Forex

[Biggo]

Hey Biggo.....my targets been met here at 1.27 extension and I'm out....+140 pips.

Hi Sejake

I missed the move up to the !.272 as I was asleep.
Have just woken up so am still in at the moment but very close to my stop , still made a profit so happy with that.

Thanks

[durgesh147]

Advanced Wave C of minor degree triggered. I tried to catch it on 4h charts, and it stopped me out twice there.Hope, now it moves up like a gentleman.

[Biggo]

poss setup on EUR/AUD 60 Min

[durgesh147]

poss setup on EUR/AUD 60 Min

Hi Biggo !!!

This is not a valid setup.Its not a zigzag correction.Point C din go below Point A.On my platform it is so.dunno abt urs.Can you check it out ?

[Biggo]

Hi Biggo !!!

This is not a valid setup.Its not a zigzag correction.Point C din go below Point A.On my platform it is so.dunno abt urs.Can you check it out ?


Hi Durgesh

Thanks for pointing that out. Point A & C are the exact same on my data so I guess in Elliott terms you would call it a flat I am not sure if MTP recognises these corrective patterns. I will go & review my training manual

Thanks for your help

[Sejake]

Anyone else get filled on this....nice inside day entry yesterday....
Right at .382 retracement now so getting some resistance here.

[mrkam]

Nice pattern. I'm in as well, we'll see what goes!

[durgesh147]

As expected Dollar Bulls are back this week ,that too, in style.
As Sejake has posted that USDCHf setup, i wont post it again.
Now , its time NASA does some serious thinking.Their B2 and B52 bombers are getting caught on the MTP radar repeatedly.

[KEPILOT]

Hi Durgesh,

I have chatted with you in the past. I finally went with MTP EOD 5. I am still getting used to it. Can you tell me how you got those three lines on your chart. And what are those lines. Also how did you put the time line at the bottom.

If you can shed some light in to this will be great. Thanks.
Best Regards,

Kiran ( KE )

[mike12]

As expected Dollar Bulls are back this week ,that too, in style.
As Sejake has posted that USDCHf setup, i wont post it again.
Now , its time NASA does some serious thinking.Their B2 and B52 bombers are getting caught on the MTP radar repeatedly.

it is very easy to label the chart after the move had already happened,
your pivots on the daily EURUSD doesn't match what MTP says

http://img525.imageshack.us/img525/2325/screenhunter0409cg.jpg (http://imageshack.us)

[NHN123]

it is very easy to label the chart after the move had already happened,
your pivots on the daily EURUSD doesn't match what MTP says

http://img525.imageshack.us/img525/2325/screenhunter0409cg.jpg (http://imageshack.us)

Good point. I was about to say the very same thing.

I was going to ask, whether you mix the major and intermediate pivots to to get some set ups. The first swing is the same as the major swing on my MTP, and the ABC are intermediate swings....

Just trying to learn something here, I'm not critisising.

Thanks

[durgesh147]

it is very easy to label the chart after the move had already happened,
your pivots on the daily EURUSD doesn't match what MTP says

http://img525.imageshack.us/img525/2325/screenhunter0409cg.jpg (http://imageshack.us)

Its easy to be wise after the event.I think, you are pointing to this.
ok, fine.
Go back and look at posts 227 and 229 on page 23.
Next thing, you don't pay me for posting my charts and the analysis i post here.
Most important thing, i started this thread so as i post the setups here and i cud look back and analyze in future reagarding wht i did right, wht i did wrong and how can it be improved.
I feel you are always trying to find fault with my setups.:D
It doesn't do me any bad and it'll never do you any good.
As far as the pivots are concerned, you have a lot to learn.
Somethings come with experience.

I post potential good setups when they are in the making process.so, i take it as everybody who reads my thread is paying attention to those setups.
A few pages back, i mentioned of these good looking potential setups in EURUSD and USDCHF.

Change your persona if you really wanna make something in trading or take a small advice from me, try out some other profession.Trading is not for you.

This is the TRUTH and Truth is bitter.;)

[NHN123]

Good point. I was about to say the very same thing.

I was going to ask, whether you mix the major and intermediate pivots to to get some set ups. The first swing is the same as the major swing on my MTP, and the ABC are intermediate swings....

Just trying to learn something here, I'm not critisising.

Thanks
Sorry, I meant to post this chart, too, to make my question clearer.

[martinrcox]

Its easy to be wise after the event.I think, you are pointing to this.
ok, fine.
Go back and look at posts 227 and 229 on page 23.
Next thing, you don't pay me for posting my charts and the analysis i post here.
Most important thing, i started this thread so as i post the setups here and i cud look back and analyze in future reagarding wht i did right, wht i did wrong and how can it be improved.
I feel you are always trying to find fault with my setups.:D
It doesn't do me any bad and it'll never do you any good.
As far as the pivots are concerned, you have a lot to learn.
Somethings come with experience.

I post potential good setups when they are in the making process.so, i take it as everybody who reads my thread is paying attention to those setups.
A few pages back, i mentioned of these good looking potential setups in EURUSD and USDCHF.

Change your persona if you really wanna make something in trading or take a small advice from me, try out some other profession.Trading is not for you.

This is the TRUTH and Truth is bitter.;)


Hi Durgesh,

I must admit as someone that is trying to learn to trade better that your posting are of great value and I really appreciate all the effort you put into sharing your ideas, trades and set ups with us all

Many thanks ;)

[Steve Griffiths]

I agree,

I would also like to thank Durgesh, and indeed all the regular contributers to all the threads on this Forum. I think you all do a great job. well done.

As such if any of you have any technical questions please email support and we will able to help you. Please do not have a go at any contributers just because your charts looks differnet from thiers. They are just posting good set-ups for you all, they do not have to explain themslefs........ That goes for all posters - so please feel free to post regularly and everybody else, please respect that these people go out of thier way (which they do not need to) to help show you good set-ups and share trades............. this is what this Forum is for.

As such, please direct all technical questions to support.

PS. a lot of the differences is because Data is differnet from differnet sources.

So all of you please continue to post freely and please respect the time and effort that goes into posts on this Forum...... we have some great traders here, and many of you could learn a great deal form these people.....

Thanks

Steve

[durgesh147]

He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery.
- Harold Wilson -


Shifting Gears

The best traders are not self-conscious about their mistakes. They don't regret past mistakes or worry about the future. They live in the moment and are ready to take new chances to reach new heights. But many traders are stuck. It's as if they were driving their car up a steep hill and shifted into high gear too early. What happens? They go slower and slower, and their car eventually stalls. At times like these, you need to shift into a lower gear and start over.

Many people can get stuck in their own one-sided, single-minded frame of reference, and when they do, they stall. They badly want to win but can't climb over the psychological barriers they place in front of themselves. They make trades that are beyond their skills, or trade positions that are too large and require them to take too much risk. They buckle under the added strain and fall. Rather than back off and shift gears, however, they forge ahead, and often end up stuck. Some traders repeat the pattern over and over again, until finally, they blow out their account. They are losing ground in high gear and can't downshift and start over.
Recurrent patterns, such as trading huge positions and losing big, can be the financial death of many traders. It's vital to change these patterns. In his book "The Psychology of Trading," Dr. Brett Steenbarger argues that these recurrent patterns may be deeply rooted in past childhood experiences. For example, if you put on big losing trades, it may reflect your need to try to gain attention from your spouse or friends. As a child, you may have longed for attention, but never received it. As an adult, you may unconsciously still yearn for attention. You may put on big trades so that you can make a big killing and get the attention you've always wanted. Life is rarely that simple, and putting such pressure on yourself as a trader is bound to lead to your demise. What do you do if you are stuck in a trap of self-destruction? Dr. Steenbarger suggests, "Invoke old patterns, activate the Observer, shift the mind state, construct new endings."
Making a change is difficult, but with enough self-insight, and by practicing new behaviors, you can change. For example, if you are mounting losses, it's essential to acknowledge this pattern of self-destructive behavior. How often are you making losing trades? Do you have good setups or are you trading impulsively just to feel you are doing something? Are you afraid to admit that you have a poor trading strategy? The possible explanations are endless, but whatever they are, it is vital to acknowledge them. It's hard to acknowledge what you are doing wrong. If you have trouble, you may want to seek the advice of a third, objective party, such as a trading coach. By working with a coach, you can admit what you are doing wrong, relieve some psychological pressure, and invoke the Observer in you. While caught up in a psychological rut, it can be hard to see ourselves from a god's eye view. We are stuck and can't see that in reality we are making a few dumb mistakes, such as trading beyond our skills or trying to accomplish impossible trading feats. Stepping away from the situation helps us see things from a new perspective. Once we see things from a new perspective, we can change our mind state, and construct new, successful endings.
Here's how it may work. Suppose you were making huge trades, stressing yourself out, and ending up panicking at critical moments during trades. There's a simple solution, but many people don't emotionally see it: trade smaller. Intellectually, they know they should trade smaller, but their ego and emotions won't let them admit the inadequacy of their actual level of skill, so they make big trade after big trade, and mount losses. If they saw the consistent pattern of trading beyond their skill level, they would trade smaller positions, and take home modest profits. Why don't they do it? It is harder than it sounds. Traders want to make money, and making huge profits requires risk. Many traders can't allow themselves to write a new happy ending to their trading exploits. They see trading the markets prudently and steadily as boring. It will take too long to get where they want to be, and can't see patiently working toward their goals. The rewards don't match the effort in their minds. This kind of thinking, however, will compel you to take large, destructive risks, and in the long run, you will end up losing big. But if you acknowledge the pattern of self-destruction, the negative consequences for you, and accept more modest goals, you will increase the odds of learning how to trade profitably. So if you are stuck in a losing rut, don't be afraid to identify what you are doing wrong. Figure out a way to trade differently, and work hard to make a change.

