Another Question
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This is the M5 chart of the same picture above
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If there is a 3 up on m5 and then a 4 down, the only wave it could be is C down on m5 so yes it may be a 3 down on m1 but would we be looking for a 5 down on m1? I.e. would we be looking for a setup 1 short on m1?
As per setup 1 rules and ewave analysis it was setting up for a setup 1 short on m1. But using the M5 "knowledge" we could easily tell that the market was showing a different story. That is why we always trade Current Time frame in conjunction with 5XHTF.
Here, at this situation for now, the chances of a 5 down are slim on m1 because chances of 5 Up on M5 are high. 4 has come down and touched purple on m5.
C is the end of abc pattern of wave 4 . So M5 is suggesting more LONGS may be on its way. why? possibly a wave 5 up on m5.
As per setup 1 rules and ewave analysis it was setting up for a setup 1 short on m1. But using the M5 "knowledge" we could easily tell that the market was showing a different story. That is why we always trade Current Time frame in conjunction with 5XHTF.
Here, at this situation for now, the chances of a 5 down are slim on m1 because chances of 5 Up on M5 are high. 4 has come down and touched purple on m5.
C is the end of abc pattern of wave 4 . So M5 is suggesting more LONGS may be on its way. why? possibly a wave 5 up on m5.
