d-day]

Here's a screenshot of the chart showing the potential for the measured move/SPTT.

As you can see, soon after I posted the above note price began to move out of that 40 minute range, thus keeping thescenario alive.



The SPTT gave us the low (so far) in time, but not in price. This one looks as though it may have left the station without me, having never hit my buy limit. However, these price targets often act as Star Wars like tractor beam on price, so it may still pull price down to the 813.5 to 814.5 level, or, if not, act to subdue the initial stages of any rally attempt while price attempts to climb beyongs its gravitational pull.

[kbednar]

:) Hi Everybody,

Something else to look at on this trade - volume.

Notice how the market Broke to new highs on very high volume, which was immediately reversed at the DP. This is professionals selling (not buying on new highs), hece creating a strong reversal.

The decline continues until the professionals take profits, on another high volume bar, that did not "follow though" right at the DP target.

This is a good example of how volume can help show what is happening "behind the scenes" by the professionals in and around some MTP trades.............

I hope this helps ?

Steve



Steve:
As we have briefly touched upon in previous emails, I was elated to see you move into the Volume indicator for MTP traders. Volume always has, and always will, control price and every single indicator (magic or not) out there. It is as close to a crystal ball as you will ever get in the markets as it is a LEADING indicator ( for institutional trading). I have incorporated Volume for years. The one big variable is the timing. Market makers can accumulate (Downtrends), or distribute (uptrends) for various lengths of time, depending on the time frame. This makes it somewhat subjective. There are no absolutes in trading. Never the less, It is in my opinion an invaluable tool to add to the repertoire of MTP traders.

Ken :) :) :)

[d-day]

The SPTT gave us the low (so far) in time, but not in price. This one looks as though it may have left the station without me, having never hit my buy limit. However, these price targets often act as Star Wars like tractor beam on price, so it may still pull price down to the 813.5 to 814.5 level, or, if not, act to subdue the initial stages of any rally attempt while price attempts to climb beyongs its gravitational pull.


Long at 814.5, stop loss 814.2


Bailed at 814.90 - it was worth a shot. We've now traded to 813.80 which is a 78.6% retrace of swing from globex low to the post-open high. I'm looking to get long again above 814.80 or so. I see no viable short entry for me here. Though if we do break lower, I would look for 811.5, the globex low as the next downside target.

[jjc]

:)Market makers can accumulate (Downtrends), or distribute (uptrends) for various lengths of time, depending on the time frame. This makes it somewhat subjective. Ken :) :) :)


I think what Steve is implying is to look at volume at a specific time and place such as at DP points.


j

[scooper]

Well guys. I've had 2 stop outs. One on the 3 min Russell long (which I was in when David posted his chart) and 1 on the YM 3 Min. Both good looking TS3s.

Look like those DPs I posted provided good resistance although no divergence so no trade. Shame

Oh, did take the TS2 on the FTSE future Z which did not get to target so B/E.

[Steve Griffiths]

Well guys. I've had 2 stop outs. One on the 3 min Russell long (which I was in when David posted his chart) and 1 on the YM 3 Min. Both good looking TS3s.

Look like those DPs I posted provided good resistance although no divergence so no trade. Shame

Oh, did take the TS2 on the FTSE future Z which did not get to target so B/E.

Hi Scopper,

2 questions ?

1. why were you long on the YM when you had already cited that the YM was at larger degree 15min resistance so was likely to fall ?

2. Why were you long on the AB (I can't see a set-up there ?? so no AB trade anyway) as well as the YM - this is doubling up (a topic which has been discussed a lot in the last few days)...

As you can see, the YM is declining nicely from the 15min DP, so the trades should have been on the short side, not long (?)

Steve

PS. FTSE TS2 did made the DP where a +2R profit was availble...

PPS, the 15YM has made a perfect automatic DP sell (on divergence) so no reason not to be short....

PPS, in fact 15min DP sells on the ES and NQ, so 3 reasons not to be long....

[kbednar]

I think what Steve is implying is to look at volume at a specific time and place such as at DP points.


j

Hi J:

You are correct......The afore mentioned was a general elaboration for ALL time frames, depending on the type of trader you are.

Ken

[scooper]

Hi Scopper,

2 questions ?

1. why were you long on the YM when you had already cited that the YM was at larger degree 15min resistance so was likely to fall ?

2. Why were you long on the AB (I can't see a set-up there ?? so no AB trade anyway) as well as the YM - this is doubling up (a topic which has been discussed a lot in the last few days)...

As you can see, the YM is declining nicely from the 15min DP, so the trades should have been on the short side, not long (?)

Steve

PS. FTSE TS2 did made the DP where a +2R profit was availble...

PPS, the 15YM has made a perfect automatic DP sell (on divergence) so no reason not to be short....

PPS, in fact 15min DP sells on the ES and NQ, so 3 reasons not to be long....

Well, I'll post the AB 3 Min trade as its still on my screen. I took that because the market did not trade up into DP zone.

I confess I did not look at the 15 min trades as the lower time frames did not setup divergence. You see, this is my inexperience and why its not easy. Can you see why an experienced mentor have looked at what I had said and could have then helped me avoid those trades by asking me to trade upon my previous analysis and check the higher time frame first. That's actually not on my process plan - it is at the start of the day but not before each trade. That needs changing again.

You can guess who feels a right idiot at this moment in time.

This is the exact reason why I need some live trading training so I get the processes right and try to gain some sort of edge because I'm might not loose my shirt but could easily make nothing.

I'm having to go out now and pick up the Mrs as well so I'll probably miss the next winning trade.

There is no fool like and old fool anf thats how I feel right now.

[d-day]

Well guys. I've had 2 stop outs. One on the 3 min Russell long (which I was in when David posted his chart) and 1 on the YM 3 Min. Both good looking TS3s.

Look like those DPs I posted provided good resistance although no divergence so no trade. Shame

Oh, did take the TS2 on the FTSE future Z which did not get to target so B/E.

Hi Scooper, I was actually short when that TS buy on the ER2 signaled and I stayed short, waiting for the decline to the 814 area. I was briefly long (but closed out for +4 ticks when momo started to roll over).

I'm currently long the ER2 from 811.5

Also, you say "Look like those DPs I posted provided good resistance although no divergence so no trade. Shame"

Well, if you go to the member's area you will find a video where Steve expalins the DP trades off the open - here's a hint - divergence is not a requirement when fading a post-open move into a DP. You did most of your homework, but not all of it, so no trade. That's a shame!

[Steve Griffiths]

Hi Everybody,

It is not like I have never mentioned this before - please see the "Special mini tutorial - using the larger degree trend" at http://www.mtpredictor.com/help/PDFHelp.html

I do get the feeling I have to repeat myself again and again. But seriously, all that I talk about can already be found in the help files and Trading Course, and some of it is just common sense.

As some of you have already (wisely) said, it takes experience to see how this "all fits together", and yes experience does take time and hard work to acquire.

Steve

PS, Yes David is correct - there is lots of great information in the help videos as well......... talking about set-ups that we see again and again, day after day.

[d-day]

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



memebership has its privileges

[TreeShaker]

:D Hi Rob,

A perfect example here, as you can see the combination of the DP, STF and Stochastic Divergence as well as a high volume "failure" to new lows, nailed the very low of the day on the 3min YM yesterday.

A brilliant +6.6R profit using the ATRStop as the YM rallied strongly off this low.

All all achieved with a little knowledge and understanding of how markets really work :)

Rob, I hope this helps ?

Steve

PS, perhaps I should put more effort into "teaching" more advanced techniques like these ? What do you all think ? Would you all like a new course/video series designed to take you to new levels as traders ?

I for one would be delighted!:cool:

[d-day]

I just got stopped out at 817.40 on my long trade from the 78.6% retrace low. I probably left some dough on the table as momentum indicates that at least a marginally higher high (820.2?) or even a significantly higher high is possible (825?). It all depends upon whether Paulson and Bernanke's Plunge Protectors have any cash left with which to buy equities after having saved the markets from +2% declines the last three days in row.

Not a bad friday, as that particular trade, in addition to the DP Open Fade Trade, yielded my second +10R day of the week. I don't get 10+R days very often, and I seldom get 2 of them in the same week (nor in the same month, for that matter).

[d-day]

I probably left some dough on the table as momentum indicates that at least a marginally higher high (820.2?) or even a significantly higher high is possible (825?). It all depends upon whether Paulson and Bernanke's Plunge Protectors have any cash left with which to buy equities after having saved the markets from +2% declines the last three days in row.

816.80 should have been my stop but I had 817.4 in my head when I raised my stop loss. I left about five months worth of mortgage payements on the table. That sucker rallied right to 825 (825.2 HOD so far), the 4.23 fib extension off the low (824.96 was the exact extension value). If the rally doesn't exhaust itself soon then 832.50 is the next BIG upside target.

[d-day]

816.80 should have been my stop but I had 817.4 in my head when I raised my stop loss. I left about five months worth of mortgage payements on the table. That sucker rallied right to 825 (825.2 HOD so far), the 4.23 fib extension off the low (824.96 was the exact extension value). If the rally doesn't exhaust itself soon then 832.50 is the next BIG upside target.

As you can see we are at a DP, and STF is signalling that this is a reasonable short right here, for the intrepid aming you. My shorter term stochastic suggests that further upside is still possible, and I will stand down on this one. But I have been known to miss some very nice DP's.

[scooper]

Hi

I've done the videos - just need to apply it. I have my brain surgeons theory but now I'm operating on live brains I'm under pressure as such and forgetting my theory. I'll be standing in the corner with the big 'D' hat on

Some plan changes to do again.

