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 19:57
oh .. i was also filled on the EU at .2140
June 10, 2010 at 20:00
This baby is Red Hot !
June 10, 2010 at 20:03
Hi Hashim, how are you doing? You selden speak but always around. Anyway, good luck to you!
June 10, 2010 at 20:04
dude .. you scared the sheikh away!!!!!
June 10, 2010 at 20:09
Is he? I didnt know really. To bad, he probably could have solve my bank managers problem :)
Anyway, I like him, he’s always around but only talks to Mark. Did you notice that?
June 10, 2010 at 20:12
shhh .. he is back.
I havent heard much from him so wouldnt really know
June 10, 2010 at 20:04
out of audusd at -40 pips.need some rest now.its friday tomorrow.will check back in a few hours…..johnny keep watch over the bulls till morning.hope they dont let their guard down till i’m back.
June 10, 2010 at 20:05
weak trade I must say.
June 10, 2010 at 20:14
i agree.must be cos i’m weary of all the days up and downs.anyways tomorro is another day.
June 10, 2010 at 20:06
we aint there yet my friend. It takes a while reaching 1,2200 – You’ll be back by then :)
June 10, 2010 at 20:05
Needs to break here otherwise I think its going south again?
June 10, 2010 at 20:05
what made you get in atthe lower level?
June 10, 2010 at 20:07
What made you’ll going short?
June 10, 2010 at 20:10
i see solid resistence at the .8550 level and looks like it is coming to the lower end of the BB right now. Also the strong correlation to the EU. Also a punt at the psychological level
June 10, 2010 at 20:07
out of EUR USD for $60 – not sure on this monkeys dierction right now
June 10, 2010 at 20:11
There are those tables, dont know where anymore (Atmosphre/Planet Hollywood?) where you can play with just $ 5,00 in LV (And drinks for free, and show too)
So with ‘m $ 60,00 you can have fun all nite Diamond :)
June 10, 2010 at 20:14
or maybe even a couple of lap dances ….. but .. it all adds up …
June 10, 2010 at 20:12
That is nice of you Johnny .You are a gentleman and I am very much a lady
June 10, 2010 at 20:14
You’re not gonna make me blush or shy now ya hear! :)
But, its good having you here, we need more ladies (There’s Priya and Lisa and Julie, forgot the others) but for the rest, just angry ugly guys in here …Brrrr :)
June 10, 2010 at 20:14
is marks recommendation still valid guys? wat gaan an?
June 10, 2010 at 20:15
bears are outsid?
June 10, 2010 at 20:17
FFor you and many others they beterr get here inside Sahara :) But for me (And a few other stubborn crazy guys?) they better stay away :)
June 10, 2010 at 20:19
hahahha, funny you and so serious ha :).Thanks johnny .
June 10, 2010 at 20:21
hey dutch did you wave the bear flag
June 10, 2010 at 20:25
i think i did sumthing.not too sure what it was but i think these bears are gettin angry.
June 10, 2010 at 20:29
i was refering to the song.waving flags.it was on tv and then it droped like a stone :)
June 10, 2010 at 20:31
was more concerned wit my EU charts.i waved my flag a bit anyways.
June 10, 2010 at 20:34
yeah i am kinda in and out.standing on the sidelines.i dont wanna look suprised tomorrow :)
June 10, 2010 at 20:21
I am already getting bold and blood pressure
June 10, 2010 at 20:21
just need another $50 and made my taregt for the day – come on AUD
June 10, 2010 at 20:22
or if hashim is around maybe his royal sheikdom can provide ;-)
June 10, 2010 at 20:22
are we about another short later ???
June 10, 2010 at 20:23
have all the spreads just widened on your platforms???
June 10, 2010 at 20:24
yeah same here.
June 10, 2010 at 20:24
is marks recommendation still valid guys? My Q and abdu’s.(sos) Johnny
June 10, 2010 at 20:24
Stopped Book of Eli! Metatrader started making noises! Alert! My order was filled @1.2138. :)
June 10, 2010 at 20:27
nice fill
June 10, 2010 at 20:28
ur order was @ 1.2138….iznt it??
June 10, 2010 at 20:30
sorry 1.2148
June 10, 2010 at 20:37
I changed it back when i left looke very far away.
June 10, 2010 at 20:25
not been on for few hours ave i missed anything ,any changes to piphut
June 10, 2010 at 20:28
sheridano,today is the world cup championship as simple as that
June 10, 2010 at 20:29
maybe i’ll just hang around for a few more hours johnny.
