A-B-C-D Trade - page 107
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GOLD and AUD/USd breaking out of triangles to downside.
AUD/USD reached its 23.6% retrace from plot .9864 low to 1.0147 high, which is also FE 100.
GOLD hit the 61.8 retrace.
EUR/USD 30-Min
Feb 1st 16:30 Low 1.3777 (base)
Feb 1st 20:30 high 1.3842 (Shoulder)
Feb 2nd high 1.3860 (Head)
Feb 2nd 10:30 high 1.3844 (Shoulder)
Current Feb 2nd 14:00 just hit 1.3777 to finish pattern at base.
Measure distance between point with your trend line tool.
Left Base to Head = 22 candles
Each Should is 14 candles from Head, and of about equal price in height.
Right base reached (from head) 1 candle early (21).
After the beautiful H&S pattern, is the bounce trade up for at least 10-20 pips.
For pattern arriving 1 candle early, we can file a complaint with the Forex Head and Shoulder Fair Act Committee.
With MT4 Cycle Line tool (click Insert tab), plot:
From Left Shoulder to Head.
ABC tool (Fib Expansion), plot:
A = Feb 2nd 03:30 high 1.3860 (Head)
B = 09:30 low 1,3812
C = 10:30 high 1.3844 (Right Shoulder)
FE 161.8 = 1.3766 at 17:30 ------ which was next Cycle Line.
EUR/USD bounced off of that fib as turning point, which is what the Cycle Tool is used for (predict).
The 3rd dimension, space (of price, time, space), came by way of the fibo fan plot:
Low = Jan 31st 1.3662
High = Feb 2nd 03:30 (Head)
Fan's 61.8 caught turning point.
....and finally in keeping with the Harmonics theme, we have a double fib cluster for 21:00, per attached EUR/USD 30-min chart.
This is a cleaner chart with trend line providing resistance for projected turning point as defined by fib cluster. Let's see if the end of day contains a small turn down.
1-Hour Gold broke down out of triangle.
.....AUD/USD broke down out of trend line, at 38.2 now.