A-B-C-D Trade - page 85
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
We mentioned the channel and trend line, while EUR/USD was on its strong uptrend. The attached 15-min chart displays our favorite, the fib channel.
Upper line plot = Dec 16th 17:45 high 1.3235 to Dec 17th 06:30 high 1.3326.
Lower line = 00:00 low 1.3233.
If this is your first time using this tool, you can search our previous post for instruction or simply use the help menu on your MT4.
We can see the diagonal fib channel lines produced. We've place arrows at each level, which had corresponding bounces prior to venturing further down.
Also plotted is the aforementioned ABC applicable to the breakout of the Asian Low. This assisted traders to hang in there in the event they wanted more profit. OR it produced a trigger for a new breakout trade.
As most of the readers of this thread must know by now, we love the support and resistance tools. That's why we have discussed and used some Gann indicators.
See the Gann is the Mann thread in the Indicator section, I just provided an important link to an instructional post by a professional fund manager that has mastered the application of the Murrey Math Lines.
MM is based on Gann 1/8th theory/methodology.
Cheers
EUR/USD 15-min fib channel plot:
Line 1 = Dec 14th 14:30 low 1.3379 to Dec 15th low 1.3307
Line 2 = Dec 15th high 1.3356
Plot provided nice S&R all the way to its 161.8 top on Dec 17th 10:00. Pair dropped thereafter with pause at the 100%, 61.8, and Line 2 which was major pivot.
Attached is 15-min chart with fibo channel and Murrey Math Lines.
Gann_SQ9 indicator provided resistance at 1.3189/90 on the 4-hour and 1-hour chart respectively. Pair currently bounced to 1.3175.
Dec 20th 00:00 GMT
Got alert to sell USD/CHF 15-min chart from MurreyMath1.0 indicator triggered by breach of 8/8th line (.9705). Alert also informs traditional target of 6/8th (.9674).
EUR/USD got BUY signal from minus 1/8th to 0/8th.
EUR/USD hit within 2 pips of target 0/8th line. When programming take-profit, good idea to pad with some cushion. Pair reversed and broke pivot of 1.3152. last Friday's low of 1.3132 acts as significant support.
USD/CHF got down as far as .9696 before reversing upward to test session high .9716.
EUR/USD hit within 2 pips of target 0/8th line. When programming take-profit, good idea to pad with some cushion. Pair reversed and broke pivot of 1.3152. last Friday's low of 1.3132 acts as significant support.USD/CHF got down as far as .9696 before reversing upward to test session high .9716.
EUR/USD hit within 2 pips of target 0/8th line. When programming take-profit, good idea to pad with some cushion. Pair reversed and broke pivot of 1.3152. last Friday's low of 1.3132 acts as significant support.USD/CHF got down as far as .9696 before reversing upward to test session high .9716.
Edit: Note that it was EUR/USD's 2nd hit on the -1/8th, which reduces probability of bounce to 0/8th. Also, for the 15-min chart the Period (P) setting used was 64.
Breaking news that U.N. Koreas talks breaking down creating flight-to-safety....we believe.
USD/CHF also had bounced off of 15-min +1/8th of .9720, now at .9711.