Question on Sideways Market

[Pall_Singh]

Hi there,

There was a situation today when I was unable to get a proper Elliott wave count on M1 and M5.

When I checked M15 chart, it was clear that the market is going sideways.

Can you kindly comment on whether my observation is correct and how do we trade on M1 in this kind of situation.

1)Do we wait till M15 outer aims levels are broken?

2)Or can we still trade setups on M1 as long as there is a gap from entry point to M15 range boundary?



I've attached screenshots.

Thanks.

Regards,
Pall

[Grant]

hi there,

i personally only trade from Frankfurt open to London close. the part of the chart you have bracketed is mainly the asian session so out of my trading times...

cheers

Grant

[immy]

Hi Pall

Both the options are correct. It just depends what you have decided for yourself. If your trading plan says dont trade if M15 AIMS Levels are too tight, then dont trade it. If you want to hit early entry into a possible trend then you may try entering on m1. But its best see a clear trend on at least m5 and then try to make entries on m1 in that direction. if M5 trend is not confirmed then dont take entries. if m5 trend is reversing and you want to take trades then you may use setup on m1 and keep in mind that you are trading a possible retrace or corrective wave on m5.

I hope it makes sense

ps: what Grant says is totally correct, but I answered the question for education purposes, assuming that situation like such may appear during normal trading hours as well.