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YM Holy Grail Long Trade


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  #1 (permalink)
John L
Little Rock, AR
 
Posts: 3 since Mar 2012
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Here is a second attempt at a Holy Grail trade this morning. The first trade was stopped out for a small 1R loss. This second trade was well worth it with an 18 R/R.

This trade was from a 1 minute DP setup at the end of a 5 wave sequence which is not the typical ABC pattern for a Holy Grail trade. But it was the first correction to the first reversal off major support. The ES, YM, & NQ daily charts were either at a wave C wpt or in a wave 2 zone; all three 15 minute charts were in major DP's & 1 to 1 1/2 ATR zones; and wave price targets (ES: wave 5, YM: wave 3, NQ: wave C).

So although the trade setup was not a typical ABC pattern, the 3 minute charts did show an ABC pattern and with the multiple timeframe support, I decided to hold out for the wave 3 target (did a lot of praying before it got there though!).

Unfortunately I'm not allowed to post the image yet since I don't have 5 posts. Sorry.


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  #2 (permalink)
 
Chez's Avatar
 Chez 
Phoenix, AZ USA
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Brokers
Trading: NQ
Posts: 82 since Nov 2011
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Looks like we had another one going into the close today.

My times are phoenix so add 3 hours for ET.


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  #3 (permalink)
John L
Little Rock, AR
 
Posts: 3 since Mar 2012
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Thanks Received: 1


Good catch Chez! Unfortunately, I was away and missed it. I caught the move down which was a good trade. But not quite as good as the Holy Grail you got. Great trade!


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Last Updated on August 2, 2012


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