Recap: Pair bounced around yesterday, giving us a false breakout above 1.3030 before returning to the 1.30 range where it seems to be comfortable for the moment. Our conservative signal from yesterday was not hit, if you took the secondary trade (long above 3030) then you either are still in the trade or were stopped out depending on your SL placement. Obviously the aggressive short below 2915 never was triggered either.
Some simple “buy low, sell high” strategies would have worked wonders for scalping yesterday.
Daily Outlook: All that bouncing up and down has giving us a bearish looking doji on the daily GMT charts. I see this more as confirmation that 1.31 will be a good area to short in rather than a signal to go short right at the moment. That being said I do have a single lot short open from the 3015 area to challenge 2915.
Don’t forget to check the forex calendar to avoid event risk and to check candlestick alerts for good intraday trading opportunities.
Trading Idea: 1.2950 is today’s key level – I am bullish above and bearish below. Primary trade will be long near 1.2950 support with targets at 1.2975, 1.30, 1.3030 and 1.3060 for110 pips profit.
An aggressive short would be to sell on a sustained break below 1.2950 on the 4h charts, with targets down to 1.2915 and 1.2815 for 135 pips profit.
Happy pipping!
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July 28, 2010 at 14:54
ya’ll have a good day
johhny where have you been?
July 28, 2010 at 15:02
thanks for sharing your thoughts
July 28, 2010 at 15:11
Where did everybody go?
July 28, 2010 at 15:34
Still here, but market is done for today. It didn’t dip enough for a good Long setup (EUR/USD).
July 28, 2010 at 16:26
There is still the Asian session.
July 28, 2010 at 16:28
EUR/JPY for that.
July 28, 2010 at 15:14
sssssshhhhhhhhhhhhhhhhhhhhhhhh
bears r sleeping
July 28, 2010 at 15:16
EUR is being appreciated again on “US Durable Goods” worst data.
July 28, 2010 at 15:31
why ur Avatar is not shown here???
July 28, 2010 at 15:20
If €/$ reaches 2994 I might go long for a few pips.
July 28, 2010 at 15:56
after a bearish doji?
July 28, 2010 at 16:24
Something like that. I will also be monitoring Stoch, SRI and MACD.
July 28, 2010 at 15:35
i have quite a few messages about my recent postings, some asking me to keep it on topic for the euro only so to not distract from Marks objective.
I dont see anything wrong with my posts but to avoid any problems I started a new group for my ‘ramblings’ as they have been called, thanks to the member that gave me the name
http://piphut.com/groups/ttoms-ramblings/home/
July 28, 2010 at 15:59
Hi there Double T….Just back. The Rambling Man hey? Nice nick, like it :) As long as they’re not gonna name you “Rambing Rose” its fine by me :)
Anyway, its still not willing to go for a clear direction it seems. Around 1,30 its “Strong Territory” But its fine by me, I still favor the upside anyway :) The Eurozone seems to creep out of their slurry put while the US is sucking in it more and more by the day.
But again, its “Sand Castles” at both sides (Not even to think about the Foundation these Castles are build on)
So, any fart that comes out of Europe will blow the Sand Castle back to beach sand again :)
Btw Ttom, keep it coming, I appreciate all your postings !
July 28, 2010 at 16:04
Slurry put=Slurry pit
July 28, 2010 at 16:39
@ttom it s very “interesting”to read you all the time !!!another level continue thanks a lot
July 28, 2010 at 16:07
@DIAMOND Hey Diamond, what are you doing now? It seems even in LV its not getting any better? Do something about man since you live there :) (Go spend your daily pips every night from now on…:))
“Las Vegas Sands Posts Narrower Loss In Q2; Adj. EPS Tops Street View – Update”
July 28, 2010 at 16:13
I remember bush made a law against online gambling or something like that.Well seem like it didnt help much :)
July 28, 2010 at 16:26
I don’t see what the big deal with ttoms posting. Yes I agree this is about e/d but Mark has even posted other pairs as well. As a new perosn to this site/forum I have learned alot for ttoms postings and I don’t have to jump from one page to another to see his or other peoples postings. It was my understanding that a person could post on any pair on this page but if you want to go into more detail about the pair you would go to that pair forum. Maybe I am wrong.
