September 17, 2009 03:57

Forex Signals – EUR/USD Bulls Keep Charging

By:

9-17-09

4:52a GMT – Bulls kept charging ahead yesterday to just above my target of 1.4720 – unfortunately the pair never dipped low enough for my entry around 1.4620 to get triggered! I feel like a broken record with the signals for this week but here we go again: I think the pair is overbought, I think US stocks are overbought, but until the rest of the market thinks that it doesn’t really matter what I think! So we will continue to trade with the trend. I think we will see some more cooling off today though to support in the 1.4620-1.4650 range where I will look to reset longs. Tight stops as any reversal at this point could be a big one.

Trading Idea: Looking to buy near support zone between 1.4620-1.4650 with targets back up to 1.4685, 1.4720 and 1.4745. If 1.4600 is broken and US stocks take dive then I may look for a short back down to 1.4530.

(click to enlarge)
eu917buying

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12 Comments on "Forex Signals – EUR/USD Bulls Keep Charging"
  1. Reply
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    Comment left on:
    September 17, 2009 at 04:10
    Ash says:

    Hey Mark. If it’s gonna go down to 1.4650, would it be a good idea to sell and put a take profit around that area? Or, is that just pushing it?

    • Avatar of piphut
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      Comment left on:
      September 17, 2009 at 14:14
      piphut says:

      Hey Mark. If it’s gonna go down to 1.4650, would it be a good idea to sell and put a take profit around that area? Or, is that just pushing it?

      Ash, as a rule of thumb I generally don’t trade against the trend, especially a strong uptrend like this. It is much easier to trade with the trend than it is to try and constantly call tops. I will do it if it there is a good technical or fundamental reason to do it, but I don’t see either of those right now.

  2. Reply
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    Comment left on:
    September 17, 2009 at 06:43
    Nnagozie says:

    hi mark, for yesterdays signal I bought at 1.4643 and made some 80 pips, dont you think waiting for it to fall as low as 1.4620 the market conditions might change?

    • Avatar of piphut
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      Comment left on:
      September 17, 2009 at 14:16
      piphut says:

      hi mark, for yesterdays signal I bought at 1.4643 and made some 80 pips, dont you think waiting for it to fall as low as 1.4620 the market conditions might change?

      Nnagozie – depends on your trading style. I try and buy on dips because I always use stops (and recommend you do too) and it is hard to get good risk/reward ratios buying near the top in hopes it keeps going. But I know of traders who do it .

  3. Reply
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    Comment left on:
    September 17, 2009 at 07:18
    Andy says:

    Mark, the signals you’ll be rolling out for the major currency pairs next month will be a free or fee-based service?

    • Avatar of piphut
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      Comment left on:
      September 17, 2009 at 14:17
      piphut says:

      Mark, the signals you’ll be rolling out for the major currency pairs next month will be a free or fee-based service?

      Andy – hasn’t been set yet. I’m putting a lot of work and time into them and as you can see I don’t make any money off this website, so we’ll have to see how it goes.

  4. Reply
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    Comment left on:
    September 17, 2009 at 07:40
    Fx Hunter says:

    Thank you for your advices

  5. Reply
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    Comment left on:
    September 17, 2009 at 08:36
    Ash says:

    God…I don’t think this pair is gonna down at all. It just wants to keep going up and up and up! But I bet, if I buy now, it will turn around.

    It’s very frustrating being a trader….

  6. Reply
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    Comment left on:
    September 17, 2009 at 08:48
    Derozza a.k.a BorneoFX says:

    Thanks for the advise…

  7. Reply
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    Comment left on:
    September 17, 2009 at 08:58
    Nnagozie says:

    hey ash i think the pair is on its way down

  8. Reply
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    Comment left on:
    September 17, 2009 at 09:02
    Ash says:

    I’m gonna wait and see, I’m fed up losing. I also said I would wait for Marks new details on when to take profit and so forth. But if I see an opportunity, I’m gonna take it. I need it.

  9. Reply
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    Comment left on:
    September 17, 2009 at 13:30
    Nnagozie says:

    dont think the dollar can push further

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