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.
Quick Links:
Sign up for free forex signals via email here
FAQ on these signals
Forex Candlestick Alerts
Forex Income Calculator
Forex Market Hours
Forex Forums
March 9, 2010 at 04:36
The pair has moved less than 30 pips from high to low so far today, and less than 10 pips from open to close.
Quiet before the storm?
March 9, 2010 at 08:18
Alwa quiet before storm. It is very ppssible.
March 9, 2010 at 13:29
“Shhh! be very very quiet, I’m hunting wabbits huuuuh”
March 9, 2010 at 05:06
Dear Sir, I am from India,i receved ur signal in 4.23GMT Time
u sayed currently market at 1.3700 to 1.3730 but in that time market was in 1.3620
March 9, 2010 at 10:07
Mark did not mean market was at 1.37-1.3730. He meant the trend line resistance. Check the picture attached and the blue line drawn on top ( trend line resistance)
Since it is a line sloping down it has different values at different time frames. At the time of this signal the line was at 1.37-1.3730.
March 9, 2010 at 13:31
Thanks Sunil. Kumaran, that is the area we were looking to sell in.
March 9, 2010 at 05:07
Morning Mark…
Its too quiet. may be in your country sleeping time,wkwkwk…
But in my country its time for lunch….
Happy piping all
March 9, 2010 at 05:46
Generally, the trend is down but i will prefer to swing today since we are still in consolidation. I will prefer to buy @ 1.3595 tp 1.3680 with good candlestick confirmation and tight sl. Also Sell @ 1.3694 tp 1.3650.
March 9, 2010 at 05:52
Morning all
March 9, 2010 at 17:15
Nnagozie I’m not sure why your comments keep getting marked as spam but I started manually approving them so hopefully it doesn’t happen in the future
March 9, 2010 at 06:03
I love forex trading. It is like a PlayStation soccer game to me, cuz u have to play and play for u to understand the game using different strategy and formation which i stick to 4-4-2. The same also apply in forex trading which makes me stick to Support & Resistance and candlestick pattern.
March 9, 2010 at 08:32
you are right! I was made to understand that FOREX is all about bull and bear playing a game.Each team want to score higher points.Support and Resistance plays a vital role in this game.I’m still learning how it works. Thank God for Mark!
March 9, 2010 at 06:18
Hopefully the quiet before the storm Mark!Need a slight upward move now!
March 9, 2010 at 07:02
Well, I don’t think it’s gonna hit 13700 today…
March 9, 2010 at 12:38
Maybe, maybe not, but the US market hasn’t even opened yet so you cant call it so early…
March 9, 2010 at 07:08
Im in @ 1.3595 buy
March 9, 2010 at 18:03
So, you in now? We’ve passed 1.3595. Or are you still waiting for confirmation?
March 9, 2010 at 07:19
You might have something there..
March 9, 2010 at 07:32
did any one catch this mornings fall? I did and some reasonable pips are in my pocket now.Am still looking out for more selling opportunities. For now i may not BUY till further notice. PIPS makes me happy, SO HAPPY
March 9, 2010 at 13:52
Congrats on the trade! Try and keep those pips in your pocket…
March 9, 2010 at 07:38
Hi Babyfaceodus, how did you get the support at 1.3595? Did you draw it from few months back, or was it a FB level for you?
March 9, 2010 at 08:40
Ken,
i got from the 1H and daily chart.
March 9, 2010 at 08:43
I would buy pips is it was for sale at this point!
March 9, 2010 at 09:24
Anyone looking at the 9am ( 30m ) candle ?
March 9, 2010 at 09:29
Any ideas?Up down?
March 9, 2010 at 09:37
its a bullish signal in a bearish market but its looks nice . 1,3581 is a strong resistance
March 9, 2010 at 09:39
i mean support
March 9, 2010 at 09:38
impact from the negative GBP news..holding on 1.3580 at the moment
March 9, 2010 at 10:12
1.358 is a good resistance . Long wick too . thinking of jumping in for a few pips.
