December 3, 2009 07:11

Forex Signals – EUR/USD Longs in the Bull Channel

By:

12-03-09

6:14a GMT – EUR/USD did indeed bounce off of yesterdays signal’s 1.5050 support and would have provided a quick 50 pips (possibly more, it’s at 1.5107 right now). Unfortunately I didn’t enter a long as I was waiting for a bullish confirmation candlestick to confirm the long signal. I know some of you did take that long and are now in the profit.

Daily Outlook: For the rest of us, I will look to reset longs with a similar trading strategy around 1.5050-1.5030 support zone. Pair remains within the the bullish channel I showed you yesterday after recently making a new 2009 high – so there is little reason to look for shorts at the moment.

Trading Idea: Looking for entry signal between 1.5050-1.5030 support zone. Targets from 1.5030 at 1.5060, 1.5095 and 1.5130.

Event Risk: Lots of news today (thanks for the reminder Nnagozie)! Be cautious around these times as markets could be thin and volatile. Starting at 12:45 GMT we have the EUR interest rate decision, initial jobless claims, nonfarm productivity, and Trichet and Bernanke speaking. No major changes predicted but the dovish/hawkish comments always can move the markets on thin volume. To read more about these events check out the Forex Calendar here.

(click to enlarge)
eu12309buying

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134 Comments on "Forex Signals – EUR/USD Longs in the Bull Channel"
  1. Reply
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    Comment left on:
    December 3, 2009 at 22:19
    Paul says:

    What’s your sl

  2. Reply
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    Comment left on:
    December 3, 2009 at 22:46
    Jevgenij says:

    beautiful hammer on 30 min chart … will it go up ? :/

    looking on indicators there is still a litle bit of down preshure

    any other ideas or coments ?

  3. Reply
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    Comment left on:
    December 3, 2009 at 23:14
    Markus says:

    Well, im also in. long at 1.5055

    • Reply
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      Comment left on:
      December 3, 2009 at 23:23
      Mattd365 says:

      I’m in also at 1.5055 right after the hammer on the 30 min chart.

      • Reply
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        Comment left on:
        December 3, 2009 at 23:27
        Markus says:

        alright, lets just hope for the best now then

  4. Reply
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    Comment left on:
    December 3, 2009 at 23:28
    Jevgenij says:

    Same here lol
    If we loose we will not loose alone :D heheh

  5. Reply
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    Comment left on:
    December 3, 2009 at 23:28
    Mattd365 says:

    Mark did you get in.

    • Avatar of piphut
      Reply
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      Comment left on:
      December 4, 2009 at 00:31
      piphut says:

      Sorry for the delay. Yes I got long at 1.5045 on the dip after 30m hammer.

      • Reply
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        Comment left on:
        December 4, 2009 at 00:45
        Lisa says:

        Mark,

        What is you tp and sl?

      • Avatar of piphut
        Reply
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        Comment left on:
        December 4, 2009 at 03:57
        piphut says:

        tightening stop on lack of signal on 4h and bearish consolidation pattern on 1h but keeping long open.

  6. Reply
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    Comment left on:
    December 3, 2009 at 23:30
    Mattd365 says:

    Carlos are you still in. That ended up to be a good entry for you.

    • Reply
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      Comment left on:
      December 3, 2009 at 23:38
      Carlos says:

      yah i’m still in, but i dont know if i wait til 1.5130 or i take profit gradually what do u advice?

      • Reply
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        Comment left on:
        December 3, 2009 at 23:48
        Mattd365 says:

        Mark could probably answer it better but for me I set my tp and move my stop loss up to secure profits,the closer I get to the tp I keep my eyes open for reversal signs. It’s just what I do. it might be right or wrong but I can’t lose that way :)

  7. Reply
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    Comment left on:
    December 3, 2009 at 23:41
    Carlos says:

    Matt you didnt go in yet?

    • Reply
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      Comment left on:
      December 3, 2009 at 23:43
      Mattd365 says:

      Yep. I jumped in after that hammer candle on the 30 min chart.

  8. Reply
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    Comment left on:
    December 4, 2009 at 01:19
    Mattd365 says:

    Mark, do you ever look at candles patterns like harmoni’s, bearish-bullish engulfing, or do you mainly stick to single candles. If so, if I could help out in anyway it would be cool to put them on Piphut.com. I found a cool website that has all the patterns on it if you think it would be helpful for every one I could post the url. Just let me know :)

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