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My trading philosophy for choosing the Holy Grail trade setup
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My trading philosophy for choosing the Holy Grail trade setup

  #21 (permalink)
Banned: User requested
 
Futures Experience: Master
Platform: Sierra Chart
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Posts: 135 since Dec 2013
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Yeesh... You guys and your wave counts...

Those catchable cycle two's occur once in a blue moon. I do my wave counts mechanically... But there is a little subjective interpretation here and there. I don't bother with precise counts... The reality is the market cycles up and down, and when it's in a solid uptrend it likes to cycle upward a few times, when it's in a weak uptrend, a couple times, and part of the time it just cycles once before the trend reverses.

Weekly and Monthly
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The bottom line is... The fed announcement tomorrow could eliminate the weekly 3rd cycle or 5th wave. Whatever you want to call it! This market is rallying so hard on the monthly it has nearly made the counts undetectable.

Don't start thinking wave counts are rock solid in the least... Even algorithmically defined!

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  #22 (permalink)
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I like the idea however, I don't believe in a holy grail setup but rather a high probability setup.

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  #23 (permalink)
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stargazer55 View Post
I like the idea however, I don't believe in a holy grail setup but rather a high probability setup.

What if this " high probability setup" is called holy grail setup in MTP.
Who cares what somebody calls this trade setup.

Steve made the decision that he would call it "holy grail"

Forget about the name , just use the setup details and be in to a winner.

That's all what matters, isn't it?

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  #24 (permalink)
Elite Member
chicago
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: My Future
 
Posts: 15 since Aug 2014
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toatrader View Post
What if this " high probability setup" is called holy grail setup in MTP.
Who cares what somebody calls this trade setup.

Steve made the decision that he would call it "holy grail"

Forget about the name , just use the setup details and be in to a winner.

That's all what matters, isn't it?



I guess the wording may not make much of a difference but the term "holy grail" can throw some people off. I responded to this post a while back, Looks like "holy grail" was the name of the set up.
I like the term "high probability" because as we know, nothing is always certain when it comes to trading. From my experience, I think the biggest "holy grail" in trading is having discipline and risk management.

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