TS3 sell on the 1hr Chart

OK, now we know the 4hr larger degree trend was down, this TS3 sell on the 1hr chart was “in the direct of” the larger degree trend so was a good one to consider.

As you can see, the EURUSD has actually continued much lower, but this is OK because the STF strength band was exceeded so the trade is now being run with the ATRStop.

With +13R Profit at the moment (ignoring spread) this is turning out to be a great trade............

But the point is that too many amateurs “over trade”, so the advice from all professionals is trade less and only trade when the picture is clear.

Steve

Only trade when the Picture is clear

Hi Everybody,

I have been talking today on the Day Trading Blog about only trading when the picture is clear, and the same applies to FOREX. Sometimes the “larger degree” picture is unclear, this is when professional traders stand aside and wait for the picture to become clear. Too many armatures traders “overtrade” and what to trade all the time, and as such loses needlessly. Here is a good example on the EURSD,

Let’s start with the larger degree trend on the 4hr chart, as you can see, the trend was clearly down from the last minor DP high into the recent DP zone. OK, now we have declined below this level, but at the time we had a 1hr TS3 sell, the 4hr chart was still heading down to DP support. So “at that time” the larger degree trend was down.

Lets now take a look at the 1hr Chart

Steve

EURUSD – 1hr Manual DP sell

Hi Everybody,

Here is a great example of how you can use the “manual” DP levels on FOREX charts to uncover some great trades.

Here the manual DP nailed the recent high on the EURUSD 1hr chart perfectly. The market has fallen nicely to reach the “opposing DP” level. But the difference here is that as the lower DO level was reached, the STF was strong, so standard traders would have swapped to the ATRStop for trade management.

The markets is still declining as I write..................

Thanks, Steve

EURJPY – 1hr TS4 sell

Hi Everybody,

Here is a great example of a standard TS4 sell on the EURJPY 1hr Chart.

As you can see, the TS4 sell nailed the high perfectly, before a sharp fall unfolded. As the first profit target was reached, the STF was weak, so Standard Traders would have banked a nice +5.2R Profit (ignoring spread)

A great example of a standard and automatic MTPredictor Trade setup that was then managed using the standard trade management guidelines...

Thanks, Steve

Multiple time frames Part 2

OK, once we had support at the 1hr DP (last post) we could have also seen that the 15min Chart was at DP support. This was the long trade entry.

The markets then rallied in what looked like to be a Elliott Wave 1,2,3. I have “manually” added these labels.

The exit would have been as the market reached the Typical Wave 3 WPT, especially as the Wave [3] has “sub divided” into a minor 5 waves.

The results could have been a nice +7.8R Profit (ignoring spread).

I hope this has been a good example of how you can use some of the more advanced tools that are available in the software

Thanks, Steve

Multiple time frames

Hi Everybody,

I am asked a lot about the more Advanced Features of MTPredictor, so here is a brilliant recent example.

As usual, let’s start with the “larger degree trend”, here the 1hr EURUSD was finding support at the lower DP. Then, we can see how it then rallied to the higher DP nicely.

So how could, this have been traded ? Well, this is one of the times when you could have used the 15min chart for trade entry but only “after” you had established the “larger degree” 1hr position.

Thanks, Steve

USDJPY – 1hr Chart

Again, another good example of an ABC correction, this time on the USDJPY 1hr chart.

Here the USDJPY rallied nicely to the higher DP for a nice +5.4R Profit (ignoring spread).

Thanks, Steve

PS, Again, this is using our new Real-time data feed from MetaTrader4 into MTPredictor via our new RTDataServer.

EURGBP – DP sell

Hi Everybody,

As I start to look forward to skiing this year, I thought I would check the EURGBP rate to see how much those Beers on the slopes will cost this year

Once I got there I saw a lovely DP sell that has caught the current decline very nicely indeed. So let’s see whether we can reach the lower DP target.

PS, this is using our new Real-time data feed from MetaTrader4 into MTPredictor via our new RTDataServer.

Thanks

Steve

Elliott Wave Module

Hi Everybody,

Here is a great example of the other, more advanced, tools that are available in MTPredictor.

Here we had a Wave C low on the EURGBP 60min Chart, as found by the Elliott Wave module. Initial, target is the DP form the prior Wave B high. As you can see, the EURGBP rallied to this level, where a nice +4R Profit was available (ignoring spread)

Thanks, Steve

PS, notice the nice DP sell earlier on the chart as well :)