Australian Dollar / Offshore Chinese YuanFOREX.com
Description
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I missed the wave 1 up believing that the previous 5 wave down still had some way to go. I missed the current wave 3 up, but want to catch wave 5 up.
Based on fib levels and laying a Schiff pitchfork, there should be a wave 4 down. However, my current trading rules are I only trade when I get a clear cross-over on Stochastics.
I may therefore miss Wave 5 up simply because stochastics will not cross below 20%? Any recommendations from seasoned traders if I have conviction on trading patterns? Any other indicators (MACD?) that would help?
Comment
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I found no way of getting into this nice long Wave 3 up. This wave has broken all expectations. I noticed that each of the fib extension & projection levels are "resting" points where the AUDCNH pair will drift before the next impulse upwards.
It's now approaching 1.618 fib projection of wave 1. Surely this is where there will be a respite to catch Wave 5?
This may have a long way to go considering all the ground AUD needs to make up since 2016.