September 29, 2009 05:50

Forex Signals – EUR/USD Meeting Support

By:

9-29-09

6:26a GMT – It has been a long day with some of the computer issues I’ve had (never try and install Windows 7 unless you have to!) but back at the signals! Got some good pips yesterday off the failure below 1.4680 but the pair has met some firmer support around the 1.4560 area. I am still biased to the downside but I will be cautious and use tight stops, targeting another failure of the 1.4680 resistance area.

Trading Idea: Looking to sell a failure signal below 1.4680 with short targets back down to 1.4645, 1.4605 and 1.4580. If 1.4680 is broken look for a challenge of 1.4720.

(click to enlarge)
eu92909sellingg.bmp

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18 Comments on "Forex Signals – EUR/USD Meeting Support"
  1. Reply
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    Comment left on:
    September 29, 2009 at 08:16
    Jon says:

    Windows 7 is great!

  2. Avatar of
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    Comment left on:
    September 29, 2009 at 08:22
    says:

    MARK, WHAT I LEARN FROM YOU IS PATIENCE

  3. Reply
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    Comment left on:
    September 29, 2009 at 09:17
    Andy says:

    Mark, which chart do you use to determine this failure signal?
    Vice versa, on which chart do you determine a broken resistance?
    Do you enter once r/s has been broken, on the the first rejection or on a consecutive rejection?

    • Avatar of piphut
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      Comment left on:
      September 29, 2009 at 16:08
      piphut says:

      Mark, which chart do you use to determine this failure signal?
      Vice versa, on which chart do you determine a broken resistance?
      Do you enter once r/s has been broken, on the the first rejection or on a consecutive rejection?

      If I am looking for a failure signal I will usually look on 30m and 60M charts. For broken support/resistance I like a close on the 60M chart, generally at least 15 pips above/below support/resistance – but this is variable and depends on the setup. Once broken, and again this depends on the setup, but I like to enter 5-10 pips below the wick high/low or 10-15 points above resistance.

  4. Reply
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    Comment left on:
    September 29, 2009 at 09:26
    Priya says:

    I agree with Hendrik. I am learning (!) Patience in forex. Long way to go. Thank you Mark.

  5. Reply
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    Comment left on:
    September 29, 2009 at 10:23
    Smartchick says:

    If the pair is close to the 14680 mark but is a few points short,and it starts the downward trend , is that a valid trade? The reason i ask is because i didnt get into yesterday’s trade because the candle as 1 point short of the sell entry then started to reverse,in case the same happens today,are we shorting at that exact entry or around there,with a few points over or under? Thanks

    • Avatar of piphut
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      Comment left on:
      September 29, 2009 at 16:10
      piphut says:

      If the pair is close to the 14680 mark but is a few points short,and it starts the downward trend , is that a valid trade?

      Smartchick, it depends on how big/small you want your stop-loss to be. Some traders are OK with a 50-80 pip stop loss so enter earlier. Others want to risk less and wait for better entries, but get in less trades. It depends on how good the setup is and what your money management is. Read the article on the left on money management.

  6. Reply
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    Comment left on:
    September 29, 2009 at 12:25
    Sunil says:

    I think you can enter on a failure at 1.4645 or 4620 since prices has gone down 1.4532. It is my personal opinion, I would let Mark clarify it.

  7. Reply
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    Comment left on:
    September 29, 2009 at 12:29
    Priya says:

    EUR/USD is at 1.455 now. Is it good to buy?

    • Avatar of piphut
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      Comment left on:
      September 29, 2009 at 16:11
      piphut says:

      EUR/USD is at 1.455 now. Is it good to buy?

      As a rule of thumb I trend with the 60M or 4-hour trend. It is much easier to go with the flow than to try and call a top/bottom. Right now the 60M trend is bearish so I would not be looking for long entries.

  8. Reply
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    Comment left on:
    September 29, 2009 at 13:00
    Sunil says:

    Like Mark said yesterday, buying is going against the trend and you would not do it, if you want to minimize there risk.

  9. Reply
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    Comment left on:
    September 29, 2009 at 13:17
    Nnagozie says:

    but i think the trend is up?

  10. Reply
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    Comment left on:
    September 29, 2009 at 13:26
    Andy says:

    It also depends on which chart you are taken into consideration to determine the trend, on a daily chart I still see a long term uptrend, on one hour or less a short term downtrend or consolidation from this uptrend.

    • Avatar of piphut
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      Comment left on:
      September 29, 2009 at 16:12
      piphut says:

      It also depends on which chart you are taken into consideration to determine the trend, on a daily chart I still see a long term uptrend, on one hour or less a short term downtrend or consolidation from this uptrend.

      Yes, on the daily chart it does look suspiciously like a consolidation pattern. A break of that top resistance line might yield some good long pips.

  11. Reply
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    Comment left on:
    September 29, 2009 at 15:57
    austine says:

    it has been showing a down trend, would it ever get to 1.4680????

  12. Reply
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    Comment left on:
    September 29, 2009 at 16:50
    smartchick says:

    Thank you Sunil and Mark for clarifying

  13. Reply
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    Comment left on:
    September 29, 2009 at 17:58
    harun says:

    hi thanks for d daily sigal but iam recieving mnd late after the news pls can u help

  14. Reply
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    Comment left on:
    September 30, 2009 at 02:19
    Tom says:

    Smartchick…I too missed that trade by 1-pip. I had my “sell stop” set at 80, If was at my comp. I would have taken that trade short.One pip, that close would have been close eneogh

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