A-B-C-D Trade - page 246
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Here's a 15-min chart with session colors. We had bounces off Asian Low and High during early European.
The bounce off Asian High was Point A of ABC, with swing times 08:15/09:30/09:45.
Price marked Point D at FE 100 at 10:15, with probe to FE 127.2 during 11:30.
Continuance of previously posted 1-hour (attached) has that low as support at FC 61.8 from plot Moon 270 to Moon 0-degree.
1-hour chart with Mars and Moon at 45-degree intervals.
Get the proper slope by aligning fib channel tool to any Moon line.
Fit plot to B-C swing:
Low = Oct 26th 14:00 1220.40 and High = Oct 25th 10:00 1257.90
The candles from Oct 27th 17:00 through Oct 28th 00:00 respected the plot's FC 31.4 extension.
Price fell back down to plot's upper trendline, which is acting as support.
Recent post with EUR/USD 1-hour had Standard Deviation Channel (SDC) plot of Oct 10th 16:00 and Oct 12th 17:00. That provided nice S&R through end of that week.
We want to illustrate that this plot can be of further use by aligning the fib channel to SDC's upper and lower channel lines.
The attached chart shows adherence to fib channel extension levels throughout the following week, as marked by yellow arrows.
We labeled 3 turns of interest.
Oct 18th 09:00 low was at the FC 100. However, it dipped lower to form a BAJA bullish divergence. That dip can be measured.
Take another fib channel plot (change color for better viewing), and pull from SDC mid-channel (A) to lower channel (B). The plot is for one-half the channel as distance for A-B.
Drag fib channel, with extension levels pointing downward, to location of FC 100. Align the FC's lower line (B) to that 1st FC 100. This results in the 13:00 dip measuring a 31.4% expansion.
That low is also the FC 31.4 of Moon 315 to Moon 225, as well as the 138.2 extension of horizontal fib plot.
***
Take that same fib channel plot and drag it to the location of the 2nd BAJA of Oct 19th 10:00. Align the plot's lower plot line (B) to the 1st FC 61.8. The 10:00 overshoot of FC 61.8 is also 31.4%.
This 2nd BAJA point is also the 31.4% extension of plot from Moon 225 to Moon 315. Horizontal fib plot has high as 127.2 extension.
***
The 3rd BAJA of Oct 20th 15:00 had dip slightly beyond 31.4%. However, if you adjust the plot by pulling from the 1st FC 100 (A) to the 1st FC 161.8 (B), the 10:00 dip was a 31.4% extension at close of candle price.
The 2 dips making up the BAJA bullish divergence were also the 138.2 and 161.8 extensions of the horizontal plot.
****
These are all combined to make the strength of the potential turning points stronger.
Nice indicator that plots 4 different pitchforks. We changed the default color on one of them as it was too close to another color. We also shortened the name to allow us to find it easier.
Each pitchfork is at different angles, which helps as the market can change angles of movement.
Here's 2 ways to use this indicator.
1) Align the fib channel tool to one or more of them, to get extension channels.
2) Change the name on one of them to "AL1". Then apply indicator AML_v1-1. This plots interior fibs, and outer fibs of 100% intervals.
***
The 2nd attached chart applies AML to the largest pitchfork (orange). The color is then changed to blue by the AML.
Reports of BOJ intervention. Just look at USD/JPY.
This drags USd pairs toward strength. It can whipsaw back, therefore sidelines is the cautious approach.
Sanctions should be slapped on currency manipulators Switzerland and Japan...LOL.
Continuance of our Standard Deviation Channel (SDC) plot using high to low of May 4th and Oct 4th.
Confirmation is labeled with check marks at Aug 29th touch of upper channel and Sept 22nd hit at the lower channel.
Going forward after plot, we saw a small bounce off the mid-channel (mean) on Oct 12th, and bounce off near upper channel last Thursday Oct 27th.
Continuance of plot made prior to week's opening.
Added yellow horizontal fibs, for extension levels.
Easy plot High = 01:00 1.41714 and Low = 1.39745
Japan's intervention occurred around 01:00. Staying on the sidelines means we don't have to take necessary risks as these circumstances often can whipsaw.
After allowing for market nerves to calm down, we can see pair made a 38.2% retracement during the 07:00 period, and proceed to trade in the 38.2% - 0% range,,,,,,,,,until
15:00 breakout to the downside just about touching the 138.2 during current 16:00 period.
***
The blue pitchfork #2 at
38% pullback (upper fork)
0% (middle fork) level
138.2% extension (lower fork).
PSQ9 plot Moon 90 pulling up to Moon 135. After peaking Thurs, rested on area of 161.8.
Start of this week had Futures market under pressure, which carried over to U.S. session. This current 17:00 hour has recovery back up to near U.S. open of 1270.
The FC 61.8 acted as support just now, intersecting horizontal 38.2 fib. That plot is Low = 1220.40 High = 1292.90.