DislikedHi Loveevery1,
This method looks really interesting and I will definitely try it out.
I have two questions.
What happens if at London Open price is above the 200eMA and is also above the 10eMA, do you instantly go long? Or do you have to wait for the price to go below the 10eMA and then close above again?
Secondly what happens if at London Open the price is above the 200eMA (so we are looking for long positions only) but throughout the period until 2hours after NY open it falls below the 200eMA? Does this cancel the trade for the day,...Ignored
The first thing we need to find is some sort of trend, once we find that trend what we look for is a correction.
How do we know the corrective move isn't going to become a new trend?
I look for an inside or engulfing candle back in the direction of the trend, if this comes at some sort of support, resistance or RN all the better.
I then enter a trade with the trend on a break of the set up candle.
It's having the patience to wait for these events that becomes hard, if the market is ranging wait for a clear break out and then look for that FIRST corrective move along with the set up to get back with the trend.
Hope this helps a little.
Regards
Steve