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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)
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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)
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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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  #25 (permalink)
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the holy grail set up

looking for price to bounce of a key reverence point quicky in a trend like motive wave or swing with volume, then looking at a deep pull back that looks like a correction that unfolds in a ABC pattern on low volume is not the grail. that idea or set up will only work 30 to 40 % of the time. the grail is the risk to reward . your tarket is 161 % of swing 1 . that will be 5 to 10 to 1 . most of the time. with a win rate of 30 to 40 % you could lose 20 in a row have huge draw downs. thats why there is no auto trading in the software or auto back testing. once you buy the software you will learn in the trading room ....you need a deeper understanding of trading...lola . that is true of course . but if you have that you can make most any think work.

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  #26 (permalink)
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are there any back test results on the grail you can share with us


Griff1 View Post
Hi Everybody,

I feel I have to come in here, and ask - what is the point of this Forum (or indeed any other public Forum), when all that its members do is to "have a go" after somebody has taken the time to research and share something that they have found helpful for others.

After all, if nobody "shared" anything worth while, then why are all you members here, when you know you will get nothing helpful from reading these posts.............

If you take the time to look at what this is all about, it is not about "being right" is is about an approach that is aimed at catching the strongest Elliott Wave swing with the lowest initial risk, so the Profits (on average) are much larger than the losses. This is the best trade setup I have found in 25 years, hence its name.

So please, I ask that if people take the time to research and post some good techniques that other people give them some respect and don't "have a go". So I ask that you give some basic respect to people wanting to share good techniques.

I am sure Mike wants this Forum to be a good place where good ideas are shared and everybody gains as a result, And also that posts are made respectfully , because if this does not happen, then (as you say) nobody will post anything good and everybody losses..........

Thanks

Steve Griffiths
MTPredictor developer

no matter what you call it . how do you trade it with out back testing over multi markets and time frames. just dive in an trade it until you double your account or go bust. its not easy to lose 5 to 10 trades in a row with out some thing to lean on.

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  #27 (permalink)
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Hi Forgiven,

I know what you mean, so perhaps a little personal background about my own journey would help. This is all from way before MTPredictor was even thought of.

When I first started in 1987 I did not have a clue, so I relied totally on my Broker calling me up and suggesting trades. As you may imagine, this did not go well. So, from this I learned not to trust anybody but myself.

I then purchased a system, but I failed to follow it correctly and again, this did not go well. From this I learned that Trading is hard and needed a lot of work.

I then decided to research lots of different systems and approaches that were available at the time (that were available in the late 1980’s), and eventually settled on a combination of several approaches. But having been stung before I took my time to thoroughly learn the systems. I then spent the next 6 months Paper Trading, in fact I drew all my Charts by hand on Graph Paper with a Pencil to make sure I fully understood what I was doing and through this developed faith in the approach I was using.

All this Journey took time, just over 3 years. But this was the easy part, because then starting again (after been stung twice before) added a whole new set of pressures, but this is a topic for another day.

So, my advice is to trust nobody, especially vendors selling systems. Do your own Research to see whether the systems (and this applies to any system or approach) is based on sound principles and (this is important) fits in with your own personal trading style (which will be different for different people). Then take the time to thoroughly learn the system. Then start paper trading, do this until you are profitable in a Sim account (this is “forward testing”). Then (and only then) consider risking real money. Perhaps start small, with just a small account, to get used to the psychology of risking real money. The problem most new amateurs face is that all of this takes time, effort and money, most of which small amateur traders do not have. Trading is a business, so it must be treated as such.

I hope this helps ?

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  #28 (permalink)
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I'm Confused, So Don't Trust You, Correct?

I went through this whole thread with an open mind. I get that "Holy Grail" was certainly one of the poorest phrases to refer to a trading system. However, many will tell you that inciting negative response still drives traffic and potential new customers. So perhaps it worked anyway.

I've noticed some outright "you must be a fraud because of the statements," to "this just works, grab your unicorn, let's go." All typical in a forum. Reader beware.

There is a ton of awesome content, advice, and wisdom on this forum (not mine, just saying).

Personally, the previous post, for me, conjures images of fables based on trigger points many young, struggling traders can relate to. Of course, someone starts trading somewhere and fails multiple times, usually blowing out one or two accounts. Then they either study a mysterious mentor or struggle to learn "everything" over 2-5 years until they find the perfect system.

My advice based on what I've read so far is, Run away with brave Sir Robin. Unless, of course, the product also calculates the airspeed velocity of an unladen swallow.

I'm open and I've bought plenty. I developed countless systems that create enormous profit only to erase it in one day. I've grown to believe this is not the Tales of King Arthur but rather Moby Dick. The Market is like Mother Nature. She helps us build amazing results, but can relentlessly rip it away.

Sorry for the rant. If the product works, prove it to me and I will buy it.

Thanks,
Darque

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  #29 (permalink)
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Holy Grail

I have been programming indicators for over 25 years, starting with SuperCharts and now with Tradestation. I've spent untold thousands of hours looking at charts and trying different approaches to find the "Holy Grail". I have decided that there is no such thing. What I have discovered is that all you need to do is find a market that you are comfortable with, find a timeframe that makes sense to you and then spend a LOT of time watching the market trade real-time. Eventually you will discover that understanding price action by watching it in real-time will help you get a feel for how the market moves. I do use a short term EMA to give me an idea of direction of the market and a short term ADX to give me an idea of the strength of the trend. That's all. Then I just watch the market and look for retracements in the trend and look for a place to get on. I firmly believe that trading is a very personal thing and you need to take the time to find what works for YOU. In my case it has taken over 20 years trading the futures markets to get to that point. It's was a tremendous amount of work and angst. But you just need to work through it all and at some point everything clicks. The you can start to enjoy the fruits of your labors so to speak.

Just my 2 cents worth.

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  #30 (permalink)
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Yep, I agree 100% with you, there is no substitute for time, and hard work to find a trading approach that works for the individual Trader, and this will be different for different Traders. This is what I was trying to say in my earlier post.

I think this problem here is that the name “Holy Grail” has got twisted and misrepresented over time in these threads. This was just a “nickname” we gave to this particular setup for our own Customers a while ago, because this particular setup had the potential to have Profits that were much larger than the losses, i.e. a good R/R. It was never a “holy grail” system or perfect Trading System, these do not exist. We now call this particular setup a [W3] which stands for Wave 3, because it is looking to trade the Wave 3 in an Elliott 1,2,3 Wave sequence.

So just to make it clear, there is no such thing as a “Holy Grail” System or approach to the markets that guarantees untold riches with little or no effort. Trading is a hard business, that takes time, effort and money to learn.

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