Australian Dollar / Offshore Chinese YuanFOREX.com
Description
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The context is the weekly chart has finally retraced to give an entry point. The overall trend is still bullish.
The daily chart is starting on the 5th wave up. However, in the past 24 hrs the jump has been pretty large.
To time the entry and minimise the spread between the stop and buy price, I am looking at 1 hr chart and looking for 50% or 61.8% retracement of the last 1 hr wave up. I will set an alert for when 1hr stochastics have crossed, check it's around these fib levels, then go long.
Stop is 4.97 Target 5.17
Trade active
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I have gone long at 5.013 stop 4.96. Just trust the process of looking through all of the timescales to time the entry.
There is a risk of wave 4 continuing down, but the stop is well below the previous low and below a key fib level.