I'll be learning to trade this the hard way gents..........as you can probably tell.

David - nice trading. You are a star sir!

[TreeShaker]

816.80 should have been my stop but I had 817.4 in my head when I raised my stop loss. I left about five months worth of mortgage payements on the table. That sucker rallied right to 825 (825.2 HOD so far), the 4.23 fib extension off the low (824.96 was the exact extension value). If the rally doesn't exhaust itself soon then 832.50 is the next BIG upside target.

I don't have an entry for that ER2 long on my chart and I don't see one on your posted chart. How did you get into that move up?:confused:

[d-day]

I don't have an entry for that ER2 long on my chart and I don't see one on your posted chart. How did you get into that move up?:confused:




We've now traded to 813.80 which is a 78.6% retrace of swing from globex low to the post-open high. I'm looking to get long again above 814.80 or so. I see no viable short entry for me here. Though if we do break lower, I would look for 811.5, the globex low as the next downside target.

811.50 was the globex low & 810.9 was the 78.6% retracement from yesterday's 15:57 EDT pivot low to this morning's pivot high. I had a buy limit at the 811.50 globex low. My entry was confirmed by bullish divergence on my 5,3,3 stochastic.

I do not trade only MTP set-ups, though most of my trades are fib/elliot wave related.

[TreeShaker]

811.50 was the globex low & 810.9 was the 78.6% retracement from yesterday's 15:57 EDT pivot low to this morning's pivot high. I had a buy limit at the 811.50 globex low. My entry was confirmed by bullish divergence on my 5,3,3 stochastic.

I do not trade only MTP set-ups, though most of my trades are fib/elliot wave related.

Thanks for explaining that David, I thought I was going blind or something. It makes sense but I wouldn't have enough confidence to make that trade. But then again, lately I've become so cautious that I have missed some really good trades. Sometimes I'm still analyzing when the train leaves the station. lol

[tar001]

I see it was posted on here that the YM had hit resistance and that traders should have been looking for shorts on Friday. That is truse and hit did hit the DP on a 15 minute chart but the down move never made it to a DP? So at what point do you start looking for longs? I went long at this DP(3 minute chart) because of the stochastic divergence and the gap had been filled(and part gut as I knew with MSFT and CFC earnings the market would rally into the close:confused:

[tar001]

how on earth do you watch the recorded webinars? and I agree that a webinar of a real time trading day with Steve would be GREAT!!!! I mentioned it before and I think it would answer alot of questions people have on here. Do a synopsis of a trading day, show the pre trading day routine, long term charts, trade setups on shorter time frames, why you take them and why you pass. Take a real trade in RT and if it fails, show how you prepare for the next one
and finally show how the day ends up, profit/loss or a wash

[Biggo]

how on earth do you watch the recorded webinars?

Hi Tar001

I had problems with this as well... Webx seems pretty poor to me !!:mad:
I found I had to download the file onto my hard drive then open the network recording player online to open the file.
I do have webx player already on my pc but it wont play the .afr files. I dont know if you can download a new version but will look at it & let you know if I have any luck !!:rolleyes:

Cheers

Phil:)

[tar001]

Hi
thanks but how do I find the recorded webinars? I see they stop at Oct 10th? if I go to this section
http://mtpredictor.webex.com/ec0600l/eventcenter/event/eventAction.do?siteurl=mtpredictor&theAction=listevents_program&path=listevents_program&showPastEvents=on
it asks me to register? but I read before that if I already received emails to not register? I'm confused(as usual)
hahaha:confused:



Hi Tar001

I had problems with this as well... Webx seems pretty poor to me !!:mad:
I found I had to download the file onto my hard drive then open the network recording player online to open the file.
I do have webx player already on my pc but it wont play the .afr files. I dont know if you can download a new version but will look at it & let you know if I have any luck !!:rolleyes:

Cheers

Phil:)

[Biggo]

Hi
thanks but how do I find the recorded webinars? I see they stop at Oct 10th? if I go to this section
http://mtpredictor.webex.com/ec0600l/eventcenter/event/eventAction.do?siteurl=mtpredictor&theAction=listevents_program&path=listevents_program&showPastEvents=on
it asks me to register? but I read before that if I already received emails to not register? I'm confused(as usual)
hahaha:confused:

Hi

You need to go to the section "view recorded events"
http://mtpredictor.webex.com/ec0600l/eventcenter/recording/recordAction.do?siteurl=mtpredictor&theAction=archive

I have just tried it again & just get to buffering & hangs... Last week there was an option to download the file but that appears to have been removed for some reason.

Probibaly best to email the MTP support guys tomorrow for more help..

[tar001]

thanks much
have a great weekend(whats left of it)
:D


Hi

You need to go to the section "view recorded events"
http://mtpredictor.webex.com/ec0600l/eventcenter/recording/recordAction.do?siteurl=mtpredictor&theAction=archive

I have just tried it again & just get to buffering & hangs... Last week there was an option to download the file but that appears to have been removed for some reason.

Probibaly best to email the MTP support guys tomorrow for more help..

[rrs]

how on earth do you watch the recorded webinars? ...

Hi Tar,

I certainly understand your frustration. The ability to download a recorded webinar meant I could save it on my hard drive and watch it when I find time, and do so without having to register multiple times at the webex's web site. I hope Steve will reconsider the option of allowing registered users of MTP to download the archived webinar and watch at their convenience.

I know that the hosting company that hosts MTP's web site will be charging Steve for storage space and that means storing archived seminars may increase his business expenses. The solution to this problem will be to make available the archived seminars for a fixed length of time only. In this way Steve may not have to face the problem of ever increasing need for storage space and consequently increasing costs to his business.


Sincerely,

Rama.

[d-day]

how on earth do you watch the recorded webinars?

I must be doing something wrong, because when I click on the "Click here for recording" the webinar recording quickly loads and starts playing; and this happens on every one of the weekly webinars!

I have no idea why you guys are having trouble, but it would seem that neither WebX or MTPredictor is to blame.

[Mrkooks]

Thanks for pointing out the URL where one can view the seminars.

It took a bit of time to load, but I had no problems in viewing this.

[rrs]

I must be doing something wrong, because when I click on the "Click here for recording" the webinar recording quickly loads and starts playing; and this happens on every one of the weekly webinars!

I have no idea why you guys are having trouble, but it would seem that neither WebX or MTPredictor is to blame.

Hi David,

There are two different types of links at the MTP web site for playing the recordings of webinar.

As the attached screen capture of the web site shows, clicking the links shown at the bottom half of the screen capture will play the recordings in the Windows Media Player that is built into the operating system (Windows 2000, XP, Vista). This operation is mostly smooth and trouble-free.

What Tar and Biggo are pointing to is the link at the top of the screen capture. The user has to click this link to view the recordings of the webinar conducted after October 16th 2007. Clicking this link takes you to Webex's web site where you will be asked to complete a registration form and then, as Biggo points out, agree to download their "network client" in order to play the recordings. This process can be, for some users, lead to problems, like, freezing of the computer etc - depending on software and hardware configurations of a user's computer.

So, from a user's point of view, the first process is mostly trouble-free and smooth while the result of the second (new) process is quite variable and unpredictable.

Sincerely,

Rama.

[TreeShaker]

I must be doing something wrong also, because I click on the link to after Oct. 16, I bring up the screen with the last 2 recordings, I click on the grn arrow on the right hand side, it takes me to a screen that asks for my name & email and if I'm a customer. I fill it in and I get the recording. And that's good because I need all the recordings I can get.

[Steve Griffiths]

I must be doing something wrong also, because I click on the link to after Oct. 16, I bring up the screen with the last 2 recordings, I click on the grn arrow on the right hand side, it takes me to a screen that asks for my name & email and if I'm a customer. I fill it in and I get the recording. And that's good because I need all the recordings I can get.

Yes that is correct, just put in your name and email address and the archived webinars will play.

Steve

PS, I saw some questions a few posts ago on "saving" the new recordings onto your PC. I too like the idea of this, but Webex (although they said they could) in practice this feature does not work, so from now on the recordings can only be "viewed". This is a webex restriction, not a choice from us.

Thanks

[Eddo]

Hi Rob,

A perfect example here, as you can see the combination of the DP, STF and Stochastic Divergence as well as a high volume "failure" to new lows, nailed the very low of the day on the 3min YM yesterday.

A brilliant +6.6R profit using the ATRStop as the YM rallied strongly off this low.

All all achieved with a little knowledge and understanding of how markets really work :)

Rob, I hope this helps ?

Steve


Thanks - Chris
PS, perhaps I should put more effort into "teaching" more advanced techniques like these ? What do you all think ? Would you all like a new course/video series designed to take you to new levels as traders ?

Steve,

As a matter of interest what settings do you use on your Stochastic indicator?

[Steve Griffiths]

Steve,

As a matter of interest what settings do you use on your Stochastic indicator?

5, 3, 3

Steve

[Eddo]

5, 3, 3

Steve

Thanks Steve

[TreeShaker]

5, 3, 3

Steve

What time frame(s) do you use that setting with?

[Steve Griffiths]

Nice TS3 on the 3min NQ............. the chart says it all :)

Steve

[Steve Griffiths]

A quick quiz here

Anybody suggest why this was a good trade on the AB ?

Steve

Hint (look at the STF and volume at DP support)

[TAS]

Hi Steve,

I was in this one as well,. reason being STF divergence, DP zone and JUST 50% retracement from from prior swing.

Also, looking forward to the VOL indicator to be built into the MTP RT next release.

Thank you for nice work.

