AUDCNH trade ideas
AUDCNH - quick shortLike 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 ;)
Long AUDCNH - catch wave 5 up.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
Sell AudcnhWeekly bearish engulfing candle...sell @ market. Expecting small support at 1st black horizontal line, but actual target is 2nd black line.
AUDCNH Bull run has a lot further to go.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 the trends that are being seen. On the daily chart, it's been overbought for 1 month. The chart is still above any moving average, suggesting we're well entrenched in a bull run.
How entrenched? Turning to the weekly chart, the weekly MA has only just turned! Yet the chart is still moving higher!
I have used Wave 1 to fib project wave 3. Out of all the fib levels, this seems to best describe the current trend. Based on this plus the retracement of Wave 2, and the fact that wave 3 seemingly still has some way to go from the Weekly chart, then 5.15 (fib proj 2.72) or 5.20 (fib proj 3.618 and 4.236 fib retracement) does not seem outside the realms of possibility any more.
The trick now is how to get back in the game. I think I'll be watching the hourly, 3hr charts for a way into this bull trend.
However, you get the feeling from the top down view of the weekly charts that this has a long way to play out.
AUD/CNH - wave 4 down to catch wave 5 upI 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?
