1h chart has already produced 3 MACD dead cross, 1 wave usually have 3 to 5. Current support is highlighted by the red dash line. 1st target will be RSI(14) 50 level. As this is a downtrend, even if it manages to break above RSI 50, my target to take profit will be RSI 70. RSI does not have much room left for maneuver and there is a high chance the MACD gold cross will be higher than the previous one. The point to start worrying again will be when MACD goes above zero.
Let's see how this pans out tonight.
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target hit. Fast and furious. ~60c
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continue to monitor how the market reacts. 1st target RSI 50 followed by RSI 70. nice breakout pattern on 5m chart; best captured on 1m chart. that pause in between 1m chart could have yield another 10-15c but it is too narrow, just follow through the momentum.
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Hardest part to trading is to piece everything together. How to trade on a 1min chart whilst knowing exactly what is happening on 1h or 4h charts. The 2 waves on the 1min chart gave me approximately 80c for tonight which is pretty decent considering this is only a small rebound and time for bed. I have seen trader leave a 100-200pip stop loss for forex which is totally crazy IMHO. 1 simple retrace on a 15min chart will wipe you out and then the trend will resume. A horrible chart pattern on a smaller time frame could very well be the best possible point of entry! Not every single MACD cross is created equal; hence one will have to constantly have the bigger picture in mind and the 3D model of what is going on. Staring at 1min chart is too choppy, 1h chart is too drastic for trading. If you are a day trader, managing the 15min chart well is more than enough.