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Motorway interesting post.I recently read a old-ish blog by Jack o'Clubs, concerning his experience using MTPredictor following the 3 trade setups ... TS1, TS2 and TS3.http://www.trade2win.com/boards/blogs/viewblog.php?userid=42821My understanding of his conclusion , is that he had more success with the TS2 trade setup. Although this is only from 3 months of paper trading.From MTPredictor website,"A TS2 trade set-up is where the ABC correction forms as a correction when the main trend is already well established and has already had an earlier correction. In Elliott wave terms, this is a Wave 4 correction."The TS2 setup reminds me a little of the Type-1 BUY setup in Advanced get. That is in both cases we are entering based on the existence of an established trend. EW has been used as a trend identifier.This in essence is trend following, although in this case, we may be wishing to utilise this momentum for a short or medium term gain.Chick Goslin, in Trading Day by Day, makes an interesting set of 3 laws of trading, where the 2nd is "continuation is more likely than change".The MT Predictor guys also place alot of emphasis on money management and position sizing along with their scans, particularly reward risk ... we then have a few different things in play here which could further contribute to success.
Motorway interesting post.
I recently read a old-ish blog by Jack o'Clubs, concerning his experience using MTPredictor following the 3 trade setups ... TS1, TS2 and TS3.
http://www.trade2win.com/boards/blogs/viewblog.php?userid=42821
My understanding of his conclusion , is that he had more success with the TS2 trade setup. Although this is only from 3 months of paper trading.
From MTPredictor website,
"A TS2 trade set-up is where the ABC correction forms as a correction when the main trend is already well established and has already had an earlier correction. In Elliott wave terms, this is a Wave 4 correction."
The TS2 setup reminds me a little of the Type-1 BUY setup in Advanced get.
That is in both cases we are entering based on the existence of an established trend. EW has been used as a trend identifier.
This in essence is trend following, although in this case, we may be wishing to utilise this momentum for a short or medium term gain.
Chick Goslin, in Trading Day by Day, makes an interesting set of 3 laws of trading, where the 2nd is "continuation is more likely than change".
The MT Predictor guys also place alot of emphasis on money management and position sizing along with their scans, particularly reward risk ... we then have a few different things in play here which could further contribute to success.
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