A-B-C-D Trade - page 19
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Week is over, no last hour retrace by EUR/GBP. Have a good weekend.
Pull up the EUR/USD 1-Hour chart. Use the June 7th dip low as Point A to plot your ABC upwards. You should then have a bounce off of the FE 100 of about 1.2153.
Next, plot a 2nd ABC using 1st ABC's Point C as your new ABC's Point A.
---------
On a different 1-Hour (you can use the same one as the Fibo Fan), pull retracement fibs from:
June 11th 12:00 GMT high
June 11th 15:00 GMT low
Pair attempting to stay above the 61.8% fib on this pull.
--------
Fibo Fan as per recent posts. We are sliding the low point around as pair moves. Right now it is hitting resistance (ceiling) with 61.8% Fibo Fan line WHEN USING:
Same June 4th 09:00 GMT high
June 10th 11:00 GMT low
If pair clears this resistance, we can move the low of Fibo Fan to:
June 10th 17:0 GMT low.
We always need to play around with the various Fibo Fan placement points and look for confirmation of support and resistance.
-----------
Also plot retracement fibs on you daily chart. Look for pair's respect of fibs.
EUR/USD
1.2132 is historic mid-point of high 1.6038 and low .8225.
Pair bounced off of this price just a few minutes ago.
As the other Asian equities markets open, we see a spike up on EUR/USD.
The 15-min chart shows an ABC with the FE 161.8 at 1.2151, which it just hit.
Let's look at the 5-min chart and wait for a pivot to establish Point C on a new ABC.
1.2152 is also the previous high registered on June 11th. Natural bounce/retrace off of that.
Fe 161.8 = 1.2193
B was 1.2150, thus profit to FE 161.8 = 23 gross pips.
Plotting the ABC, we were not able to drag the Point C to the same 5-min candle, so we just move it to the right and make sure it's the same price as the 22:15 candle low.
Fast break of Point B, so unless we had an automatic BUY order, tough to get in at good price.
At least it does confirm once again that the market moves within the rules of the Fibonacci including extension price levels.
It was quite a long wait through Asian as EUR/USD pivoted to form a new Point C at the end of that session. We had to go back to a larger ABC pattern, which was not bad since profit potential is more.
A = 21:55 low of 1.2115
B = 0:00 high of 1.2207
C = 07:45 low of 1.2162
FE 100 = 1.2254
FE 127 = 1.2279
FE 161.8 = 1.2311
Again, distance from A to B was large so I target the FE 100, which was hit during the 09:00 hour.
The extension was very strong and survived data release at 11:00. Registered above the FE 127.
If you paid attention to the Fibo Fan lessons/examples, you would perhaps know to find a new high/low for placement of fan pointing down. The 78.6% fan line was 1.2289 and acted as resistance. The high was logical as that was a previous significant high. The low was the Asian low.
Here's a pic of the 1-hour, with Fibo Fans, ABC, etc.
Last week, we identified the significant high (high of week) from June 4th, price of 1.2215. We anticipated that a breakout would produce good profits, which it indeed manage to accomplish.
A retreat from the extension now has come back down to that area, and 1.2215 is acting as support, along with nearby FE 61.8 fib of 1.2219.
Session low 1.2207 being tested