Daily Outlook: Short term signals continue to be bullish. I’ve had a bearish long term outlook since 2009, though since early July I’ve been buying along with the uptrend. Earlier this week I tested the waters of a longer-term short only to be stopped out quickly. Luckily those short term buys I keep piling on more than make up for the bad trade. The trade had a great reward/risk ratio, and great money mangement, so even if I only win that one 1 out of 4 times I would be profitable, so I don’t feel bad about being taken out of the position.
Today is Friday, so I’ll be cautious and most likely head into the weekend trade-free, but the short term trend is up so I will continue to keep an eye open for buying opportunities. As always check the candlestick alerts for intraday trading opps and watch out for news events on the forex calendar.
Trading Idea: Bearish retracements have been few and far between recently, so for the primary trade I’m moving the entry zone up to 1.3015 (from 1.2950 yesterday) with confirmation. Long targets at 1.3040, 1.3070, 1.3100 and 1.3130 for 115 pips profit.
A much more aggressive long would be at 1.3045 with targets at 1.3070, 1.3095 and 1.3120 for 75 pips profit.
Finally if you are hesitant about long positions that is a much riskier short you can take: short on a sustained break below 1.3015 with targets down to 1.2950 for 65 pips profit.
Stay safe, use a stop-loss and never trade with money you can’t afford to lose.
Happy pipping and have a great weekend!
P.S. You’ll be getting more news this weekend!
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July 30, 2010 at 11:42
There is a rumour that US GDP is goin to be very weak today.. any idea
July 30, 2010 at 11:49
rolling mark baby! am rolling . is all good
July 30, 2010 at 11:56
a weak US GDP IS EXPECTED.. eu might see 1.325 today..any guess or idea
July 30, 2010 at 12:03
Does anyone have the same problem as me? I mean with the being stopped with by 2 or 3 pips. To give you an example, I had a long on €/$ with a SL at 1.2980 which was triggered. Just take a look at the graph at 10:00GMT to understand how I feel. This is always happening to me.
July 30, 2010 at 12:06
it actually hit 1.2980
July 30, 2010 at 12:09
sori,10.00 GMT lowest point was 1.2986.culprit=your broker is screwing you out.
July 30, 2010 at 12:12
29795
July 30, 2010 at 12:13
it waS 2979
July 30, 2010 at 12:16
on my graph it actually hit 2980 …. 13,37 low 1,298
July 30, 2010 at 12:19
your broker will put in serious trouble one day. change broker.
July 30, 2010 at 12:32
It was precisely 1.2980 (bid) on my platform
July 30, 2010 at 12:08
My SL is behind LS(2950)
July 30, 2010 at 12:21
Are you long?
July 30, 2010 at 12:23
yes (2 LOTS) but i ll closed before GDP
July 30, 2010 at 12:15
EURUSD may fall further on the US GDP release
July 30, 2010 at 12:21
agreed. do you think if we fall below 1.2960, that correction has started??
July 30, 2010 at 12:23
Yupe i’m targetting 1.2950 and 1.2880. But market has already priced in so we may see a little drop further.
July 30, 2010 at 12:20
Idk guys but Im short from 1.3015 with SL hidden behind 1.3050. Lets see
July 30, 2010 at 12:26
am off to trade usa / cad.see u guys
July 30, 2010 at 12:38
Worst than forecast GDP. Pushing the USD to the downside. :-)
July 30, 2010 at 12:46
@Zubair123
in the current situation what r ur plans?
going long on EU or short? whats ur idea?
(after the GDP release USD spiked 25pips up and now its just bouncing there)
July 30, 2010 at 12:48
Well my plan is Bearish on the USD today only. I think we will peaked 1.3123 today. After that i’m expecting a reversal.
July 30, 2010 at 12:52
Next Chicago PMI is expected to decrease , it can Push Greenback to the downside further.
