3-2-10
4:04a GMT – Shooting stars led the way yesterday with a great one occurring right before our big drop on the 10:00 gmt candle (1h, did you see it on the candlestick alert system?) It occurred a bit low but the trade was valid for a few reasons: 1) it was higher than the previous 14 candles, lending credibility to it, 2) the tip of it just touched our 1.3650 resistance which has been on the charts for days now, and 3) 1.3700 offered a great resistance level to hide a stop-loss behind. The best stop-losses are such that if it is reached then the technical picture of the pair changes. With 1.3700 if it was breached I would no longer be bearish on the pair. Luckily the large stop loss was more than made up for with the massive 200 pip drop and though I didn’t capture all of that I captured enough ;).
Daily Outlook: We are in a bit of a range right now, between 1.3700 and 1.3450 and a break of either level will give us some indication of the short-term direction of the pair. We are in longer-term downtrend, for certain, but the double-dojis on the weekly chart give me enough reason to respect the 1.3450 support for now. A good break of this level would invalidate those dojis, however, and open up a run at 1.3380 and 1.3300.
Trading Idea: First selling area is in short-term key resistance of 1.3580 which held yesterday’s eventual rally and is also the 61.8% resistance of the big drop. I will look for short signals in this area with targets at 1.3555, 1.3520 and 1.3480.
(click to enlarge)
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March 2, 2010 at 12:22
USD CAD breakout. Anyone in?
March 2, 2010 at 12:27
yes it was a good buy signal, but a very short term one
March 2, 2010 at 12:30
Just my 2 cents…
For those who wants to trade against the trend, you could have made good pips when it broke the support turned to resistance @ 1.3480 a while ago.
Right now, it is banging its head right on the Pivot, be careful if you are thinking of entering a Long position here.
A clean break of this might bring us to 1.3600..
And NO, I am not entering a Long Position :)
DISCLAIMER – I can be wrong!!!
March 2, 2010 at 12:34
Yip Jess, i am with you!
Waiting to go SHORT again…
:)
March 2, 2010 at 12:52
:)
I might keep an eye between here and 136.00 for a SHORT position
March 2, 2010 at 13:34
thx for posting to u all ladies :-) and guys, i am learning more of candle pattern signals, i am an MA guy,still baby in forex though,,,
matrix has found u :-))))
thx to u and pimper mark for this place
March 2, 2010 at 12:32
is it better to place a limit order at 1.3580, or wait for confirmation and enter at market?
March 2, 2010 at 12:44
I’m only use PO when I have to away or this is an major resistant level like now is 1.3650/3700. And you willing to take a risk, lose or win.
March 2, 2010 at 12:40
It’s look not a clean break. We could take aim… ready to shot ^^
March 2, 2010 at 12:57
jess
is like you and tuan are best of friends.
anyway.
what can you say about the bulls now,are they still gainning power?or are the bears taking over again?
March 2, 2010 at 13:00
Be patient my friend. US market is coming… let the H1 candle close.
March 2, 2010 at 13:05
LOL Jim,
I think this is the first time I chatted with Tuan.
And furthermore, I’m not here often (which I really like to)
But trading is my main source of income and I need to spend my time and concentrate on the market.
Anyway, great to have friends in this forum.
Bulls seems to be slowing down.
Might be a good place to enter Short but I am still holding.
Dinner calling my name!
Be back later
March 2, 2010 at 13:03
Hi Glen,
I have made 140 pips this morning but sadly missed out on present swing to the north. Waiting for the south trade any moment. Look for candle as well. May you be blessed.
March 2, 2010 at 13:09
Louis,
I see you are in a trade most of the time. What time frame do you look at the most?
March 2, 2010 at 13:41
Louis!! I just lost $40!! :(
Attempted to short and the BULL attacked. Attempted to long and the BEAR jumped on me!!!!!!!!!!!!
March 2, 2010 at 14:20
Glenn,
It appears to me (because I’ve done the same thing in the past) that you are not being patient enough. Make sure you get in a great positions with the trend and be patient. Your trades will start to give you more profits instead of losses.
