Hi Everybody,
Yes, the 5min NQ that I looked at in the Standard Blog had the backing of the STF, But I always like to see a nice “pattern” and the abc correction on the NQ was a littler “flat and choppy” for my liking. As you all know, my favourite trade (I call the holy grail), is when we get an “initial” correction off an “initial” move off an “important” high or low. So for this I like to see a nice “pattern”. For me the 5min YM had a batter looking “pattern” than the NQ so was the better play for the Typical Wave 3 target. In particular the way we had good support at the initial low (15min support, not shown), and the abc was more of a “correction” to the initial rally, rather than just a drift sideways as in the NQ.
As you can see, this indeed worked out with the 5min YM reaching the Typical; Wave 3 WPT perfectly for a lovely +8.7R Profit (ignoring slippage and commission).
What I also liked about this trade was the way the rally off the TS3 buy unfolded in 5-waves, giving yet more confirmation to hold the trade into the targets.
Again, all this gets easier with experience and knowing what to look for, but as I keep on showing this is why I call this trade the “Holy Grail” and is the one I look out for all the time.............
Thanks, Steve
Yes, the 5min NQ that I looked at in the Standard Blog had the backing of the STF, But I always like to see a nice “pattern” and the abc correction on the NQ was a littler “flat and choppy” for my liking. As you all know, my favourite trade (I call the holy grail), is when we get an “initial” correction off an “initial” move off an “important” high or low. So for this I like to see a nice “pattern”. For me the 5min YM had a batter looking “pattern” than the NQ so was the better play for the Typical Wave 3 target. In particular the way we had good support at the initial low (15min support, not shown), and the abc was more of a “correction” to the initial rally, rather than just a drift sideways as in the NQ.
As you can see, this indeed worked out with the 5min YM reaching the Typical; Wave 3 WPT perfectly for a lovely +8.7R Profit (ignoring slippage and commission).
What I also liked about this trade was the way the rally off the TS3 buy unfolded in 5-waves, giving yet more confirmation to hold the trade into the targets.
Again, all this gets easier with experience and knowing what to look for, but as I keep on showing this is why I call this trade the “Holy Grail” and is the one I look out for all the time.............
Thanks, Steve
