This is a re-post of today’s signal for new comments. Please start commenting on this post as the last one was acting funny.
Recap: No EUR/USD trades taken off yesterday’s signal. Bullish day yesterday as the pair rallied hard from Wednesday’s big drop.
Daily Outlook: A lot of indecision in the markets right now as the price has ended up just where it started to begin the week, forming a nice looking doji on the weekly chart. This indecision could signal a possible reversal in the pair though I think many traders are waiting for the 1.31 resistance zone to start shorting so this very well could just be a false signal.
The big news of the day is of course the release of the bank stress tests, though as some traders already pointed out many of these results have been leaked already. Add this to the fact that the tests don’t include sovereign debt risks, at least not publicly, and it makes you wonder how valuable these tests are. For anyone not familiar with what sovereign debt risks it basically is the amount of exposure banks would have if one of the PIIGS were to default. This is the main worry with the banks and for them to leave it out of a stress test tells us the results would not be pretty.
Trading Idea: It’s Friday and I won’t be watching the markets as closely today but there are some interesting trade setups that I might open a few small positions for. I am very curious to see how these stress tests will effect the market. Useless or not traders will still act on them. I’m still watching that 1.2850 pivot area: I’m bullish above this level and bearish below.
If I enter the markets today I’d look to long on a failure/false breakout of 1.2850 with targets at 1.2875, 1.2905, 1.2935 and 1.2965 for 115 pips.
A more aggressive trade would be a short on a sustained break below 2850 with targets down to 2825, 2800, 2770 and 2740 for 110 pips.
Finally a sustained breakout about 1.2915 is another aggressive long with targets up to 1.3000 for a quick 80+ pips.
Happy pipping and have a great weekend!
July 23, 2010 at 17:37
sackcloth and ashes, i’m not trading on aFriday anymore, always ruins my weekend.
July 23, 2010 at 17:40
The S&P500 has turned around in the last hour and is back above the key 1100 level. A close above there into the weekend would be extremely bullish.
July 23, 2010 at 17:42
And btw I went long @2840, lets see :)
July 23, 2010 at 17:50
If it could break 2880 up we could still get 2950 insight :)
July 23, 2010 at 17:50
i have also taken long johnny.. what to keep as TP
July 23, 2010 at 17:54
Kumar my friend, dont go long because I am long ok? Just make up your own mind.
If we could manage to break 2880 then I think we could come to 2910/20 as TP.
But here right now is strong resistance so be carefull.
Dont just follow others, but do your own analyzing and get a confirmation before entering! Jumoing in now has no use I think, I already went in 2840.
Good luck anyway.
July 23, 2010 at 19:32
That’s where I went in! Great pips think alike :)
July 23, 2010 at 17:53
Im long as well just thinking how long to hold that long :)
July 23, 2010 at 18:02
Im long from 1,282 just thinking to close now …… not sure if we break res here …
July 23, 2010 at 18:04
Would not close out Tommy, wait till 2915/20 level :) But do as you please of course :)
July 23, 2010 at 18:06
lets see :p ….. Im BE …
July 23, 2010 at 17:54
You like bulls more than the bears I see.
July 23, 2010 at 17:57
And those species are serving you nicely look at that candle
July 23, 2010 at 17:57
am long from 1.2818 and kept tp as 1.2930
July 23, 2010 at 17:59
Very good Kumar. Nice to see that :)
July 23, 2010 at 17:57
took a sell position just now. It might hurt me badly :)
July 23, 2010 at 18:05
FYI 1.2889 was where the week OPENED.
July 23, 2010 at 18:07
Hello Mark. Thanks (I forget that already to be frank :) )
So you think we can make it to 2915 ?
July 23, 2010 at 18:09
I don’t see any reason why not..
July 23, 2010 at 18:10
Much appreciated :)
July 23, 2010 at 19:33
Done. Ask and you shall receive.
July 23, 2010 at 18:07
closed my e/u long for 100 pips
July 23, 2010 at 18:09
Good, go buy yourself a beer now and buy a present for your wife and children (or your girlfriend), and stow away the reest of the cash you made in a safe place (You maybe needing it soon again :) ) Good luck
July 23, 2010 at 18:15
So you got in right at the bottom then? ))
July 23, 2010 at 18:13
Salgado says Spain lenders to need less than 1.8 billion euros and there is no urgency for Spain lenders to raise new capital
July 23, 2010 at 19:35
That’s pocket change. China’s already bought Spain debt, they’re primed to buy more. (In place of the US peso).
July 23, 2010 at 18:37
@johnny have yor cup of champagne
July 23, 2010 at 18:38
have you your
July 23, 2010 at 18:39
One and half cup for now Sahara :)
But it looks like a hanging man on the M30 ?