July 28, 2010 at 16:31
It might be distracting for begginers tho.People that focus only on one pair,which is good when you just start up.I think ttom made the right decision.It is a smart move and sign of good character.
I joined his group and everybody is happy now :)
July 28, 2010 at 16:27
Any idea for a candle stick scanner?I just missed one a couple of hours ago ,because I was looking at something else.
Somthing like our alert system here ,but for more pairs
free of coarse :)
July 28, 2010 at 16:46
it s so quiet ;end of the week end of the month!!!!!
July 28, 2010 at 16:31
(RTTNews) – The euro held its ground versus the dollar but slumped to its lowest in three weeks versus the sterling on Tuesday, as stocks wobbled following a significant recent break out.
With risk appetite waning a bit amid another round of troubling data on the US economy, the euro was unable to build on its strong gains versus the dollar.
The euro stayed near 1.3000 versus the dollar, having touched 1.3045 yesterday. This was the single currency’s highest level since mid-May.
The euro also extended its comeback versus the yen, rising to a new 2 1/2 month high of 114.73.
Those holding long positions in the euro agonized this spring as the European sovereign debt crisis drove the single currency to its lowest in years versus a basket of key majors.
However, since early June the euro’s resurgence against the dollar has been dramatic, with many saying the worst of the region’s sovereign debt problems have passed.
Last week’s stress tests on banks also signaled that Europe’s banks are healthier than once feared, although the tests did not measure the bank’s ability to cope with one or more sovereign defaults.
While the euro has pushed ahead versus the dollar, its has continued to struggle versus the sterling. Amid expectations that the UK economy can withstand austerity measures, the euro slipped to a 2-week low of 0.8312.
There is some considerable distance to travel before interest rates return to ‘normal’, Bank of England Governor Mervyn King told lawmakers in London on Wednesday.
“There will come a point when we will certainly need to ease off the accelerator and return Bank Rate to more normal levels,” he said.
July 28, 2010 at 16:45
Stocks Moderately Lower Ahead Of Fed’s Beige Book
July 28, 2010 at 16:47
@johnny how are you did y have y cup!!
July 28, 2010 at 16:59
Cup of Coffee? Yes, more then one :) Today I stay off side a bit Sahara, just waiting for the break out :) Some may like to scalp in these ranging situations, I rather eat some Pie and have another coffee :) (Dont wanna spent even the time to grab a few pips)
But, dont worry my ship will come in :)
Also, (Due to some reason I cant reveal:)) I am not really ‘comfortable’ to keep a good eye to it all :) And I still hate my pocketPc :)
Lets see my friend, for as long as this is not diving below a certain level (I have in my mind:)) I remain (quite) bullish :)
July 28, 2010 at 16:51
Markets continue to drift and appear likely to do so until the Beige Book is released at 2 pm EDT, a little over an hour from now….
July 28, 2010 at 17:04
Yes Scotch it is and was a good idea for ttom to move but now I have to have 2 screens up so I can follow what is going on. one screen for ttom and one screen for this site. Not only I am trying to learn forex but I am learning how this site works. If a person can see all posts from all people please tell me how to do this so I can only have one sreen on my computer.
July 28, 2010 at 17:09
well I have like 5 tabs open all the time.one for piphut,one forexlive,one forexstreet,one marketwatch, one bloomberg.I have to admit that I use two screens,one for the charts and one for the sites I just mentioned.
