Recap: Nearly picture perfect pips yesterday as the pair charged into yesterday’s signal’s resistance at 1.3060, kicked up a beautiful shooting star at 08:00 GMT on the 1h chart (check out the candlestick alert system if you missed it) to confirm the trade and then dropped like a rock right on cue. I entered at 1.3045 after the close of the shooting star. I kept my trade open the whole way down until a bullish hammer closed on the 1h at 17:00 GMT at 1.2798 – for 240+ pips profit per lot.
Discussions got a little heated on the boards yesterday for a few members and that is OK, but remember to always be respectful of fellow traders on PipHut. Everyone is welcome to post on PipHut as long as their posts are helpful to the community and constructive. Let me worry about spammers. Just sit back, relax and make some pips – we are all here for the same reason.
Daily Outlook: My fundamental analysis remains little changed from yesterday so read yesterday’s signal for that. One thing to add is this: another point of concern for investors eyeing the Greek conflict unfold are the riots in Greece against the austerity measures that are crucial to them receiving bailout money in the first place. So the German public doesn’t want to lend the money, and the Greek public doesn’t want to accept in on the decided terms. Yikes.
Technically we saw the forecasted drop off of resistance yesterday which leaves me squarely in the bear camp still. We do have a rising support trend line though (see bottom blue line on chart) which forms an ascending triangle combine with the resistance level of 1.3050 (see blue lines on chart below). The rising trend support of that ascending triangle could provide scalpers with some nice long opportunities, but I will look to sell on a break of that pattern.
Trading Idea: Primarily I will still look to short at the top of this ascending triangle pattern at 1.3060 with short targets at 1.3030, 1.3000, 1.2970, 1.2940 and eventually 1.2875 for 185 pips profit. Secondary trade would be a short on a sustained break of the rising trend support (bottom blue line). An aggressive trade would be a long at the rising trend support in anticipation of it rising back up to 1.3060.
Good luck PipHutters, lots of good setups today!
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
May 11, 2010 at 14:29
In the U.K., coalition talks resume Tuesday, after the Liberal Democrats were unable to decide on whether to have a power sharing deal with the Conservatives or the Labour Party, leaving the country in limbo. Some investors believe the most likely scenario is another election to try to resolve the hung parliament.
That would add months of uncertainty in a country with the highest budget deficit in the EU. (Dow Jones)
May 11, 2010 at 14:58
to be honest it looks like a coalition with the conservatives is the most likely, they have just gone in to talks with them again after an improved offer from the conservatives yesterday over voting reforms.
May 11, 2010 at 14:44
all targets hit on g/u .
now again a nice pullback to 14815 got filled here sl 10 target first target 20 p
May 11, 2010 at 14:51
sl hit -10p
May 11, 2010 at 14:53
We can see a Breakthrough here on GBPUSD. lets see(my opinion only)
May 11, 2010 at 14:55
Here we go. Breakthrough :D LOL
May 11, 2010 at 15:00
good call Zubair.
luckely i had a tight stop on my last entry
May 11, 2010 at 15:03
its getting interssting right now
smartmoney is in control
May 11, 2010 at 15:00
One more candle to go on GBPUSD. we will see a breakthrough :D
May 11, 2010 at 14:59
I’m a little surprise because of that down move of EUR/USD which was not expected till at least 1,2760 –> up. I don’t know why that happened. Is it possible that it’s just a little pull back to take a breath for further advance? I just don’t know: today are both sides more or less without real power to take control. Fibonacci is today very unperfect, so that’s the reason for such amount of sonfusing movements of the market.
May 11, 2010 at 15:02
Congrats robert GBPUSD has been brokenthrough :D
May 11, 2010 at 15:05
I don’t trade on GBP/USD for now, but I’m glad if you made some profit on it. I hope EUR(USD will follow since it’s wasn’t any good reason for pulling back on the up move.
May 11, 2010 at 15:08
eur/usd touched my fibo’s perfectly fibo piviot high at 12748 and fibo piviot low at 12669
May 11, 2010 at 15:06
think we’ll see 1.5?
May 11, 2010 at 15:36
it was a very “busy” and “hard” day …. yesterday was better but we wait;;;
May 11, 2010 at 15:40
but i can say the day “not finished “
May 11, 2010 at 16:00
my first tp at 1.2675 was barely hit this morning for 60 pips+. I will look to re-enter on a pullback to the resistance (former rising trend support, blue bottom line).
May 11, 2010 at 16:11
FILLED on AUD/USD short at .89894. Stop loss set at .9043. REMOVED EUR/USD order to sale at 1.27894. USD staying strong. Trading Disclosure: Remind me to enter stop loss limits on all trades.