March 2, 2010 at 14:30
Lisa makes a great point Glenn. Protect your capital while minimizing risk.
March 2, 2010 at 13:15
Look like a doji at 30m chart. It’s seem that bull is give up.
March 2, 2010 at 13:17
Kurt,
98% 5min and every now and then 15/30/1 hour to confirm that trade is going down or up re candles.
March 2, 2010 at 14:31
Thanks Louis. More recently I have been going by the larger timeframes, but its good to see how others are trading.
March 2, 2010 at 13:18
Everyone remember the BoC interest rate is at 9:00 easter tin may bring volatility to the market
March 2, 2010 at 13:25
Don,
BoC forecasted to keep their interest which mean CAD will down and USD will fire-up. It also mean EUR will down?
Am i rite? Please tell me..
March 2, 2010 at 13:56
Thank you for the information Rafi
March 2, 2010 at 13:59
HA HA HA…Its a Question Don. Not an info.
Im still learning.
March 2, 2010 at 13:21
yes a true doji but 30m chart
March 2, 2010 at 13:34
And A long leg doji following…
March 2, 2010 at 13:43
1.3580…
March 2, 2010 at 13:44
You in ?
March 2, 2010 at 13:46
will it go up or down though????
March 2, 2010 at 13:48
I think the bulls are losing power but you`ll never know.
March 2, 2010 at 13:47
waiting a good candle
maybe a sell at 1.36
March 2, 2010 at 13:54
Amen brother!
March 2, 2010 at 14:00
I double picked today 80pips for the BEARS and 70pips for the BULLS. We good confirmation on 30M, 1H and 4H.
March 2, 2010 at 14:17
Nice swing trading
March 2, 2010 at 14:01
Anyone in?
March 2, 2010 at 14:02
not me, too risky for me.
March 2, 2010 at 14:12
As usual MArk is on point once again whatever you make in between comes into play with your own technical analysis god bless pip hut and the pip stars continuously. I guess any one reading this comment can tell I’m happy!!!
March 2, 2010 at 14:18
Don – You always seem happy.
Mark must be from the future, as his signals are spot on.
March 2, 2010 at 14:27
Yes he his the Micheal J Fox of Pipping It’s like his signals are back from the future. No more economice news for the U.s. session I hope the dollar brutalizes the Euro while I’m in I deserve it cuz even when I loose I stay positive because my main goal in this business after making money is to prove that a true pipstar only deserves to be in the top 5 percent of this business. The 95% dont make bad trades they have a bad attitude can not take a loss and most importanly they are not on PIPHUT!!!! WHOOOO!!!!! $$$$$$$ and PIPS.
March 2, 2010 at 14:45
We should nickname Mark Marty McFly from Back from the future what do you say Kurt
March 2, 2010 at 14:58
Kurt, I knew you were going to say that ;)
March 2, 2010 at 16:58
We want live chat! We want live chat!
Mark, that would be so much more fun, and besides this current form is way to slow for active intraday trading.
I know fewtraders that would love to use it!
Alvin
March 2, 2010 at 14:24
Don,
Why are you so happy? Did you make some pips? LOL Good for you and keep up the pipping.
March 2, 2010 at 14:19
I am waiting for this candle to close, but I know someone is already in short on this…
Am I right?
March 2, 2010 at 14:32
I am kurt I went with Marks signal how about you? There is little news today my take is we will have a slow ride down until the euro session is over then we shoeld see more gain. I’m curious to know what do you think.
March 2, 2010 at 14:35
I am not in yet. I am looking for a candle at the 1.3580 mark. It was down in at 1.3565 before I noticed it was going down.
March 2, 2010 at 14:41
Did you check on the 15m chart the euro rose from 1.3435 to 1.5990 I think the bulls had there run for the time being. This is a downtrend don’t let the bull sike you out. From what I’m hearing through all the smoke and mirriors is that in the LONG TERM RANG we could possibley see 1.310 so the bulls just like to retrace hear and their thats all that is.
March 2, 2010 at 14:25
if it bounces back to 1,3585 then I`m selling.
