* 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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July 29, 2010 at 12:51
OMGosh, my indicator that I tested yesterday gave a short signal for USD/CHF at 1.05918. It’s now over 145 pips profit!
However, I was only live-testing it with a penny-lot, so I’m up $1.45 !!! Whoo hoo! dop!
Don’t you hate it when that happens?
July 29, 2010 at 12:51
tp 3170 , sl 3076
July 29, 2010 at 13:19
obviously you have proved to us that you have a demo account.
4pip stoploss. spread is at least 1 pip, so this means you have maximum of 3 pip stop loss.
you probably dont even have enough time to make the entry before you get stopped out.
July 29, 2010 at 13:52
so what the point , if you dont want i have a real account is your problem , i dont care about your thoughts about my account , i dont have to prove nothing to you , get it
July 29, 2010 at 12:52
full leverage
July 29, 2010 at 13:46
dude you sure are keeping the post count up
July 29, 2010 at 12:56
full metal leverage
July 29, 2010 at 12:59
i still think we will see 1.26
only time will tell.
July 29, 2010 at 13:04
I must say after being in this forum for a week and a half today this is the first day that this forum is full of BULLSHIT. I am not hear for a good laugh I am hear to learn. I hope Mark removes this cancer from this forum.
July 29, 2010 at 13:06
cancer , i smoke is true i have to stop
July 29, 2010 at 13:06
everybody watching 5m chart
July 29, 2010 at 13:08
found a new “nice” avatar :P
July 29, 2010 at 13:08
Traders report the Indian central bank is still selling EUR/USD into strength in the 1.3075/85 area as EUR/USD consolidates its latest gains. Improved risk appetites as well as a threat from Moody’s that it may have to review the US’s credit rating it it does not set out a long-term fiscal plan have hurt the dollar today.
Of note technically, 1.3080 is the 61.8% retracement of the 1.3820/1.1876 decline. http://www.forexlive.com/
July 29, 2010 at 13:22
HAVE y seen the info about AUD USD @marino
July 29, 2010 at 13:09
johnr im curious to know wat the indicator is my friend
July 29, 2010 at 13:12
so Piphuters what do you think will happen after 1,31 is reached ??
July 29, 2010 at 13:50
I’m going to guess that monsano will explode at 1.31 :)
July 29, 2010 at 13:54
:D nice one :)
July 29, 2010 at 14:47
Shit…
My wife is looking at me in a weird manner… thinking why am I laughing so loud by myself :p
hahah
July 29, 2010 at 15:03
lol i get that always , normally for no particular reason :)
July 29, 2010 at 16:23
we can only hope
July 29, 2010 at 16:25
can we install an ignore button/feature somewhere please?
July 29, 2010 at 13:14
GU takes 40 pips but with EURO!!!!
July 29, 2010 at 13:14
LOL yesterday alot of people complain about ttom postings. Now I bet his postings don’t seem bad.
July 29, 2010 at 13:18
Hi Rick
check out the group.Common sense from ttom and a good reminder :)
July 29, 2010 at 13:15
Already 4 hour, still a stubborn resistance 1.3185, if this breaks, we could see 1.3129 (i think), lets see what is going to happen next 2hours, any good analysis will be helpful :-)
July 29, 2010 at 13:19
You probably meant 1.3085. You’re right, the next 4H resistance is around 1.3110 to 1.3150.
I truly feel that this rally is now coming to an end around that area. I’d like to short around 1.3115 to 1.3120s, SL at around 1.3160 for the ride back down to 1.2800s.
This is just long term.
The good news is that the short term of bulls will probably come to an end at around 1.3100s. Then we can start catching the pips just like the freefall between Dec and May
July 29, 2010 at 13:21
Tq for the the info, :)
July 29, 2010 at 13:16
sorry 1.3085
July 29, 2010 at 13:22
Hi @Mark I hope you can help me with my issue
can you please send me e-mail so ican send you snapshot of my forex trading issue
thanks in advance
July 29, 2010 at 13:48
you can send it to admin@piphut.com
Is it a piphut issue or a broker/platform issue? If it is the latter you should contact your broker.
