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posting trades for critiques
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Created: by Chez Attachments:38

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posting trades for critiques

  #1 (permalink)
Elite Member
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posting trades for critiques

Here are the two setups that I took today on the nq. Times are PT, so add 3 hours for ET.

Watching the market today, I was looking for a long entry on a pullback. A TS2 setup, stf was blue, and setup looked good. On the 15 min, we were in a wave 4 high area, but that zone was 2524 to 2559 so with a target of 2540, there was room to get there without hitting major resistance.

First trade got stopped out for -1R, then came a TS3 for a +3.2R. STF wasn't strong and firmly in the wave 4 box on the 15 min, I exited the trade.

I would love to hear from MTP users if they would have handled either trade differently. I posting to learn.

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  #2 (permalink)
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Hi Chez,

Those were nicely handled. You had a small loss, followed by a larger winner which yielded a profit for the day for you. It was such a strong day yesterday, you just never know when or if it's going to run out of steam.

Nice job!

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  #3 (permalink)
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Elliot Wave vs. the Isolation approach


Today we had 3 of the 5 waves form on the ES 5min. (times on chart are PT)

As anticipated, we moved up for wave 4. Unfortunately it didn't stop and eventually
made new highs for the day.

However using MTPredictors "Isolation Approach" to Elliot wave, we had a nice move off the morning low. We than had an abc correction to the move which set up a TS3 long. The resumption to the trend continued up and target hit.

Anyone else take this or where there things about the setup that stopped you?

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  #4 (permalink)
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Chez View Post
Today we had 3 of the 5 waves form on the ES 5min. (times on chart are PT)

As anticipated, we moved up for wave 4. Unfortunately it didn't stop and eventually
made new highs for the day.

However using MTPredictors "Isolation Approach" to Elliot wave, we had a nice move off the morning low. We than had an abc correction to the move which set up a TS3 long. The resumption to the trend continued up and target hit.

Anyone else take this or where there things about the setup that stopped you?

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Notice that price made it all the way back up into the gap.

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  #5 (permalink)
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vegasfoster View Post
Notice that price made it all the way back up into the gap.

Yes, thanks for pointing that out as I wasn't sure this morning if the gap was going to be affected by the holiday trading ours on Tuesday and Wednesday.

It didn't take the nq long to fill the gap, but took the es most of the day.

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  #6 (permalink)
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Set up on Friday

This is from Friday and is one of the setups that Steve reviewed today in the trade room. I didn't take it, because I failed to look at the 15 min for dp support. There was a big move down in the morning that went through all the dp on the 15 min and I didn't realized that a new one formed intra day...

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  #7 (permalink)
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bad trade or just aggressive?

Here was a setup where the ym had reached the 15 min dp area and started a swing up. Long signal came on the ES and I took it, even though the ES and NQ had not reached their dp support yet. Stopped hit as ES did continue the downward move to hit the 15 min dp area...

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  #8 (permalink)
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I would say just a little early, if anything, and therefore a little more aggressive. It was a valid trade with a valid premise and was properly managed to a controlled -1R loss, so there's nothing to classify it as an error or "bad trade".

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  #9 (permalink)
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practice makes perfect

As I mentioned on sdonahue's thread, I was lost on most of today's action. An hour before the close, I saw a setup on the 2 min nq, analyzed it, liked it but only sim traded it because trades off the 2 min chart are pretty aggressive. In class, we are taught to mostly take trades setups off the 3 and 5 min charts.

Trade was a dp set up that ended on a 5 wave pattern. It had divergence on the stf and stochastic's and had a vsa spike. Trade hit profit to the tick.

Well, 45 minutes later, the same setup occurred on the 3 and 5 min nq and the 5 min ym. The YM didn't have the vsa spike. All 3 hit target.

Attached was the practice trade on the 2 min followed by the real deal!

Do you like the setups? Any reasons to pass?

Thanks for any input.

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  #10 (permalink)
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Today's trade


Losses are part of the process, so nothing with taking a controlled -1R loss today.

However, if there was something wrong with the setup, I would like to learn from my mistakes.

Take a look and let me know if there were things that you saw that prevented you from taking this long set up. It occurred around 12:30 et.

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