A-B-C-D Trade - page 222
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i cant get this indi in chart how pls guide thanks
james, this is a script, not an indi. Save it into your script folder (and compile).
experts, then script
Update on XAU_USD 1-hour, with same SDC & FC plots.
We added 2 other tools.
1) Fibo Fan: High = Sept 9th 06:00 1886.13 Low = Sept 16th 03:00 1763.90
2) Fib Arc (Circle): with parameters set on 58:
High = Sept 14th 01:00 1844.85 Low = Sept 16th 03:00 1763.90
Since week's open, price met resistance at SDC's mid-channel (mean price) and became trapped between fan's 61.8 and 50%. Fib arc's 78.6 and 61.8 also nice fit S&R.
Headlines regarding EU/Greece and critical week ahead determining if Greece is granted the next bailout tranche, as well as overall pessimistic outlook for default.
Attached is split-screen. Left is session colors and MML. Price at wide 138.2 fib and minus 2/8th MML. Plot based on Sept 15th Low/High.
Right chart has same plots as last post and price has just hit the FC 161.8 and 200% rung of fib circle.
As price moved down, we can move the low of the plot, similar to how we move the other fib tools.
However, in this instance and per last chart, we added the 200% rung. Price made a bottom at 14:15 and proceeded to walk up the 200%.
The 15-min chart with session colors (not shown) can see 161.8 extension to 1.35873 based on plot of 07:30 session high of 1.37053 and 09:15 pivot low of 1.36324.
****
2nd chart is a continuance of XAU_USD 1-hour and contains markers for plot of high for fib circle. Moved high to Sept 15th 00:00 1826.58 peak.
This is 2 notches down from original high on Sept 14th 01:00. The other choice at Sept 14th 11:00 did not produce resistance for today's high price action at the SDC's mid-channel.
Unlike EUR/USD, the decline continued similar to most commodities. The 14:00 saw hit to the FC 31.4 and 38.2 fib circle.
As a footnote, price barely paused at the mid-channel of the SDC (mean). Sometimes the fear factor results in price blowing by S&R.
The 30-min view of this plot also good.
News of another conference call between the usual suspects Greek P.M. and EU, propelling EUR/USD past day's high. Stops taken out.
Fib circle chart has price hit FC 61.81.37198.
Here is update on 1-hour AUD/USD where we had posted overlay of a 2nd fin channel (orange).
This 2nd FC provided S&R at its 138.2 and 161.8. Price made a horizontal 200% extension (blue) to 1.01627 level that intersected 1st FC 200% channel line (white).
Price spiked back up just now to the orange FC 161.8, and intersecting SQ9(Price) 360-degree level..
Here's a split-screen showing price action at the end of the U.S. session. We see the 15-min session colors chart on the left with aforementioned fib plot.
Price probed above day's high (1.37053) to 1.37198 and took out stop orders, before coming back down. As mentioned, the FC 61.8 provided resistance, as seen on right-hand chart.
The lesson here is placement of stop-loss. Tight location would have produced a stop-out. The blue 127.2 extension fib to the upside, at 1.37250 held as a safer option.
Obviously, the reward/risk must be analyzed. Using that 127.2 level, TP target must be minimum to plot's 61.8 of 1.36775, that represents about 1:1.
Some traders use layers and select both options.
Split-screen with pair near yesterday's high 1.37197.
Chart on right has fib channel resistance at its 61.8 and walking up fib circle's 100% rung. Moved low plot of circle to 161.8.
Yesterday's reaction to S&P's downgrade of Italy was 22:00 spike down to 1.3600 level. That has since been erased at this point during the European session.
Retrace at 38.2 level of 1.36912, based on Low = 1.3679 High = 1.37181
Below is 50% = 1.36830
Correction:
EUR/USD resistance at fib channel's 100%, and interacting with curvature of fib circle's 138.2% rung.