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Attached is 1-Hour GBP/USD with MurreyMath1.0

We can see 2 instances where price overshot resistance MML level to -25%.

1st example: the fib channel plot is pulled down from +2/8th (A label) to 8/8th (B label).

Overshoot to -25 on Oct 10th 16:00 high 1.56877.

Price made the hit to the +31.4% Oct 12th 01:00 low 1.55413.

2nd example: Since there are no levels above +2/8th, just make a plot between 3 MurreyMath lines, and drag up.

Overshoot to -25 on Oct 12th 14:00 high 1.57971.

Price made the hit to the +31.4% Oct 13th 12:00 low 1.56649.

Both examples also had BAJA bearish divergence.

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1-hour PSQ9. Horizontal fib plot:

High = Oct 19th 12:00 1.58466 Low = Oct 19th 19:00 1.57504

Price made a 161.8 extension today during the 06:00 period. The European session starts at 07:00 and reversal tot he upside occurred.

The Fib Channel (FC) plot Moon 180 pulling up to Moon 270.

The 161.8 extension was to the FC -31.4. The move up hit the Moon 315, and near the FC 61.8.

Another swing down after U.S. data 12:30 and 14:00.

One of our points here is the support now at the diagonal levels. In other words, don't chase it down, it could be too late and considered more risky (intra-day).

At the moment, price has just bounced off the -40.

We have all heard the description. Markets move up and down (trend), but most of the time it does not (consolidation or range-bound). We see it operating in a diagonal fashion.

As mentioned, if you make 200+ plots using the fib channel tool and PSQ9 (on 1-hour), you will see how the channels are respected.

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Caution; Greek P.M. just made a statement about vote will pass. This might impact EUR/USD, at least on intra-day basis.

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Here's the trade scenario off the bottom after end European. Takes some guts to counter-trend trade, so as we always say: reserved for experienced traders.

Split-screen has 3 charts.

15-min with session colors, fib plot European High/Low has 23.6% retrace as TP 1.36993.

Middle chart has MML and red line at previous low.

Right chart has PSQ9 and fibo fan as support.

Price just hit our TP.

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Price stalling for a reason.

Plot your FC from Moon 90, pulling up to Moon 180. This is the FC 31.4 level.

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Here's that chart. This is not a coincidence that price is stalling here. Next resistance is horizontal 38.2.

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EUR/USD continues to make nice swings for the intra-day traders. The never ending European saga has more acts.

ECB's Trichet spoke early European and basically pointed the fingers at the politicians again. Nobody forgets that the ECB raised rates earlier this year and that did not help the "peripheral" nations.

EU summit this weekend, and it looks like the market is betting on some goods news as equities and the Euro are up.

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Attached is a 1-hour illustrating a 161.8 extension. Upswing started at 08:00. The 161.8 was hit during 13:00 period which has U.S. open at 13:30.

If we look at the 15-min session colors chart (not shown), we can see break of Asian High. There were 2 pivots en route up, on 09:30 and 12:00.

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Here's the view with PSQ9 and FC aligned to Moon 45, pulling down to Moon 315.

We can see the top (161.8 extension on last post) is a -31.4 overshoot of Moon 315.

We labeled last 2 day's peak, and how it aligns from a diagonal basis.

Oct 17th aligned with Moon 45

Oct 18th and 20th peaks aligned with Moon 315.

Oct 19th peak aligned with today's peak on the -31.4.

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Same chart as last post, but with Andrew's Pitchfork.

APF plot:

Handle = Oct 17th High
Upper corner = Oct 19th High
Lower corner = Oct 18th 09:00 Low

Align fib channel to middle fork, pulling up to upper fork.

This produces FC 161.8 at today's High, intersecting the aforementioned FC -31.4.

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Attached is AUD/JPY 1-hour with PSQ9. Fib channel plot is Moon 135 pulled down to Moon 45.

Horizontal fib plot: High = Sept 26th 00:00 75.401 Low = Sept 26th 06:00 73.374

The 2 yellow price labels are:

75.050 = S/L at -40 fib channel
74.932 = SELL Entry at -25 fib channel

The Sept 26th 11:00 period high was the hit to the -25 and 78.6 horizontal retrace fib.


74.463 = Green price label Take-Profit (TP) at FC +31.4 (add spread & cushion)

Reward = 43 pips Risk = 15 pips Ratio = 2.9:1

If trader made 10 of these R/R trades per month, and only won half (50%), profit = 18% per month. Account of $10,000, at 2% risk per trade, would average $1,800/month.