Absolutely Perfect !

Hi Everybody....

Before you read this post, please re-read the post on the 15min GBPJYP below where I “forecasted” IN ADVANCE, where I thought the TS3 long trade should go. Yes (and I have to stress this again), this was posted IN ADVANCE, before the market unfolded. So no hindsight at all !!

As you can see, the GBPJPY did indeed rally and then make a high exactly at the Typical Wave 3 WPT, EXACTLY as I said it would :-)

The result was a lovely +7.2R Profit (ignoring slippage and commission).

I hope this has been a good example for you all that shows when (and only when) shorter terms charts can be used on FOREX and then how well they work, as long as the pattern is good and it falls in line with the larger degree position.

Thanks, Steve

Advanced Analysis using the Elliott Wave module

Hi Everybody,

MTPredictor v6.5 contains many modules that the Advanced Trader can use. These include the Elliott Wave module that uses my “unique” Isolation Approach to Elliott Wave.

Here is a good example of not only how the trade entry (at the Wave C high) could have been identified, but also how the Elliott Wave module, helped manage the trade with profits being taken at the maximum Wave 5 WPT.

The Elliott Wave module is only available in the full MTPredictor v6.5

Thanks, Steve

The only time to look to shorter term Charts

Hi Everybody,

As I said in the post below, FOREX is best on the longer term charts. However, for the more Advanced Traders among you, you can consider shorter-term charts “only” when it “fits in” with the larger degree chart “and” the pattern is “clear”.

Here is a good example on the GBPJPY again, this time using the 15min Chart. BUT the big difference here is that we have “confidence” that a important low is now in place on the “larger degree Charts, therefore a rally is anticipated on this short term 5min Chart.

“Ideally” a rally into the DP that coincides with the Typical Wave 3 WPT would be perfect, but we will have to wait and see....

Again the best time frames for FOREX are normally 60, 240, 480 and Daily..............

Thanks

Steve

GBPJPY – 480min short

Hi Everybody,

This post is a reminder not to forget the longer time frames when trading FOREX.

Forex can be a very choppy and unpredictable market on the very short time frames, so very often the best trades can be found on longer time frames, like 60min, 240min and here is a great example on the 480min Chart of the GBPJPY.

As you can see, this caught the recent decline beautifully....

Thanks

Steve

GBPUSD – 240min TS3 long

Hi Everybody,

The GBPUSD on a 240min Chart has just completed a nice +5R Profit (ignoring slippage and commission). Yes there was a -1R loss first, but as usual, this was kept small, a lot smaller than the +5R Profit, and that is what makes money over time, keeping the losses small and the profits large....

Thanks

Steve

Larger Degree trend - Video

Hi Everybody,

I know a lot of you can find the transition from “standard trader”, (where you follow the STF colour and just look at the automatic setups), to becoming a more “advanced trader”, (that looks at the larger degree chart, using the DP levels, as well as moving onto more advanced manual analysis), a little tricky. As with learning any new skill, this transition takes time.

My advice is to keep following my Blog, re-reading the Trading Course, watching the videos and most of all, practice and study your charts.

It took me many years to become a expert trader, so to expect this in just a few days or weeks is silly. MTPredictor is a very powerful piece of software. We have the automatic setups, and this is where most of you start. But then, as you learn more, you begin to use more modules and routines in the software. The Russell Index trade (shown below) is a great example of how the more experienced trader can use the other modules in the software to improve their results. So learning to become a better and more experience trader is more of a “journey” rather than a once stop solution.

This Blog will help in that journey, so today I have put together a help video on the larger degree trend for you:

http://www.mtpredictor.com/help/videos/LargerDegreeTrend/LargerDegreeTrend.html

This will help show you how I use the larger degree charts to determine the larger degree trend

Thanks, Steve

Position Sizing

Hi Everybody,

Here is a great example of how correct Position sizing is used in MTPredictor to keep your losses small. If you look at the attached JPYUSD 60min Chart, you can see how there was first a losing trade, but this was kept small at just -1R (or risk until). Then there was another sell setup (that nailed the very bar of the high), but again correct Position Sizing kept the initial risk on this small.

The result was that the eventual Profit on this second trade, as much larger than the loss on the first trade. Meaning that overall, even after a losing tarde money was made overall.

This is the key to successful trading - keeping your Losses small and Profits large. If you ever were struggling with how to do this, then the correct Position Sizing used in MTPredictor will help you :-)

Thanks

Steve

GBPJPY – update

Hi Everybody,

In my last post we saw how the GBPJPY 60min Chart had just made a Wave 5 high. Well, from the Trading Course, what should we be looking for after a competed Wave 5 high ?

Exactly, an ABC “correction”............

And that is what unfold, with the low right at the minimum Wave C WPT. The GBPJPY has since rallied nicely off this low.

Thanks

Steve

GBPJPY – analysis part 3

Using our more normal DP and Intermediate degree Elliott Waves, we had support at the DP.

The GBPJPY then rallied strongly off that low. But did you all notice in the post below that I included the Typical Wave 3 WPT on the major degree ? Well that was to show how this major Wave 3 rally “sub divided” into 5 waves. This is classic Elliott Wave.

A nice +4R Profit (ignoring slippage and commission) was available as the minimum Wave 5 WPT was reached.

Steve

GBPJPY – analysis part 2

OK, now we had the larger degree DP support, we need to look for a low risk buying opportunity.

Using the Major waves, a possible Wave 2orB unfolded after an initial rally then decline off the DP support. This was worth further investigation.

Steve

GBPJPY – analysis

Hi Everybody,

Today I would like to look at how to Analyze a Cross rate “from the top down”. As usual, we start with the larger degree trend. We are looking for areas of support / resistance. Once we have found there, we can then move down to the shorter time frame to see if a low risk setup appears.

So on the GBPJPY let’s start with the 240min chart. Here can you see how there was DP support a while ago, this set the larger degree trend to up, so now let’s move forward to the shorter term, 60min chart and look for a setup.

Steve