HOW-TO Use the new PB Trade Setup in the MTPredictor Scripts
In this How-To video, we take a look at how to use the new PB or Pullback Trade Setup in the MTPredictor Invite-only Scripts to uncover potential trade setups. As an example we take a look at a recent Chart of the Russell Index on a 3min Chart.
As you will see from the video, this setup is designed to catch a minor pullback against a previous strong trend. The idea is that it positions you to take advantage as the prior strong trend then resumes. The Target for the Trade is the Typical Wave C WPT (Wave Price Target). More experienced Traders can look to "run" their Trades further by using the ATRStop, if the Market trend is "Strong" (MTPTrend beyond its strength band) as the Market reaches its Target.
Not all Trades are profitable, that is why we use Position Sizing to keep the losses small (all trading approaches have losses).
Remember, MTPredictor is not a "Black Box" system, where all signals should be taken, we only suggest considering trade setups, when there is a clear picture on the Higher time frame charts, this is essential.
Please also remember, that no matter how clear the picture may seem, losses can and always will unfold when trading, that is why Stops are vital. Please keep your losses small, and then look to run your Profits. The aim is, over time, to have Profits that are larger than the losses, which does not mean a high % of winners, just that the winners are larger than the losses over time.
Lastly, please note: this is not a trade recommendation, you should all perform your own Analysis. Losses can and will unfold when Trading, please always use Stops and keep your losses small.
As you will see from the video, this setup is designed to catch a minor pullback against a previous strong trend. The idea is that it positions you to take advantage as the prior strong trend then resumes. The Target for the Trade is the Typical Wave C WPT (Wave Price Target). More experienced Traders can look to "run" their Trades further by using the ATRStop, if the Market trend is "Strong" (MTPTrend beyond its strength band) as the Market reaches its Target.
Not all Trades are profitable, that is why we use Position Sizing to keep the losses small (all trading approaches have losses).
Remember, MTPredictor is not a "Black Box" system, where all signals should be taken, we only suggest considering trade setups, when there is a clear picture on the Higher time frame charts, this is essential.
Please also remember, that no matter how clear the picture may seem, losses can and always will unfold when trading, that is why Stops are vital. Please keep your losses small, and then look to run your Profits. The aim is, over time, to have Profits that are larger than the losses, which does not mean a high % of winners, just that the winners are larger than the losses over time.
Lastly, please note: this is not a trade recommendation, you should all perform your own Analysis. Losses can and will unfold when Trading, please always use 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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