A-B-C-D Trade - page 70
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It has been reported that there was a massive problem in Australia, during the weekend, that prevented people from accessing their money.
Since there was a spike at week's open at 19:00 GMT today, which Australia is a part of, it probably contributed to the initial volatility.
Another early observation is the possible formation of a Sunday Reversal Candle (SRC) by the USD/JPY on the Daily chart.
The high did not exceed Friday's high of 83.17, stopping 1 pips short of it.
Therefore, if by the end of the 23:00 GMT hour, that candle is a Doji with zero or near-zero body, it can be a reversal signal.
Stop-loss just above 83.17, adding spread & cushion.
Entry at open of 00:00 candle.......or
if price fall below 82.99, which was Friday's last session low.
Support lies at 83.79, which is today's early session low (of spike). Last Friday's European session low of 83.65 is the same as the 138.2.
Entry technique by Parsons dictate breach of Doji candle's low price first for sell and breach of Doji high for buy.
Mixed JPY retail data. USD/JPY opened 00:00 GMT at 83.24, which is 14 pips above week's open price per our data feed.
EUR/JPY first 1-Hour candle was a Doji on our data feed. Switching to the 15-Min also saw a Doji during 22:45 candle.
Pair moved down, from 111.66 Doji close to current 111.41.
One of the indicators recently posted is the PAMA GannGrid_indv4.3.
Attached chart illustrates indicator placed onto EUR/USD 15-min chart.
Breach of green upLine occurred during 23:15 GMT candle. Pair made strong move down to 61.8% retrace fib of 1.3237 (from Friday's low and high thus far) and bounce to the 50% fib where we are now.
upLine and dnLine price can be seen in price box, just mouse over candle.
EUR/USd hitting support at 1.3200 area since it's round number as well as previous low Friday.
EUR/USD made a pivot to breach 1.3200 support. ABC plot produces:
FE 100 = 1.3163, which is same as 1st plot's 138.2
Currently at FE 16.8 of 1.3185
Well, as if traders need more.....BOJ just said they will watch currency movements. This is another attempt at verbal intervention.
EUR/USD at 01:30 GMT hit the indicator's 90-degree level after also respecting the 45-degree level.
Gann's emphasis was on 45-degree angle which is 1 X 1 ratio. For this indicator, multiples of 45 are good. 360 is a full cycle, according to some Gann enthusiasts.
EUR/USD and EUR/JPY strong to upside.
EUR/USD failed to confirm below 1.3292 and EUR/JPY got as far as 110.88. We suspect traders opting to go long EUR/JPY in wake of BOJ statement, which drags EUR/USD.
Plot retracement fibs.
Again, interesting to note PAMA GannGrid indicator signals for both pairs on 5 and 15-min charts.