A-B-C-D Trade - page 303
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Elections over the weekend in France and Greece churned out fear, causing EUR/USD to gap down at open of new week on Sunday. French president Sarkozy is out and the market is factoring more risk to the Greece situation.
First chart is a continuance of the daily with Fib Time Zones. Gap was from Friday's close of 1.30808 to Sunday's open of 1.30088. The low of 1.29537 was at our blue 61.8% fib of 1.29523, which was derived from Low/High plot of Jan 13th/Feb 24th.
Second chart is a 1-hour with indicator Gann_SQ9, which plots automatically. As we can see, it took the May 3rd 14:00 high of 1. 31791, and plotted SQ9 levels down. The Sunday May 6th pivot low is at the SQ9 180-degree level.
Some will use an additional tool to trigger BUY entry, such as cross-overs on lower time-frame, fractals, oversold resurface, etc.
Currently pair stalling ahead of the resistance cluster of the Gann_SQ9 90-degree 1.30297 and the 50% daily 1.30541. Attempting to close gap.
Third chart is a 4-Hour with indicator ZUP V86. This is used simply for its automatic fib plots. We can see the Sunday pivot low's fib ratio against various points. The 1-hour is also good as displayed on the fourth chart. This would act as additional confirmation of a support cluster.
Here is a continuance of our last posted daily with ZUP. We added the QTA_v4.
The QTA adjusts plots automatically, and by the time this pic was taken, the high-to-high was changed. We manually repositioned it to Feb 2nd and Apr 2nd.
The cluster for a potential turning point from 3 plots was for the Sunday/Monday period. This pair most often trades in the same direction as EUR/USD, therefore this should not be a surprise.
We can see the previously discussed trendline (0_Recation2_0) continue to act as support as price pivot up. This level is also the 38.2% retrace from Apr 16th/Apr 30th high/low, as displayed by the ZUP.
Chart 2: Application of MurreyMath1.0 also generated support at 1.61133. Likewise the HAMA_T3 on the daily. These make up a support cluster.
Currently, we see the 138.2% fib 1.61932 from aforementioned extension plot using H1, act as resistance and a TP option.
Gain from Monday open 1.61174 to resistance 1.61932 is about 65 net pips.
This pattern triggered yesterday after the 12:00 candle closed. Today (May 9th), price revisit that peak, and triggered the pattern again.
Imperfection at X-B and A-C.
SELL entry at open of 04:00 = 1.00195. Price just touched the trendline 0_Reaction2_ price of 0.9997
The HAMA_T3 provided past pullback support May 7th, for those seeking to rejoin uptrend.
Pair of EUR/USD 1-hour charts. Left utilizes HAMA_T3 and SQ9(Price) with StartPrice = 1.42464 (Oct 27th high) and direction down.
Lurking bounce traders near Sunday's low 1.29537. Price bounced off 990-degree 1.29637 during today's 03:00 period.
Target next SQ9 level up 1.29922 and T3 candles.
Chart on right has Gann_SQ9 which automatically plots levels based on zig-zags. The bounce up can be seen touching the 22.5-degree level 1.29926.
Attached is continuance of EUR/USD 1-hour with HAMA_T3 and SQ9(Price). As mentioned, price met resistance provided by T3 candles 07:00, intersected by SQ9 968-degree.
Add fib plot Sunday Low 1.29537 to Monday high 1.30646, generates 138.2% extension to downside at 1.29113, where SQ9 1035-degree resides.
Trading back down to 1.29651 (TP1) was the conservative choice.
S/L = 1.3007 (just above T3 high and round number)
Entry = 1.29922 (minus cushion)
TP1 = 1.29651 (+ spread/cushion) Net R/R = 22/17
TP2 = 1.29113 (+ spread/cushion) Net R/R = 76/17
Can exit partial at TP1, move S/L to B/E after +20 or thereabouts, and trend the balance.
The imperfect USD/CAD 4-Hour Bearish Butterfly pattern dissolved after 1 candle profit. The 1st attached chart has arrows pointing to the 2 locations when pattern triggered by ZUP.
The pair testing Apr 11th high of 1.00511.
The 2nd chart uses PSQ9. We also added SQ9(Price) with StartPrice at .97990 (Apr 27th 16:00 pivot) and direction up. This plot mimics the PSQ9 levels, and has extra lines in between since it is in 22.5-degree intervals.
The Bearish Butterfly had resistance at Point D at the PSQ9 0-degree, which is the same as the SQ9 203-degree.
The May 8th signal gained 2 SQ9 levels down (45-degrees), and today's signal gained 1 level of 22.5-degree.
We can see the Apr 11th high was at the SQ9 225-degree, which was/being tested. Initial rejection, after probe above, has bounced back down to the 203-degree.
This is a strong example on how to use the SQ9/PSQ9. It happened to interface with an imperfect harmonic pattern.
As a reminder, you can visit Guru Carney's site at harmonictraders. Click "patterns", select which type. With regards to the "ideal" butterfly pattern, you will read that the retrace of X-A has a mandatory .786 (Point B).
Andrew's Pitchfork (APF)
Handle = Feb 24th high
Upper corner = Mar 27th high
Lower corner = Mar 15th low
Fib plot: from Handle to Low
Attached is a zoom-in on a 4-hour time-frame as price meeting support at the 138.2 horizontal fib, intersected by the diagonal 138.2 channel fib*. The MurreyMath1.0 also has the -2/8th level here. These make up a support cluster, and as we approach end of European session, this should consolidate/retrace.
*The fib channel tool was aligned with the APF's upper and mid-channel.
Those are jails not charts you will never get out.
Hermes
I'm sorry you have known nothing but losing. Now, run along sonny.
EUR/USD now risen to level of yesterday's 08:00 pivot 1.2860, and ahead of 3/8th MML resistance 1.2878.