Cheers,

TAS


A quick quiz here

Anybody suggest why this was a good trade on the AB ?

Steve

Hint (look at the STF and volume at DP support)

[TAS]

Hi Steve,

Just wonder why I don't get the TS3 on my NQ 3 min chart today? Please check the snapshot attached.

Thanks a lot.

TAS

Nice TS3 on the 3min NQ............. the chart says it all :)

Steve

[Steve Griffiths]

Hi Tas,

Looks like your data is different to mine, that is why

Thanks

Steve

[TreeShaker]

5, 3, 3

Steve

Steve,

Do you use 5,3,3 for all time frames?

[Steve Griffiths]

Hi

yes

Thanks

Steve

[Gene]

Hi all,

I see that Steve is talking about a volume indicator in MTP - great idea. This is just a normal think to do. Many pro traders are using VOLUME and OPEN INTEREST in their trading - not only volume. Hopefully OI will be in Steve's attention too.

One of the first books about VOLUME and OPEN INTEREST - if not the first - is "Charting Commodity Market Price Behaviaor" by L. Dee Belveal; probably a good book for all traders, not only new traders and not so successful traders.
George Kleinman is talking olso about V and OI in his books.

One of the last indicators used is VPCI -Volume Price Confirmation Indicaator - I still test it. Detailes about this indicator are in Technical Analysis os Stocks & Commodities, July 2007, pages 21 - 28.
Good trading.
Gene

[Steve Griffiths]

Hi Everybody,

The 3min NQ has just done it again, with another lovely profitable TS3 trade ...........:)

Steve

[Steve Griffiths]

Hi Everybody

Scary sharp fall but at least (if you were in a trade) you should have been short the NQ from the DP high earlier in the day..........

Steve

PS, this was on the 5min, the 15min had an "automatic" DP set-up as well....

[Eddo]

Hi Everybody

Scary sharp fall but at least (if you were in a trade) you should have been short the NQ from the DP high earlier in the day..........

Steve

PS, this was on the 5min, the 15min had an "automatic" DP set-up as well....

and so did the good old Russell :) :p :D

[Steve Griffiths]

Hi Chris,

well done :D

And look where the low then unfolded - right at the opposing DP. Amazing !!

Steve

[Eddo]

Hi Chris,

well done :D

And look where the low then unfolded - right at the opposing DP. Amazing !!

Steve

Yes its all down to luck isn't it Steve :D

[Steve Griffiths]

Yes its all down to luck isn't it Steve :D

I prefer to think of it as some amazing maths, brilliant programming and market insight, as well as 20 years experience, all rolled into MTPredictor ;)

Steve

[Steve Griffiths]

But seriously

This was exactly the same set-up I was talking about in my Webinar earlier today - please see http://www.mtpredictor.com/support/Webinars2.html for a recording.....

Instantly a nice +4.5R profit for anybody who had attended and then put into practice what I was talking about with respect to the DP trade concept :)

Steve

[TreeShaker]

Hi Everybody

Scary sharp fall but at least (if you were in a trade) you should have been short the NQ from the DP high earlier in the day..........

Steve

PS, this was on the 5min, the 15min had an "automatic" DP set-up as well....

Hellos Steve,

I was in the 3 min. time frame and it showed - diver in only 1 out of 3 oscillators so I passed. I didn't get an auto DP in the 5 min., but if I would have, I don't see - diver there either. Perhaps you could mark it in a chart for me and anybody else that can't see it?
PS: I' m using NT w/AMP for a data feed.
Also, is there a way to make your charts a little larger for those of us that have old eyes.

[TreeShaker]

and so did the good old Russell :) :p :D

Good trade Chris,

I can see all the setup on this trade, I only wish I would have seen/taken it when it was going down. Pun intended. Did you have time to jump out before it sprung back up? It looked like a pogo stick on nitro!:eek:

[d-day]

Hellos Steve,

I was in the 3 min. time frame and it showed - diver in only 1 out of 3 oscillators so I passed. I didn't get an auto DP in the 5 min., but if I would have, I don't see - diver there either.

Divergence in only 1 out of 3 oscillators? For goodness sake, with that many indicatirs on your screen there must not be any room left for price! It seems to me that if are using more than one oscillator then you are too fearful of taking a loss to trade.

I don't know which markets you were looking at, but I was short at 828.3 going into the fed announcement based upon divergence on my 533Stoch basis the 3 minute ER2.

Did you have time to jump out before it sprung back up? It looked like a pogo stick on nitro!:eek:

I covered at 817.90. I initially had a buy limit at 814 (entered when I was filled on the short position). On my e-signal chart, I show a low print at 811.40, and I'd love to see a trade confirmation from anyone who got filled within 5 points of that low. I certainly did not get filled anywhere close to that level. Maybe there was more liquidity on the NQ near the low than there was on the ER2. But my eye was on my 3 minute er2 chart and that low print was made and recovered so quickly that I initially thought that it was just a bad tick.

PS Just for kicks, I checked a bunch of different oscillators on the 3 minute ER2. Everyone of them, e.g. STF, MACD, momenum, ROC, Stoch, RSI showed clear and present divergence.

[Biggo]

Yes that is correct, just put in your name and email address and the archived webinars will play.

Steve

PS, I saw some questions a few posts ago on "saving" the new recordings onto your PC. I too like the idea of this, but Webex (although they said they could) in practice this feature does not work, so from now on the recordings can only be "viewed". This is a webex restriction, not a choice from us.

Thanks


Hi Steve

I have finally got these webex recordings to play !!!! I had to let it buffer for about 20 mins before it downloaded enough data to start the video..
I use video conferancing & download video,s from other sources all the time so its not my broadband speed thats the issue obviousally somewhere between me & webex !!!! I have shared this for others who were having the same issues.

The first webinar youput on the webex site I downloaded & that took only a few minitues for the whole 55megs !!!!!!

Webex say that you can send a URL address to customers so they can download the file as another option, have you considered using that??

http://support.webex.com/support/documentation/wwhelp/wwhimpl/js/html/wwhelp.htm

Thanks Phil

[gremtp]

Divergence in only 1 out of 3 oscillators? For goodness sake, with that many indicatirs on your screen there must not be any room left for price! It seems to me that if are using more than one oscillator then you are too fearful of taking a loss to trade.

I don't know which markets you were looking at, but I was short at 828.3 going into the fed announcement based upon divergence on my 533Stoch basis the 3 minute ER2.



I covered at 817.90. I initially had a buy limit at 814 (entered when I was filled on the short position). On my e-signal chart, I show a low print at 811.40, and I'd love to see a trade confirmation from anyone who got filled within 5 points of that low. I certainly did not get filled anywhere close to that level. Maybe there was more liquidity on the NQ near the low than there was on the ER2. But my eye was on my 3 minute er2 chart and that low print was made and recovered so quickly that I initially thought that it was just a bad tick.

PS Just for kicks, I checked a bunch of different oscillators on the 3 minute ER2. Everyone of them, e.g. STF, MACD, momenum, ROC, Stoch, RSI showed clear and present divergence.

Well done David and all the heros who stayed in at the time of the FED announcement. I have been trading for a quite some years and one of the things I have learnt (or so I thoight) is never to trade in these occasions and to get out if you are in a position. This is particularly true on currencies and bonds, but increasingly on indexes too.
I would like to ask: do you basically act "as if" it were a normal day or do you follow some rules or just your instinct to judge whether to take/stay in a trade or not before big announcements?
Well done, again

[Eddo]

Well done David and all the heros who stayed in at the time of the FED announcement. I have been trading for a quite some years and one of the things I have learnt (or so I thoight) is never to trade in these occasions and to get out if you are in a position. This is particularly true on currencies and bonds, but increasingly on indexes too.
I would like to ask: do you basically act "as if" it were a normal day or do you follow some rules or just your instinct to judge whether to take/stay in a trade or not before big announcements?
Well done, again

Hi there,

In answer to your question, I tend to agree with you and take a very cautious stance on 'Fed day' and for me yesterday was no different until I saw the markets racing ahead in antisipation to the announcement and then seeing that juicy looking DP setup. In short I took a punt and having been filled I immediately put in an OCO which would have taken me out for a 1R loss or out with (in my case a 4R gain) - yesterday it worked in my favour.

Incidently, I also have a similar stragegy on the 1st Friday of each month when we get the Non Farm figures at 13:30 GMT - an OCO on one of the currency pairs can produce 'wonderous' instant returns on the massive spike you normally get at 13:30 (keep a Forex chart open tomorrow at 13:30 if you don't believe me :) - it tends to be like magic)

Chris

[Eddo]

But seriously

This was exactly the same set-up I was talking about in my Webinar earlier today - please see http://www.mtpredictor.com/support/Webinars2.html for a recording.....

Instantly a nice +4.5R profit for anybody who had attended and then put into practice what I was talking about with respect to the DP trade concept :)

Steve


Steve - sorry to be really thick again but I can't for the life of me find the recording of the Webinar you did yesterday - the last one I can find seems to be on 16th October - any idea's where I should be looking :confused:

Thanks - Chris

[gremtp]

Ha! I do believe you, Chris, I know exactly what you mean on news.
I would have never guessed that you were a "news trader":D
I have had quite different experiences in those circumstances. I am quite surprised that Spread betting companies fill you on those orders. Obviously it is quite easy for them to claim fast market and be relieved from their "obligations".
I have read horror stories about them especially from news traders. Maybe things have changed.
Well done on this

[Eddo]

Ha! I do believe you, Chris, I know exactly what you mean on news.
I would have never guessed that you were a "news trader":D
I have had quite different experiences in those circumstances. I am quite surprised that Spread betting companies fill you on those orders. Obviously it is quite easy for them to claim fast market and be relieved from their "obligations".
I have read horror stories about them especially from news traders. Maybe things have changed.
Well done on this

I have had my 'moments' with CMC however on the whole they are excellent at filling orders quickly and at the price I have requested. Once the price hits, the order ticket immediately goes blue (I then take a screen shot for my records - just incase there is a dispute) - and whilst it sometimes takes the dealers a while to complete the order, 99% of the time they close it at the correct price even if the price when they do it is miles away from my ticket price.

