September 30, 2009 03:30

Forex Signals – EUR/USD Still Selling Rallies

By:

9-30-09

4:23a GMT – Well I made some good pips yesterday off some of my other pairs and trades but we missed our entry signal at 1.4680 as the pair shot down around 1.4650 after the signal. Today’s signal is a little bit trickier as we touched good support yesterday at the 50% fibonacci retracement of 9/4/09 – 9/23/09, just below 1.4530. The pair bounced hard almost 100 pips back to 1.4620 where it is currently. Short-term outlook is still bearish, but the bounce off of the 50% retracement is enough to give me pause. I will still look to sell rallies but with tight stops.

Trading Idea: Looking to sell near resistance on a failure of 1.4650 or 1.4680. Short targets from 1.4680 are 1.4650, 1.4620 and 1.4665.

(click to enlarge)
eu93009selling

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31 Comments on "Forex Signals – EUR/USD Still Selling Rallies"
  1. Avatar of
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    Comment left on:
    September 30, 2009 at 07:55
    says:

    MARK IT WOULD SEEM THAT, IN THIS EARLY STAGES, 1.4644 IS THE NEAREST POINT TO THE RESISTANCE. IT CROSSED THE MA(3MONTH)ON THE 60 CHART AND THERE IS A CONFIRMATION CANDLE TO SELL. I ENTERED AT 1.4610 WITH A SL ABOVE THE RESISTANCE

    • Avatar of piphut
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      Comment left on:
      September 30, 2009 at 13:27
      piphut says:

      MARK IT WOULD SEEM THAT, IN THIS EARLY STAGES, 1.4644 IS THE NEAREST POINT TO THE RESISTANCE. IT CROSSED THE …

      I waited to at least 1.4650 (as it says in the post below). We saw a failure of 1.4680 at 1.4672 and that was the sell signal.

  2. Reply
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    Comment left on:
    September 30, 2009 at 10:59
    smartchick says:

    Short target 3 14565

  3. Reply
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    Comment left on:
    September 30, 2009 at 12:49
    bboy1992 says:

    umm look like difficult to sell it from 1.4680

    • Avatar of piphut
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      Comment left on:
      September 30, 2009 at 13:27
      piphut says:

      umm look like difficult to sell it from 1.4680

      We had a nice signal theire at 1.4672 when it broke first resistanec point (1.4650) and failed below 1.4680.

  4. Reply
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    Comment left on:
    September 30, 2009 at 13:05
    Xtravaganz says:

    14 o’clock was a nice place and when u cant click so fast try pending orders ;) works perfect.

    When u can work so try next time pitchfork lines in H1 or H4 Chart than u can select good for pending orders in buy and sell mode :)

    Happy trading and thx for ur daily posting mark :).

  5. Reply
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    Comment left on:
    September 30, 2009 at 13:27
    bboy1992 says:

    i try to sell stop

    • Avatar of piphut
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      Comment left on:
      September 30, 2009 at 13:29
      piphut says:

      i try to sell stop

      ?

      I don’t know what you mean…

  6. Reply
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    Comment left on:
    September 30, 2009 at 13:31
    bboy1992 says:

    it you play eu for live???

  7. Reply
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    Comment left on:
    September 30, 2009 at 13:42
    Zann says:

    Hi all :)
    EUR/USD at this time: 1.4615
    Hmm.. what next?

    • Avatar of piphut
      Reply
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      Comment left on:
      September 30, 2009 at 13:49
      piphut says:

      Hi all :) EUR/USD at this time: 1.4615 Hmm.. what next?

      Hard to say… I covered my short below 1.4600 on the support bounce and might look to re-enter on a rally above 1.4630 if the setup looks good…

  8. Avatar of
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    Comment left on:
    September 30, 2009 at 13:44
    says:

    MARK, I FEAR I MIGHT BE:
    WRONG;
    LOSING MONEY;
    MISSING OUT;
    LEAVING MONEY ON THE TABLE, AND I HAVE BEEN GREEDY TODAY AND END UP KICKING MYSELF. THOUGH I HAD A NICE RUN ON USD/CAD 140 PIPS

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 13:47
      piphut says:

      MARK, I FEAR I MIGHT BE: WRONG; LOSING MONEY; MISSING OUT; LEAVING MONEY ON THE TABLE, AND I HAVE BEEN GREEDY TODAY AND END …

      You really like those capital letter don’t you? ;). I’m not sure what you means by all that without some examples but in general I try to ignore all my feelings when trading and trust my analysis. I’d rather miss out then get in a trade I was never really that excited about. Problem is sometimes you win those and think “alright, I can trade like this now, on instinct” and in the long-term that doesn’t work for me.

