A-B-C-D Trade - page 209
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AUd/USD marked a high of 1.06898, a 5-pip overshoot of the previous high/resistance of 1.06845 and taking out tight stops.
The 15-min chart uses plot with low of 1.06355 for yesterday's swing down and extension. This places 61.8 at current price level of 1.06661.
Traders squaring positions ahead of FOMC minutes, due at 18:00 GMT.
Entry from PSQ9 Mars 1.0682, minus cushion = 1.0680 made this a small profit of 12 pips. With a 12-pip S/L, R/R 1:1.
Market wading through cluster of economic data affecting the Euro Zone 05:00 through 09:00. U.S. chimes in with some of its own starting 11:30. CAD GDP at 12:30. Consult your full calendar.
Friday is U.S. Non-Farm Payrolls and Unemployment.
Currently awaiting 09:00 Euro Zone CPI and Unemployment.
Meanwhile looking a XAU_USD, it has retraced 61.8 since Aug 23rd - 25th drop, and now trading at 1831. Struggled yesterday to rise above the 88.6 based on Aug 24th High 1854.30 as per our comments.
USOIL broke support of 88.35 pivot low from 02:00. Now at 88.08, with next support at 87.70.
U.S. DOE Crude inventory at 14:30.
The EU Unemployment figure came out one tick worse than projected. Docile reaction with Euro as European equity markets remain in positive territory.
Attached is continuance of our plot on 15-min, with labels identiying S&R points for bounce trades yesterday.
The green "X" marks the negative Swiss data that helped propel price to the 161.8 extension.
Pair now at top of Sunday range (green) and 200% extension from plot, probing lower.
Looking at 1-hour, we see key pivot 1.17516 broken. That level is the 38.2 retrace fib and Mars 90-degree level.
Institute For Policy Studies (D.C.) released interesting but not surpising aspects of its Corporate CEO study. Courtesy of bloomberg t.v.
"CEOs are the last to know that the economy is not turning around"
and they are paid more than the tax bill from the I.R.S.
Just after we remarked that the market had a muted reaction to negative EU data, EUR/CHF makes its move to the downside.
Attached i split-screen with aforementioned 15-min chart on left, and 1-hour PSQ9 chart on right.
Trading below Sunday range, and at Mars 0-degree support just above 1-hour plot's 61.8 fib.
Retrace plot's Low moved up slightly on the 1-hour PSQ9 chart. The ABC swings = 05:00/08:00/11:00.
FE 161.8 = 1.16308 and just about same as white 61.8% retrace fib and Mars 0-degree. Bounce up off this cluster has been 46 pips thus far.
Followup on this pair and chart. Aforementioned bounce off FE 161.8 was 75 pips and 11:00 candle on 1-hour closed near FE 127.2.
The next ratchet down:
High (day's high) 00:00 1.18497 Low (pviot at FE 161.8)1.16296
138.2 = 1.15455
Bodies of 1-hour candles remained above FE 200 proving level as support, and bounce was back up to FE 161.8 (and Mars and Moon 0-degree).
Subsequent push this hour (now) lands back at wide 78.6 fib (white) and same location of Mars and Moon 270-degree.
Market driving pair lower reportedly due to non-working plan to weaken CHF by the country's central bank - SNB. We allow the results of fundamentalist action and react to what the charts are trying to tell us.
Attached is EUR/USD, which had been range bound through Asian and European sessions until...... U.S. data (Factory Orders) at 14:00 which came out higher than projected.
The session colors has overlapping tan color start at 13:30 GMT for the U.S. session.
The pair retrace 50% as indicated by fib plot using European high and low. At 17:45, price punched through Low of that plot and just made a 138.2 extension to 1.43655.
On our previously posted 1-hour with PSQ9, this bottom is right on the Mars 0-degree and the yellow 100% fib.
Yesterday's post #2077 urged caution on this gold CFD due to multiple layers of resistance potentially capping larger gains to the upside.
Here's a look at the 1-hour PSQ9 chart, with fibo fan plot mentioned. Horizontal fib plot also remains the same:
Low = Aug 26th 01:00 1757.07 High = Aug 28th 22:00 1834.87
Sunday range highlighted by lime green bracket. We manually thickened PSQ9 lines that are in area of price action.
Price did stall at the fan's 50% ray, struggling above that to mark a high of 1840.56 on Aug 30th 19:00. This was a probe above the High of plot which lost momentum, and failed to break the Mars 180-degree level.
That was a 2nd peak that formed a BAJA bearish divergence, as labeled with pink trend lines.
The decline hugged the 50% fan ray and bounced of red Moon 45-degree and 23.6 fib. The bounce up was contained by the fan's 61.8 ray and the same Mars 180-degree line.
***
We are not astro traders per se, but it was hard to ignore the effectiveness of the PSQ9 as S&R, after we devised the levels seen on our charts.
The PSQ9 uses the same Gann intervals as the indicator Gann_SQ9, except it is based on planetary aspects (degrees of alignment). We call this astro physics.
We do not and will not espouse how the market is subconsciously behaving to these alignments. This is an arena we don't participate in.