Incidently, I have found that NOT to be the case with Finspreads or IG Index (neither of which I now use). I can't remember when they EVER closed a stop order at the price I had on my ticket - in short they are awful and personally I won't touch them with a bargepole.

Re - trading news - I don't really. I do believe however that it would be totally stupid to be doing this (trading) without at least half an eye on the news and there are times when major events like the Fed and Non Farm will play a very big part in my decision to take a trade or not.

[Steve Griffiths]

Steve - sorry to be really thick again but I can't for the life of me find the recording of the Webinar you did yesterday - the last one I can find seems to be on 16th October - any idea's where I should be looking :confused:

Thanks - Chris

Hi Chris

It is a link of the Webinars page

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

Just under the table where it says Click here for recordings after Oct 16

http://mtpredictor.webex.com/ec0600l/eventcenter/recording/recordAction.do?siteurl=mtpredictor&theAction=archive takes you straight there

Thanks

Steve

[Eddo]

Hi Chris

It is a link of the Webinars page

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

Just under the table where it says Click here for recordings after Oct 16

http://mtpredictor.webex.com/ec0600l/eventcenter/recording/recordAction.do?siteurl=mtpredictor&theAction=archive takes you straight there

Thanks

Steve

Thanks Steve - going to take a peek now -

BTW a nice little DP short again on the open of the FTSE again today :)

[gremtp]

Interesting what you say about CMC. Do they offer credit facility on accounts? I rarely use IG, but the credit facility is quite useful as you keep your money in the (interest bearing) saving account until you really need it to cover a loss above the credit threshold.

Re; keeping half an eye on the news for me means not to trade. What should have been the "right" thing to do for the ES, say, in view of a rate cut? Just why ES should go down 15 points in few minutes and then up 15, plus other 10-12 in few more minutes and then close just 5 points above where it was before the news beats me. But that is my limitation and one I can probably live with.

Having said that, I can see the appeal in getting OCO orders with limits a few points above or below DPs. I am not sure how many times it works, and even it it does, as David pointed out, gettin a fill on those orders is quite unlikely. Sounds a bit too much of a gamble for my liking. But the reward can be massive, I agree. Well done again

[Eddo]

Interesting what you say about CMC. Do they offer credit facility on accounts? I rarely use IG, but the credit facility is quite useful as you keep your money in the (interest bearing) saving account until you really need it to cover a loss above the credit threshold.

Re; keeping half an eye on the news for me means not to trade. What should have been the "right" thing to do for the ES, say, in view of a rate cut? Just why ES should go down 15 points in few minutes and then up 15, plus other 10-12 in few more minutes and then close just 5 points above where it was before the news beats me. But that is my limitation and one I can probably live with.

Having said that, I can see the appeal in getting OCO orders with limits a few points above or below DPs. I am not sure how many times it works, and even it it does, as David pointed out, gettin a fill on those orders is quite unlikely. Sounds a bit too much of a gamble for my liking. But the reward can be massive, I agree. Well done again

Not sure about credit facilities - I don't have one but wouldn't/don't keep much in the CMC account - just enough to cover the margins, so for the smallish amounts I trade if find that keeping a balance of £4,000 - £5,000 is more than enough - e.g. with only a £1,000 margin you get a £20 per point position on the FTSE - thats the equivalent of having a £136,000 position ($270,000) which I think is outstanding (especially when we get a winner :) )

Just a quick point about yesterdays OCO - the DP trade was placed by me manually at the time and about 10-15 mins before the Fed announcement - the OCO was to get me out of that position at my stop or tgt - i.e. I wasn't using the OCO to get me in on a spike and agree that trying to do that would be hopeless on a very fast moving market. Using the OCO to place the closing orders (-1R or + xR) on the other hand does work and as said, in my experience 99% of the time CMC do close stop orders at the price on the ticket.

[gremtp]

Yes, I have got that.
My initial point was in fact being able to get out at -1R in a horrendously fast market. But it looks like it is possible.
Thank you , Chris

[jjc]

Long on NQ 3min

[d-day]

Long ER2 3 minute DP with divergence (using stochastics) at 806.1

[Eddo]

Long ER2 3 minute DP with divergence (using stochastics) at 806.1

Yup and we had the same about 15-20 mins ago on the FTSE

[Steve Griffiths]

Hi David,

Yep even clearer on the 2min chart :)

Steve

[Eddo]

Hi David,

Yep even clearer on the 2min chart :)

Steve

and whilst I know most don't like it (I do) the TRIN has just turn positve (below 1)

[Eddo]

and whilst I know most don't like it (I do) the TRIN has just turn positve (below 1)

Well for me all bets off after that nice little early pullback - but my view is we are now very firmly looking for shorts - any views out there?

[jjc]

Long ER2 3 minute DP with divergence (using stochastics) at 806.1


WIP Volume/Price OSC worked pretty good too :)


j

[leeda]

Well for me all bets off after that nice little early pullback - but my view is we are now very firmly looking for shorts - any views out there?

unfortunately i cant access my charts due to a problem on the site but frm wot i c we may get basing action around here/700 on indu but yes i agree could look 2 short once bak at old support possibly 780 level on indu or higher (as mentioned i dont have all my data)

[d-day]

WIP Volume/Price OSC worked pretty good too :)


j


Nice, J. You always have the nicest toys!

[Eddo]

Nice looking Short TS1 on the SPX - all aboard ? :)

[d-day]

Nice looking Short TS1 on the SPX - all aboard ? :)


Good luck, Chris. I don't currently trade the ES. Right now I'm waiting to see if the ER2 can trade down to about 805.3-4. If so, my next move would be based on whether we find support there or not, and price momentum.

[TreeShaker]

:confused: Divergence in only 1 out of 3 oscillators? For goodness sake, with that many indicatirs on your screen there must not be any room left for price! It seems to me that if are using more than one oscillator then you are too fearful of taking a loss to trade.

I don't know which markets you were looking at, but I was short at 828.3 going into the fed announcement based upon divergence on my 533Stoch basis the 3 minute ER2.



I covered at 817.90. I initially had a buy limit at 814 (entered when I was filled on the short position). On my e-signal chart, I show a low print at 811.40, and I'd love to see a trade confirmation from anyone who got filled within 5 points of that low. I certainly did not get filled anywhere close to that level. Maybe there was more liquidity on the NQ near the low than there was on the ER2. But my eye was on my 3 minute er2 chart and that low print was made and recovered so quickly that I initially thought that it was just a bad tick.

PS Just for kicks, I checked a bunch of different oscillators on the 3 minute ER2. Everyone of them, e.g. STF, MACD, momenum, ROC, Stoch, RSI showed clear and present divergence.

Great trade for you. Yes I am a little fearful, being down 16R. I came up to -8R and drifted back down. I use the standard MTP chart and then a 2nd chart with all the extra indicators. I must have bumped my head:rolleyes: because checking what you said, it all checks out, even on my oscillators:rolleyes:

[d-day]

Good luck, Chris. I don't currently trade the ES. Right now I'm waiting to see if the ER2 can trade down to about 805.3-4. If so, my next move would be based on whether we find support there or not, and price momentum.

Long the ER2 at 805.4 - DP/divergence on 3 minute ER2. I'd post a chart but my screenhunter is hangin up or something. I took a couple off and my stop loss on the rest is 805.2 - so even if stopped there I will have a profit.

[Eddo]

Long the ER2 at 805.4 - DP/divergence on 3 minute ER2. I'd post a chart but my screenhunter is hangin up or something. I took a couple off and my stop loss on the rest is 805.2 - so even if stopped there I will have a profit.

So David - do I put money into your account or are you going to put it into mine :) My stop is now at B/E on the SPX short trade so nothing to lose now

[Eddo]

So David - do I put money into your account or are you going to put it into mine :) My stop is now at B/E on the SPX short trade so nothing to lose now

I'amn stopped out at B/E - good luck on the Russ Long

[TreeShaker]

WIP Volume/Price OSC worked pretty good too :)


j

Nice big thumbnail. I loved it. Even my old eyes could see it.:D

[jjc]

Nice big thumbnail. I loved it. Even my old eyes could see it.:D

you have a private msg

[d-day]

I'amn stopped out at B/E - good luck on the Russ Long

I limited out on a few at 809.80 and my stop is now 808.00

Here's a screenshot.

No sooner did I type the above and I got stopped out at 808.00.

[Eddo]

I limited out on a few at 809.80 and my stop is now 808.00

Here's a screenshot.

No sooner did I type the above and I got stopped out at 808.00.

Yup - I think its going to be a shame that my SPX got stopped out - its now running down nicely (without ME !)

[Steve Griffiths]

Yep,

The ES just reached the first target.....

Steve

[Steve Griffiths]

Hi Guys,

A good day on the ES today.........

A nice TS2 sell followed by a manual DP buy (straight out of my webinar on Wednesday) all for over +5R profit between them.......... I hope you all made the most of these :)

Steve

[jjc]

Hi Guys,

A good day on the ES today.........Steve



Not too shabby here either


j

[Steve Griffiths]

Hi j.

