July 29, 2010 03:11

Forex Signals – EUR/USD Daily Charts on Edge of Cliff

By:

* I’ve moved yesterday’s recap underneath the trading idea, it will be there from now on :)

Daily Outlook: Pair is teetering on the edge of a cliff right now, on one hand it is having difficulty finding buyers below the scary 1.31, while on the other hand the short term trend is up and investors seem much more risk-friendly than they did just a few months ago. This has shown itself on the charts as a bearish doji signal Tuesday and a bearish-looking candle yesterday (body was a bit too big for a doji – it still has a bearish wick though).

Where does that leave us, the lowly day traders? Personally I still have my short open from yesterday (1.3015 area) with a target down to the 1.2815 support, but that is not an intraday trade and may take a bit to unfold (if it unfolds at all).

As always check the candlestick alerts for intraday trading opps and watch out for the Initial Jobless Claims (forex calendar has details).

Trading Idea: Because yesterday hardly moved my signals will be identical:

“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!

Recap: No signal was tripped yesterday.


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526 Comments on "Forex Signals – EUR/USD Daily Charts on Edge of Cliff"
  1. Avatar of johnny
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    Comment left on:
    July 29, 2010 at 17:30
    johnny says:

    (Just came back to peek in here for a little while)

    @JOHNR

    Was just wondering….Your avatar…Who’s the one poiting a gun (?) at you ??? :)

    As for myself, recently the IRS man is after me , but he aint wearing no weapons (As far as I know) :)

    Good luck with the Usd/Chf (And eventual others…

    • Avatar of johnr
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      Comment left on:
      July 29, 2010 at 17:44
      johnr says:

      no..it’s not a hand’s up.
      It’s just a OMGosh..what’s going on with all the bearish stocks look, with hands on the head. Cool picuture huh?

      Not as cool as yours… although yours looks painful. Who can you blame but yourself… what was he doing in the bulls field in the first place.

      Life is all about deciding on risks.

      • Avatar of johnny
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        Comment left on:
        July 29, 2010 at 17:59
        johnny says:

        He was the one who let the Bears out one day :) So my little bully took care of him :)

    • Avatar of zubair123
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      Comment left on:
      July 29, 2010 at 17:46
      zubair123 says:

      Hey Johnny wos up baby?

      • Avatar of johnny
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        Comment left on:
        July 29, 2010 at 18:07
        johnny says:

        Hi there Zubair. Life can be fun…Until one day you’re confrontated with some IRS guys ringing at your door bell early morning :) Just need some time and hope to sort things out. Thats why I’m nothing showing up much lately. Dont want them to catch me (yet) :) The ‘Hotel’ room they have planned for me is far from a 5-star one :)
        Take care my friend and good luck

        • Avatar of zubair123
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          Comment left on:
          July 29, 2010 at 18:09
          zubair123 says:

          Oh ok Johny :)

        • Avatar of johnr
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          Comment left on:
          July 29, 2010 at 19:11
          johnr says:

          wow…I hope it’s not Forex income related.
          Forex income reporting is not clear-cut, unless you just surrender to the max 35%.

          • Avatar of johnny
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            Comment left on:
            July 29, 2010 at 19:18
            johnny says:

            No its not related to that JohnR :)
            Actually we are lucky over here with regard to Taxes on eventual FX earnings. FX is free from Tax :) I know its different in the US.

            Anyway I think I can manage, and if not I might as well take Double T’s offer and swap House with him in FL :)

          • Avatar of johnr
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            Comment left on:
            July 29, 2010 at 19:20
            johnr says:

            Oh Ok. I shouldn’t have assumed you were in US.
            Anyways, I won’t ask you any more questions… I’m not spying for your gov. LOL

          • Avatar of scotch
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            Comment left on:
            July 29, 2010 at 23:26
            scotch says:

            28% Abgeltungssteuer (Tax)…..welcome to germany :)

  2. Reply
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    Comment left on:
    July 29, 2010 at 18:06
    gipa says:

    Silently follow Mark’s predictions. He has a great responsibility because his members are all trading with live accounts. AS he said, bullish above 1.2950, we all know that noby can predict to where. Maybe 1.3060 as Mark said or maybe at 1.3145 where the pinbars show a strong resitance point. I will wait for that. In the mean time I was following Marks trendline from 1.2980 with my simple onde minute or five minute trading method to catch five pips here and ten pips there, only because I already have Mark’s trend prediction for the day. I use EMA5, EMA12 and Ema28 and the slow stochastic set at 5.3.3. Mac D at default. That keeps me busy and also the patience to wait for the big one. Thank you again and may all have a profitable day.

