11-9-09
6:26a GMT – Another week another pip! We saw good pips last week off of the EUR/USD rise and, to begin this week, the trend remains strongly to the upside and I will continue to look for buying opportunities on dips. Fundamentally the market is still attempting to figure out whether an economic recovery is actually happening or if it is just government-supported, and IF it is happening for real what the implications for the EUR/USD would be. In the meantime the pair has technically been steadily making higher highs and higher lows. In summary: the short-term trend is up so I will look to buy.
Trading Idea: We have a support zone between 1.4900-1.4870 and I will look for a failure/bullish signs in this area. Long targets preferred at (from 1.4870) 1.4905, 1.4940 and 1.4970.
(click to enlarge)
Also, a brief update on the signals service I’ve been working on for you. Signals are looking good, offering specific entries/exits on several major pairs with good win rates. I interfaced them into the website this weekend (they are still in testing so still private, before you ask). Here is a screenshot of the interface where you can see the strategies summaries. From the drop down you can select any strategy and view open/closed/pending orders. This is for the past 2 weeks:
(click to enlarge)
NOTE: A few more details. This is a very rough sketch for you. These are not ALL the strategies and it is not ALL the pairs that will eventually be included. This is just what I have built into the website so far. I just wanted to give you a glimpse of the progress that has been made so far and prove to you that it is coming along nicely…
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November 9, 2009 at 7:06 am
XLNT Mark!! I am in AUDUSD now. Traded the trend and the news. Already moved my S/L into T/P. ;)
November 9, 2009 at 7:10 am
Mark, I cant wait for the signal services!
:)
Thanx
November 9, 2009 at 7:21 am
hi mark u say at support zone between 1.4900-1.4870 but now 1.4953
November 9, 2009 at 7:43 am
I believe that’s what Mark means by “continue to look for buying opportunities on dips”. If the pair dips down into the support zone that is where he is looking to buy. But I could be wrong….
November 9, 2009 at 2:16 pm
You are right. Pair kept going up without ever really giving us a dip. Still looking to buy dips though.
November 9, 2009 at 7:26 am
Mark, More pair now to trade soon. :)
In the strategy column, What do you mean by Raider v2.3c, Offline v6, v5.1, etc.
November 9, 2009 at 8:44 am
Im interested in that aswell, is it some commercial strategy ? Names sounds like EAs to me, thought im sure you will not be using any of those.
November 9, 2009 at 2:17 pm
Nick they are strategies that I personally coded and monitor. No “get-rich-quick” EAs here.
November 9, 2009 at 7:57 am
Hi Mark,
Do you still think it will drop below 1.49, it’s already moved over 70 pips above your buy entry…?
November 9, 2009 at 1:43 pm
Patients will pay phileo, It is better to wait for those support zones and see what happens then you can now ride your way up
November 10, 2009 at 4:51 pm
Nnagozie,how are you doing?I know you are tiwa n tiwa.Please i have some questions for you i have been loking for those on this signal site for long that is from my country of birth.Please can you help me on how to trade this signals?How good is the signals?And how can you rate mark?I love this guy the problem is just that av not started using his signals.We have alot to discuss i dont mind forming an alliance or fx club with you back home.Please mail me:forexwarlord@gmail.com
November 10, 2009 at 4:53 pm
I hear that mark guy is a real jerk.
November 9, 2009 at 8:10 am
Hi Guys, by the time mark posted this signal, the prices had already played what he had mentioned.
my question is , will it go up and down again, should i still montitor for the signals mentioned? are they still valid, or should we wait for short opportunities soon.
honetly i feel more comfortable with short
November 9, 2009 at 2:26 pm
Hassan, I personally am not looking for short opps today. Short-term trend is up.
November 9, 2009 at 9:19 am
hi mark good call friday i’ll be long at 14885 thanks gluck
November 9, 2009 at 10:14 am
anyone going short at this level or if it breaks down on 1495XX???
i was thinking its a good thing for a long period trade, like a couple of days, it shout at least go down to 14900
November 9, 2009 at 11:12 am
Hi Mark,
great job with the new signals. I guess everyone here is looking forward to get them!
