11-6-09
5:26a GMT – Are you a top PipHutter? You may have noticed the new leaderboard on the right hand side of PipHut this morning. In short it displays the top commentators of every month (so the current board is for the past 5 days). A quick note to on getting involved – I highly recommend it. Even if you feel like a beginner with not much to offer – I’m sure there’s at least a question or two each day that you could answer! Or at least try to answer. Remember – trying to answer questions builds more knowledge than just asking them.
On to today’s signal! Regardless of which signal you used yesterday (a dip to 1.4810 area or a break of 1.4855) pips were made. After touching 1.4810 the pair shot through 1.4855 and peaked out above 1.4915, netting us good pips all the way. Technically and fundamentally nothing has changed since yesterday – in fact a higher high has been established so if anything we are more bullish now. We will continue to look for buying opportunities on dips.
Trading Idea: We have support in the 1.4830-1.4810 area and I will look for dips in this area to buy on with targets at 1.4855, 1.4880 and 1.4910.
(click to enlarge)
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You said that the support was at 4830-4810 and we should to Long at it.My question is : What IF the price didn’t touch that price?Because i saw the lowest price today was at 4856.
Yoshi, not sure I really understand your question. Support for TODAY is 1.4830-1.4810. YESTERDAY’S low was 1.4810. I’m not sure what you are talking about with 1.4856…
Yoshi,
I think you are confusing time/date. I see 1.4856 1hr candle low on 11/05 @ 19:00.
I mean,today i not seen yet 4830.And I’m just seen 4856 as the LOWEST price for today.But thanks anyway for your signals,that’s really help me to trade.
(Sorry for my lack english)
We are looking to buy on a dip down to 1.4830-1.4810. So you are correct – today the lowest we have seen so far is the 1.4850 area. But we are waiting for a dip into the support zone.
Hope that helps clarify, and also I recommend reading the “How to Use these Signals” article here:
http://piphut.com/about/read-me-how-to-use-piphuts-free-forex-signals/
Mark, do you have a cut-off time on Friday after which you would not initiate any new positions? I’ve heard that the market can become unpreditable before the close of the week.
That is a good question and I should update my FAQ to include it. The answer is YES. I generally try to avoid entering a trade unless it is a very, very good setup for about the last 5 hours of trading. Too much can happen over the weekend.
Hi mark,
I think i can get Yoshi ?. During his message was posted he saw the lowest price was 1.4856 and piphut support is 1.4830-1.4810.
His Q. is what if the price did not reach at your support price?
I trade (demo) using piphut signal now and if it did not touch the piphut support so my trade wont be executed. Meaning i dont have to be looking at the screen all the time coz i put SL and TP as well.
Yesterday I manage 32 pips!! I still learning til im confident enough to trade live again. Thanks Mark and piphut!!
Remove “IF” once you start trading in forex. Stick to rules. Also, I dont recommend demo account because its virtual money. I wonder anyone learn with demo account. Real learning comes with live account. Get a USD 100 micro lot account and try trading in microlots.
have a pip filled day.
Mark, any comment? Smilingwage do NOT recmend demo while your do recommed demo.
Smilingwaves is welcome to his opinions – I happen to disagree. I think demo is crucial to the learning process, gaining confidence, testing strategies etc.
I do agree with his point that the lessons you learn trading real money will stick with you more and be more REAL, however without a foundation to build on your might as well just flush your money down the toilet.
If u r looking to buy a dip eur/usd in to the area of 1.4830-1.4810 why u do not trade a short eur/usd with a target to that area
That’s going against the trend during which you will be chewing your finger nails. You might get lucky and score 20/40 pips. Since yesterday the market traded in a narrow sideways channel of 40 pips. Let’s wait, but try it on a demo and see what happens
I think I get Ashraf,to me thats a good point.It depends on the trend u are following.On the 1Hr trend,its downwards,on the 4Hr:Upward,Daily:Upwards.@Hendrik…the signal might not trigger as it may fall further to hit the 1.4800 support pivot point,because on the daily its downwards.
Sory…the daily trend is downwards,my mistake.
Good morning Mark
I hope this post finds you healthy and in good spirits. Thanks for bringing the quick links to a good eye level spot. I’m sure it will help the all the new ones join this exc site.
