A-B-C-D Trade - page 226
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Continuance of our Gold CFD XAU_USD 1-hour chart, with SDC, FC, and fib circle.
Price plunged to the 423.6% extension channel (yellow) that intersects 423.6 fib circle marking low of 1532.60.
Bounce up currently at 314.2 channel line, same as 314.2 fib circle rung 1597.
Included in all of the speculation on why gold is making such a violent move down, is the unwinding of positions to book profit for 3rd quarter earnings (hedge funds, etc.).
EUR/USD drifted down during Asian, but has rebounded to the 50% retrace level based on day's high/low thus far.
Attached is PSQ9 chart with same fib channel. We labeled Sept 21st 18:00 peak when FED made its statement. That was High = 1.37955 and Low = 1.35480 of blue horizontal plot.
Fib channel aligned to Moon 180 and Moon 90-degree.
White arrow points to Sunday's bounce up, off Moon 0-degree, pivoting at 1.34866. Retraced to 1.35490, near blue 0% fib, for +54 gross pips.
At midnight, market pushed pair down below Friday's low of 1.33835, probing to 1.33613 (MML 3/8th).
Support came by ways of Moon 270-degree, same as FC 161.8. The posted SDC on daily chart also shows lower channel line there. BAJA bullish divergence at bottom.
Bounce up currently at Mars 0-degree, intersected by FC 100 and blue 138.2.
Here is the bigger picture view of a GOLD CFD on the weekly time-frame.
Low = 10-19-2009 $681.60 (last significant dip down)
High = 9-4-2011 $1918.90
23.6% retrace fib = 1627.66
Fibo Fan with same plot
The fan's 38.2 is significant as price respected that like a trend line, en route up.
Same 1-hour chart with SDC plot: Sept 12th 04:00 and Sept 15th 13:00.
1st fib channel aligned (pink) to lower channel and equal distance down (100% expansion). We spoke about this plot's 423.6% acting as support on Sept 23rd.
Since we liked this plot, we added a 2nd fib channel, aligned to the 1st FC's 314.2 (A) and 423.6 (B) lines. The white dotted lines are the extensions thereof.
We also moved the plot of the fib circle to:
High = Sept 21st 18:00 1.37955
Low = Sept 22nd 03:00 1.35310
Today, we saw breakout of 423.6 (B) at 00:00 period, making an extension to the FC 100 of 2nd fib channel plot. Yellow horizontal line is Friday's low. Fib circle's 200% rung also there.
Bounce met resistance back up at the 423.6 (B), during 09:00 candle period (current).
AUD/USD 30-min with PSQ9. Fib channel aligned to this week's Moon 180 & Moon 90-degree.
Fib arc/circle plot:
High = Sept 23rd 08:30 .98659 Low = Sept 23rd 12:00 .96716
Sunday open action hit the Moon 180 and bounced down. Candles hugged the 100% fib circle ring down to the FC 100.
As with EUR/USD, pair made rebound during the European session. Retrace exceeding 61.8%, with 78.6 (same as Mars 180) ahead.
Attached is split-screen of EUR/USD (15M) on left and AUD/USD (30M) on right.
We wrote that both were retracing to the upside during the European session. Both bounced down near their Sunday's high.
Let's look at AUD/USD, where we marked the 1st approach during the 11:00 candle. The bounce down encountered the red Mars 180, which is essentially the same as the 78.6 fib.
That was 43 gross pips for the conservative shorts. It was not quite a 23.6% retrace from .96210 bottom.
The pop up during the 12:00-12:30 candle periods may further spook traders to exit, or trigger their tight stops.
Using cross-pair correlation with EUR/USD, we see that the pullback wasn't quite as sharp. This can often be used as a guide to stay in the AUD/USD trade, for example.
AUD/USD retraced 78.6 (not shown) near Mars 90-degree and FC 61.8.
EUR/USD also retraced 78.6% and near MML 4/8th.
Chart 1 is a continuance of our 4-hour fib channel plot. BAJA bullish divergence at pivot bottom, after 138.2 extension. Retrace up to horizontal 78.6 fib (yellow) and intersected by the 100% fib extension channel (white). We used 1-hour to configure horizontal fib plot.
Chart 2 is Daily Bullish Gartley with perfect pattern overlaid. This was not perfect, but not too bad.
The trend line from Point X-B continued to act as resistance. This level is also a significant wide 61.8. Low = July 2010 and High = May 2011.
SPX500 has recently been operating on a 17-hour pivot interval. Use the Cycle Lines tool on MT4 and plot on 1-hour chart.
These pivot distances cover combinations of high/low, low/low, etc.
SPX500
Watch for intra-day decline in end-of day selling. 1160-64 is neighborhood of consolidation Sept 21st/22nd post FED statement. It is also extension level for day.
Attached split-screen illustrates Asian session mid-night 0:00 support. The 15-min used Demark Sequential, which had a 13 count at pivot low.
Upper right hand chart is continuance of 1-hour with fib channel. We applied a 2nd channel and aligned it to the 1st channel's 100 and 314.2. This provided resistance above the 1st FC 423.6.
Move up hit the 2nd FC 61.8.
Market sat through Greek P.M. speech, and EUR/USD now testing 2nd FC 138.2, and horizontal low of 1.34782.