February 2, 2010 05:08

Forex Signals – EUR/USD Second Resistance Holds

By:

2-2-10

3:41a GMT -A good start to February as our resistance at 1.3930 held firm and first target was hit at 1.3900 (just a bit below actually as I got in a bit below 1.3930). That closed the first lot for 30 pips profit and leaves  a second lot currently 30 pips in the profit with the stop-loss just above break-even.

Daily Outlook: The hourly trend resistance was broken but the 4-hour remains. Which is OK with me as I put less weight in trend resistance/support in general (diagonal lines) on lower timeframe charts. I remain very bearish on the pair given the strong downtrend. I will continue to look for reasons to sell in the 1.3930 resistance area, however if we see a break to the upside the next good selling zone is around 1.3930 (correction: 1.3980), the 38.2% retracement of recent high/lows and former resistance level.

Trading Idea: From 1.3930 short targets are 1.3900, 1.3870 and 1.3840. From 1.3980 targets will be 1.3945, 1.3910 and 1.3880.

(click to enlarge)

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121 Comments on "Forex Signals – EUR/USD Second Resistance Holds"
  1. Reply
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    Comment left on:
    February 2, 2010 at 18:58
    David W says:

    A little more up I’m going to shoot first , ask questions later.

    http://piphut.com/forum/download/file.php?id=209&mode=view

  2. Reply
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    Comment left on:
    February 2, 2010 at 21:49
    farrukh says:

    mark your signal is good but any tim hit tareg 1 any tim hit all target i confuse . how giv take prophit .?

    • Avatar of piphut
      Reply
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      Comment left on:
      February 2, 2010 at 22:07
      piphut says:

      Farrukh, I’m a little confused by your question. Could you try rewording it or if english isn’t your first language try translate.google.com?

  3. Reply
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    Comment left on:
    February 2, 2010 at 22:01
    Matthew says:

    Mark, hey Buddie hope your SL didn’t get caught today when you entered, I want to ask you about the space situation on your server. As you know I had been keeping a journal at the first of the year. When the subject of taking up to much of your space came up I decided to just keep it going at home. Was that something you had mentioned on the board, about taking up to much room on your servers or is that something that was assumed by me ( because you know what they say about assuming ). If space is not an issue I would love to keep a daily journal on the forum because of the fact I feel if I make a mistake you might be able to see where I went wrong and critique me and it would help me and maybe someone else reading along. Anyway just let me know. Have great night I’ll talk to ya in the morning..

    • Avatar of piphut
      Reply
      #
      Comment left on:
      February 2, 2010 at 22:06
      piphut says:

      Please do keep your journal on the forum – the space it takes up is very, very minimal and not a concern.

      That goes for everyone too!

      • Reply
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        Comment left on:
        February 2, 2010 at 22:17
        Matthew says:

        Cool, That will work for me. If ever you need a donation of some sort to help get more space don’t be afraid to ask. You have given so much of yourself to help us learning folk. I think it only fair if you need help we ” I ” do the same.

  4. Reply
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    Comment left on:
    February 2, 2010 at 23:47
    ifan says:

    good morning for those around my timezone..
    Don’t know bout you guys, Im still going long since yesterday.. TP of 1.3975 (fibo 61.8) just got triggered from 1.3930 (fibo 38.2)

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