July 23, 2010 at 18:41
I alredy had some this morning remember :)
July 23, 2010 at 18:43
me and candle we arent good friend for the moment!!
July 23, 2010 at 18:40
@4real your torro was nt tired!!!!
July 23, 2010 at 18:41
Sabina has gone to the discotheque I guess :) To bad I dont know the place :)
July 23, 2010 at 18:44
second one on the right after the bridge
July 23, 2010 at 18:48
Ha, that place, I remember well :) But msic is to loud and drinks to expensive, I better go to Ole Jack at the corner, He sometimes forget to write down 1 or 2 JW :)
July 23, 2010 at 18:46
Always a problem crossing these round numbers (2900),
anyway my final target is 2960
Kiddy up Bull….
July 23, 2010 at 18:54
@SAHARA only 20 more and 2nd cup is full too :) Lets see
July 23, 2010 at 18:56
if h closed more 2930 ….30 is open
July 23, 2010 at 18:57
yes 30 is resistance here, need to breach for my cup :)
July 23, 2010 at 18:58
Would you keep yopur position open over the weekend Johnny?
July 23, 2010 at 19:02
Mostly I close them bfore US session closes. Only a few times I left them open but then there was a good reason to do so. Any noise or Trichet/Bernanke let a fart out and there you go! No use spilling equity for nothing.
As for now, I may close out since 2930 is resistance and my coffee is waiting. But on the other hand there s still some US session time left and the bulls are in majority, we could make it to 2960 ? Just my view.
July 23, 2010 at 19:18
Coffee you know keeps you awake, and make you pee in the night.
July 23, 2010 at 19:24
I wear diapers and wanna be awake cause Im afraid of Ghosts !
July 23, 2010 at 18:58
Stocks Move Higher, Seeing Notable Gains In Mid-Afternoon Trading – U.S. Commentary
July 23, 2010 at 18:59
hi @johnny :-(
I feel sad today and broken because i lost all of my money in eur/usd forex and that’s in 2 months only
so what sould i do ?should i quit forex all my live or what?
pls advice
thanks in advance
July 23, 2010 at 19:01
Study forex. Trade demo while doing so. If you make profit on demo move back to live.
July 23, 2010 at 19:03
By profit I don’t mean just make some profit. You should develop a system that brings constant profit before moving back to live.
Start from reading the “Learn forex” pages right here at piphut.
July 23, 2010 at 19:07
To be frank I dont really like Demo s much myself (But thats personal). Reason is , it aint real and you dont feel burnt!
Trade only money you can afford yourself (Not borrowed money nor the piggybag of your child!)
Try with a couple of hundred bucks and use the smallest lot sizes, its going up or down by the cent, but who cares?
As long as you pratice like that you will learn too and if it goes wrong you only loose the money that you usually spend in the Pub or resaurant or whatever.
But bear this in mind. Forex can be mean, and many have lost a lot, not only their cash but their whole wifes/girlsfriends, families and belongings too
If it doesnt work then just forget the whole think and find some other ámmusement’
Good luck
July 23, 2010 at 19:09
True.. Demo doesn’t feel the same. I personally can’t bring myself to make the first trade with real money. If I could just make 100 pips of pure profit I’d feel safe.. :D
July 23, 2010 at 21:19
Hello friend, a fellow recommended this link to somone that had same experence like you earlier today http://thepatternsite.com/chartpatterns.html
Take heart and b BRAVE. If you lose today you can win tomorrow, if your 2 month account got wiped then your one day account can also blossom for 2 years. Cheers
July 23, 2010 at 21:26
Kay i like your suggestions are quotes man. You are such a nice guy. You always try to help others. Love you.
July 23, 2010 at 21:27
are=and * typing error
July 23, 2010 at 19:03
This is not like you (brave heart) cheer up we have all lost before. Take a break and watch from the sidelines for a while.
July 23, 2010 at 19:06
have nice week end all byebye
July 23, 2010 at 19:10
Bye Sahara my friend, kiss the camels for me ok :)
July 23, 2010 at 19:15
ok @Johnny
I think i’ll leave forex because i lost a whole year salary :-((
July 23, 2010 at 19:19
@brave heart i lost quite a large portion of my account this month trading the eur/usd pair. finding the long term trend using trend lines is simple, but i think the problem is we just cant fiqure out where to set our entry points. everyone understands S/R levels, but when it comes to entry, im at a loss. i was wondering if some of the longer term players here could share there thoughts on their entry points? what indicators to use at important levels.
