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Mtpredictor

HOW-TO Use the new PB Trade Setup in the MTPredictor ScriptsIn 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.
CME_MINI:RTYZ2023Education
by MTPredictor
HOW-TO cope with Elliott Wave patterns that failIn this "How-To" help video, we take a look at How Elliott Wave patterns often fail half-way through.  If any of you have followed Elliott Wave analysis for any length of time, you will very likely have been frustrated when what looked like to be a perfect Elliott Wave pattern then failed and did not do what it should have done. This then makes analysis very difficult and frustrating. Here at MTPredictor, one approach we take is to assume that Markets are random about 50% of the time, so this means that any Elliott Wave pattern always has the potential to fail at any point. It also means that half the time, there are no clear Elliott Wave patterns present on the Chart either. So we decided to accept this, but then to only work with the 50% of the time when the market pattern was clear. And then only look for particular setups, within that clear period. Please take a look at the video, we were take a look at a recent example on the 15min NQ. And look for setups on the shorter time frame (3min in this example), when, "and only when" the larger degree (15min) picture was clear. I hope this "How-To" video tutorial has been helpful and shown one approach, that we take here at MTPredictor, to help cope with the uncertainties of Elliott Wave Analysis and failing Elliott Wave patterns. Please understand that this is just the approach we take here at MTPredictor and have done for the last 20 years since MTPredictor was launched in 2001. So please feel free to disagree with our approach, we are just presenting here here as what we do and we understand that this is not the only approach and other people will always have different ideas or different ways of approaching this. 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.
CME_MINI:NQZ2021Education
by MTPredictor
HOW-TO: Losses can and will always unfold in TradingIn this help Tutorial, I would like to take a look at losing trades, as show you that losses can and will unfold, no matter what Trading approach you take. In the video we take a look at a losing trade on the 3min NQ. I know that 3min is shorter time frame than we usually look at in TradingView, but it illustrates the example well. As you will see, losses will always unfold when Trading that is why it is important to keep them small. One technique to achieve this is the use of Position Sizing. This varies the number of Lots / Contracts / Shares you take to keep your initial risk small and (more importantly), constant across all your setups. For Futures we suggest a maximum of 2% of your Trading Account size. Over time, your aim should be then to have Profits that are much larger than your losses. That is why we always look at Risk (or R) units for loses and Profits. In this way your Profits can be large in relation to your losses. It is so important to understand, and accept, that no matter what trading approach you take in your own trading, that losses can and will occur. That is why it is vital to keep those inevitable losses small, and Position Sizing is one method to achieve that.
CME_MINI:NQU2021Education
by MTPredictor
1
HOW-TO: Use multi time frame Analysis with the MTP ScriptsIn this How-To video, we take a look at how to use a Multi time frame approach when using the MTPredictor Script. As an example we take a look at a recent Chart of BTCUSD on 15min / 1hr Charts  As you will see from the video, the idea is that we look to only trade on the "Shorter time frame", when we get a clear picture, using reversals at our MTPredictor Decision Point DP) levels on the higher time frame charts. At other times, we deem that the market is in a Random picture and as such the picture is not clear, therefore no Analysis should be attempted. 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, as shown in this example. 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. Size does really matter in this case. 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.
COINBASE:BTCUSDEducation
by MTPredictor
HOW-TO: Use the MTP WPT Script to project Elliott Wave TargetsIn this "How To" video, we take a look at how to use the MTPredictor WPT (Wave Price Targets) Script to project, in advance, possible areas where a manual Elliott Wave count is likely to end. First, you must have your own idea of an Elliott Wave count that you you wish to use on the chart in question. (How to perform manual Elliott Wave counts is not covered in this help video). Next, you tell the Script which Elliott Wave you would like to project the end of; then you tell the Script which pivots to use for your own manual Elliott Wave count. The Script then places coloured zones on the chart for the areas where the next anticipated Elliott Wave swing is likely to end. The coloured zones (or Wave Price targets as we call them) are clusters of the relevant Fib ratios from the previous swings. The scripts knows which ratios to use for which swings and then does the calculation to cluster the relevant price levels together for you in easy to see coloured zones. The Scripts can project the WPT zones for the possible end of Waves, 2, 3, 4, 5 and C. 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.
