A-B-C-D Trade - page 258
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GBP/USD
On the 1-hour with PSQ9, plot fib channel from last week's Moon 225 to Moon 315-degree lines. This results in last week's dip to the -31.4.
Price now above the +31.4
Here's a 15M with MML. FC plot from 0/8th to 1/8th.
Blue dotted FC levels, with price now rising above the FC 131.4, as USD weakening across the board.
GBP/USD
Can use SQ9 indicators. For example Gann_SQ9 on 1-hour.
It has last swing low as Nov 25th 09:00. Price testing the 90-degree level after short pause.
If we use the SQ9(Price), it will now automatically adjust. Therefore use thay Nov 25th 09:00 low of 1.54222 as start price.
Holding the GBP/USD long, we see price make further advance to the upside. Intervals of 45 degree can be used on the Gann_SQ9, for exit options.
Extension fibs 161.8 on 15-min plot just hit.
GBP/USD 1-hour FC 61.8 just hit as well. This would be conservative exit level for all or partial.
We also made a tight SDC plot on the EUR/USD at European open. It's looking like a decent plot thus far. Price approaching upper channel.
Plot uses Nov 18th 12:00 and Nov 23rd 19:00.
Also on chart is PSQ9 moon at 45-degree intervals and Mars at 90-degree intervals for additional S&R.
Attached is split-screen of 3 charts.
The left is a 15-min with session colors and MML. We mentioned the horizontal fib plot using the Asian Low/High. price marked a high at the 200% extension which was also the 8/8th MML, during the 11:00 period.
Price has now returned to the Asian Low level.
Middle chart has PSQ9 Moon, and our FC plot. Price bounce down off Moon 0-degree, at the same 11:00 period. It is now at the FC 31.4
Chart on the right uses Gann_SQ9, and we can see the 11:00 high stop short of the 135-degree, and now resting at the 45-degree. Pink line is previous significant high.
If we switch this chart to the 30-min interval, we can see price reacting to the 90-degree. This means it took the smaller swing low of 08:00 for measurement for last swing up.
The top on this pair is also the 200% extension from Asian Low/High plot (not shown). You can make that plot on the 15-min with session colors.
Let's move the EUR/USD 1-hour SDC plot's second point. The 2 are now:
Nov 18th 12:00 and Nov 24th 09:00
We need to reassess plots when we feel price action dictates. In this case the double-top this morning is right at the new plot's upper channel. We also note the hit to the lower channel on Nov 25th 13:00.
We mentioned how to get interior fibs. Use Fib Channel (FC) tool and plot from upper channel to mid-channel. Then drag up until FC's lower plot line is aligned to the SDC's upper channel. The FC's 2 plot lines are in pink.
This gives up a FC 61.8, where it's intersected by Moon 90-degree. This is where price is now. Look to the left and we can see this price level acting as support last week.
This is also the Mars 225-degree (not shown). We wanted to have less clutter and Mars level at 90-degree intervals. The 225 is when we have it at 45-degree intervals.
Here's an update on the EUR/USD 1-hour FC plot we made, using -1/8th MML to 1/8th MML.
Price made the double-top at the FC 134.2 extension level. Looking to the left, we can see that was also resistance faced on Nov 24th. Price now back down to the FC 61.8, about same as 2/8th MML.
A more conservative exit for that bounce trade would be the Asian High.
This indicator QTA adjusts automatically, making 2 sets of plots on a vertical basis (time). There are 4 combinations of swings used for plots.
high-to-high
low-to-low
low-to-high
high-to-low
As mentioned, objective is to find fib expansion clusters, for possible turning points.
The attached chart is on the 1-hour and a continuance of our FC plot aligned to SQ9(PRice) 22.5 Factor 56 indicator levels 180 to 158-degree.
We now manually change the 2 QTA plots.
1) High-to-high of Nov 18th 12:00 and Nov 22nd 11:00
2) High-to-high of Nov 22nd 11:00 and Nov 24th 09:00
Yes, we overlapped the plots and used Nov 22nd 11:00 twice. No hard rules against it, why not if it looks good?
The first turning point cluster generated occurred on Nov 25th 13:00. The RSI(4) was in oversold on candles immediately preceding that.
The second turning point cluster was today at 08:00. This candle cracked the 158-degree level and considered a breakout to the upside.
Price made double-top at the FC 61.8.
The bigger picture was an extension using a wider horizontal fib plot 1.32112/1.33245 (not shown).
This example uses multiple tools/plots. Remember that nothing is a stand-alone tool.