A-B-C-D Trade - page 110
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An easy way to see these weekly turning points is to use the 4-Hour chart, and turn on the period separator.
Right click chart
Click "common" tab
Check "show period separators"
You can also turn off grid for better viewing.
When you zoom in and reduce interval to something like 15-minutes, you'll lose the period separators. You can simply draw vertical lines while on the 4-hour, which of course would be retained when you reduce interval. The lower interval charts will have a double separator line denoting week.
USD/CHF sitting on 23.6% retrace fib from plot Feb 2nd low .9327 and Feb 7th high .9597.
Yesterday's (Feb 7th) low is .9529.
These are support levels.
USD/CHF trying to lift itself off support to upside, and now at .9543, about the 38.2 fib on tight plot.
EUR/JPY bounced off yesterday's Euro session high of 112.18 which is the 138.2 of Asian session low to high (yesterday).
AUD/USD broke out of triangle and made a 138.2 where it stands now.
Gold had formed a triangle and seeks to make a breakout to upside. Needs to also clear yesterday's high of 1353.90.
EUR/USD ended Asian session by finishing a regular 161.8 extension to 1.3647.
USD/CHF 30-min BAJA BUY signal with bullish divergence. 06:00 candle with 15-min trigger at open of 06:45 candle .9541.
S/L/ below.9529, and it probed to .9522 which was a recent pivot high price level. We used the indicator SQ_9 (Price) to provide S&R. It requires input of a significant start price. We used 1.0066 from Dec 1st. A more recent price can be used as well, but we liked the pairs adherence to its S&R levels, which can be seen on the attached 4-hour chart..
***
EUR/USD had started day with plot from previous day’s (Feb 7th) European low to U.S. high. This produce the regular 138.2 that was hit at end Asian Feb 8th
Moving plot to Feb 8th low to high resulted in a regular 138.2 extension at end Euro, and a probe higher near the 161.8 thereafter. Those trading the breakout had 20 pips to the upside before pullback.
The 2 pullbacks were large, by intra-day standards. A trader entering at the area of the 61.8% pullback (1.3600) of Asian low to high plot, would place S/L below 78.6 price of 1.3588.
Using the Partial Exit Calculator, we want to see how many lots we would need to exit at the 138.2, in order to assure a worst-case break-even scenario, while moving S/L up and targeting the 161.8 for balance.
Calculator input:
# Lots = 3
Entry = 1.3605
S/L = 1.3586
Spread = 0 (since this is a BUY and input of entry price includes spread)
TP = 1.3671 (just below 138.2)
Move S/L To = 1.3543 (just below Asian High)
New TP = 1.3688 (just below 161.8)
The result is
1.45 Lots exit at the TP (138.2)
1.55 Lots exit at New TP (161.8)
If plan worked out and hit the 161.8, the R/R was 3.9 to 1. In this example it did, hitting 1.3687.
****
EUR/JPY, as mentioned, bounced down from previous day’s 138.2. The drop was quite sharp with a small pullback before making a FE 100, for about 60 pips. Bottom was also the 61.8 retrace fib from yesterday’s Euro Low to today’s Asian High. Another attempt to breach the High was thwarted at 12:
***
USD/JPY traded in a tight range until late Asian. The breakout pivoted 61.8% and extended 138.2. Using probability rule:
61.8% pullback = 138.2 extension
38.2% pullback = 161.8 extension.
Entry at pullback made this a 39-pip gross opportunity. Stop-loss just above 78.6 + spread and cushion = 82.32 and 11-pip risk. R/R = 36/11 and 3.3:1
Pair gave a BAJA bullish divergence signal at bottom that would enter 18:45 at price of 81.90, which can be higher risk due to end New York session.
***
AUD/USD plot was previous day’s high 1.0160 and Asian low 1.0115, which resulted in the aforementioned 138.2 hit. BAJA divergence appeared at top and we saw pair make a 100% retracement to Asian low price area.
This commodity-sensitive pair proceeded to bounce back up near day’s high, making a 161.8 and providing nice movement for the intra-day trader
***
GBP/USD high-low plot 1.6184 - 1.6088 from Feb 7th. Retraced to 78.6 fib end Asian, before a thrust to Asian Low early European. After a 78.6 pivot, extended to its 161.8 of 1.6029.
Gold had been in a channel since a large up move Feb 3rd, where we plot the fibs from low to high. We called the triangle breakout with $1354 hurdle and resistance of $1359 from Feb 4th probe. The move did retreat to the 23.6, but bounced and made the push to the 138.2 extension by end New York.
When we look at the EUR/JPY Daily, it is quite evident that the 112.86/90 level is key resistance.
The 1-Hour plot Feb 4th low 110.77 to high 112.06, resulted in the 138.2 of 112.55, which was just met. The next level, 161.8, is 112.86
On the 1-Hour, use indicator SQ9(Price) with start price 113.99 and direction down. The resulting 90-degree level is.....112.92
From that top of 113.99 to move's low of 111.30, the 61.8 fib is.....112.96. The 50% fib was also respected since that move.
Move the low from 111.30 to 111.03 and we get a 61.8 of ....112.86.
Thanks For All , Pls Give The Sq9 Indicator , Im Following You Thanks Again
Gann indicators download from Indicator section, in thread "Gann is the Man"
https://www.mql5.com/en/forum/198881
This one SQ9(Price) for some reason is not in there, so here it is.
The featured potential bounce trade set-up (sell):
EUR/JPY stalling at 112.65, which confirms the aforementioned wide plot of 113.99 to 111.30, which makes that price the 50% fib.
This means next is 61.8 = 112.96 just above
regular 138.2 = 112.86
Those are the resistance levels. Layered entries from these levels optional.
S/L above 112.96, and can even be above round number 113.00.
Conservative retrace exit = 138.2 of 112.55. Next support would be 112.33 (38.2).
EUR/JPY bounce was off of 112.87 during 14:30 candle. The ABC plotted from Asian swings had the FE 100 at 112.88. The bounce was small back down to FE 61.8 of 112.68 for gross 19 pips.
Bounce was to 38.2 retrace fib from plot 112.37 (session low) to bounce price 112.87.
The 112.68 was area of stiff resistance previously. Although we had eyes on larger bounce, we must remember that most are small. Pull S/L to break-even when prudent, but on most occasions, a 10-pip profit happens quickly.
***
EUR/USD finished off a regular 200% extension from yesterday's plot Asian low-high. Alternatively, the 1.3711 top can be derived from today's Asian low to high and is also the 200%.
ABC swings: Feb 8th 08:00/ Feb 8th 16:30/Feb 9th 00:00, arriving at FE 100 = 1.3707.
Most popular might be 1.3687 high (US) and Euro low 1.3609 which made top 138.2. Bounce off Euro low noted.
***
USD/CHF had 30-M BAJA bearish divergence on10:30 candle. 15-min trigger at 11:45 open facilitated nice .9646 entry S/L .9660 + 5 pip spread & cushion.
Top is FE 161.8 from plot .9523 to .9602. Retrace levels:
23.6 = .9628
38.2 = .9608
50% = .9591 (hit)
Pulling fibs from 07:15 low .9619 to 11:15 high .9660 produced 161.8 .9594 (hit)
***
Gold, channeling all day finally making a move, to downside. Hurdled 180-degree of 1361.60, which is also 38.2.