COINBASE:BTCUSDEducation
by MTPredictor
2
HOW-TO: What happens after a completed Elliott 5 Wave sequenceIn this "How To" video, we take a look at typically what happens after a completed Elliott 5 Wave sequence, using the MTP Elliott Wave Script. First, we must stress that finding the end of an Elliott Wave 5 sequence is inherently dangerous, because a Wave 5 is the "end of a trend", so very often overruns. So, the only time we would ever consider trying to pick the end of a Wave 5 is when there are other reasons for a possible trend reversal, for example higher time frame support / resistance. This is what we demonstrated in this example, where the market was also at Daily (higher time frame) Decision Point (using the MTP DP Script), resistance. There was also divergence in the MTP Trend oscillator (not shown specifically in the video), thus showing weakness was entering the market. As such, this should really only be used by the more experienced Advanced Traders, who have more experience with Analysing the markets. Remember, no matter how good a setup "may" look at the time, markets can, and will, go in the opposite direction, so losses can and will unfold. That is why is is vital that Stops are in the market and any inevitable losses are kept small. Having sad that, once the Wave 5 is complete (and this is the purpose of this "How-To" Video), the market then tends to retrace to the Decision Point (using the MTP DP Script), from the prior Wave 4 swing. I.e., this is the "initial target" following the completion of the Wave 5 Swing. Then, "if" the initial DP is exceed (as in this example), the next target would then be the Decision Point (using the MTP DP Script), from the start of the 5 wave sequence. I.e. the market then retraces the whole of the prior 5 wave sequence. I hope this has been helpful, and shown how the more experienced Traders among you could develop your own trade setup in and around this. For example, trading off the MTP coloured reversal bar (using the MTP Analysis Script), at the Wave 5 high (which is also at higher time frame DP), with an "initial target" of the DP from the prior Wave 4. We have not shown this in this video as we wanted to keep things simple and just show the "typical" tendency of what happens after a completed 5 wave sequence. 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.
Education
by MTPredictor
1
HOW-TO Multi Time Frame analysis with the MTP ScriptsIn this "How To" video, we take a look at how to use multi time frame analysis with the MTP Scripts to uncover possible trade setups. We realize that using 15/3 min is usually a shorter time frame than most posts on TradingView, but we wanted to show that TradingView can be used on shorter time frame charts, so we are including this example on the YM. As you can see from the video, the idea is that you use the higher time frame to project your DP (MTP Decision Point) zones onto your chart. These can be placed on the chart in advance. Then when (if) the Market makes a reversal at these levels, then we deem that the Picture is clear, and that determines the larger degree trend. We then go to the shorter time frame to then look for setups that fall in this larger degree trend direction. Please remember that markets will be random (not in a clear pattern) just over 50% of the time, so the idea is that you only work with markets that are making reversals at the anticipated zones, ie only when the picture is clear. Once on the shorter time frame you look for clear trade setups in the new trend direction. As shown in the video, even when the picture is clear looses can and will unfold, that is why it is important to use Position Sizing to keep the losses small when they unfold. I hope this video has been helpful to show how to use multi time frame analysis to uncover possible trade setups. 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. PS, if any of you eagle eyed viewers spotted that one of the green "MTP history triangles" disappeared later in the video, and that worried you, it was just because I had "hidden" the standard MTP trade setups script in the video to show the MTP Advanced trade setup more clearly.
CBOT_MINI:YMM2021Education
by MTPredictor
HOW-TO A look at loses with the MTP History TrianglesIn this help Tutorial, I would like to take a look at losing trades, with a review of our "History Triangles", that are part of the MTPredictor trade (and advanced) trade Setups. Our History Tringles are the small green triangles that are placed on the chart when a valid MTP trade setup is filled on the next bar, then stopped out as the market moves in the same direction without making a new swing Pivot. As shown in the video, you can go back in time by using the Bar Replay feature to then take a look at what happened at the point of the History Triangle. We understand that using a 3min Chart is a shorter time frame that is usually used on TradingView, but this was a good example to show how, once the Chart has been rolled back (using Bar Replay), the MTP Analysis could then have been placed on the MTP trade setup to then show what happened as the market moved forward. As you can see, this would have resulted in a new short trade that was stopped out for a loss. Please note that not all History Triangles are losses, as the market could make a double top/bottom, which would print a History Triangle on the chart without the trade having been stopped out. I hope this video has helped to understand what our History Triangles are and how to use them to view what could have been a losing trade at the time. It is so important to understand, and accept, that no matter what trading approach you take in your own trading, that losses can and will occur. That is why it is vital to keep those inevitable losses small, and Position Sizing is one method to achieve that. I will have to do another Tutorial on Position Sizing soon for you all :)
CBOT_MINI:YMH2021Education
by MTPredictor
HOW-TO What to look for in the MTP Volume (VS) Trade SetupIn this help Tutorial, we take a look at using the VS or Volume Spike trade setup in the MTPredictor Advanced trade setups script. The Volume Spike or VS setup is designed to find a "fake out" when the market fails to follow though on the break of an important prior swing high or low. The idea is that professional traders look to accumulate a position in the opposite direction to the amateur traders who then get caught as the market moves sharply in the opposite direction. The MTP Decision (DP) script is used to find the level at which the reversal often occurs. Position Sizing is used to keep the losses (and there will always be losing trades) small at -1R (one risk unit), when compared to the potential profit at the target. The profit target for the trade setup is the MTP Decision Point (DP) level from the prior swing pivot. The entry trigger is the MTP coloured reversal bar (available in the MTP Analysis script), blue for a potential buy, red for a potential sell. The VS setup should unfold when the market "fails to follow though" to new highs or lows, after a break of a "prior important high or low", and not from a prior minor swing in the same direction. Ideally this should unfold when the MTP Trend colour is in agreement, ie Grey, to show that the larger degree trend is in the process of making a reversal. 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.