Regards
Nuno
November 9, 2009 at 1:41 pm
do u think come down at 1.4900?
November 9, 2009 at 2:18 pm
do you mean 1.5000?
November 9, 2009 at 1:48 pm
Hi Mark, are those summary sort of an EA or semi-EAs
November 9, 2009 at 2:18 pm
If by “semi-EA” you mean strategies which are semi-automated but that I still control and monitor then yes. I coded them myself based on my trading style. I monitor them daily and make any changes as necessary based on market conditions.
November 9, 2009 at 2:02 pm
any body tell me now i buy or sell eur/usd ?
November 9, 2009 at 2:10 pm
riz… i want to know too, i like going short at this area, but waiting for mark,
November 9, 2009 at 2:22 pm
Not suggesting you to buy, but….
I see support at 1.4980 and resistance at 1.5046.
November 9, 2009 at 2:05 pm
mark u say when eur/usd reach 1.4900 area when bought but eur/usd still above 1.5001
November 9, 2009 at 2:21 pm
Rizwan,
Remember traditionally the Piphut way is to trade with the trend (which is currently bullish today); therefore, if Mark’s signal was to possibly enter a buy in the support range of 1.4870 to 1.4900, then we wait until the price hits that level so we can be in a good position to profit. If it does not go back down to that range (1.4870 to 1.4900)today, we just don’t get in and wait for another signal tomorrow. You may feel that you are just missing money while the price is rising but it’s said you’d rather be safe than sorry. Now if you are a more aggressive trader then go for it and enter at whatever level you desire.
November 9, 2009 at 2:23 pm
Or you could look to buy on a different dip.
November 9, 2009 at 2:41 pm
Mark,
I guess that is why you are trying to teach us that there are so many strategies to trade and it depends on your own trading style. With Piphut, we stick with trading with the trend.
I see Hassan is keep wanting to short in the area of an old resistance of 1.5062. What would be wrong with getting a sell here if you are an agressive trader who thinks that this strong resistance will at least profit you a few pips down? Mark, why wouldn’t you personally make this trade?
November 9, 2009 at 2:46 pm
I personally wouldn’t trade it because trades against the trend have a lower probability of success. So while you might win some in the short-term eventually the odds will catch up to you and it will be a losing strategy.
November 9, 2009 at 3:00 pm
what about on the long term, lets say some days to come? or we should not leave an open position over night?
November 9, 2009 at 3:06 pm
The longer the timeframe chart you are looking at the more reliable/accurate your signals will be in my experience. Keeping one open overnight is fine. Just make sure you have a stop-loss on there so you don’t wake up on margin!
November 9, 2009 at 2:52 pm
Good post Lisa. I think we may see better ops tomorrow due to all the news coming out on EUR.
November 9, 2009 at 2:13 pm
If EURUSD is still above 1.50, this just means Mark’s signal is not hit, so do nothing for the moment (or use other signals). Mark’s signals are NOT hit everyday.
November 9, 2009 at 2:15 pm
Mark, so presumably, you never placed a trade on this currency pair today as the support level was never reached ?
November 9, 2009 at 2:22 pm
Not yet! Still looking for a decent dip/pullback to enter long on.
November 9, 2009 at 7:28 pm
To me it looks like Eur/Usd consolidates around 1.5000 wright nou … so its beter to wayt and see wich direction it will go .
I think it will go up because looking on Gbp/Usd that pair drop a bit and after a short consolidation on 15min chart break up and it looks like it will continiue to go up.
Why i mention GBP because it folows EUR or vice versa and has higer volatility so a sooner break outs are wery comon. And both pairs are in a clear up trend looking on a daily chart .
Maybe im wrong :/
November 11, 2009 at 3:19 pm
Hi Jevgenij, if you look at the EU and Gu lately they have been on different paths, after kings comments last night and the QE measures I expect to see GU fall towards the 6400 area before it moves up further, if it to move up. The dollar index right now is sitting on a cliff but I dont see it falling off the cliff just yet, a correction is due short term
November 9, 2009 at 8:21 pm
Nice job with the new signals.