A-B-C-D Trade - page 217
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EUR/USD revisited yesterday's European High 1.36934 during Asian and was rejected. BAJA 2nd peak at 06:00 top.
Bounce traders enjoying ride to 61.8% retrace fib thus far.
Attached is split-screen with 15-min session colors chart, and PSQ9 with fib channel overlaid on 30-min. Currently testing 31.4 channel fib, as Greek default fear continues.
We threw in the CFD that mimics the German DAX, GER30, which is also down.
Bounce (up) traders lurking at 1.3555 level.
EUR/USD bounced up from support generated Sept 12th 18:00/19:00, to make a 78.6% retrace thus far.
Gross pips 1.35577 to 1.36720 = 114
To get more S&R,we moved lower plot of fib channel to the Moon 0-degree (lime green). The high remains at Moon 45-degree.
This adjustment produce a 61.8 channel fib resistance ahead of 100% (blue) price of 1.37219, established Sept 9th 17:00.
Quite disappointed that a Sylvia Naser (A Beautiful Mind) interview, on her new book Grand Pursuit, did not allow her to speak much.
She was drowned out by four I-am-a-rock-star hosts. We did however, find this article by her at:
bloomberg.com/news/2011-09-13/hayek-keynes-and-preventing-economic-crises-commentary-by-sylvia-nasar.html
Excerpts (we inserted boldness):
"As the Depression deepened, Hayek held that it was due to monetary mismanagement and state intervention operating in a milieu in which the essential strength of capitalism had already been sapped by war and by policy.”Overinvestment during the boom -- not underinvestment, as Keynes contended -- had produced the slump. Consequently, what was needed was “time to effect a permanent cure.
The creation of artificial demand,” Hayek argued,would only lead to another burst of inflation and another downturn. Like most American economists -- as well as President Herbert Hoover and his political rival, Roosevelt -- Hayek opposed going off the gold standard, and favored spending cuts and tax increases to balance the budget. Give the economy time to heal."
Hi,
that's very nice, thanks for sharing your very interesting strategy. Is there an implementation in open-source EA available?
SQ9(Price) price = 1.06595 direction = down
Standard Deviation Channel Sept 6th 08:00 and Sept 8th 15:00
Fib Channel aligned to SDC's high and low lines.
The Sept 14th 02:00 candle (current 1.02677) at lows of Sept 13th 08:00 and 10:00.
Ahead is 360-degree level and Sept 12th low of 1.2546
314.2 fib channel slicing through to intersect 360-degree just below current candle.
SQ9(Price) price = 1.06595 direction = down
Standard Deviation Channel Sept 6th 08:00 and Sept 8th 15:00
Fib Channel aligned to SDC's high and low lines.
The Sept 14th 02:00 candle (current 1.02677) at lows of Sept 13th 08:00 and 10:00.
Ahead is 360-degree level and Sept 12th low of 1.2546
314.2 fib channel slicing through to intersect 360-degree just below current candle.
****
We are 15 minutes after 03:00 data, which was negative (and followed previous positive data).
Price bounced off 127.2 extension 1.021398 and back up to 360-degre level.
Fib plot = 1.03702 / 1.02677
Here's view with Moon 180 to Moon 90 plot of fib channel.
Price backing off 138.2 channel and blue horizontal 127.2 extension.
We are marking the S&R this pair is respecting. Allow things to calm down and see if we can pick our spot. The data was much worse than forecasted, and market knee-jerked.
One last follow-up on yesterday's EUR/USD rise. We anointed S&R to Moon 45-degree and Moon 0-degree alignment with fib channel. Attached is split-screen:
Chart on the left is a 15-min session colors with fib plot using Asian High and European Low. Price chopped up with last peak at the 127.2 extension 1.37306.
Chart of the right has PSQ9 with aforementioned plot of fib channel. This time we used the HAS candles. We look at the 1-hour and see that the candles remained blue en route up, which can aid jittery traders.
When you tap into reading sources on the HAS, it will note that candles with flat ends opposite direction denotes stronger move. We see that they were indeed flat on the bottom as price climbed up,
The fib channel's 100%, 61.8%, and 31.4% were all respected. The HAS will look different and regular wicks may not be visible to maximum length.
Simply toggle between regular candles and line chart. In chart properties (right click), zero out color of line chart. This allows us to just see the HAS, without the line chart.
AUD/USD to blue 161.8 and Mars 180.
Meanwhile EUR/USD, which trades in tandem usually, testing Asian Low ahead of 06:00 which starts heavy volume, and 07:00 European open.
Let's wait for 06:00.