July 30, 2010 at 12:49
GDP is not so bad (i think)but w ll have more news in one H let s see!!!
July 30, 2010 at 12:55
If it comes to 1.2950 then i will love to go long the pair.
July 30, 2010 at 12:55
Up and down like zee yoyo.
July 30, 2010 at 13:06
Economy in U.S. Grew Less Than Forecast as Trade Gap Widened
http://www.bloomberg.com/news/2010-07-30/economy-in-u-s-grew-less-than-forecast-as-trade-gap-widened.html
July 30, 2010 at 13:06
Hi all,
Today I took the time to read all daily comments in here, and in my humble opinion, I feel like I must share a word of advice with almost everyone here, that is:
Step aside for a while, and take a look at the big picture. Think and decide on your own.
Why I say this? Todays comments, and I think in the other days is more of the same, I see people that are trying to chase the market, and chase 2 or 3 guys in here that lead the heard, as the price dropped down this morning a lot of you were convinced that would go down to 1.28, after the market went up and then there you go, just after the market and targeting 1.32.
This is my opinion, what you take of it is your gain or loss.
Regards
July 30, 2010 at 13:16
why did you stay away any comment can help!!!
July 30, 2010 at 13:28
sahara,
I stay away every friday, that’s my tumb rule. Apart from that you can follow my market view at the EURUSD group of piphut.
July 30, 2010 at 13:33
yes my friend but last comment in EU group was 15H ago!!!!
July 30, 2010 at 13:38
As I said, I do not trade fridays, even if I have an opinion for the day would be not very nice to pass it to others if I’m not confident with it, don’t you agree. In the other days I make my suggestions the day before, and comment on the day every time I can
July 30, 2010 at 13:25
Fair point to make. Thanks
July 30, 2010 at 13:11
On the candle stick alert it says inverted hammer EURUSD 1h 2010.07.30 12:00 1.30280 bullish
Now I would have interpreted it as a SS as it occurred at the top on an up trend (small as it was).
Who is right?
July 30, 2010 at 13:30
I would side with you on that one, though it is a very weak SS because, as you mentioned, it is not at the top of any uptrend (just a bullish candle)
July 30, 2010 at 13:15
We are going down. :)
July 30, 2010 at 13:29
Pair is going down,if i am correct.
July 30, 2010 at 14:08
I think this was just a small correction. I hope there are more bulls coming.
July 30, 2010 at 14:26
Hi every one Have a great weekend will see ya When the Markets open again.
July 30, 2010 at 14:58
outta here guys.see u guys monday.@piphut,hop we get an update on premium dis weekend.Thanks again.
July 30, 2010 at 15:59
why today piphut room is so quiet?
July 30, 2010 at 16:00
A lot of people don’t trade on Fridays
August 1, 2010 at 04:55
I trade but very conservative, Friday seem to not like me.
July 30, 2010 at 15:59
Worst day ever.Days like this show why MM ist so important.Still in plus for this week eventhough a litle less and a good month.so drinks on me :)
July 30, 2010 at 16:00
Great weekend to everybody and I am also waiting for the premium….dont make me wait to long mark :)
July 30, 2010 at 16:07
well this friday was not bad ! all the way it was nice and we are on the first trad idea!!
July 30, 2010 at 16:20
TO ALL,
Patience is a virtue! Let the poor man (Mark) work on the premium service in peace. I guarantee you would rather him take his time to test it and get it right so that things run smoothly. I know as soon as something glitches or messes up you all will be the first to bitch that service is no good. Stop hounding the poor guy!!!!
As soon as it is up and running I am sure we wont miss a thing and all will know about it.
Please forgive my ranting and raving but holy crap…Enough already!
July 30, 2010 at 16:29
Second that!
July 30, 2010 at 16:43
I would really like to see the service running but you have a point there.
Rant on. :))
July 30, 2010 at 18:44
Rave on little girl! Distinguished or not I like to see you in here :)
July 30, 2010 at 18:48
Hey What happened Jenni? Why were you ranting and raving?
