Archive For "September, 2008"

9-4-08

3:19a GMT – EUR/USD is very bearish on all but the weekly and monthly charts (where solid support has yet to be broken) and I am looking to sell rallies. In the short term, however, caution is advised as a bullish reversal hammer formed yesterday on the daily charts right on strong daily support (right above 1.4475). On top of that a bullish RSI divergence has appeared on the daily charts.

Trading Idea: look for a bit of a rally in the EUR/USD before selling bearish reversal signals on strong rallies. At a minimum target back down to support at 1.4475. If you are cautious I would advise sitting this one out until clearer direction is given in the market.

(click to enlarge)

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9-2-08

4:21a GMT – After our last successful short trade on the EU pair we are again looking to sell for another retreat down to 1.4475. Threats to trade are a very oversold level and the weekly/monthly support the pair is currently resting on. Down to 1.4450 would complete a nice double-top reversal and signal further EU losses.

Trading Idea: shorts favored down to 1.4475.

(click to enlarge)

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9-2-08

4:00a GMT – USD/CAD is approaching strong daily resistance between 1.0700-1.0730. To strengthen the trade we have Hurricane Gustav touching down today and tomorrow against the US coast which will send shivers down oil speculators about US gulf production. An increase in oil prices will favor the CAD. This trade is against the overall uptrend but I feel that USD/CAD has a tendency to range trade and this looks like a good opp.

Trading Idea: look for bearish reversal candlestick to confirm trade with short targets at 1.0610, 1.0555 and 1.0455.

(click to enlarge)

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PipHut will not be sending out any signals on Monday, May 1st, as it is Labor Day and the banks in the U.S. and Canada are closed. Enjoy the day off.

Here is a little bit about Labor Day from Wikipedia:

“Labor Day is a United States federal holiday observed on the first Monday in September. The holiday originated in 1882 as the Central Labor Union (of New York City) sought to create “a day off for the working citizens”.

Congress made Labor Day a federal holiday in 1894.^[1] All fifty states have made Labor Day a state holiday.

Traditionally, Labor Day is celebrated by most Americans as the symbolic end of the summer.”