  9. Avatar of
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    Comment left on:
    September 30, 2009 at 14:07
    says:

    I can do small ones too! I think we all suffer one time or another from at least one of mentioned trader’s fears

  10. Reply
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    Comment left on:
    September 30, 2009 at 14:10
    Zann says:

    Mark, are You workin also – GBP/USD, or USD?JPY? thnks

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 14:12
      piphut says:

      Mark, are You workin also – GBP/USD, or USD?JPY? thnks

      I trade all major pairs as long as the setup looks good and the market is liquid. I don’t publish those analysis’s on PipHut… yet. I don’t currently have any open trades with either though.

  11. Reply
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    Comment left on:
    September 30, 2009 at 14:48
    Naseem says:

    Mark,
    Thanks for the signal… worked out pretty good for me. This is my first trade after 2years. Shorted at 1.4660 and exit at 1.4608
    God bless you for helping out and educating us.
    Thanks

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 14:50
      piphut says:

      Mark, Thanks for the signal… worked out pretty good for me. This is …

      Glad to help Naseem. With a 2 year break you probably were able to gain some pretty good perspective on the markets.

  12. Reply
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    Comment left on:
    September 30, 2009 at 15:01
    Nick says:

    Thanks for your amazing site Mark. Ive just started to get into forex trading and your site has been of great help.
    Today’s signal worked pretty good for me, sold at 1.66 – tp hit at 1.36. Coudl’ve gone for more:)

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 15:10
      piphut says:

      Thanks for your amazing site Mark. Ive just started to get into forex trading and your site has been of …

      Glad to have you here Nick. I’d be careful with small take-profits like that. Have a read of my “money management” article on the left hand side for why. Also I always recommend traders use a demo account until they get some consistency under there belt.

  13. Avatar of smartchick
    Reply
    #
    Comment left on:
    September 30, 2009 at 16:25
    smartchick says:

    Mark do you know where I can get a metatrader support and resistance indicator? Thanks

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 17:00
      piphut says:

      Mark do you know where I can get a metatrader support and resistance indicator? Thanks

      I have a few, let me dig around for the best one. I think I coded a few in the past too. MT4 also has what are called “fractals” which are basically support/resistance. I prefer to use the human eye on multiple time frames but I know that tools have their place too..

  14. Reply
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    Comment left on:
    September 30, 2009 at 17:09
    smartchick says:

    Thank you in advance.Also are there any books or sites you would recommend on this type of trading?

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 17:33
      piphut says:

      Thank you in advance.Also are there any books or sites you would recommend on this type of trading?

      There are a lot of great books out there on technical analysis and they all say basically the same thing. Go to amazon.com and search for “forex technical analysis” and find one that you like.

      A great book on how to apply that analysis is Ed Ponsi’s “Forex Patterns and Possiblities”

  15. Reply
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    Comment left on:
    September 30, 2009 at 17:14
    Smartchick says:

    ……I mean on this trading strategy :-) Thank you.

  16. Reply
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    Comment left on:
    September 30, 2009 at 18:13
    ovisse says:

    Hi Mark, I searched for that book by Ed ponsi…its amazing, everything simplified. Got a free copy and printed it (ebook). would be willing to share should anyone want it esp Smartchick…Lets keep the spirit alive by sharing…Thanks Mark.

    • Avatar of piphut
      Reply
      #
      Comment left on:
      September 30, 2009 at 19:14
      piphut says:

      Hi Mark, I searched for that book by Ed ponsi…its amazing, everything simplified. Got a free copy and printed it …

      I don’t know what version you downloaded, etc. but if it is the full version I definitely don’t recommend printing/distributing it – that is stealing. If you like the book I think you should buy it. It will more than pay for itself in the long run.

      And there is something nice about having a nice solid book in your hands :).

  17. Reply
    #
    Comment left on:
    September 30, 2009 at 18:15
    ovisse says:

    Forgot this… Drop an email if you need it.

    o.ahwe@gmx.com

  18. Reply
    #
    Comment left on:
    September 30, 2009 at 19:52
    Nnagozie says:

    Am also interested in the ebook and indicators for support and resistance, my email address guzzi4geez@yahoo.com

  19. Reply
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    Comment left on:
    September 30, 2009 at 21:31
    Clint says:

    Hi Mark

    What time frames are you looking at for support/resistance

  20. Reply
    #
    Comment left on:
    October 1, 2009 at 12:04
    smartchick says:

    Thank you, will definitly get that book, might page through the free e book first though Ovisse will drop you an email.

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