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

Steve

[jjc]

Early trade this morning that worked well


j

[Steve Griffiths]

Hi Everybody

US markets quiet today, but the European ones have been great.

Here is a brilliant DP long on the FTSE :)

Steve

[Steve Griffiths]

Hi Everybody,

Slow going but the TS3 sell on the 3min ES finally reached its first profit target ...........

Steve

[pegasus5]

Here is a DP divergence on ER2 5 min chart which yielded a +2R gain. Not huge $ amount but I'll take 2:1 risk/reward anyday.

[Larry22]

Here is a DP divergence on ER2 5 min chart which yielded a +2R gain. Not huge $ amount but I'll take 2:1 risk/reward anyday.

Yup Yup I agree I took the same trade based on a 3 min divergence. :D

Still I think that based on my hourly wave count analysis we may have made an important bottom here.

See the 4 charts, first 2 are the ER2 60 and 15 minutes and the other 2 are the ES 60 and 15 minutes.

Once again this is my point of view and my wave count can change at any time depending of what the market shows me during the day. ;)

[Steve Griffiths]

Here is a DP divergence on ER2 5 min chart which yielded a +2R gain. Not huge $ amount but I'll take 2:1 risk/reward anyday.

Yep, that low was also a Wave 5 on the YM and ES....

Steve

[scooper]

Hi Everybody,

Slow going but the TS3 sell on the 3min ES finally reached its first profit target ...........

Steve

Hi Steve

I was in that one and moved my stop to B/E as per std guidelines when it traded past 100% risk.

Did you take this trade personally and if so why did you elect to keep it open? I wish I had kept mine open but that's after the event again:)

Oh, I also got caught with failed TS1 you can see just a little earlier. Maybe I missed something there as well?

[Steve Griffiths]

Hi Scooper

Correct -1R loss on the TS1, then +4.4R Profit on the TS3, remember we don't use the 100% initial risk guideline with intraday charts as they are too choppy. So +3.4R profit overall, all using the standard trading guidelines

I hope this helps ?

Steve

[scooper]

Hi Scooper

Correct -1R loss on the TS1, then +4.4R Profit on the TS3, remember we don't use the 100% initial risk guideline with intraday charts as they are too choppy. So +3.4R profit overall, all using the standard trading guidelines

I hope this helps ?

Steve


Ah, yes in intraday section of the course part 2 this is mentioned. I must have missed the intraday exception when my planned guidelines were written. Its kept me out of trouble a lot of times before but that time....well I guess I will just have to adjust my plan again:(

Thanks for letting me know.

[rrs]

Notable points: Double top at DP, clear STF divergence.

[rrs]

Similar to the NQ Manual DP sell that was posted earlier this morning. Similar notable points: Double Top, STF divergence.

[rrs]

Not all patterns are perfectly formed. But, some of them still make money. Built-in risk management and position sizing tools certainly allow an MTP user to consider this kind of trade setups without a great deal of fear.

Here is an example of an imperfect pattern that is currently profitable.

[rrs]

Profitable 5 Min YM TS3 Long trade in progress.

[Eddo]

Just an observation but has anyone else noticed the TRIN today? Despite the significantly lower open in the US, the TRIN is still sitting boldly in the Blue - which incidently it has been for the last two trading days.

It kept me Long on both Monday and Tuesday (thankfully) and I am begining to wonder if its going to do the same again today -= i.e. despite the opening drop we might be looking for Longs again today?

[d-day]

Just an observation but has anyone else noticed the TRIN today? Despite the significantly lower open in the US, the TRIN is still sitting boldly in the Blue - which incidently it has been for the last two trading days.

It kept me Long on both Monday and Tuesday (thankfully) and I am begining to wonder if its going to do the same again today -= i.e. despite the opening drop we might be looking for Longs again today?


Hi Chris,

I do not pay much attention to the TRIN, though perhaps I should. I just got long the ER2 at 789.5 with one little contract. We were at a DP off the 10:36AM pivot low and we have nice divergence on the stochastic I use. We shall see. We have a nest resist right around 790.7. My stop is 787.4

[Larry22]

What a nice trade this was on the 3 min NQ, 5 mini waves down (A) followed by a nice abc B wave.

Conclusion, a C wave had to followed. :D

[Eddo]

Hi Chris,

I do not pay much attention to the TRIN, though perhaps I should. I just got long the ER2 at 789.5 with one little contract. We were at a DP off the 10:36AM pivot low and we have nice divergence on the stochastic I use. We shall see. We have a nest resist right around 790.7. My stop is 787.4

I wish you well with that one David - for what its worth the TRIN is still on your side (even if you don't pay it much attention) :)

[d-day]

We have a nest resist right around 790.7

ER2 has poked though 790.7 briefly, but has managed so far merely to range around it. This is where cutting risk is not always such a good idea. By only trading one contract instead of 3, I do not have the option of closing one out for 10 or 15 ticks and letting the other(s) ride. DP target is only 792.1 - where I would typically limit out at least a part of the position. Again, since I only did one contract I can't book profits and let my profits run.

[d-day]

What a nice trade this was on the 3 min NQ, 5 mini waves down (A) followed by a nice abc B wave.

Conclusion, a C wave had to followed. :D

Larry, what settings are you using on MTP? I seem to have difficulties replicating your charts.

Thank you,
David

[Larry22]

Larry, what settings are you using on MTP? I seem to have difficulties replicating your charts.

Thank you,
David

Very easy in the filter section everything is at false except for the R/R that is at true.

[d-day]

I wish you well with that one David - for what its worth the TRIN is still on your side (even if you don't pay it much attention) :)

Well, once in a while a DP with divergence doesn't pan out as hoped, and this is one of those cases. Such is trading.

[Steve Griffiths]

A good end to the day :)

[jjc]

This worked for me


j

[pegasus5]

No Comments Necessary Here...Picture Worth 1000 Words :)

[d-day]

The ER2 also performed admirably - I held through the close and I was hoping still to be short in the morning, but I was stopped out about 30 minutes ago.

[Larry22]

Well too bad that I didn't had time to trade the 3 TS (3 min) that the NQ gave. :(

I still have to work for about a month, but after that I will be able to trade full time. :D

Still I didn't made too bad while I was working, I was able to take the first trade. ;)

[TreeShaker]

A good end to the day :)

I may be missing something but according to my broker I got stopped out by the ATR for a break even about 8 bars into the trade. :( I looked at the other Emini s and they did the same thing. If a person was able to stay in they must not be using any stops that I can tell.

[TreeShaker]

No Comments Necessary Here...Picture Worth 1000 Words :)

That looked good. NT platform (mine anyhow) didn't have a trade signal there.:( I wish it would have!

[TreeShaker]

The ER2 also performed admirably - I held through the close and I was hoping still to be short in the morning, but I was stopped out about 30 minutes ago.

Dave,
I noticed that on your chart the ATR at 1512 was still near the entry point. On my chart it dropped down to the point of being stopped out.:confused: I'm using the the latest MTP in the NT platform. I would think that the platform should not make a difference. Maybe Steve could respond to that?

[rrs]

That looked good. NT platform (mine anyhow) didn't have a trade signal there.:( I wish it would have!

Hi,

Make sure that you are using a data feed that is reliable and accurate. I also use NT and it is powered by eSignal data feed. I am attaching the 3 min chart of YM from today's trading session.

Rama.

[TreeShaker]

Hi,

Make sure that you are using a data feed that is reliable and accurate. I also use NT and it is powered by eSignal data feed. I am attaching the 3 min chart of YM from today's trading session.

Rama.

Thanks Rama,
I'm using AMP zen fire for data feed. I was wrong about YM, it was ER2, ES, and NQ that popped up to the ATR. I was in the NQ trade and got zapped. No loss, but no gain. All the Emin s looked like mirror images about that time.

[Steve Griffiths]

Hi TreeShaker.

Must be different data (this is always the reason and not MTP), because all the 3 minis did not get stopped out using the ATRStop using eSignal and TS8 data...

Steve

[Larry22]

Greetings, is anyone would be kind enough to help me clarify something on my NQ 15 min Charts as I have different low on Opentick and IB. :(

I need to know the low price of the NQ on 11-05-2007 at 9h45 IB gives me 2193.

Thanks for helping me.

[jjc]

Short at 1484.50 off 3min ES

Hope you're having as much fun !


j

[d-day]

Short at 1484.50 off 3min ES

Hope you're having as much fun !


j

Well played, J!

Good Luck!

[d-day]

Dave,
I noticed that on your chart the ATR at 1512 was still near the entry point. On my chart it dropped down to the point of being stopped out.:confused: I'm using the the latest MTP in the NT platform. I would think that the platform should not make a difference. Maybe Steve could respond to that?

1) I do not use the default ATR settings - I set the base to close and I set the ratchet to "0". I will revert to the default ratchet when the market goes into "run away" mode.

2) Even usingthe default settings, with e-signal data the ATR would not have been touched.

[TreeShaker]

Dave are you in the ER2 3min DP @ 1006? If so, what do think the chances are of hitting the target? It seems to have run out of steam.

[TreeShaker]

Can anyone tell me how to cancel a post that you decide not to send?

[d-day]

Dave are you in the ER2 3min DP @ 1006? If so, what do think the chances are of hitting the target? It seems to have run out of steam.

1) MTP signalled a DP long entry at the close of the 9:48 EST bar. There was no momentum divergence so I did not bite on that one. Good thing, because it would have been stopped out for a -1R loss when the ER2 poked to a new low by two ticks.

2) There was bullish momo divergence between the 9:48 bar and the 10:03 bar, so I went long.

