A-B-C-D Trade - page 261
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Slew of data this morning with Euro and USD, both negative. Overshadowed by Merkel and Sarkozy statement/proposal to change rules to more fiscally restrictive/responsible.
EUR/USD a bit choppy, but made 90-pip gain from Asian Low. Attached iss a split-screen containing 2 1-hour charts.
Chart on the left has session colors, MML, and horizontal fib plot using Dec 2nd 12:00 high 1.35366 and Dec 2nd 16:00 low 1.33621.
This is also Friday's European session high/low. Price probed to 6/8th MML as high and 3/8th MML as low.
Today, we saw retrace to 61.8% and probing to 5/8th MML.
Chart on right gives us a more precise view based on tools applied. We start with SDC plot of Nov 25th 13:00 low 1.32112 and Dec 2nd 13:00 high 1.35485.
Align fib channel tool to SDC's lower and mid-channel lines. We then pull down one level. The upper plot line of the fib channel must align with the SDC's lower channel. This gives us interior fibs with the SDC.
Price made touches to the SDC bottom channel, which confirmed SDC plot. Today price rose tot he FC 61.8 to mark the high thus far, and is now declining.
Here's the PSQ9 chart with FC aligned to LAST WEEK'S Moon 90 and Moon 135-degree.
Price rose to this week's Moon 135, probing to plot's FC 61.8. The Mars 0-degree also near high (not shown).
We also had BAJA bearish divergence with today's 09:00 and 14:00 peaks.
1-hour USOIL with Murreymath1.0.
Horizontal fib plot uses Nov 28th low/high. Several hits to the 127.2 extension level to the upside, was resistance as well as +1/8th MML.
Monday Dec 5th, price attempted to rise but was thwarted by announced credit watch on European nations by credit agency S&P.
14:00 Doji candle was also 2nd peak of BAJA bearish divergence. This level was the 138.2.
Also used fib channel plotted on 5/8th and 7/8th MML. he FC 61.8 is current support since decline from 14:00.
Continuance of 1-hour EUR/USD with SDC and FC.
Added APF Nov 30th 14:00 high/Dec 2nd 13:00 high/Dec 2nd 16:00 low
Then insertedd interior fibs with AML_1-1
Drew yellow horizontal line at previous Dec 2nd 16:00 low.
Price broke through SDC lower channel during Dec 5th 18:00 period. The Lower_ML2 acted as support as price made hit to previous low 1.3362.
Bounce up accounted for about 22 pips and contained by Lower_ML1.
Now testing low as volume picking up ahead of European.
2 more charts, both Yen crosses, as good movement during Asian.
EUR/JPY uses SDC plot of Dec 2nd 16:30 low 104.111 and Dec 5th 20:00 low 103.991. FC aligned to SDC upper and lower channel lines.
Price broke out to the downside yesterday at 18:30 and respected FC levels en route down.
Today's price action has bounce off FC 131.4 of 103.641.
*****
AUD/JPY was affected by anticipated Australian reduction in interest rate. 1-hour chart with
SDC plot = Nov 30th high 15:00 80.024 and Dec 2nd 13:00 high 80.521.
FC aligned to SDC upper and lower channel lines.
Breakout during 03:00 as rate decision released at 03:30. Current period bounce off FC 100, marking pivot low of 78.919, just above previous Dec 1st 08:00 low (yellow) is 78.825.
Now resting on Moon 270 and 79.000.
Another Merkozy embrace as they try to put out another fire.
Pair released statement that tries to reinforce recent posture to clamp down on fiscal responsibility in the Euro Zone.
Meanwhile, 08:15 Swiss data negative and some advance by the EUR/USD to previous 06:30 pivot high, probably due to cross-pair correlation.
Here's EUR/CHF 15-min with MML. SDC plot Dec 5th 09:00 and Dec 5th 18:45.
Fib channel aligned to SDC lower and upper channel lines. Yellow arrow marks Swiss data release at 08:15, and subsequent spike up,
The 08:45 candle touched the FC 261.8, near 6/8th MML. Decline/bounce in motion.
EUR/USD correlation as suspected, and now trying to decline as reaction to S&P credit watch.
10:00 data ahead is big one, EU GDP. Moving to sidelines recommended for those not trained to trade the news (data), especially with small day-trading stop-loss.
EUR/USD had trend line based on 3 dips on Dec 6th, break to downside with strong push 10:30.
Attached is AUD/USD 30-min with Standard Deviation Channel (SDC) plot low-to-low:
Dec 1st 08:30 and Dec 6th 07:00
Saw enough confirmation with respect to mid and lower channels, to plan short at upper channel Dec 7th 06:30. Support at mid-channel now enbaled 40-pip gain. 8/8th MML also there.
Rise is AUD was due to higher than expected GDP at 00:30.
Thurs has EU rate decision with anticipated 1/4% reduction.
Thurs/Friday is EU Summit, and rumors of an increase in the bailout fund, which S&P placed on credit watch.
* Now reports of doubts that 2 different rescue funds running together might be supporting sell off in EURO.
Attached is a 30-min EUR/USD with PSQ9.
Application of SDC plot using high-to-high of Dec 6th 11:00 and Dec 7th 07:00 peaks.
Align fib channel (FC) to SDC's upper and lower channel lines.
Horizontal fib plot Low = Dec 6th 07:30 1.33344 High = Dec 7th 06:30 1.34301
Breakout of SDC to downside during 10:30 period. Pause currently at Mars 270-degree. Intersected by FC 61.8 and horizontal 61.8.
On the same AUD/USD chart, plot an Andrew's Pitchfork. The Upper+ML2 just acted as support during the 10:30 candle.