[NHN123]

I agree,

I would also like to thank Durgesh, and indeed all the regular contributers to all the threads on this Forum. I think you all do a great job. well done.

As such if any of you have any technical questions please email support and we will able to help you. Please do not have a go at any contributers just because your charts looks differnet from thiers. They are just posting good set-ups for you all, they do not have to explain themslefs........ That goes for all posters - so please feel free to post regularly and everybody else, please respect that these people go out of thier way (which they do not need to) to help show you good set-ups and share trades............. this is what this Forum is for.

As such, please direct all technical questions to support.

PS. a lot of the differences is because Data is differnet from differnet sources.

So all of you please continue to post freely and please respect the time and effort that goes into posts on this Forum...... we have some great traders here, and many of you could learn a great deal form these people.....

Thanks

Steve

I should make it clear that I wasn't picking holes in durgesh's posts. I was merely trying to gain some insight into Durgesh's way of trading, and how he uses pivots on MTP. I have always found durgesh very helpful in the past (on the MTP forum, and other forums), and appreciate his experienced set up spotting over my, at best, amateurish trading methods.

Apologies if my part in these posts has been taken the wrong way.

Also, apologies to all, that I am not adding anything constructive to this thread. I rather suspect that anything I would say would just be nonsense. But hopefully, I will be better at it one day, and give something back....

Thanks

[durgesh147]

TS3 buy triggered .

[durgesh147]

TS2 sell triggered.

[durgesh147]

Sorry, last time i posted the wrong chart.This is the one.

[kumara_xl]

ts1 set-up found.please check.TQ.:)

[durgesh147]

Few pages back, i had posted this Loonie chart where i expected it to go to 1.17 levels.Its there.So,wht next?It looks like a high MIGHT unfold here and we cud see a correction to 1.1509.

[durgesh147]

Here is a closer look at the smaller timeframe which shows the momentum is petering out.

[durgesh147]

When you blame others, you give up your power to change.
- Dr. Robert Anthony -



Acceptance With Grace

Traders face many common ailments: Abandoning trading plans prematurely on impulse. Repeatedly using unreliable methods that time and time again fail to produce a profit. Holding on to losing trades to keep the losses on paper. Why do they torture themselves? Why don't they just identify what they are doing wrong and change? For some people, it's just that easy, but for others, looking at one's limitations is difficult. It hurts their ego. It's psychologically risky. It's often easier to fool themselves, just keep going like they've been going, and live in a state of denial. Although it might make you feel good, though, it's better to take action than stagnate. It is vital to break out of old patterns and see things in a new light.

Perhaps the most prevalent issue traders face is holding on to a losing position. In fact, it is so prevalent, behavioral economists have given it a name: the disposition effect. The explanations for the disposition effect are varied. For institutional investors, one might hold on to a losing position to save face. It's easier to keep the losses on paper than admit to your colleagues that you blew it. In the movie, "Rouge Trader," for example, Nick Leeson hopes against hope that he could turn a set of losses around rather than tell his superiors at London's Barings Bank that his losses will bring down Britain's oldest merchant bank. For the individual trader, he or she may be afraid to acknowledge limitations. Other traders can't even admit they are in a downward spiral. It's too much for their ego to take, and they would rather just block it all out and live in a state of hazy, naive bliss.
But you'll never be a winning trader if you live in a state of denial. What can we do to return to reality? There's a lot you can do. First, take some of the stress off. When you are stressed out, you can't see things clearly. You become rigid and closed to alternative views. One of the easiest solutions is to trade smaller. It may be obvious, but the smaller the trade, the less stress you will feel. Second, ground yourself somewhere else, outside of the trading realm. Don't over-identify with being a trader. Trading is just one of the many activities that you do that give your life meaning. Don't put all your emotional eggs in one basket. Develop other roles that give your life meaning; you may also be a friend, spouse, son or daughter or parent. By defining your identity in a variety of ways, you will not unnaturally imbue trading events with psychological significance, and you will be more able to take losses in stride, and look at your trading more objectively. Third, radical acceptance is a key mental strategy for coping with market uncertainty. Many traders make the mistake of thinking they can control the markets. But you can't control the markets. You must accept anything that comes your way. It's more adaptive to see trading the markets as a journey, and that all you can do is go where the markets take you. To take this journey, you must not lose too much; if you manage risk and just accept what you get and enjoy the ride, you'll trade more freely and creatively. Don't live your life in denial. Accept your limitations, work around them, and become a winning trader.

[kumara_xl]

can someone give me comments on such a trade?Please and thank you.:p

[Biggo]

EUR/GBP


Hi Guys

What do you think of this? I am worried about 2 spiked bars in swing down.
Comments welcomed

[durgesh147]

Hi Biggo,
I am presenting my views on EURGBP 4h.I feel short shud be avoided here.It will go to 0.6961 where you can open a short position for target of 0.6901

Its just my view.Maybe , i am wrong.:)

Thanks,
Durgesh

[Biggo]

Hi Biggo,
I am presenting my views on EURGBP 4h.I feel short shud be avoided here.It will go to 0.6961 where you can open a short position for target of 0.6901

Its just my view.Maybe , i am wrong.:)

Thanks,
Durgesh


Thanks Durgesh

I was not super happy with the setup so thanx for you help

Cheers Biggo

[durgesh147]

I think there is a TS2 buy setup which the software isn't picking up automatically.So, i did it all manual.

[Biggo]

Hi Durgesh

My software is comming up with a differant wave count than yours. I think we may have slightlly differant data as Steve said this seems to be causing a few problems at the moment.
I am also fairly new to MTP so I am still learning to "drive" it !!!!!

[timo4sho]

Hi durgesh,

How do you follow the charts (first daily and then work your way down to 4 hr and 1 hr charts? or other way round?) and which charts do you follow? How long did it take you to be able to recognize patterns in the making without the help of the EOD version?

What timeframe would you suggest as being best for getting started? what pairs work best from your experience?


How exactly do I limit the data in History center in MT4 to just 300 bars as described by you in an earlier post and how do you export and define your data from strategybuilderfx into MTP? Everytime I try to define the data, it causes MTP to crash???

THANKS FOR YOUR HELP!!! :)

[martinrcox]

Hi durgesh,

How do you follow the charts (first daily and then work your way down to 4 hr and 1 hr charts? or other way round?) and which charts do you follow? How long did it take you to be able to recognize patterns in the making without the help of the EOD version?

What timeframe would you suggest as being best for getting started? what pairs work best from your experience?


How exactly do I limit the data in History center in MT4 to just 300 bars as described by you in an earlier post and how do you export and define your data from strategybuilderfx into MTP? Everytime I try to define the data, it causes MTP to crash???

THANKS FOR YOUR HELP!!! :)

Hi Timo,

I might be able to help with some of this as I was experiencing similar problems. Steve kindly sent me the link shown below which helps explain how to set up ASCII files in MTP

http://www.mtpredictor.com/SlideShows/ASVIIDefine/ASCIIDefinea.html

Also please look at my posting #241 which should also help as data needs to be in yyyymmdd date format for MTP to work properly

I hope that this helps :)

[Steve Griffiths]

Hi Everybody,

If you need technical help then email support,

Thanks

Steve

[durgesh147]

Hello friends,

Today i'll tell you a trading technique that i learned from the Trading Course Part 2.I use it for entry if i have missed the bus earlier and sometimes for quick pips.

In the following chart, i entered at 1.7448 with a stop at 1.7508.So far, its doing well.I am eyeing on ethe downside target of 1.7132.

Steve has discussed so many things in his course and we should make full use of strategies and his experience.And ofcourse, we should not at all forget to tell him "THANKS !!! ":)

For those of you, who might come up and remind me again that its easy to be wise...........

I wud like to remind that i have posted this kind of setup earlier also in the same pair and have shown it in the chart as well.

[timo4sho]

This question is for all you FOREX traders:

From your experience with trading FOREX with MTP, what pairs would you say produce the most signals? What pairs are the best to trade (MTP style)? And what timeframe is best?


Thank you all!
:)

[murat]

the best timeframes are 4 hour and daily, 1 hour is fine too, i trade 4h and daily by my self and that works well with mtp

[durgesh147]

Advanced wave C setup in EUPPY.

[durgesh147]

Setup failed.Before making thru the entry trigger, it broke the stop trigger.

[durgesh147]

Over the weekend, i was learning Advanced Elliot Wave Tutorial at Elliott Wave International.com . One of the things , i read there was the internal ratios of triangles.For those of you interested in Advanced Elliott Wave , it might be of use.

In a contracting, ascending or descending triangle, wave e = .618c, wave c = .618a, or wave d = .618b. In an expanding triangle, the multiple is 1.618. In rare cases, adjacent waves are related by these ratios.

So what next? I tried to put it to use and see, wht happens ?:D

I spotted a descending triangle in formation in EURJPY Daily.In elliott terms, we can call it a contracting triangle.

It'll be interesting to see how the market unfolds.One of the things, i have read is you never know a triangle is forming unless its complete.So, i am not sure if its a triangle but as of now it looks like one.

[durgesh147]

This is the second possibility.

[durgesh147]

Many pages back, i had posted this chart just when the red bar at the Max WPT had shown off.I had made some nice pips shorting this pair.So far , so good.

Actually, after reading so much advanced tutorial on EW, i thought i shud do some analysis on my own.:D

So, i think, once 115.45 is taken out in this pair, the downtrend shud accelerate.Since its gonna be Wave C, on daily charts , it shud clearly subdivide into a clean 5 wave sequence down.

Corrections often retrace to prior wave 4 , so i think max wave C on weekly shud be the ideal target.

