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 05:12
GM.
Hopefully, We’ll see some action today.
July 30, 2010 at 05:13
@piphut GM MARK very nice this PS
July 30, 2010 at 05:52
Good Morning all.hav a lovely day.
July 30, 2010 at 05:56
@piphut. Thanks,Mark.
Patience is a virtue. But life is fleeing like grains of sand
in an hour glass. There is no reset button.
Carpe Diem.
July 30, 2010 at 06:03
good morning /evening all and GL
July 30, 2010 at 06:32
I’m long @3070, SL 3040, TP 3114
July 30, 2010 at 07:16
I am with you TP is below S1 tho 3105.Not a convincing up move so far :(
July 30, 2010 at 07:51
I should have been stopped out but as I mentioned a few days ago, my SL is junped over sometimes. Now it’s moving up again and I am still in it.
July 30, 2010 at 08:34
Well, stopped out for a small loss. :) or :(
July 30, 2010 at 08:38
I had this problem with my previous broker too. S/L not being taken. You should raise this issue with them. Kinda dangerous in my opinion.
July 30, 2010 at 07:00
@piphut Thanks for the signal Mark
God bless you !
July 30, 2010 at 07:32
hello everybody thank you Mark for signal
@Piphut hey Mark more news this weekend? you should not write this – tommorrow Im leaving for holidays in mountains so I will be whole week looking forward to come back to see whats under Pipx-mass tree :D :D
July 30, 2010 at 13:23
Have fun in the mountains :)
July 30, 2010 at 07:34
FOREXLIVE:”I’m losing the will to live!! We just get going and up pops a bloody Asian sovereign, who thinks it would be jolly jape to sell a few euros around 1.3085/90. And here we are, back down at 1.3065 where we started.”
will be stoped out soon :(
July 30, 2010 at 07:36
gm all and thank you for Mark for this site.
July 30, 2010 at 07:43
Morning all
July 30, 2010 at 07:50
Hi Mark,
@piphut
Thanks for the signal! Weekend news pertaining to premium services? :)
Hi everyone,
Blessed pipping!
July 30, 2010 at 08:13
EUR is falling as a rock into a well …. im curious if it stops at Marks 3015
July 30, 2010 at 08:19
29 is open?
July 30, 2010 at 08:45
FRANKFURT (MarketWatch) — French oil major Total SA /quotes/comstock/13*!tot/quotes/nls/tot (TOT 50.22, +0.30, +0.60%) /quotes/comstock/24s!e:fp (FR:FP 38.97, +0.63, +1.64%) said Friday its second-quarter net profit soared 43% to 3.1 billion euros ($4.05 billion) from €2.17 billion in the same period a year ago. Sales surged 31% to €41.33 billion from €31.43 billion. Upstream petroleum production increased 8% in the quarter, and Total said it approaches the second half of the year with a “confident” outlook. Shares of Total rose 1.8% in Paris trading.
July 30, 2010 at 09:03
Anybody in EUR long?
July 30, 2010 at 09:09
not yet (ec calendar for euro )
July 30, 2010 at 09:06
yesterday I thought I was a euro bear, now it seems I am a dollar bear, I am confused grrrrrrrrrrrrr
July 30, 2010 at 09:07
me
July 30, 2010 at 09:09
hammer EURUSD 1h 2010.07.30 08:00 1.30470 bullish
July 30, 2010 at 09:19
look at last 4h too!
July 30, 2010 at 09:24
Good morning & evening PiphuNters..! There seems to be a strong support for the EU at 1.3015.
July 30, 2010 at 09:32
And even better support at 1.2980 in the form of the lower bullish channel. Your take on this guys.
July 30, 2010 at 09:37
yes!!
July 30, 2010 at 09:39
or 29.03 let s see before
July 30, 2010 at 09:38
yes as well :)
July 30, 2010 at 09:42
from this morning i was with 15 mn candle(it s near the mvt)
July 30, 2010 at 09:47
Hello all Piphutters, What is happening to EU? Can you see that downward move?
July 30, 2010 at 09:51
Can anyone tell what is moving the EU market down at this speed rate? Is that the bearish level we’ve been waiting for?
July 30, 2010 at 09:53
@Mike – Nothing unusual, this happens when it is a Friday, what with the week and the month closing.
July 30, 2010 at 09:53
Nice buying opp.My view.
July 30, 2010 at 09:59
GM and GL to all! Happy pipping!
