During today’s MTPredictor trading webinar, I showed how the software can help they new or struggling trader by providing low risk/high reward trade setups. These automatic setups help correct the pattern that most traders are in of taking a lot of small wins and just a few big losses that wipe out all of their gains. Now, they will reverse that equation by taking small risks in exchange for larger rewards.
Later, I showed how using the additional tools in the software, the more experienced trader can create their own setups based on their own analysis. The software will also help them control their risk and provide targets which will allow them to take larger rewards.
Check it out in today’s webinar recording.
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Last week, the ES found support in the MTPredictor daily DP support level. We saw a high volume spike on Wednesday in this support level with higher lows on Thursday and Friday. Wednesday’s high was exceeded so we should get back to 1900 +. We’ll have to see if they can take out last weeks high, in which case, I would expect more upside. On the other end, we have a lot of room to drop if that daily DP gives way.
The US dollar reached its monthly DP resistance. This is a very important area. If if holds as resistance, then expect more upside for the soft commodities and metals. If the dollar takes out its resistance, then I anticipate that it will go wave 3 up.
Check out the rest of the analysis using the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex.
After covering the basics of the MTPredictor software including the automatic trade setups which provide the trader with low risk/high reward trades, I talked about how one can use the software to gain a better context of the market. I used the difference between trading the ES yesterday vs. today. How could one anticipate a downtrend type of morning yesterday vs. an early move higher today.
Check it out in today’s MTPredictor trading webinar.
The US dollar is still in the driver’s seat as its recent strength has effected so many of the other markets. It has hit a major monthly resistance level. This is an important level. If it holds as resistance and the dollar begins to correct, then we should form bottoms in oil, many of the soft commodities and the metals.
The Fed, in its minutes, expressed some concern over the strength of the dollar. It will want to keep the dollar under control to defend against deflation. They are concerned that economies around the world are deflating and they don’t want it spreading here in the US. Keep an eye on this situation.
The ES broke the MTPredictor decision point support level on Friday. I expect we will get some more selling down to the next DP support level before we see buying begin to step in.
Check out the rest of the analysis in tonight’s MTPredictor Weekly Market Update.
During today’s MTPredictor trading webinar I showed how the software finds low risk, high reward trade setups in all markets and time frames. The software provides the entry, stop, initial target and correct position size for every trade. It also let’s the trader know when to pass on the initial target and instead, begin trailing with a trailing stop in order to capture more profit.
Later, I showed how the more advanced trader can use the tools in the software to create their own low risk, high reward setups. I looked at the patterns that formed in the eminis yesterday that led to the tendency for a correction.
Check it out in today’s recording of the MTPredictor Trading Webinar.