May 11, 2010 at 16:14
hi mark,
i opened a short this morning at 1,2731 and i fixed my tp at 1,2655 thas wasn’t touch.i know that you don’t suggest exit or whatever but i ask anyway.would you exit the short and wait to reenter at the blue line or let it run?
thanks and BR
eric
May 11, 2010 at 17:29
I’m bearish below that blue line, though I think there is about a 65% chance we will see a pullback to the line before continuing down.
May 11, 2010 at 16:15
Hi all.
Just got back and had a quick look in here whats going on.
Seems the “Swaying” is still on?
Havent touched the levels, either high nor low, what I was actually looking for to enter a good long or short.
But anyway, even if the Eurozone will sent in another Ship full of Cash, the Euro remains weak and will stay in a bearish downtrend. Thats why I would think twice taking going Long!
US session is still young for the day so maybe we see some moves either up or down later on.
Good luck
May 11, 2010 at 16:24
You’re right, Johnny!
May 11, 2010 at 16:29
If it breaks 1.2698 resistance here right now I may go for a short. Lets see
May 11, 2010 at 16:46
We can also see a breakthrough to re-enter in an uptrend also. lets see
May 11, 2010 at 16:34
Doji M30 ?
May 11, 2010 at 16:40
is that the top of GU now?
May 11, 2010 at 16:48
yes, seems that way, should head back down to 1,4780
May 11, 2010 at 17:05
you planning to short Taavi?
May 11, 2010 at 17:19
yes, if I see something good :D
May 11, 2010 at 17:20
my dream if it goes there..)
May 11, 2010 at 17:29
might be best to stand aside…looks like UK is about to announce the next government (election was a draw)….so could go either way
May 11, 2010 at 16:41
Seem I missed all the fun but I have turn on the computer and took a quick short GBPUSD +17pips :D
May 11, 2010 at 16:55
EURUSD breakthrough almost. i will not be surprised if we see 1.2800 today. What do you think tuan??
May 11, 2010 at 17:00
Yes, I’m long already, Zubair
May 11, 2010 at 17:09
This 1.2740/50 resistance have proven to be strong before Zubair.
Lets see, I still favour a short and if we get a good confirmation below 1.2695 I may go short.
Investors have lost their faith, even now that the Eurozone came up with this big amount of cash, and this will push the Euro further down.
May 11, 2010 at 17:13
Also , if it would break here at 1,2750 there’s another key resistance at around 1.2775 if I am right!
May 11, 2010 at 17:14
think i’ll see if it hits mark’s blue line and go short from there…
May 11, 2010 at 17:13
Out at BE +0 píp
May 11, 2010 at 17:30
selling G/U now at 1,4977, TP1 1,4860 TP2 1,4760
May 11, 2010 at 17:36
thanks for sharing..lets see eh
May 11, 2010 at 17:32
Something is boiling…
May 11, 2010 at 17:47
Bulls very angry it seems.
May 11, 2010 at 17:53
Bears like to play some ball with the Bullies it seems?
May 11, 2010 at 17:55
Playing ball all day today.
May 11, 2010 at 17:57
Soon it will go eihter way up or way down I think?
May 11, 2010 at 17:59
Either way lets just hope they make up their minds.
May 11, 2010 at 18:01
I never liked Yo-Yo’s that much when I was a kid, always hurt my fingers with them!
May 11, 2010 at 18:07
I think the bounce (Which was due to come) is in the making! We’ll see it going up soon. My view
May 11, 2010 at 18:10
Now, EURUSD is playing around. I’m off to bed now. See you guys, tomorrow ;)
May 11, 2010 at 18:12
Good night my friend. Take care and see you tomorrow.
May 11, 2010 at 18:18
Hey Johny what’s up bro?
May 11, 2010 at 18:20
Break below 1.2690 and the baby is mine
May 11, 2010 at 18:24
Something was boiling, which could mean the bounce (Many are wainting for). But lets see (Read my previous post little above here Zubair and you see I did not believe it would go up anyway. But since it is/was a possibility and something was cooking it could have been we had seen some up going?)
May 11, 2010 at 18:28
We will go up baby :D but be patient . let the 21 and 55 EMA’s crossed . cheers
May 11, 2010 at 18:31
If its gets below 1.2670 you may forget going up for sure my dear friend. But untill it stays above there, yes it could still get to a bounce.