March 2, 2010 at 14:36
I`m selling @1,3575
March 2, 2010 at 14:31
Good morning every one… Good job Don on your pips… :) I’ll sent you my account info so you can deposit them into my account, I’ll take care of them for you I Promise…;)
March 2, 2010 at 14:32
Haha. Hey Matthew. I hope all is well.
March 2, 2010 at 14:36
Yep,, how about you:) where you able to get in on that hammer,, I usually do not counter trade but a 50pip+ rejection of that fib making a hammer like that I think I would have…
March 2, 2010 at 14:35
Lol Good one!!!
March 2, 2010 at 14:39
lol:) It’s my way of saying I am happy you did well.. :)
March 2, 2010 at 14:34
Wow what did I wake up to… Nice bull hammer down there and another rejection of the 61 fibo level from last year.. They don’t like us down there do they..
March 2, 2010 at 14:45
fgironella: That is an interesting chat room.. How many pipkateers are in there, is that the new hang out or what.. I am confused?
March 2, 2010 at 14:46
Is there a new chat room how come I dont know about it if there is can someone please inform me how to get there I would love to join
March 2, 2010 at 14:48
I think there are a few people on there that normally post here. Not having to refresh would be nice, but I am partial to piphut.
March 2, 2010 at 14:52
Yeh I’m with you on that,, I am partial to piphut as well,, I didn’t know if that was something Mark approved or what.. I didn’t want to be out of the loop so to speak :)
March 2, 2010 at 15:07
Don’t think Mark has anything to do with it. A poster here thought a chat room was a good idea, and there it is.
March 2, 2010 at 15:10
And poof:) there it is lol.. Isn’t that kinda what we have here,, just a little slower,, A chat room is a cool idea i guess..
March 2, 2010 at 15:22
Yes, I am partial to piphut.com as well. I think being able to chat without refreshing is fine but I just warn those who do not to get sided track chating and forget to focus on the trade/signal at hand. Good pipping!!!
March 2, 2010 at 15:53
Personally, I’ll wait to see if it is recommended by Mark before I will join. I see a lot of trading ideas here, much of which goes against Marks most basic principles. Now, obviously everyone has the right to trade how they want and probably should do what works, but I’ll stick with Mark because after almost a year of struggling I’ve finally found something that works.
March 2, 2010 at 16:50
Yep.. That is my story as well.. I hope Mark realizes how much his teachings help the us guys..
March 2, 2010 at 14:51
now I`m telling you whats going to happen. after the 1h candle closes, the next one rises about 20 pips and then its going to fall for about 60 pips. Just my little thougts :D
March 2, 2010 at 14:52
10-20 pips
March 2, 2010 at 14:57
Euro decline from 1.51 area on early December has reached 1.3440 so far, and the decline is set to continue through the whole year, according to the Bank of NY Mellon’s currency forecast, which foresees the Euro trading art 1.2700 by the Q4 of 2010.
The pair will bottom at 1.3400 on the first quarter of the year, to pick up to levels around 1.3800 on the second quarter, according to the bank of NY Mellon.
For the second half of the year, the BNY Mellon expects continuous decline with the common currency hitting 1.3100 on the third quarter of the year, to reach 1.2700 during the last three months of 2010.
March 2, 2010 at 14:58
I care about my PIPSTARS know whats ahead be apart of the %5.
March 2, 2010 at 15:06
The following currency forecasts are provided on a quarter-end basis and are updated monthly. Forecasts are for informational purposes only and should not be viewed as investment advice. Major currency pairs are forecast based upon economic and capital flow fundamentals, while cross-rates are synthetically derived from the majors. Forecasts for emerging markets currencies incorporate currency regime parameters including purchase power parity and linked nominal depreciation.
Currency forecasts are time sensitive and change regularly from month to month. Please contact your local FX salesperson for the most up-to-date forecasts.
