2-9-10
5:24a GMT – We had a PipHut record for number of comments yesterday at well over 300 (and I’m pretty sure Tommy cemented himself as Top PipHutter of the month only 9 days into February – see top 10 on the right nav). PipHut itself had over 7000+ views yesterday alone – imagine how many comments there would be if everyone participated. Probably too many!
From a signal standpoint our bearish bias yesterday yielded good pips yesterday if you were willing to be a bit more aggressive – I had resistance at 1.3680 (and drawn in at 1.3715 on the chart) and we had a few nice long wicks just touching that 1.3715 resistance and closing near 1.3680 (10:00 gmt) that gave a good shorting signal. First target was hit before the pair bounced back up and then dropped back down to the first target once again for another 30-40 pips.
Daily Outlook: Since then the pair has climbed in the early morning hours kicking a long wick at 1.3715 (which I shorted with a single lot). Looking at the hourlies we can see the pair has been in a bearish consolidation wedge for the past few days which bodes well for the short positions. The risk at this point is, of course, a larger correction perhaps up to the 61.8% fibonacci retracement and resistance at 1.3850. While they would certainly offer an appealing area to short I’m looking for a more short-term drop.
Trading Idea: I took a very small position on last hour’s challenge of 1.3715 with the long wick. I will look to add to that position with a break of the bottom rising trend support (currently at 1.3660). From 1.3715 short targets are 1.3680, 1.3650, 1.3615 and 1.3585. If we see a larger correction the next resistance area to look for shorts at is 1.3750.
(click to enlarge)
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Hi Mark
Be sure to watch the Sevens Rugby coming to Las Vegas this weekend and see some different running skills
Hi Hendrik. Any open positions all ready!
Waiting to put the magical one near the 1.3715-2 resistance.
xauusd still showing bullish bias
No Tommy not yet. I’m looking at the H1 for a good solid signal
Arent’t we all.
Well said Henrik. Did you watch any of the six nations on the weekend?.
Yes a bit of Eng/Wales. I’m glad england played with some umf as prev they were quite sluggish. The coming weekend will most definetly watch France/Ireland
Thanks Mark!
Good night!
PipHut itself had over 7000+ views yesterday alone – imagine how many comments there would be if everyone participated. Probably too many!
_______________________________________________________________
It will be a new day job reading all of it!!
Yes it would. I’m not sure I even got through all the comments yesterday. It’s funny I know quite a few PipHutters who have been regulars for almost 2 years now when PipHut was just starting who have never said a word on the blog – they just read.
Just goes to show you the different types of people out there I guess.
maybe they are the “solid traders” :)
I can remember Nov-Dec 2008 having completely blown an account and deciding forex is not for me. Then thought signals are the way to go. Searched google and came across piphut. Since then I learned a lot from Mark and all piphutters. Thanks to all, I am confident enough to trade on my own. Turning point was DEC 2009 when Mark told us to short Euro against the trend. That tripled my account size :-).
Nice one;)
Ultra-tight stop got kicked on 1.3710 short. Will look to re-enter around 1.3750-1.3760 or break of trend support
I am going to wait till 1.3750 before I short. Momentum seems strong at this point. I will be patient for now.
EUR/JPY up = risk taking and down means risk aversion. EUR/JPY was the first to move today. So watch out for the move on it.
Hi George
I missed that one — too early for me
Good morning, yawnnnnnnnnnnnn
Good morning. Its going to be lot of action today – I guess.
Hi, i’m new here and i guess i am in the midst of forex pros. I wish to learn a lot about forex and will definitely watch events here with keen interest. By the way, where or how do i start?
Happy Trading!
Hi Ben
I take it how to start trading?
Same here.
EUR/USD – Thats a quick reversal after the break of 1.3720. As if they were gunning for stop losses.
I agree with you, they took out my tight stoploss
Good morning everyone………..
PipStars ready for another propipable day!!!!
GBP – Trade balance report around 9.30 GMT. Usually a medium impact but today expect some swings during this time as there are no more news to come. Can hit stop losses on both sides.
Allready come and was too positive …
on the usd
Anyways I am in again @ 1.3725, but only few lots and SL 1.3724
I was surprised to see that the Euro has rallied so much overnight.