    • Avatar of johnr
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      Comment left on:
      July 29, 2010 at 19:13
      johnr says:

      Interesting mix of scalping and intraday short term trading.

      • Avatar of cadtek
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        Comment left on:
        July 29, 2010 at 23:01
        cadtek says:

        lol have have yet to pay taxes on it, been writing off for years lol

  3. Avatar of zubair123
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    Comment left on:
    July 29, 2010 at 20:26
    zubair123 says:

    Euro Rally to Stall on Weakness Outside Germany, JPMorgan Says: Tom Keene

    The euro’s rally will probably end as economic weakness in Europe outside Germany saps demand for the 16-nation currency, according to Rebecca Patterson of JPMorgan Chase & Co.

    http://www.bloomberg.com/news/2010-07-29/euro-rally-to-stall-on-weakness-outside-germany-jpmorgan-says-tom-keene.html

  4. Avatar of pipsqueek
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    Comment left on:
    July 29, 2010 at 21:36
    pipsqueek says:

    @johnny
    Is our crazy guy finally gone?? LOL
    “look into my eyes..and follow me”…lmao

    • Avatar of johnr
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      Comment left on:
      July 29, 2010 at 22:30
      johnr says:

      I’m sure he’ll be back.
      Shh…he’s watching anonymously.

  5. Avatar of pipsqueek
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    Comment left on:
    July 29, 2010 at 21:40
    pipsqueek says:

    possibly stalling below 1.3100/10, above may see 1.3150 initially, bias higher while above 1.3050/60 below may see 1.3020 area next

    • Avatar of johnr
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      Comment left on:
      July 29, 2010 at 22:34
      johnr says:

      My analysis for tomorrow is the same old buy at dips.
      I have a pending LONG at 1.3035 all the way to 1.3100s.

      I’d rather long at 1.2995, but the momentum to the downside is so short lived nowadays.

      I hope/expect US news tomorrow morning to be positive. EUR/USD will go up anyways since the factor now is risk appetite. Also, I’m dying to sell off my stocks at a higher price tomorrow. I hate stocks (forced because of 401k). Wish I could trade my retirement funds in Forex instead.

      • Avatar of scotch
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        Comment left on:
        July 29, 2010 at 23:23
        scotch says:

        The news tomorrow will be bad for the US.Even the forecast for the GDP is bad.Might be already baked in tho.
        Plus its the Friday,end of the month and important fib level at reach.Should be an exlosive day tomorrow

  6. Reply
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    Comment left on:
    July 29, 2010 at 22:59
    dustin says:

    hw can i pm u to know abt ur software u are trying johnr

  7. Reply
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    Comment left on:
    July 30, 2010 at 00:58
    forexnoob says:

    My e/j long entry was triggered at 113

    nzd/j long looks very tempting right now.

  8. Reply
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    Comment left on:
    July 30, 2010 at 02:11
    pipsqueak says:

    EURUSD’s uptrend from 1.2732 level extends to as high as 1.3106. Support levels are at 1.3010 and 1.2960, as long as these levels hold, uptrend will continue. On the downside, below 1.2960 will indicate that the rise from 1.2732 is complete, then pullback towards the lower boundary of the price channel could be seen.

  9. Reply
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    Comment left on:
    July 30, 2010 at 02:41
    forex tiger says:

    …actually monsoon is a heavy rainning period with storm….in south east asia……it only comes in season….and then dissapear

  10. Avatar of endrylim
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    Comment left on:
    July 30, 2010 at 03:39
    endrylim says:

    should i buy order eur/usd at 1.3055 now?

  11. Reply
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    Comment left on:
    July 30, 2010 at 04:45
    saharaviewtwo says:

    GM all

  12. Reply
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    Comment left on:
    July 30, 2010 at 04:54
    saharaviewtwo says:

    EURO AUD and CAD YEN are nice to trad (look monthly candle)…

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