YM 60min

[Steve Griffiths]

Hi Everybody,

Nice to see the YM bouncing off the Typical Wave C WPT for support at the end of a good looking ABC correction...........:)

Steve

[mrkam]

MTP actually showed ALL three (NS, YM, ES) bouncing off the WPT, with a TS3 set up at close of yesterday's session. So... looking at the daily report, we are still sort-of looking bearish. BUT!! here we have (last night!) the big 3 hourlys sitting at bullish TS3 setups? I was looking for early long setups, and although all three did indeed have good runnups on 3/5 min, there were no MTP setups, so no trade... no worries...

How do we reconcile that? Is the 60 min time frame just too short to look for overall trends for our 3/5/15 min trades? Is this 60 min triple-setup valuable to us in anyway?

thanks,

mk

PS: looks like the 15min NQ might be settling into a TS1 sell?? (although it has signaled 3-4 times already.. it also just exceeded the trigger, so we are waiting again...

which brings up another question??? If we have a setup that is recurring 3-4-5 times as each bar blows thru the setup bar, does this in and of itself invalidate that developing setup? Eventually, the shape will get askew, and is that what you wait for? Or, is there sort of a guideline that if a setup appears over 4 times (say), and disappears only to appear again on the next bar or two, then wait for another, independent setup???

[Steve Griffiths]

Hi,

I agree, the NQ (on the 15min chart) looks to be a little too far past the WPT to be perfect.

But check out where this rally has stalled on the YM (hint - look at the Wave 1orA WPT :) ).

So yes, a good run up on the 60-mins, I should have mentioned these in the daily report for you........... but then I am not trading for you all, so it is nice to see that you spotted this yourslef - well done !

Steve

[mrkam]

on all of our emini intradays... after this run up, we have an 1orA leg retracement, looks now into the .382 level, so I'll keep an eye on all these!! looks like it has turned into a 2orB leg. The YM "looks" better to me, then the ES...

PLEASE don't think I(we) want or expect you to find any and all moves or indications in all time frames for us!!!! My only reason for bringing it up was to "chew the fat" so to speak, and see if there was anything I was out-to-lunch on... Your newsletters are invaluable, and provide sort of a "coffe-cup" context for me to work within each day. Like you say, you don't trade for us, and neither should you! Your software is amazing. It is just fun to kick thinks around every now and then, especially since it was so interesting last night and this morning!! Well, back to the charts, and

THANKS big time....

Do you have any plans to add the manual WPT analysis tools (in EOD) to the RT?? It would be nice to be able to put these WPTs on the chart as they develop, instead of having to bounce back and forth to EOD...

[Steve Griffiths]

Hi,

well, it looks like the NQ is decling after all.............. pity it was not a better set-up :(

Steve

[Steve Griffiths]

Hi Everybody,

After the initial run up on the 60min chart (into the Wave 1orA WPT :) ) we now have had a minor correction, giving us a potential TS3 buy set-up, see below.

I will be interested to see if the bullish $TRIN and VOLD help push the market higher form here ?

As I am posting this chart now (without the benifit of hindsight), we will have to wait and see how it unfolds !

Steve

[NHN123]

Hi Everybody,

After the initial run up on the 60min chart (into the Wave 1orA WPT :) ) we now have had a minor correction, giving us a potential TS3 buy set-up, see below.

I will be interested to see if the bullish $TRIN and VOLD help push the market higher form here ?

As I am posting this chart now (without the benifit of hindsight), we will have to wait and see how it unfolds !

Steve

Steve,

Out of interest, what do you do when you you are long, and you spot a possible sell set up?

Would you stop yourself out of the long (not reverse, in this case, as TRIN is so blue)?

Here's an example.

I don't want to confuse anyone, I am just curious.

Thanks

[Steve Griffiths]

Hi Nick,

A good question, and depends on how you felt about yuor current position. If you are confident of the larger degree trend ($TRIN and larger time frame etc etc), the you would ignore the opposite trade.

BUT, if you were starting to get worried that your position was weakening, then yes, this would be a great place to look to lock in a small profit...........

Thanks

Steve

PS, I see we have just had another buy set-up at 13:30 EST on this YM 3min Chart :)

[Steve Griffiths]

Hi Everybody,

Loks like the profit targets of this second buy is halting the current rally................. time to protect profits :)

Steve