A-B-C-D Trade - page 117
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Also at the resistance point was the establishment of a Bearish Gartley on the 1-Hour at the end of the 23:00 candle.
Open of the 00:00 candle was entry, at price 1.3621, which conforms to the previous posts' resistance, etc.
Edit: Note the pattern also on 30-min and same as BAJA divergence candle at 23:30.
The trend line mentioned previously, held during last push up for moment. Now, plot a trend line going up, to make a triangle:
Lows = Feb 14th 13:00 1.3427 and
Feb 17th 09:00 1.3535.
The Bearish Gartley pattern, triggered by the ZUP indicator. We can also see a red box with horizontal lines. These are fib extension levels, just mouse over and it will display ratios.
The indicator will also trigger the pattern if EUR/USD rises to those levels. This is Point D. The swings are X - A - B - C - D.
These patterns are reversal signals and conform to subject we discussed, trading bounce off fib levels, including fib extension levels. Not every pattern is perfect. Refer to this tutorial sector under Pattern Recognition thread, where we posted measurements for "perfect" patterns. Or simply internet search.
Non-perfect patterns are traded, but it's up to each trader's discretion. If there are other tools also confirming, so much the better. In this example, we posted other reasons for short.
EUR/JPY mostly moves in tandem with EUR/USD. Therefore current down move is also happening to EUR/JPY.
The ZUP just triggered a Bullish Butterfly on EUR/JPY, which is opposite direction of current move. Look at the red box. The aqua color horizontal line is the 161.8 fib, price 112.18. Let's see if it reverses there.
The EUR/JPY Bullish GARTLEY (the 30-min was a Butterfly) can be viewed on the 15-min. The Point D is a 200% fib, as displayed by the orange horizontal line when you mouse over it.
As it often does, once price moves and doesn't conform to indicator's pattern parameters anymore, it dissolves.
Now it looks like it reverted to previous pattern established on Feb 18th 01:00, per attached chart pic.
EUR/USD made a 100% retrace to 1.3584 low and bounce about 20 pips up.
Try to plot a fib channel slanting up, on the 30-min chart. Make sure the Feb 16th 13:30 dip hits the 61.8 expansion. We'll post pic just taken in next day or two.
EUR/USD bounced off lower trend line that makes up triangle, as well as 138.2 fib.
EUR/USD testing support. Plot:
Low = Feb 16th 13:30 1.3461
High = Feb 17th 23:30 1.3626
50% fib = 1.3544, which is about same as Feb 17h 13:30 low 1.3542. That means it would be a 100% retrace.
Candle count from left base to head = 20 candles.
Shoulder to head 11 and 10 candles
Candle count head to current (08:30) = 18 candles.
A miss on projected U.K. Retail Sales figures, due out at 09:30, may send EUR/USD (dragged by GBP/USD) through support.