March 9, 2010 at 10:12
it could be a good entry
at 1,3582 its at the daily s1 and the 61.8 from march 5 low to march 8 high. and a bullish hammer candelstick mmm what shall we do…. ;)
March 9, 2010 at 10:16
It’s contemplating a bullish move by the looks of it, but is still undecided – depends on your risk profile at this time. Personally, I’d stay put for now
March 9, 2010 at 10:27
you might be right Paul,
Still i got a little trade going on from the s1 level.
for sure with good moneymanagement!.
March 9, 2010 at 10:14
Conundrum : Is the market slow because there are no traders, or are there no traders because the market is slow …
March 9, 2010 at 10:34
Chicken or Egg? May be because there is an agreement on price between Bulls and Bears. Need something like a rate hike.
March 9, 2010 at 10:44
There are a lot of indicators suggesting a bullish move at the moment, but the market isn’t responding. Technical analysis clearly is not the be all and end all
March 9, 2010 at 10:18
why not consider a round bottom scenario?
March 9, 2010 at 10:29
I am waiting for short on EUR/USD @ 1.365, short on GBP/USD @ 1.50 (already made 64 pips on another short @ 1.503).
March 9, 2010 at 10:40
What is target on cable ..1.488?
March 9, 2010 at 11:10
up to you. This time I look for 100 to 200 pips.
March 9, 2010 at 13:54
Priya you looking for bearish on GP from 1.5?
March 9, 2010 at 13:57
Yes. At the moment I am waiting for re-entry somewhere around 1.50 to 1.503.
March 9, 2010 at 13:58
K I am learning and it looks as if it is going to retrace but seems I always jump a little to early. Thanks
March 9, 2010 at 14:07
If you can take greater risk, jump in earlier. But always wait for proper support and resistance before you jump in!!!
March 9, 2010 at 14:22
Thanks Priya, hope you see the 100-200 pips you are looking for!!
March 9, 2010 at 13:38
Mmm..How far will she keep on dropping??I wonder…
March 9, 2010 at 13:40
I heard about the big fall of EURO soon. But I am not sure how true it is.
March 9, 2010 at 13:44
I guess once it hits us we will know.One thing is for sure..I won’t be looking to buy any time soon.Waiting for that downward thrust.
March 9, 2010 at 13:57
A lot of news outlets are forecasting the plunge thats for sure, and any news on Greece would be significant. It will be interesting to see where it goes off this trendline ahead.
March 9, 2010 at 13:57
Priya,
where did you hear about the big fall?
March 9, 2010 at 14:03
Check BBC news.
March 9, 2010 at 14:13
Mid-Day Report: Dollar Rebounds as China Comments Sent Gold Down, Sterling and Euro Weak
Mar 09 13:39 GMT, by ActionForex.com
Dollar rebounded strongly in European session as Gold was hit to as low as 1115 following comments from China. Yi Gang, director of China’s State Administration of Foreign Exchange said that whole gold is “not a bad asset”, the ability to have more investment in gold is limited by “a few factors”. Yi said that return on gold in the past 30 years hasn’t been great. Also, gold will unlikely be a pri…
Check it in action forex website.
March 9, 2010 at 14:01
Good Morning, Everyone.
I am just returning from travel from a family member’s funeral. I hope everyone is doing fine and continuing to get pips.
March 9, 2010 at 14:03
Lisa,
welcome back. it is good to have you back.
March 9, 2010 at 14:15
David,
Thanks.
March 9, 2010 at 14:20
Glad you are back Lisa. I hope you have some closure upon your return. I have always felt better, after visiting with family and mourning together after a loss.
March 9, 2010 at 14:11
Woah, i missed out on the actions! Had to skip sleep to complete one freakin’ assignment that constitutes 30% of my grade! Is it not too late to short now? What is the meaning of SHARPE ratio?
March 9, 2010 at 14:12
Mark,
Why are the close times missing from the candlestick alerts? On my computer this entire column is blank. I would use these numbers when I got back to the computer if I was not at the computer when the candlestick alert occurred.