July 28, 2010 at 17:10
My God Scotch, You are a Pro in the flesh it seems :)
July 28, 2010 at 17:12
If I would be ,I wouldnt need all this :)
July 28, 2010 at 17:13
But, to be frank I do about the same when I’ve got access to my PC (Have several windows which are just a click away:)) But with a PocketPc its a little more complicated :)
Anyway, just back and able to work with my notebook/laptop again which feels much much more comfortable :)
July 28, 2010 at 17:20
my second screen is a netbook.So I can run around the apartment.Dont wanna get fat :)
July 28, 2010 at 17:07
Breaking news: Treasuries rise after $37 billion auction of 5-yr notes
July 28, 2010 at 17:08
Treasuries rise after $37 billion auction of 5-yr notes
July 28, 2010 at 17:11
Just tried to google “canlestick scanner” all I get is Nisons candle scanner……this sucks :(
July 28, 2010 at 17:15
Off to prepare/eat dinner. Might catch you later.
July 28, 2010 at 17:17
ive stayed away from e/u for couple days, but it feels like i have to buy some euro…
i have to go look at charts one more time…
July 28, 2010 at 17:24
2 perfect daily dojis will make everyone want to sell euro… thats when i buy =)
July 28, 2010 at 17:26
On my wish list is another computer and more monitors. I don’t want to be a pro just pay the bills
July 28, 2010 at 17:26
Leaving with a decent profit today.The biggest amount obviosly not from the EUR/USD :(
Good luck to everybody.If you got any clues on a candle scanner pm me.thanks
July 28, 2010 at 18:06
Happy for you Scotch, grab them where ever you can :) See you around
July 28, 2010 at 17:29
have a good one scotch
July 28, 2010 at 17:52
The Fed’s Beige Book will be released in about 5 minutes.
July 28, 2010 at 17:58
@PIPHUT Is MArk amongst his Disciples already? Or just testing his soon to be launched ‘Bonanza Forex Dream’ ???
July 28, 2010 at 18:04
FED’S BEIGE BOOK SAYS ECONOMIC RECOVERY SLOWED IN SOME AREAS
FED: MANUFACTURING EXPANDED, WHILE SOME DISTRICTS NOTED SLOWING
FED SAYS CREDIT CONDITIONS WERE `TIGHT’ IN MOST DISTRICTS
FED SAYS INCREASES IN RETAIL SALES WERE MODEST IN MOST REGIONS
Fed’s Beige Book is greeted with a yawn for the moment…
July 28, 2010 at 18:08
hey @johnny,ow has d day bin so far????watching and scalping all day.
July 28, 2010 at 18:13
Hi , there Dutch. Visited my new Hotel room for the next weeks n(Or even months) to come, Dont like it much tho, not too comfortable :) So didnt checked in yet!
About Scalping, only the IRS man’s head if possible please :)
Take care and good luck Dutch.
July 28, 2010 at 18:16
I like Forexnoob’s attitude (Dont know him/her to well yets but sure like his reacent posting:) He’s about as stubborn/bullish as I am :)
July 28, 2010 at 18:20
G/J worth watching now, could become interest for a trade soon :)
July 28, 2010 at 18:22
Anyway, I am out of here (again). Ya’ll take care now.
Signed off: The Fugitive
July 28, 2010 at 18:24
GBP/USD is falling a bit post Fed Beige Book – Support seen around 1.5560 & 1.5540 in the short term.
July 28, 2010 at 18:54
Hi Girls
whats up Johnny from your latest postings i see u have a problemo with the tax man and your in a hotel room mmm thats bad man goodluck with everyting.
July 28, 2010 at 19:11
@piphut hello MARK how is prem?
July 28, 2010 at 19:12
nope, its not gonna make a doji. that is a confirmation for bear. double top, and bearish doji.
July 28, 2010 at 20:16
wow. very weird price action today.
it is making two dojis….wow. tomorrow will be an extremely exciting day.
i gotta go ask TAs what they make of this…
July 28, 2010 at 19:40
we will finished this day with the same candle!?
July 28, 2010 at 20:53
and she is closing again under the 61.8 on the daily thats a strong level
pretty interessting stuff!
July 28, 2010 at 21:06
Hi there Martin, just came back to peek in here afore I go off to bed :)
It seems getting even more interested if you look a little further ahead :)
Lets see what brings tomorrow :)
July 28, 2010 at 21:14
Fed sees U.S. economic recovery hesitation
Released: July 28, 2010 10:08 p.m.
