US30 (Mimics Dow 30)
Our last post had a 4-hour chart with extension up and ABCD to FE 127 back down.
The attached 1-hour chart employs the usual tools of late, including the PSQ9 set. We plotted a trend line that was hit 4 times before finally broken. We plotted fibs based on:
Low = May 26th 15:00 12316 and High = May 27th 15:00 12484.
Zoom in (chart #2) and we see the breach of trend line to the upside occurred at 23:00. The next candle broke the High. Price was driven to the 138.2% extension at 08:00, where it was also met by the Mars 90-degree and Moon 90-degree lines.
When plotting a micro-extension (not shown), the best option/pivots , the May 30th 14:00 and May 31st 02:00 candles, were pretty obvious. That plot enabled us to align its 138.2 with our wider plot's 138.2. This plot is also used for retracement/profit levels.
This instrument made a probe during the 13:00 candle period, to the upside, that took out some stop-loss orders that were too tight. This was due to data release of U.S. housing stats at 13:00, and followed by another at 13:45.
The retrace made it to the 50% retrace fib of 12479 during the 16:00 period.
The breakout to the upside was O.K. to trade, but the bounce down off the 138.2 ran out of time due to data.