A-B-C-D Trade - page 92
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Another frequent occurrence is when 2 or more sets of fibs occupy the same price area, it is likely to bounce.
Aforementioned fib plot for extension has 38.2% at 1.3347.
Retrace fib from plot of session low to session high has its 61.8% at 1.3347.
EUR/USD 15-min
Plotting an ABC from swings during Asian 03:30/04:15/04:30 produces an FE 100 = 1.3327.........which is session low from 01:30 candle.
Broke Point B. Also look for bounce at session low/FE 100.
Backup support at 1.3322 as that is 50% fib from wider plot. On 5-min chart, we have a tweezer bottom.
Exit level 50% fib 1.3338
Next exit level 1.3341 which is 61.8 fib just hit.
1.3341 is also FE 61.8.
1.3343 is 50% from original upswing extension early Asian.
Hit 78.6 fib 1.3346, which is near previous consolidation range. Could stall/reverse/consolidate here.
After retracing to 1.3328, pair formed Swing C of an ABC with the FE 127 set at 1.3364.
The previously used high/low of 05:50 1.3352 and 06:35 1.3323 produced a 138.2 to upside of 1.3363, which was hit precisely during the 07:40 candle (5-min chart).
The bounce down off that 138.2 went to the FE 78.6 price of 1.3350 for +13 gross pips.
After wading through GBP data, breakout of Asian high just hit FE 127 1.3389. It had earlier reached the FE 100 but ran into 09:30 data release.