Recap: I stayed out of any longs from yesterday’s signal, thankfully, as there were no bullish signals on the 1h or 4h worth entering on, though I know many of you took longs along the 2800 support and scalped it up for 10-20 pips at a time. If you did take that trade you could have netted 45+ pips.
Aside from the signal I did have a short from 2890 that put 100 pips in the equity – I didn’t put it in the signal because it seemed too aggressive for the general PipHut strategy (support/resistance trades placed with short-term trend).
Daily Outlook: We find ourselves in one of those sticky trading situations: long-term bearish, short-term was bullish but we had a bearish break. Does this mean today will be a bearish day? Hard to say, and a lot of it will be “wait and see” for the multitude of news events scheduled for the day (see forex calendar).
All that being said, my general strategy is to take advantage of further EUR/USD weakness and look for selling opportunities on a pull back to 2800-2830 resistance zone.
Trading Idea: Primary trade is a short in the 2820-2850 resistance area with confirmation and targets (from 2830) at 2805, 2775, 2745 and 2715 for 115 pips profit.
A more conservative long would be a buy off of a 2680 bounce on further weakness.
Finally another aggressive trade would be a long on a failure to sustain a rally below 1.2750 with targets back up to 2830 for 80 pips profit.
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July 23, 2010 at 05:49
i mean is made
July 23, 2010 at 05:57
what time is the bank stress news test coming out??
July 23, 2010 at 05:58
in 10hours
July 23, 2010 at 06:00
Thursday 22 jul 2010, 16: 27
‘ Spanish savings banks managed thanks to trick ‘
MADRID (AFN)-the Spanish savings banks will be successfully with the European stress tests, thanks to a Spanish ‘trick’ where they rescue aid brought in as the company’s own capital. That message the newspaper El Economista Thursday.
Eight Spanish banks and nineteen savings rules were subjected to the tests, to tell us whether they are able to process new setbacks. , We expect that no one will fail as a result of the capital injections from the Fund Spanish Fund for Orderly Bank Restructuring (FROB) “‘, according to a source from the banking sector against the newspaper. The Rescue Fund, which was founded in June 2009, Spanish regional savings banks maintained with capital injections of more than 10 billion euros. Much of it came in trouble by the bursting of the real estate bubble. The results of the stress tests are published Friday.
July 23, 2010 at 06:09
If not already going up here right now, 2850 support will def. hold and bring the rebound to 2950/3000.
Results of the Stress Tests are later this afternoon so lets see if we’re able to climb up before the news comes out :)
Good luck
July 23, 2010 at 06:29
yes @johnny bulls are a little shy at the time, but torros will come out :-)
July 23, 2010 at 08:08
is better wait the retraction or buy now? thank you