10-22-09
5:09a GMT – Kind of a long post today. A few quick housekeeping things and then onto today’s signal. First off a “thanks” to everyone who continues to drive the discussion here at PipHut. PipHut was always meant to be a community of traders and everyday it seems to feel more and more like a “community”. Don’t be afraid to jump into the discussion whether you are new or experienced – all viewpoints are welcome. I’m glad I can contribute to your growth as a trader but there are plenty of traders on PipHut and if everyone helps each other, then we all benefit. So thank you and keep up the good work!
A few site updates:
1) Signals Service the PipHut signals service continues to move forward with very impressive results. All signals are entry (so you get advanced notice of a trade – not a notice telling you the trade has already been entered). The pairs it is currently working for are EUR/USD, GBP/USD, USD/JPY, GBP/JPY, AUD/USD, USD/CHF, CHF/JPY and EUR/GBP. +300 pips yesterday :). Update: the signals service is NOT released yet if you are looking for it or emailed me about it! I’m looking for a mid-November release date.
2) Candlestick article – still in the works. Hopefully out by Sunday. I’m trying to make it more than just a “here is what a candlestick looks like” and give it much more useful and specific information. For example instead of “A doji has long top and bottom wicks and a skinny body” it would say “A doji has long top and bottom wicks, skinny body AND works best on EUR/USD and GBP/JPY when the piercing wick is at least 10 pips above….. etc. etc.” So much better, more actionable information.
3) New forums are coming. I love the discussion we have at the bottom of each signal and those will always continue, but there are some discussions that could continue day after day, need more space, etc. With a forum you can also build your own profile, start your own threads, etc. I know PipHut has forums already but, to be honest, they are not that user friendly and as such I haven’t made them a big part of the site. That is going to change.
Those are the big three things I’m working on at the moment. In the forums too I’ll be posting various indicators, EAs etc. as I know people like those. Thanks again to everyone who makes PipHut a community that people like to take part in.
OK, today’s signal! Netted 60 pips on the EUR/USD signal yesterday. It rose an additional 40 pips after that but I stuck to my trade plan and cashed out. I’m glad that some of you were able to profit off the GBP/JPY tip as well! Normally I don’t post my analysis for the other pairs I trade but that one was too juicy looking to pass up :). That’s what the Signals Service will be for!
Yesterday we saw the big psychological barrier at 1.5000 broken. Almost all analysis I read has the USD as oversold, but right now we don’t have any good technical reasons to go against the trend so we will continue to look for buying opportunities. We do have to be vigilant though because what we could be seeing is a false breakout of 1.5000 on the larger timeframe charts which would be a very bearish signal. But we haven’t seen that yet… Currently the pair has fallen back below 1.50 but is finding support at the 23.6% Fibonacci level of the day’s high/low.
Trading Idea: Looking for a bounce or a bullish candlestick signal around the 1.4950 area. If that area is broken then look for a challenge of 1.4900. Long targets from 1.4950 are 1.4985, 1. 5015 and 1.5045.
(click to enlarge)
Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Discuss this signal with me and fellow traders at the new Forex Discussion Groups
October 22, 2009 at 05:24
cool, thanks for the update.
October 22, 2009 at 06:36
Hallo Mark
Where can I receive the PipHut signals service ?? I can only see the eur/usd?
Thanks for a very good website!
So far you guys are the best!!
October 22, 2009 at 14:21
Sorry, signals service is not publicly-released yet. I updated the post above to avoid any confusion.
October 22, 2009 at 06:51
Signal service and candlestick article sounds exiting ! cant wayt to see it :)
And forum for chit chat is a good idea to so we dont spam under your signals :D tough here is much more easyer to post :)
October 22, 2009 at 06:53
Juan EUR/USD is the only one you will get for nou because ” signal service ” for other pairs is not ready yet its a work in progres…
October 22, 2009 at 07:12
Actually, I am a new trader… Lost too much so far because of false & misleading signals, however, ur site is the only one I am making money off and hopefully i can recover my losses…. Really thanks guys…
By the way, I am from Lebanon
October 22, 2009 at 07:21
Mark, the Terminator asked: “Do you feel lucky?”. Yeah! This morning I saw the shooting star on the 4h chart and just could’nt resist it. Entered at the high of the 20MA, tight SL of 24 and TP 50 pips – I’m going down and join you on the way up
October 22, 2009 at 14:22
:)
October 22, 2009 at 07:37
Great signals. Most important lesson from this site is to be patient and the trade will come to you.
Can’t wait for more signals.
Thanks & keep up the good work!
October 22, 2009 at 07:43
Hello Guys
this site is the best and am very happy hope to be an expert someday with … and please any one with the three best indicator to determine future trade… Mark I Love You…
October 22, 2009 at 07:49
Jevgenij, thanks!
Then I cant wait fot all the new stuff…
:)
October 22, 2009 at 08:32
Great site. Most of the signals are accurate. I trade mostly on the EUR/USD and the signals you gave are very good. Thanks for all the tips
October 22, 2009 at 09:01
hi mark your almost all signals are working. but i have no courage to buy i m so scared because i lost already so much money but i noticed on your site most of signals are working..but how can i get in my email i already sign up with you..You just best
October 22, 2009 at 14:24
Hi Zunasa, start with a demo account. Since my free signals don’t say “buy/sell here, tp here, sl here…” they take some getting used to and they also take some knowledge and confidence so you can set your own SL and TP. So start with a demo account, build up your confidence and also talk to the traders here on the site who are successfully using the analysis. Welcome to PipHut!
