Archive For "December, 2009"

12-2-09

5:45a GMT – No trade was entered from yesterday as I held off for the news (which had very little immediate impact). Which is fine with me – as many of you know I prefer less trades with a higher win percentage rather than trying to make lots of trades. Many of you yesterday did ignore the news however and entered long at the 05:00a bullish hammer which pierced our support at 1.4980 – a move which would have yielded 100+ pips within just a few hours.

Daily Outlook: 4-hour chart below, zoomed out so we can see the bullish uptrend of the last few months that we find ourselves in. With many speculative traders attempting to short the pair as it approaches its 2009 high I will continue my strategy of looking to buy on dips. I’d prefer the  1.5015 or 1.4980 supports to buy on but the uptrend is strong right now so I will also keep my eyes open for bullish candles around 1.5050 support. There is USD news event (non-farm payroll) at 13:15 GMT so I will stay out of markets around these times. For more details on it visit the forex calendar here.

Trading Idea: From 1.5015 support targets are 1.5045, 1.5080, 1.5110 and 1.5140. Will also look for a solid entry reason around 1.5050 (such as a reversal candlestick from the candlestick alert service here) as well as uptrend is fairly strong right now, but would still prefer a solid dip to buy into.

(click to enlarge)

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12-1-09

4:48a GMT – Welcome to December! Before we talk about yesterday’s signals a quick thanks to the Top PipHutter’s of the month. Below are the top 10 community members who contributed to the discussion last month. If you look to the right you can see that the tally has restarted for December, so it is anyone’s game.

We had a good month of trading last month, ending with yesterday’s signal where a long was entered at 1.4980. I closed my position after a failure of second target below 1.5050 at 1.5030 for a total of +50 pips.

Daily Outlook: Not much has changed since yesterday’s signal, technically speaking. The pair remains in a bullish up channel since the beginning of the year, making a buy on dips the best trade at the moment. We did have some sideways range movement yesterday, meaning the market is looking for a direction for the pair as we enter the last month of the year. We do have some event risk today with the US ISM report due out around 15:00 GMT. This report does usually move the markets so I will remain out of the markets until at least an hour after the event has passed and will revisit the charts at that point. To read more about the ISM report you can go the Forex Calendar here.

Trading Idea: Event risk aside (read few sentences above) I’m looking to reset longs tomorrow with candlestick confirmation between 1.4980-1.4950 support. Again I will stay out of the markets until at least an hour after the ISM report releases at 15:00 GMT.

(click to enlarge)

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