Hi hendrik, What link is that?
You get Mark’s preamble, then the trading idea, then the chart and just underneath the chart is the Quick Links for all of us to refresh our memories. And remember you will always be a student!! So keep on reading while you wait for the market
Lisa
Sorry I did not reply last night. If you employ the Zig Zag indicator you will see what I mean. That positive gap between the lows is an indication of a strong trend
Hendrik,
Thanks, I shall look into this Zig Zag indicator.
Hi Mark you mentioned that there are some trades you dont need any confirmation and some you watch out for candlestick, please what conditions should the market be ( trendy or in a Range)for the above to be valid?
Nnagozie it all depends on the setup. It could be in a range where the support/resistance has been proven many times before so I feel more confident about entering without a signal. It could be in a very strong uptrend. It just depends on your analysis and how many technical and fundamental aspects are lined up in your favor.
What i am talking about is NFP news release.Now if we’re agreed that the price gonna up then what about NFP?The economic data could change all technical analyst.So what we’re going to say about that?
It’s interesting to listen to what Robert-Prechter says
Terimakasih
i’m waiting for a pullback to 14820 or sideline for me thanks mark i understand the concern of today low but buy near sup thanks mark
i’m waiting for the triangle breakout on 4h chart when the price close above 4920
hallo, do anyone know whats going to happen with gold??
What do you think?
And is their like a commodity website like this piphut??
Thank you
It’s seem that EU has risen and try to go down again.Is it possible to reach 4830/4810 before NFP?Honestly…I’m really nervous when NFP going to release.
Do anyone think that profit taking will happen on this lovely friday?
can I post a pic on this comments???
Not yet. You can post a pic in the forums though. Here’s a link:
http://piphut.com/forex-discussion/
i think the value of gold will go up, gold is tied to the dollar, once the dollar loses or under pressure investor will run to gold, then gold price will go up. the NFP is driving optimism in the market and so gold will follow,all this is base on fundamentals, not sure on the technical side as i dont trade gold.
(About Gold)
Hi Zar,
there is a very nice site about Gold, not a piphut like site, more a fundamental news site about commodities. Take a look.
Regards
Nuno
The site is .
I’m lost today… I shall only trade demo :)
Regards
Mark,
Is there a specific timeframe that you trade the EUR/USD? Or Do you trade it at anytime during the day (Sun – Fri?
Sun-Fri.
Anyone,
Do you see any significant candlestick chart patterns on the 1-hr or 4-hr chart that should have indicated to me that a possible entry point (while keeping the signal in mind that Mark gave) is available?
I am just trying to get use to being able to use the chart patterns effectively.
For example (I think), I saw on the 1-hr chart at 9:00 GMT a hangman which is bearish with a confirmation of a lower open on the next candlestick.
Please let me know if this is correct (I’m trying to build confidence in reading the patterns.)
any bady tell me now i buy eur/usd at 1.4828 ?
By now the answer is yes
Rizwan,
Hopfully you bought and made money. Isn’t the signal Mark gave great?
My first 100+ pip day!!! But I was kinda all over the place with my trades. So I am not sure if they were all fundamentally good. Will review later. Have a nice weekend all!!
AWESOME !!!! Really-really accurate prediction Mark !!! Thanks for 60 pips that you gave to me…:D !!!
thanks lisa
Hi Mark,
this was a remarkable singal. made some nice pips both short and long (though in demo) and moreover it was a nice learning exp. i am in india and hence i get your signals well before US market opens and today it was bulls eye.
Hi Mark,
in today’s signal you did not talk about the NFP at all. do you pay attention to it? do you trade the news?.
should we ignore it?
thanks.
“Trading Idea: We have support in the 1.4830-1.4810 area”
—————————————————————
the market pulled back at 1.4812 – how close can one get it!!! – of course he took the NFP into consideration. Great job Mark – keep it up!!!
I don’t trade the news but I DO pay attention to it. Everyone has been expecting US unemployment to go over 10% for months now so it was more or less already factored in.
Why don’t you show your trading history here?I believe that would be awesome
I’ve been thinking about the best way to do that. I’m thinking about just adding a “here’s the trade that was entered yesterday” line to each day’s analysis.
Thoughts?
