A-B-C-D Trade - page 72
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13:30 GMT = CAD GDP
15:00 GMT = U.S. Consumer Confidence
**
Friday 13:30 has U.S. Non-Farm Payrolls and Unemployment Rate.
EUR/USD 1-Hour with Gann_SQ9
Switching from the 4-Hour chart, we can see the swings separately with degree values.
1) Down thrust to 180-degree 1.3071 level
2) Bounce to 67.5-degree 1.3140
3) Extension to 135-degree 1.2979
4) Bounce now above new leg’s 45-degree of 1.3025. Notice previous leg’s 90-degree 1.3136 acting as resistance, at least temporarily. Candles refusing to close above that price thus fa
5) A new down leg will form, with the indicator’s degree levels, should pair re-approach lows
Note that we are using a chart based on GMT+2 for this example. Aside from a couple of pips here and there, no discernible difference in swings and its relationships with degree value, compared to the GMT+0 chart.
EUR/USD testing lows again, now at 1.2974.
Conservatively, majority lots out at 138.2 = 1.3076
Balance 37.5% of lots set for take-profit at 1.3091.......which is ahead of the 161.8 1.3094 as well as just below 90-degree on 4-hr Gann_SQ09
Should read 1.3091 which is also near 1.3082 the 90-degree on Gann_SQ09. Anyway, took profit manually at 1.3089 as stalled there.
As the European session is winding down, observations:
Right from the start 08:00 GMT, traders took EUR/USD upward. Slew of data was at 07:00, 08:30, 08:55, 09:00, 09:30.
U.S data 13:15, and big one at 15:00 (positive) sent pair on full retracement. A 2-pip body Doji candle formed at 15:45, or it can be also called a Hanging Man.
Asian High = 1.3053
European High = 1.3135
That can be the retrace fib plot.
***
The ABC swings were 10:00/12:00/12:30, resulting in 78.6% expansion of 1.3135. Using fib retracement tool for first 2 swings produced 138.2% of 1.3137.
It looks difficult plotting those swings. A trick is to switch to HAS candles for better viewing.
The ABCD can be calculated in advance, viz-a-viz all of the important considerations.Always weigh risk/reward and size your lots to max risk tolerance. You must have a plan.Sorry to repeat, but it's crucial and often is the difference between successful and not successful traders.
November was a very strong trend month, in a strong trend year. To give you an idea of the kind of movement, below is the EUR/USD gross pip gains above or below the Asian High or Low. These gains are through the next European and U.S. sessions.
As detailed in the hundreds of example posts, you can take advantage of these opportunities through the application of:
fib tools, money management, and certain rules to filter out false signals.
November EUR/USD
1 low 36
2 high 117
3 high 147
4 high 139
5 low 160
8 low 27
9 low 13
9 high 77
10 high 25
10 low 65
11 low 121
12 high 114
15 low 92
16 low 112
17 low 7
17 high 49
18 high 56
19 high 33
22 low 156
23 low 165
24 low 81
25 low 24
25 high 27
26 low 45
29 low 118
30 low 107
See Page 42, Post #418 for outline of this tutorial.
Cheers