A-B-C-D Trade - page 247
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Royal Bank of Australia lowered interest rate by 25 basis points today, and that obviously sent the aussie lower across the board.
Attached is EUR/AUD 1-hour with PSQ9 plot Moon 225 to Moon 315. The overshoot of Moon 315 was to -25% during Nov 1st 00:00 period.
Horizontal fib plot Low = 1.31918 High = 1.33218
That 00:00 dip low was to the 161.8 extension 1.31115.
Price currently at horizontal 61.8 and FC 100.
Here's another major aussie cross AUD/USD in 1-hour interval. Aside from the PSQ9 and MML, we have the SDC plot
Oct 27th 18:00 and Oct 31st 16:00
Price is now testing lower channel line and Mars 0-degree. With rate decision, move is simply too strong to bounce at this moment.
***
Appreciate viewers allowing us less interruptions to continue positive energy with this thread. If it doesn't flow fast, we would lose interest and stop.
We were somewhat tested today. Just want to let you guys know that your hard work/studying will pay off.
The drama in Europe continues as the Greek P.M. is taking a chance by taking the EU bailout deal to referendum.
This means it can conceivably be voted down. Default will occur, and likely reverberation into other nations.
Many feel the debt level is simply too severe and the austerity program will be too harsh.
No date for the referndum set as of yet, as they are awaiting finilized EU bailout details.
We mentioned a few weeks ago that the loans are reportedly governed by Greek law. This means that they can decide to default and basically rewrite any restructuring as they please. This will estrange them from global institutional credit.
BBC News - Greece debt crisis: Referendum promised on EU deal
EUR/USD 15M with session colors. Horizontal fib plot
Yesterday's European high and yesterday's U.S. low. 1.40526/1.38272
161.8 = 1.36879 (hit 08:15) probe to MML 0/8th
The European stock markets reacted to the bombshell dropped by the Greek P.M., as per our earlier post.
All are in the red, along with a couple of major backs due to bad earnings reports. Credit Suisse down 8%.
European Stocks Sink on Greek Referendum - Bloomberg
Attached is SPX500 1-hour. PSQ9 plot Moon 180 to Moon 90. Price just breaking below FC 61.8 in attempt to make full 100% retrace to Oct 26th low of 1220.40.
Here's the update on last SPX500 1-hour chart. Price dove during the U.S. session on the Greek referendum news, after same during the European session.
The 11:00 candle had a small bounce off the FC100 (same as Moon 0-degree), probing further to the Mars 135 during the next candle period.
Bounce up from Mars 315 to FC 61.8 and Mars 180 as resistance levels.
The horizontal intra-day plot: High = 1251.60 Low = 1229.90.
The low today had candles close/respect at the plot's 161.8.
Obviously, these examples of S&R can be used as a longer term guidance for those operating on lower time-frame triggers. That is part of the overall S&R usage in general.
Some use S&R plots on the daily charts to get an idea of an even bigger picture. Everyone trades differently and use these tool according to their style. In other words, there is no one-size-fits-all setting and settings/plots that last forever.
Key is to have a setting/plot on any S&R tool that is confirmed by market action. After these confirmation points, the plot can be used with more confidence going forward. In our examples, we try to remember to point out confirmation.
Some traders even shave a few pips as their strategy, by trading between S&R during lower volume periods. This is when the market has either just finished a move and enters consolidation (sideways), or during periods when there is nothing to drive price.
Same 1-hour, but with fib channel added and aligned to SDC's upper and lower channel lines. At this point, this technique should be understood by those that have been reading.
The plot's FC 61.8 caught the pivot low during the 12:00 candle period. That low was also near the diagonal red Moon 90-degree, and just above MML 0/8th.
Price has just now reached the SDC plot's lower channel after bounce.
About 3 hours ago, the market reacted to an alleged statement by a Greek official that the referendum WILL NOT be necessary.
Just now, an alleged official Greek government statement said it WILL take place.
Spike up. Spike down. LOL
Love the Greek people. Their government is another story. They lied about the debt/financials on their application to the Euro Zone. Even though they are a socialist country, got a feeling wealthy people/corporations are steering decisions there......until now.
Much protest by Greek citizens is probably driving this decision to go to referendum.
If the vote results in declining the required austerity terms, utter chaos will result. Greece may be kicked out of the Euro Zone, and unable to further access institutional credit. Other banks and nations will feel the brunt of the default, including the U.S.
Continuance of our plot that added AML interior fibs, and 100% exterior expansions to pitchfork #2.
Added horizontal fib plot (white):
Low = Oct 26th 14:00 1.37971 High = Oct 27th 18:00 1.42464
Breakout from pitchfork #3 after our last post.
The indicator readjusted when new low of Nov 1st 12:00 made, and new pitchfork #1 created.
The 2 dips (Nov 1st 12:00 & 23:00) at recent bottom were also at 3rd 100% expansion level (red) of pitchfork #2.
The horizontal 138.2 (1.36255) also there, as candles closed at that level.
Note indicator also changed color of pitchforks. Mouse over each pitchfork to read labels denoting pitchfork numbers (1,2,3,4).
Split-screen has 15-min on left with RSI(4) and 1-hour on right using PSQ9 and FC per last post.
We placed arrows on 6 points where S&R provided trade opportunities.
1) Nov 1st 08:15 = 1st bounce (BUY) off FC 61.8
2) Nov 1st 11:15 = 2nd bounce (SELL) off FC 61.8
3) Nov 1st 11:45 = 1st bounce (BUY) off FC 100 (same as Moon 0-degree)
4) Nov 1st 12:45 = 1st bounce (BUY) off Mars 135-degree
5) Nov 1st 13:00 = 2nd bounce (BUY) off Mars 135-degree is double bottom
6) Nov 1st 14:30 = 3rd bounce (SELL) off FC 61.8