Site Update: Well yesterday I unveiled the Trader’s Lounge and the “follow” feature to follow your favorite PipHutters, and today I’m happy to talk about PipHut Help. PipHut help is a Frequently-Asked-Questions, forex-glossary and search and rolled into one – in fact it replaces all of those things on PipHut.
Want to know what a “short-squeeze” is? Type it in the search box. Forget what makes a break a “sustained”? The new help section is there to help you :). Give it a try and let me know if you have any feedback.
Recap: An ideal trade yesterday in the sense that the pair went right up under our resistance at 1.2080 (price went to 2073) and then dropped like a rock all the way down to our final TP at 1.1960 for about 100 pips depending on where you entered.
We had a bit of luck on our side with the exit though the pair only dropped to 1.1956 before bouncing back to our current level under 1.2050.
Daily Outlook: Medium term, long-term trends are still very bearish – in fact anything with Euro is bearish – but the short term trend is getting a bit mixed. The pair has maintained above its rising trend support (bottom blue line) and has established higher highs and higher lows every day this week so far ever since the bullish doji on the daily charts on June 7th.
With the intersection of the falling and rising trends (bottom blue lines) we do have another triangle consolidation pattern on the charts which I will look to sell near the top of.
Don’t forget to check out the forex calendar and also the candlestick signals.
Trading Idea: Primary trade is a short near the top of the triangle, currently between 1.2080-1.2120 with targets (from 1.2110) at 1.2085, 1.2055, 1.2025, 1.20 and 1.1975 for 135 pips profit. Ultimately I expect 1.2150 to cap any breaks to the upside and ideally I will hide my stop behind this level.
A much, much more agressive trade would be a long near the bottom of the triangle, currently at 1.1970, targeting the resistance at 1.2080 for 110 pips profit.
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June 10, 2010 at 21:39
Zubair, excellent lay out for Euro/USD from you. I went short just below 1.2130 . I think enough evidence for going south, MR. Mark’s prediction, one of them. Very strong resistance there at 1.2150. Maybe not for many pips, but a profit.
June 10, 2010 at 21:39
It is again rejecting from 50% fib. EURUSD is my headache now :D but i’m short on cable.
Now i’m going to bed. too much for today.
BTW Congrats @piphut for over +800 comments today :) GL all
June 10, 2010 at 21:41
we are aiming for 1000 :D
June 10, 2010 at 21:39
one things for sure ,someone will be right ,but who haha
June 10, 2010 at 21:41
EUR/USD off highs but EUR/JPY is holding quite well at 110.65-70 for now. Short from 1.2138 closed @1.2104 for 34 quick pips.
Looking @1.2150 level to short, but wont go long… I lost most of my courage together with my losses :P
June 10, 2010 at 21:45
R1 is at 1.2203 . There is no locical or physcological level @ 1.2150 now.
i’m going now. Good Night
June 10, 2010 at 21:49
Hourly pivots:
- R1 1.2143
- R2 1.2158
- R3 1.2192
June 10, 2010 at 21:52
What?? HAHAHA LOL. hourly pivot LOL
Use daily pivot with the custom settings of 21 hours and 47 minutes. BTW Resistances are not much close to each other in general.
Good Night
June 10, 2010 at 22:00
LOL
I must be very lucky! They have been working pretty well for me. Strange… Good night! ;)
June 10, 2010 at 22:08
dude have some respect for others – not point laughing you only make yourself look bad.
June 10, 2010 at 21:51
2150 is now resistance Zubair, but is was Support before. :)
June 10, 2010 at 21:55
Johny i agree but i think that was 1.2160 which was previously support.
June 10, 2010 at 21:41
nite zubair ,im short also my tp is 1.4606 area gl
June 10, 2010 at 21:45
ditto @sheridano
June 10, 2010 at 21:44
im off to bed myself guys ,once again thanks to you all and GL watever way use decide to trade ,good nite god bless
June 10, 2010 at 21:45
The euro has stabilized as currency markets focus less on euro sovereign and banking issues and more on equities.
June 10, 2010 at 21:58
iM ALSO LEAVING NOW…
Its 3AM (night) here and i huv to getup early morning… :s
Im also short on G/U TP: 1.4630 Hope to c a GREEN trade when i wake up… or mayb its not there when i wakeup (HIT SL ) :p
Thanx All of you my friends… im learning things here at piphut…!!
GOD Bless U All
June 10, 2010 at 22:11
Ok. That’s it for me.
Good evening to all Piphutters. Going back to Book of Eli again… :)
June 10, 2010 at 22:12
Phew i am feeling like an owl, its 3:00 am in here and am downloading stuff and staring at the charts lolz
June 10, 2010 at 22:15
yup me too…short on EU, GU & AU, only targeting the new daily pivots…g’night all and may the angels be with you
June 10, 2010 at 22:15
Lots of technicals going on here guys :)
Remember fundemantals tend to lead the technicals as we have seen the last couple of days.