May 11, 2010 at 18:39
im very alert at the moment
May 11, 2010 at 18:11
Forecast from the guy that wrote the book Glenn Nelly himself
May 11, 2010 at 18:39
Just went short, lets see… (Bears are strong)
Target 1.2665 (Next resistance)
May 11, 2010 at 18:42
ooo :-S i hope you will get your TP
May 11, 2010 at 18:51
UK Prime Minister is resigning think turning buy into short.
May 11, 2010 at 19:16
yes. but the new one is currently being signed in by the queen
May 11, 2010 at 18:57
1.682 next rest.
May 11, 2010 at 19:05
lets see
May 11, 2010 at 18:59
That ur 1st target Jonny i’m doing same trade.
May 11, 2010 at 19:03
Target is 1.2665 but it might jump up at the next rest. !!! (1.682) A bounce up is stll possible.
May 11, 2010 at 19:06
i’m ready to long @ 1.2686!
May 11, 2010 at 19:02
Looks good Johnny i go all the way to 1.2665
May 11, 2010 at 19:08
Be carefull Paul Bears lost some power.
May 11, 2010 at 19:10
Next rest. 1.2650
May 11, 2010 at 19:12
2682 quite strong rest. Hope it breaks?
May 11, 2010 at 19:14
i’m long 1.2688 with tight SL
May 11, 2010 at 19:26
closed for +10 pips on my two long positions . i’m waiting for big moves
May 11, 2010 at 19:22
Hit my stop and closed out. 1.2682 quite strong. wait and see what happens now
May 11, 2010 at 19:25
Nice going Johnny good stuff:)
May 11, 2010 at 19:27
Johnny how did you come up with the 1.682 resistance(support)???
May 11, 2010 at 19:31
Its passed by my broker Laurentiu. (But they may differ with yours, I ve got the same questions before) Whats your rest. on this level?
May 11, 2010 at 19:37
My support is same as your target at previous low. The reason I am asking is because I can not find 1.2682 any ware on my charts so there must be some other way. Considering you made a good call with that support I was just curios. Your broker must have been watching the market depth and seen where the buy orders where. What broker are you using BTW?????
May 11, 2010 at 19:29
Zubair, are you already gone Long? Seems it may turn around from this last rest. 1.682 – RSI is building up.
May 11, 2010 at 19:42
i’m closed my long for some good pips. now waiting for nice big move. :D
May 11, 2010 at 19:33
Hello Everyone,
I have been reading some of the comments and I just thought I would send some love and a hug to each and everyone of you.
RELAX, ENJOY, AND KEEP PIPPING = PATIENCE MY FRIENDS!!!
May 11, 2010 at 19:36
Hi there Lisa, we miss you in here. Take care and join us soon ok? God bless
May 11, 2010 at 19:48
Nice to hear from you Lisa! How are you doing? Are you well? I hope these days are pieceful for you as much as they could be, so you could find a comfort you need. Stay safe and well, we’re expecting you among us soon!
May 11, 2010 at 19:39
closed my short on GU – got a new prime minister – so that should add confidence
May 11, 2010 at 19:39
Sorry Layrentiu, Of course I meant 1.682 was SUPPORT earlier (My mistake type err)
May 11, 2010 at 19:43
Johnny can you tell me what broker are you using???
May 11, 2010 at 19:43
Gain Capital NY.
May 11, 2010 at 19:44
Thank you!
May 11, 2010 at 19:46
But I work with 3 different brokers and so 3 different platforms (And they vary a lot from each other. I see thinks just a fraction of a second more earlier on one then one the other one. Also the news is different from one and other. Hope you can follow me.
Gain is mostly I am trading on (Also have ODL and another Forex.com)
Hope its not gettiong complicated now?
May 11, 2010 at 19:47
With one gave you the support level???
May 11, 2010 at 19:50
I switch from platforms during my trading (You may guess why?) I think it was Gain where I took the last levels from but could also be Forex.com (Not ODL anyway)
Hope I dont reveal to much here? :)
May 11, 2010 at 19:55
Laurentiu to me it makes a lot of difference. SOmetimes on one platform the candlestick confirmations are very clear and I notice them earlier, while on the other they are still not visible.
But then again its also sometimes the other way around.
Dont ask me how! Maybe its got to do with connections or servers. Anyway I like it this way and its no big deal switching from one to the other once in a while.
Hope I have been of any help to you.
You have problems with you broker/platform?
May 11, 2010 at 19:47
Zubair are you still there?