[durgesh147]

What looks like a flat correction on weekly charts, it looks like a contracting triangle on daily.Moreover, it adheres to the ratios of triangles i posted a couple of posts back.

If its not a triangle, then D might be 1 and E might be A.The current fall might be B and we might see a C pullback before the downward thrust takes over.

But , i feel its a triangle.:)

Whatever it is , below 115.45 its all bear play.

[durgesh147]

:eek:

This chart is a nightmare to plot specially for someone like me who just ventured out to try on his own.

Although i feel, i did a good job.

If i labelled it correctly, then a wave C down is pending.Maybe an expanded flat.

[durgesh147]

Its moving in an arrow like formation.odds are favouring a downside breakout.

[Biggo]

Its moving in an arrow like formation.odds are favouring a downside breakout.

Hi Durgesh

I was interested in your anaylasis. I have attached a Monthly Chart
That shows an Advanced ABC pattern so this pair certainally look bearish to me also

Thanks

[durgesh147]

If my count is right, then no matter what Mr Beranake does with his int rates, dollar is going down.

[durgesh147]

What worries me here is the circled area.It doesn't look like an impulse wave.So, if wave 5 on weekly is not complete, the other option we are left with is a diagonal triangle wave 5.

If the weekly count holds true, then we are gonna go down in a wave 3.Here Wave 1 divides into 3 swings.I read , if wave 1 or A subdivides into 3 swings, then expect a flat or triangle correction, in a nutshell a sideways correction.if it divides into 5 swings, expect a sharp correction i.e. zigzag.

In this scenario, we have a 3 swing wave 1 and a triangle correction as wave 2.so far so good, if the market breaks past to new highs,then we will be in an ending diagonal.

Lets see how it unfolds.I have just started practising on my own.so, some mistakes are bound to be there.

What i like abt the MTP setups is , it keeps the guesswork out of trading.:)

[Steve Griffiths]

Hi Durgesh,

I very rarely wish to interfer with advice, but may I please pass on some of my 20 years personal Elliott Wave experience ?

As I outline in Part 1 of the Trading Course, I have (personally) found that traditional EW analysis is too unreliable. It is good "in hindsight", but not very good at "forcasting". This is why I develoiped my unique isolation approach to trading the ABC set-up.

I just think you may be slipping down a very slippery slope here (that most EW analysist fall down) where you are more interested in putting lots of lables on a chart in an attempt to justify some position. This, again in my experience will usually just result in losses.

As such, my suggestion is to keep things simple and forget about traditional EW analysis and stay focused on the ABC pattern. You are very very good at spotting this pattern and it has earned you over 1,000% return so far, so why stray from this approach that has done so well for you so far.

I just dont want you (or anybody else) to fall into the trap that most EW analysist fall into and start making losses. I did this very same thing early in my career, so I want to help you avoid this if possible.

Just a thought ?

Thanks

Steve

[Steve Griffiths]

As a PS to everybody.............

Please can you all re-read the Trading Course and view my monthly videos seminars that are in the members section of the web site. I am just concerded that I am seeing too many in-valid ABC set-ups in charts on this Forum.

Please remeber that the ABC pattern is "corrective" and should follow from a prior impulsive move as a correction before the origional trend restarts. This is why this pattern works becase is allows you to catch the end of a correction to get into the new stong impulsive swing. This keeps your initial risk small and profits large.

Just a bit of feedback............. I hope this is OK with you all ?

Thanks

Steve

[durgesh147]

Hi Steve !!!

I don't trade my elliott counts.Its just like playing with it so as to see how i count them.

Thanks for your input,
Durgesh:)

[durgesh147]

Here is an Advanced Wave C setup of Major degree.I had posted it before also as a TS3 where it was stopped out.Since, the current bar is not complete, i'll see it tomorrow as to how it looks.

[Steve Griffiths]

Hi Durgesh,

good to hear............... but I still sugget that you stick to the ABC correction as most of the other EW counts that you have been working with here will most likely not unfold as anticipatd........ This is the main trouble with traditional EW analaysis and why it seems so confusing and why its gets such a bad press..............

This is not because you are doing it wrong, it is just that most of the time traditional EW analysis simply does not work..... I outlined this in Part 1 of my Trading Course. This is why I have learnt (though bitter experience) to just stick to the simple and best and most obvious patterns and leave the rest well alone............

Thanks

Steve

[durgesh147]

Thanks Steve !!!

I value your 20+ years of experience above everything else.Its for obvious reason because i have done reasonably well with what you have come up with after so many years of trading.:)

Here is a TS1 buy setup unfolding in USDCHF 4h chart ahead of FOMC.The current bar is still not complete.So wait for an hour.:rolleyes:

[durgesh147]

Half an hour to go before the current bar completes.

[callan300]

Steve,

For those of us new to MTEOD, please could you explain why the chart posted by Durgesh of the AUDJPY daily is not an ABC correction?
Thanks

[Steve Griffiths]

Hi,

Please see the monthly video seminars in the members section of the web site, here they will show you what you should be looking for in an ABC correction.........

Thanks

Steve

[NHN123]

Hi,

Please see the monthly video seminars in the members section of the web site, here they will show you what you should be looking for in an ABC correction.........

Thanks

Steve
Plus, Durgesh puts a lot of time and effort into his trading and learning, from what I can gather. He takes more advanced trades. some don't look great at the time to me either. However, with the benefit of hindsight, they were great trades afterall - but he posts them with no benefit of hindsight.

So your best bet, is to look at his trades and learn from them - or get a time machine (I think Durgesh has one!)

[durgesh147]

Somebody asked if this is a valid Advanced Wave C.
As far as i am concerned, i think it surely is one.Its bouncing off the 100% APP.Look at the trendline in red.look at CCI ( tripple bullish divergence).
the trade setup bar comes as an inside bar,So instead of buying just above it,i have decided to play on the breakout.

Look at the R:R , its a whopping 1:8.

When i am looking at AUDJPY chart,i dont care whts happening in other YEN pairs.Its my gut feeling that its gonna go up to 91 in coming days.

What if i am wrong, i pay the price with getting stopped out.:)

its also showing a Wolfewave pattern.

when i am chasing a trade, there must be many factors coming into play and pointing in the same direction.I like to keep the odds in my favour.

[durgesh147]

Is GBPUSD in the process of forming a TS1 buy ?
Looks like so.Keeping my eyes wide open on this pair.

[mrkam]

Does anybody have a source fot getting tick values for this non-USD pairs??

[durgesh147]

Taking it down to 4h charts, the picture looks like this.GBPUSD might find good buying support at 1.7252 to 1.7249.If it breaks past ,1.7230 this whole scenario becomes null and void.So, whts the take.... risk 20 to 25 pips...and if it works out...it can yield hundreds of pips.

Mr Bernanke is hiking int rates, signals more to come but the market isn't lending him ears.After one or max 2 hikes, he has to stop.Hes already in a lot of mess.:D

[David-T]

I watch your posting with great interest it gives hope to someone just starting in FX could you please tell me what your CCI settings are.. please do not stop your postings you may or may not know how you are helping others along the way. Thank you
As far as i am concerned, i think it surely is one.Its bouncing off the 100% APP.Look at the trendline in red.look at CCI ( tripple bullish divergence).
the trade setup bar comes as an inside bar,So instead of buying just above it,i have decided to play on the breakout.

Look at the R:R , its a whopping 1:8.

When i am looking at AUDJPY chart,i dont care whts happening in other YEN pairs.Its my gut feeling that its gonna go up to 91 in coming days.

What if i am wrong, i pay the price with getting stopped out.:)

its also showing a Wolfewave pattern.

when i am chasing a trade, there must be many factors coming into play and pointing in the same direction.I like to keep the odds in my favour.[/QUOTE]

[durgesh147]

Ideal TS1 triggered.

[Sejake]

Durgesh, nice....Euro's been behaving nicely this week....

:) :)

[Sejake]

Still on Euro theme here....Eur/Can TS1 60 min...

[Biggo]

I would be interested in some comments on this potential set-up.

The scanner picked this up with restriction OFF

Steve tells us that after the typical wpt the Maximum wpt is the second most important on a wave 2 or B.

This has slightly exceeded the max wpt & I am not sure if this would negate the set-up ???

[richbois]

I am new to this forum and waiting to get set up

Could some body run a Chart with MTPredictor on it for GBP/USD

Thanks

[durgesh147]

MTP automatically picks up an advanced wave C buy setup in this pair.
I labelled the chart so as to see how it fits into picture.It really fits well.
So, whts the take?Shorts beware.

Kangaroo ready to take on the Eagle ?

[Steve Griffiths]

Hi Durgesh,

A very pretty chart with lots of nice lables, but this is not an Advanced Wave C set-up. The Advanced Wave C is designed to catch Wave C corrections that the automatic TS1, TS2 and TS3 cannot, but you must still obey the general gudelines for an ABC correction. In that it should be a nice clear clean 3-swing correction. This example is far from this as the market has declined in several swings from the high (more than 3).

BTW, some great ABC examples on some of your charts over the last few pages, just this one that is a bit suspect.

I hope this helps ?

Steve

[Steve Griffiths]

As a PS,

The ABC you have in your manual Wave 2 correction is the perfect example of what I like to see in a 3-swing ABC pattern :)

Which is no surprise as the most common place to find ABC's is in the Wave (2) correction......

Thanks

Steve

[durgesh147]

wow !!!

thats great!!!
i just dropped you an email for confirmation of this advanced wave c and when i check it out here, you have already answered it here.

Thanks Steve,

Durgesh

(You are pretty quick !!!):)

[Steve Griffiths]

Hi Durgesh,

Glad to help..................

You have done so well making such a great return so far using good examples of the ABC correction, so I just want to make sure you stay on track and keep on making those porfits :)

I think you have got a very good eye for these patterns....

