Today Tuesday September 8th is not where I want to start this.
When planning an entry it can be helpful to look back a cycle or two.
Below lets look at the trend.
The setup above for AUDCAD is a 3HR chart because for me it produces wave forms and good flow for my eyes. I did not take the above trade. This is a process to view recent behavior to be more confident on a next entry I may take.
See chart above the white box at bottom left is highlighting MACD Conversion Line crossing up the Baseline. I do use this crossing as an alert to take a look at the chart, not as an entry yet. The RED Baseline was retested and I would have entered long with a stop about 12-20 pips depending.
Notice then candles begin trending above the blue Conversion line. I like to place a channel on the developed trend. A closing below the channel would signal trouble and the trade should be closed but this actually breaks out the top of channel.
Super trader nerves of steel and patience could have held this trade until the first red candle closes back in the channel. Also the MACD Histogram has had wide divergence and has signaled (with the red bird eye) that the trend is cooling down. If followed through about 150 pips were possible there.
Now today September 8th A long entry has been entered with a similar look as the first chart. Yesterday the 7th had the MACD Conversion Baseline crossing and long order was filled at the Baseline retest. It's wait and see time.................
My first attempt at a blog here.