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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February 9, 2010 at 06:45
Hi Mark
Be sure to watch the Sevens Rugby coming to Las Vegas this weekend and see some different running skills
February 9, 2010 at 06:48
Hi Hendrik. Any open positions all ready!
Waiting to put the magical one near the 1.3715-2 resistance.
xauusd still showing bullish bias
February 9, 2010 at 06:53
No Tommy not yet. I’m looking at the H1 for a good solid signal
February 9, 2010 at 06:58
Arent’t we all.
February 9, 2010 at 08:26
Well said Henrik. Did you watch any of the six nations on the weekend?.
February 9, 2010 at 08:30
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
February 9, 2010 at 06:45
Thanks Mark!
Good night!
February 9, 2010 at 06:47
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!!
February 9, 2010 at 06:50
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.
February 9, 2010 at 06:52
maybe they are the “solid traders” :)
February 9, 2010 at 15:43
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 :-).
February 9, 2010 at 06:49
Nice one;)
February 9, 2010 at 06:59
Ultra-tight stop got kicked on 1.3710 short. Will look to re-enter around 1.3750-1.3760 or break of trend support
February 9, 2010 at 07:00
I am going to wait till 1.3750 before I short. Momentum seems strong at this point. I will be patient for now.
February 9, 2010 at 07:02
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.
February 9, 2010 at 07:07
Hi George
I missed that one — too early for me
February 9, 2010 at 07:04
Good morning, yawnnnnnnnnnnnn
February 9, 2010 at 07:07
Good morning. Its going to be lot of action today – I guess.
February 9, 2010 at 07:05
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!
February 9, 2010 at 07:24
Hi Ben
I take it how to start trading?
February 9, 2010 at 07:06
Same here.
February 9, 2010 at 07:06
EUR/USD – Thats a quick reversal after the break of 1.3720. As if they were gunning for stop losses.
February 9, 2010 at 07:10
I agree with you, they took out my tight stoploss
February 9, 2010 at 07:07
Good morning everyone………..
February 9, 2010 at 07:10
PipStars ready for another propipable day!!!!
February 9, 2010 at 07:12
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.
February 9, 2010 at 07:25
Allready come and was too positive …
February 9, 2010 at 09:33
on the usd
February 9, 2010 at 07:12
Anyways I am in again @ 1.3725, but only few lots and SL 1.3724
February 9, 2010 at 07:15
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 …..
February 9, 2010 at 07:16
I agree.
February 9, 2010 at 07:22
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.
February 9, 2010 at 07:30
Hi Ben
That’s great. Then you’re not such a newbie after all. We look forward to your input.
February 9, 2010 at 07:16
Short GBP/USD @ 1.5638 – Small lot with tight stop loss.
February 9, 2010 at 07:52
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.
February 9, 2010 at 07:18
European markets should open soon. Looks like intially they are down taking cues from US markets. EUR will follow european markets today.
February 9, 2010 at 07:21
Xauusd reaching yesterdays resistance, placing my short
February 9, 2010 at 07:24
Soon!!
February 9, 2010 at 07:39
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?
:)
February 9, 2010 at 07:54
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.
February 9, 2010 at 07:58
Ok thank you Tommy!
I also got small entry at 1071
But think it could retrace to 1080.
Thanx
February 9, 2010 at 08:00
Nice shooting star 1H , waits for bearsss
February 9, 2010 at 07:25
Tommy, are you sure? 4H, 1H and 15M are all bullish.
February 9, 2010 at 07:27
ofcource I wait for confirmation! for the biggest entry, with smalls I try to catch the tops and bottoms
February 9, 2010 at 07:33
Tommy,
You are both clever and bold. All the attributes a great trader should have.
February 9, 2010 at 07:32
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!
February 9, 2010 at 07:51
Tomorrow will be a better day.
February 9, 2010 at 07:53
Well, Do asian markets know what we do not? There was some buying in last hour in asian markets.
February 9, 2010 at 07:54
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
February 9, 2010 at 07:55
who’s in?????
February 9, 2010 at 08:00
Selling only small lots today. I went short on cable @ 1.5638. Waiting for the EUR/USD to short @1.3750.
February 9, 2010 at 08:03
Tommy’s in.
eur/usd 30M doji and hanginman, and xauusd makes the same time 1H shooting star. Resistance has reached. Shorts in…
February 9, 2010 at 08:06
i am in anyway…oh..no class today..thanks God for that.i’ve got class yesterday so i didn’t catch many pips…:(
February 9, 2010 at 08:01
Hanging man & dojo on 30m, is anyone going in?
