I did not post on Thur 1 mar...it was a tough day trading when profits could have been made
The reason for this post is to gather my thoughts and let others learn from my errors
Daily Trading Plan:
Looking for 15min DP Support to go long
Anticipate Auto Setups to the Long side
What I did:
1) Took a losing Inside Gap Fill trade to the short side
2) Took late trend trades for a loss
3) Late recognition of router problems required me to enact my "internet loss back-up plan"
See Attached Snap Shots
1) Stick with your game plan unless you have a good reason not to
2) If Ninja Trader is not working well it may be your data feed
3) I usually like to track my trades on the TIC charts - and noticed that there wasn't a lot of trading going on
Turned out I had a router problem and was missing data.
4) Honestly I totally missed the 5-wave down sequence...this should have been in my daily game plan! (See follow-on post Part2)
Important Recommendation: If you do not have a back up plan for when your data feed/ internet connection goes bad you better not trade until you do.
I have an emergency phone number to my broker's trading desk posted on my computer monitor for just this scenario
Last edited by Razor; March 5th, 2012 at 12:45 AM.
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I have been looking at different time-frames in an attempt to identify the time-frame that best unfolds in "Good" Elliot Wave patterns.
The thought process is as previously noted: that if the market appears to be unfolding with "Good" EW sequences then I can better use the tools in MTPredictor to forecast / trade off
Here is a snapshot of an example of a 2 min versus 3min TF06-12 Time-frame comparison
The 3min Typical Wave-3 WPT (Wave-Price-target) nailed the Pivot
The 2min End of Wave-5 trade DP target of the wave-4 pivot predicted a good pull-back WPT level
Trading is about maximizing the Risk/Reward (IE larger wins and controlled risk losses) per trade and therefore you should not take every trade that comes down the pike but aim towards the one's with the highest R/R
In terms of Elliot Wave that would be trading off the end of Wave-2 to catch the "largest" potential impulsive Wave-3
I would like to be able to Back or Forward test the "End of Wave-5" trades to get an average R/R
The big question is over time are you better off just trading the Wave-3 or can the End of Wave-5 be just as profitable or even more profitable.
A member of the weekly (M-W-F) MTPredictor Trading Webinars ...I believe trades primarily the "Holy-Grail Wave-3"trade
The return has been an average R/R of 4.8 !!