Today just gets better and better

[Steve Griffiths]

Hi Everybody,

What a day today, long form the low of the day on the 3min NQ, to then take profits at the high of the day, but even better than that just look at this perfect TS3 sell on the 15min AB that came in just as we were banking profits on the NQ long.

http://www.mtptrader.com/showthread.php?p=4498#post4498

So now we are here............... short from the high of the day.......

Today just gets better and better :) :)

Steve

[jjc]

Hi Steve,

Great trade and congrats...why did you decide to fade the STF and TRIN on the 15 minute AB trade?


Regards,

j

[Steve Griffiths]

Because of the longer term position, as you should know from my daily report, I said days ago that I was expecting an ABC rally - well here it is !!

How's that for being prepared in advance :)

Steve

[newguy]

if you are in a 15 minute short trade(with STF blue and TRIN blue) do you disregard all the shorter time frame setups?

[newguy]

by that I of course mean the shorter time frame LONG setups

[jjc]

I took the 15 min AB short trade also

When my MTF indicator confirmed the sell signal


j

[newguy]

where did you get that MTF indicator?

[Biggo]

:confused:
Can anyone tell me if the AB & ER2 are the same thing??
They are both Russell 2000 contracts I know but wanted to know the differances..

Cheers :)

[Matt Bowen]

Hi Biggo,

Can anyone tell me if the AB & ER2 are the same thing??
They are both Russell 2000 contracts I know but wanted to know the differances..

Yes, they are the same index... eSignal just uses some funky symbols. Esignal calls their symbol for the Russell 2000 AB and it should be ER2

The correct symbol is listed here: http://www.cme.com/trading/prd/contract_spec_ER713.html

[Biggo]

Cheers Matt:)

[newguy]

I took the 15 min AB short trade also

When my MTF indicator confirmed the sell signal


j
I really like that MTF indicator, is that available on ESIGNAL?
thanks

[Steve Griffiths]

Hi Guys,

Before you all jump on the indicator bandwagon, can I please put in my 2c worth ?

Indicators are OK, but should only be used for confirmation (to help the individual user if required). The problem with having an indicator give you the trade entry is that it will always be later than the colored reversal bars. This will not only reduce profits but increase initial risk - both of these are not desirable and will only serve to decrease overall profitability.

As such, my advice is yes you can use an indicator to help confirm the trade if you so desire (and for this you can use any indicator), but do not do anything that increases your initial risk, this is only a step backwards, and why they are not part of the standard MTP set-up.

I hope this helps ?

Steve

[jjc]

Steve is correct, all my 'MTF' (momentum Trend filter) does is confirm the trade, which is what I stated in my first post.


I use the WPT as my guide (road map)


j

[Steve Griffiths]

That is OK, as long as it helps you personally, but as I said before as long as it does not increase your initial risk on the trade...........

Thanks

Steve

[jjc]

That is OK, as long as it helps you personally, but as I said before as long as it does not increase your initial risk on the trade...........

Thanks

Steve

Without a doubt, you're correct.

I took this ts2 long on the ES 3min today with a 'no trade' risk/reward and still eked a profit.

j

[newguy]

hi
I understand that you are just using it as a confirmation(every little bit helps) where can I get it? is it available on ESIGNAL? or are you using Tradestation?

[jjc]

Without a doubt, you're correct.

I took this ts2 long on the ES 3min today with a 'no trade' risk/reward and still eked a profit.

j

But, I'll be the first to admit that I was being foolish and should of never taken that trade even though I got 'lucky'.


j

[jjc]

NQ 3 min WPT long today with MTF confirmation

MTPredictor rocks ! :)


j

[pauli134]

What is MTF and how is it constructed...? Sorry I am not familiar with this filter..

[jjc]

What is MTF and how is it constructed...? Sorry I am not familiar with this filter..

paulie134

It's a dss (double slow stochastic) that I created for Esignal to let me know if there's enough frijoles to move the price when I get a WPT. It's not part of the MTPredictor package.

Any momentum indicator will do as long as it doesn't violate the integrity of MTPredictor.

j

[Steve Griffiths]

paulie134

Any momentum indicator will do as long as it doesn't violate the integrity of MTPredictor.

j

Hi Guys,

But therein lies the normal problem with many indicators..... because an indicator can get you in late, this will have the effect of both reducing your profits and increasing your initial risk - both of which go against the fundamental principles of successful trading.

As I said before, please feel free to use any indicator to help give you confirmation and confidence in the trade, but do not let it get you into the trade late as this will destroy the basic concepts upon which MTPredictor is based - large profits and small losses. As such, indicator confirmation will usually come after the trade has been entered using the colored reversal bars.

So I am not saying don't use them, but just a word of caution about how they are used and to keep a close on on your R/R numbers........ :)

I hope this helps ?

Steve

[jjc]

Hi Guys,

But therein lies the normal problem with many indicators..... because an indicator can get you in late, this will have the effect of both reducing your profits and increasing your initial risk - both of which go against the fundamental principles of successful trading.

As I said before, please feel free to use any indicator to help give you confirmation and confidence in the trade, but do not let it get you into the trade late as this will destroy the basic concepts upon which MTPredictor is based - large profits and small losses. As such, indicator confirmation will usually come after the trade has been entered using the colored reversal bars.

So I am not saying don't use them, but just a word of caution about how they are used and to keep a close on on your R/R numbers........ :)

I hope this helps ?

Steve

I'm also working on a Buy Sell Pressure Gauge that is in Beta now. You can see it provided good guidance on the WPT short this morning. Eventhough the WPT since disappeared the YM went right to target.

Albeit, just a confirmation tool.

j