A-B-C-D Trade - page 263
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Chart is EUR/USD 30-min with triple application of the SDC (green). The convergence of resistance aligned with the Mars 180-degree (red) at open of the new week.
Price just found support at the Moon 225-degree.
Chart 1 is continuance of 4-hour GannBox_144 plot from Oct 4th start price. height was 13500 and width 360. The red 1/1 angle2 has been acting as resistance in December, including today.
Chart 2 is also EUR/USD 4-hour. We plotted the fib arc to High = Oct 27th 16:00 1.41701 Low = Nov 1st 12:00 1.36072
Wide Andrew's Pitchfork plot:
Handle = Sept 6th 08:00 high 1.42805
Upper handle = Oct 27th high 16:00 1.41701
Lower handle = Oct 4th low 04:00 1.31443
Change name of APF to AL1, and add indicator AMLv1-1, to get interior fibs.
Fibo fan: Low = Oct 4th 04:00 1.31443 High = Nov 18th 1.36131
Other options for the high also valid.
With these plots, we can see price slide down Upper_ML2 during December, and interact with fan S&R.
Breakout of the Asian Low at 09:15, after tug-o-war at the 1.3300 level, which provoked a bounce up to 1.3323.
Chart on the left is a 15-min with session colors. We kept fib plot that used yesterday's Asian high/low. Price made a 127.2 extension to 1.32610.
Chart on the right is continuance of APF plot on 30-min, and shows support at the FC 131.4
4-Hour GannBox_144 has support at the blue 1/2_angle3
Price bouncing due to matching Nov 30th low 1.3258.
Our fingers slipped in repeating our plot. Correction is on attached is 15-min session colors with fib plot using yesterday's Asian High/Low. The 127.2 is 1.3256.
Here's update on Nov 18th EUR/USD 4-hour plot, using 2 SDC plots.
Sloping up is plot Oct 20th 12:00 and Nov 1st 12:00. Fib channel (FC) aligned with SDC upper and lower channel lines.
Sloping down is plot Nov 1st 12:00 and Nov 16th 00:00. FC aligned to SDC upper and mid-channel lines.
Plot dated marked by yellow vertical lines.
Since Nov 30th, price trapped in channel defined by upper and mid-channel of SDC sloping down. We also just hit the 1st plot's FC 261.8.
We can monitor the plots on larger time-frame charts, and trigger off a smaller time-frame chart. Just presented 3 examples of the larger time-frame plots for S&R.
We also consider the Nov 30th low as significant support for bounce. Therefore, we have both horizontal and diagonal support there.
Exit of Asian Breakout can be effected there.
Shorter time-frame chart can be used for take-profit on the bounce trade up off support.
Bloomberg conveys that it would cost each German $1,300 to bailout some of the Eurozone peripheral nations.
However, since Germany is also a big beneficiary of the Eurozone, a breakup of the Euro will result in each German losing $5,000 thereafter.
The Eurozone keeps the German currency artificially low, when juxtaposed against the German Mark floating on its own.
*****
Moody joins S&P, warning of possible downgrades in Europe to come.
*****
Bloomberg article on Royal Bank of Scotland and its near collapse, due to the world's largest merger ($96B), absorbing ABN Amro. Bailout required $68B.
"Taxpayers should never have had to rescue RBS,” Philip Hampton, the Edinburgh-based bank’s chairma"
RBS Report Blames Bank Managers for Collapse - Bloomberg
Here's the plot we asked you to make with indicator SQ9(Price) 22.5 Factor 56, on EUR/USD daily.
The next swing after our 2 examples was from the Oct 27th high of 1.42464.
We also use the fib expansion tool to plot ABC swings Oct 27th/Nov 1st/Nov 4th. The Nov 25th candle closed near the FE 100 1.32283, probing to 1.32112.
Price is currently attempting to revisit that low. The SQ9 180 level at 1.31970.
The other FE levels inputs were FE 61.8 and FE 78.6.
Standard horizontal fib plot places major extension levels at similar spots.
Pair continued to get punished during the U.S. session as faith in the recent developments from the EU summit is waning.
The larger time-frame support should be monitored for exit levels, if trader still short this pair.
We again refer to the 4-hour chart with the double SDC plot. The 2nd plot with the SDC sloping down is the focus. Price broke out of the mid-channel line, and is trading below the FC 31.4.
Next major support is the Oct 4th low of 1.3144. Also watch the FC 61.8.
A tighter directional fib plot uses the European High/Low, resulting in 138.2 = 1.31635 (hit 18:15).
Chart 1 is a continuance of our plot using SQ9(Price) 22.5 Factor 56. The start price was Nov 23rd low of .96627, and plotting upward.
Chart 2: After marking high on Dec 8th, price came back down to the 360-degree level on Dec 9th 06:00. This level has been revisited today, and generally acting as support thus far.
To plot using the Dec 8th 13:00 high of 1.03789:
Can use the automatically adjusted version of SQ9, which is Gann_SQ9. We set angle (intervals) at 22.5. The kol_lev default of 8 needs to be increased in order to get more lines on larger moves. We used 16.
The Gann_SQ9 plots smaller swings on the 1-hour chart interval, allowing us to see the 23.6% pullback to the 157.5-degree level, before making a 138.2 extension to the 292.5-degree level.
That fib plot is not shown, for a less cluttered view. High = 1.03789 Low = 1.01448. The next support is the 161.8 = 1.00001, about same as 337.5-degree on the Gann_SQ9 (1st swing - left column of prices).
BAJA Bearish Divergence formed on GBP/USD 1-hour, ahead of 09:30 U.K. CPI. Volatility increased at 07:00 due to bond market open.