June 10, 2010 at 20:30
dont wanna give up ha :D
June 10, 2010 at 20:35
Why? You have booze and company there, so no need to close your windows yet?
June 10, 2010 at 20:38
Nah dont do booze,company aint always around when i am trying to line my pockets wit pips.gotta have rules you know.
June 10, 2010 at 20:41
True, so true….You’ll need ‘m companies to spend you’re pippies right?
June 10, 2010 at 20:49
how’d you know dat????you’re a genius.After all my sleepless nyts chasing pips,even in my dreams,you’d think i’ld blow it all off on company?????Company had beta come over now and keep vigil with me ryt now so as to share in the dividends.
June 10, 2010 at 20:29
We are getting close to a 1000 comments per Trade Idea, so keep on coming :D
June 10, 2010 at 20:30
Only Mark will be able to tell different! But thus far my outlook hasnt changed. TP1 2150 TP2 2175 TP3 2200
It will be a hard road travelling but Asian session may give some boost to it?
Its against the trend, its not Marks favorite trade style.
But…Its maybe the last time I can go long in this pair :)
Just only my view so do as you please, please!
2150 will be a hard one!
June 10, 2010 at 20:32
be extremely careful, SP is falling.
June 10, 2010 at 20:34
And to add to it, please only go long if your convienced yourself (I dont wanna be blamed!)
I just hope the Wise Old White Owl will show his face in here once again so we could ask him what his view is on the situation?
June 10, 2010 at 20:45
Johnny,look up.do you see the outline of the white owl approaching from a ditance.hope your tree can support his weight???
June 10, 2010 at 20:32
taavi,very funny ,keep doing that
June 10, 2010 at 20:34
I`m allready loosing my mind, getting really tired now. Have not been sleeping very well this week and headache is disturbing. :D
June 10, 2010 at 20:33
gardenia ?
June 10, 2010 at 20:37
Gardenia is our lovely sweet lady from Baghdad Tom! Be nice ok!
June 10, 2010 at 20:36
what better way to enjoy a thursday than a nice chilled beer and paul simon’s graceland blasting thru the gramophone…come on bears!!!!
June 10, 2010 at 20:38
Soon Yogi will drink all your beers and stamp his feet on your music box :)
June 10, 2010 at 20:41
lol.
June 10, 2010 at 20:37
Risk On, USD, JPY Give Ground
Trichet: Euro zones growth pattern could be uneven. On bond putrchase programme we dont give any more information. Re additional liquidity, to adopt fixed rate with full allotment in 3-month till September 2010
U.S. Treasurys Geithner: Reform of Chinas exchange rate is critically important Important for China to understand U.S. Congress will act if it does not move on currency issue
George Soros: Financial crisis far from over, were in second act now. Global economy could be headed for a double dip
U.S. jobless claims fall to 456,000 June 5 week vs consensus 448,000
U.S. April trade deficit $40.29 bln vs consensus $41.00 bln
German constitutional court rejects injunction against EU safety net guarantees sought by lawmaker Lawmakers office
Roubini urges ECB to ease monetary policy to offset austerity
U.S. sells $13 bln 29 year 11 month bonds at high yield 4.182%, awards 84.84% of bids at high. Bid to cover ratio 2.87
Trichet: Have indications budget execution in Greece on track in first 5 months
Risk on today with greenback and yen giving ground. S&P finished up an impressive 2.9%, oil up around one and a half bucks.
EUR/USD up at 1.2130 from early 1.2050 having been as high as 1.2142. News that German constitutional court had rejected injunction against EU safety net guarantees certainly helped underpin euro. As US stocks rose throughout the day so did EUR/USD, tripping stops through 1.2110 on way to 1.2142.
Cable rallied well, putting on three quarters of a cent, finishing around 1.4710 having been as high as 1.4717 after stops were tripped through 1.4700.
USD/JPY finishes around 91.25, effectively unchanged on the day, hostage to cross plays going on around it. Better risk sentiment saw EUR/JPY finish up at 110.70 from early 109.95.
June 10, 2010 at 20:39
You dont want me to read this all now at this hour do you Taavi? Man, what are you doing to me :)
June 10, 2010 at 20:39
whats the pattern emerging on th 1HR TF called? scary!!a very bullish sign..not good
June 10, 2010 at 20:44
Omg…:) I think your right Pipsy? Aint no stopping the Choo-Choo now I guess?
June 10, 2010 at 20:40
not my gramophone!!! no!!!!
