10-14-09
5:33a GMT – Well the scores are in from yesterday’s bull/bear battle and the bulls definitely won that round. EUR/USD continues to hit new yearly highs, this time pushing close to 1.4890 while the USD index continues to drop through support like a 1000-ton rock. There are a few signs of a major bearish reversal that could take place in the 1.49-1.50 range, but that is a topic for another day. Today, with the bulls firmly in charge, we will continue to look for buying opportunities starting at support above 1.4840. Nearest solid resistance is 1.4900 (just for being a large round number – there is psychological importance to this) and 1.4950 (which is resistance from over a year ago).
Trading Idea: Looking for buying opportunities on dips and near support. Would take a solid buy signal between support zones of 1.4860-1.4840. Long targets at 1.4890, 1.4920 and 1.4950.
(click to enlarge)
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October 14, 2009 at 06:39
when was or is your entry point?
October 14, 2009 at 06:47
I think the entry point would be a bullish candlestick formation on the 1hr chart within the 1.4840-1.4860 range (correct me if I’m wrong, Mark)
October 14, 2009 at 13:29
Correct.
October 14, 2009 at 06:52
Since Mark is trading specifically with the trend, continuation candlestick patterns apply for the majority of his entries as far as I understand.
Question Mark: What about bullish or bearish candlestick reversal patterns, do you also trade according to reversals? These would apply against a trade if I understand correct?
October 14, 2009 at 13:32
Continuation candlesticks apply for very few of my trades in practice. I much prefer to buy after a price pullback (e.g. buy dips in an uptrend and selling rallies in a downtrend), and the way to identify a lot of those is with reversal patterns (e.g. doji, shooting star, etc.)
October 14, 2009 at 11:04
i acctually have no idea what’s happening with eur/usd today :)
October 14, 2009 at 11:20
like jetcoaster today.
mark, is it will go to 1.4950?
i just long and short around 1.4890-1.4910
fortunately could take 50pip
just wonder, is it will still bullish?
October 14, 2009 at 11:27
Mark, do wee still should wait till it goes to lower price in case to buy? Or should we buy now, cuz the trend is bullish?
October 14, 2009 at 13:34
That depends on your trading style. Remember my goal is never to trade for you :). That being said we are seeing lots of support in the 1.4880 area and if you were looking to scalp or take very short term trades that might offer opportunities.
October 14, 2009 at 13:39
what do you think? should we see today a price of 1.4950?
October 14, 2009 at 13:56
ok guys, be honest, who went short after it bounced off the 1.4920 resistance mark the second time? :)
October 14, 2009 at 14:07
i take short on 1.4913 maybe close on 1.4880
October 14, 2009 at 14:09
I did earn 60 pips on its way down .
tough i went long at 1.4900 and put a limit to take profit on 1.4920 or some thing and put two orders for going short at same mark .
nou im on a lunch break with a happy face :) hehe
October 14, 2009 at 17:22
You gotta know when to hold them,
Know when to fold them,
Know when to walk away, know when to run.
October 14, 2009 at 18:19
Mark. Maybe there will be a retracement after the higer of the year. Well a fix an entry at 1.4890 for sell if he candells show me a revrsal signal.
oscar
October 14, 2009 at 18:51
Mark on a daily chart it looks like bearish advance block …and those dojis and lollipops on 1h chart… do you think there is a strong break to down side coming ?
Asking to see if im thinking wright :)
October 14, 2009 at 18:53
this is Mark’s tent. if he makes me money i will stick with him. to ME, this is not about trying to catch every turn, this is whether or not Mark can make me consistent money.
you want to catch every turn, start your own website.
October 14, 2009 at 19:01
alvin79
Comment on October 14th, 2009.
this is Mark’s tent. if he makes me money i will stick with him. to ME, this is not about trying to catch every turn, this is whether or not Mark can make me consistent money.
you want to catch every turn, start your own website.
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this was meant to who ?
October 14, 2009 at 19:09
Alvin sory but i think i need to coment on your last coment “you want to catch every turn, start your own website.” doesent mater to who it was meant .
I think this website was made for traders so traders can folow Marks advice on trades and ask a few questions and learn how to trade for them selfs and exchange opinions and expirience if we will just folow with our eyes close we will never learn how to trade properly .
October 14, 2009 at 20:30
PipHut encourages a lively discussion with many points of view, trading styles, etc. My trading style is not the only trading system out there that works. PipHut is about showing you what one trader is doing and encouraging you and giving you the confidence to succeed in the world of forex.
I personally trade many different currencies and have a few trading styles, unfortunately I don’t have the time to put all of my analysis, signals, etc. onto a free site. That makes a lively discussion and various points of view all the more important, so users can see what others are doing and get multiple points of view, not just me.
On a side note too: there are many experienced traders on PipHut. Some choose to chat, others just check my analysis and continue about their day. The point is there is lots of valuable feedback out there to be had and I encourage everyone to share their trading ideas, strategies, successes/failures, etc.