3) Closed 1/2 when ER2 traded to the 78.6% retrace of the opening swoon.

4) Trailing 1/2 with stop currently at 777.90 (which is 1 tick above entry and 1 tick below the last swing low).

5) I have no idea if it will reach the oppossing DP target. I'm just waiting for a new swing high with momo divergence at a significant resisistance point (either fib res or trensline/structural res) and I will exit and likely stop and reverse.

[d-day]

I have no idea if it will reach the oppossing DP target. I'm just waiting for a new swing high with momo divergence at a significant resisistance point (either fib res or trendline/structural res) and I will exit and likely stop and reverse.

BTW, you should also be aware that there is now a DP (fib resist) between price and the original DP target.


Update: Stopped and reversed to short at 782. We shall see.

[d-day]

Can anyone tell me how to cancel a post that you decide not to send?

You need to click on "edit" and then "delete"

[Larry22]

Greetings, is anyone would be kind enough to help me clarify something on my NQ 15 min Charts as I have different low on Opentick and IB. :(

I need to know the low price of the NQ on 11-05-2007 at 9h45 IB gives me 2193.

Thanks for helping me.

Anyone can help me on this quest.

Thanks

[d-day]

Anyone can help me on this quest.

Thanks

I show 2193 using e-signal

[Larry22]

I show 2193 using e-signal

Thanks David

[jjc]

Dunno know why the TS3 disappeared at the 'c' on the 3min ES (must be my feed)

but the trade is still working for a few points


j

[TreeShaker]

You need to click on "edit" and then "delete"

Thanks Dave

[TreeShaker]

BTW, you should also be aware that there is now a DP (fib resist) between price and the original DP target.


Update: Stopped and reversed to short at 782. We shall see.

I see that your short is doing very well. :) In fact, it's the only thing going other than the near same pattern on the other Emini s. What made you decide to go short? I was in the DP long and broke even but I didn't see anything to support a short other than gut feeling, which I can't trust for me.:rolleyes:

[jjc]

Dunno know why the TS3 disappeared at the 'c' on the 3min ES (must be my feed)

but the trade is still working for a few points


j


No reason to bail other than my pockets are gettng too full

So I'm flat and fat and happy !


j

[Steve Griffiths]

Hi Guys

For me the 60min trend still looks to be down....

Steve

[d-day]

I see that your short is doing very well. :) In fact, it's the only thing going other than the near same pattern on the other Emini s. What made you decide to go short? I was in the DP long and broke even but I didn't see anything to support a short other than gut feeling, which I can't trust for me.:rolleyes:

Momentum, Support & Resistance, and Divergence

No "gut feelings necessary"

[jjc]

Momentum, Support & Resistance, and Divergence

No "gut feelings necessary"

D-Day

Are you ignoring the TS1 TS2 and TS3 setups and only taking the DP setups?


j

[d-day]

D-Day

Are you ignoring the TS1 TS2 and TS3 setups and only taking the DP setups?


j

Hi J,

Most of my trades are DP trades. I do take the TS1, TS2, TS3, and TS4's so long as there is momentum divergence between the signal pivot (the "c" and the immediately prior pivot (the "a"). I also like to see the "c" pivot occurring at a 78.6% retrace level of a prior swing and I especially like to see the "c" pivot bar up against or straddling one of my MA's - I use a 34 EMA and a 50 SMA - and although I trade off the 3 minute chart, I do keep a 5 minute chart open with those MA's on it. For example, yesterday at 13:27 your time, I took the 3 minute TS4 on the ER2. If you look at the 5 minute ER2 at that time, you will see that price was getting turned back down at the 5 minute 50 simple moving average.

If there is no divergence there is no trade for me.



D-Day

[jands]

Hi J,

Most of my trades are DP trades. I do take the TS1, TS2, TS3, and TS4's so long as there is momentum divergence between the signal pivot (the "c" and the immediately prior pivot (the "a"). I also like to see the "c" pivot occurring at a 78.6% retrace level of a prior swing and I especially like to see the "c" pivot bar up against or straddling one of my MA's - I use a 34 EMA and a 50 SMA - and although I trade off the 3 minute chart, I do keep a 5 minute chart open with those MA's on it. For example, yesterday at 13:27 your time, I took the 3 minute TS4 on the ER2. If you look at the 5 minute ER2 at that time, you will see that price was getting turned back down at the 5 minute 50 simple moving average.

If there is no divergence there is no trade for me.



D-Day

As you read this, and D-Day can confirm, he uses a Slow Stochastic of 5,3,3 for his divergence.

I personally like this as well.

Jim

[d-day]

For example, we just had a DP short signalled on the 3 minute ER2 and a TS3 on the 5 minute. However, my stochastics is making a higher high on both charts. Also, price is now back above the 34EMA and 50 SMA inboth time frames. So I will be sitting these out. This doesn't mean that both of these will not turn out to be profitable. But in my experience, they are now lower odds for success.

That being said, I wish all of those MTP traders among us who are now in these trades a boatload of profits.

[jjc]

Hi J,

Most of my trades are DP trades. I do take the TS1, TS2, TS3, and TS4's so long as there is momentum divergence between the signal pivot (the "c" and the immediately prior pivot (the "a"). I also like to see the "c" pivot occurring at a 78.6% retrace level of a prior swing and I especially like to see the "c" pivot bar up against or straddling one of my MA's - I use a 34 EMA and a 50 SMA - and although I trade off the 3 minute chart, I do keep a 5 minute chart open with those MA's on it. For example, yesterday at 13:27 your time, I took the 3 minute TS4 on the ER2. If you look at the 5 minute ER2 at that time, you will see that price was getting turned back down at the 5 minute 50 simple moving average.

If there is no divergence there is no trade for me.



D-Day

You mean divergence like that lime colored line in the bottom subwindow?

Long from the yellow arrow worked for me.


j

[d-day]

You mean divergence like that lime colored line in the bottom subwindow?

Long from the yellow arrow worked for me.


j

That's exactly what I look for, J. As a matter of fact, I just looked at the 3 minute ES, and if you just follow momentum, you would stilll be long.

[d-day]

As you read this, and D-Day can confirm, he uses a Slow Stochastic of 5,3,3 for his divergence.

I personally like this as well.

Jim


Yes, Jim. I too use 5,3,3.

[d-day]

Short 780.2 on ER2 DP/divergence - a strange trade though, in that the divergence is between prior pivot/pivot high, but there is no divergence between the pivot that generated the DP and the most recent pivot high - so I will move to BE very quickly.



BTW - we also were at the 78.6% retrace of the swing from HOD to LOD.

UPDATE: Took profits on 1/2 at 777.7 limit and stopped at 780.00 on the other 1/2.

I'm done for the day.

[jjc]

That's exactly what I look for, J. As a matter of fact, I just looked at the 3 minute ES, and if you just follow momentum, you would stilll be long.

Yes, you're right, lots of momo on the short covering but I bailed long ago

Can't get too greedy at my age :)


j

[jay21]

Short 780.2 on ER2 DP/divergence - a strange trade though, in that the divergence is between prior pivot/pivot high, but there is no divergence between the pivot that generated the DP and the most recent pivot high - so I will move to BE very quickly.



BTW - we also were at the 78.6% retrace of the swing from HOD to LOD.

UPDATE: Took profits on 1/2 at 777.7 limit and stopped at 780.00 on the other 1/2.

I'm done for the day.

Hey David!

Good trading there!

Can I ask you a question - what consideration do you place in the trend - I mean in terms of STF, TRIN and other similar? Do you also tend to take DP trades opposite to a clearly defined trend as long as the divergence is in place?

Yesterday is a good example I would say - would you for instance consider taking that long ES 3 min TS3-trade that happenend an hour and a half or so before the close, as the trend at the time was looking pretty bearish?

Thanks a lot,
Johan

[d-day]

Can I ask you a question - what consideration do you place in the trend - I mean in terms of STF, TRIN and other similar? Do you also tend to take DP trades opposite to a clearly defined trend as long as the divergence is in place?

For daytrades, I do not place much emphasis on a longer-term trend. I look for price to trade into support or resistance (either fibonacci or structural) with divergence between current potential swing pivot and the related prior pivot.


Yesterday is a good example I would say - would you for instance consider taking that long ES 3 min TS3-trade that happenend an hour and a half or so before the close, as the trend at the time was looking pretty bearish?

Yes, I would have traded that set up (I show it as a TS1, not a TS3) if I traded the ES. By the way, JJC posted that trade yesterday and you can see in his screenshot that there was momentum divergence.

[jay21]

For daytrades, I do not place much emphasis on a longer-term trend. I look for price to trade into support or resistance (either fibonacci or structural) with divergence between current potential swing pivot and the related prior pivot.




Yes, I would have traded that set up (I show it as a TS1, not a TS3) if I traded the ES. By the way, JJC posted that trade yesterday and you can see in his screenshot that there was momentum divergence.

Thanks a lot for your reply. I suppose trying to trade with the MAs as I understand that you do still means that you take the trend into consideration right...? Also that ES trade yesterday - wasn't that on the wrong side of the MAs...? Or maybe I misinterpret something here...:confused: ?¨

Best regards,
Johan

[jjc]

maybe I misinterpret something here...:confused: ?¨

Best regards,
Johan


Jay,

I'm certainly not the trader that D-Day is however, if I see price is in a downtrend but has stalled out between some support levels then get a counter trend buy signal such as the buy TS3 yesterday I'm more inclined to take the trade.

