10-16-09
7:06a GMT – Thank goodness it is Friday at last! Yesterday’s signal yielded good pips as I took an entry order at the third level of support (1.4870) and rode it up to the failure at 1.4950. It was a quick trade – only took 4 hours or so to develop and the exit signal was a shooting star on the 1-hour. The 60M chart also looks suspiciously like a double-top is forming though that bump in the middle makes its appearance a little less than desirable. As we head into the last trading day of the week the bullish trend remains intact though we did have a nice stab downwards yesterday. If any trade looks good enough to enter before the weekend, for me, it will be to buy another dip int he 1.4870 range.
Trading Idea: Looking for another dip to the 1.4870 support area with targets back up to 1.4900, 1.4925 and 1.4955 (basically the same trade as yesterday).
(click to enlarge)
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October 16, 2009 at 08:35
Mark
When you give the advice do you have any time zone in mind? I am active in the CET time zone and can trade with the London Market and later on with the opening of the New York for a few hours. Does your advice stand during the New York time opening or also from the London Market opening?
One other thing which I need a bit of clariification on. Do you exclude any days of the week during your trading?
October 16, 2009 at 13:39
My signal generally stands for the whole day or if the technical picture changes drastically. For example if the signal is to buy near support at 1.4100 on a bullish signal and the price charges through 1.4100 with no signal then that signal is canceled.
October 16, 2009 at 08:37
Good job Mark ….
October 16, 2009 at 10:21
Seems so far the pair found strong support on exactly the 61.8 fibonacci retracement line (drawn from yesterdays bottom to top).
But its easy to draw lines ones its all said and done, no idea how I would have known it before lol.
October 16, 2009 at 11:47
close to 1.4870 what triggers your point of entry?
October 16, 2009 at 12:46
not sure if we can go long now, 4870 broken, maybe the pair goes further down as stocks fall towards the weekend?
October 16, 2009 at 12:47
Ok, we have 1.4860 EUR/USD at this time. What next? Up to 1.4900? :)
October 16, 2009 at 13:35
Seeing as how we are going into the weekend (and I hate holding trades in the weekend) I’m going to wait for a bigger dip/better signal if I enter, 1.4820-1.4830
October 16, 2009 at 13:26
We have a long term uptrend, an overbought situation, are in a very short term downtrend and the pair is synchronized with the stockmarket which is due for some swing profits, but we can’t go in as the long term trend is up, only Mark the magician can decypher this now :)
October 16, 2009 at 13:32
I had an entry order at 1.4870 (which was tripped), closing out now for small profit and I’m going to wait for a better entry signal near 1.4830.
October 16, 2009 at 13:33
Sorry Andy, no magic here. Just a man with a plan :).
October 16, 2009 at 13:39
E/$ swaying back ‘n forth on the 14870 tightrope….whooooa
Will it stumble down to 14830 or rise like a little boy in a hellium balloon?
October 16, 2009 at 13:40
Citation: According to the ecPulse.com analysis team, if the Euro holds above 1.4820, the pair could reach levels above 1.51: “Our morning expectations remain as is, where we await the pair to rebound after touching the mentioned support level and target 1.5100. It is important that 1.4820 remains intact to keep the upside trend valid.”
October 16, 2009 at 14:05
Does the Piphut have a Facebook page? I’d love to be a fly on the wall and listen to the debates when two possibly different signals come out from other signal providers.
So far, the Piphut has been showin’ the love…
October 16, 2009 at 14:56
There is a facebook page but there is nothing on it right now :/. There is also a twitter page I’m working on but neither are what you are looking for at the moment. The plan is to roll them out in the next few weeks (I have a lot of stuff coming down the pipe for the next couple months if you all haven’t noticed).
October 16, 2009 at 17:43
Hi all and Mark :) Im in dilema wright nou and would apresheate an opinion form Mark or any oter expirienced trader about GBP/USD . Yes i know we are here for EUR/USD but i know we dont trade only eur/usd :D
I have a few lots open with GBP/USD and have a smal loss on all of them wright nou and i see that GBP/USD reached resistance level and on 1h chart it looks like there is some indecidion where the market is going to go up or down lol
So here is the question is it wery risky to hold short position tru the weakend or not ?
October 16, 2009 at 19:29
If you are a short-term, daily trader it is always risky to hold trades over the weekend. News can come out, fundamentals can change, who knows? Plus if you are short the GBP/USD you will probably get hit with a rollover charge so it could be a double-whammy. Personally I’d rather close out before the weekend, lose a known quantity and live to fight another day.
October 16, 2009 at 19:25
Jevgenij
I take it that jumped on the bandwagon a bit late. You should have placed an order latest by the 15th Oct in order to make 100+ pips. Look at at the MACD 15min chart and decide whether you would rather suffer a loss or take a risk of losing more. Or you might be lucky. What you have done is to chase the market. That’s a no no
October 16, 2009 at 20:20
Yes Hendrik i know i was allready late for goin long on it and did mistake with going short on it :/
I know i need to learn how to become more patient before jumpinig in to trade .
Thank you and Mark for a reply :)
October 18, 2009 at 13:49
Hi Mark,
Would be great if you can use a service like ping.fm and run your rss feed through them. That will update all the social networks including twitter and facebook and a multitude of others. Your followers can choose one which they are comfortable with.