May 11, 2010 at 19:52
yes i’m here my friend
May 11, 2010 at 19:53
Thank you, hope Mark will not think we are promoting brokers on the site. Just satisfying my curiosity :)
May 11, 2010 at 19:58
O I am sure he doesnt care, I even think he dont like them that much (Ha ha? :)) I never seen him promoting any of them until now. But if you would ask him which one is a good one he will surely be able to name a few.
May 11, 2010 at 19:58
I am with CMS and yes I want to switch. I get re-quotes all the time. Especially when the market is moving. I am very unhappy with their service.
May 11, 2010 at 20:03
Hi, Laurentiu. I’m also with CMS UK and for now I’ll stay with them even sometimes I face with troubles you’re mentioning. I’m thinking about Alpari UK, whicj is also ECN broker not retail as CMS is.
May 11, 2010 at 20:10
I am considering Alpari UK to. I think a lot of people have an account with them. They cant all be wrong.(I hope). I am out for today see you tomorrow.
May 11, 2010 at 20:09
Hi there Paul. I am glad you made a couple of pips from that earlier. I dont want anyone to loose money by coming behind me on a trade but its nice if it works out fine.
I had the plan to reach 1.2665 but seems 1.2682 support was to strong.
I would advise most in here not to blindly follow but be self assured about it too. And of course never blame some one else for your own decision to follow. We all can make mistakes here! Take care
May 11, 2010 at 20:18
I’m a poker player not a trader i need all the help i can get,hit me up if u need a poker coach;)
May 11, 2010 at 20:22
Well, I wish you were with me in LV last december. Been there and left there….(And with left there I dont mean leaving!) Never again. Must be those ladies jumping above you’re head, take all the attention away from the game he??? :) To be frank I dont know that much abt Poker, I like BJ (Better write it in full in here…Blackjack!)
Take care Paul, btw why arent you in blue yet?
May 11, 2010 at 20:25
Its weird i actually getting the signals in my email but when i click forgot password it doesnt recognise my email address!
May 11, 2010 at 20:27
Ask The Wise Ole White Owl when he shows his face in here (Mark!), he will be able to get you logged in.
May 11, 2010 at 20:44
Paul what username did you sign up with?
May 11, 2010 at 20:14
Well guys, whats up next you think? There s less then an hour to go in US session. Will we still be seeing a bounce from here or do you think there s more downside to come?
I think if we break well below 1.2665 we might as well forget about a bounce and see more lower levels to come?
May 11, 2010 at 20:19
Ok guys, see you tomorrow, need to sleep some hours :D
May 11, 2010 at 20:23
See you Taavi. Dont dream about placing trades during your sleep alright?
May 11, 2010 at 20:30
Zubair my friend, whats your view?
May 11, 2010 at 20:32
1.2651 is next sup level
May 11, 2010 at 20:33
Well if a bounce still has to come we must see it now. Going below 1.2660 I think the flame dies?
Just took a nice little ride down again.
May 11, 2010 at 20:37
I never closed at 1.2682 just did now though:)
Off out until tomorrow buh byeee.
May 11, 2010 at 20:38
See you Paul
May 11, 2010 at 20:35
Just as I thought and mentioned all day. 1.2665 will hold, if not 1.2605 will!!!
Lets see now
May 11, 2010 at 21:02
Hi Johnmy, I want somepmne to help me out on how to use fibb. Nobody is responding to me since yesterday even the great one, Mark either didnt get my request. I understand the concept of ressitance and support but need a more dynamic analysis tool to determine my own support and resistance levels. Meanwhile I think Alpari uk is good> They are my sole broker for live accounts. waiting pls
May 11, 2010 at 21:07
Like to help you Kay but in a tadde right now. May be Mark is around and be willing to reply?
May 11, 2010 at 21:13
Tnx 4 d prompt response. i understand u i guess u need some max concentration. i aactuall didnt post any trade today. No profit no loss. stats quo. Pls help me out as always as soon as u are off the tangle. GL
May 11, 2010 at 21:16
hey kay once you select the type of fibo you want as there are many you then go to the highest price point and drag it to the lowest price ppoint and that would draw out a series of line out for you. i hope what i said help as i havent used fibos for a while now i perfer the ichi cloud which shows suport and resistance but the cloud actually moves with price action.
May 11, 2010 at 20:47
Mark i have no clue it was years ago and cant remember pass my email is murphy759@hotmail.com and thats where i am getting your signals.
May 11, 2010 at 21:29
Did you get it? I see that you successfully submitted a password lost/changed form. Your username is paul2475.
May 11, 2010 at 21:31
Yes ty Mark but i think there is a bug with your login system still not working even with correct password.
May 11, 2010 at 21:01
1.2646 and 1.2615 next sups