A-B-C-D Trade - page 259
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We started the day saying we will use examples of consolidation, and to watch for it.
The GBP/USD did not show enough consolidation on the 1-hour.
The EUR/USD did have discernible consolidation, as witnessed on the just posted 1-hour MML/FC chart, and update attached.
Prior to the 08:00 European open, price fluctuated approximately between the FC 31.4 and 61.8.
Reiterating, the FC 61.8 acted as support the previous week.
This scene sets up the breakout to the upside.
EUR/USD met resistance at 1.33720, which is near 3/8th MML on 1-hour, as well as the Mars 270.
Plot retrace fibs from session low.
This chart uses APF as well as couple of other tools.
Split screen includes 15-min session colors and retrace fibs.Pair testing 23.6% with 2nd visit.
APF with interior fibs provided by indicator AML, has Upper_ML2 as support right now. This area is conservative exit.
It is 25 minutes before the European/London open. Prudent to close out short at this price (1.3348) or soon, since it can get volatile and change directions based on rush of trading.
The wide fib plot used yesterday's European High 1.33982 and today's Asian Low 1.32846.
The directional plot was today's Asian Low/High 1.32846/1.33739.
Left chert:
The European session saw a reversal at the 61.8 of directional plot during the 09:00 period. Data followed through 10:00, as price rose to the wide 138.2 extension. This is area of 4/8th MML.
Right chart:
Using yesterday's fib channel plot of MML levels -1/8th to 1/8th, we had the aforementioned short off the FC 100 at 06:00.
We identified the FC 61.8 as support, and that was the pivot low prior to ascent during European.
The pair's top was the FC 161.8 off this plot, marking high of 1.34409 during the 10:00 hour. This became the second peak of a BAJA bearish divergence.
Open of next candle at 11:00 was 1.34192, for the SELL.
2nd chart 15-min:
Retrace fib plot uses Low = 1.33136 and High = 1.34409
Major exit was at 06:00 1st peak and 6/8th ML of 1.33667, and near the 61.8 retrace fib. Price has since made it down to the 78.6% fib.
GBP/USD breakout of consolidation, to downside.
U.K. to HAVE ABOUT 2 MILLION PEOPLE ON STRIKE
Gapped down, rush/panic on.
1-hour PSQ9 chart continuance of our plot using Moon 225 to Moon 315-degree.
Yellow horizontal is bottom of consolidation and was support broken (1.55802). Price now below FC 31.4 and Moon 315, with natural bounce up occurring now.
If/when price closes below the Moon 315, we can move S/L to at least break-even.
S/L/ used was just above 05:00 pivot 1.56043.
This example would see hold of position through European open.
Left: 15-min session colors with fib extension. the 07:15 low = 200%, and 5/8th MML.
Middle: Same as the just posted, with PSQ9.
Right: Uses Gann_SQ9 on 1-hour. Support was at the 45-degree of current swing down. Bounce up at 07:00 period was from just above the 90-degree.
Pullback bounced up as far as the 161.8 on 15-min chart fib plot. Should retest low of 1.55293. European open 30 minutes from now 08:00 GMT.