It seems we had an impulse Wave 1 Long, now we had a retrace (Wave 2 to fib 618) and now we are going for impulse Wave 3.
We have different options depend on risk management.
1) Buy now and hold (but it will take days or weeks)
2) Buy on first breakout (we will catch a small impulse that will retrace sooner or later to the )
3) Let it have the small impulse, wait for correction and then buy
This is just my opinion, it is not a suggestion of buying or selling.
Thank you! I would like your feedback, so please comment below!
right now i am looking for more people with the same idea I have and here we go. I am looking at the exact same level like you do and for a massiv breakout to the topside, but the latest daily close made me somewhat cautions, because it brokes so easily the previous daily lows and erased all weekly gains to form a bad candle on the weekly. Monthly i am still fine with and we can spot the head & shoulders pattern there what is still valid. Fundamentals says, RBA is more better in shape than RBNZ. Easing Bias is finished in Australia ( somewhat ) and RBNZ is expected to keep a dovish tone on the next statement. Also CPI Figures and Fonterra Auction are scheduled for this week. I am still bullish on the pair, but as said on the top, i am curious now about this big daily decline that made me somewhat cautions. Let me know what you think.
Thank you for your feedback, i do not look at fundamentals at all. I look only in wave structure + fibonacci.
As long as correction length smaller than impulse wave length (correction cannot reach impulse length 100%), our long opinion is valid.
Price will cancel my long opinion in case correction retrace to 100% of wave 1.
In addition most times i buy on breakout(2nd) or in consolidation after breakout(3rd), so i do not worry because i am not in position yet.