A-B-C-D Trade - page 178
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here it goes now 1.4385
Stalling at first support at 73. Next are 53, 36, 30 from 2 plots.
Can exit partial at/near 59 now
By now, trader should know if his/her plot was good. Market also respects more than one plot.
High = 1.44866
Low = 1.43958
138.2% = 1.43611 (hit 07:45 candle on 15-min chart)
161.8 = 1.43397
Plot tight fibs using high = 1.44166. This will provide retrace levels to monitor. The 23.6% = 1.43678 was just touched at 08:25.
Attached is 30-min with MurreyMath, ABC, and regular fib extension.
FE 100 = 1.43630
FE 127.2 same as Regular 138.2
FE 161.8 same as Reg 161.8
Reg 127.2 = 1.43533 (hit 08:00 candle)
Reg 138.2 = 1.43362 (hit 10:30)
Reg 161.8 = 1.429999 (hit 12:30)
MML 2/8th (red) = 1.43433 (hit 09:00)
1/8th (gold) = 1.431127 (hit 11:00)
0/8th (blue) 1.42822 (just hit 14:00)
U.S. markets open 13:30 and we have to relate initial reaction accordingly, much like European open. The Moody's downgrade of Portugal is sending some panic into markets across the board. Fear is whether Spain, Ireland, and Italy is next.
This plot was made end June, but don't recal if posted. The horizontal fibs and MML also there. Major pullback at 4/8th after initial spike down, prior to extension which just hit the 261.8 1.43001, Probe to 2/8th MML.
Easy to see on 4-hour. Pair bounced off 61.8% fib of 1.42831.
Here is updated 1-hour with fibo fan, and adjusted fib plot for extension.
Moved the fib plot High to 13:00 GMT 1511.28, which is about same as June 23rd Low referenced as resistance on last post.
After stall at fan's 78.6, support at High level held through 10:00 data. The 12:00 candle hour saw spike up and eventual hit to 161.8 extension at 15:00 candle period. Fan's 88.6% ray there, and near 50% wide fib.
EUR/USD went into consolidation during the U.S. session after sharp downturn due to the credit agency Moody's downgrade of Portugal to junk rating.
The attached is updated chart with MurreyMath (MML), ABC and regular fib extension. We switched it to a 1-hour to squeeze the move onto a viewable space.
The wide 61.8% and 50% fibs (red) provide S&R. It is the same levels as the MML's 2/8th (red) and 3/8th (green).
The market is awaiting rate decisions by the
U.K.'s Bank of England (BOE) at 11:00
EU's ECB at 11:45 Large segment of fundamental traders expecting a quarter-point increase (25 basis points).
Check full economic calendar for other events.
Fundamental traders may to be torn between anticipated rate hike by ECB, some of which may have been priced in by now, and grave concerns with PIIGS nations' sovereign debt.
Should be volatile. Rookies, intra-day traders, and those not trading the news are usually advised to stay on the sidelines, until at least 12:15.
Plotting any extensions to downside would include a plot that uses MML 5/8th (same as wide 23.6) to 2/8th (same as wide 61.8) for High/Low.
Some High/Low can be used for retracement to upside, along with existing fibs per attached chart.