A-B-C-D Trade - page 139
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The 16:30 GMT announcement by the Irish is that the banks need another 24 billion Euros, in reserves. Here is link to BBC article.
EUR/USD had retraced 61.8% (1.4165) based on low/high of 1.4140/1.4228, at 13:00 GMT. Max gain from BAJA entry = 58 gross pips.
BBC News - Irish banks need extra 24bn euros to survive
We'll attempt to recap Ireland's overall problems in a separate post.
Here is the USOIL chart, illustrating the 161.8 extension on the 1-hour chart.
Low/High plot = Mar 29th 102.70/Mar 30th 105.11. This top fib of 106.60 is about the same as Mar 31st high 106.65 and Mar 7th high 106.93.
Deposited comments in the Gann Is The Mann thread in indicator section regarding Planetary SQ9 indicator. Also married up with BAJA divergence.
U.S. NFP and Unemployment came in better than expected. EUR/USD spikes down to 1.4061, which is 138.2 extension from Mar 31st plot 1.4126/1.4232.
Subsequent U.S> data negative USD.
Attached is EUR/USD Weekly. Let's focus on the all-time high price of 1.6038 establish on July 15, 2008.
One way some harmonic traders look to convert price into time is to multiply significant highs and lows by Fibonacci or squared numbers.
This currency pair features a different type of decimal placement for price, compared to stocks which is where the writings about this subject lies.
Let's take that price of 1.6038 and use the numbers after the decimal, 60.38, then multiply by ratio to arrive at turning point date/week:
60.38 X 1.618 = 97.69, rounded to 98.
July 15, 2008 + 98 weeks = May 30, 2010
60.38 X 1.783 = 108.
July 15, 2008 + 108 weeks = Aug 8, 2010
60.38 X 1.886 = 2.000 = 121
July 15, 2008 + 121 weeks = Nov 7, 2010
60.38 X 2.350 = 142
July 15, 2008 + 142 weeks = Apr 3, 2011 (today)
We can see the significant pivots at the dates, or one day from them. In case you are not aware, the trend line tool has a ruler that counts the number of candles. You need to keep the mouse button depressed to read it (at cursor).
This is the first time that Uranus is in Aries, since 1927, 84 years ago. Here are events from that year, as listed by wikipedia:
1927 - Wikipedia, the free encyclopedia
Typo in last post but does not affect calculation: 1.783 should be 1.786. The ratio .786 is the square root of .618.
Since we mis-typed a couple of ratios, here are correct counts for turning points on the EUR/USD weekly:
60.38 X 1.618 = 97.69, rounded to 98.
July 15, 2008 + 98 weeks = May 30, 2010
60.38 X 1.786 = 108.
July 15, 2008 + 108 weeks = Aug 8, 2010
60.38 X 2.000 = 121
July 15, 2008 + 121 weeks = Nov 7, 2010
60.38 X 2.350 = 142
July 15, 2008 + 142 weeks = Apr 3, 2011
Gann used this method on stocks and commodities. He also used planetary alignments (degrees) to convert price into time.We have yet to find writings pertaining to the Forex market.However, some currency pairs are closer to the type of stock price numbering than others, and should be reviewed.
Here is EUR/USD 1-hour. The drop from the double top has just bounce near previous 09:00 pivot.
Wide plot High = Mar 22nd 08:00 1.4245.
Friday Apr 1st saw hit near that high very close to close of week.
Today 12:00 pair rejected at high. Also marked a bearish divergence on both 30-min and 1-hour chart.
15-min trigger SELL entry with EFT = 13:15 at 1.4228
Retrace fib plot: Low = Apr 1st 13:45 1.4061 and High = 12:30 1.4247 (S/L)
The 23.6% fib = 1.4203 (just hit during 17:30 candle)
Reward/Risk = 22/24
EUR/USD ratchet one more notch lower to the 38.2% fib, ahead of the European session open and today's EU data 08:00-09:00. This is the 2nd day of downward price pressure, after touching resistance of long-term trend line.
Anticipated ECB rate hike Thurs, of a quarter percent is priced in by market. Today Portugal downgraded by Moodys. Weds sees EU GDP.
AUD trade balance came in far from projected and caused AUD/USD spike down at 01:30. They also left interest rate unchanged, as expected.
Busy week also includes FOMC minutes today at 18:00, after FED's Bernanke did not address QE2 in his speech today.
BOE Rate Decision on Thurs is expected to hold, follows U.K. GDP Weds.
Interesting comment by Japan's Minister of Finance, who said a weaker Yen and rising oil will hurt their economy. Human suffering and pending issues aside, we point out an example of the complexity of the Japanese situation. Last month saw coordinated G7 intervention to weaken the Yen.
Oil flat at 108 after breaking pivot high last week.
GannBox_144 on EUR/USD daily. Start = Nov 4th, 2010 price 1.4281.
Height of box = 14400
Width of box = 360
We can see te Gann angle lines provide good S&R. We've also drawn a pink trend line for slope up, so watch for break.