March 9, 2010 at 14:16
Hi Lisa, I noticed that too but figured nobody looked at those ;). It’s an easy fix, should have some time this evening to do it.
March 9, 2010 at 14:15
Approaching strong support at 1.3530
March 9, 2010 at 14:52
Anybody think we will hit the 1.3700 area today?
March 9, 2010 at 14:55
Nope, don’t think so
March 9, 2010 at 15:01
This is what Mark said yesterday: “A much more aggressive move would be to look for a long in the 1.3585-1.3565 support zone to capitalize on short term bull trend, with longs targeting up to a re-challenge 1.3700.”
Does this signal apply also for todays trading ? As that is the situation we are in right now..?
March 9, 2010 at 15:03
I “can’t bake bread” of this all today.
It’s not likely that price will hit 1.3700 today.
Stay at the sideline, or do we have an other strategy?
March 9, 2010 at 15:06
finally its Awake..
March 9, 2010 at 15:08
It will fall down before hitting our entry target
March 9, 2010 at 15:15
My entry this morning was 1,3581 finaly it came back up to breakeven so im outa here. what a ppfff day .
ladors
March 9, 2010 at 15:42
sory im new was d target
March 9, 2010 at 16:02
This was my entry for a long trade. my targets are always changeing.
but the bulls where in a cafe drinking beer.
March 9, 2010 at 15:59
3700 is a long way off. Surely there pockets of resistance b/w here and there?
March 9, 2010 at 15:55
anyone shorting the doji thats forming ?
March 9, 2010 at 16:09
yep i can’t help it. on my chart is say its a little shooting star first off the day
March 9, 2010 at 16:01
Somebody double post Mark analysis…
March 9, 2010 at 16:08
Who is that chump in the picture !!!
March 9, 2010 at 16:18
eh? wonder if Mark knows about this
March 9, 2010 at 16:22
It’s probably Marks other website???
March 9, 2010 at 16:19
The only thing hey forgot was the comments
March 9, 2010 at 16:29
It’s definitely not my other site. Unfortunately this happens sometimes as lazy people with no real talent/skill just want to steal rather than put in hard work.
How did you find this site masnan84?
March 9, 2010 at 16:12
I’m also short now. That’s awful about the site above.
March 9, 2010 at 16:12
That pic also copy from Facebook….
March 9, 2010 at 16:25
That is not fair to steal someone’s work just like that to make money on advertisement. I hope Mark will file DMCA take down notice.
March 9, 2010 at 16:28
That’s funny,, Someone probably from here left comments on that website about stealing info. It’s probably Marks website,, lol:)
March 9, 2010 at 16:30
This is definitely not my other site. Whoever it is they are not in the US. Their English is horrible. I’ve seen scrapers before but this one is just blatant. Their is nothing on their site except Piphut content!
March 9, 2010 at 16:34
Holy cow. I can’t believe someone would be that blatant. Wow, I’m going to leave some stuff to then.. That ticks me off.. That was so blatant that I though it would have to be one of your other sites.. Wow..
March 9, 2010 at 16:36
Mark, at least you should watermark your chart screenshots for next analysis.. a rather big but transparent watermark in the middle :)
March 9, 2010 at 16:37
That’s a great idea ifan, I hadn’t thought of that!
March 9, 2010 at 16:39
It is a e blogger website hosted by Google.
http://www.google.com/blogger_dmca.html for takedown
March 9, 2010 at 16:42
glad i can help Mark, I wonder if the image lightbox here came with watermark feature.. other than that, just have to embed it manually.. takes a little more effort though.. but at least content rippers will have quite a hard time with the images :)
March 9, 2010 at 19:26
Karma will come calling for them…
March 9, 2010 at 16:41
Great ideal :)
March 9, 2010 at 16:40
This site copy every single words from piphut :|
March 9, 2010 at 16:44
OK I was a little childish, leaving posts on his site but that is a load of poop. I would most defiantly watermark your stuff Mark.. My wife and I had to do that with our sunglasses website…. I feel bad for you..