Majors: Last updated on 2/25/2010 9:10:11 AM Currency 2/25/2010 Q1 10 Q2 10 Q3 10 Q4 10
AUD/USD 0.8820 0.8700 0.8900 0.8600 0.8500
GBP/USD 1.5262 1.5700 1.6000 1.5500 1.5000
USD/CAD 1.0664 1.0800 1.0600 1.1000 1.1300
USD/DKK 5.5243 5.5244 5.5244 5.5244 5.5244
EUR/USD 1.3473 1.3400 1.3800 1.3100 1.2700
USD/JPY 89.04 87.00 91.00 95.00 100.00
NZD/USD 0.6860 0.6960 0.7120 0.6880 0.6800
USD/NOK 5.9811 6.1000 5.9250 6.2500 6.4500
USD/SEK 7.2498 7.5373 7.2464 7.7863 8.1890
USD/CHF 1.0859 1.0970 1.0725 1.1374 1.1811
March 2, 2010 at 15:09
Hi Don,
Could you tell me where you get these information?
March 2, 2010 at 15:37
Sure and make sure you share your thoughts and information with me as well Cool to have a forecast by the quarters helps your trading pyscology ok here is the link________
https://gm.bankofny.com/Research/CurrencyForecast.aspx
March 2, 2010 at 15:10
Ok back from dinner :)
March 2, 2010 at 15:16
Hi Mark,
thanks for the perfect set up for today’s trade..even if i entered 20 pips earlier i’m happy to be profiting for the third time today..this must be my lucky day…God bless y’all.
March 2, 2010 at 15:17
The following currency forecasts are provided on a quarter-end basis and are updated monthly. Forecasts are for informational purposes only and should not be viewed as investment advice. Major currency pairs are forecast based upon economic and capital flow fundamentals, while cross-rates are synthetically derived from the majors. Forecasts for emerging markets currencies incorporate currency regime parameters including purchase power parity and linked nominal depreciation.
Currency forecasts are time sensitive and change regularly from month to month. Please contact your local FX salesperson for the most up-to-date forecasts.
Majors: Last updated on 2/25/2010 9:10:11 AM Currency 2/25/2010
Q1 10 Q2 10 Q3 10 Q4 10
AUD/USD 0.8820 0.8700 0.8900 0.8600 0.8500
GBP/USD 1.5262 1.5700 1.6000 1.5500 1.5000
USD/CAD 1.0664 1.0800 1.0600 1.1000 1.1300
USD/DKK 5.5243 5.5244 5.5244 5.5244 5.5244
EUR/USD 1.3473 1.3400 1.3800 1.3100 1.2700
USD/JPY 89.04 87.00 91.00 95.00 100.00
NZD/USD 0.6860 0.6960 0.7120 0.6880 0.6800
USD/NOK 5.9811 6.1000 5.9250 6.2500 6.4500
USD/SEK 7.2498 7.5373 7.2464 7.7863 8.1890
USD/CHF 1.0859 1.0970 1.0725 1.1374 1.1811
March 2, 2010 at 15:18
Im long @ 1.3600 tp 1.3485
March 2, 2010 at 15:33
U mean short when your selling and it long when your buying but i know what your mean your going for some long pips lol
March 2, 2010 at 15:33
Babyfaceodus,
are you long or short on EUR/USD? I didn’t know it reached 1.3600
March 2, 2010 at 15:23
Mark I want to thank you for your services in this website i was just plannig to give up when i got information about this site i think ican still make it in forex im a newbie i really need help and direction
Thank you .
March 2, 2010 at 15:35
nne mbah,
You have came to the right place. Good luck.
March 2, 2010 at 15:28
Made quick 60 pips with EUR/USD and GBP/USD made 40 pips.
March 2, 2010 at 15:36
Priya,
Hello and hope that you have being doing well. Congrats on your pip profits and way to go!!!
March 2, 2010 at 15:46
HI LISA,
Thank you. I tried to place a comment before I placed my trades. Unfortunately my internet gave me some problem. However just for a note, I am still looking for a short on NZD/USD @ 0.702. I may re-enter GBP/USD @ 1.50 and EUR/USD @ 1.36 zone.
I want to long USD/CAD but waiting for a right opportunity.
