A-B-C-D Trade - page 137
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USD/CHF testing congestion area established Mar 25th. Pair's price action also tells us that the Low for fib retracement should be Mar 25th 11:30 GMT .9121.
This plot makes 38.2 = .9191
EUR/USD near FE 100 = 1.4085
EUR/USD had initial FE 100 to 1.4084, for about +50 pips. Pair proceeded to make sharp pullback to 88.6% fib.
Few things we can do at that point.
Can move ABC to new Point B and C, which produce FE 127 hit (1.4107) at 14:30 candle fo about +75 pips.
Plot new high/low swing 08:00 & 12:30, to produce regular 138.2 extension of 1.4107 (hit same time 14:30)
Low/high plot 12:30 & 13:00 (first red 15-min candle), to produce regular 261.8 of 1.4109.
WIDER PLOT, take 1-hour high/low of Mar 25th Asian high 1.4193/Mar 27th low 1.4020, produced 50% retrace fib of 1.4106. This plot also could be used as guidance on first move to FE 100. This is pretty close to initial comment of taking 2nd WING's high of pattern.
USD/CHF EFT trigger entry off Bearish Gartely at .9217. Consolidated at the 50% retrace fib area for +40 pips.
Made Swing C during 12:30 candle (50% retrace), before extending to FE 78.6 .9158 for +59 pips.
Simply plotting A to B produce regular 138.2 of .9150 for + 67 pips.
Wide plot has 61.8% at .9164 for +53 pips.
Some of the instruments are starting to move a little. The CFD USOIL had a 1-Hour BAJA bullish divergence at the 02:00 candle.
15-min EFT trigger BUY at 03:30 price 103.40.
With the Gann_SQ9 indicator, the current price level of 103.80 is 180-degree price level from previous swing down and current 38.2 retrace fib.
This swing up has 90-degree at 104.18, which is the 61.8% retrace fib.
Here is today's EUR/USD 30-min Bullish Gartley pattern. Point D was 01:00 candle.
The 15-min EFT trigger BUY entry at 02:00 price 1.4075.
Move now at the 61.8% retrace fib 1.4143, based on plot:
High = Mar 24th 1.4219
Low = Mar 27th 1.4022
This is continuation of yesterday's Bullish Gartley on the 4-hour or 1-Hour as we identified on post, which we can still see (at time of this writing). The trend line supporting mid-point between wings is acting as resistance.
Edit; Add fact that there also was a BAJA bullish divergence with same candle, and the RSI indicator is marked with X.
Early Euro session has data including GDP. Positions should be adjusted, closed, protected.
Japan announce about 4 hours ago that they are on high radiation alert status, as report of higher than normal reading coming from China, South-East Asian, and even U.S. - although level not high enough to be harmful to humans (or so we're told).
Been waiting for market reaction to this new status, but have not really seen concern. That might change during Euro.
Follow-up on USOIL. After making a 50% retrace, it broke to downside near the 138.2, and FE 78.6 (on ABC).
The Gann_SQ9 indicator had a 90-degree level at 102.92 (orange dotted line) as support.
The move up is now back to adherence with the fib plot we posted, and now at the 78.6 (purple fibs). It is also at the 180-degree (blue dotted line), and testing above.
There is also bullish divergence with the 2 dips, as marked by red divergence lines.
Nice program today on Bloomberg, on Tom Keene's show which can probably viewed again later today. Guest was a firm by the name of High Frequency Economics.
According to one of its executives/founders, the Euro Zone does not have real inflation, just in energy and food. Triche had mentioned this a few months ago.
We've had a bad feeling about Trichet and the ECB now apparently being set on raising interest rates to combat what they view as inflationary pressure.
The Guest said "don't listen to Trichet". The EU has high unemployment and the sovereign debt crisis. We assume he is implying that raising interest rates will slow the economy and decrease jobs, which we have always felt to be the dangerous outcome of the ECB plan.
This period of time is most interesting, in how the U.S. and EU choose to handle their economic woes. The result of projected EU tightening and the U.S. QE2, EUR/USD pair has been pushed up.
The U.S. plan is flooding the market with cheap money and has pushed up the prices in commodities, including food.
The world's reluctance to properly fund green energy R&D and expansion leaves economies more exposed to the volatility of oil, which has spiked back up due to world events.
The 30-year projection on world oil reserves mandated extreme focus on green energy. This has not taken place on an acceptable scale.
A report by the IEA, complied about 3 years ago, implied that even if alternative energy was developed extensively, it would only address the increase of consumption over the next 30 years.
Syrian Cabinet has just resigned, presumably to take some pressure off its President.
Credit rating downgrade to Portugal and Greece.
Meanwhile, here is 4-hour chart on USD/JPY. We can see the hit at the 161.8, due to spurt up during Euro session. The next fib is the 200%, which is also at 5/8th MurreyMath line, and near pre-earthquake level.