June 10, 2010 at 20:51
Btw, I red somewhere today in here someone called you HANDSOME PIPSY ? Any particular reason? Private Messages or su that we dont really wanna know about :)
June 10, 2010 at 20:41
I was already closed please be carefull it’s to risky today coz worldcup. There is a master of forex mr mark any way that’s my view don’t follow me
June 10, 2010 at 20:47
Yes ,sheridano
June 10, 2010 at 20:47
@PIPHUT Mark , please enlighten us, your lost disciples ???
June 10, 2010 at 20:47
haha johnny ,will try my best
June 10, 2010 at 20:51
wow..just got back..still got my long open on cable…here’s when i took it
squidge
June 10, 2010 at 11:07 am · Reply
just went long on cable, neutral news and sustained break of res at 1.4605, lets see
June 10, 2010 at 20:53
sweet :)
June 10, 2010 at 21:03
yeh really pleased; was my own analysis – all learned here so is thanks to you guys! and probably a fair bit of luck!
June 10, 2010 at 20:57
George Soros is sounding a lot like Warren Buffett these days.
In a conference in Vienna, the famous investor said that Europe’s worsening debt situation is just “Act II” of the crisis, according to Bloomberg.
Bloomberg: The collapse of the financial system as we know it is real, and the crisis is far from over, Soros said today at a conference in Vienna. Indeed, we have just entered Act II of the drama.
Soros, 79, said the current situation in the world economy is eerily reminiscent of the 1930s with governments under pressure to narrow their budget deficits at a time when the economic recovery is weak.
But the kicker was what he had to say about credit default swaps. Soros called them a “license to kill” and that they should only be allowed if there’s an “insurable interest.” Quite reminiscent of when Warren Buffett famously called derivatives “weapons of mass destruction.”
June 10, 2010 at 21:05
anyone watchin cable
June 10, 2010 at 21:10
jep
June 10, 2010 at 21:07
(RTTNews) – Higher opens are expected Friday for the New Zealand and Australia stock markets. Traders get a sharply positive lead from Wall Street, where markets rose on hopeful unemployment data and encouraging economic data from China.
June 10, 2010 at 21:12
Hey Johny. my pitchforks are still valid on all currency pairs. BTW i’m short on GBPUSD.
June 10, 2010 at 21:22
Hi Zubair, So whats your view on E/U for now pls?
Btw, I am going to sleep. Placed a reasonable SL and TP2175. Lets see?
June 10, 2010 at 21:23
zubair whats ur TP on cable?
June 10, 2010 at 21:27
It depends upon the Momentum cross against me. Use 5EMA and 8SMA combination for momentum. BTW i will close my short tomorrow by seeing the conditions. If i stopped out then . . . . :D but no worries i will manage it
June 10, 2010 at 21:08
cable hitting resistance and dail moving average on 4hr chart ,is this any significance
June 10, 2010 at 21:11
im thinking maybe good place for short
June 10, 2010 at 21:16
if euro breaks the 200MA we will go south, now lies at 1,2098 on 1hr chart.
June 10, 2010 at 21:22
EURO can go to the south now because US session is closed now and it is overbought and also it is being rejected from daily M3 from 1.2141. now if it breaks below 1.2184 then it will come in the bearish channel again. Also Stochastic divergence is insight. Lets see
June 10, 2010 at 21:26
and g/u needs a sustaind break below 14700
June 10, 2010 at 21:21
tavvi 1.2081 is support ,im waiting on it breaking that myself
June 10, 2010 at 21:24
i think support at 1.2096 & then go up 1.215
June 10, 2010 at 21:26
@PIPHUT Mark, are your there? Could yu just give your view on the present situation. I’m about to go to sleep but would like to know what your think of it? Thanks
June 10, 2010 at 21:28
Johny i personally think that it is a poor time for long. Just my view
June 10, 2010 at 21:26
Good Night Piphutters
June 10, 2010 at 21:27
Good night my dear. Take care
June 10, 2010 at 21:28
nite gardenia
June 10, 2010 at 21:32
Yes, After double checking. I stick to my view. It soon will jump over 2150. I am very convienced about it.
GL to myself
June 10, 2010 at 21:34
you in at what level?
June 10, 2010 at 21:35
Johny you are very stubborn my child :D your view is reasonable but my chart is telling me that the uptrend is over now!! See the Stochastic divergence in M15.
June 10, 2010 at 21:40
GL johnny…impressed by your conviction
June 10, 2010 at 21:36
johnny can i ask ,are you getting this fgigure from accending top trend line as thats where it meets 1,250
June 10, 2010 at 21:37
I use the Dinapoli template – macd moved below signal line and stoch lines now touch…also a doji forming on GMT+2 4h…think now could be the time….