A-B-C-D Trade - page 221
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EUR/USD opened week with a huge 90-pip gap down from Friday's close.
1.37949 - 1.37040
And it's dropping lower. Will check to see what's going on.
No earth-shattering news, just looks like pessimism over EU meetings.
Attached is continuance of our 1-hour AUD/USD SQ9(Price) plot. Start price = 1.06595 and direction down.
Standard Deviation Sept 6th 08:00 and Sept 8th 15:00. Fib channel aligned to lower SDC line and Sept 12th 08:00 pivot low 1.02747.
Price currently at support provided by FC 61.8, and also hit 338-degree on SQ9.
BAJA bearish divergence 1-hout chart
That was for XAU_USD
Here's the 1-hour with just horizontal fibs.
Wide plot (yellow): High = 1844.85 Low = 1763.10
Not shown is tight directional PLOT using Low = 1804 and High = 1828.
The BAJA bearish divergence had its 2nd peak at 22:00 candle, which had its high at the yellow 78.6 retrace fib of 1827.36.
Tight retrace levels include 50% level of 1816.26, which is open of week price area.
This is the combination plate, split-screen 3 charts:
Left chart utilizes SDC plot on 2 lows, Sept 7th 14:00 and Sept 13th 08:00.
FC aligned with SDC's upper and lower lines. The FC 61.8 caught Sept 16th bottom.
The SDC's mid-channel, which is the "mean", was resistance for recent 22:00 high (and BAJA bearish divergence).
Upper right chart is PSQ9 with FC aligned to Moon 0 and Moon 270-degree. Sept 16th bottom was FC 200. Recent 22:00 highs contained by FC 61.8.
Lower right chart was just posted and we did see price drop further to Sunday's open level of 1815, just about 50% retrace.
XAU_USD bounced up off 1815 to retest "mean" price, and was rejected again. Price drifted down to the 38.2 retrace fib 1819.
AUD/USD broke out downward from FC 61.8. Adding a 2nd fib channel, aligned to the 1st FC's lower line (Sept 12th 08:00 pivot low), and its FC 31.4.
This gave us a FC138.2 where price is interacting now. 04:00 candlewick hit SQ9(Price) 383-degree. This area is same as the pre-euphoric spike price level (yellow "X").
Blue horizontal fib plot: High = 1.03977 Low = 1.02802
138.2 = 1.02353 (hit 02:00 and intersected 2nd FC's 138.2)
161.8 = 1.02076
***
The angle of the fib channel is of key importance. We allowed the Standard Deviation Channel indicator to generate the angle, and took it from there with a fib tool.
Attached is a 15-min zoom-in on XAU_USD BAJA bearish divergence signal on 1-hour chart.
The 2nd peak price of 1828, minus 1.00 cushion, got the experienced trader in on a good R/R. TP target of 1817 (50% fib + cushion) made this a net R/R of 10.00/2.00 and ratio of 5:1.
Those that did not have the other resistance figured out can wait for the 15-min EFT trigger. That had entry at open of Sept 19th 00:30 candle period, at price of 1823. R/R = 6.00/6.00 and ratio of 1:1. Note previous post has alternative tighter S/L.
****
The 0:300 1st revisit of 1828 High saw bounce back down to 38.2 fib 1819. Again, getting in near top afforded trader good R/R.
We advised SDC plot on 1-hour chart was Low to High:
Sept 12th 04:00 and Sept 15th 13:00.
Fib channel aligned to SDC's middle and lower line.
Fib arc plot (setting parameter = 58):
1st line = Sept 15th Low
2nd line = 61.8 Fib channel
Yellow "x" mark locations of that plot. We added 138.2 and 161.8 to fib level of arc/circle.
Price respected FC100 as well as FC 61.8
Also look at results from moving low of fib arc plot to:
Lower channel line of SDC, FC 31.4, FC 78.6, and FC 100.
We are pulling plot straight down. You can draw a vertical line to assist.
From a more complex set of plots to the very simple. Attached is a 1-hour chart that applies the script DayBorders, which plots lines to identify the opening price for the last calendar day. This may be a better visual aide for you.The script draws a vertical line on the Sept 15th and 16th open. It also draws a horizontal line at the open price level.We added the white horizontal fib plot Low = 1.37023 High = 1.39357We also highlighted last pivot range on Sept 15th, 1.38951 down to 1.38636 as reversal zone (green box).On the bottom we have a trend indicator, Forex Freedom bars, along with usual RSI(4) and EFT histogram version.**Sept 15th contained the euphoric spike up due to the coordinated Central Banks intervention. As time passed, we can see the RSI(4) make lower highs.The EFT fell below the zero line and the shorter term FF bars were red.At 01:00 period, we had a pivot up, with the 05:00 candle being rejected near the Sept 16th open price level (yellow). This is the same level as the 23.6 horizontal fib. Lurking SELL orders here.The 05:00 candle closed below this "reversal zone", and its RSI(4) fell below 50. If SELL entry at 06:00 open, and when volume kicks in, fill about 1.38568 (not including any slippage).When we look left, we can see the spike candle and the low pivot prior to the spike. The is a good maximum TP, especially when its close to close of the week.A safe fib level is the 61.8 of 1.37915. TP (reward target) = 60 net pipsThe stop-loss had 2 distinct options:1) Tight = just above the Sept 16th open candle high plus about 7 pips spread/cushion = 1.38869 for risk of 30 pips.2) Just above reversal zone, pivot high of 18:00 candle, and round number of 1.39000 = 1.39050 for risk of 48 pips.Reward/Risk = 1) 60/30 and ratio of 2:12) 60/48 and ratio of 1.25:1TP hit during 07:00 period.Note: Using fib extension plot to target TP is also very effective and covered extensively here. The 161.8 was near the 61.8 TP target. The 200% caught the 08:00 pivot (see 15-min).This trade lasted 2 to 3 hours, depending if you entered at 05:00 or 06:00. You can keep it simple and cherry pick only these set-ups.
i cant get this indi in chart how pls guide thanks