A-B-C-D Trade - page 119
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Attached are more Head & Shoulders pattern examples:
Gold Feb 3rd 4-Hr
AUD/USD Feb 16th 1-Hr inverted
EUR/JPY Feb 18th current attempt
EUR-USD 4-Hour Chart
1) Retracement tool (yellow):
High = Feb 2nd 00:00 1.3860
Low = Feb 14th 12:00 1.3427
61.8 = 1.3695
2) Fib Arc (red):
High = Feb 2nd 00:00 1.3860
Low = Feb 7th 12:00 1.3507
61.8 = resistance Feb 18th
3) Retracement tool (white):
Low = Feb 17th 08:00 1.3535
High = Feb 17th 20:00 1.3626
200% Extension = 1.3717 resistance Feb 18th and same as Fib Arc
4) Fibo Fan (aqua):
High = Feb 2nd 00:00 1.3860
Low = Feb 7th 12:00 1.3507
86.6 = resistance Feb 18th, same as Fib Arc and 200% extension.
Pink horizontal line is Feb 9th pivot high price of 1.3743, which would be a good bounce opportunity.
EUR-USD Daily Chart
1) ###Gann_SQ9 set on intervals of 90 (angle), and kov_lev to 32.
Its 90-degree price on Feb 9th pivot high of 1.3743 is significant.
2) Retracement tool:
High = Nov 4th 1.4281
Low = Jan 9th 1.2863
61.8 = 1.3739
****
Intra-day chart also agrees that the bounce target area has fibs.
ABC swings on 15-min 10:15/14:00/14:30, produced FE 127 = 1.3739
Retracement tool using A-B of ABC = 200% extension of 1.3744.
EUR/USD, EUR/JPY, and Gold attempting to break Friday resistance, which are also Swing B levels.
EUR/USD bounced off resistance for about 25 pips to support near last Friday's close. We'll need to watch the pivot.
GOLD pierces through resistance of $1393 and looks toward FE 100 = $1397.
Middle East tensions grew over the weekend and makes this a jittery open/day. The longs on Gold and oil are a flight to safety.
GOLD at 1st TP of $1396.90 for +35 net pips
Despite positive data, EUR/USD made a lackluster attempt to break above resistance as previously outlined. We can especially see the Fibo Fan's 86.6 contain thrusts.
Early at 23:30, we had a BAJA 2nd peak during the same 30-min candle as double top that produced bounce back down to FE 61.8.
Gold ratcheted up from regular 138.2 extension to 161.8 at 1.399.50 (current).
U.S. closed for holiday.
Unable to crack resistance, EUR/USD retreats to the 138.2 as we appraoach end of quite European session.
Gold had advanced to next level, since last post. Move ABC plot to 22:30/04:00/05:30. Hit FE 100 during 13:00 candle period. Zoom in and we can see the retrace to the 50% fib at 15:00, prior to current retest of high.
Gold - Plot trend line upwards, using 22:30 low 1386.70 12:00 low 1397.90.
Monitor the current attempt to rise above previous high of 1404.60. Should it probe above, with a weaker RSI(4) than 1st peak 94, and close 30-min candle, it would be a BAJA divergence.
Gold - the 15-min has not triggered yet, and we are watching it complete its extension to $1407. This is the FE 127 and regular 138.2
This is a good example of the BAJA. Gold extending to $1409. The 30-min RSI(4) during the 19:00 GMT candle is now at 94. If it closes at 94 or higher, it would invalidate the BAJA divergence.
All the wile, the 15-min EFT never triggered an entry signal. This is the safety mechanism of the technique.
Strong day for gold due to weekend unrest. The trend trades had easy ABCs to read.