Steve

[durgesh147]

Here is a look at the bigger picture.

[durgesh147]

Here is another look at Aussie.Looks like a wave 3.

[durgesh147]

I suspect there is a TS1 buy but the software is not picking it up.:(

[NHN123]

Taking it down to 4h charts, the picture looks like this.GBPUSD might find good buying support at 1.7252 to 1.7249.If it breaks past ,1.7230 this whole scenario becomes null and void.So, whts the take.... risk 20 to 25 pips...and if it works out...it can yield hundreds of pips.

Mr Bernanke is hiking int rates, signals more to come but the market isn't lending him ears.After one or max 2 hikes, he has to stop.Hes already in a lot of mess.:D
durgesh,

would you say this is still valid now, given the action so far today?

Thanks

[durgesh147]

Hi NHN,

I am free to post what i think.But let me also tell you, i dont trade wht i think, i trade setups that i think are good.:) If market goes there, MTP gives a buy setup surely i'll get in.

regards,

Durgesh

[durgesh147]

This is what i am going to trade.:)

[NHN123]

Hi NHN,

I am free to post what i think.But let me also tell you, i dont trade wht i think, i trade setups that i think are good.:) If market goes there, MTP gives a buy setup surely i'll get in.

regards,

Durgesh
ok, understood. Thanks very much

[durgesh147]

Simplicity is an acquired taste. Mankind, left free, instinctively complicates life.
- Katherine F. Gerould -


The Background Factors That Throw Us Off

Trading requires intense concentration. As easy as it sounds, it's psychologically difficult to monitor a trade and to prevent yourself from acting on impulse. The reasons for impulsive behavior are numerous. For some people, it's just their temperament; they seek out risk and just can't hold back. But even the most disciplined trader has trouble maintaining control at times. It's useful to monitor the circumstances that precede a lapse in discipline and to minimize the impact of these factors as much as possible.

Have you ever been so tired that you just wanted to get in bed as soon as possible? You may have been so tired that you had thought of checking into a hotel, instead of going home, because you could not stay up any longer. Consider a few other examples. Perhaps you were so hungry that you would eat anything, even a greasy fast food hamburger that you promised you would never eat. When you are too tired to wait for a bus, you will be tempted to spend double for a cab. When you forgot to do the wash for a week, and are too tired to do even a small load, you are tempted to stop off at the department store on the way home to pick up some new underwear for the next day. These examples illustrate that when people feel tired or under pressure, they do things they would not do had they been in a calm, logical state of mind. When we are upset, our perspective changes. We do things we would not ordinarily do, and when our impulsive, stressed mind returns to a calmer, rational state, we regret our decisions. The same thing happens when trading the markets.
When we feel under pressure and abandon our trading plan, we may regret it later. For example, when we feel beaten because a position we are holding just isn't going the way we had planned, we are strongly motivated to close the position instead of patiently waiting to monitor the trade according to our trading plan, and to exit as planned. Feelings of anxiety and unpleasantness break down our ability to maintain self-control. We forget the consequences of our actions, and strive to reduce our feelings of uneasiness regardless of the consequences.
How can we maintain control? First, acknowledge that maintaining self-control requires psychological energy and stamina. Psychological processes are like physical processes in that we have limited resources. When we use up resources, we need to spend time resting in order to recover these depleted resources. If you have been spending a great deal of psychological energy holding back your impulses for a few weeks (for example, fighting the urge to sell off a position and to take profits early), you will be vulnerable to act on impulse. For weeks, you have used up the psychological resources you need to maintain control, and now it will be harder to maintain control. (It's just like a weary muscle after a strenuous workout). At this point, you need to avoid making matters worse. Don't overtax your self-control resources. Don't think you can easily maintain your trading discipline while working on other self-control projects, such as maintaining a diet, working extra hours on weekends, or trying to cut back on leisure activities. It's essential to allow yourself to satisfy impulses in other areas of your life in order to be able to focus all your self-control energy on maintaining your trade. Second, build up your psychological resources indirectly by getting extra amounts of sleep and rest. You have limited psychological resources, and these resources are even more limited when you are tired. By sleeping extra time, you will be able to devote more of your energy to concentrating intensely, and when you can concentrate easily, you will increase the likelihood that you will be able to fight the urge to act on impulse. Third, reduce background stress. When we are stressed out, we have less psychological resources available to devote to focusing on our trading plan. Don't underestimate the influence of background stress. Stressors lurk in the back your mind, and reduce your ability to stay focused. Don't let background factors unconsciously influence your ability to maintain self-control. By taking precautions to neutralize potential factors that may put you at risk for acting on impulse, you'll stay controlled at critical moments of trading.

[richbois]

This is what i am going to trade.:)

did your entry get triggered?????????????

[AndyvB]

No it was not triggered as the Euro is up strongly today, in the range of 1.2221 so it is thru the stop that was set, before being triggered.

[callan300]

I have been watching this post and others (forex stocks and all) in this forum and so far I do not see any difference between this and other forums from other charting software.
The problem is that -- as they say -- hindsight is always 20/20. It is very easy to post trade setups and 1) post a good setup after the fact or 2) if the trade is a loser then do not post a follow up.
"The proof is in the pudding", here is a challenge. Take the next, say, five MTpredictor trades and really place the orders in real time with real fills and and real P/L. if after 5 trades you are in the black it will be a lot more convincing that posting those setups. I am not picking on anybody in particular, this applies to any of the charting/system vendor out there as well.
.. so are you up to it? if not, I doubt very much that this is any better than anything else in the trading world paraphernalia.

[mrkam]

the "homework" you speak of should be done by each of us, and probably not on the forum... it simply would bog things down. You suggest 5 trades, but all risk analysis gurus suggest that it is very possible you may have 10-12 losers in a row! Then do we determine the system is faulty? If so, then EVERY system is faulty because this types of strings with the associated drawdowns WILL be found in EVERY 50-100 trades for ANY system... (it's a statistical certainty). The question is not WILL it happen, but WHEN it does, HOW do we manage it.

But I do get your point. I believe the posters here and on the other forums are simply trying to help us "see" the setups. Personally, I work these setups (if I don't see them or trade them), and go to the software, run the ticks back, look at the progression, make my (fake) trades or non-trades... All this is the work that we each need to do. MTP doe not (and was never intended to) provide a blackbox green light/red light blind recommendation. It merely alerts us to POTENTIAL setups, for which we do the work/analysis from there.

I for one am VERY thankful for all these posted "setups", hindsight or not. We can learn from them, if we work at it!!

The purpose of posting these setups is not to prove" anything, or convince anyone of the merits of this software. We are users. We are learners. You may not like this approach, but I do. I do not like other systems but you may. Great! Makes the world go 'round. Basically, any prudent and tested system will give you very similar results. It's in the postion management that the success is found. (See anything by VanTharp if you haven't already...).

Good success to you, and remember: POSITION MGMT!!

[Steve Griffiths]

Hi,

Also please bear in mind that we have real traders here who cannot take the time to post set-ups "at the time", they are too busy trading thier own accounts. They post here as and when they can to help others, in fact many post are "before the fact", so you can see set-ups before they are triggered...........

Howver, many traders have posted thier results - for example Durgesh is up over 1,000% in 8 months, so this says that he is doing something right :).

Please remember, this is not a contest, these people do not have to "prove themselfs" by being right on thier posts, they are making good money themsleves so post to help others, This is what makes this Forum work.

Thanks

Steve

As a PS, if you look though many of my posts (as the developer) I have posted many set-ups "at the time", then followed them though in real-time, withouth the benifit of hindsight. But this takes a lot of time and effort.....

[callan300]

The reality of trading is that it is a lot easier and profitable to sell vacuum cleaners from door to door (or trading software, or trading books, or trading advice..) than it is to trade succefully over time. The key here is "over time". I think 20 years -- and all the way into retirement -- is long enough... As a side note you will hear from the "trading gurus", that yes you can get 12 losers in a row (or more) because their audience is the new trader and/or the losing trader... and believe me they will get 12 losers in a row, that is why they are losing traders. And, they need a "trading guru" -- or that special software... If they ever start making money and are consistent, they would never get that many in a row. That is why they are winning traders.

[mrkam]

and this from one whose analysis of a system consists of "5 trade and in the black?!?" Everyone gets drawdowns with every system. Period. Might be 3, might be 12. But it will be. There is a plethora of non-MTP analysis out there regarding this, and position/risk management. Check it out. Consistency is built over time, and HAS to INCLUDE the drawdown time. If you really have traded 20 years with no drawdown or no strings, then you should be the guru and sell you own stuff!!

Again, good success to you...

[KEPILOT]

Callan300,

Nice posts and arguments. Just wanted to know, from how long have you been using MTP. Do you have any statistical data to prove that it did not work.

If you are just trying to unload your opinion, then, you have all the right to do so, but, please remember we are all adults and we are doing this on our own will. No one has forced us. Like Steve and Matt keep reminding us do not concentrate on the profits, that will come, for now pay attension to your losses or initial risk.

Thanks.
Best
KE

[callan300]

I don't use MTP. I just dropped in because I found it interesting. I use my own stuff and MTP is somewhat similar to the way I do this. I lost money a long time ago. Good thing I did not have much of it. I made it up in spades over time. It takes more work and energy than I could possibly imagine. Now, I don't think I would want to do anything else. And I do lose on occasion. I aplogize for the interruption.

