Power of MTP for ES wave Count | Trading Reviews and Vendors


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Power of MTP for ES wave Count

  #21 (permalink)

Market Wizard
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,734 since Oct 2009
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Big Mike View Post

...
I wish more people would focus on building these R/R tools and less on trying to predict where price will go next with some new indicator.

Mike

The concept of risk/reward is rooted in the idea of prediction. You can't have one without the other. However, one could use volatility to define a target such as when a wide range bar forms while in a trade. In this case, you can't predict ahead of time if you'll get a wide range bar. If you manage your trades based on momentum or volatility then you don't need to bother with the risk/reward equation.

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