March 2, 2010 at 15:32
wow, thats anoying :( i missed it cuz my interent went down… oh well. good luck guys.
March 2, 2010 at 15:40
I know you missed the trade, but that is a perfect reason for having SL and TP
March 2, 2010 at 15:38
Totally range bound trading. Until greece news comes probably this will be the plan of action. Churning up and down.
March 2, 2010 at 15:38
Im out @ 1.3530. I dont want to be greedy. Support & resistance, with good candlestick confirmation is the best to trade. I saw it all last week and this week. Thanks to mark, you are a genius. The world should learn from you.
March 2, 2010 at 15:38
any thoughts on the current support at trendline? likely to break lower?
March 2, 2010 at 15:42
i closed out when it hit the trendline. turned out to be a wise move. looking to re-enter at a better price.
March 2, 2010 at 15:48
Hi Darren, what bether price would that be?
March 2, 2010 at 15:49
waiting to see how far it bounces John. or if there is more steam in bulls in which case i am staying out.
March 2, 2010 at 15:55
Thanks Darren, thats rite
March 2, 2010 at 16:16
got to repeat my previous trade of 40 pips, i think i’m out for today. thanks mark for the excellent signal. for once i avoided over-trading. still down but not out, feeling more positive about this gig.
March 2, 2010 at 15:42
Just below Pivot right now. I am flat, no trades open.
We might see a further upward push before a big drop again.
DISLAIMER – I can be wrong!!
March 2, 2010 at 15:48
Pivot is 1.3558, and we are between support 1.3515, and resistance 1.3585 areas. Any other numbers to be looking at?
March 2, 2010 at 15:45
OOOPs – I mean DISCLAIMER
March 2, 2010 at 15:49
Don & lisa,
Im short to sell. Im out @ 1.3530. I dont want to be greedy. Support & resistance, with good candlestick confirmation is the best to trade. I saw it all last week and this week. Thanks to mark, you are a genius. The world should learn from you.
March 2, 2010 at 15:58
how you dey, halla me back. we fit see?
March 2, 2010 at 15:58
tokuoo is cool piphut needs a chat room we need a way to stay more interactive with eachother Someone tell Marty McFly a.k.a Mark to consider it will only improve volume
March 2, 2010 at 15:59
George,
i love range trading. U take it from UP to DOWN and vice versa. But careful when going against the trend with tight stop loss.
March 2, 2010 at 16:02
yeah baby!
Cool 25 pips from 1.3575 to 1.3550 !!
March 2, 2010 at 16:06
I will look into it.. the reason I’ve avoided a chat room in the past is for a few different reasons: 1) lots of piphut readers come in at different times of the day and like to read the previous comments, most chat programs only save a certain number of recent comments,and even if it could save all chat rooms generally a large number of useless comments (e.g. “brb gotta let the dog out!”), 2) a lot more time consuming to moderate, 3) you can essentially do the same thing here, it is just slower.
I promise to look into it though to see if there is something that would fit the bill, or something that would make these comments more instant.
March 2, 2010 at 16:10
been in the chat room for a bit and i agree this is better being able to re-read older posts. a chat room is more immediate however and useful for bouncing shorter term ideas around. might be a nice add-on but this is still the ‘heart’ of piphut.
March 2, 2010 at 16:19
Yea focus more on the signals Mark what good is a chatroom fif you aint pippin baby. My nickname for you Mark with good intentions is Marty Mcfly because your signal are always on point its like your back from the future when you deliver them OHHHH!!!! So Smoooth dont you say!!! I hope you accept
March 2, 2010 at 16:36
Mark – my two cents.
If the page would just auto refresh in the web browser every few minutes that would be great. I have been on web pages that do this, and its nice not to refresh all the time. However I can see it as annoying if it refreshed while you were reading. I like looking back over previous posts for the day and previous days as well as opposed to a chat room.
March 2, 2010 at 17:10
Oh before I go and call it a night…
I have powered a chatroom before and I must say, I like forum better.
