A-B-C-D Trade - page 332
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This is the first on-line meeting/presentation.
***
EUR/GBP rose sharply, partially due to Yen easing, and therefore influenced by cross EUR/JPY.
EUR/GBP now testing resistance. Should it breakout to upside, look for resistance at .8533. Add cushion on short. TP = .8476 plus cushion.
Here's that chart, with EUR/GBP bouncing down off .8536. Trail S/L to at least break-even. Original S/L @ .8356.
We'll show you how that resistance was identified during upcoming on-line meeting/presentation 1-28 00:00 GMT.
EUR/USD near resistance @ 1.3476 now, and we must remember to allow cushion. Therefore traders can short now, or have done so.
On-line meeting/presentation is now scheduled for Jan 28th 00:00 GMT:
Examples of local start times in these countries:
Sunday Jan 27th
U.S. East Coast = 19:00
U.S. Mid-West = 18:00
U.S. West Coast = 16:00
Monday Jan 28th
Australia = 11:00
Tokyo = 09:00
Beijing, Singapore, Manila, Taipei, Hong Kong = 08:00
Europe Monday Jan 28th 00:00 - 01:00
Sorry, this area likely will have to access the video replay, since it is at an awkward local time. Video replay will be found at the Los Angles Forex Group.
Hosted by the Los Angeles Forex Group, and attended by forex groups in California, Chicago, Australia, and other international venues.
Web-based meeting platform is anymeeting.com
* see anymeeting.com web site for instructions
** we found this to be necessary for sharing (charts, etc.) only, but not required for viewing
This meeting will last about an hour. We will cover the family of SQ9 indicators (including MurreyMath1.0 and Gann_Box144), along with a technique that utilizes a similar concept.
Questions can be submitted and we'll attempt to answer them.
To attend:
1) Join the Los Angeles Forex Group:
Los Angeles Forex Group (Los Angeles, CA) - Meetup
2) Here is the link to sign up for it.
Meeting Registration: Online Forex Group Meeting | AnyMeeting - The Completely Free Web Conferencing and Meeting Service
Your e-mail is required for the invitation, by the anymeeting platform. Although we have not received spam, you may want to use a secondary e-mail address anyway.
Thank you, and we trust this visual event will be of assistance.
- fxbaja
Friday's peak was another hit to the upper channel resulting from Fib Channel Triangle plot (blue color) using:
A = 12-7 12:00 low
B = 12-19 12:00 high
C = 1-4 08:00 low
These 2 peaks 1-14 00:00 and 1-25 12:00 were also used as plot points for Standard Deviation Channel plot (orange color). Price just made a hit to the top of that channel.
Reversion to the mid-channel should occur if current support broken.
GOLD currently at 1655.00
Observation: BUY
TP1 = 1667
TP2 = 1682
S/L = 1648
Add cushion.
This is an educational comment.
Education:
Our "3 Fingers Exploding Pip Technique" tells us:
Should GOLD close today with a red candle, the next day will be a pivot up.
Today would be the 3rd consecutive day of red candles.
The first 2 days had green volume bars. The 3rd day's would be red.
Entry at open of 4th day.
Apply money management projecting sufficiently above 1:1 R/R.
GBP/USD in BUY territory on swing trade, with S/L approx. 65 pips.
GBP/USD bounced at the 90-degree level. GOLD charged ahead to approx. 2/3rd retrace. FOMC ahead and most technical analysis traders are flat.
It is not a regular practice in this thread to make live projections, as this is a tutorial thread. Once in a while , we like to slay possible naysayer dragons.
May good fortune be with us all.
Attached is a daily chart of EUR/GBP, with the Fibonacci Arcs drawing tool.
Edit(1): In Parameters tab, check box for eclipse and set scale to 31.4.
We've configured it to have Gann's ratios inside. You first need to convert his fractions of 360 into fractions of 100.
1/8 (same as 45-degrees) shall be" 1 divided by 8 = .125
2/8 (same as 90-degrees) =.25
etc.
Drag plot points to high/low or low/high swings. We'll discuss another way to plot by leaving it vertical, at a later time.
This tool can be found by clicking "Inset", Fibonacci, Arcs.
To bring up the settings for arc after it's on the chart:
1) double-click on plot lines, then right click and select: fib arc properties
2) or click "charts" then objects, then objects list. Select fib arcs
On the attached chart, we marked some swings with yellow trend lines. They are all upswings.
The lesson here is that we can reasonably expect a bounce off the opposite side's 100% ring, which are marked by arrows. Each swing's bounce at the opposite 100% is matched by corresponding numbers.
#1 July 22 low to Aug 6th high = Oct 8 hit to oppo 100%
#2 Aug 16 low Aug 28th high = Sept 14 oppo 100
#3 Sept 5 low to Sept 10 high = Oct 9 oppo 100
#4 Sept 27 low to Oct 22 high = Jan 11 oppo 100 (failed)
#5 Nov 8 low to Dec 5 high = Jan 14 oppo 100
#6 Dec 10th low to Dec 28 high = Jan 21 oppo 100
# 7 Jan 3 low to Jan 14 high = Jan 28 oppo 100
In most cases, a bounce would at least move to the next ring.
This phenomenon is evident in rising price trend action, and the reverse is true for declines.
Another interval that produces bounce is the 50%, although at a lower success rate, in our opinion.
Swing #3 produced only a minor bounce, as seen on a lower time-frame. Draw a horizontal and vertical line at the 50%, then reduce time-frame to 4-hour for better view.
Swing #4 did not have the opportunity to bounce at the 50.
Swing #5 failed at the bounce off the 50%.
Swing #6's bounce off the 50 was minimal.
Edit (2): If we notice respect of a particular ring ratio on the beginning side, price usually respects the opposite side's same ratio. Meaning we can trade that one as well.
As always, good money management is necessary. Can use next ratio for S/L or a percentage of that, plus cushion.