A-B-C-D Trade - page 87
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extied 2nd 3rd at 75
This bounce trade to the downside on EUR/USD off of 1.3186, saw 2/3rd of position exited at 1.3174/75.
S/L at 1.3196. As pair is in consolidation between 1.3186 and 1.3174, we look for next attempt to break down. If failed, we exit remaining position.
The target below 74 is 1.3159 + 4 pips spread & cushion = 1.3163.
We'll tighten stop as if it gets closer to 74.
Out balance at 1.3180
EUR/USD. As profiled on our 4-Hour Gann Box, the Nov 30th low and Dec 5th high provides good fib levels for S&R.
The 50% level of 1.3196 has been frequented often, even today during the 00:00 candle period. We did a quick short just below this level.
The Gann Box was fitted to have the Dec 5th high at the 50% level, but the effects are the same.
The writings of Murrey Math Line experts also point to vertical 1/8th time lines as well as 8 intervals of height, and "speed lines" from diagonal angles. Sounds like the Gann Box.
Europe opens with a bang to the downside EUR/USD.
Portugal rating on review by Moody's for possible downgrade
Gold following EUR/USD.
As noted in the ZUP thread, EUR/CHF forming Bullish Butterfly on DAILY chart.
EUR/CHF 1-Hour 10:00 GMT candle may close in a Doji. Also at FE 78.6.
verdascofernan,
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