Chatroom –
(Too many distractions and emotions involved)
- When someone made a bad call, they will start venting in the chatroom, distracting others.Out of politeness, other traders will show sympathy and started giving advices on how to handle the emotional issues. Chatroom turned into a psychologist office.
- Good traders were bothered most of the times by newbies who thought it was easier to ask questions on how to trade FOREX instead of finding the infos on their own via Google. As a result, traders got distracted and missed good entry points and get pissed off. They left the chatroom. We lost good traders.
- A chatroom hosted by other server such as Mibbit etc are hackers favorite target.
- If the chatroom is hosted on this website (more privacy), it might crashed easily when the volume got larger or if everyone started to type too fast.
I can make a longer list of the pros and cons about having a chatroom but I rather end it here.
This is for Mark to decide and we must not make it too difficult or costly for him since he is giving out his signals for free. Most trading room charge their members monthly fee to cover the expenses.
Just my 2 cents……
Thanks!
March 2, 2010 at 17:27
Mark,
I am one for keeping the forum and not the chat room. I think it is vital to be able to re-read old posts, comments, etc (especially when you are out for a day or so). I also like to stick to focusing on trading and not alot of personal venting, etc.
This is just my opinion.
March 2, 2010 at 17:38
Hi Mark! Live chat would be great addition for us very active traders. I’d be logged in all day sharing trades & tips with others with similar interest. Hope you do do it.
PS Are those other pairs coming soon?
thanks!
March 2, 2010 at 17:56
How about trying with google wave. It works doubles up as a chat and a forum and lot of other things.Wordpress got a wave plug in. It wont eat your server bandwidth either.
March 2, 2010 at 20:16
If you build it they will come. lol
Seriously, i know 4 or 5 good traders right now that are looking for a good live forex chat. i know i can steer them this way
March 2, 2010 at 21:26
The comments on piphut are great for signals, but i recommend a shoutbox on the page to say a quick word.
March 2, 2010 at 16:18
You are trully right .. but a chat is for short terms indicators and advice.. I VOTE YES for the Chat..
March 2, 2010 at 16:20
Emmanuel,
how u dey? You can call me on my number 08023713525. Send me yours.
March 2, 2010 at 18:35
08023398344,08075464042. i’m in benin city
March 2, 2010 at 16:23
Friends,
Is it safe to short at 1.3550 ?
March 2, 2010 at 16:27
Friends,
Is it safe to enter for short at 1.3560 ?
March 2, 2010 at 16:41
Listen to mark’s signal. Unless your 100% confident your technicals show somwthing else. Everyday wont be a day the trade or signal does hit or is correct correct it’s better to have a few winning trades the a lot of losing trades and 1 winning trade. I learned the hard way. The days when markets are shaky and signals dont get hit try to educate yourself on anything pertaining to forex to keep you busy. Slow and steady wins the race be careful this is considered a range bound market “to whippy for my pippies” I’d rsther wait got some earlier and still like 2 and a half days to go plus like many years and months after this unless you belly up your account then what?
March 2, 2010 at 16:34
The Great Recession wasn’t the result of subprime mortgage madness, according to a new report from the National Bureau of Economic Research. It was just a plain old bank panic. Yeah, but weren’t bank panics supposed to be a thing of the past, thanks to the creation of the Federal Deposit Insurance Corporation in 1934?
http://www.housingwatch.com/2010/02/26/it-wasnt-a-mortgage-recession-after-all-so-why-dont-we-feel-b/?icid=main|hp-laptop|dl1|link1|http%3A%2F%2Fwww.housingwatch.com%2F2010%2F02%2F26%2Fit-wasnt-a-mortgage-recession-after-all-so-why-dont-we-feel-b%2F
March 2, 2010 at 16:39
In 15 minutes chart MACD is about to cross signal line in upward direction, how much it will effect on price?
March 2, 2010 at 16:42
Im out i think my 78 pips is enough for today.
Thank very much Mark
I agree it is better being able to re-read older posts.
March 2, 2010 at 16:51
Mark have you talked to Hendrik, I hope is is ok. I have not seen him post in a while. I know he was working on his house but that was the last I heard…