March 9, 2010 at 16:48
He’s not the first and won’t be the last. There will always be thieves in the world, unfortunately. But I will let Blogger, the major search engines and their webhost know if its not taken down pretty soon.
March 9, 2010 at 16:51
Ok I am done being childish. It was kinda fun though..
March 9, 2010 at 17:49
Well, I’m pretty sure I could be childish about this for a long time, at least my wife thinks I could….
March 9, 2010 at 18:32
I hear ya, That just gets me. Here Mark is working hard up till wee hours in the late night, early morning his time. To give a free view into the market from a pros perspective, and here is some body stealing his work.. That stinks like a fart in a car…
March 10, 2010 at 02:11
GO gett’em Matthew
March 9, 2010 at 16:56
Is that a bullish hamer on the h4 ?
March 9, 2010 at 17:53
I see bullish candle all over the place, except for M1.
1.3585 has been tested several times today already. Come on already, let’s break through and reach for 1.3600s again.
March 9, 2010 at 18:00
hey did it Yeah! 1,3600!
March 9, 2010 at 17:27
Well I’m off to bed.. nothing for me to enter today, will always be another day.
See you guys tomorrow ! :)
March 9, 2010 at 17:28
Hey Mark just in case you dont know. You could probably find some info about who its registered to at whois.com (if you want to, not sure what good it would do)
March 9, 2010 at 17:34
Most likely the domain owner has protected the registrant info (private enabled)
(because I already whois it :) )
March 9, 2010 at 17:43
I did that as well and could not find any info.. I hope Mark can take care of this..
BTW does anyone know why we are going nowhere today.. I am shorting Cad but nothing on Eur..
March 9, 2010 at 17:57
yeah i checked it out its registered through Domains by Proxy, Inc. Still, i doubt they can protect thir clients from the law. But im guessing that site will fade away, who has energy to just copy what someone else is saying every day, unless of course they start charging ppl for money… that would suck.
March 9, 2010 at 17:41
At the bottom of the page “Stay With Forex © ‘Bold’” …this guy is too much
March 9, 2010 at 17:46
“Want attention, buy a dog” That one was cool…lol:)
March 9, 2010 at 18:08
Anyone interested in starting a thread HERE each day to swing trade INTRADAY? A specific thread to develop and explore better ways to capture these intraday moves? (b/w Mark’s signals)
March 9, 2010 at 19:19
“Many hedge funds expect Greece’s debt crisis to spread to other countries, and some managers in the $1.5 trillion industry think the country’s problems will lead to the breakup of the euro, according to a survey released Tuesday.”
Good article on how big money views the Greek crisis:
http://www.marketwatch.com/story/managers-see-contagion-from-greek-crisis-survey-2010-03-09
March 9, 2010 at 19:52
Hi Mark and other traders
Thanks for your thoughts last night, our friends on the mountain are out of danger. Glad I could lent them my generator to keep theit cooling rooms running. There is most definitly a higher hand watching over us for those believing in Him.
Mark, thanks for this wonderful forum that one can call on people all over the world when one is in need:)
March 9, 2010 at 20:00
Just checked out staywithforex.com. i’m really shocked at the level some persons can go in copying others work.Well it just shows that they have small brain.I eqally saw a days posting from this site on another site i sometimes visit. I will check it out and let you have the details.KEEP UP THE GOOD WORK.
March 9, 2010 at 20:03
There are some sites that I expressly permit the reproduction of my analysis (International Business Times and Forex Pros, for example) however they give full credit to me and link back to PipHut.com. What bothers me about the above site is that they are trying to pass it off as their own analysis with no links back to PipHut.
March 9, 2010 at 20:36
I don’t think the upward thrusts are done yet. Strong resistance/support like we have in the falling trend line an act like a magnet for a pair and I still expect a challenge of it.
March 9, 2010 at 21:07
Mark, am I correct to assume that the times shown on these comments are GMT? Thanks
March 9, 2010 at 21:12
Yes