3min ER2 long

[Steve Griffiths]

Will we make the first profit target ?

Steve

[spp]

Hello
So funny, I was just clicking on this forum thread to post the AB chart when I found you'd beaten me to it Steve. I appreciate you posting charts up real time like this - helps to discuss them when they're really fresh on the mind.

So my question is pertaining to the quality of the waves of this signal. I realize there's some art vs. science to evaluating a signal which is why I wanted to post it and get the thoughts of you folks to further the dialog on signal evaluation.

I got the MTP alert on this and actually passed on it thinking that the waves were a bit abrupt and unformed - especially wave B which is only one bar.

Let me add, this signal we now know looks to have worked - but obviously that's irrelevent, it's just one sample. Not worried about that - just in refining this concept.

Steve, I get the impression from your training course & videos that you tend to be fairly restrictive on evaluating setups, only wanting the best ones. Given your own setup evaluation criteria Steve, would you take this signal?

Matt, I get the impression from your reports & posts that you tend to be less restrictive on evaluating your setups not wanting to overfilter and therefore chance missing any profitable signals. Please correct me if I'm wrong on my impressions. Given your own setup evaluation criteria Matt, would you take this signal?

Tony, I don't have as clear an idea of where your opinion falls in this area of setup evaluation &, in particular, evaluating the symmetry/clarity of the waves but would very much welcome your imput too on this if you have some thoughts.
Thank you
Sean

[Steve Griffiths]

Hi Sean,

Good question.......... Persioanlly I am very picky (sometime too picky :) ) on the set-ups I like to see, particualry the pattern, and I agree, although this ABC is quite symetrical, the Wace B is a little short to be absolutly perfect.

But the $TRIN does add to this set-up, in that it was nicely blue.

So I agree with you, a good set-up but not absolutly perfect.......

Also, the rally off the low has been very slow (as the $TRIN has flattened off) so this set-up may not continue much past the initial profit targets - so time for a quick porfit on this one :)

Thanks

Steve

[Steve Griffiths]

Just as I was looking at a place to close the long ER2 trade, along came this good looking YM short. An opportunity to Stop-and-Reverse

As with the ER2, the main question is on the duration of the Wave B swing, but otherwise not a bad looking set-up

Steve

[Steve Griffiths]

Another stop and reverse ?

Steve

[Steve Griffiths]

Hi Everybody,

What a great day.......... this last tarde has just reached the profit target, so I am calling it a day there - off to cellebrate a good day with the MTPredictor automatic set-ups :)

But seriously, I hoped this has helped, in that you have seen me post charts during the day with my thoughts at the time.........

Steve

[traderken]

Steve, I was able to ride the ER2H06 up to the 2nd Profit Target. I must admit it was a bit of a nailbiter. Good balanced pattern and $TRIN, so I jumped in. Pulled a nice tidy profit from hitting the second target.

Third good win in three days. KenW

[spp]

Steve
Definitely appreciate the intraday chart posting - that's a big help.

Something else that would be a big help intraday is if you could post charts of setups that you PASSED on. There were a lot of intraday signals today just on the U.S. index futures so I'm sure there are lots of possible examples to post.

Seeing a bunch of the setups you passed on and why I think would help me dial in my setup evaluation skills at least as much, if not more so, than the setups you took. Some setups are obviously invalid but if you started posting some of the ones that made you think twice but in the end didn't make the cut - that would be very illuminating.

Thanks again for your posts today
Sean

[Steve Griffiths]

Hi Sean,

I hear what you are saying, I do my best to post cahrts as and when I can.

BTW, this is what I cover in my daily report - for example I have been discussing this very topic (of good and bad looking ABC's). If you are not recieving it, then please sign up at:

http://www.mtpredictor.com/training/index.html

Thanks

Steve