October 20, 2009 05:01

Forex Signals – EUR/USD Bulls Pull Ahead

By:

10-20-09

4:26a GMT – Well if you entered long at 1.4970 from my comments yesterday go ahead and close for a small profit now. Earlier signal at 1.4920 was never tripped as EUR/USD blasted through resistance on the 60M chart without flinching. I have to admit I am not real wild on buying the EUR/USD at this level. The pair has been very closely tied with US stocks, and those stocks remain overbought and are in need of profit-taking. However, with the Fed seeing no signs of easing back on the money printing it is feasible we will see continued USD weakness. Therefore, I have to go with the tried and true and continue trading with the trend, which means buying on dips near support.

Trading Idea: We have support at 1.4950 (23.6% fib), 1.4930 (38.2%) and above 1.4900 in the area of the 50% retracement and former support. Starting from 1.4900 we have targets at 1.4940, 1.4970 and 1.5000.

(click to enlarge)
eu102009buying

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6 Comments on "Forex Signals – EUR/USD Bulls Pull Ahead"
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    Comment left on:
    October 20, 2009 at 12:49
    HENDRIK says:

    At 08:30ET – a show of sl hunting. Market is sideways and trading in a narrow band. I’m going to swim and have cold one thus taking the day off. Cheers fellas

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    Comment left on:
    October 20, 2009 at 15:57
    alvin says:

    that’s a long red bearish candle on the 1HR and 4Hr!

  3. Reply
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    Comment left on:
    October 20, 2009 at 18:22
    alvin says:

    Mark, so I can understand your sigs.. was your long SETUP @4200 invalidated by the candlesticks?

    • Avatar of piphut
      Reply
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      Comment left on:
      October 20, 2009 at 19:51
      piphut says:

      Mark, so I can understand your sigs.. was your long SETUP @4200 invalidated by the candlesticks?

      60M is the smallest timeframe I look at for candlestick entries, so on the 60M we didn’t see any bullish candlesticks until the hammer candle at 17:00 which closed at 1.4906. I went long after that bullish confirmation, which was also above my 3rd support in analysis above at 1.4900

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    Comment left on:
    October 21, 2009 at 10:02
    paul says:

    Hi Mark – new to your site, fascinating! What charting program do you use and are those R1, R2, R3, S1, S2, S3 red lines?

    So I have a better understanding of your money management, what S/L and T/P would you have set on today’s buying on dips?

  5. Reply
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    Comment left on:
    October 22, 2009 at 20:26
    NASH says:

    Hi Mark, I’d first like to say thank you for the wonderful signals. I am fairly new to trading but find that your website makes things a bit easier. I am currently riding the EUR/USD up to your last target of 1.5000. I have already taken 60pips profit from my first signal received. THANK YOU!

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