Strong advancing day.
Price closed right around the 50% Fibonacci retracement, as measured from the September highs to recent November lows. In five sessions we have retraced 50% of what was the result of 44-days of selling. This also happens to coincide with a previous breakout point, as per yesterday's post. I'm looking foward to seeing how the pullback plays out, as it looks like we could get a 3d setup on the daily chart.
When the traded time frame is showing the 1a criteria and the trigger chart has a similar criteria, I'm not waiting for a tick up in the fast line on the trigger chart. Rather, I'm looking for a simple breakout trade.
So, in the chart below the 5-min trigger chart has a fast line that is decreasing while price is increasing. By the time the fast line ticks up price is already extended. The secondary entry comes when the 5-min 3/10macd resets in a bullish orientation (fast line greater than slow line).
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