9-15-09
5:26a GMT – Technically speaking the signals are clear – there is a strong uptrend in place with higher highs, higher lows and is easily identifiable on any chart timeframe you look at. Should be easy right? Risk aversion has begun creeping back into the market, however, and tomorrow I will be closing watching the US stocks. If we see a rally in stocks we will most likely see the EUR/USD go upwards. If we see a pullback in stocks we should see the dollar gain some ground against the Euro. In the meantime, however, I trade with the trend to the upside.
Trading Idea: Technically the trend is up so we have to look for dips to buy on. Nearest support is 1.4565 and 1.4500. Look for long ragets at 1.4610, 1.4650 and 1.4695.
(click to enlarge)
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September 15, 2009 at 06:49
you think it can up to 1.4695 ???
September 15, 2009 at 06:52
why dont you set target pip and stop lose
September 15, 2009 at 08:03
Thanks for the signals. But why dont give signals for other pairs? AUD/USD and NZD/USD is at very high at the moment!!! Can you please suggest something about those pairs?
September 15, 2009 at 13:23
Hi Priya, I’ve got some things in the works that will help you out… specifically more currency pairs, more technical analysis and more trading ideas with specific entry/exit points… Probably about a month away from releasing it!
September 15, 2009 at 08:17
I think you set target buy or sell as soon as possible, target profit 1, 2, and 3, and stop loss
September 15, 2009 at 08:18
GBP / USD ?
September 15, 2009 at 08:25
Are you sure today can up to 1.4695 ?
September 15, 2009 at 13:26
Anto – nobody is ever “sure” of anything when trading the currency markets :). You make educated guesses and use solid money managment/risk management to stay profitable.
September 15, 2009 at 10:03
Theres no way its gonna go up to 1.4695. The whole thing is just sinking to the bottom, so the only way it could get even anywhere near 1.4695 is if some news came out and changed the direction of the market. Thats how I see it.
September 15, 2009 at 13:21
I share your concerns Ash (it is why I called the signal “Mixed signals”). However if there is one thing I’ve learned over the years it is that it is a lot easier to trade with the trend than it is to call a top/bottom. I’ve been in a lot of markets where I think “there is no way this can go higher/lower” only to wake up the next morning with my stops busted and a fresh high on the chart. Plus as of yet we haven’t seen any major bearish technical pattern on the charts indicating a solid top has formed, so even if we see a drop it will most likely find its way back up eventually.
September 15, 2009 at 13:35
I’ve made a lot mistakes. I have closed my order after the news came out as it just seemed as if it was just gonna fall down lower. But, now it’s only now that it’s heading back up.
Quite often I feel like it’s been done on purpose, because as soon as I close my order, it springs back and goes the opposite direction.
I’m about to give this whole trading thing up. I can’t afford to lose any more money.
September 15, 2009 at 13:39
Ash, any good trader has lost money, most have lost lots of money. My best advice to you would be to trade a demo account for a few months until you are consistently making a profit. The problem with most early traders is that they are jumpy with live money (it is easy to be!), monitoring every single piece of news that comes out trying to predict and interpret every price tick. You just can’t do that. You have to look at the forest, not the trees.
September 15, 2009 at 14:03
The thing is that I was using a demo account trying out a strategy of waiting until the RSI line goes above 70 or below 30, forming a peak and making a buy or sell order, depending on which way its going.
That worked pretty fine on a demo and if I had to close an order, I did so. But now that I am trading with real money, nothing seems to be working. In desperation, I’m thinking of leaving the computer on all day and night, to let an EA called FAP turbo trade for me.
Well, any way. I’m down too much so I want to wait for your upcoming entry and exit points next month. The best thing I can do is wait, as I wont be losing money by doing that.
September 15, 2009 at 18:55
Hi
How did you arrive at 1.4565 as a support point? I notice that the market did indeed go down to 1.4560 today, very close indeed.
September 16, 2009 at 00:05
Steve, that was support on 4/11.