10-23-09
5:55a GMT – Good pips off of yesterday’s signal. It’s finally Friday and it couldn’t have gotten here a day too soon! I usually play it conservative on Friday’s (don’t like being in a shaky trade over the weekend) and today is no exception. We saw a new high a few hours ago around 1.5060 – which took the form of a shooting star! Stocks and dollar are overbought and some profit taking that rallies the USD would not surprise me. Of course, a Euro rally wouldn’t surprise me either – not much surprises me any more! Aggressive traders can look to short this for some pips, but the general signal of this post we will continue to look for buying opportunities on dips as that is the direction of the overall trend. Conservative dip would be to 61.8% fibonacci retracement around 1.4950.
Trading Idea: Looking for bullish reversal signal above 1.4950 to get in another long with targets at 1.4985, 1.5020 and 1.5055.
(click to enlarge)
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October 23, 2009 at 05:44
Hi Mark:) And what is your opinion about EUR/USD long term? For eg. next week UpTrend up to 1.5300 ? :)
October 23, 2009 at 07:33
Anyone going short on Eur??
Or is it just me?
October 23, 2009 at 07:40
May struggle past 1.5075-00 area. Prefer to sell, stop above 1.5140, target 1.4950 again
October 23, 2009 at 07:41
Hi Mark ,
Im also interested to know your opinion about EUR/USD long term :)
October 23, 2009 at 07:54
I WOULD LIKE TO SELL EUR TODAY WITH 25 USD RISK, 1 PIP EQUAL TO 0.30 USD SL/TP! 70 PIPS TP
GAME STARTS!
October 23, 2009 at 07:58
I think i am with you Mohamed!
I am going SHORT!
I would really like the other traders advice also?
:)
October 23, 2009 at 08:16
i think as i type this test, the market sentiment favor sell, but am trying a good entry
October 23, 2009 at 08:27
long term is still bullish… i’m looking for dips to buy EU… currently i see an ascending triangle formation on the 1hr timeframe.. already bought at 1.500 and looking for more buys on dips in my opinion…
October 23, 2009 at 08:50
wow did anyone saw what GBP/USD did???
October 23, 2009 at 09:07
Yes thats why i sit on my hands during major news releases ( UK GDP in this case)
October 23, 2009 at 09:23
@mohamed and zar, Always stick to the rule, I think that is one of the great kesson I have learnt as a piphutter
–
Sent on a phone using T9space.com
October 23, 2009 at 09:23
@mohamed and zar, Always stick to the rule, I think that is one of the great lesson I have learnt as a piphutter
–
Sent on a phone using T9space.com
October 23, 2009 at 09:29
Yes thank you Nnagozie!
I went against the trend!!(because of that shooting star)
Very dumb of me
The trend is your friend!
October 23, 2009 at 09:56
Hi Mark – nice call ! I didn’t trade it as I wasn’t sure what was a reasonable sign of a bullish reversal. Did you trade it and what was the bullish sign for you?
thanks for all the excellent pips in the hut!
October 23, 2009 at 10:08
I am long on Euro at 1.5033 with T/P 1.5078. Every trade I have done this month has been in the direction of the channel on the Daily. All have been winners. The trend is your friend.
This is a great site, thanks Mark
October 23, 2009 at 11:03
This is probably one of the best sites on the internet, excellent accuracy! Keep up the great work Mark!!
October 23, 2009 at 13:12
Just a warning I received from a another trader who is highly upset. I quote:
“Anyone on here use FXCM? They sent an email this morning detailing that margin requirements are going up, e.g. for GBP/USD it used to be $50 on say, a 10k lot (500 on a 100,000 lot). They are now changing this to $85 for a 10k lot. Why? Get this: “Margin requirements will be increasing, particularly for currency pairs with EUR or GBP as the base currency. FXCM’s experience in Hong Kong, where significantly lower leverage levels (higher margins) are mandated by law, suggests that trading with lower leverage may assist clients in trading more successfully over an extended time period. The new margin requirements are intended to reduce risk by restricting traders from using excessive leverage.”
Since when did brokers give a @#$%! about what is safe and not dangerous for their clients?
I’ll be ending my seven year relationship with FXCM next week.”
October 23, 2009 at 13:46
Hendrik, this is a margin requirements mandate from the NFA for all US-based brokers, FXCM is just the first to enforce it. Here is the full write-up and all margin requirements from FXCM:
http://www.fxcm.com/forex-margin.html
Here is the notice from the NFA:
http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2362
ALL brokers that comply with NFA standards will be subject to this, but the mandate doesn’t kick in until Nov 30th and FXCM is just the first to do so. I view that as a positive for FXCM because a) they are highly regulated being so big and b) they were the first to enforce the new standards.
You will see more US based brokers following suit before Nov 30th, so unless your friend switches to a non-US based broker then he should stay put. Or he could switch to the UK-based FXCM at http://www.fxcm.co.uk
October 23, 2009 at 14:23
Thanks Mark
October 23, 2009 at 15:10
Mark do you consider the current hammer on the 1hour chart valid long signal?
October 23, 2009 at 15:46
Nick, it is a valid long signal BUT I’m not taking it because it is hard to get a good risk/reward ratio off of that positioning. If it was a bit farther down I’d be all over it.
October 23, 2009 at 15:12
it looks more like a doji or something to me
October 23, 2009 at 15:20
Think I will wait it out till the 61.8%. Man the shorts really made out on the GBPUSD today!!!
October 23, 2009 at 15:57
i use marketiva streamsters platform but i am finding trade on the platform very hard.i use mt4 platform to trade but i have already deposited some 100 bucks in my marketiva account. please how can i also use this your free signal sucessfully.thanks
October 23, 2009 at 16:04
I see Mark.. well i guess i was abit agressive on this one… got my 30 pips this time but maybe i should be looking at the risk/reward next time
October 23, 2009 at 16:09
Hi Mark,I have tried to draw my support and resistances on the EUR/USD chart and they are not the same as yours. The way you see support and resistance is quit different from the way I see them, please, what time frame do you take your support and resistances from? and what kind of conditions including candlesticks do you watch out for qualifying a level to be a support or resistance? Thanks for your help so far.
October 23, 2009 at 16:21
Hi Mark,
Thanks again for another week of great signals. What makes you draw fibonacci from 20th October low rather than 22nd october low. or 19th October low
October 23, 2009 at 17:43
Yep NFA is kicking in to the dark with this new margin :/
if you ask me with smal margin as it is nou you can risk more and have more chancess to get avey with it eaven if trading against the trend or if you dont know how to trade at all lol
With biger margin there will be eaven more margin cals if you ask me .
Because the one who likes to risk will still risk and the ones who deposit 100-200 $ to start trading and go in and use 50% of their margin will still loose their acounts lol
just my 2 cents :D
Im glad im under UK so going from 25$ for 10k tradet to 40$ for 10k tradet is not so bad as it is in USA 160$ for 10k :/
October 26, 2009 at 02:11
Just got 50pips out of this. Although it was agony sitting on it through the weekend!
I set my T/P at 1.5040. Just bellow where I thought resitance would be 1.5044.
Thanks Mark!