Euro / Canadian DollarEducation
HOW-TO If you get two MTP Setups on the same Bar
In this help Tutorial, I would like to cover what to do if you get two different MTPredictor Trade Setups on the same Bar.
As explained in the video, this can arise sometime because we have two Scripts, one containing our Standard MTP Trade setups, the other containing our Advanced MTP Trade Setups. We have had to code two Scripts to overcome Pine Coding limits.
In the video, I cover 3 possible trade management strategies, based on how experienced or aggressive a Trader you are. Every Trader is different, and will have a different Trading Plan that is individual to them.
The first strategy is for the more conservative, or risk adverse, Trader who may look to consider the neatest Profit Target to look to come out of the market earlier. The second, more aggressive, Trader may wish to look to use a further out Target of the Wave 3 swing as calculated in the MTP Advanced Trade setup Script. The last option is to use the Higher Time Frame Chart, which in this case would be the Daily DP support zone.
As you can see, there is no "one size fits all" in Trading, we are all different and have different levels of experience as well as different risk profiles. As such, it is important that we develop our own, and unique, Trading Plan that fits us, only then can we apply it time and time again in the markets.
I hope this video has helped and given some guidance as to how to handle the situation if you get two different MTPredictor Trade Setups on the same Bar.
Please note: this is not a trade recommendation, you should all perform your own Analysis. Losses can and will unfold when Trading, please always uses Stops and keep your losses small.
As explained in the video, this can arise sometime because we have two Scripts, one containing our Standard MTP Trade setups, the other containing our Advanced MTP Trade Setups. We have had to code two Scripts to overcome Pine Coding limits.
In the video, I cover 3 possible trade management strategies, based on how experienced or aggressive a Trader you are. Every Trader is different, and will have a different Trading Plan that is individual to them.
The first strategy is for the more conservative, or risk adverse, Trader who may look to consider the neatest Profit Target to look to come out of the market earlier. The second, more aggressive, Trader may wish to look to use a further out Target of the Wave 3 swing as calculated in the MTP Advanced Trade setup Script. The last option is to use the Higher Time Frame Chart, which in this case would be the Daily DP support zone.
As you can see, there is no "one size fits all" in Trading, we are all different and have different levels of experience as well as different risk profiles. As such, it is important that we develop our own, and unique, Trading Plan that fits us, only then can we apply it time and time again in the markets.
I hope this video has helped and given some guidance as to how to handle the situation if you get two different MTPredictor Trade Setups on the same Bar.
Please note: this is not a trade recommendation, you should all perform your own Analysis. Losses can and will unfold when Trading, please always uses Stops and keep your losses small.
MTPredictor Professional Trading Software: mtpredictor.com
Trading View Scripts: mtpredictor.com/tradingview
Help Videos: mtpredictor.com/tradingviewhelp/
Trading View Scripts: mtpredictor.com/tradingview
Help Videos: mtpredictor.com/tradingviewhelp/
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