10-9-09
3:02a GMT – Yesterday’s signal yielded good pips – how many depends on where you entered. I waited for pretty firm confirmation of a bounce which meant a full closure of the 15:00 candlestick on the 1 hour chart which means I didn’t get in until 1.4763 (signal was for a failure above 1.4720). I then covered on the failure to hit the 3rd target at 1.4820. I know some of the more aggressive of you bought in the 1.4725 area and this time it worked out for you :). On to today’s signal -
Short-term bull trend remains firmly intact. A glance at the 4-hour chart below can quickly show you we have been in an bullish channel since the early October low around 1.4500. For the regular PipHut followers you know I am medium and long-term bearish on the EUR/USD and think it is overbought, but in the short-term we will continue to trade with the short-term trend. I fully expect the pair to at the most hit 1.4850 and take a double-dip back down. But until then we stick with the system :).
Trading Idea: Looking to continue buying dips to an eventual re-challenge of 1.4850. Nearest support is 1.4720. Will look to buy around this level on a bullish signal (failure, candlestick, bounce) with long targets to 1.4755, 1.4790 and 1.4825.. Be weary of a break below the bottom trendline support (red diagonal trend line).
(click to enlarge)
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October 9, 2009 at 04:46
The bounce on the 1H chart, would you consider that an entry signal?
October 9, 2009 at 04:53
can we buy now its @1.4730 after a bounce
October 9, 2009 at 13:33
its no take high risk?????
October 9, 2009 at 13:36
Hi,
it’s still another 25 min to finish this hout, but it looks like is setting up to enter again. What do you guys think?
October 9, 2009 at 13:38
Another great call Mark…I entered at 1.4720 with 5 lots, rode it up to 1.4770, and shorted it from there with 10 lots. Its been a great week :)
October 9, 2009 at 16:12
Glad to hear it Tim, keep up the good work!
October 9, 2009 at 17:55
Mark what do you think will it bounce back up from 1.4690 tooday ?
This morning i enter a trade at 1.4720 and set take profit 5 pips to high lol so during the day it didnt reach it and bounced back down :(
Nou idk should i close it while its -30 pips per lot or should i wayt till monday and see if its gona go back up .
October 9, 2009 at 18:13
Personally I’d close that and take the loss. But that’s because with my trading style I rarely if ever hold open positions past close, especially over weekend. Is there a possibility it will go back up on Monday (or later today)? Sure. But there’s also a possiblity you’d wakeup on Monday or Sunday night and the price would have dropped another 100 pips.
October 9, 2009 at 18:33
i tought so :/ Thank you for your opinion :)
I guees ill wayt before market close and see if it gets higer and close it .
October 9, 2009 at 19:33
Thank you for another good week.
I opened 3 lots today and had 25 pip profit on 1 lot and break even on the other two.
At what point do you say the trend is down? Just the EMAs in order or do you look at any other indicators.
October 9, 2009 at 20:18
I use broken support/resistance levels and trend channels to determine short and mid-term trends.