On Thursday, the ES hit its MTPredictor daily wave 5 target and closed the day with a red sellers candle. The software also gave a Decision Point sell signal which triggered short on Friday. The target is the wave 4 DP which coincides with the daily 50pd ma.
The MTPredictor Weekly Dax DP short signal has also begun to get some follow through to the downside.
Although gold and silver have rallied, silver has not yet been able to take out a prior weekly swing high. Until this happens, $17.60 is still possible in the silver futures. If it can take out the prior weekly swing high, then we want to see higher lows put in. This would be a good indication that a new bull market may be underway in silver.
Finally, it is once again Fed week. The announcement on interest rates will come on Wed at 2PM ET so be on your toes as this can be a market mover.
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
A recent study showed that the majority of traders are taking small wins but have big losses. This scenario ensures that the equity curve will be going in the wrong direction over time. If you are struggling with this same issue, it may be time to try something new. How about doing the opposite of what most traders that are failing do.
This is exactly what MTPredictor can help you do – take small losses and have larger wins in relation to those losses. Check out how we do this in today’s MTPredictor trading webinar.
During today’s MTPredictor trading webinar, I showed how the software can help the new trader get on the right side of the market with low risk, high reward trade setups. I demonstrated these automatic setups in the DAX showing both winning and losing trades. The key is the winners are large and the losses are small.
Later, I took a look at several different markets to show how the more experienced trader can use the tools in the software to create their own setups based on their own analysis.
I also showed our new MTPredictor indicators for TradingView.com
Check it out in today’s MTPredictor trading webinar recording.
With the Dow hitting 17,000 and the ES approaching 2,000, clearly the risk of buying in now is very high but gold and silver are potentially forming bottoms where the upside potential may provide much better returns. They are two markets that are definitely worth looking at. While I have been buying physical silver in the MTPredictor weekly wave 4 DP support (below $20), I will be looking to add some related stocks as well.
Check out the rest of the analysis here in tonight’s MTPredictor Weekly Market Update
Did you ever want to know how to tell, with a high degree of accuracy, what type of trading day to expect – trend, oscillation or chop. Watch today’s MTPredictor trading webinar recording and I will show you a few simple observation you can make at the open that will give you heads up as to which market type to expect.