June 10, 2010 at 22:48
i lost a lot of money today.:(
June 10, 2010 at 22:51
i wake up, and basically nothing happened i guess.
for a moment, i thought my platform had an error, cuz the price was almost exactly the same when i went to sleep.
man i hate having a floating position on friday, but lookst like it wont move too much during the asian session.
June 10, 2010 at 23:54
im wake up(Malaysia)…. i think the price is 1.2000 already.. but still 1.2120 and nothing happen on my chart… 1.2170 is my SL… will be hit or not….?
June 11, 2010 at 00:13
move to 1.2150 already on my chart… and maybe to 1.2160 also… juz my opi…
June 11, 2010 at 02:05
we guys at it did hit my pending trade 1.2140 made a few pips to day thanks all have a good night see ya all tomorrow.
June 11, 2010 at 02:06
oops forgot the ll’s
June 11, 2010 at 02:19
@pipsy hi,what u think about Eur/Usd,
June 11, 2010 at 02:28
i registered..hahaha…n i got 30pips from eurjpy!
June 11, 2010 at 03:43
guys…. what ur opinion with eurusd right now…
June 11, 2010 at 03:43
morning y’all…not thinking anything..still sleepy….
June 11, 2010 at 03:48
im riding a bear at eurjpy…=)
June 11, 2010 at 03:48
EurUsd is right on the 200EMA in the 1HR TF. My opinion, if it holds, we might still be heading up to the 1.2240 level. If the support is broken, look to the south…
June 11, 2010 at 04:10
anyone on aud/usd?
thoughts?
June 11, 2010 at 04:13
daily pivot is at 0.8423…in H1..its goin up a lil bit…in 4h..its a bearish formation….but u can standby to trade at 0.8500..well..just my opinion….
June 11, 2010 at 04:15
thanks..
June 11, 2010 at 04:18
I shorted at the top last night hoping it dropped like a rock but instead got quicksand…
June 11, 2010 at 04:26
i shorted audusd yesterday..but the bull eat my SL..for a newbie like me…its unexpected…bcoz it break my trendlines…
June 11, 2010 at 04:24
G.Morning all.
Well, seems that this time I really did it !!! By pulling that Emergency Brake on the South Bound :)
Which way you’re going Billy ?
June 11, 2010 at 04:27
Morning all.Thankfully i had a short open last night and i woke up to a little nice profit.almost covered for my audusd loss last nyt.anyways hope we have a better trading day today.
June 11, 2010 at 04:28
anyone in eurjpy?can u give me some opinion?
June 11, 2010 at 04:28
Good Morning All & @piphut, Nothing is happening since last night I Sold @1.2115 and now after waiting a long i closed my short for only +10pips , Can Anyone tell which way it goes….
June 11, 2010 at 04:32
My view Fahad. If its dives well below 2050 we’re aheading south. If it manage to break above 2150, You aint seen nothing yet !
June 11, 2010 at 08:13
Hi all, good day to everyone here, hope EU breaks 2090 level and head down south…cheers all! Mark, thank you for all the effort :-)
June 11, 2010 at 09:01
I get messages on my e-mail on comments of mine and I feel its rude not to answer:
1. ” Bra” in SA is a word used by gangsters in Cape town, like good morning would be ” Hoessit my Bra”
2. I will try again to register today.
3. I have put a nice bet on Bafana to win Mexico.Used smart indicators and probability is high.
4. Will only trade the 5 minute chart today with my indicators and my ituition.
5. My short term(5minute} trading account had better growth than my longterm trading account.
6 The word being used the most in one day by forex traders in South Africa, is the word “Bliksem”. It means struck by lightening and is commonly used when a trader would leave his computor to walk his mother in law to her car. When he is back at his computor, he screams at the top of his voice, :” Ag nee my bliksem, kyk wat doen die Euro nou!!!” An ustralian band AC DC even nmade a song about this:” Thunderstruck.”
7. Pipsy, are you also a fan of Lord of The Ring? Best movie ever made.
8. Johny you have very good taste in musi.CCR .
May you all have a very profitable forex day.
June 11, 2010 at 09:43
PIVOT
R-4
1.2493
R-3
1.2376
R-2
1.2258
R-1
1.2191
Pivot
1.2073
S-1
1.2006
S-2
1.1888
S-3
1.1821
S-4
1.1753
TREND INDICATOR
A D X
UP
M A
UP
C C I
UP
B BANDS
UP
P SAR
DOWN
M A C D
UP
R S I
UP
S T O C H
UP
WILLIAM
UP
June 11, 2010 at 10:27
Got a 5 minute trade at 9.45 , one at 10.45 and just got out at my last one. Pips profit is : 15, 19 and 12. With my EMA 5 and 12, and SMA 13 crosses. mixed with a little bit of intuition. I stop now because I can see this is going to be a typical Friday, with lots of laughter and lots of tears. Have a nice weekend everyone.
June 11, 2010 at 12:22
FLOORED, a film about trading. Watch it while waiting for the move.
http://www.babelgum.com/browser.php#grid/SEARCH,channelID:180638,order:FEATURED