A-B-C-D Trade - page 176
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XAU_USD made the 161.8 extension to 1478.41 during the 14:00 candle, per attached 1-hour chart.
Horizontal fib plot: High = 1558.00 and Low = 1510.65
Fibo fan using same High, and Low = June 27th 16:00 1490.40. The just hit 161.8 aligns with 50% fan ray. However, plot can only be ascertained after resistance at 61.8. Prior to that the Low of June 28th 13:00 1495.29 was good.
The 138.2 was hit twice on June 27th. Retraced to 0% (Low), before ascent down. The distance between 138.2 and 161.8 levels was large enough to trade on a breakout basis.
Continuance of last chart. We posted bounce off Mars 180-degree 1.45510. Bounced off Moon 90-degree. Look at previous adherence to this Moon line. The Low thereafter was the 0% from previous high.
Market opened with gap up, then thrust to the 161.8 price 1.45762. The extension plot used aforementioned Low and July 1st 15:30 high 1.45236.
Prior to extension, there was a small pullback of 17 pips after hit to the same Mars 180.
For the retrace plot, when using a tight low of 1.45321, it has just hit the 78.6 of 1.45417 during 01:00 candle period.
Attached is a 30-min EUR/USD with session colors. THe Andrew's Pitchfork and AML applied.
Handle = Friday's Asian Low
Upper corner = Friday's Asian high
Lower corner = Friday's European low
From the top as shown on the last chart, the pair went on to make an ABCD to the downside. Swings are clear and the FE 127 was hit during the 05;00 candle.
This is also the wide 50% fib, based on plot
Handle = low and upper corner = high
The bounce up off the FE 127 rose to the Median Line (middle fork) to end the Asian session.
The U.S. is on holiday. Earlier, rating agency S&P making some noise that a restructuring of Greek debt is technically a default. Obviously, this is what they are doing, but dressed up as something else.
We took a pic of our APF for the AUD/USD 4-hour. The 2nd chart is the "after" pic. We can also see the BAJA bearish divergence.
Here is the update on the EUR/USD session color chart with APF and ABC plot, with interval set on 15-min for better view of swings and S&R.
The Point A was in itself a 161.8 extension, as shown on the previously posted back chart. It was also the 127.2 extension from Friday's Asian Low/High as seen with the dotted black fibs.
This chart's ABC pointing downward shows bounce off the FE 127.2 during Asian, back up to the ML, prior to making the FE 161.8 at 11:45 during the European session.
The choppy action early Euro session was due to economic data releases. These are more examples of S&R adherence, one with regular extension, and one with ABC (blue).
When you watch and practice enough of these plots, you will gain confidence in them. Enter at various points of the swings, including bounce trading off 161.8 levels. Always integrate money management, and exit plan.
There was a subtle 30-min BAJA bullish divergence at the bottom (161.8). 1st dip 05:00 candle RSI(4) = 12, and 2nd dip 11:30 candle RSI(4) = 11. Your chart may differ in RSI readings.
The maximum low to high price levels shown in the chart is a plot. Its 61.8 retrace fib is just below the 161.8 bottom.
The pair made a significant retrace to mark a top at 1.45517 at 22:30. The 30-min chart has this top as the 2nd peak of a BAJA bearish divergence. RSI(4) reading lower than 1st peak at 18:30-19:00 candles.
15-min EFT trigger had entry SELL price 1.45419 at open of 23:30 candle.
Stop-loss 15 pips, just above 22:30 high.
Retrace plot Low = 1.44952 and High = 1.45517.
61.8 fib = 1.45168 (just hit during 00:00 candle period, which is Asian session open.
Reward = 23 net pips
Risk = 15 pips
Same chart, except we have the extension plot. Low = 1.44952 and High = 1.45364.
This makes the 1st peak the 127.2% extension, and the 2nd peak the 138.2% extension - for the BAJA bearish divergence formation. Spotting this can allow trader to enter at the 138.2 without trigger.
Also on the chart is the indicator MurreyMath1.0
EUR/USD with anticipated bounce off Low 1.44944.
After a quick bounce off the Low, pair managed to touch the wide plot's 78.6% (black dotted fibs), and then proceed to the 127.2% extension. The APF's 100% expansion is also in area (dotted diagonal line).
Thin volume, but that also allows large groups of traders to move the market.
We had posted the 4-hour AUD/USD with APF and Bearish divergence. This is the 1-hour to better view swings and S&R. Since this pair generally moves in tandem with EUR/USD, we have a strong move to the downside.
The retrace plot is Low = 1.06727 and High = 1.07890.
The attached chart has retrace at 88.6 and looking for more.