[whatswiththispos]

trading futures is an art form and there is no simple way of doing it. I have tried every system and approach, some work at times and dont work others(not many hold up over time). MTP has a decent idea which is to give you "possible" support and resistance areas and entry/stop triggers. The problem being that you get MANY false signals during the RT trading day, so one can never be sure which one to take. Trust me when I say if you have 5 losses in a row(no matter how small) you are not eager to jump into the next TS setup. I wish there was some sort of filter or way of making the stop's larger to keep you in the trade(especially the ones that are very close and keep rolling to the next bar) once you get stopped out(again) it goes in the right direction. My biggest complaint about this forum is the hindsight trades that are put on here and dont show the "false" trade setups before and after. I would have to say that it seems like false advertising, even though MTP is a decent approach it is NOT as easy as the trades that are posted would make it seem.

[Biggo]

trading futures is an art form and there is no simple way of doing it. I have tried every system and approach, some work at times and dont work others(not many hold up over time). MTP has a decent idea which is to give you "possible" support and resistance areas and entry/stop triggers. The problem being that you get MANY false signals during the RT trading day, so one can never be sure which one to take. Trust me when I say if you have 5 losses in a row(no matter how small) you are not eager to jump into the next TS setup. I wish there was some sort of filter or way of making the stop's larger to keep you in the trade(especially the ones that are very close and keep rolling to the next bar) once you get stopped out(again) it goes in the right direction. My biggest complaint about this forum is the hindsight trades that are put on here and dont show the "false" trade setups before and after. I would have to say that it seems like false advertising, even though MTP is a decent approach it is NOT as easy as the trades that are posted would make it seem.



Hi What..................

I understand your frustrations with day trading exactly. I have been swing trading with reasonable success for a few years.
I am also new to MTP but in the couple of months I have owned it I can honestly say my results have been outstanding..

Steve has always said that MTP is NOT a black box system & that you still need human input (thank God) . I personally have a reasonable understanding of price action but have been drawn into day trading by the great results posted here also. By that I am not disputing the great results a lot of the traders are getting I am just saying it does not fit my own personality. I have found myself a prisoner at the computer , I haven't spent time with my family or even played golf !! It takes different skills & mindset to day trade & I do not possess these.

I am far happier doing my analysis when the markets are closed then set & forget my trades & go play golf or go fishing with my kids.

As far as hindsight trades are concerned I think you are being a little unfair. Durgesh & Sejake to name only two have on countless times posted trades at potential entry, some never trigger so that's not a bad thing as it better to be out of the market completely than in a loosing trade.

As we all know Durgesh has had a fantastic 8 months with his trading, I am sure he has had his fair share of looser,s in there but they have been much smaller than his winners & that is what MTP is all about.

[whatswiththispos]

congrats on your success!! I was not referring to any individuals on here, I think its great that they post their trades for others to learn. I was referring to the RT trades that are posted by Management saying "MTP nails the bottom again, hope you all caught it" first of all there is no way to catch all the trades, there are bells and whistles blowing all day long. 3 minute 5 minute 15 minute( a 15 minute trade actually takes a half hour to unfold) trick trin vold etc etc etc. and in RT trading there are so many false signals that you dont know which one to take or dismiss(really) in EOD trading the bars are dead stopped and might be a much better way to trade? I am going to take this weekend to research more of that approach!! I find that my golf game is starting to suffer with all this day trading(haha)

[Biggo]

congrats on your success!! I was not referring to any individuals on here, I think its great that they post their trades for others to learn. I was referring to the RT trades that are posted by Management saying "MTP nails the bottom again, hope you all caught it" first of all there is no way to catch all the trades, there are bells and whistles blowing all day long. 3 minute 5 minute 15 minute( a 15 minute trade actually takes a half hour to unfold) trick trin vold etc etc etc. and in RT trading there are so many false signals that you dont know which one to take or dismiss(really) in EOD trading the bars are dead stopped and might be a much better way to trade? I am going to take this weekend to research more of that approach!! I find that my golf game is starting to suffer with all this day trading(haha)


Hi What.....................

Sorry for my reply, I misunderstood your point.

I only have MTP EOD so am unable to comment on your issues.

Maybe we will catch up for a round of golf one day !!! lol

[whatswiththispos]

golf sounds great(after I practice for a bit) what do you trade? who do you use for the EOD data? is there enough setups to to trade for a living using EOD? I was hoping to day trade for a living but dont think RT is the way to go.

[mrkam]

This is REALLY good, and it is nice to see the thread stay positive and constructive... I don't have the links, but there are a number of posts in other forums here regarding EOD trading and MTP. Specifically, Matt Bowen has been faithfully posting EOD trading about 40 futures markets since October 2, 2005 strictly with MTP, using slightly modified strategies.. from 10/3/05 to 3/17/06, he has made about 70 trades, and taken $50K to $130K. The longest drawdown was from $154K to $128K over about 12 trades. Other flat to lose streaks were 9-10 trades.... But, the equity line never went below $50K. was always a positive slope increase, and actually was livable. He also has the year before that, $50K to over $120K, same results, different trades and time... Maybe do a search on his name?? His info has been invaluable, to me anyway... BTW, he actually HAS been trading for over 20 years!! He also has a similar study going on stocks, but I haven't been following that...

So, can you make a living on EOD? Yes, IF you have enough equity (determines you postion size, and hence, your R multiple gains...), AND you manage your risk/positions... (I know, broken record...) but check the stats. Plus, take the trades and run multiple Monte Carlo. All come out similar. There is another trader that has done a similar study, but independent, with similar results.

I am in the same boat. I have the account, but am struggling between day and EOD. Very different psychologies, but similar results.

My view is that it is not so much about the system, or the time frame, or the market(s) really, but more about you and your psyche.... MTP is great, for me. Fits me and my psyche very well. But even then, without risk/position mgmt, I will fail. With it, success is (almost!) a mathematical certainty!! Check the forums... you will find MUCH info from Matt....

mk

[whatswiththispos]

70 trades? I make that many in a day(haha) I have talked to Matt and he is a straight up guy, tells it like it is. I will give him a shout about the EOD trading.
thanks

[durgesh147]

The previous two setup never triggered ( GBPCHF and EURUSD ).
Right now, i just took this trade.

Well, there was some good discussion all night.;)

[durgesh147]

Hi Rich,

Here is the same chart with a closer look.

Thanks,
Durgesh

[richbois]

Hi Rich,

Here is the same chart with a closer look.

Thanks,
Durgesh


thanks for the reply

as you can see even on the close up your 142.97 is higher then the 143 on the side that was the reason for my question got me confused but its late here :)

[durgesh147]

Some of you might think that the swings look odd or whether is it a valid advanced wave C, so i am putting up here the EURJPY Daily chart.

In the last couple of daily reports, Steve showed this technique to enter trades on one smaller timeframe so as to keep the stops short.

[gremtp]

Great discussion here, but please may I suggest we maintain the focus of this thread to forex trading ideas?
I am starting a new thread on the controversial issues discussed. Perhaps you may want to join me there?
Thanks
GG

[durgesh147]

Tough road ahead for Dollar !!!

[durgesh147]

For the last two weeks, this pair has been consolidating.Maybe it breaks this week or max by the next week.I am expecting a sharp upmove to 1.2507 to complete wave C.

What next?Another five wave sequence down.:)

These hindsights tell me wht to look for on smaller timeframes.

[whatswiththispos]

how about giving the "hindsight" thing a rest, its really not funny!

[Steve Griffiths]

Hi

Please do not have a go at Durgesh, he is one of our best posters and all his posts show potential set-ups that could unfold (no hindsight). You could learn a great deal from him. Plus we like to keep all posts civil, and this means being poilite to people and not having a go........

Thanks

Steve

[whatswiththispos]

his hindsight comments are directed at me, since I was the one that brought it up. I will no longer post on here as obviously asking simple questions or having concerns are turned into joke fodder.

[Steve Griffiths]

That's fine............. as I for one like Durgesh's post's, I think he is a very taltented trader and I appreciate all the time and effort he puts into helping others and showing set-ups.

So Durgesh, please keep going as you are, I (and many many more on ths Forurm) appreciate what you are doing............ :D

Steve

[durgesh147]

Watch out for this potential TS3/TS1 .It can be a real biggie as its coming on the back of a weekly pennant.:rolleyes:

[durgesh147]

This is what i was waiting for.

[Steve Griffiths]

Brillaint, well anticipated Durgesh...........

This the perfect way to use MTPredictor, being able to anticipate potential support levels well "in advance".

Nice one, lets see how it unfolds from here .....

Steve

[richbois]

just got set up with MTP and its my 1st looking at live charts

looking at the same EurUsd chart why did the R/R came up 4 bars ago then again 3 bars ago then gone and back again

thanks in advance

[durgesh147]

Triggered and i am in.
(As an update to EURJPY 4h, stopped out there.):(

[NHN123]

This is what i was waiting for.
Durgesh,

That's amazing. Of course, we cannot assume this trade will work out, but to actually anticipate a portential set up WAY BEFORE it even got there is, well... remarkable.

I appreciate what you do - and you don't have to do it, as you get nothing out of it!

I am starting to spot set ups (non automatic) myself. I have to say, this is largely down to watching what you post.

thanks

[durgesh147]

I am watching this pair with interest.Lets see which way it breaks out.Its consolidating for a long time now.So, the breakout play can give quick pips.The real point is which way will it break out and suddenly the OBV is pointing to an upside breakout.:( While i was expecting it to break south.

I think the indicator doesn't lie and i shud listen to it.

[durgesh147]

I closed my AUDJPY long.It has run almost 300 pips from the bottom and now i feel it shud correct.Not only, it made up the loss i had in this pair the first time, it gave a couple extra pips.:D

I expect a ABC correction.It may come and it maynot.But definitely, its at a resistance zone.

so far , so good.If it corrects as planned, then i can be a happy man to close it at the top.:)

[Steve Griffiths]

Hi Durgesh,

I must say your call on the 60-min EURUSD was brillaint..............

First you projetced a "potentail" support target (the typical Wave C WPT) way way before it even got there, then you nailled the actual Wave C low "at the time" and posted it here for us all to see.