July 30, 2010 at 17:07
Hello Mark,
Thanks for the signal and enjoy your weekend. BTW let your family know that we appreciate them loaning you to us. May your household continue to be blessed.
July 30, 2010 at 17:30
Hi there Lisa. Just came in to have a look at my Pip making fella’s :) Hope you’re keeping fine?
Oh and btw, I dont think you need to worry about Mar, I am almost sure he treats his wife on a fancy dinner or champagne at the right time :) We’re al awaiting the Bonanza Gold, may it be launched soon :)
Have a relaxed weekend Lisa and take care.
July 30, 2010 at 17:50
Hello Johnny,i was really missing you here on piphut.
July 30, 2010 at 18:45
Hi Mubeen, You may have followed some recent postings of mine ? I cant show up the way I did in the past. But do peek in here when ever I can :)
Good luck to you.
July 30, 2010 at 18:49
http://www.bloomberg.com/news/2010-07-30/bernanke-s-assets-gained-as-much-as-31-last-year-as-u-s-stocks-rebounded.html
July 30, 2010 at 19:06
nice johnny i will ask him a job for august and why not september …..i make my Stresstest with my bank all of last week my bank said i hve to work mord i need some00000in my acount!!!!!
July 30, 2010 at 19:54
Ha ha..lol… Yeah, Good times or bad times coming, guys at that level have nothing to fear of Sahara :)
July 30, 2010 at 19:00
My coffee is awaiting. Wish all a good weekend.
Personally view is that we will still be seeing some higher highs (Even today or next week) but that 1,31/1,32 will but it!
Reason why is that the Euro leaders do not like to see a much stronger Euro like the ole days (Not that long ago :))
I think they are quite happy with around the level we’re about now! Dont really see 1,35 / 1,40 coming up in the months to come cause it wont really benefit Europe. (Example: We’re still trading/exporting outside of Europe)
Anyway, lets see (Howver, I am still (Short term) Bullish, and we wont be seeing the 1,26 / 1,25 ‘s in th enear future :)
Take care and watch your pockets :)
July 30, 2010 at 19:31
@johnny
I agree…So we will see.
Have a great weekend and look forward to seeing you in here next week.
ADIOS MUCHACHOS!!
July 30, 2010 at 19:50
Besame mucho mi corazon :)
July 31, 2010 at 14:07
Muaaaa :)
July 30, 2010 at 19:48
All piphutters.
‘Doubt is uncomfortable,certainty is ridiculous.’
Voltaire
August 1, 2010 at 04:52
Hey Mark, Just wanted to say hello. I hope all is well..
August 1, 2010 at 05:30
@piphut GM MARK happy sunday!! some news this morning
August 1, 2010 at 21:43
Last week, EUR/USD pushed to 1.3105 highs, the pair looks poised to make another run for those levels as this week begins.
August 2, 2010 at 02:51
EURUSD remains in uptrend from 1.2732. As long as 1.2952 key support holds, uptrend is expected to continue and next target would be at 1.3200 area. However, a breakdown below 1.2952 will indicate that a cycle top has been formed on 4-hour chart, then pullback towards the lower border of the rising price channel could be seen.
August 2, 2010 at 05:54
Good morning and evening all. Happy pipping through the week.
August 2, 2010 at 06:19
Morning all.
BNP Paribas second-quarter profit up 31%(2:07 am ET)
FRANKFURT (MarketWatch) — French banking giant BNP Paribas (FR:BNP: news, chart, profile) said Monday its second-quarter net profit soared 31% to 2.1 billion euros ($2.7 billion) compared to the same period a year ago. Revenue increased 12% to €11.17 billion. The cost of risk declined 54% during the quarter.
August 2, 2010 at 15:53
zubair123 whats up with the dice! Grrrr – little gambler u hey