Good morning Ben. I suggest the first thing you do is read Mark’s articles on this site. Before you even start trading, you need to open a demo account and practice with “virtual” money before you use your own. Read, read, read …..
I agree.
Thanks Susanne. I actually have a live trading account and been trading for a while now. Thanks for the tips about reading mark’s articles. I’ll definitely do that.
Hi Ben
That’s great. Then you’re not such a newbie after all. We look forward to your input.
Short GBP/USD @ 1.5638 – Small lot with tight stop loss.
Tommy,
Good call on gold. It’s heading the right way. Us South Africans have a warm relationship with gold, with some of the world’s largest mines located there.
God bless you all.
European markets should open soon. Looks like intially they are down taking cues from US markets. EUR will follow european markets today.
Xauusd reaching yesterdays resistance, placing my short
Soon!!
Hallo Tommy
How are you? I think Xauusd is gold?
Are you in for a short? Where do you think is good entry levels?
I have been watching gold closely…
Please give me your advice?
:)
Allready short @ 1073 yesterdays resistance good entry level. Next resistance 1084.
Just that gold makes it biggest moves normally on us markethours. So little doubt so early on the morning.
Ok thank you Tommy!
I also got small entry at 1071
But think it could retrace to 1080.
Thanx
Nice shooting star 1H , waits for bearsss
Tommy, are you sure? 4H, 1H and 15M are all bullish.
ofcource I wait for confirmation! for the biggest entry, with smalls I try to catch the tops and bottoms
Tommy,
You are both clever and bold. All the attributes a great trader should have.
My friend told me when this start to be boring then you know you are a Pro. I am not there yet;)
God bless this day and all that participate on piphut!
Tomorrow will be a better day.
Well, Do asian markets know what we do not? There was some buying in last hour in asian markets.
LONDON (Dow Jones)– Jitters over sovereign debt in European countries such as Greece and Portugal also took their toll Monday, with investors disappointed that the Group of Seven finance ministers, who met over the weekend in Canada, failed to say anything new on the matter. European officials again suggested that a bailout isn’t on the European Union’s agenda
who’s in?????
Selling only small lots today. I went short on cable @ 1.5638. Waiting for the EUR/USD to short @1.3750.
Tommy’s in.
eur/usd 30M doji and hanginman, and xauusd makes the same time 1H shooting star. Resistance has reached. Shorts in…
i am in anyway…oh..no class today..thanks God for that.i’ve got class yesterday so i didn’t catch many pips…:(
Hanging man & dojo on 30m, is anyone going in?
yes i go in — i hope is good signal
am in..hopt this will work..finhers crossed
Hi George,
I was going to short EUR/USD at 1.3750 as well, but I think I may need to reconsider this and enter at 1.3715. George, Tommy, Don, what is your take on this?
Susanne if you follow bollinger bands – EUR/USD has not been below ist standard deviation- it may bounce. I will wait for it to confirm to break that.
Susanne, I said yesterday. Big traders looking to hit our stop losses. Just being careful ;)
I closed eurusd few pips positive , rising little the entry eurusd if possbile, I have a good entry on the xau
I entered new short 1.3735
Hi I’m new to the game, but notice a nasty little counter trend line from the 13645/50 level that needs to be broken before shorting?
Terry yesterday I was of the opinion that it will retrace to 3800, now it seems 3780 is on the cards
Very clear on the 1hr chart
I am EUR/USD (small lot )short at 1.3730 now. Pair not moving above 1.3730.
Feeling confident there as well
George where is your tp target at?
Off goes Bollinger band too. My target 1.370 then 1.3680.
Are you reshorting from there george to look for more downside profit.
I would really liky to see 1.3680 go again before reshorting. Today as we see might be very volatile. So we might need to be taking quick profits and reshort in short rallies. No major news coming right now so It will be up and down.
Thanks George I need to start learning more about other currency pairs.
too late for me
Many problems still continues on the eurozone as the president country is lacking leadership(Spain)
0834 GMT [Dow Jones] Excitement over the EU Council meeting may have helped the dollar to “loosen its grip on FX majors,” says UniCredit. But, the bank adds, “the light data calendar will see investors largely stay put ahead of Wednesday’s highlights (EU Council meeting, BoE Inflation Report and Bernanke’s testimony before Congress).”
