11-5-09
6:26a GMT – Markets are not for the faint of heart right yesterday. We saw stop-loss hunting in the thin markets before the rate decision announcement (stop-loss hunting: where large volume traders move price action in thin markets with the goal of triggering stops creating a squeeze situation) that was helped by general dollar weakness. USD rate was kept the same, as expected, and reiterated that it would stay low for an “extended” period of time. As long as Euro economy continues to show signs of strength (fueling risk appetite) coupled with a higher interest rate, this should set up a bullish EUR/USD situation for the months to come.
Technically we saw the price action bust out of our trend resistance yesterday (around 1.4800) where it is currently consolidating below 1.4850. Given the fundamental picture given to us by the FOMC decision and the technical higher highs and higher lows I am looking to buy on dips now.
Trading Idea: Looking to buy dips above previous trend resistance (now support) currently between 1.4810-1.4790. Long targets at 1.4845, 1.4875 and 1.4920. I will also consider buying on a sustained break of 1.4855.
(click to enlarge)
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Discuss this signal with me and fellow traders at the new Forex Discussion Groups
November 5, 2009 at 06:20
your analysis are gret buddy but also try to suggest the stop loss as well
November 5, 2009 at 06:39
Refer to Link: http://piphut.com/about/faq-for-free-forex-signals/
see para 4
November 5, 2009 at 06:24
Good morning Mark
Is “Checkrow” an EA. If so, did you develope it yourself?
November 5, 2009 at 06:27
Morning Hendrik. Good eye, I forgot that was attached. Technically it is an EA but it doesn’t actually trade anything or do any analysis. It is for connecting to a remote database and will be useful when I roll out the signals service.
November 5, 2009 at 06:37
Your, and other analysis I have read, seems pretty sure the bullish sentiment is there; so are you looking for a particular candle and confirmation when the price dips to the 1.4810-1.4790 range or are you looking to trigger once the price is in zone?
November 5, 2009 at 06:45
I’d love a candlestick but if I don’t get one I’ll place a buy entry and catch it on the way up. That way if it charges through (i.e. my analysis is wrong) without reversing I don’t get stuck with a losing trade.
November 5, 2009 at 08:19
Hi Mark, will you be looking for a hammer candlestick at support 1.4810-1.4790 zones?
November 5, 2009 at 07:09
Hi Mark,
I found your wesite a few days back and following at it since then.
wat do u mean by “I will also consider buying on a sustained break of 1.4855.”
November 5, 2009 at 07:12
.. that I would buy a sustained break of 1.4850… So price is 1.48220 right now. If it rose past 1.4855 I would buy.
November 5, 2009 at 08:03
Hi Mark,
I went short this am ( India time ), after I seen the 30m, 60m and 4hr candlesticks close bearish. Got out with a few pips after reading you Nov 5th signal. Do you recommend the 30m, 60m and 4hr candlestick at the close? ( unless there is a sustained breakout that you just pointed out above ).
TIA!
November 5, 2009 at 09:38
hi mark got ur signal late but congratulation thanks
November 5, 2009 at 09:41
Hi,
Thanks for the signal,now i’m floating about +19pips.
Btw,do you have any idea about “ECB press conference” and “Unemployment Claims”?Where EU gonna move?Because news will broke every technical analyst.
November 5, 2009 at 09:48
hi, its 14855 now, is it good to enter now? BUY?
November 5, 2009 at 10:55
super, we got a lot of pips by your good advice.
November 5, 2009 at 11:30
Mark, i got long at the 7am gmt hammer that pierced 1.4810.. Currently in the positive, just wondering if i did the right move according to your system.
November 5, 2009 at 14:38
Nick please read the bottom part of this article:
http://piphut.com/about/read-me-how-to-use-piphuts-free-forex-signals/
where it discusses the multiple ways you can trade my analysis.
November 5, 2009 at 13:55
Thank you for your signals. I got 70pips out of it today!
November 5, 2009 at 14:06
Hi John, great .. good for u, mind to share what u did and when ? based on the interpetaions of Marks.
like when did u enter? after the 14855? before? if before what made u do that? i still dont know how to use the advice that mark is providing and enter the market.
thx
November 5, 2009 at 14:15
anyone going short ?
November 5, 2009 at 14:37
I would say if you are on a demo – try it
November 5, 2009 at 14:22
Made 90 pips today, got in at the close of the hammer at 1.4820 and closed at 1.4910. Thank you Mark !
November 5, 2009 at 14:43
Nick,
What hammer did you get in on (at what time) and was it on the 1-hr or 4-hr chart?
November 5, 2009 at 14:52
7am GMT on the 1 hour chart, hammer closed @ 1.4826. I kept my SL just below 14800
November 5, 2009 at 15:33
Nick,
Thanks, I see it now. I was under the impression that the hammer did not have an upper shadow; however, I went back and read up on the chart pattern and it can have a small upper shadow.
Again, thanks.
November 5, 2009 at 14:33
Mark would you concur:
we have rising bottoms; it broke the rest of 1.4908. My opinion is that it might be a good long on the next dip
November 5, 2009 at 14:40
I’m still bullish so I think buying dips is a sound strategy.
November 5, 2009 at 14:46
Hendrix,
what do you mean by rising bottoms?
November 5, 2009 at 19:35
Sorry Lisa I did not notice your ?. Rising bottoms is an expresion for a bullish trend. There is a positive gap between the bottom of a significant low and the next low. See the 15 chart at 07h15 with a low of 1.4810 and the next low at 12h00 with a low of 1.4832 thus a positive gap of 22 pips and vice versa for falling tops. I use the zig zag to determine the significant tops and bottoms. Hope this exp will help.
November 5, 2009 at 19:55
Hendrik,
I didn’t you use the low at 8h45 of 1.4812 instead of jump all the way over to the 12h00 low of 1.4832? When you say ” … a positive gap between the bottom of a significant low and the next low.” Does the next low has to be the next candlestick or anywhere there after. Also, is this term similiar to saying bullish because we’re seeing a pattern of higher lows?
Thanks!
November 5, 2009 at 14:39
Made 39pips from todays signal and 11pips from yesterdays signal. Thanks Mark!
November 5, 2009 at 14:57
Mark,
Is there a specific timeframe that you trade the EUR/USD? Or Do you trade it at anytime during the day?
November 5, 2009 at 15:21
Mark, today you didn´t use fibonacci in your analysis, why?
November 5, 2009 at 15:23
Jason, I prefer to use as few indicators / analysis tools as possible.
November 5, 2009 at 18:33
Mark,
Again, thank you for everything – your dedication and time!!!! I feel like I am in school again and it actually feels wonderful to learn something you enjoy.
I am new to the site and noticed that some questions don’t get answered. Is that because you only have limited time and you pick certain questions to response to or is it because the questions have to come in during a certain time to get answered. Also, if a question is not answered on that day is there a way to go back and find it later?
November 5, 2009 at 18:37
Limited time. I try to get to as many questions as possible. If it is something I feel is in the new Q&A or How-To guide, or that another member could also answer I might give it a few hours to see if someone else will step up.
November 5, 2009 at 19:36
Mark,
Again, thank you for your time you do give us. It is with much appreciation and gratitude!
November 5, 2009 at 19:16
I bid you all good night. I rather watch a good movie. See you tom at the next sl hunting parade.