I think our Matt called that a 'changing of the guard'

I use Woodie's support and resistance levels for that but i'm sure other s/r levels will work as well.

j

[davidh]

Thanks a lot for your reply. I suppose trying to trade with the MAs as I understand that you do still means that you take the trend into consideration right...? Also that ES trade yesterday - wasn't that on the wrong side of the MAs...? Or maybe I misinterpret something here...:confused: ?¨

Best regards,
Johan

Jay,
I believe that 3 min ES long yesterday to which you refer was what could be described as an 'advanced TS3 long' i.e. after a significant low and a move off, followed by an abc decline, and irrespective of stf colour. See Steve's training video from the other week for more info.
Best Wishes
David

[d-day]

Thanks a lot for your reply. I suppose trying to trade with the MAs as I understand that you do still means that you take the trend into consideration right...? Also that ES trade yesterday - wasn't that on the wrong side of the MAs...? Or maybe I misinterpret something here...:confused: ?¨

Best regards,
Johan


Momentum leads, moving averages lag ... all of my trade decisions are based on momentum. For me, if there is no divergence, there is no trade.

I use the moving averages primarily as a confirming indicator for stop management when running a position.

Of course, MA's will often provide support/resistance, and I do like when price is at fib/structural support/resist and one of the MA's is there providing additional support/resist. I do not use the MA's to filter trading decisions.

[TreeShaker]

Anyone monitoring the ER2 that's into this divergence thing? There is a TS3 trying to develope. If it stops drifting downward and gets real, how you going to get positive diver on it.

[d-day]

Anyone monitoring the ER2 that's into this divergence thing? There is a TS3 trying to develope. If it stops drifting downward and gets real, how you going to get positive diver on it.

I have no idea what you are asking. What do you mean "how you going to get diver on it"?

[sullivar]

Jay,
I believe that 3 min ES long yesterday to which you refer was what could be described as an 'advanced TS3 long' i.e. after a significant low and a move off, followed by an abc decline, and irrespective of stf colour. See Steve's training video from the other week for more info.
Best Wishes
David

Chaps

I've just signed up for EOD data from Paritech. So I'll give you all the benefit of my new wider perspective.

Yesterday - when I got in from work (London time) I logged on my realtime charts and thought wow this rally (the one you are discussing) really came out of no where. After checking the daily picture it was obvious where the support came in.

Now I know Steve alerted us all to the impending daily levels earlier in the week but personally if it's not there in front of me I can forget.

I've attached the ES daily continuous (Spliced) chart which shows the market at Typ TS3, in fact the ER2, YM, DAX, FTSE and Nikkei all at typ TS3

Looks like they nearly all could have put in an extra fake out this morning.

Possible daily based rise from here....

[TreeShaker]

I have no idea what you are asking. What do you mean "how you going to get diver on it"?

Hi Dave,
I am struggling to understand this diver thing as far where to draw the lines and stuff. I have read some on it but still have a mental block to the concept. The blue TS3 that was forming at approx. 1500 EST on the 2 min. , because it dropped below the (A) pivot, I don't see how it would be possible to have a positive diver to support taking the trade. It looks like it's climbing just fine. Probably because it doesn't have to lug my weight up with it.:rolleyes:

[jay21]

Jay,

I'm certainly not the trader that D-Day is however, if I see price is in a downtrend but has stalled out between some support levels then get a counter trend buy signal such as the buy TS3 yesterday I'm more inclined to take the trade.

I think our Matt called that a 'changing of the guard'

I use Woodie's support and resistance levels for that but i'm sure other s/r levels will work as well.

j

Thanks a bunch for this J! Can I ask you - "Woodie's support and resistance levels" - I am not sure I know what this is...?

Cheers,
Johan

[jay21]

Jay,
I believe that 3 min ES long yesterday to which you refer was what could be described as an 'advanced TS3 long' i.e. after a significant low and a move off, followed by an abc decline, and irrespective of stf colour. See Steve's training video from the other week for more info.
Best Wishes
David

Good suggestion David - thanks!
Johan

[jay21]

Momentum leads, moving averages lag ... all of my trade decisions are based on momentum. For me, if there is no divergence, there is no trade.

I use the moving averages primarily as a confirming indicator for stop management when running a position.

Of course, MA's will often provide support/resistance, and I do like when price is at fib/structural support/resist and one of the MA's is there providing additional support/resist. I do not use the MA's to filter trading decisions.

Alright, understood - cheers to that!
Johan

[d-day]

Jay,

I'm certainly not the trader that D-Day is
j

That's right, I'm a mere piker compared to j - jjc makes real so much dough he don't use no wallet. He hauls his loot around in a wheelbarrow.

LOL - like I said before, everythin' I larn'd 'bout tradin' I lernt from an ornery one-eyed Texan.

[jjc]

LOL - like I said before, everythin' I larn'd 'bout tradin' I lernt from an ornery one-eyed Texan.


Nothing but horned toads in texas, i hear.

Keep posting em trades D-Day, im taking notes off yer


j

[tar001]

My second red arrow short was stopped out for a small loss b ut the came the big kahooooona:D I had a great week in the last half hour of today

[d-day]

Nothing but horned toads in texas, i hear.

Keep posting em trades D-Day, im taking notes off yer


j


Notes off me?

J, haven't you heard I'm about ready to publish my first book, Trading from a Hammock, or How to Use MTP the jjc Way for Fun and Profit

I was going to dedicate to you, but I dedicated it to your wife instead, since she's had to put up with you all these years, and of course, she's far better lookin' than you.

[d-day]

Hi Dave,
I am struggling to understand this diver thing as far where to draw the lines and stuff. I have read some on it but still have a mental block to the concept. The blue TS3 that was forming at approx. 1500 EST on the 2 min. , because it dropped below the (A) pivot, I don't see how it would be possible to have a positive diver to support taking the trade. It looks like it's climbing just fine. Probably because it doesn't have to lug my weight up with it.:rolleyes:


1) You might find it helpful to run a chart using MTP to diplay the intermediate trend (pivots), and another chart using MTP to display the minor trend (pivots). This will help you "see" where you should be looking for momentum divergences.

2) I don't typically look for trade set ups on time frames lower than 3 minutes on the ER2. That being said, I will drill down to a 1 minute chart to size and enter a trade that is set up on the 3 minute chart. I do this when there is strong divergence on the 3 minute chart along with price finding support/resistance at a "nest" of support/resistance factors. For example, if price is at an important fib retracment level, and that is also a level of a prior high/low, or at a level of trendline support/resistance, and price is at one of my moving averages, or there is a nice MTP DP/TS1, TS2, TS3, TS4, then I consider that trade high odds, so rather than wait for a 3 minute bar to close, I will enter at the same pivot, but on the closed 1 minute bar.

Yesterday, for example, there was a nice DP on the 5 minute ES at 15:25 EST with super strong momo divergence using 5,3,3 stochastics. Also, the ES was finding resistance again at the area of yesterday's close. This was also the 78.6% fib retracement level of the swing from Thursday afternoon's high to Friday morning's low. If you trade the ES 5 minute chart, and if you have MTP, then that was a must take trade.

Using the standard MTP account example of 20K trading account with 2% risk, you would have shorted 1 contract at 1474.25 with an initial stop at 1478.25 for a $225 total risk. Had you run that to the close, and assuming a crooked broker who filled you 1 tick above the high of the closing 5 minute bar you woiuld have made 3.8R or $850 profit. Not too shabby. However, being a "must take trade" because you had screaming momentum divergence, and you were at an Auto DP level, and you were at a 78.6% fib level, and you had structural resistance (the prior day's close - essentially "filling the gap" then you could have drilled down tot he one minute chart, and sized your entry off the 15:24 EST bar. You would have sold 3 contracts at 1476.25 with an inital stop at 1478.25 for a total risk of $375 - still below the 2% of 20K limit. This time, had you held to the close, and again assuming a crooked broker who filled you 1 tick higher than the high of the last 5 minute bar, you would have made a 7.6R profit or $2850. Again, not too shabby.

I only do this when I feel I have a "high odds trade." And no, I did not take that ES Trade as I only trade the ER2 right now. The ES just gives the best, most recent example of the only circumstances under which I trade off a one minute chart.

[d-day]

Here's the 5 Minute ES Chart I referred to in the prior post.

[tar001]

Am I reading this right? you do not take ANY trades(MTP setups) unless there is divergence?



Momentum leads, moving averages lag ... all of my trade decisions are based on momentum. For me, if there is no divergence, there is no trade.

I use the moving averages primarily as a confirming indicator for stop management when running a position.

Of course, MA's will often provide support/resistance, and I do like when price is at fib/structural support/resist and one of the MA's is there providing additional support/resist. I do not use the MA's to filter trading decisions.

[d-day]

Am I reading this right? you do not take ANY trades(MTP setups) unless there is divergence?


That is correct.

[tar001]

Does the TS setup have to also be at a DP for you to take it?


That is correct.

[d-day]

Does the TS setup have to also be at a DP for you to take it?

No, not necessarily. But do not most TS's occur at or near a DP level - there are only so many fib relationships, and most of them are related to each other in such a way that a DP set up (which is a fib extension set-up) often is at a fib retracement level also.

[pegasus5]

1) You might find it helpful to run a chart using MTP to diplay the intermediate trend (pivots), and another chart using MTP to display the minor trend (pivots). This will help you "see" where you should be looking for momentum divergences.

