EURNZD M5 PASR Trend Trading
You did good AND made some profit!
Here is a quick overview of what my thought process would be ""if"" I opened up my M5 EURNZD chart 30 minutes before London Open.
After NY CLOSE, PRICE had DOWNWARD MOMENTUM. PRICE then went into SIDEWAYS CONSOLIDATION so I think that must be Corrective Wave 4 and the wave before it must have been Impulse Wave 3. I am not an EW expert, I don't believe anyone is, but when I SEE that Wave Pattern I am on alert to expect another Impulse Wave down.
I add my support lines in SILVER (I don't want bold lines or strong colours because they excite my Little People) from H4 and H1.
PRICE continues moving DOWN before and AFTER London Open with STRONG MOMENTUM . I SEE PRICE staying below the Strat Shadow so I start looking for a PULL BACK to the Strat Shadow. The TREND is so STRONG that PRICE does not pull back so I look for a PASR candle to enter - my first arrow. Then, AS LONG AS PRICE STAYS BELOW THE STRAT SHADOW, I just ADD ON.
As I have posted many, many times in my TREND PASR Strategy, when the TREND is STRONG, it does not really matter where you enter because the TREND will pick you up and put you into profit. You can enter at the worst location in a STRONG TREND and within a few candles, you will be in profit.
I hope this helps but you should really take note of Yomi (fxrabbi) as he is much better than me on M5 PASR Trend Trading.
DislikedHello everybodyThis time, Is it a sawtooth? I probably shorts a little late, but I wanted to wait break of the small support. Not easy to have a perfect trade {image}
Ignored
Here is a quick overview of what my thought process would be ""if"" I opened up my M5 EURNZD chart 30 minutes before London Open.
After NY CLOSE, PRICE had DOWNWARD MOMENTUM. PRICE then went into SIDEWAYS CONSOLIDATION so I think that must be Corrective Wave 4 and the wave before it must have been Impulse Wave 3. I am not an EW expert, I don't believe anyone is, but when I SEE that Wave Pattern I am on alert to expect another Impulse Wave down.
I add my support lines in SILVER (I don't want bold lines or strong colours because they excite my Little People) from H4 and H1.
PRICE continues moving DOWN before and AFTER London Open with STRONG MOMENTUM . I SEE PRICE staying below the Strat Shadow so I start looking for a PULL BACK to the Strat Shadow. The TREND is so STRONG that PRICE does not pull back so I look for a PASR candle to enter - my first arrow. Then, AS LONG AS PRICE STAYS BELOW THE STRAT SHADOW, I just ADD ON.
As I have posted many, many times in my TREND PASR Strategy, when the TREND is STRONG, it does not really matter where you enter because the TREND will pick you up and put you into profit. You can enter at the worst location in a STRONG TREND and within a few candles, you will be in profit.
I hope this helps but you should really take note of Yomi (fxrabbi) as he is much better than me on M5 PASR Trend Trading.
14 YEARS OF PASR ON FOREX FACTORY!
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