Now, look, the market has rallied strongly............... perfect :) :)

But seriuoslly, this is what is possible with the tools in the software, and as Durgesh has shown you can work very much "forward" of the market.

Again, this has been a brillaint example and all posted either well in advance or at the time, brillaint absolutly brilliant :) thanks again for these posts Durgesh....

Steve

[durgesh147]

Hi Steve,

This trade is going well as expected.I am eyeing 1.2176.The moment market takes it out, it can go up like a rocket.Breakout of the weekly pennant.:)

As of now taking a backseat and watching the market.

[NHN123]

I closed my AUDJPY long.It has run almost 300 pips from the bottom and now i feel it shud correct.Not only, it made up the loss i had in this pair the first time, it gave a couple extra pips.:D

I expect a ABC correction.It may come and it maynot.But definitely, its at a resistance zone.

so far , so good.If it corrects as planned, then i can be a happy man to close it at the top.:)
durgesh, hello.

may i ask, on the audjpy, what swings have you used to project the 0.272?

thanks in advance

[durgesh147]

It looks like i did the right thing and now i have a reason to be happy.:D

[NHN123]

It looks like i did the right thing and now i have a reason to be happy.:D
thanks durgesh. you did good!

[shaster]

Hi Steve,

This trade is going well as expected.I am eyeing 1.2176.The moment market takes it out, it can go up like a rocket.Breakout of the weekly pennant.:)

As of now taking a backseat and watching the market.

Durgesh,

Good call. Did an identical long trade as yours. Here something I like to add in my hourly:

1) The Stoch crossed probably 1-2h before your setup triggered while the price around 2040/50.
2) Around 7am (EST), Parabolic SAR switch to the top side with stop recom at 2028 that is much close to your 2032.
3) About 1h later, the MACD did a positive cross while price around 2060.
4) Shortly after that we have a DMI positive cross too.

Those are all good confimation on this trade. Also I would move my stop to 2104 after the first pullback post the break up. When the second try on 2145 failure, it is good time to cash out for me or wait for stoch cross down.

Good work on your chart.

[durgesh147]

Did anyone catch this?I expected it long back.When it came, i forgot to check it.:(

[durgesh147]

I got stopped out in this one the first time.But nothing has changed.I still think its gonna drop and that too drop about 400 pips.So, going to give it one more try.

[durgesh147]

Well, many academic elliotticians are now busy adjusting their counts on daily and 4h charts.:D :p ;) And here i am ready for a BIG wave 3.:)

[durgesh147]

Well, i forgot to mention that whenever i have expected a BIG wave 3, market has come hard at me and proved out to be wave C, so remembering my lessons, i am trailing my stop below E.:D

[durgesh147]

Well, on the first two days of this month only i have made more than 200 pips.Although i have not closed the EURO long but y'day i took a long trade in EURAUD and made big profits there.

Just now, i entered a long trade in GBPJPY bcoz of my hunch that ts gonna break up big on the daily charts.Luckily, i got an entry from hourly.

There is a breakout on hourly as well.If it works out, it can race out to 209 and if it doesn't i can give it some 50 pips.

[Steve Griffiths]

Hi Durgesh,

EUR is past first target and still going :)

Again, a great trade here - well done.................

Steve

[NHN123]

Hi Durgesh,

EUR is past first target and still going :)

Again, a great trade here - well done.................

Steve
Steve,

I am one of the many who are in this long EURUSD trade (auto TS3, on TS8).

I am having trouble working out whether to manage this as a wave c or 3. Right now, my stop is below the last complete bar (low 1.2186).

Is that a good place to have it? I'm assuming that if the new (current bar) exceeds the high of the last bar, then we can treat it as a probable wave 3.

Where do you think the stop should be now, and where do you think it should be IF we get a new high?

Thanks
Nick
Nick

[durgesh147]

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.
- Ayn Rand -


It's Not the Money, But the Challenge

Why do you trade? Most people would think it's obvious. It's for the money, right? What many winning traders know, however, is that money is a poor motivator in the end. It's much more satisfying to pursue trading for the pure joy of mastering the markets, regardless of how much money you make. Winning traders are motivated more by the process of trading than by the profits they are making. It's common to hear traders say, "I love trading so much that I would do it for free if I had to." Indeed, when one looks into the backgrounds of top traders, the story seems to be the same: They all tried to get a job in the trading industry as soon as possible, any job as long as it involved trading in some way. The markets fascinated them. The money was either secondary or not an issue at all. Successful traders love the challenges the market offers and view their work as meaningful.

Consider what Alex, a successful trader, said about money to our Innerworth staff, "Money doesn't make a person happy. Trading is what I do and I enjoy doing it. The money aspect of it is obviously cool and everybody wants that, but I don't know how to do anything else." Staying detached and apathetic towards money can help put you in the proper mindset. Curt, a successful winning trader interviewed by Innerworth says, "One of the reasons I was successful was because money wasn't the reason I wanted to trade. Because the allure of money wasn't the reason I was trading, it was a lot easier for me to withstand the ups and downs of the market, and to execute without that affecting the way I was executing." When you aren't worried about the money, you can take a more carefree approach to trading. You feel that you don't have to win, and knowing you can make a mistake here and there allows you to relax and trade more creatively.
In modern society, we are pushed to make money. We think we need money, and see trading as a way to make a lot of it. Ironically, if you are focused only on the money, you will become disappointed and eventually fail. Pursuing trading as a passion is a more satisfying way to trade. It's more useful to focus on pursuing goals that are intrinsically interesting and personally meaningful. One should pursue trading because he or she enjoys the intellectual challenge. Market action is intrinsically interesting. It is a rewarding intellectual challenge to devise innovative new trading strategies and to see how well your ideas pan out, just for the fun of it. Viewing trading from this perspective can powerfully motivate you.
Whether it's art, sports, or business, the folks at the top are not primarily motivated by fame, glory, respect, or status. They are driven by the pure love of the game. Winning traders, similarly, have strong interests in the markets, and this passion is the driving force that puts them at the top, year after year. Those who find trading intrinsically satisfying, enjoyable, and meaningful will put in the necessary hard work and achieve high performance levels. So don't focus on the money and status that successful trading may bring. Enjoy the process of trading. Seek out challenges and the satisfaction of meeting them. You'll end up more profitable by doing so.

[mitch]

Did anyone catch this?I expected it long back.When it came, i forgot to check it.:(
Hi Durgesh. I am currently reviewing the MTP product (ie do not have the software yet) but have read the training material and been monitoring the forum for a number of weeks (learning quite a bit). Based on my understanding of the process, once you found the set up on the daily chart (GBPUSD), would you not check out the lower chart (eg 4H) to see if a better entry (and initial risk) was on offer. I curently use charts from MG Forex and from the 4H chart if I'm reading it correctly, entry trigger could have been 1.7292. Is this correct?

[durgesh147]

Hi Mitch,

I tried this strategy to get into trade from lower timeframes 3 times.And i have a very good record of getting stopped out all the 3 times.So, i dont do it.

Its my personal experience.If its good with you, you can do it.

By the way entry trigger on the daily chart reads 1.7402.

regards,

[durgesh147]

I closed my Euro long at 1.2264 If it goes up, no regrets.A profit of 200 pips and a R: R of abt 1:10 is by all standards very good.;)

[NHN123]

I closed my Euro long at 1.2264 If it goes up, no regrets.A profit of 200 pips and a R: R of abt 1:10 is by all standards very good.;)

This is good. I must be learning something afterall; I closed mine out at 1.2265.

Just out of interest, why did you close out? Just a hunch, or something more technical?

Great trade! Made up for a a good few losses!

cheers

[durgesh147]

Here is a probable TS1.

[durgesh147]

This is good. I must be learning something afterall; I closed mine out at 1.2265.

Just out of interest, why did you close out? Just a hunch, or something more technical?

Great trade! Made up for a a good few losses!

cheers

Its a mix of trendline,fibonacci and some hunch to lock in profits.:D

[NHN123]

Its a mix of trendline,fibonacci and some hunch to lock in profits.:D

mine was for different reasons (bottled it!). I think that 10 to 1 risk/reward was good enough also, so thought that I should take it and be happy with it!

Thanks for sharing your reasons.

Nick

[durgesh147]

GBPJPY Breakout trade.

[durgesh147]

A probable advanced wave C setup

[durgesh147]

Looks like a correction is due.Will have to look at 4h charts.

[durgesh147]

Volume clearly diverging.:(

[durgesh147]

Look at this one.Many pages back, i had said trading at the end of these wave E's is very profitable.
There is about a 40 pips stop.I think i can give it a try.

WPTs of Intermediate and Major coinciding giving a tough resistance coupled with volume divergence.I think its worth a try.The downside is more than 200 pips.:)

[durgesh147]

Here is another classic ABCDE with a goodlooking blue bar spike.The entry can be tricky.;) Moreover, the last bar is yet not complete.

[durgesh147]

The farther back you can look, the farther forward you are likely to see.
- Winston Churchill -


It Can All Look Rosy In Hindsight

The human mind is capable of extreme optimism. We have a strong need to win. This need can be so strong that everything looks rosy. For example, you may look backward at old charts and think, “It’s easy to see winning patterns.” Behavioral economists call this optimism, “hindsight bias.” When we know how a stock price moved in the past, we think it all seemed inevitable when we look backward. For example, if you looked at Apple’s rise in stock price over the past few years, you may think in hindsight that it was inevitable. People liked iPods, profits were assured, and of course, the stock price went up. You may have also seen the decline in the past two months as inevitable as well. Too many investors bought, and it was bound to go down a little eventually. The patterns all make sense in hindsight. The problem, however, is that people have difficulty seeing these patterns in foresight.

