11-01-09
6:26a GMT – Welcome to November! First off if you are wondering why PipHut looks different head over to the “new (and improved) PipHut” post to read up on the changes. Got good pips off Friday’s breakout signal as the lower support was pierced and we rode the fall down to profit. This Monday the signals are a little less clear. The pair dropped almost 400 pips last week on weak fundamental news, meaning a lot of drop could have been due to profit taking after EUR/USD rise over the past several months. Technically on the 4-hour chart the pair just bounced off of its support around 1.4700, established support that has held three times this month. On the daily and weekly charts we are still in a clear uptrend though more profit taking could occur and push the EUR/USD lower.
If the outlook sounds mixed that is because it is – but because we have such a strong uptrend on the daily chart and because the pair just bounced off of 1.4700 support (the 61.8% fibonacci retracement of October high/low) for the third time in the past month we will look to steal some pips on the upside bounce.
Trading Idea: Looking to buy dips at support levels above 1.4670. Support at 1.4700 and 1.4725 may offer opportunities. Candlesticks will be important to confirm the trade. Long targets at 1.4755, 1.4790 and 1.4830.
(click to enlarge)
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Good plan
Excellent Plan made major pips last week!!!!
Great strategy! Nice bright colors for the website, keep it up!
Looks good Mark!
Jermaine
Hey, I came across your post from the search engines, am new to Fx trading and i can say this information is very helpful
thanks and God Bless
how do you know when to use 4 hr chart or 60m chart? The trend was down last week and you didnt use 4hr… please explain.
Jason, I use both, always. I just post whichever one seems more relevant at the time. The more confluence you can find between timeframes the stronger the signal.
Mark. I have my T/P just bellow the 1.272 fib. Do you think that is a valid profit target?
Do you mean the 1.4927?
No. I mean 1.272 (1.49021?). Thinking the retrace is from 0.618. May need to go back to fib skool though. Thank you for your patience with another noob question. :)
OK. I got it now. Was not paying attention to the numbers ( price )on the right.
Also just discovered my fib was setup wrong. Looks like the next resistance level is 1.4840. T/P @ 1.4830. Just not paying attention today.:(
Ed I am still new too, can you share on what chart you considered the resistance level 1.4840? I am just curious to learn how you pros get this data.
thx in advance
Hi Ziad,
Sorry for the late reply. I am going by Mark’s Chart for today.
Pro? I am no pro. Been doing this on Demo account for a month now. :)
are the signals still active? can we buy around 1.4720?
Wery NICE Mark !!! good looking and profesional website :)
exept that i liked black background more :D hehe
I would wayt Crom .. coz it looks like its still faling down …wayt and see if 1.4700 suport holds :/
guys, signals are still taking place?
thanks Jevgenij
hey mark. this is my 1st comment, plz reply. why you dont publish your analysis and trading ideas in GBPUSD? you analysis in EURUSD is awesome man
Hassan, thanks and welcome to PipHut. I have plans to offer more pairs in the future. Right now it’s just a matter of time that I only post my analysis for EUR/USD.
Usually at what time you post you analyst and signals(GMT)?
Yoshi, usually around 5a GMT.
Hello Mr. Mark , Good Morning
This is vijay from India, This is my first comment in piphut .I say you are great in analysis of Euro/USd currency . I am watching so many signal provider web site among them your signal is accurate more than 95%. thanks for public service in forex market. Have a great day Mark.
Once again thanks you.
Mark, You’re a god send. Thanks for sharing your knowledge.
Hello everyone :)
Happy New PIP YEar and marry Fibonacci christmass !
I just wanted to say if u wanna double up the pip, just take a look to graph usdchf and you will see mirror happening :)
I u get what i mean ;)
Whow you got very x cellent ways of analysis in creative ways and av stirred some researchin spirit in me .this breeds confidence thats ALL what u do or else i cud hav run away from FX. NOW IM IN HEAD TO TOE.