Last edited : July 28, 2010 10:58 p.m.
WASHINGTON – The modest recovery of the U.S. economy is in some parts of the country to weaken . So says the Federal Reserve ( Fed ) , the American system of central banks in a report published Wednesday .
Among the districts that early June is an improvement in economic activity reported is a number that the very modest growth, now calls it.
Two regions , Atlanta and Chicago reported that the pace of economic activity has declined recently , warned the Fed in the so-called Beige Book .
On the labor market , the Fed noted that this in several regions show a gradual improvement , but in five regions only increases the demand for temporary staff .
Incentives
The Fed sees little further improvement in the housing market , government incentives have now expired. Consumer spending are not what they should be , the Fed concludes .
The U.S. central bank uses the report to the meeting on August 10 of the Federal Open Market Committee , which decides on key interest rates .
July 28, 2010 at 21:17
Nzd/Usd could be a interesting Buy option right now :)
July 28, 2010 at 21:23
Kiwi looks to be getting some support from the 0.7200 level, where medium-term buy order are likely placed
July 28, 2010 at 21:32
Hi @Johnny,
I´m not sure if it is good idea to go long after such strong down move … ??? just my opinion
btw. why are you not in blue last few days ?
July 28, 2010 at 23:00
Moving Average 14 is getting closer day by day in 4hours tf, lets see and wait, btw I am long from 1.2970, so any good analysis before Marks’s signal is out?
July 28, 2010 at 23:07
another doji on daily..
July 28, 2010 at 23:11
true :-), but I think we could see some movements today if not we will have 3 dojis flat but reminder moving average 14 crossed upward in daily.
July 29, 2010 at 00:06
entry 3000 , tp 25 pips , sl 10 pips ,
July 29, 2010 at 00:13
hi monsan, u entered based on which tf? is it still 5 min? tq
July 29, 2010 at 00:16
technical analisis , yes m5 ,
July 29, 2010 at 00:27
u entered to sell right?
July 29, 2010 at 00:49
sell
July 29, 2010 at 00:51
moved sl from 3010 to 3000
July 29, 2010 at 00:18
EURUSD remains in uptrend from 1.1876 (Jun 7 low) and the price action from 1.3028 is treated as consolidation of uptrend. Another fall towards the lower border of the rising price channel (now at 1.2738) would more likely be seen later today.
July 29, 2010 at 00:52
i think that to
July 29, 2010 at 01:52
Thinking that the bulls are scared as hell what may be lurking in the 1.30-1.31 area, if there is a ambush there it may be put the eur in a tail spin that dives it much much lower, the idea of it testing the lower channel seems more likely..
July 29, 2010 at 00:41
My opinion only, higher probabilities are from (1.3017 – 1.2979), if there is any, please tell, I based this on midday s/r
July 29, 2010 at 01:04
Buying on dips and banking the pips!!!
July 29, 2010 at 01:42
i will buy on dips too ,
July 29, 2010 at 02:37
Hi @pipsqueek, when you buy on dips what do you set your TP for, I have been trying to do that but I get pips but before I know it price turns against me, so maybe I try to stay in too long? thanks
July 29, 2010 at 03:11
I scalp..so I just watch my profit. As soon as it makes me happy I take it…In and out quick. It adds up quick but you have to be careful!Also trading 5 to 10 lots at a time…something I do not recommend unless you know what you are doing and even then can be VERY RISKY! Trust me it has bit me in the ass many times…
good luck
July 29, 2010 at 03:47
you must have a huge account balance!
July 29, 2010 at 03:11
entry sell 3000 , tp 2980 , sl 3010
July 29, 2010 at 09:10
Bought the euro on Mon at 12930 (mentioned buy here at the time) for reasons I gave here last week both fundamental and technical. We have resistance now and it may be a while before we see prices holding above 131. However as I have previously said here, I intend to try to hold all this week and next as I think the euro is heading for 13500…
July 29, 2010 at 17:03
am still researching on forex, if u hav good tips, I will appreciate.