A-B-C-D Trade - page 76
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Was posting in the other thread (indicator thread Gann is the Man), and neglected to keep pace here with regards to the further gains of EUR/USD.
Let's back up and review entry signals. There was so many things telling us to sell it was almost too easy. But once we start thinking like that, the market can slap us down.
Anyway, we mentioned 1) the diagonal trend line drawn from 1-hour chart.
2) There was a bounce trade off Friday's high.
3) The Sunday Reversal Candle, which was a complete colorless Doji.
4) Breakout of Asian Low.
5) Now, a kind poster in the Gann thread reminded that Sunday's Doji candle was also at the 360-degree price level, on the 4-hour and daily chart.
The 360 was mentioned by Gann as a key level that represents completion of a cycle. That means look for reversal/change in trend.
If you go back and looked at the big picture on EUR/USD, you'll see:
July 2008 all-time high 1.6038 to
June 2010 significant low of 1.1876
was nearly a 720-degree move, doubling 360. Use the indicator SQ9(price) to get that on your chart.
We mentioned on the Gann thread that the ABC swings on the 15-min was easy to spot. Edit** for breakout for Asian.This was a reply to someone asking about exit level as pair continued to downside.
Swings were at 23:30/07:00/07:45, which produced the FE 100 of 1.3288 which was hit nicely at 09:30.....then bounced.
We monitor longer term charts, including 1 and 4-hour using Gann_SQ9 and retracement fibs. The 2 were almost identical at upper levels.
The decent of pair ended up hitting Gann's 135-degree price of 1.3249 exactly. On this occasion, the Gann outperformed Fibonacci.
Moving stop-loss to just above the FE 100, then just above FE 127 was one technique.
Some use the Heiken Ashi candles in an attempt to stay in the trade a little longer. Plot on the 15-min chart and keep the ABC on it. The candles changed color at close of 11:45, 1.3261 at the FE 127.
Some exited at the Gann 135-degree.
EUR/USD broke of of range Asian, and now testing the 1-hour trend line mentioned yesterday. Zoom in on 15-min, same trend line acting as support.
On 15-min, red 45-degree line acting as support.
Start time/price =Dec 6th 13:30 low 1.3246.
Don't forget fib plot.
Low = 23:45 1.3276
High = 03:30 1.3353
50% = 1.3314 coincides with support area of 45-degree Gann
Please note that Brussels meeting of EU ministers today. They rejected suggestion to increase bailout fund. THis may place Euro under pressure again.
Yesterday, Germany rejected common EU bond idea, saying its against EU treaties.
Flight to saftey = USD/CHF breaks support
USD/CHF testing .9782, which is regular 138.2 extension as well as wider 61.8 fib.
Next support level = 161.8 = .9773
Wide 78.6 = .9757
Wide 100 = .9725
USD/CHF taking pause, while EUR/USD had trouble with significant resistance level of 90-degree Gann 1.3361 and 23.6 fib 1.3368 from Dec 3rd-5th which can be seen better on 1-hour chart.
Yesterday's mention of USD/JPY GannBox start point still valid. Switch to 30-min chart.
Yesterday, we saw sudden price action drop below red 45-degree line at 13:30 due to negative US data.
The middle horizontal line acted as support since then, with brief probe below 02:00 today. Trend changed when pair surfaced above 45-degree at mid-box.
We can plot retracement tool;'
Low = 05:00 82.42
High = 06:00 82.66
Regular extension 161.8 = 82.81 (hit precisely during 09:00 candle)