July 29, 2010 at 13:25
Let say there is going to be a reversal to the sell side. Due to the 11days High Posted by the Euro against other currencies.
July 29, 2010 at 13:27
@ttom nice to see y on the area what s about the news (jobless)
July 29, 2010 at 13:29
Hi all woooo weee EURO run a muck. Will make some good pips on the way down COME ON DOWN!!!!
July 29, 2010 at 13:31
Wall Street just started. Woohoo! My retirement stock is now rallying after taking that beating yesterday.
You can expect Forex prices to move more for the next couple of hours, as stock-buying and selling obviously affects the strength of the USD.
July 29, 2010 at 13:43
we are not in a see saw ride…….its not that easy its going down
July 29, 2010 at 13:45
someone use 15 mn candle?(look please)
July 29, 2010 at 13:54
is it a call of the south!!!(i say a littel yes) only wt i think
July 29, 2010 at 13:50
It has touched top of the hill.
July 29, 2010 at 13:50
Have to love round numbers.Partial profit taken and stop loss moved .waiting pays out :)
July 29, 2010 at 13:50
@piphut, what’s your look on todays situation on EU? Still more bullish action to come or rather wait for a reversal sign?
July 29, 2010 at 13:53
I’ve been ready for a reversal since June and the pair keeps rallying. 1.31-1.32 offers the best chance so far, but I’m not sure this puppy won’t hit 1.4 either. Trading breakouts of consolidations has been a profitable strategy the past few weeks (breakouts to the upside) and I will continue with that for the time being. Basically I’ll continue buying for now
July 29, 2010 at 13:55
Ok, thanks for sharing.
July 29, 2010 at 13:51
I enjoy seeing the post count up but I’m not sure the manic posting is helping anyone. What say you PipHutters?
July 29, 2010 at 13:53
Most of us share your view here. I do for sure.
July 29, 2010 at 13:56
yep, if you are pointing to manic monsan I totaly agree :)
July 29, 2010 at 13:56
A litle to much.
I dont mind him posting his trading ideas.He is a scalper so there are many posts.
But this “fallow me” stuff is anoying I have to admit.
July 29, 2010 at 13:54
sl moved to 3080
July 29, 2010 at 14:00
@monsan – it is great to post your trading ideas and I encourage you to keep doing it. It is the “follow me make money” rhetoric that people don’t like.
July 29, 2010 at 14:02
i got it , im out from now , stay cool , if one day i change i will come back , but for now , im very sad about that situation
July 29, 2010 at 13:58
Nice pin bar forming on 4h chart
July 29, 2010 at 14:06
yes but long time before it closes
July 29, 2010 at 14:00
Thats true.People who try to learn.Maybe you should choose something more professional.People that will fallow you blindly and be happy about it
July 29, 2010 at 14:04
i do what i want , stay cool , i dont want to share my thoughts with amateurs
July 29, 2010 at 14:09
ok
July 29, 2010 at 14:02
Why can’t scalper post be in the scalper post section
everyone has a right to post and I should not be one to judge. (thanks scotch)
July 29, 2010 at 14:08
@piphut candle stick question, wondering why the 13:30 30 min CAS fired off a SS, but the 13:00 did not, they look almost the same to me, wick a bit longer on 30 though, thanks
July 29, 2010 at 14:14
body on 13:00 is too big relative to the lower wick for a doji and lower wick relative to upper wick is too big for a shooting star.
July 29, 2010 at 14:18
Hmm they do look the same tho.The body, the wick everything.I didnt think any of them look like shooting stars tho,because of what mark wrote before
July 29, 2010 at 14:19
ok so relation of wicks sizes, knew it was not pretty one, but neither was the 30 min, but 30 up wick was larger..
July 29, 2010 at 14:15
@PIPHUT is y short is still open thank you MARK
July 29, 2010 at 14:16
nope, stopped out. I’m still looking for a longer term short while buying in the short term.
