David's MTPredictor Journal

I am going to be posting trades using an elliot wave trading software. software. This is not meant to be a signal service it is simply meant to be a trade journal for myself to help improve my trading performance. I will be posting charts as soon as I can after a trade has been triggered and ill post a follow up chart on where i exited the trade. I will be placing trades in a demo account. The focus will be on proper position sizing and only taking trades that have at least a 2 to 1 or greater risk reward. I will only risk 2% of the demo account per trade. The types of set ups, trade management, etc. will become much clearer once i start posting some charts. The set ups are a General abc correction, Wave 2 with a minor abc correction, and a wave 4 with a minor abc correction. The time frames that i will be watching will mainly be daily, 4 hour, and 1 hour charts. Let me know if you have any questions.

GTA,

David

Entry on aud usd daily chart triggered. Entry is 1 tick above +spread and stop is 1 tick below.

Stopped out with aud usd on daily, -48 pips, -2% of account. Some users move there stops to break even at 100% risk line. So if trading by the playbook this would have been a break even trade. From my trading histiory, i have found that it is more profitable to give trades more room to hit there targets, so im willing to take loses like this. So my trade management is to basically either hit my target or stop.

A short with nzd jpy on the daily chart has been entered. entry 71.34. stop is 7245. Risking 2%.

I tried mtp and it doesn't work in forex, even the author doesn't use it to trade forex or stocks, he only uses it in futures on the 3 min and 5 min time frames,

u will get a lot and I mean a lot of false "abc" breakouts like the audusd one u just posted, using the high and low of a reversal bar as entry and stop just doesn't work

there is no clear and definite rules to trade an "abc" setup, if there are ones then the author should have created the software as a black box and let it trade automatically, but authors no longer sell black boxes since it will fail miserably

u can find one mtp user making money with it and a lot of others losing because the software itself doesn't have definite rules to trade the setups, the one making money isn't making it because of mtp but because of his good decisions on trading some setups, leaving other setups, knowing when to stop and when to take profits and .....

don't expect someone selling u a software worth $2000 to make u money, if it is that good then he wouldn't have sold it from the begining

daily chart for eur chf, entry triggered.

stopped out with eur chf, -2% of account. Still in short with nzd jpy. Looks like 3 more good set ups that are happenning for gbp usd, usd chf, and usd jpy, for tonight.

News triggered this long gbp usd, daily set up. Risking 2%

wow, stoploss of 180 pips !!!

aud usd triggered

Hi david
nice to meet you here and i would like to thank you for starting this proper journal.I follow your topic closely and i keep my eye on this.

thanks
kamyar

Your welcome Kamyar. Later today im going to post the current equity curve as well as a past performance equity curve on some research that i have done, this will hopefully give us a good idea on what to expect performance wise.

hi
nice idea.
i'm looking forward to your posts.
kamyar

Thought i would post a couple of equity charts. Starting equity is $50000 and i am risking 2% for every trade. This first chart is what i am hoping for as far as performance. Win rate between 30 and 40% and a win loss ratio of over 3 to 1. One of the cool things about mtp is that you can go back in history and look at all the trade set ups, good and bad (bad ones dont go away). I spent some time doing this with all the possible pairs and set ups on daily, 4 hour and 1 hour charts. I went bact to april 1st. Why only to april because that is as far back as my 1 hour chart data went. Now i did use some discretion and only looked at trades that had a nice symetrical shape to them and placed the exit using standard trade management. With 33 trades you can see the result. As you can see the win % is at 33% with a r to r of 3.3 to 1. This is exactly what i was and am expecting. This also agrees with other current mtp users who i have talked with, who have been using this software to trade forex obviously longer than i have. The next chart is my current equity curve, only 2 trades closed so far, both loses. Not a good looking curve so far. Im looking for my equity curve to look like the first one after a year of trading. Not by the end of this week or for that matter the end of next month. i'll try and post the current equity curve if it changes at the end of every week. Have a great weekend all.

GTA,

David

And here is the current equity curve with only 2 trades closed so far.

hi david nice stuff

here is a very nice sell setup.
first target:
1.9764 - 1.9826
Risk/Reward of: 11.1/1
let see what will happen
also i should point out that the direction of EAM20 in daily timeframe is up.

http://xs102.xs.to/xs102/06246/eurnzd_h4_sell_17jun.jpg

hi

here is another setup for nzdjpy but there are 2 points about this setup:
1-price does not hit the typ wave C(or the exact ab=cd)as u can see in the pic
2-in post #4 david has postet a sell setup for this pair.i personaly think there is more room for it to go lower.anyway here it is

http://xs302.xs.to/xs302/06246/nzdjpy_h4_buy_17jun.jpg

hi

here is another sell setup in weekly time frame
the sl is big but for a weekly setup it can be acceptable.
target1
95.40 - 96.18
risk/reward of :2.9/1
note:
as u can see the typ wave c(ab=cd)has not been hit yet, but there is a strong res. around 104.29 wich force us to trade this setup.
the weekly candle is closed so the order for this trade is set.

http://xs302.xs.to/xs302/06246/cadjpy_w_sell_17jun.jpg

Hi and welcome,

Is the softwear accurate so far?

Dave

Not quite sure what you mean by accurate so far? All of the charts that i have posted are the trades that i have taken. There have been more set ups, but i have not takened them. This is mainly due to the fact that the set up does not look very symetrical or the potential r to r is not good enough. My goal is to have a win % between 30 to 40 and an average r to r of over 3 to 1. Does that answer your question? Let me know.

David