A-B-C-D Trade - page 281
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The number for U.S. GDP is expected to be a big increase versus previous quarter, from 1.8% to consensus of 3.0%.
Together with yesterday's dovish FOMC, risk-on atmosphere developing.
This translates to longs on gold, oil and currencies sensitive to commodities. EURO optimism paired with Greek debt talks.
Split-screen on breakout of Asian High from 1.3118 to 78.6% retrace fib (same Mars 90-degree) 1.3159 for +40 pips.
Bounce trade opportunity from that high, with TP at 61.8 fib = +18 gross pips. A net R/R 14/8 was realistic.
US GDP missed consensus of 3.0%, coming in at 2.8%.
Good example, as missed figures happen often.
USD/CAD spiking back up to Asian Low thus far. Flight to safety is always initial reaction in these situations. This means USD, Yen, CHF
...........and the last of the 3 opportunities was the short off yesterday's top of 1.3183. Trading bounce down to 78.6 = 24 gross pips. Net R/R about 18/8.
EUR/USD support of 1.3170 breached.
Wide fib plot Low = 1.30764 High = 1.32324
38.2% was support through Asian.
The Gann_SQ9 1-hour application also respected. The 45 and 67.5-degree levels are 1.31752 and 1.31466.
Fibo fan and horizontal plot uses Friday (Jan 27th) Low/High. Price bounced off 61.8% horizontal and just testing again at the fan's 78.6.
Gann_SQ9 (not shown) 30-min chart has its 90-degree level at 1.31179.
EUR/USD now back at the 100% retrace 1.3076 area.
EUR/JPY near 1-3 TL
EUR/USD tight retrace plot high = 1.3131
Split-screen
left is EUR/USD retrace on 15M session colors with MML.
Right is EUR/JPY Wolfe Wave on 30-Min, bouncing of 1-3 trendline.