July 29, 2010 at 14:19
my yen pairs are finally paying off.
i missed my chance to enter e/chf short.
i have never been able to figure out e/chf.
i think it is one of the most difficult ones to trade.
July 29, 2010 at 14:23
I was in from 3440 but now let s see where the week wll finished !!!
July 29, 2010 at 14:30
same thing GBP CHF
July 29, 2010 at 14:26
you know shit
July 29, 2010 at 14:30
@PIPHUT, Hi Mark! could i have your advise for G/J as i long @136.6 ? Please :)
July 29, 2010 at 14:35
gj is short term bullish but 136.6 is kind of in the middle of the action. It could easily go down to 134.5 or continue back up to 137.5
July 29, 2010 at 14:42
@PIPHUT Hi there Mark. Good to see you. I’m only in here for a little while since Ive got to go soon again.
You gave LEO4EVER a nice advice just here above.
At present I’m (What else could it be :)) Long in E/U
But also Short in Usd/Chf – Could you give me a similar advice on this last mentioned pair please ? Thanks
July 29, 2010 at 14:45
Btw. Good I wasnt posting today otherwise your system would got on fire I guess :)
July 29, 2010 at 14:45
Sounds like you are in some good positions @johnny.
usdchf is especially nice. If 1.04 is broken you could be on a pip slide to 1.02 in the coming weeks.
July 29, 2010 at 14:48
yeah..tell me about it… I’m 170 pips positive on a short with USDCHF … but I’m only making 1 cent a pip. LOL
July 29, 2010 at 14:49
Thanks so much Mark, really appreciated. Might just hang in for a while :)
July 29, 2010 at 14:50
Well JohnR…Im just playing for Bubble Gum money :)
If thats a constelation :)
July 29, 2010 at 14:50
A few more pips and it sounds like there a cup of starbucks coffee with your name on it @johnr ;)
July 29, 2010 at 14:53
@johnr wow 1 cent a pip, I thought I had a micro, min. 10 cent pip with 1000 units, but 4 diget price, so does that mean with 1000 units 5 diget its 1 cent a pip?
July 29, 2010 at 14:54
shoot you can’t get a starbucks for 1.70 lol
July 29, 2010 at 15:01
$1.83 now. I’m hoping for two 99 cent double cheeseburgers now.
Freakin’ mad at myself for not using a normal lot. LOL . But hey, there are safety guidelines when you are testing a new setup.
July 29, 2010 at 14:51
That’s funny johnr.i likes it.
July 29, 2010 at 14:53
1.3123 is the 38.2@ fib retracement level of the whole drop. We could test it today
July 29, 2010 at 14:56
Thank u Zubair.
July 29, 2010 at 14:59
thanks @zubair123 needed to know that will watch for it to exit long maybe.
July 29, 2010 at 15:02
Nice…that’s what I was thinking about. That’s the BIG DOG FIB level.
Excited to see some shorting action there. I definitely don’t want to miss that train.
Some good US news is helping to get some buyers today. Let’s go get ‘em !
July 29, 2010 at 14:54
Hello Mark, Hi Johnny nice to see you here.
July 29, 2010 at 14:57
Hi Mubeen. I wont be for long tho :) Out within a few munutes : take care
July 29, 2010 at 15:41
OK dear take care.
July 29, 2010 at 14:55
Hey @johnr did you enter short on USDCHF at 1.5628 :)
July 29, 2010 at 15:06
No sir… I shorted at 1.0591 . It’s 1.0399 now. 180+ pips.
PM me if you’re interested in what’s going on in my setup. I’ll have to blog it sometime.
This is only supplementary trading. Primary is always trade on establish S/R principles like Mark’s.
July 29, 2010 at 15:08
20 more pips and y ll a second cup of champagne!!!!
July 29, 2010 at 15:56
Op sorry I meant 1.05628. My bad :). That’s where I’ve shorted it :).
July 29, 2010 at 15:57
nice! Still holding on? Hope you’ve traded a FAT lot on it.
July 29, 2010 at 16:16
Could have got my two cheeseburgers now..at $1.98 .
Let’s see if I can get an apple pie for another 70 cents.
