A-B-C-D Trade - page 157
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Our last post had a 4-hour chart with extension up and ABCD to FE 127 back down.
The attached 1-hour chart employs the usual tools of late, including the PSQ9 set. We plotted a trend line that was hit 4 times before finally broken. We plotted fibs based on:
Low = May 26th 15:00 12316 and High = May 27th 15:00 12484.
Zoom in (chart #2) and we see the breach of trend line to the upside occurred at 23:00. The next candle broke the High. Price was driven to the 138.2% extension at 08:00, where it was also met by the Mars 90-degree and Moon 90-degree lines.
When plotting a micro-extension (not shown), the best option/pivots , the May 30th 14:00 and May 31st 02:00 candles, were pretty obvious. That plot enabled us to align its 138.2 with our wider plot's 138.2. This plot is also used for retracement/profit levels.
This instrument made a probe during the 13:00 candle period, to the upside, that took out some stop-loss orders that were too tight. This was due to data release of U.S. housing stats at 13:00, and followed by another at 13:45.
The retrace made it to the 50% retrace fib of 12479 during the 16:00 period.
The breakout to the upside was O.K. to trade, but the bounce down off the 138.2 ran out of time due to data.
Attached is EUR/USD 1-Hour, applying the SQ9(Price) indicator. Start price = 1.39682 (May 23rd), and direction up of course.
The pair arrived at the 360-degree level (1.4444) at 05:00 today. Bounce down 2 levels to 315-degree, effected next candle period.
The same can be seen with the ###Gann_PSQ9 indicator on 4-hour.
The 2 peaks of the 30-min chart BAJA bearish divergence are
May 31st 23:00, which had a RSI(4) reading of 96 and
June 1st 05:30, with RSI(4) of 75. This is very next candle that closed above 1st candle's high.
Attached chart is the 15-min with arrow pointing to entry at 06:00 price 1.44379. There had already been a red histogram closed on the EFT, thus entry rule met.
Retrace plot Low = 00:45 1.44012 and High = 05:45 1.4442
Large spike down near 138.2 extension was volatility prior to European open. Previous post declared 315-degree at spike's bottom.
Friday is U.S. Non-Farm Payrolls and Unemployment Rate.
Here is the same EUR/USD 30-min chart at the end of the European session. In it's simplicity, we can see the 138.2 extension and subsequent reversal down.
The price action is very "wicky" and denotes jockeying ahead of major data U.S. NFP and Unemployment. Thus, there will be potential for sharp movement.
Otherwise, we have not noticed any breaking news to explain large move down end session.
Update on our last plot. ABC pointing down with April swings, and arriving at its FE 127 May 15th. The Mars 180-degree right there. Note we removed the Moon lines for this daily chart.
The retrace made it to the 38.2% on May 19th (plot not shown). THis was a probe above the significant Mars 90-degree, which provided reistance for Point B and other peaks.
Bounce down to Mars 270, with probe below, before being trapped below 23.6 fib through May 30th.
The fibo fan plot is high to low and its 61.8 caught the next peak on May 31st, which also met the Mars 180-degree.
The U.S. stock market took a dive down as jitters evident ahead of NFP, and some negative data such as ADP Employment Change and ISM Manufacturing. Flight to safety with Bonds, USD, CHF, and Gold.
Updated chart from yesterday's post shows higher high marked as the 200% extension, and in divergence. The large move down just arrived at the plot's 200% extension to the downside, and 23.6 of wide plot.
EUR/USD
We anticipate bounce at or just above 1.43189, which was high pivot on May 29th 21:15.
Target = 23.6% of 1.43542, but input 1.43500. Fingers on button for manual exit.
Bounce BUY
Out 1.43396 at 19:57 GMT
Attached is 1-hour shows turn at bottom. While we signaled a higher entry above support of 1.43189 that had about a 24-pip bounce, price did visit and probe below this area hitting its FE 100.
We also had the Moon 0-degree (red) and a previously plotted channel fib (white). The 21:00 candle was a "Hammer", and denotes a high probability of a turning point. As done many times in the past, we reference a source for the candlestick patterns below, as well as remind you of Steve Nison's trend-setting books.
Candlestick Pattern Dictionary - ChartSchool - StockCharts.com
Probe below support went to 1.43060. Retrace was 38.2 based on plot day's high to low.