A-B-C-D Trade - page 79
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Attached is 15-min USD/JPY.
After 2-day ascent to high of 84.29, we look for a pullback.
Trend line plot Dec 8th 08:15 low 83.70 and 18:00 low 84.03.
ABC Swings = 17:45/19:45/23:15
FE 100 = 83.71 (hit during 02:00 candle)
Pullback was 50% therefore pip profit was not great. Cheat on stop-loss, as opposed to using Swing C, was the 23.6% retrace fib of 83.99 + spread & cushion.
Net Risk/Reward = 13/15
If we switch to 1-Hour chart, we can see an inside Gravestone Doji for the 20:00 candle.
EUR/USD broke out below Asian Low of 1.3243, and now testing 161.8 regular extension of 1.3222.
Now, we're looking at yesterday's Asian Low of 1.3192 as target. Aforementioned 1-hour trend line also broken. Next support 1.3213, which just bounced.
Plot with Asian High/Low:
138.2 = 1.3213
161.8 = 1.3194
Gann_SQ9 has its 90-degree at 1.3208, and of course market's fascination with round number, bounce at or just above 1.3200.
Cross-pair EUR/JPY meeting support at 200% regular extension price of 110.85 off Asian High/Low.
Bounce traders taking EUR/USD just above 23.6 retracement fib of 1.3218 for tidy profit.
Let's zoom in, to get closer perspective than the 30-min Gann Box previously posted. Start of Dec 9th is 00:00 GMT.
The high, and start point for Gann Box was the 02:15 candle. We would determine this before the European session, as it did not trade higher.
We saw the 1/2 angel (dark blue) fan line provide support at 06:15. This line was broken after the 09:00 & 09:30 economic data.
We'll look at the fibs on the next post. For the Gann Box, we want to acknowledge that downside thrust stopped at the next fan line and the 1/3 horizontal (yellow) line.
**
If we wanted the red 45-degree ( 1 X 1 ) fan line to be the support, change setting of prices = 360 to 720. We simply tried multiples of 90 above the default setting of 360, until we saw the red fan line give support at the 06:15 candle.
Price decline did stop just short of the next fan line below.
Subsequent to our last analysis, which placed target at 1.3192/94, we want to study price action during the second-half of the European session into U.S.
The attached 5-min chart illustrates an ABC plot from Euro session high. After the market took profit at 1.3194, consolidation occurred ahead of 12:00 BOE.
Pair made a 50% retrace before resuming downward to reaching its FE 78.6 price of 1.3163. This is also a 200% regular extension of plot Asian High/Low.
An ABC plot early Euro had swings of 08:40/09:05/09:25. Asian Low = 1.3243. The FE 161.8 price of 1.3197 was reached at 10:35.
This indicator automatically plots:
channel
retracement fibs
fib fan
-=----
Right now, an example would be its application on the 4-Hour EUR/USD. We can see downward trend channel and how pair bounced off of the upper channel line 3 times.
Good example of indicator AutoFibAutoTrend just occurred on EUR/USD.
The 4-hour trend line provided resistance again during 04:00 candle. This coincided with 1-Hour Gann_SQ9 90-degree level, price 1.3278.
We also plotted regular extension fibs on 15-min chart with low = 01:00 1.3220 and High = 02:15 1.3255. Produced 161.8 at 1.3277.
Fill short at 1.3276, with 10-pip stop-loss.
Original exit just above pivot low of 1.3259 + spread & cushion. Manual exited at 1.3266.
+8 net pips on this shave trade. Attached split screen chart.