A-B-C-D Trade - page 280
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Here is 1-hour AUD/USD using a different tool, which is equally as effective. As most of us understands, the Gann_SQ9 indicator adjusts to the swings automatically. Interval (angle) left on default of 22.5.
We labeled the major swings with degrees:
Jan 24th to 06:00 25th was a rise to the 90-degree.
Jan 25th decline to 15:00 was to the 90-degree.
Jan 25th rise to Jan 26th 08:00 period was to the 180-degree. The pop up today saw candle close at the 202.5 degree.
From that top, today's decline bounced off the 45-degree, and is testing that support now.
Here is a split screen of AUD/USD. The 15-min has session colors, MML, and fib plot using today's low/high.
The consolidation during late Asian can be seen, from about 05:45-08:00. Price just hit the 61.8% retrace fib of 1.06250, which is the bottom of that consolidation.
Bounce traders lurk in these spots, just to shave off a few pips. Yes, many use EAs. Fortunately, it's not that complicated, and can be done using a simple pending order.
Obviously, trader needs to be good at plots and overall assessment, as well as applying money management. Sometimes the market moves very fast, so we need to keep on our toes in the event we don't get filled and have to enter and/or exit manually. Sometimes, we have to pass as the R/R deteriorates.
The bounce popped back up to the 50% fib for about 11 gross pips. That sounds small, but with scaling can be the same as larger scenarios.
06:30 has USD/JPY, CAD/JPY, EUR/USD moving up, and USD/CAD down.
Attached is 30-min AUD/USD with session colors and MML. We drew a pink horizontal line on yesterday's Asian low of 1.05880.
This support level is also about halfway between the shown 5/8th and 6/8th MML levels. There are always levels between. This chart has intervals of about 60 pips.
When you've seen enough of the MML, you'll notice that the lower time-frames will have intervals of about 30 pips. Sometimes the indicator MurreyMath1.0 will adjust and they dissappear on a certain time-frame.
This is what happened, on the 30-min. Therefore, we keep dropping down until they show up, or simply add 30 pips to the 5/8th. The 5-min time-frame in this example displayed 15-pip intervals.
This 30/60 interval does not apply to all pairs, so pay attention.
Price bounced at 1.05912, and showed BAJA bullish divergence. Pair rallied to just above the 6/8th level of 1.06201. Exiting thereabouts would have occurred during the 02:30 period.
R/R about 2.5:1
Any kind of news on Greece attracts knee-jerk reaction from traders. IMF Chief LaGarde, during a live Davos interview, reaffirms objective is to bring Greek Debt-To-GDP ratio to 120%.
Meanwhile, pending agreement on restructuring of Greek debt was reportedly slated to be completed this week.
Flight to safety in Yen and USD.
EUR/US whipsawing around, breached Asian High but met resistance at 1.3134. This level acted as support yesterday, and is near 50% retracement 1.3130 based on yesterday's high and today's low.
Next levels for EUR/USD are 61.8 and 78.6, same as Mars 90-degree of 1.3159.
Ahead at 13:30 is US GDP, and other data through 15:00.
USD/JPY bouncing off Asian Low in and attempt to recover from positive Japan data near Tokyo open. This pair has been pulled in both direction by cross correlation with USD/CAD and CAD/JPY.
EUR/USd 3rd attempt to break 6/8th MML 1.3153 (on 15-min).
Attached is 1-hour USD/CAD, with MML. Wide fib plot utilized Dec 14th high and Jan 3rd low. This resulted in the 127.2 extension bottom seen on Jan 26th 16:00.
Pair just arrived at 78.6% intra-day retrace fib. Plot is yesterday's low and today's high. This is also area of MML between 0/8th and -1/8th.
Should price decline to .99805 low, should be bounce. Market may be cautious from here, due to U.S. ahead.