2) I don't typically look for trade set ups on time frames lower than 3 minutes on the ER2. That being said, I will drill down to a 1 minute chart to size and enter a trade that is set up on the 3 minute chart. I do this when there is strong divergence on the 3 minute chart along with price finding support/resistance at a "nest" of support/resistance factors. For example, if price is at an important fib retracment level, and that is also a level of a prior high/low, or at a level of trendline support/resistance, and price is at one of my moving averages, or there is a nice MTP DP/TS1, TS2, TS3, TS4, then I consider that trade high odds, so rather than wait for a 3 minute bar to close, I will enter at the same pivot, but on the closed 1 minute bar.

Yesterday, for example, there was a nice DP on the 5 minute ES at 15:25 EST with super strong momo divergence using 5,3,3 stochastics. Also, the ES was finding resistance again at the area of yesterday's close. This was also the 78.6% fib retracement level of the swing from Thursday afternoon's high to Friday morning's low. If you trade the ES 5 minute chart, and if you have MTP, then that was a must take trade.

Using the standard MTP account example of 20K trading account with 2% risk, you would have shorted 1 contract at 1474.25 with an initial stop at 1478.25 for a $225 total risk. Had you run that to the close, and assuming a crooked broker who filled you 1 tick above the high of the closing 5 minute bar you woiuld have made 3.8R or $850 profit. Not too shabby. However, being a "must take trade" because you had screaming momentum divergence, and you were at an Auto DP level, and you were at a 78.6% fib level, and you had structural resistance (the prior day's close - essentially "filling the gap" then you could have drilled down tot he one minute chart, and sized your entry off the 15:24 EST bar. You would have sold 3 contracts at 1476.25 with an inital stop at 1478.25 for a total risk of $375 - still below the 2% of 20K limit. This time, had you held to the close, and again assuming a crooked broker who filled you 1 tick higher than the high of the last 5 minute bar, you would have made a 7.6R profit or $2850. Again, not too shabby.

I only do this when I feel I have a "high odds trade." And no, I did not take that ES Trade as I only trade the ER2 right now. The ES just gives the best, most recent example of the only circumstances under which I trade off a one minute chart.


I did in-fact take that ES 5 min Divergence Short Setup although I DID NOT get an Auto DP at top (must be data feed). But one didn't really need the DP to actually display as price did all the talking and signaling for you. It was literally screaming (from what I could hear)..SELL ME...SELL ME....So I did.

Notice also there was volume divergence as well at the top, which was just another clue. I also use micro-degree charts as filters and "trigger charts" to get me in with larger lot size for given level of risk, which of course can add multiples of R over the course of a years trading. For the ES I particularly like the 2100 share chart though they are not favored much on this forum by it's moderators, but frankly I don't give a dam because my bank account has greater weighting in my decision making. ALWAYS DO WHAT IS IN YOUR OWN BEST INTEREST

I'll display the ES 5min chart I used in this post and the 2100 share chart in separate post since I am technologically challenged and cannot figure out how to post both within same window.

Cheers,
David

[pegasus5]

OK ..here is the ES 2100 share chart I used for that 5 min divergence setup in previous post. Couple things to note is 1) clear price divergence at top versus STOCH and STF which confirms larger degree (5 min) setup. 2) I used the ATR Stop to manage trade but with minor setting adjustments since price action is on micro-degree scale. The ATR settings I use on 2100 share chart are:

Period - 10
Factor - 4
Ratchet - 0

I also mark on chart where I adjusted my trailing stop as price momo'ed lower.

This method kept me in short till closing bell. +11R gainer.


Cheers,
David
NOW THAT'S WHAT I'M TALKING ABOUT :D:D

[qitrader]

That was one amazing short. I took the same trade but on the YM. Price action is king!! Did I catch the very top? Nope. :) Hint: Volume and tick charts are able to break down the big bars in the minute charts. The speed of the bars when they are plotted in the chart determines the momentum of a given instrument. Also, the risk bar is smaller and you can size up very well. Notice the difference in R values between Pegasus and Tar's trade. Similar trade but different Reward. Why is that? The answer is the risk bar.

Also, have the following event ever occur to any trader? (I'm sure it has)
You saw a TS or DP signal that is about to nail the high of the day (you still don't know that) and you decide to go to the bathroom. You come back and 1 minute has passed and you are kicking yourself for missing the entry. Most of you must be sitting there and enjoying the show, dreaming at how much you could have made if you were in the trade. Well folks, there are many continuation patterns out there that allow you to reenter a trade if you feel that the momentum is still there. Just apply the same MM techniques and pull that trigger. Would you rather end with nothing or a 2R trade in hand? Again, it has to be part of your plan, otherwise, it wouldn't count. But you tell me....


Hope this helps

[tar001]

so are you calling my trade out? hahah just kidding:D what is the best way to set up your charts then? perhaps a 3 minute chart of all indices and then when you get to a DP level or a TS setup then scroll down to a tick chart or 1 minute chart? the confusing thing(for me) is having too many charts open and all kinds of signals firing off. THAT drives me nuts hahah
:confused:


That was one amazing short. I took the same trade but on the YM. Price action is king!! Did I catch the very top? Nope. :) Hint: Volume and tick charts are able to break down the big bars in the minute charts. The speed of the bars when they are plotted in the chart determines the momentum of a given instrument. Also, the risk bar is smaller and you can size up very well. Notice the difference in R values between Pegasus and Tar's trade. Similar trade but different Reward. Why is that? The answer is the risk bar.

Also, have the following event ever occur to any trader? (I'm sure it has)
You saw a TS or DP signal that is about to nail the high of the day (you still don't know that) and you decide to go to the bathroom. You come back and 1 minute has passed and you are kicking yourself for missing the entry. Most of you must be sitting there and enjoying the show, dreaming at how much you could have made if you were in the trade. Well folks, there are many continuation patterns out there that allow you to reenter a trade if you feel that the momentum is still there. Just apply the same MM techniques and pull that trigger. Would you rather end with nothing or a 2R trade in hand? Again, it has to be part of your plan, otherwise, it wouldn't count. But you tell me....


Hope this helps

[qitrader]

Hey Tar,

The choice is yours (don't copy me, lol) but I only have 4 charts running and only trade YM. These are the settings I use: 1000V (trigger), 333V (trigger), 2 minute (TREND) and 5 minute (S & R). I don't mind missing big moves on ER2/ES/NQ. It happens. I'm like a hawk flying very high in the sky waiting for the best time to catch my pray.:D
Once again, MTP are not the only setups out there. There are so many out there but we will have to put in the necessary screen time to find them. Who said that watching the screen all day is a waste of time? Not me and a 7 figure income trader scolded at me once. And then he laughed.

Anyways, I recommend Suri's new book on chart patterns. Just pick 1-3 setups and use position sizing.

http://www.surinotes.com/

[qitrader]

Here is a chart of how I traded YM. Hint. Double Top setup, watch for those swing lows.

Same rules applied with correct position sizing. The only difference is that IF MARKET is telling me that I'm correct on the trade due to the momentum, I want to make sure I make as much dough as I can on the trade. When I am wrong, I want to be able to give back as little as possible.

Took 1 loss before the big short trade. I pyramided on the way down with flag patterns. Each trade is independent of each other. The reward was +20.9R

20.9R-1R=19.9R for the afternoon.

[jjc]

I recommend Suri's new book on chart patterns.
http://www.surinotes.com/

In My Opinion, MTP is all you need - just follow the rules !!!


j

[tar001]

That is great trading, looking at a 5 minute chart with the DP you can see how you would have taken the first short, but then the 2nd had divergences so was a higher probability trade. Of course I was in neither hahah
my problem is that I start getting nervous towards the end of the day and start looking for a bounce
you ONLY trade the YM? is there a reason? do you like the way it moves better than the other eminis? I like the idea of focusing on ONE contract and was doing that with the Russell for awhile but the patterns dont seem to be as clear on that(it has a mind of its own):confused:




Here is a chart of how I traded YM. Hint. Double Top setup, watch for those swing lows.

Same rules applied with correct position sizing. The only difference is that IF MARKET is telling me that I'm correct on the trade due to the momentum, I want to make sure I make as much dough as I can on the trade. When I am wrong, I want to be able to give back as little as possible.

Took 1 loss before the big short trade. I pyramided on the way down with flag patterns. Each trade is independent of each other. The reward was +20.9R

20.9R-1R=19.9R for the afternoon.

[qitrader]

Hi Tar,

Yep, i just like how YM moves. When you are trading 1 instrument, you have be open to other setups and apply the same concepts taught by our mtp team. You only have 2 ways to trade. Either you focus on 1 specific setup and trade multiple instruments (this is MTP way) or you focus on 1 instrument and use multiple setups. It is up to you to decide that. For daytrading, I like to focus on 1 because of the fast decision making skills required. For swing and position trading, I like to use MTP setups only.

[d-day]

I also use micro-degree charts as filters and "trigger charts" to get me in with larger lot size for given level of risk, which of course can add multiples of R over the course of a years trading. For the ES I particularly like the 2100 share chart though they are not favored much on this forum by it's moderators, but frankly I don't give a dam because my bank account has greater weighting in my decision making. ALWAYS DO WHAT IS IN YOUR OWN BEST INTEREST



The choice is yours (don't copy me, lol) but I only have 4 charts running and only trade YM. These are the settings I use: 1000V (trigger), 333V (trigger), 2 minute (TREND) and 5 minute (S & R). I don't mind missing big moves on ER2/ES/NQ. It happens. Anyways, I recommend Suri's new book on chart patterns. Just pick 1-3 setups and use position sizing. http://www.surinotes.com/



1) While I sometimes drop down to 1 minute charts, and David and Tony use volume charts, I for one believe that if you cannot trade a 3 or 5 minute time frame for consistent profitability, you will likely not find success using, as David called them,