July 29, 2010 at 16:20
0.2 lots on 100K account :)
July 29, 2010 at 14:57
Sentiments are still bullish. Even though a retracement is necessary in EURUSD. Maybe we will see a nice retracement after 1.3120-40. I’m targetting 1.2950 after that level or even lower to resume my bullish outlook on the pair.
July 29, 2010 at 15:03
Stochastics in H4 is hovering into the overbought terroitory. Lets see
July 29, 2010 at 15:18
@PIPHUT, Thank you Mark :)
July 29, 2010 at 15:19
Next 4 h candle !?? (
July 29, 2010 at 15:24
@Johnny, Good Luck Johnny with much pips! ;)
July 29, 2010 at 15:27
Euro Advances to Two-Month High on Bets Europe Recovering Faster Than U.S.
http://www.bloomberg.com/news/2010-07-29/euro-rises-on-speculation-european-economic-recovery-faster-than-in-u-s-.html
July 29, 2010 at 15:56
Hi, I was looking at weekly chart, if 1.3174 level is not broken, could there be a reversal?
July 29, 2010 at 15:59
No chance of reversal in these days because FED had announced that the US economy will remain slow in the coming two years and umployement problem will persist.
July 29, 2010 at 16:00
Thank you very much for the info :)
July 29, 2010 at 16:01
umployement=Unemployement * sorry typing error
July 29, 2010 at 16:04
If the bull continues and the unemployment rate grows slowly, then we may see 1.47 level to be the biggest resistance? cause I see it in weekly and monthly.
July 29, 2010 at 16:20
Never mind that, silly question to ask, but thanks for the near term insight, appreciate it a lot. :-)
July 29, 2010 at 16:32
I agree with you and Mark. From my point of view selling is too risky for now. When you look at all the fundamentals it’s showing that European economy is slowly recovering while US is slowing down, therefore i see no reason for reversal. But who am I :)
July 29, 2010 at 16:48
There is always a chance of a reversal @zubair123. 3 months ago bad US news would have sent the US dollar soaring as risk appetite diminished. With the Eurozone seeing (some) light at the end of the tunnel risk appetite has increased again and the pair is responding *normally* to news events but that doesn’t mean it will last forever.
July 29, 2010 at 16:35
HI mark, do you have a date as to when you will be launching your premium service I’m sure you have been asked this numerous times,but would be nice to know when.
Thanks
July 29, 2010 at 16:49
I’m avoiding putting a hard date on it at the moment. I’m more focused on getting it *right* than just getting it out. But as you saw from the tour it is very near completion..
July 29, 2010 at 16:44
Hello guys, im a newbie, i buy eur/usd at 1.3078… should I hold it now? its still bullish right?
July 29, 2010 at 17:29
Cool…that’s a good support zone to Long. But frankly, I’m not sure where it will go. Safer to long at 1.3028..IMO.
July 29, 2010 at 17:03
Mark can i ask whether will usd/chf pair go down further breaking the 1.03 ?
July 29, 2010 at 17:09
No idea how far USD/CHF will drop. I will post if I see a reversal from my indicator….or IM/watch me.
July 29, 2010 at 17:11
johnr, how to keep track with ur stuffs? can give me a link to ur site? i really have loads to learn
July 29, 2010 at 17:15
Long story.
Basically I have indicators that I watch within my MT4 platform. Indicators are hit and miss. However, long term trend indicators are probably the best bets.
Your main trading should consist of knowing the Support and Resistances, trends, confirmations…etc… muhc like Mark’s strategies. They are really quite simple…. buy on dips, sell on rallies … at the 4H S/R zones.
I don’t have a site. PM me if you want to know what I’m working on lately.
July 29, 2010 at 17:23
@JOHNR
(Just came back to peek in here for a little while)
Was jut wondering @JohnR, your avatar…Who’s the one poiting a gun at you ??? :)
As for myself, recently the IRS Man is after me but he aint carry a gun :)
July 29, 2010 at 17:30
Everyone, TQ very much for today’s analysis and insights, learned a lot, tc, bye