Education
by MTPredictor
HOW-TO Catch the Elliott Wave 3 swingIn this help Tutorial, we take a look at using the MTPredictor Advanced trade setups script to catch the Elliott Wave 3 swing. To catch the Elliott Wave 3 swing, we need to be able to identify the end of the Wave 2 swing. In Elliott Wave Terms, the Wave 2 is the initial correction after the initial swing off an important high or low . The Wave 2 also normally sub divides into a minor 3 swing (abc) pattern. In MTPredictor we use our isolation approach to Elliott Wave Analysis, because we believe that markets are random about 50% of the time, so we only look to use Elliott Wave when the patterns are clear. And for this we look to start our Elliott Wave sequence at higher time frame Decision Pont (DP) support or resistance. We then look for the initial move from this important high or low. After that we then look for the initial correction, to the initial move, that subdivides into a minor 3 swing, abc pattern. This is then the end of the Elliott Wave 2, and as such is a good place to look to enter a new Trade. We then look for a Wave 3 swing to unfold. As a Profit target for this swing we use our MTPredictor WPT (Wave Price Target) zones, which are Fib Clusters, of where the Wave 3 is most likely to end. Please remember that losses can and will always unfold, that is why we suggest using Position Sizing to enter the Trade, this keeps the inevitable losses (there will be losses with any trading approach) small at just -1R. Because the Wave 3 swing is usually the strongest and longest in a completed 5 wave sequence the Profit at the Typical Wave 3 WPT zone is usually large, not in just $’s but (more importantly) in Risk/Reward units. I hope this Tutorial has helped show our approach and what to look for to uncover the end of the Elliott Wave 2 swing, to then be able to capture the Elliott Wave 3 swing. 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.
Education
by MTPredictor
HOW-TO If you get two MTP Setups on the same BarIn 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.
Education
by MTPredictor
HOW-TO Use the MTPredictor Trade setups with a Forex exampleIn this help video, we would like to take a look at how to use the MTP Trade Setups, with a current FOREX example on the EUR/CAD. As you can see in the video, MTPredictor is not a "Black Box" system to be traded 100% mechanically. We do not do this because we view the Markets as being random (without any clear pattern) about 50% of the time. To decide when the picture is clear, we look to the Market making a clear reversal at "higher time frame" DP support/resistance, This was on the Daily time frame in the video. The EUR/CAD then reversed at the Daily DP resistance which set the larger degree tend to down, and as such signalled that short trades should be considered. In the video we then added the Analysis to the current TS4 sell setup. As this setup has not currently reached its first projected Profit target we can come back to this later and see how it unfolded. 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.
Education
by MTPredictor
HOW-TO Losses can and will unfoldIn this video, we take a look at losses. Losses, or losing trades are important, because every trading system will have losses. I just think it is important that vendors talk about losses to make it clear to everybody that no matter how good a system looks or appears to be, it will have losing trades. In the video we take a look at our "History Triangles" (which are the small green triangles on the chart), these show trade setups that would have been printed on the chart at the time, and would have been filed on the next bar, but would have been recalculated if the market moves through the setup without enough Bars having unfolded to create a new swing Pivot . These are not always losing trades, as they can also appear at double tops/bottom (where the stop level would not have been breached), but are usually losses. Position Sizing is used to keep these losses small, at just -1R, or 1 risk unit. I hope you all enjoyed this video, as it is an important reminder, that all systems have losses and it is important that vendors talk about losses in their posts.
Education
by MTPredictor
1
HOW-TO Choose the Pivots to select for your MTP Decision PointsIn this How-To video, we show you how to choose which Pivots to use when placing your MTP (MTPredictor) Decision Points (DP's) on your Chart. The basic guidelines are, first choose the "last swing" into the previous high or low. Then, if that DP is exceeded, then choose the "previous major swing high or low." If the market is making new highs or lows, then choose the "last swing high or low in the same direction". Please do not choose every previous swing Pivots as this will result in support/resistance levels all over your chart, and as such will become meaningless. If the Market makes two consecutive closes beyond the DP level, then the level is considered to have failed and the market trend is then assumed to continue in the original direction. I hope you have found this helpful.
Education
by MTPredictor
HOW-TO Use the MTPredictor Trade SetupsIn this "How-To" video we take a look at how to use the MTPredictor Trade (and Advanced Trade) setups. As you will see in the video, MTPredictor is not a "black box" system where you look to trade all of the setups. This is because we consider that Markets are random about 50% of the time. We look to use our MTP Decision Point (DP) tool on the higher time frame Chart ( a time frame that is 3-5 times higher than the time frame you are trading off) to then project "in advance" areas of support/resistance. Then, "If" the Markets makes a reversal at this DP level, we then consider that the picture is clear. This then defines the larger degree trend and as such which direction (Longs or shorts) of trade setups to consider. The Trader can then place the Analysis on the Trade setups that gives guidance as to the number of Contracts/lots/shares to trade, this is calculated using Position Sizing. The idea is that this keeps the losses (and there will always be losses) small relative to the Profits over time. Please remember that losses can and will unfold when Trading.
CBOT_MINI:YMH2021Education
by MTPredictor