A-B-C-D Trade - page 71

fxisland
3839
fxisland  
fxbaja:
EUR/USD and EUR/JPY strong to upside. EUR/USD failed to confirm below 1.3292 and EUR/JPY got as far as 110.88. ____Should read EUR failed to confirm below 1.3192
fxisland
3839
fxisland  
George1710:
Thanks for posting...

Your welcome.

***

EUR/USD broke support of 1.3136 and seeking further gains o the downside in addition to a very nice ride during the European session.

Last plot was Asian Low to high:

138.2 = 1.3136 (just broke)

161.8 = 1.3107

With fib retracement tool, plotting session high and 1.3136, we arrive at:

138.2 = 1.3073

161.8 = 1.3034

If/when it pivots, can apply expansion tool (ABC) to ascertain FE levels.

Note, we also posted in Pattern recognition thread.

fxisland
3839
fxisland  

Medium-impact data at 09:30 (positive GBP) and 10:00 (mixed EUR).

The breakout of Asian Low 1.3181 occurred/confirmed at 13:05 candle (5-min). If you waited to enter on next candle's open price, it was 1.3175.

If your plot was high of 09:25 1.3274 to low of 10:40 1.3189, extension levels were:

138.2 = 1.3157

161.8 = 1.3136 just broke per last post.

fxisland
3839
fxisland  

EUR/USD 15-min chart

Looking at the indicator Gann_SQ9 with Angle set at 22.5:

We can see decent respect support levels, with price of 1.3100 at the 157.5-degree line. Pair now testing below this price now. The next level is 180 and is significant, along with 45, 90, 360.

fxisland
3839
fxisland  

From fundamental side, Irish bailout ratification failed to sooth investors. Bonds under pressure and has also driven Euro down during this session,

EUR/USD just bounce off 1.3063, which is minor 200% fib extension from plot off of session high and 1.3136.

1.3071 is the 180-degree level from Gann_SQ09.

fxisland
3839
fxisland  

As the European session just closed, President Obama is schedule to announce Federal workers layoffs ----- in about 30 minutes.

fxisland
3839
fxisland  

1.3000 what a round number, It's also the 200% extension of Asian high/low. Yes, I'd say the Euro is under siege again.

10:00 GMT is EU CPI and Unemployment, then 13:30 CAD GDP.

If you haven't heard, further PIIGS concerns now anticipate Spain & Portugal next.

Basis premise is that Ireland will fall further into debt while GDP will not grow enough. Ireland also refuses to raise corporate tax rate of 12.5%, which had made them sort of a tax haven. EU community thinks it should raise this tax.

fxisland
3839
fxisland  

After breaking daily chart trend line, extension (retracement tool) had 138.2 = 1.3122 which pair had complied with yesterday 13:00 GMT.

Next 161.8 = 1.2923, with the 78.2% fib* at 1.2951.

Plot from Aug 24th low to Nov 4th high.

fxisland
3839
fxisland  

Curve fitting that little probe to 1.2979 area, we arrive at intra-day plot:

High = Nov 29th 08:30 1.3288

Low = Nov 29th 14:45 1.3080

138.2 = 1.2977

161.8 = 1.2924

Pullback at 01:30 to 1.3149 is 61.8%.

fxisland
3839
fxisland  

As a reminder, keep your eyes on the indicator Gann_SQ9.

EUR/USD 4-hour is a good view, with Angle setting on 90-degree. Using 45-degree simply gives the additional level of S&R between the 90 levels.

Currently, bounced off of the 630-degree of 1.2977.

Next support levels are 675-degree = 1.2920 and 720-degree = 1.2864.

720 is double the 360, which makes it more significant in the Gann world/community.

Edit: the Gann_SQ9 can be found in the indicator section under Gann is the Mann Indicators thread