A-B-C-D Trade - page 171
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After 08:30 out of the way, Euro pairs testing support, along with USOIL and XAU_USD (gold).
Risk off trading has seen the Euro take a beating post-Bernanke.
Here's 3 more EUR/USD charts, including SQ9(Price). The GBP/USD is a continuance of last post and price has found support at aforementioned 200% (yellow) fib.
Let's follow-up with balance of moves on EUR/USD and GBP/USD to current.
Here are the 3 charts previously posted.
EUR/USD
Horizontal fib plot:
High = June 14th 17:00 1.44963
Low = June 16th 10:00 1.40724
Fibo Fans:
Pointing down
High = June 14th 17:00 1.44963
Low = June 20th 07:00 1.41929
Pointing up
Low = June 16th 10:00 1.40724
High = June 22nd 14:00 1.44406
Fib Time Zone:
Low-to-Low= June 16th 10:00 and June 20th 07:00
Low-to-High = June 20th 07:00 and June 21st 21:00
Comments
We reversed our yellow horizontal fib plot. This resulted in current support area at the 88.6% fib 1.41207, which was also June 17th pivot low. Doji candle at bottom 14:00.
Fibo fan pointing up has 88.6 ray at this support area, intersection 38.2 ray of fan pointing down.
The referenced "bonus" of this chart pertains to the fib time zone plots. We only included the Low-to-Low plot, but added the Low-to-High. This resulted in potential turning point cluster at 06:00/07:00.
****
GBP/USD
The Andrew's Pitchfork (APF) plot was kept as we anticipated price action to fall back down below the upper fork, which it did.
We removed the yellow 200% fib which acted as support at last posting time. We have to always look for the new plot once S&R is breached, in order to get other views.
The attached 30-min chart plot (blue):
High = June 22nd 15:30 1.61483 and Low = June 23rd 01:30 1.60167.
This resulted in 161.8 1.59354 hit 13:30. The interior fib Upper_ML1 of APF also there.
The 2nd chart has the PSQ9 levels. We kept the white fib plot where the 161.8 was at 1.59638. Added the same plot as above, to show 161.8 at the Moon 180-degree (red).
Where is bottom? For intra-day, monitor RSI(4) and look for divergence. On the 30-min, the June 23rd candle was first, but the 13:30 candle aligned with the Moon 180.
IEA announced it will released 60 million barrels of oil from its strategic reserves. This sent oil further down, will post chart later.
The Dow index and other stock indices dropping dramatically today. Attached is a very simple 30-min chart of US30, a CFD that mimics Dow30 futures.
High = June 22nd 18:00 12206
Low = June 22nd 23:00 1.2050
After the FOMC/Bernanke period, consolidation occurred. Price started drifting down at 10:30 GMT, and pivoted slightly just ahead of the U.S. session open.
The 200% extension was hit during 13:30 candle period, which is opening 30-minutes of U.S. stock markets.
Once again, there was divergence to signal reversal or bounce. The RSI(4) levels on the 13:30, 14:00, and 14:30 candles were higher that the 12:30 first dip. At the latest, upon close of the 15:00 candle, it was recognizable.
Headline from Rueters via FXStreet.com:
Reuters: Greece reaches agreement on 5-year austerity plan with EU-IMF inspectors
The comments from FXStreet is that it means nothing until ratified by the Greek Parliament. But that doesn't stop some investor/traders from trading off of it.
EUR/USD has just hit the 38.2% retrace level, which is also the 90-degree on the Gann_SQ9 indicator when looking at the 30-min.
Here we go again. EUR/USD and EUF/CHF
EUR/USD and EUR/CHF broke support during 06: 30 candle period.
This is early European traders, apparently not liking recent developments, that include IEA intervention into oil market, and perhaps news that the ECB backing Italian candidate to succeed Trichet
Mr. Trichet again had voiced concerns with the EU problems.
Gains to the downside may be capped as oil is not moving in such as drastic way (yet).
EUR/CHF now separating and making bigger move than EUR/USD thus far. Respecting MML. Try 5-min MML.
We also have APF.
EUR/CHF
Retraced to 61.8 fib 1.19373, based on High = 1.19551....and natural bounce. Let's see if resume down trend,
AFter closing candle at the 3/8th ML, EUR/CHF retouched high at MML 4/8th until market cycled through various 08:00 data. Pair then made a 138.2 extension to downside during 10:00 hour.
EUR/USD had same pivot times but established new day's high at Mars 0-degree (same as 360-degree). Yellow fibs from "Bernanke High" to yesterdays low. Orange fibo fans detailed last post. Currently Moon 0-degree acting as resistance.
U.S. GDP and Durable Goods released at 12:30, not much reaction thus far.