Sonic,
As per sonic rule for long position the wave analysis should confirm L H HL or for short entry it would be H L LH.
the attached graph does'nt indicate L,H,HL to long the trade. Does that mean we should not make entry although indicators give positive signal. Please clarify.
thanks
But, looking at the M5, since it is questionable that PA extended from Dragon, stopped, pulled back into Dragon, and then moved back out to surpass previous high (questionable since the body of the pullback candle is outside the Dragon), the entry would more fall into "re-entry" status. And that is where I drew the blue line. On the M5 there is no clear sequence of L-H-HL-HH unless you are gauging on the basis of a couple of candles per cycle.
I have two suggestions for you. 1, kill the "grid" on your charts....too busy. And 2, move up to the M15 for setups. If you stay on the M5 to trade, you will find some good setups, yes. But you will be tempted to trade per non-SonicR rules, as in this case. In the end you will be trading per non-SonicR rules by habit.
Edit: Third chart is example of better M5 per SonicR rules. Note the L-H-HL sequece is separated by more than just two or three candles. There was good trading activity at L, and also coming up off of HL. Nice too, that the EP area coincides with S&R (breakout). About 70 pips as marked.
thanks and appreciate your clarification. so nice to have people care each other in this material world
especial thanks to sonicdeejay for setting up the thread and secondly to all members keeping this alive and kicking
