Like to switch to line chart from time to time. As shown below, I expect it to continue after this sharp bounce to that bolder white horizontal line (these lines are daily high/low wicks from the past).
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
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%...
I have been trying to find a way into the AUDCNH bull trend, but there has been no let up. All my predictions have been busted which has lead me to revisit the big picture.
Let's be clear here... there has been a 6.5% return from mid June to end of July. That's quick.
Using the MA chart is always difficult because you have to find the MA which best describes...
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...
