A-B-C-D Trade - page 187
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This is a continuance of last XAU_USD chart, with session colors as generated by the indicator Time_modified2. We use the 15-min interval.
The High is moved to the previous peak of 1607.10 (3rd arrow), and herewith labels H3. Break of that High (for breakout trade) occurred during 22:00 period.
The stop-loss options include just below the 127.2 fib (black) price of 1602.56 for approximately 5.00 (50 pips) risk.
Drive up hit the 161.8 extension of 1621.78 during 22:30 candle period, for reward of about 13.00 (130 pips).
R/R = 130/50 and 2.6:1
When we look at the 5-min time-frame, we can see a bounce off the fibo fan's 61.8% ray shortly after the breach of the High at 22:05. This is a natural bounce. If you understand that, there is less reason to doubt the Buy position.
Traders can get spooked out of trades if they don't have an understanding of S&R.
As anticipated, some currency pairs and gold opened the week with a gap.
USD/CHF gapped down 50 pips at open and hit the 138.2 extension, based on plot using Friday's European session high/low. After a bounce back to the Low, pair is now at the 127.2.
AUD/CHF also gapped down, for about 60 pips. Pair made a 161.8 extension to the downside based on plot using last Friday's European session high/low.
AUD/NZD also gapped down upon open and has plunged to 1.2495, which was July 22nd low. Fibo fan's 88.6 also caught low, based on plot July 19th low and July 22nd high.
Bottom also the 138.2 based on easy-to-see high/low plot (try yourself on this one).
USOIL gapped down 50-cents and ventured further to mark a low of 98.73 during 01:30 period, just above last Friday's U.S. low.
EUR/USD gapped up 30 pips but closed the gap by Tokyo open. It has since channeled between those points. Awaiting reaction of European session traders, starting as early as 6:00 GMT.
AUD/CHF broke key pivot of .87748 just now during 06:00 period when volume normally increases just ahead of European open.
We'll watch the plot of the APF and horizontal fibs. The last post indicated 161.8 extension. We saw enough pause there to confirm plot and assumption that further extension fibs to the downside are valid support levels.
Just about at 200% now .87537, intersected by Upper_ML2.
AUD/CHF plot:
High = July 22nd 08:00 1.89373 and Low = July 22nd 14:00 .88655
161.8 = .87888 hit July 25th 03:00 period
200 = .87537 hit 06:00 period, intersected by Upper_ML2
Our last chart for USD/CHF applied APF and AML interior fibs, and ABC plot.
Pair now retesting support at the FE 161.8 of .80789. First test was July 17th.
During the 05:00 hour, reports that Moody's downgraded Greece again emerged. EUR/CHF has moved down about 90 pips.
We posted a SQ9(price chart using start price of 1.14032 with direction up.
Also plot wide horizontal fibs, and directional extension fibs using
High = 1.18910 and Low = 1.16917.
Pair has just touched the 161.8 of 1.15685.
AUD/CHF stalling at 138.2 from plot Low = .87748 and high = .89373
This area is also wide 61.8 (white).
Market often respects multiple plots.
Here is split screed. On the left is the zoom-in of APF and aforementioned fib extension plot. On the right is 4-hour with 38.2 just touched.
Based on entry of break of 161.8, this trade up +70 pips and R/R 2:1
Posted this chart plot on SQ9(Price) last week, with start price of 1.4032 and direction up. ABC swings:
A = July 22nd 1.18910 .
B = July 22nd 1.16917
C = July 22nd 1.17526
FE 100 - 1.15535, same as the wide 61.8 we just mentioned.
hi after long back , gold touched historical high with gap upperside in morning session now trades at 1616 ur views pls baja thanks in advance