0828 GMT [Dow Jones] It looks like another “friendly day” for the USD, says Credit Agricole. The bank says further gains are likely to be impeded if equity markets decide it is time to recoup some of their recent losses. (NEH)
So today aswell really slow market days, investors waiting untill tomorrow…
0822 GMT [Dow Jones] Commerzbank reckons this could the “calm before the storm,” as market reactions to euro zone news is being dampened by positioning. “Greece-positive news is not having an effect as it is not sufficiently significant to question recently established EUR shorts. Greece-negative news is not having an effect as anybody who can is already positioned in that direction,” the bank says. Now, it adds, the market is waiting for important news on the EU summit “to force speculative market participants to review their positioning.” (NEH)
I do not think there is any positive news from Greece. Even if they bail out which would be a huge sum – I do not see how is it a positive for EUR in long term. It can give a breather but defintely EUR is in down trend.
We leve the days of correction look at weekly chart 2 years back.
gigantic touble tops is forming
Gartley 222 patern is forming with numbers in harmony
XA, AB=CD buy at D the D is at 78,6 FIBO retracement and
point direct at “1,000″ in 2 years period the time it much also for the euro recovery plans
I have a study i dont know how to send it
so what do you think about the euro sakis? getting weaker? or we have reach the bottom of this pair (EURUSD)?
Hi
Go to forum/General. You can post it there. Copy the URL and paste it this forum
Put it in the forum and put a link to it on this page.
Good morning pippers. Looks like I missed a busy day yesterday. The keyboards were smokin’. Already today there are 60 posts. I will probably miss most of today as I have to find somewhere new to live and trade from.
Have a great and profitable day everyone.
There cable going down now.
My Target 1 for cable 1.5585
Cable target achieved. Will take position only after news again.
Hi George, excellent trade on cable so far, how did you establish the 15638 entry please?
Resistances on 30min and 1hr charts and both at the top of bollinger bands.
Thank you George.
Susanne are you in.
GBP trade balance news in 35 minutes. Expect some volatility before and after.
s&p500 futures up on the day! im expecting usd/jpy to maybe rally at US open! looking for longs in JPY crosses!!!
im one of those people who joined about almost two years ago, and dont write much! sry!
Welcome. This is the start. We can learn from each other.
im long gbp/jpy at 139.58
welcome…btw..any reason why u long on gbpjpy? i went out and reenter until the news released
anyone still in (eurusd)?? i doubt the movement of the market…it’s going up again
0907 GMT [Dow Jones] Market position in EUR/USD has become extremely short of late and sentiment towards the euro is universally bearish notes UBS. However, the single currency has stopped reacting to negative news and near-term risk events are building against short positions. UBS says because of these factors it’s taken profit on its 1.4010 short position at 1.3725, although it remains bearish and will look to re-enter the trade either at a higher level, or on a break below 1.35. EUR/USD now at 1.3718. (GST)
Closed again short on the eurusd after this news…
Tommy,
BIS sold at EUR/USD at 1.3740 today. What do you think of that?
thanks tommy but i don’t understand…is tht mean eur might up to 1.4010??? before it goes down to 1.3725?
they are taking profits out from their entries
ichimoko cloud on eur/usd 30 min chart shows cloud resistance at 1.3750, 1.3781 and 1.3823!!! looking to reset shorts at these levels!!!
On M15 we have a bullish engulfing pattern. I’m not shorting just yet
thanks george!
0918 GMT [Dow Jones] Hopes a EU summit on Thursday, to be attended by ECB President Trichet, will address the euro zone’s debt problems have lifted market sentiment and knocked the USD lower in places. As European stocks have headed higher, the EUR has bounced across the board. The USD is up at Y89.61 while the EUR is up at $1.3722. The GBP is down at $1.5588 after the BRC reported a 0.7% fall in retail sales last month, the worst January in 15 years.
I am out of EUR/USD @ 1.3738. Will renter after news.
Usd/Chf broke the support
I will close all my positions, made enough pips from scalping for the moment,
I will be back in Us markets hours or if alerts ring earlier
Good luck!! God bless!
I am considering the same.