A-B-C-D Trade - page 243
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Attached are EUR/USD charts.
The 1st chart is a daily with MurreyMath1.0. Price just bounced off resistance of 5/8th MML, as it did on 9-15 an 10-17.
2nd chart is 1-hour with PSQ9. Fib channel plot Moon 225 pulling up to Moon 315. The 06:00 high 1.39527 was a precise hit ti the FC 31.4.
The subsequent bounce down has just hit the -25 and bounced.
If we plot based on 45-degree interval, top is FC 61.8
Here's a set-up for potential OS trade on the 1-hour GBP/USD. Plot fib channel from Moon 0 pulling down to Moon 315.
Horizontal fib plot: High = just established top 1.59989 and Low = Friday's 08:00 1.57520.
The FC -25 aligns with Oct 19th high. It also is in area of horizontal 38.2 fib.
If price falls to -25, the TP on the BUY is FC 31.4 level, minus spread and cushion.
Natural bounce at the Moon 0-degree first, prior to any advancement further below that.
S/L either just below -31.4 or just below -40.
08:00 Euro data missed projection, therefore we can expect decline in both EUR/USD and GBP/USD.
We'll let price come down to us.
Market reluctant to take things dramatically further down until 09:00 EU data release.
4-chart in split-screen. EUR/USD and GBP/USD with 15-min session colors and 1-hour PSQ9.
Both pairs took a bounce off horizontal previous lows.
EUR/USD off Sunday 10-23 low of 1.3828, and retraced 38.2%
GBP/USD took it one level lower beyond day's low to 10-21 17:00 low of 1.59150. It retraced 50%.
GBP/USD did not quite get to our diagonal FC -25 level to trigger entry (yet).
EUR/USD adjusted plot M180 to M 270 = did manage to touch FC -31.4 and bounced up to Moon 270 for about 40 pips thus far.
GBP/USD dipped during U.S. open and triggered BUY 13:00 period. Price made a precise hit to the FC -31.4.
Money management includes pulling stop-loss to break-even or better as it hurdles Moon 0-degree level.
Left hand 15-min chart has fibs based on B-C swing. Dip was to plot's 138.2.
Price now at resistance of previous high 1.5955, for +45 pips and conservative exit.
...and here's the chart with price just below FC 31.4 for TP (cushion).
Just noticed we mis-spoke on FC plot for the GBP/USD set-up. As shown on the chart, it is pulled UP from Moon 270 to Moon 0-degree.
Obviously, point FC extensions in direction of trade.
Lurking shorts at/just below previous high and near round number 1.59989