A-B-C-D Trade - page 86
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South Korea's live drills delayed, now due at 13:00 local time, which is 2 hours and 45 minutes from now.
More Murrey Math:
USD/JPY sliding, approaching 83.80 pivot.
MML levels with recommended action:
0/8th = 83.79
-1/8th = 83.74 BUY 1st take-profit (TP) @ 0/8th, 2nd TP @ 1/8th
-2/8th = 83.69 BUY 1st take-profit (TP) @ 0/8th, 2nd TP @ 1/8th
Evidence of flight to safety, which includes Yen buying, therefore we use caution. Also, live rounds of fire due with South Korean drills at 11:00 local time per reports.
After 3 previous attempt, EUR/USD cracked 1.3159, which is the 23.6% retrace fib from plot of Dec 17th 15:45 high 1.3269 and Dec 20th 00:45 low 1.3125. Attempting to confirm above this fib.
Next are 38.2 = 1.3180
50 = 1.3197
61.8 = 1.3214 (same as Murrey Math 1/8th on 15-min)
After being tugged both directions, USD/CHF broke out of its channel to downside.
EUR/CHF also dropped during this hour, testing previous low of 1.2722 as support. MML (Murrey Math Line) has -1/8th at 1.2718 and -2/8th at 1.2711, which are BUY levels.
For USD/CHF, finding support at MML 6/8th of .9674 (price now) is same area as Gann_SQ9 45-degree price of .9676.
MML instructs trade to 4/8th price of .9744 (add spread & cushion).
Market reacting to negative EU Consumer Confidence, Euro drops across board. USD/JPY also made extension to 161.8 of 83.62.
EUR/JPY at MML -1/8th for oversold condition. In other words, alllook oversold.
EUR/USD pullback to yesterday's plot 138.2 after extending to 161.8 of 1.3098. This is also 38.2% retrace from 14:30 GMT high.
Should pair deteriorate further pass Swing B, support based on 14:30 high and 15:30 low:
138.2 = 1.3064
161.8 = 1.3045
Gann_SQ9 also has its 4-hour
337.5-degree = 1.3065
360-degree = 1.3036
Attached is a 1-Hour chart on EUR/USD with MurreyMath1.0 indicator. Setting for Period (P) is on 64.
We can see the spike down on Friday due to the Korean tension and further EU debt concerns.
The 00:00 candle (red up arrow) points to the MML -1/8th line. The 08:00 candle hit the 0/8th line for about 60-pip profit. This hit to the -1/8th is considered the first hit.
The 2nd approach to the -1/8th blew right through it due to the 15:00 GMT EU data release.
While it did not hit the -2/8th, it did stop at the 161.8 fib extension. Plot for that was Dec 17th 16:00 low 1.3132 and Dec 19th 22:00 high 1.3186.
While we can use the MML for oversold/overbought levels, we keep our eyes on fib levels.
Next, we examine the EUR/USD turning points on Dec 20th Asian and Euro sessions, based on the Fisher_Yur4ik indicator. Can you locate them?
Breaking news has the Korean confrontation defused temporarily. EUR/USD spiking up. If hurdles 1.3176, look for bounce off previous high of 1.3186.
Exited 1/3rd at 1.3274