A-B-C-D Trade - page 164
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Over the weekend, we spotted a Bullish Gartley on the 4-hour and daily, and posted notice at week's open Asian. The imperfection lies with the pullback of Point B (center) not conforming to critical 61.8% of X-A leg.
This ZUP v86 indicator does display non-conforming patterns. Non-conforming to gurus Carney and others. The other distances were O.K.
Let's look at Point D on the 4-hour. The extension of the B-C leg was 138.2 and thus conforming. We drop down to the 1-hour EFT for trigger. June 13th (Mon) 00:00 GMT open price of 1.62295 was the BUY entry.
Since the stop-loss is very tight, with low pivot at 1.62119, this is a high reward to risk trade.
The blue dotted lines are the horizontal retrace fib plot from June 9th High 1.64648. We have just hit the 61.8% retrace fib of 1.63682.
Entry = 1.62330
S/L = 1.62000
Reward = 129
Risk = 33 pips
R/R ratio = 3.9:1
Obviously, moving the S/L would impact whether or not trader will ride this move to the 61.8.
Considering this pair usually moves in tandem with EUR/USD, and our view was that EUR/USD would bounce up, this opportunity was logical.
World stock market open/close times with map. Also labels those market that are closed for holiday.
Worldwide stock markets map shows the current open closed holiday status and current time for stock exchange- 24 hour format
EUR/USD bounced down off SQ9 360-degree of 1.4449 area.
USOIL hit resistance at the AL1Upper ML1 at price 97.43
Here is 4-chart screen shot as EUR/USD bounced off resistance of the Mars 90 and Moon 270 intersection, from 18:00 - 22:00. That is the 1-hour chart in upper right.
15-min chart on upper left plots retrace fibs:
Low = 1.43381 and High = 1.44291 during June 13th U.S. session.
The retrace hit the 61.8% fib of 1.43769 precisely at 00:45 candle.
The price level used for the High is the 61.8 (red) of wide plot using Friday's European High. There was also a 2nd hit to this high prior to retrace.
The High is also near the 138.2 from plot High = 1.44026 and Low = 1.43455, which was Euro High to U.S. Low.
The lower right chart is the 4-hour SQ9, which had a Doji candle on 20:00.
The lower left is a 1-hour with fibo fan's 61.8 providing support. We also have ABC which captured bottom with its FE 100 Friday. The bounce up saw resistance at the FE 61.8 of 1.44145.
The 4 charts illustrate SELL trade opportunity. As per upper left chart, the retrace to the 61.8 captured 53 gross pips. The bottom of retrace is also the FE 78.6 on the lower left chart.
Attached is 4-chart set. Short off SQ9 360- degree level. Retrace plot:
Low = 1.43772 and High = 1.44442
38.2 = 1.44186 The Mars 90 is at 1.4414
This captured 30 gross pips.
That was a quick bounce trade off knowledge of S&R. The previous short took a longer. We spoke of the important SQ9 levels and 360 is the most important.
We were happy with the SQ9 plot since pair hit the 360-degree on the way up on June 1st. Price also bounce off of the 360 on the way down on June 10th.
This was a counter-trend trade and requires experience. As mentioned, practice plots, recognition, and money management.
This trade's reward/risk was 2:1 or more depending on fill prices.
We wanted to exit last trade quickly ahead of the European de facto open at 07:00.
EUR/USD spike up upon open to make a 138.2% extension to 1.44700, based on plot of same Low-High described on last post. High also is near SQ9 383-degree, as seen on lower left chart.
Pair retreated to wide plot's 50% (white fibs on upper right chart), and headed back to High.
Lower right chart is 30-min USOIL, where it hit the aforementioned resistance of 97.71 and bounced.
GBP CPI and Retail data at 08:30.
U.S. Retail data 12:30
On 1-Hour, try to plot a APF that results in upper fork that also was the 161.8 extension reached during 09:00 candle period (plot horizontal fibs too). This is a short (SELL) opportunity.
Give you one of the three plots:
Handle = June 7th 18:00 high
Here's a Zoom-in on EUR/USD yellow fibo fan rays, with its 61.8 providing support since bottom at week's open, and now the 50% acting as resistance.
Horizontal fib plot (blue) same as mentioned, and shows hit to the 161.8 of 1.44856 during 14:00 candle period. The natural bounce has made it to the 138.2 of 1.44698.
U.S. data was at 12:30 and 14:00, so not tradable. Just showcase on S&R. The bounce off 138.2 was a tradable event, which was supported by Moon 270.
This bigger picture also has HAMa indicator blue for trend trade up.