A-B-C-D Trade - page 138
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EUR/USD Weekly. Take your Gann Grid tool and plot from July 2008 all-time high 1.6038 to each of the 3 options listed below to see individual support & resistance results:
1) Sept 21, 2008 (weekly candle) high 1.4867
2) Dec 14th, 2008 high 1.4719
3) Nov 22, 2009 high 1.5142
EUR/USD Weekly. Take your Gann Grid tool and plot from July 2008 all-time high 1.6038 to each of the 3 options listed below to see individual support & resistance results:1) Sept 21, 2008 (weekly candle) high 1.48672) Dec 14th, 2008 high 1.47193) Nov 22, 2009 high 1.5142
Here is the chart attached with #3 as 2nd point for plot. We added red vertical lines to split the boxes in half. The 1st 2 vertical lines locate the 2 major turning points. The 3rd is at current price location now. We've mentioned before that the distance between the all-time high and the next high 1.5142 is the same as distance from 1.5142 and where price is now.
It has come out during testimony, in the insider trading scandal involving a former Goldman Crooks Director, that the alleged billionaire beneficiary had taught a junior trader how to cover up trades generated by insider information.
Added: Nice little session on Bloomberg featuring a former SEC person criticizing the J.P. Morgan CEO for being out of touch, in his speech bashing more bank regulation. They all don't believe they did anything wrong, as an industry, and want the same license to act with the same ineptitude and disregard for the consumers' hard earned money.
After getting bailouts and the FED artificially inflating the stock prices of their institutions (again), they want more. A few of these officers should go to jail and think about this without the distraction of greed and memory loss.
Just deposited a template for the Bumasoft Planetary SQ9 indicator in Gann Is The Mann thread, with it loaded 4 times at different angle degrees. The attached chart shows how effective it can be.
The lines are plotted diagonally, as opposed the the Gann_SQ9 which is horizontal. Mouse over the lines to read angles.
Enjoy.
EUR/USD made 138.2 at top of Planetary SQ9 resistance line. Some would short here for a few pips.
Here is pic, as we switch to 15-min chart, the Planetary SQ9 lines remain at the same location (pink). The yellow is the extension fibs to 138.2, and the white is the ABC to FE 100.
The bounce to the FE 78.6 is the quick hit. Tight stop-loss and small profit. There are huge communities that trade like this, despite the nerve wrecking aspect, but must have experience.
Last statement should read: tight S/L and small pip profit scaled.s we mentioned many times, traders can scale amount of lots to trade no matter how small R/R amount of pips are. Risk 1% at 8 pips means gain of 8% also is 1% of account.
Attached has 3 charts on screen. Left is 30-min which monitors possible bearish divergence forming. The upper right is same as previous post, and we can see pair bounced off E 78.6 back to upper PSQ9 resistance and come back down.
Lower right chart is horizontal Gann_SQ9 which shows 45-degree level at 1.41855 - about same area as other resistance.
***
G20 discussing currency at summit in China, with what must be awkward reference by American Treasury Chief Geithner to the Yuan once again.
Today end Euro session will have Ireland statement about their 4 large banks in trouble. There is speculation they will be nationalized after results of stress test indicate they need a combined additional 30-40 billion Euros.
07:55 had EU data of improved Unemployment rate which is pushing EUR/USD up in breakout of Asian High. Example was for study purpose based on technicals only.
We can see pair rachet up to 161.8, where a natural resistance bounce will occur however small it may be. It is same as FE 61.8 based on tight ABC plot.
Now EU CPI came out higher than projected, so this is good example of what can happen to intra-day traders if they remain in position during data release. Pair now blowing past FE 161.8 toward FE 200.
Major resistance is Mar 22nd high of 1.4247.
Profit taking on EUR/USD as focus now should be towards PIIGS nations. Statements on the Irish banking situation may have market-moving results to the downside, along with Portugal's cost to borrow increasing to record high on bond spread.
Tomorrow is U.S. Non-Farm Payrolls and Unemployment - largest scheduled data in this business.
BAJA sell entry 1.4020 at 09:45.