October 22, 2009 at 09:07
do you have any statistics on the profit and loss
October 22, 2009 at 09:11
what is your average S/L?
Regards,
Dwight
October 22, 2009 at 14:25
October 22, 2009 at 09:12
I think that was the signal, hammer at 9am Gmt on the 1hour chart. I went long, lets see.
Thank you Mark
October 22, 2009 at 09:19
Yes Johny I agree!
I went also LOOOONG…
:)
Now lets hope
October 22, 2009 at 09:21
Where is your stop loss???
1.4870?
October 22, 2009 at 09:38
Johny and ZAR wait for the confirmation candle to finish. I think you have to increase the SL
October 22, 2009 at 09:39
Mark, can you also include in your candlestick article how exact/clear these candlesticks must be in order to be valid signals?
I have problems sometimes determining the candlesticks, as often they do not appear exactly as “in the book” and I’m rather avoiding an entry in that case.
October 22, 2009 at 09:40
it would be great if we had a chatroom such as messenger or skype, so we can discuss the signal for the day and other traders insights.. thanks Mark the signals are great
October 22, 2009 at 10:05
Great news for us. I can see this website making into the top 50000 alexa rating given the sticky aspect and the quality of signals. More people using Mark’s signal can be self fulfilling :-)
October 22, 2009 at 10:27
A chatroom would be great, i’d feel more confident if I’m in a trade together with other traders, we could then support and cheer us up lol
October 22, 2009 at 10:31
@HENDRIK, the confirmation candle would be the next hour candle?
How should this confirmation candle look to confirm the hammer?
October 22, 2009 at 10:57
Andy first off I stand to be corrected and I would Like to hear from Mark as well – he’s the expert. I would say that the closing price of the next candle after the hammer must be higher than the hammer’s opening. Failing that look at the second bull candle with the same criteria. Mark what do say?
October 22, 2009 at 14:30
I went long after the hammer at 1.4955. Took profit at 1.5005 after the failure of the second target at 1.5015.
October 22, 2009 at 11:07
Andy, Mark can let us know what the margin must be
October 22, 2009 at 11:18
Where do I find posts for the other currency pairs other than EUR/USD? I can’t seem to locate them on your site.
October 22, 2009 at 11:29
Andy look at the 1h cart MACD(12,26,9)applied to the closing price – the signal is still down. Thus I’m not as yet going long
October 22, 2009 at 11:47
got my money for today, thank you again Mark. Cant wait for the improvements to the site
October 22, 2009 at 12:09
Hendrik, seems indeed as though the hammer signal was good for today even without the confirmation, +40 pips for those who went in until 1.5000.
I have applied now the MACD and will follow it also for positive signs, thanks.
October 22, 2009 at 12:22
Isn’t the MACD a lagging indicator??
I am still new at this…
:)
October 22, 2009 at 14:34
It is. The only indicator I use is the ATR and I don’t actually use it – it’s just handy to see what the volatility is at a glance. Sometimes it will effect my stop losses or how far away my entry orders are.
October 22, 2009 at 12:31
Thanks Mark. Got 49pips out of this!!
October 22, 2009 at 13:40
Can´t wait for the new service!!!, thank you Mark!!
October 22, 2009 at 13:43
Hi Mark, to me the support was 1.4900, but your fibonacci was 1.4950, and you win, so… how do you know when to use fibonacci or sup/res?
October 22, 2009 at 14:36
I consider the Fibonacci lines to be equal with other support/resistance lines – no added weight. So if I have a Fib line at 1.20, a normal support at 1.10 and another fib at 1.00 I consider them all of equal importance. It just depends on how strong the trend is and how volatile the market is for which I one I pick as most significant that day. And if price charges through one with no bounce/confirmation then I look for the next one.
October 22, 2009 at 14:06
Your new improved site sounds terrific Mark. I can’t wait for those new pairs and a real discussion forum! Thank you!
October 22, 2009 at 14:13
Mark
Thanks you so much for the update. I am desperately waiting for the candle stick article and signal service.
October 22, 2009 at 14:17
Again repeating my self and all others: Thanks a lot Mark! To day I got +49 pips like Ed. By now I am always sure when to enter looking at the candlesticks and your values for suppport and resistance. Next step: start to draw the support and resistance lines before looking at you morning post! Thanks!
October 22, 2009 at 14:39
Yes, please remind me of the upcoming signal alerts this mid-November. Thank you!!
October 22, 2009 at 18:48
Hi Mark, I’m new @ trading and signed up with fxcm. I’m trading off their Marketscope because I like trading on the chart. What broker do you trade with? I’ve read some horror stories about fxcm. Thanks and I love you too.
October 22, 2009 at 18:52
Hi Ana, welcome to PipHut! I avoid talking about brokers because PipHut isn’t affiliated with any brokers and I try and keep it that way. Every broker is going to have their horror stories because trading currency is such a risky proposition in general. That being said I think FXCM is better than most.