A-B-C-D Trade - page 78
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IMF criticized manner in which EU is addressing debt crisis. A former IMF chief economist ripped them yesterday.
Can anyone tell me what the U.S. is doing? Fed Chief Bernanke stated they want to drive interest rates down, with QE2.
Now, with the President's proposed agreement to extend tax cuts, U.S. Treasury Bond yields are rising.
GLOBAL MARKETS-US bond yields surge, stocks erase gains | Reuters
We are answering poster ummo from the Gann Is The Man Indicator Thread.
His post, with his insights using the indicator Gann_SQ9 at Dec 8th 16:50 GMT:
"Another nice example its Gbpjpy on daily chart, the price touch the 360 angle, an the price change the tendency with magic, i calculated tomorrow thursday 9 maybe the pair gives another 130 uprising pips...
Greetings"
***
Hello ummo,
I originally got your prediction time wrong, but have corrected. I think you are saying it will hit the next 360 on upside after bounce off 360 daily low.
1) This means target is 134.08. On 1-hour chart, it is about same as the FE 161.8 fib extension.
We pulled up chart on GBP/JPY and observe:
1-Hour chart ABC plot with swings 12:00/04:00/ 06:00, produces:
FE 100 = 133.03 (hit 127.99 during 14:00 candle)
FE 161.8 = 134.09, about same price as 360-degree 134.08
**
2) However, you might be saying it will hit the daily 360-degree price of 133.91.
I plotted retracement fib at low = Dec 7th 1.2951 and high = Dec 2nd 131.73, which produced a 200% extension at 133.95. 200% was indeed respected by Gann.
***
By the way, what is your technique for predicting the TIME of hitting target price?
Let's see what happens!
Thanks!
GBP/JPY
We do have a 1-Hour regular extension at the level of 134.00 area target.
Low = Dec 8th 07:00 131.32
High = 14:00 132.99
138.2 = 133.63
161.8 = 134.02
_____
Just for giggles, let's plot the Gann_SQ9(TIME) indicator on 1-Hour with settings:
* Start = Dec 7th 03:00 (low price) 129.51
* Square Hours
This produced vertical lines for possible pivots at Dec 9th 15:00, and a dotted line on Dec 9th 01:00.
Alternatively, if we set start time at Dec 8th 07:00 low of 131.32, we get first 2 vertical pivot lines at Dec 9th 04:00 and 08:00 GMT.
Attached is 1-Hour chart. Red horizontal line is target of 134.00, about same as blue FE 161.8. Yellow vertical Gann_SQ9 Time lines.
Obviously, we haven't "mastered" the time part of this
Think I forgot to posted the EUR/USD 30-min Gann Box. Settings are:
Start: Dec 1st 04:00 GMT price 1.3006
prices = 540
times = default 360
After a false breakout early European yesterday, pair experienced large choppy action, forming an ABC with it's Swing C at the Asian Low.
A = 09:10 1.3179
B = 11:45 1.3257
C = 13:15 1.3192
Due to the large pullback at Swing C, price of the FE 100 was 1.3280 and not worth trading. As it turned out, the bounce off of that level was extreme.
Choppy action continued into the U.S. session with a slight tilt upwards. When pair hurdled trend line from our 1-hour plot (pink), that was used as support for leap into extension early Asian.
The regular 138.2 price of 1.3314 (black) was achieved at 02:00 GMT. This level is just below the FE 161.8 fib of 1.3318 (green) from ABC plot.
Attached is 5-min chart.
The current EUR/USD level, hit at 1.3316 is also the 61.8% retrace fib from Dec 7th High to Dec 8th Low.
GBP/JPYJust for giggles, let's plot the Gann_SQ9(TIME) indicator on 1-Hour with settings:Alternatively, if we set start time at Dec 8th 07:00 low of 131.32, we get first 2 vertical pivot lines at Dec 9th 04:00 and 08:00 GMT.---Well, it got the pivot right, at 04:00, thus far. Pair now approaching Swing B high of 132.99.
After pullback, GBP/JPY resuming attempt toward yesterday's high. Should be bounce down upon first approach/revisit. Due to large spread, hard to trade the bounce.
Data at 09:30, and big event is 12:00 Bank of England Rate Decision and verbiage.
This places focus on U.K. economy. Right now, news is that students are preparing to mount massive protest today against a tripling of university fees due to austerity plan.
More than half of Americans want the FED reined in or abolished
More Than Half of Americans Want Fed Reined In or Abolished - BusinessWeek.