People are, indeed, too optimistic. Our thinking can be biased and self-serving. We can falsely believe that good quality setups are easy to spot, and we can convince ourselves that success is assured. But our expectations don’t always match reality. A study by Professor Therese Louie at San Jose State University shows the powerful impact of the hindsight bias (Louie, 2005). A group of 125 university students read a case study about a financial advisor’s decision to buy or to not buy a petroleum company’s stock. The company had developed a way to filter impurities from used motor oil, which resulted in a superior product. The costs of the innovative procedure, however, produced motor oil that was more expensive than crude oil. As with most stocks, the ultimate perceived price of the stock would depend on the masses’ reaction to paying a higher price for an environmentally sound product. At the time of the financial advisor’s decision, the stock was $12.50 per share. What the participants read next depended on which experimental group that they were assigned. A first group did not receive any outcome information; they didn’t know whether the stock price went up or down. A second group read that the stock went down to $7 a share, while a third group read that the price increased to $18 a share. Participants were then asked to pretend that they did not know the outcome of whether the stock would go up or down. Next, they were asked to forecast the stock price based solely on the information the financial advisor had before a stock purchase was made. Participants were not able to ignore the information about the outcome that they had been given. Participants who were told that the stock increased forecasted a higher price than participants who had no information about the outcome, while participants who were told that the stock price decreased forecasted a lower price than participants who had no information about the outcome. These findings show how the human mind can put things together and make sense of events in hindsight, which in foresight, they could have never made with confidence.
The mind is prone to bias and unrealistic optimism. That’s why it is crucial to cultivate a healthy sense of skepticism. Skepticism isn’t the same thing as pessimism. A pessimist falsely distorts reality to the point that he or she believes that even a reasonable plan is doomed. A skeptic is optimistic yet is also realistic. No trading plan is foolproof. You may look back at old charts and see a foolproof way to make money. But history only repeats itself when it does (and sometimes it does not), and the mind can make it all look so obvious in hindsight. The markets don’t always cooperate with you. The winning trader is the person who questions a trading plan before executing it. He or she tries to anticipate what could go wrong, and thinks of ways to work around these potential setbacks. Being a healthy skeptic can be difficult at times, but the cautious optimist usually ends up making the most profits in the end.

[durgesh147]

TS3 . The last bar is not yet complete.

[durgesh147]

The bar is complete now.

[shaster]

Look at this one.Many pages back, i had said trading at the end of these wave E's is very profitable.
There is about a 40 pips stop.I think i can give it a try.

WPTs of Intermediate and Major coinciding giving a tough resistance coupled with volume divergence.I think its worth a try.The downside is more than 200 pips.:)

durgesh147,

You are very good and I am glad to have you to help learning EW reading.

Two questions here:

1) I saw the EUR/USD 4H chart you posted and found it was similar to the run at Jan this year. It looks that Wave 5 is on the B stage. When do you anticipate the C finish? Or it can be a sub-5 waves too?

2) I just learned to do the MTP trade on hourly. Last night found a setup in EUR/JPY with a ABC finish in TS2 (that means Wave 4 finish). Then the next hour after it breaks higher, it hits back to break a new low (10p), then I remembered that in Steve's course, he said that Wave 4 normally have complicate forms. So in this case, if I saw a TS2 setup, may I just to wait to see if a abcde instead of a abc come up?

Thanks.

[durgesh147]

shaster,

I am not into much of classic elliott analysis.I sometimes do it just to see how well i understand the theory.I restrict trading to the ABC setups and at the end of wave E's.
One classic example is that GBPJPY breakout trade.I took that trade and got out at breakeven.No real gains out of it.:(
I keep my opinions out of my trading.I can be very bullish in a pair and suddenly get a sell setup, then i forget my bullishness and if i feel the setup is good, i go with it.
As far as TS2 is concerned, take help of the elliott oscillator.These wave 4s can get the hell out of you.

Regards,

[shaster]

shaster,

I am not into much of classic elliott analysis.I sometimes do it just to see how well i understand the theory.I restrict trading to the ABC setups and at the end of wave E's.
One classic example is that GBPJPY breakout trade.I took that trade and got out at breakeven.No real gains out of it.:(
I keep my opinions out of my trading.I can be very bullish in a pair and suddenly get a sell setup, then i forget my bullishness and if i feel the setup is good, i go with it.
As far as TS2 is concerned, take help of the elliott oscillator.These wave 4s can get the hell out of you.

Regards,

Thanks. I did have a signal to long GBPJPY the previous night from 204.3x low , but since I just start, so take a watchful eye instead of jumping the trade. Too bad. That is a 150+p trade.

I did put an elliott oscillator with a MA3-35, but problem is that I don't know how to read it and didn't find any article talking about it. Try to learn some about it.

[Angel]

Hi durgesh147,

Please,

1) what are exactly the main differences in details between an ABCDE sequence and an IMPULSIVE 5 sequence ?

2) Is an ABCDE wave a CORRECTIVE sequence ?

Because I'm a newbye, many thanks to elaborate,

Cheers

Have a good trading day all,

Angel

[durgesh147]

ABCDE's are triangle corrections ... sometimes they can be wave A's also.Since, trading at the end of these patterns is not recommende by the MTP team in any of their videos or pdfs, trade at your own risk.I trade them because of my understanding of EW theory of a little bit.

ABCDE's picked up by the software have to be carefully analysed whether its indeed a correction.Like i have seen MTPredictor catch ABCDE's in stocks that are making all time highs.So, from my experience , i know which ABCDE's to trade and which to pass over.

I'll show here with an example of USDCHF....


Hi durgesh147,

Please,

1) what are exactly the main differences in details between an ABCDE sequence and an IMPULSIVE 5 sequence ?

2) Is an ABCDE wave a CORRECTIVE sequence ?

Because I'm a newbye, many thanks to elaborate,

Cheers

Have a good trading day all,

Angel

[durgesh147]

I think it'll be better to ask Steve to comment on this.I personally feel these ABCDE's have a potential to be incorporated as a TS4.:p

[Angel]

Hi Durgesh,

Thanks for your explanations.

I understand that ABCDE's should be ONLY taken as a corrective pattern !

Very good your idea concerning the TS4 :rolleyes:

Have a good evening,

Rgrds

Angel

[shaster]

Question for you guys:

OK. I got a setup such as today in GBP/JPY. I got in, and it did good, then after few hours, it surges back, then totally make the setup disapear. But it dropped to a point I still have 30p profit. Since the setup is gone, I lost the reference there. So cashed it out.

What you would do in this case? Still hold or just cash out?

Thanks.

[durgesh147]

shaster,

you did not mention your timeframe, did not post setup, so its tough to comment.

Moreover, the best person to ask for advice on such matters is Steve.
You can mail him at Support@MTPredictor.com with your charts and your query.:)



Question for you guys:

OK. I got a setup such as today in GBP/JPY. I got in, and it did good, then after few hours, it surges back, then totally make the setup disapear. But it dropped to a point I still have 30p profit. Since the setup is gone, I lost the reference there. So cashed it out.

What you would do in this case? Still hold or just cash out?

Thanks.

[NHN123]

Steve / Durgesh (or anyone else who can help)

I'm new to this manual pattern spoting, so I would like to run this past you...

There is (I believe) a potential sell set up in the EURUSD on a daily chart.

Today is not yet complete, so we'll see if we get a reversal bar...

My problem is, I don't know what type of set up to trade it as (TS1/2/3), and so which targets to trade - if any trade is valid at all.

Thanks
Nick

[durgesh147]

Hi NHN,

Well spotted !!!
It surely is.
The software picked it up automatically on Major degree.

[NHN123]

Hi NHN,

Well spotted !!!
It surely is.
The software picked it up automatically on Major degree.

Thanks - I'm learning!

What targets would you use? It a big stop, so I'm unsure whether I am going to take it at all...

Your advice would be greatly appreciated.

[durgesh147]

Well, hard to say.From the 4 hour charts i was trailing my entry sell stop first at 1.2242 then moved it to 1.2272.When EURO kept rising , i removed my order and here it goes bang.:(
Anyway, i am long in USDCHF.
The best thing you can do is put a sell limit order at 1.2263 ( 50% retracement of todays fall) and stop above the high.
Its a clear cut outside reversal bar.Or the next alternative can be to look for sell setups on 1h or 30 minutes.
I am sure there should be some retracement back towards the high.

For target , use the Wave 1 or A WPT from BC swing.It can take many days to reach the target.

[NHN123]

Well, hard to say.From the 4 hour charts i was trailing my entry sell stop first at 1.2242 then moved it to 1.2272.When EURO kept rising , i removed my order and here it goes bang.:(
Anyway, i am long in USDCHF.
The best thing you can do is put a sell limit order at 1.2263 ( 50% retracement of todays fall) and stop above the high.
Its a clear cut outside reversal bar.Or the next alternative can be to look for sell setups on 1h or 30 minutes.
I am sure there should be some retracement back towards the high.

Durgesh,

I was going to ask you if the fact that it will be an out side bar made a difference (I was just reading about outside days in the manual again, actually, as they are not something I have used before). But you have answered that already....

I think I'll do the limit thing.

With regard to target profits, I think I will use the wave 1 or A WPT projection, as this ABC comes off the back of a 5 wave major sequence, and it may resume the longer term downtrend from here... now watch this trade fall flat on it's face.....

Thanks, Durgesh. Really appreciate your help here. I'm not just "brown nosing", but I have been watching your trades for a while (not taking them...) and have learnt a great deal.

[NHN123]

This is really a learner for me - I will not be taking this trade, cos I'm not sure it's any good! I'm not sure what targets to use. And It hasn't quite hit the typ wave c wpt.