Why not in your intro?
Mark,
I thought Yoshi was referring to showing the trading history of signals – meaning if they were followed as given, what was the profit/loss for that signal that day.
May I suggest you could show it in a running spreadsheet form – listing the signal date, brief description of suggested entries/exits from the signals, profit/loss, ongoing percentage of accuracy of on target signals if traded the Piphut way, may be even a snapshot of the chart of what actually happened, etc.
This is just a suggestion because I have no ideal what it would take to technically be able to accomplish this.
Lisa, I’ve thought about doing that before but here is the issue I run into (and really the underlying reason that I encourage traders to think for themselves and develop their own trading knowledge): Let’s say today for example the EURUSD charged through our support without so much as blinking, racing down to 1.4700. Imagine that at that level it gave a bullish hammer and I entered long and then rode it back up for 100 pips. A fairly standard – but not exactly what the “trading idea” called for.
Would I then put that trade on the spreadsheet as a successful trade because the analysis called for buying on dips, or would I omit it because it was not exactly specified in the “trading idea”? The goal of PipHut is to help traders get to the point where they are internalizing the analysis and applying it in ways such as this.
Again, this scenario is exactly why I encourage traders to really understand the analysis, the market and to expand their own knowledge to be able to apply the analysis in different ways.
Mark,
I am one of those who wants to learn to fish instead of being given a fish; therefore, I agree with and understand what you are saying. Although, I feel that your signals record is a good piece of information to know and keep up with. May be you could just base the information on the basic entries/exits of the signals given and may be you could include some type of repair data. The spreadsheet could list the profit/loss of the signal given but also list repair data to accompany that signal if a repair or modification of the signal had to be done. This way you would have percentages based on the actual signals given and/or percentages based on the signals with the repairs.
I will continue to think about this and offer some other comments if I get more ideas.
Mark,
Also in this scenario, the pip hut way would be to put in your S/L and in most cases this would be noted probably as a losing trade but the hammer at the 1.4700 level would be a repair trade with a profit. The question is if piphutters would be online and in tune to looking for that repair trade notification.
I am still thinking!!!!
If I can post my humble opinion, I would say that what Mark is giving us is the fundamentals to become good traders, it is really what we need. Adding on that he still as the time to gentle answer to our comments. How much of us did not entered, or paid, to other sites that did not had a person to explain anything? And worst the signals failed most of the time. Thanks a lot Mark! You’re the greatest!
Thanks Nuno, I appreciate it! You know, the reason I started PipHut in the first place is because of the lack of quality forex sites out there, and the lack of objective information for beginners. 90% of sites just promise you that you will get rich and make up numbers about their performance (I track some signals sites where 95% of trades are losers, and big ones, but still at the end of month/day they post that they made 1000′s of pips – it’s crazy). There are a lot of scammers out there. And the sites that are decent are very impersonal, offer no interaction etc.
In fact most of the sites that we think of as “quality” are actually owned and operated by brokers who really just want you to trade and don’t care whether you win or lose!
I agree with you Nuno. I still thankful I found this site and I have found noting so far compare on what have Mark given us in the website. I hope there is a continuaty even if Mark decided to retire doing all this.
Thanks you very much Mark !!!!
“…most of the sites that we think of as Quality are actually owned and operated by brokers…”
I really didn’t think about it that way. Hmmm! I’ll think about more of these sites more objectively as I am looking at them and posting information upon them.
Hi Mark
You may remember a couple of weeks back I was asking for a summary of your previous day trades at the top of each new blog.
I would expect that sometimes trades taken don’t follow the ‘trading idea’ and this is very important to me, as it fills in the gaps between the original idea and the reality of how things unfolded. It would require a brief explanation why too! There is as much to learn from this as there is from the original trade idea. Eventually we should get to a position that members will be able to comprehensively interpret and caveat Piphut trading ideas.
Of course, keeping a record of this on a separate page or spreadsheet would assist new members to quickly get up to speed with the Piphut way. I’d look for something like date, trade idea, condition reached (y/n), trade taken (y/n), pips p&l, reason. New members could quickly refer to the reason column to understand better the setups.
BTY, the site is looking great + is much faster.
Best
Paul
Great read, you can always learn something new about forex!