A-B-C-D Trade - page 75
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If you have been attentive, you'll realize that we had a Sunday Reversal Candle at close of 22:59. It then spiked down and we are 27 gross pips up.
Good place here, just ahead of previous low of 1.3375, to take some profit, if not majority profit.
If you missed the hint (2), just google fxbaja sunday reversal candle to get the link to thread on this site.
On daily EUR/USD chart, we also applied the SQ9 (Time). Settings:
Start Time: June 7th 2010 0:00
Start Price: 1.1876 (significant low price).
The vertical lines are possible turning points. It happened just a few minutes ago on the Sunday candle (which was also a doji and SRC). Coincidence? Perhaps. Was the SRC coincidence? Perhaps. Some traders' accounts are liking it.
The pullback was also 61.8. Combined, they all totaled a screaming sell signal. Support at previous low was easy call.
Trend line, per previous post today was excellent plot. Now pair is testing again. If broken, along with minor support at 1.3361, it should drop to 1.3333 or 1.3319, previous significant S&R.
We are highlighting the importance of mastering S&R. We can have a thousand indicators, but S&R is still going to be a solid knowledge base. A trader can trade just on S&R alone.
Support at 1.3333 hit at 03:30 candle. We're out balance lots.
Attached is 15-min chart, with trend line break per previous post, and target hit at 1.3333, which also was FE 100 as well as previous significant price.
We can see where pair respected trend line twice, before breaking.
Those trading the Sunday Reversal Candle (SRC) had entered at open price of 00:00 candle 1.3411 for 78 gross pips.
Always monitoring the longer interval charts give us a bigger picture. The 4-Hour with indicator Gann_SQ9 had its 67.5-degree at 1.3335.
Plotting retrace fibs from:
Low = Dec 3rd 00:00 1.3193
High = Dce 5th 23:00 1.3422
38.2% fib = 1.3335
Edit: Further confirmation is High/Low plot of 1.3417 to 1.3375, which produced regular 200% extension of .............1.3333