Has anyone managed to short EUR? Was there any decent confirmation for a short? I am in the office and can only see current prices but no charts:(
July 30, 2010 at 10:00
same thing happening with the GPBUSD
July 30, 2010 at 10:01
Do not go for any long as of now, wait for 1.2950 to be hit. Heading there..
July 30, 2010 at 10:08
1.2950 next support ahead of 1.2880. Lets see
July 30, 2010 at 10:13
u mean 2980.
July 30, 2010 at 10:21
No 1.2880
July 30, 2010 at 10:12
Hey, where is @monsan when we need him?
July 30, 2010 at 10:13
He left yesterday, might return when he feels like it ;)
July 30, 2010 at 10:14
no no plse!!
July 30, 2010 at 10:17
no please, dont even joke about that or he will come back ….
July 30, 2010 at 10:19
then we need a new leader…..FOLLOW ME…EVERYONE SHOULD SELL NOW…muhahahahaha
July 30, 2010 at 10:13
Hello everyone, GL for today, seems that funny things are happening.
July 30, 2010 at 10:18
Any one going short or long around 1.30 ?
July 30, 2010 at 10:20
L for 15 MN
July 30, 2010 at 10:30
out!!
July 30, 2010 at 10:22
Lets wait to see this H1 candle close …. it will help to decide maybe …..
July 30, 2010 at 10:30
I went short on the break of 60EMA on 1H (@1.3025), since that doesn’t happen very often
July 30, 2010 at 10:22
GOOD MORNING FELLOWS. GOOD MORNING SIR. MARK.
GOOD TO KN EVERYONE IS HERE
July 30, 2010 at 10:29
From my view, the H1 and H4 trend has reversed (that is down). Do you confirm?
July 30, 2010 at 10:37
i would agree but dis is d fx world.someone somewhere myt sneeze and everyone catches cold.anything is possible,i see bulls in the horizon though.and johnny’s little bully is leading d pack.
July 30, 2010 at 11:27
I HAVE TAKEN LONG AT 1.2980 with sl 1.2940 tp 1.3105
July 30, 2010 at 10:33
looking for a nice entry for a long.out of my short positions @1.2990.happy pipping everyone.
July 30, 2010 at 10:34
Great analysis Mark and thanks plenty. One question I have, is going short at 1.3015 (15pips away from a psychological or big number) a good decision to make.
July 30, 2010 at 10:37
2950 is open?wt do you think?
July 30, 2010 at 10:48
someone hve news about CHF and BNS (rates)
July 30, 2010 at 10:49
Anyone plannining to short GBPUSD?
July 30, 2010 at 10:51
short ?
July 30, 2010 at 10:49
short e/d @3085 took profit @ 3050 thninkig it was heading north. went back to bed. WOW was that ever a mistake. Amazing Mark your call at 2950 just amazing
July 30, 2010 at 10:52
are the bulls here yet or its just a few bears takin some minutes off to reload
July 30, 2010 at 10:56
After the news !!!and we support btw hands let s see …;;i hope
July 30, 2010 at 10:58
i mean we have support(2950)
July 30, 2010 at 11:02
time to sell?
July 30, 2010 at 11:04
long @1.3000.hop i dont get my fingers burnt.
July 30, 2010 at 11:06
“EU pulls back below 1.30″
http://www.fxstreet.com/news/forex-news/article.aspx?storyid=4dd2dd6b-135d-40cd-b86c-bc1df81ff781
July 30, 2010 at 11:18
any1 else in here long?????am i riding solo?????
July 30, 2010 at 11:20
yes let s go!!!
July 30, 2010 at 11:24
Long from 1.2984. Let’s go!
July 30, 2010 at 11:24
waiting for gdp figures now
July 30, 2010 at 11:30
thanks for confirmation guys.
July 30, 2010 at 11:20
i think bears will attack again…
so im in sideline :)
July 30, 2010 at 11:25
waiting for news
July 30, 2010 at 11:28
am long at 1.2980 with sl 1.2940 and tp 1.3105
July 30, 2010 at 11:34
nice entry
July 30, 2010 at 12:01
nice entry @kumar what signal did you use to enter? or just using previous support?
July 30, 2010 at 12:05
jus previous support.. as its in bullish trend i thought i might not go down much.. took risk but now moved my stop loss to break even as i entered with 2 lots..
July 30, 2010 at 11:36
Hey guys, isn’t the conservative trade triggered on this sustained break. We have a pull back to the support level at 1.3015. Time for short?
July 30, 2010 at 11:38
i dont think so!!!
July 30, 2010 at 13:27
That was not the conservative trade. In fact I described it as a “much riskier short”