Archive For "March, 2009"

Page 2 of 3
March 17, 2009
Forex Signal – E...

3-17-09

4:26a GMT – Book 150 pips yesterday off of long and looking to reset today. Long trend remains firmly intact after resistance at 1.2950 was easily broken. A new resistance has formed at 1.3065 with support at former resistance now at 1.2950. Biggest threat to the trade is overbought levels, which haven’t cooled that much even after the drop down to 1.3000.

Trading Idea: Look for buying opportunities near support at 1.2950, with long targets at 1.3005, 1.3065 and 1.3140. If a sustained break of 1.2950 is made look for a return to 1.2850 support as overbought levels cool off.

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1 Comment
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March 16, 2009
Forex Signal – E...

3-16-09

4:26a GMT – We captured a few hundred pips at the end of last week just off of buying support between 1.2875 and 1.2850. I’m going to begin this week doing the same as we are already up 50 pips on a bounce off 1.2850 support. Technically the bearish gap over the weekend gives me pause but the strong bounce off of 1.2850 shows that buyers are still in the market.

Trading Idea: Continue buying of support between 1.2850 and 1.2875. Until the support is re-established this week use tight stops. Long targets preferred at 1.2915, 1.2945 and 1.3045.

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March 13, 2009
Forex Signal – E...

3-13-09

4:56a GMT – Booked 200 pips off yesterday’s trade (side note: for those of you who are new to PipHut make sure you read the PipHut money management techniques - this is why you can lose half your trades when the stop-loss is 30-50 pips and still be very profitable) as the pair bounced nicely off of 1.2735 support and rose over 200 pips. It has been stalled near 1.2935 resistance and the pair looks to shed off some overbought hourly levels.

Trading Idea: buying dips and longs preferred. Closest support level is between 1.2850-1.2875. Look for buying opportunities here on dips. Long targets at 1.2930, 1.2965 and 1.3045.

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March 12, 2009
Forex Signal – E...

3-12-09

5:26a GMT – EUR/USD made a large bullish move yesterday, as expected, rising over 200 pips to 1.2875. The pair has failed to break that resistance several times over the past 8 hours. Overall I am still bullish on the pair after yet another higher higher and higher low, so I am looking to buy dips. However, more aggressive traders could also be looking to sell bounces off of 1.2875 as the pair becomes overbought and touches the resistance again.

Trading Idea: looking for buying opportunities, particularly near support at 1.2735 or 1.2695. Long targets preferred back to 1.2795, 1.2875 and 1.2950.

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March 11, 2009
Forex Signal – E...

3-10-09

4:16a GMT – EUR/USD is now overall bullish on the mid-term charts after making the third higher high and higher low since bouncing off of support on March 3rd at 1.2450. Caution is advised in light of the daily charts however, as even the untrained eye can see that this might be part of the natural see-saw of the currency markets, though the tough support at 1.2400 continues to buoy the price action.

Trading Idea: look for buying opportunities near support, which is currently between 1.2575 and 1.2555. Look for bullish reversal signals around this area. Long targets preferred back up to 1.2635, 1.2695 and eventually 1.2745.

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day trading, EUR/USD, technical analysis, trading ideas
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March 10, 2009
Forex Signal – E...

3-9-09

6:45a GMT – Short signal from yesterday still remains in effect as the technicals nor the fundmentals have changed dramatically. The pair is on its way up right now, currently around 1.2695.

Trading Idea: I will look for an opportunity to sell on any candlestick signals between 1.2715 and 1.2745. At a minimum catch the pair on the way down (don’t stand in front of a freight train!) to weed out any false breakouts. Short targets preferred down to 1.2645 and 1.2575.

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March 9, 2009
Forex Signal – E...

3-9-09

6:26a GMT – It was a crazy end to the week (which I sat out, wisely) where we saw almost a 200 pip rise in the Euro, breaking resistance below 1.2700. We have a higher high in the shorter time frames now, which would indicate another bull run coming soon. However, in the mid-term the downtrend is still very much intact. Traders seemed to be reacting to the same mixed signals on Friday and early today as the price was extremely volatile in a big 100 pip range. On the daily chart the result was the beginning of a doji which could mean a return to the downside. You might do best today trading ranges until more concrete fundamentals come out, but if you had to pick a side I would be selling at resistance.

Trading Idea: Nearest resistance is a 1.2755 and I would look for bearish signals below this range down to 1.2740. Short targets down to 1.2600 for the moment for a quick 150 pips. Tight stops.

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2 Comments
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March 5, 2009
Forex Signal – E...

3-5-09

5:21a GMT – Despite yesterday’s upward push I remain overall bearish on the EUR/USD. No major resistances have been broken and yesterday the pay was oversold. I believe the upward push had more to do with the oversold levels getting some relief. Now that they have that relief I am looking for rallies to sell on near good resistance.

Trading Idea: Good resistance area coming up between 1.2660-1.2680 where price action has been reversed before. Tight stops and if it is broken look for a restest of 1.2700. Short targets at 1.2585 and 1.2520.

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March 4, 2009
Forex Signal – E...

3-4-09

6:26a GMT – Both targets were hit on yesterday’s signal for 130 pips. Today I am looking for more of the same as a significant support level was broken to reinforce the downswing. Pair is close to oversold levels so be careful of a pullback but it is not abnormal for the RSI to be overbought or oversold in a trending pair.

Trading Idea: Nearest support to sell at is 1.2560. Look for stalling or bearish candelstick signals around this level. Short targets at 1.2495 and 1.2415.

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March 3, 2009
Forex Signal – E...

3-3-09

3:26a GMT – We picked up two 60 pip trades off of yesterday’s buy signal while strong support kept our trades from ever getting far into the red. However, as I said yesterday only my short-term outlook for the pair was bullish. Over the rest of this week the pair still has mixed signals but has more overall bearish signals so I will switch to selling resistance now.

Trading Idea: Nearest resistance is in the 1.2615 zone and I will look for selling opportunities in this area. Tight stops as signals are still mixed. Short targets down to 1.2575 and 1.2485.

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5 Comments
day trading, EUR/USD, technical analysis, trading ideas
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Page 2 of 3

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