The main point that I want to avoid when creating my systems is a certain so-called filtering, which is not clear what is expressed. That is, in order to open a position on the M5 TF, I must first look where the major TFs is going and only after that open the position on the M5 towards the major TFs. At the same time, there are no clear unambiguous specifications on how to determine the type of trend, its presence on older TFs. Also, what if, say, H4 has an uptrend, H1 is uncertain, M15 is downward ... Which way to open a position on M5 ?? There are a lot of vague ambiguous moments that should not be in the work. Therefore, I always wanted to get rid of the need to solve this rebus every time. Therefore, what I am doing cannot be called filtration, or rather, I’ll definitely conduct an analysis of major TFs. Here is an example of an analysis of the current situation on SP500 ...
At H4 TF, the 4th point is formed, from which the uptrend continues
Н1 - uptrend. There is a second green dot of the wave counter, but the correction rollback from peak 1 is extremely small compared to wave 1. The PZ indicator displaying a possible start of a downward correction wave.
There are two different bearish patterns on the M15 and M5 timeframes. On both TFs, the 2nd point of the counter of downward waves was formed.
In my opinion, it seems very logical to roll back down to about 3060. Although I don't exclude the possibility of continuing further upward movement without a rollback. But in this case, I think that waves 3 and 5 on the H1 TF will be extremely low. In any case, I will not open upward from the current position. I completed the plan of the week on monday and now there is no point in taking risks.