February 9, 2010 at 08:04
yes i go in — i hope is good signal
February 9, 2010 at 08:10
am in..hopt this will work..finhers crossed
February 9, 2010 at 08:05
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?
February 9, 2010 at 08:11
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.
February 9, 2010 at 08:20
Susanne, I said yesterday. Big traders looking to hit our stop losses. Just being careful ;)
February 9, 2010 at 08:22
I closed eurusd few pips positive , rising little the entry eurusd if possbile, I have a good entry on the xau
February 9, 2010 at 08:31
I entered new short 1.3735
February 9, 2010 at 08:20
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?
February 9, 2010 at 08:24
Terry yesterday I was of the opinion that it will retrace to 3800, now it seems 3780 is on the cards
February 9, 2010 at 08:22
Very clear on the 1hr chart
February 9, 2010 at 08:28
I am EUR/USD (small lot )short at 1.3730 now. Pair not moving above 1.3730.
February 9, 2010 at 08:30
Feeling confident there as well
February 9, 2010 at 08:33
George where is your tp target at?
February 9, 2010 at 08:33
Off goes Bollinger band too. My target 1.370 then 1.3680.
February 9, 2010 at 08:38
Are you reshorting from there george to look for more downside profit.
February 9, 2010 at 08:41
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.
February 9, 2010 at 08:58
Thanks George I need to start learning more about other currency pairs.
February 9, 2010 at 08:35
too late for me
February 9, 2010 at 08:34
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).”
February 9, 2010 at 08:34
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)
February 9, 2010 at 08:35
So today aswell really slow market days, investors waiting untill tomorrow…
February 9, 2010 at 08:35
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)
February 9, 2010 at 08:39
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.
February 9, 2010 at 08:54
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
February 9, 2010 at 08:57
so what do you think about the euro sakis? getting weaker? or we have reach the bottom of this pair (EURUSD)?
February 9, 2010 at 09:10
Hi
Go to forum/General. You can post it there. Copy the URL and paste it this forum
February 9, 2010 at 09:36
Put it in the forum and put a link to it on this page.
February 9, 2010 at 08:39
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.
February 9, 2010 at 08:44
There cable going down now.
February 9, 2010 at 08:48
My Target 1 for cable 1.5585
February 9, 2010 at 08:57
Cable target achieved. Will take position only after news again.
February 9, 2010 at 08:57
Hi George, excellent trade on cable so far, how did you establish the 15638 entry please?
February 9, 2010 at 09:01
Resistances on 30min and 1hr charts and both at the top of bollinger bands.
February 9, 2010 at 09:08
Thank you George.
February 9, 2010 at 08:49
Susanne are you in.
February 9, 2010 at 08:54
GBP trade balance news in 35 minutes. Expect some volatility before and after.
February 9, 2010 at 09:02
s&p500 futures up on the day! im expecting usd/jpy to maybe rally at US open! looking for longs in JPY crosses!!!
February 9, 2010 at 09:04
im one of those people who joined about almost two years ago, and dont write much! sry!
February 9, 2010 at 09:10
Welcome. This is the start. We can learn from each other.
February 9, 2010 at 09:09
im long gbp/jpy at 139.58
February 9, 2010 at 09:12
welcome…btw..any reason why u long on gbpjpy? i went out and reenter until the news released
February 9, 2010 at 09:10
anyone still in (eurusd)?? i doubt the movement of the market…it’s going up again
February 9, 2010 at 09:10
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)
February 9, 2010 at 09:12
Closed again short on the eurusd after this news…
February 9, 2010 at 09:16
Tommy,
BIS sold at EUR/USD at 1.3740 today. What do you think of that?
February 9, 2010 at 09:15
thanks tommy but i don’t understand…is tht mean eur might up to 1.4010??? before it goes down to 1.3725?
February 9, 2010 at 09:23
they are taking profits out from their entries
February 9, 2010 at 09:11
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!!!
February 9, 2010 at 09:12
On M15 we have a bullish engulfing pattern. I’m not shorting just yet
February 9, 2010 at 09:13
thanks george!
February 9, 2010 at 09:20
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.
February 9, 2010 at 09:24
I am out of EUR/USD @ 1.3738. Will renter after news.
February 9, 2010 at 09:24
Usd/Chf broke the support
February 9, 2010 at 09:27
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!
February 9, 2010 at 09:34
I am considering the same.