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NQ - 3m TS4 Long to play the 15m Wave 4 into Wave 5
I just exited this trade for +3.6R on the NQ. The idea was to play the 3m TS4 long as the 15m Wave 4 into Wave 5, coinciding with the 15m DP which worked perfectly in completing a really clear 5 wave pattern on the 15m NQ. We'll see where it goes from here. I would like to expect that it would pause and take a breather and at least correct, but it sure is starting to feel like 1999 all over again!
I apologize that the chart is a bit cluttered with my analysis...
Can you help answer these questions from other members on NexusFi?
Here is the 15m chart to add to the last trade showing the analysis on the 15m chart. This is a good example of trading with confidence when the pattern is clear. According to the "rules", the NQ is selling off at the moment at the Wave 5 high coinciding with the DP.
However, this time around, I wasn't feeling all that bold about shorting it after just coming off of a decent winner. Would prefer to see the initial correction off of the first reaction down for a potential "holy grail" short trade...
With the strength in the NQ, a short is a tough proposition, but that is where risk control is paramount so that the potential reward is very large....
Here's how I would begin to look in advance for a potential Holy grail setup. The area is a little tight and the NQ is pretty ferocious lately, so I'm a bit cautious should a setup happen. Plus, I don't have confluence in other markets, which I like to see personally.
As the market is unfolding, note that the decline has unfolded as an ABC pattern, which is a potential warning against looking short. At best, things are a bit unclear at the moment with conflicting informaiton, not at all uncommon in real world trading. The way things have been, I should not be at all surprised should the market go either way at this juncture.
Yes, I am still using MTPredictor. In addition to standard price action, volume, and some more advanced fibonacci and market structure analysis, it is the only software I use for looking at markets to gauge sentiment and/or identify tradeable opportunities.
Of the large number of tools and software purchases I have personally made over the years with respect to trading, I can count on one hand the number I either a.) don't regret buying and b.) still use, and MTPredictor is right up there.
Thanks for the reply. I like you have bought more software than I would like to mention. I most likely will trial their software for the 2 weeks they offer to get a taste of it. Again thanks for replying
I have another quick question. I heard that you can't have an other charts open besides the one with the MTPredictor on it. Is this true? I don't see why it would. Thanks