Any comments welcome:

Sell @ 91.05
Protective stop : 91.73
Target : 88.51

[durgesh147]

Hi Nick,

I must say you are coming up with very good setups.

This setup perfectly comes under the category of " Near Miss"

Moreover, its coming on the back of bearish divergence, the ones i don't miss.:D

Now, this is getting better as i cant spot setups on all pairs on all timeframes myself so if we share our setups , we can filter the good ones and help each other.

Very goood and thanks !!!:)

[shaster]

shaster,

you did not mention your timeframe, did not post setup, so its tough to comment.

Moreover, the best person to ask for advice on such matters is Steve.
You can mail him at Support@MTPredictor.com with your charts and your query.:)

durgesh147,

Thanks for help. I watched some video and found out that setup is not valid. I jumped in too earlier and the setup is gone. So my decision is right.

Also your calling on EUR/USD is very good. After you called the W5, I was able to identify it was at the c of W5. But when the spot broke into 2330, I was thinking to short there, but feel that is still 4h away from ECB conference, and only know that next batch of offers come at 2370. I went to bed (US PST timezone) and think to short with a 15p before the conference. Too bad, I didn't wake up on the time. So missed 130p there. :(

[martinrcox]

Hi Durgesh

I have been following this one since you mentioned it (post #328). As you can set from the chart it moved away from the Typical Wave C WPT strongly yesterday and has now triggered. The only problem is that there is quite a distance between the entry point and the stop.

Is this a valid trade and if you think it is would you wait until it comes back to a lower level before entering

[martinrcox]

Sorry about the image I will try again

[NHN123]

Hi Nick,

I must say you are coming up with very good setups.

This setup perfectly comes under the category of " Near Miss"

Moreover, its coming on the back of bearish divergence, the ones i don't miss.:D

Now, this is getting better as i cant spot setups on all pairs on all timeframes myself so if we share our setups , we can filter the good ones and help each other.

Very goood and thanks !!!:)

Hi durgesh,

Well, I say, that is a compliment - coming from you!

I'll be only too pleased to work together with you on this. I hope I can find some more good set ups.

A question for you, how did you get the major ABC set up on the EURUSD? I can't get my MTP to do it... maybe data differences??

Also, do you ever trade on the futures to avoid carry costs, when long JPY for example? I'm in that CHFJPY on a JUNE date (on a spreadbet). The spreads are bit higher, but if it takes a few days, even a few weeks to hit the target, I never get any pips taken for overnight rollever....

Cheers

[martinrcox]

I hope that this image comes out better

[NHN123]

Durgesh,

Do you think this is a possible outcome?

Maybe a bit advanced for me at the moment..... so it's probably no good, but its good to try these things out for practice.

Thanks
Nick

[Angel]

Hi Durgesh, Hi all,

In your post #352, you spoke about a REVERSE HIDDEN DIVERGENCE.

Please,
1) what is exactly a Reverse Hidden divergnence ?
2) How to recognize it ?
3) Is CCI or RSI the right tool to recognize a Rev.Hidd.Divergence ?

Thanks a lot for your help,

Have a good trading all,

Rgrds

Angel

[durgesh147]

Hi durgesh,

Well, I say, that is a compliment - coming from you!

I'll be only too pleased to work together with you on this. I hope I can find some more good set ups.

A question for you, how did you get the major ABC set up on the EURUSD? I can't get my MTP to do it... maybe data differences??

Also, do you ever trade on the futures to avoid carry costs, when long JPY for example? I'm in that CHFJPY on a JUNE date (on a spreadbet). The spreads are bit higher, but if it takes a few days, even a few weeks to hit the target, I never get any pips taken for overnight rollever....

Cheers
Hi ,

I trade only the spot forex.The rollover cost is not a big issue if you are right.Earlier i thought of trading commodities and all that, but then its better to get hold of anyone market rather than jumping from here to there.I think forex is much better than stocks and commodities.

Just my personal preference.

Thanks,

[durgesh147]

Durgesh,

Do you think this is a possible outcome?

Maybe a bit advanced for me at the moment..... so it's probably no good, but its good to try these things out for practice.

Thanks
Nick

Yep, this outcome is very much possible and wht i can see by now it has unfolded as a TS3 buy.

Here is one of experiences, might be of use to you all.Dont trade hourly setups which u get in mid US session.Most of the times, they keep messing around and overall its the last day of the week, so better to avoid hourly setups at weekend.

Thanks,

[durgesh147]

Hi Durgesh, Hi all,

In your post #352, you spoke about a REVERSE HIDDEN DIVERGENCE.

Please,
1) what is exactly a Reverse Hidden divergnence ?
2) How to recognize it ?
3) Is CCI or RSI the right tool to recognize a Rev.Hidd.Divergence ?

Thanks a lot for your help,

Have a good trading all,

Rgrds
Angel

Hi,

Hidden divergence or reverse divergence occurs when , for example, a pair fails to make new highs but the oscillator makes new highs and turns down.In this condition, the downtrend is assumed to continue.

best oscillators for looking divergences are CCI, slow stochastic and momentum.

Use google and you'll find brilliant stuff on these

[Vernon]

Hi all!
It looks like people like to do the things more complicated that they are !
Follow them and... go ahead!
Vernon

[durgesh147]

Hi all!
It looks like people like to do the things more complicated that they are !
Follow them and... go ahead!
Vernon

Well , everything in TA has its use.Now the point is, how well are you versed with them.Trendlines, MAs,price patterns etc all are lagging.Until and unless an ABC setup is formed, you are never sure that it'll.So, in this sense... these setups are also lagging.

Moreover those osillators are called leading oscillators, not lagging :p and if they dont have any use, can you guess why Steve put them into MTP ... think...
;)
All i meant to say is if you use EW theory with the indicators , the odds of being right are pretty much.

Well,if you dont like them , dont use it but if somebody is interested , don't poke ur nose in between.:D ;)

[durgesh147]

Nearly all men can stand adversity, but if you want to test a man's character, give him power.
- Abraham Lincoln -



Seeing What You Want To See

Many people live in a world of delusion and fantasy. They see what they want to see and ignore what they don't want to see. Traders are especially prone to this ailment. When your money is on the line, you are consumed with avoiding loss. Trading is a competitive business where few make it in the long term. This fact always lurks in the back of your mind, putting added pressure on you. In the back of your mind, you wonder, "How am I going to make it?" Sure, you know that you must make it and that allowing pessimism to take hold will do nothing more than throw you off track, but the possibility of failure is always there, working behind the scenes to thwart your efforts. With all this psychological pressure it's hard to stay objective. There's a powerful need to see what you want to see.

In his book, "Trading to Win," Dr. Ari Kiev points out that staying objective is difficult: "It's important to distinguish between the tape and your interpretations of the tape. View as neutral both the events and your inclination to impose your interpretations on them. Enter the market without expectations, surrendering to it rather than struggling with it for personal gain."
How can you stay objective? The first thing you must do is trade with money you can afford to lose and manage your risk. If your entire financial future is on the line on a single trade, you will be consumed with anxiety, self-doubt, and frustration. But if you risk relatively little on a single trade, you'll know deep down that you can live with the negative consequences should the trade be a loser. It's useful to follow the old trading adage, "Risk so little capital on a trade that you ask yourself, 'Why am I even bothering to put on this trade?'"
The second thing you must do to stay objective is to take your ego out of the trade. You cannot control the markets, so why put your ego on the line with your money? Don't make winning or losing a personal issue? Why put your ego on the line with each trade? Why gloat when you are lucky enough to have the odds work in your favor and sulk when the odds go against you? It's not personal in the end. There's little you can do but stay calm, try your best, and accept where the markets take you. Ironically, if you can identify and control what you can (such as risk management and a sound trading strategy), and accept what you cannot (the outcome of a trade), you will feel calm and be able to trade in a peak performance mindset. And the calmer you feel, the more open you will be to seeing the markets as they are, rather than what you want them to be.

[shaster]

Question:

When EUR/USD hits 2330, it was supposed on the peak of W5, but my Elliott Oscilator has a high peak--supposed to have a lower high compare with W3. Also after today close at 2090, it is on zero level. Is that supposed to be end of W4?

Sorry, I don't know how to attach the chart on the post. So a little confused here.

[durgesh147]

shaster,

the ABCDE pattern picked up by the MTP software is probably wave C of a TS1 on weekly . MTP has a sell setup which is triggered and now EURO is perhaps headed for sub 1400 levels.

[richbois]

Hi durgesh

I guess I came up with a similar results on day chart

as we can see we allready got the the 1st point based on the intermediate wave and maybe on our way to 118 and maybe 115 in the future

I am new to MTP so what do you think

[durgesh147]

Hi durgesh

I guess I came up with a similar results on day chart

as we can see we allready got the the 1st point based on the intermediate wave and maybe on our way to 118 and maybe 115 in the future

I am new to MTP so what do you think

I think you are right and EURO is headed for 113.68 . But it'll take time and probably make a 5 wave sequence down.

[durgesh147]

Disappointing stats by big boys... :(

[durgesh147]

Here is a very good example of hidden divergence on weekly chart where stochastic oscillator is making new highs and price fails to break past previuos highs indicating the downtrend to continue.

These things can help in entering an established trend .
Just for those interested ...:D

[durgesh147]

Looks like Mr Loonie is ready for his next upmove after making an expanded flat. I am not going to trade this one but it'll be worth watching.

[martinrcox]

Hi Durgesh,

I am having some trouble attaching charts to my postings. I would be most appreciative of any tips that you might have :)

Many thanks

[durgesh147]

Hi Durgesh,

I am having some trouble attaching charts to my postings. I would be most appreciative of any tips that you might have :)

Many thanks

Hi Martin,

I dunno what is the problem but try this , maybe it works.Save your charts in JPEG format and