March 9, 2010 04:09

Forex Signals – EUR/USD Slowly Approaching Key Resistance

By:

Slow day yesterday – in the markets and in the forums. The pair only moved 15 pips from open to close, and it was one of the least volatile days in recent history moving less than 100 pips from high to low. Traders didn’t have much to talk about either with not trades being entered!

Daily Outlook: The pair continues to consolidate in the1.3750-1.3450 range, coming closer and closer to our key falling trend resistance dating back to early December 2009. The last time this resistance was tested (January 13th) the pair flirted with the resistance a few times before ultimately plummeting over 900 pips. Also reinforcing the bearish picture is that bulls were unable to sustain their new rally, failing to make a new high on the day or even sustain their gains (in fact the day ended as a bearish candle with a long bearish wick).

Trading Idea: I will look to sell a challenge of this trend resistance line, currently between 1.3700-1.3730. From 1.3730 the short targets are 1.3700, 1.3665, 1.3625 and 1.3595.

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130 Comments on "Forex Signals – EUR/USD Slowly Approaching Key Resistance"
  1. Avatar of piphut
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    Comment left on:
    March 9, 2010 at 21:19
    piphut says:

    USDCAD approaching major daily support between 1.0200-1.0225.

    USDJPY also providing nice pips.

    EURUSD has been pretty anti-climatic the past few days so I thought I would share some of my other trades ;)

    • Reply
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      Comment left on:
      March 9, 2010 at 22:22
      Markus (Sweden) says:

      Thanx, much apreachiated (wow, i have no idea how to spell that, lol)

    • Reply
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      Comment left on:
      March 9, 2010 at 22:24
      juan_s says:

      Thank you Mark. It would be very usuful and appreciated to keep doing it in the future. :)

      BTW. Last year I asked you the below question. You said that you will do a write-up on that. Do you have a clue o the answer? thanks a lot.

      Question: How do you know that a resistance/support line traced in the chart is not valid anymore and you can delete it? I have several lines on my chart and want to delete some of them.

      • Avatar of piphut
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        Comment left on:
        March 9, 2010 at 22:30
        piphut says:

        @juan: the easy answer is if price no longer reacts to the lines on your chart then it is no longer strong (i.e. valid) support/resistance.

        So if you draw a support line and 2 days later that support line is in the middle of a consolidation pattern with no clear buyers or sellers at that point then I would erase or move it.

        It helps to think of support and resistance for what they actually are: a place on your charts where you have seen buyers or sellers in the past, and reasonably expect to see buyers or sellers again. Another example: if you see price getting close to a resistance level, and the price consolidates below that level with some long wicks then that resistance is most likely still valid – because sellers stopped the upward movement where you predicted they would! But if price were to continue upward and downward showing no respect to the support/resistance line then it most likely is having no effect / is no longer a valid support/resistance area.

        Does that make sense?

        • Reply
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          Comment left on:
          March 9, 2010 at 22:38
          juan_s says:

          It make sense Mark. Thank you very much. I will record the answer on my chip for the rest of my life. :)

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          Comment left on:
          March 9, 2010 at 22:57
          Alvin79 says:

          how do i unsubscribe? thanks

          • Avatar of piphut
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            Comment left on:
            March 9, 2010 at 23:04
            piphut says:

            @alvin – unsubscribe from what?

  2. Reply
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    Comment left on:
    March 9, 2010 at 23:36
    Matthew says:

    Mr Mark here are some codes that me and my wife use so that people cannot steal info from our site. This might help you out, it is a no right click code for pictures and such..
    http://www.hypergurl.com/norightclick.html

    Sorry for posting a url on piphut I no you don’t like it, but I don’t want you stuff stolen again..

    • Avatar of piphut
      Reply
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      Comment left on:
      March 9, 2010 at 23:39
      piphut says:

      Thanks for the thought Matthew but I don’t want to implement right-click scripts. There are some pretty easy ways around them and most content-scrapers get the content from the RSS feed anyway. I feel like it would annoy who right-click for legitimate reasons more than any benefit I would get from slowing down a thief.

      • Reply
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        Comment left on:
        March 9, 2010 at 23:43
        Matthew says:

        I hear ya.. Well I hope you can get him to give you credit at least or maybe take it down.. Have a good night, talk to ya tomorrow sometime..

  3. Reply
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    Comment left on:
    March 10, 2010 at 02:26
    Kurt says:

    What a jackass. At least they could represent such an awesome signal with a decent website. If they have much of a following it would suprise me.

    I wouldn’t sweat it too much Mark. Knock offs are a dime a dozen…

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      Comment left on:
      March 10, 2010 at 02:33
      Matthew says:

      Hey Kurt.. Did you see the post where they totally admit stealing the info from Piphut.. They don’t even care…

  4. Reply
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    Comment left on:
    March 10, 2010 at 02:36
    Kurt says:

    No, I missed it. Time has been short lately, and I haven’t been able to catch the comments on Piphut as much as I would like too.

    • Reply
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      Comment left on:
      March 10, 2010 at 02:38
      Matthew says:

      I hope you are able to hang out with us soon:)

      • Reply
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        Comment left on:
        March 10, 2010 at 02:41
        Kurt says:

        Yeah – me too. Things will be hectic for me for a few weeks coming soon, but thats good for the regular paycheck, but hurts the time to Forex. With that said, I am moving to longer term trades, so I don’t have to sit by the PC every minute. With the ranging of late, I haven’t been trading too much…

  5. Reply
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    Comment left on:
    March 10, 2010 at 04:43
    Matthew says:

    Good job Mark,, Now let him take that…;)

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