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)
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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
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.
Short target 3 14565
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.
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 :).
i try to sell stop
?
I don’t know what you mean…
it you play eu for live???
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…
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
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.
I can do small ones too! I think we all suffer one time or another from at least one of mentioned trader’s fears
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.
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
Glad to help Naseem. With a 2 year break you probably were able to gain some pretty good perspective on the markets.
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:)
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.
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..
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”
……I mean on this trading strategy :-) Thank you.
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.
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 :).
Forgot this… Drop an email if you need it.
o.ahwe@gmx.com
Am also interested in the ebook and indicators for support and resistance, my email address guzzi4geez@yahoo.com
Hi Mark
What time frames are you looking at for support/resistance
Thank you, will definitly get that book, might page through the free e book first though Ovisse will drop you an email.