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.
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What’s your sl
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 ?
Well, im also in. long at 1.5055
I’m in also at 1.5055 right after the hammer on the 30 min chart.
alright, lets just hope for the best now then
Same here lol
If we loose we will not loose alone :D heheh
Mark did you get in.
Sorry for the delay. Yes I got long at 1.5045 on the dip after 30m hammer.
Mark,
What is you tp and sl?
tightening stop on lack of signal on 4h and bearish consolidation pattern on 1h but keeping long open.
Carlos are you still in. That ended up to be a good entry for you.
yah i’m still in, but i dont know if i wait til 1.5130 or i take profit gradually what do u advice?
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 :)
Matt you didnt go in yet?
Yep. I jumped in after that hammer candle on the 30 min chart.
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 :)