A-B-C-D Trade - page 74

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fxisland  

Attached is the 15-min EUR/USD with the indicator Gann_Box_144, which can be found in the indicator section of this site, under Gann Is The Man Indicators. .

We can see the middle Gann fan, which started on the lower left hand corner of the box. Red line is the 45-degree line, also known as the 1 X 1.

Gann believed that if that line is broken, it will drop to the next fan line (blue). Can't see it too well, the 13:45/14:00 candles hit that line, which is marked by the vertical time line 54. However, it was not a trend change, and that was Gann's point.

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Unless you trade the data/news, we encourage you to also monitor the S&R indicators.

The Gann_SQ9 applied to EUR/USD 1-Hour chart. Angle left on default of 22.5-degrees. We can see the support at 112.5-degree price 1.3202 and resistance at 135-degree price 1.3232, until Europe opened and drove pair up.

Next stop which is now, at 157.5-degree price of 1.3261 as resistance, at least for now. Above that is 180-degree price of 1.3290.

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EUR/USD closing out the weak with a bang to the upside due to surprisingly low U.S. NFP as well as missed estimate on Unemployment Rate.

Pair made regular 161.8 extension to 1.3398, from 1-Hour chart fib plot:

LOW = Dec 2nd 1.3060

HIGH = Dec 3rd 1.3269

Next, well make a couple of posts with the Gann_Box_144 indicator.

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fxisland  

Monitoring S&R indicators Friday saw EUR/USD spike up after negative US data to the 270-degree area on the Gann_SQ_9. The levels on downside in the event of significant retrace are 45-degree = 1.3343, 67.5 = 1.3314, 90 = 1.3285.

Meanwhile the Gann_Box_144 shows EUR/USD reach top of the box based on start point, listed in Gann Is The Man Indicators thread, of Dec 2nd 04:00 GMT low price of 1.3006.

Aside from spike down at Dec 2nd 13:45, price activity walked up red 45-degree fan line.

We took a look at moving the start point up to the next low pivot of Dec 1st 16:15 GMT price of 1.3047.

The red 45-degree fan line still acted as support for pair as it ascended up to top of the box. The vertical time lines are plotted in intervals of of 18, making equal distances of the 144 total width of box. Same intervals with horizontal lines as labeled on right of box.

Based on the adjusted start point, the center of the box is the intersection of the two 72 lines, and the red lines, on Dec 3rd 13:15.

To move box, click on small blue arrow at lower left corner of box. You might need to move the other things in the way. They will snap back. If box doesn't react to move of arrow, change time interval back and forth once (such as from 15-min chart to 1-hour chart, back to 15-min).

Next Gann Box on USD/JPY.

fxisland
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fxisland  

Set-up EUR/USD prior to week's open.

The daily chart has a trend line acting as resistance. Plot from high pivots on Nov 4th 1.4281 and Nov 22nd 1.3785 on 1-Hour chart. Then switch to 15-min chart and look at price action above trend line right now.

It has moved about 30 pips to the downside from the open price of week.

The previous significant pivot of 1.3448 also acts as resistance.

Monitor these 2 resistance spots.

The wider fib plot is:

High = Nov 22nd 1.3785

Low = Nov 30th 1.2996

50% retrace fib = 1.3377 which is area of pair now.

You can use the Chin Breakout indicator, just drag it like a trend line and it will alert on break.

The indicator is here, and there is a sound file in another post in same thread:

https://www.mql5.com/en/forum/195537

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fxisland  

Here is my plot for this pair on 15-min chart.

Start = Dec 1st 14:45 high 84.38

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OK further live observations on EUR/USD.

Bounce trade off Friday's high. Need to exit these type of trade quickly or at least move stop-loss.Target fib retracement levels.

Edit: Pretty quick spike to 23.6 and now retesting high.

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Sorry, pushing buttons. The reference to 23.6 was from plot using low of 1.3361.

The tighter plot uses low of 1.3375, where pair is now. Entry was 1.3414, with stop-loss 1.3425 including spread and cushion. Target = 1.3398, just above tight plot's 50% fib of 1,3395. Finger on button in case have to manually exit all or portion.

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fxisland  

IMF calling on EU to increase bond purchases. Let's see how traders react to this.

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fxisland  

Exited half of bounce short at 1.3407.

Edit, now stopped out balance half at 1.3413 (we had tightened S/L).