Does your current trading system control your risk and maximize your profit without using lagging indicators or desperate optimization?
Finding support and resistance can be a challenge without the right tools. Knowing when support should act as support and resistance should act as resistance and when you should expect those levels to fail is also a challenge for most traders.
With the MTPredictor trading software, you now have the tools to easily map out support and resistance and know when these levels are in force and when the market may go through these levels.
You also will have the tools to set up your own low risk, high reward trades based on these levels. See how this all works together to give you good probability, low risk, high reward setups in today’s MTPredictor trading webinar.
MTPredictor runner up 2011 Readers' Choice Award for best futures trading system.
-Read the MTPredictor article "95% of Traders are Insane!" in the August 2012 issue
Watch today’s MTPredictor Professional Trading Software webinar recording and find out how you too can trade like a pro by taking low risk, high reward trades. The software provides trade setups for the new trader and for the more experienced trader, the software provides a number of tools and leading indicators.
Weeks ago I pointed out that the big rally in the US dollar may come to an end once it reached the MTPredictor monthly decision point resistance level. This proved to be the recent top in the dollar which fell from this level before correcting into a wave 2 resistance level where the MTPredictor software generated an automatic TS3 sell signal. I said at the time that I was looking beyond the minimum wave c target for this trade and instead felt the dollar would head into a wave 3 down. This is in progress now.
This sell off in the Dollar has allowed gold to close back above the critical 1200 level. Gold is still a long way from taking out its prior weekly swing high, something it has not been able to do in the last couple of years. If the dollar heads down to wave 3 then gold should attempt to break that prior weekly swing high which would begin to change the picture for gold from bearish to bullish. Stay tuned.
After rallying into options expiration, which is the tendency for stocks, we saw selling coming in on Friday in a potential daily wave 2 resistance area in the Dow. This will be a significant area of resistance and if it holds, we may see stocks fall into a wave 3 down. There is the potential for this scenario because we are coming off the weekly DP resistance area where the Dow made a new all-time high but the Dow Transports failed to confirm the new highs in stocks. This will be one to watch in the coming weeks.
Get the rest of the analysis in tonight’s MTPredictor Weekly Market Update.
During today’s MTPredictor trading webinar, I focused on the outside gap trade setups in the eminis. This is a bread and butter trade setup that will put you on the right side of the market.
I also covered the software generated setups and how the new trader can trade them.