A-B-C-D Trade - page 77
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GannBox USD/JPY
Start time for 30-min chart of USD/JPY = Dec 1st 14:30 price 84.38
EURO strong after 09:30 data (EUR/GBP).
EUR/USD fib retracement plot has 138.2 regular extension at 1.3395. Pair needs to hurdle Dec 3rd European High of 1.3384.
1.3385 also 78.6 fib from Dec 5th high and Dec 6th low.
EUR/USD bounced off 1-hour Gann 112.5-degree price of 1.3390, before another attempt advance on extension.
Sorry my plot accidentally 1 pip off as pair just hit 138.2 of 1.3394 during 10:15 candle.
Per attached 15-min chart, EUR/USD:
made its extension to 138.2 price of 1.3394 during 10:15 candle as previously reported.
The next high was a touch to the regular 161.8 extension price of 1.3401, based on 23:45 low 1.3276 and 03:30 high 1.3353, during 14:00 candle.
Pair retreated to common swing point of 1.3311.
We also kept the trend line from our 1-Hour plot (pink).
The breakout of Asian High bounced off of that 138.2 and pulled back significantly to it's 61.8 (approximately).
Application of the ABC tool (expansion tool) had the FE 100 = 1.3389. This was accurate too as we can see it refused to close a candle above that price (see body of candle).
Pair now testing support.
Here is view from GannBox. we can see breach of red 45-degree fan line, dropping to the next blue line, which it is now testing.
Attached is 15-min EUR/USD, with both the Gann_SQ9 and retracement fibs (yellow).
We can clearly see the bounces off of these support levels. These of course can be traded.
Note that the 23.6 and 78.6 are minor fibs and should not be traded.
Alert...breaking news reports North Korea firing one round off. Might provoke strong CHF trading at least until situation clarified.
After determining that the North Korean shot was part of a drill within their waters, the market resumed its normal course of trading.
Strong USD probably result of reaction to U.S. tax cuts settlement/extension.
EUR/USD
1.3400
1.3246
1-Hour Regular extensions:
138.2 = 1.3187
161.8 = 1.3151
Gann_SQ9 levels next support at:
180-degree = 1.3169
202.5 = 1.3141