July 23, 2010 at 19:21
My God man. I have had my losses too, all of us have and still loose out on a trade. But you’re entire year salary (I dont know where you live or whats your profession and dont even need to know cause its none of my business) but Yes then you better stop right away and try to forget it all. I know its dificult to stop , because most of us fall in love with Forex (Its just not yet an addiction but we cant do without sometimes :))
try go on living again and try to forget this F forever Brave Heart. You know , the biggest mistakes most are making is trying to get back the money they have lost before AND BELIEVE ME that never works. It only becomes more and more.
Anyway wish you good luck and… Get out the hell out of here (Sorry to say)
July 23, 2010 at 19:24
My first live account lost in 2 months. My second live account lost in 1 year. Now on my 3 accont and only down 40% in over a year. money management has helped me
July 23, 2010 at 19:35
My first week of following this forum I made some pips (good planning) and I also lost some pips (stupid mistakes) but I end up with a small hand full of pips. What I learned this week (PRICELESS). I have down loaded a lot of information on candles and I am going to study and study this weekend. Come Monday I will know what each one of those candles are. If I end up and only be as half as good as Mark and Johnny I will be a success full trader. I sometime think Mark and Johnny have Gods phone number and call him during the day :) Thank you Mark for your signals.
Have a great weekend all…………..
July 23, 2010 at 19:36
No. please don’t chase that money Braveheart.
July 23, 2010 at 19:37
Dollar Struggles As Earnings, Europe Fuel Global Recovery Hopes
July 23, 2010 at 19:49
@BRAVE HEART The only advise what I still can give you is:
Sent a PM to Mark and ask him how he thinks about it. What I try to say is, that is if you still have some equity left?, maybe you could start trading again once the Premium Services is out??? I really dont know how it works or what it is. But from what I hear is that it will provide you with signals and entry/sl numbers.
Now I may talk total nonsens here cause I really dont have any idea yet how this is really gonna work. But assuming that it will be a great help to all of us (Especially to the novices/newbies) it may get you back a little in the longer term??? If it will be launched and I see its working for me too I will def. go for it, cause I have other things to do too then watching the market every day. With Marks system (As far as I understand???) you could take the signals and enter them into your account and go off to do something else. (It maybe a dream but this is what I understand from it so far :))
Anyway why not ask Mark direclty if this could be an option for you to get back a little of your loses (But dont think you’ll get it back in a few months, it takes time!)
Just an idea (And of course you will need to reserve some money cause Marks system Prem.Services is a paid one!)
Good luck Brave Heart
July 23, 2010 at 19:56
@ all of those who took a long recently
What confirmation did you use to enter a long because I just did not see one?
July 23, 2010 at 20:15
@LISA To be frank, I didnt go Long on a candle confirmation with this trade.
It was Soup day today to me (Vegetable soup with all its ingredients)
Lisa, everybody trade her/his own way. I dont want to make to story to big here now. But to me certain things where actually quite clear (And if you red my postings of yesterday and earlier today you will see what I mean)
although many traders in here and ouitside had the feeling yesterday that we would move down, I was thinking the other way around.
I wasnt to scared about the Bank stress tests at all (See my y/days posting) had a feeling it would not have such an impact after all. (And we didnot see a lot of shaking going on today to be honest)
Then, we are still in a correction phase up. And (may be Mark will shoot me now :)) I personally think we’re just only half way now with that phase. I would not be surprised at all if 1,33 or even 1,35 would come insight. Only below 1,25 yes then we might as well forget about being short term bullisness. But for now its still Short Term bulls, meaning we’re in an uptrend.
I follow the news a lot (Some say dont trade the news but I do, I read whatever and whereever I can read, putting my puzzle together. Use marks signals, looking at the charts, drawing lines/pictures, and again puzzling and trow away what I think is not needed. Then I make up my mind and with a bit of confidence I set up a trade on paper. Looking at the charts at all TFs. Then watching RSI Momentom Stoch. and stuff like it. And again looking at the latest news and the feedback I get from my Broker.
Also not to forget the Bears/Bulls! And finally there we go. But again, this last trade I did not see a candle confirmation to be honest. But was very convinced we’re still in an uptrend. And knowing what a start we had earlier this morning and the outcome of the stress result (Back to square one actually) well I think I ve said it all.
But again, everyone trade on her/his own way and I am sure Mark will not do it the way I do it :)
Goodluck Lisa
July 23, 2010 at 20:18
PS. That doesnt mean that with what I wrote here above that we will see the Euro going to 1,35 within the next days to come. Of course there will be retracements in between, but I dont think we’ll go below 1,26 soon :)
And, good to note too, Any negative news coming from the Eurozone and the Euro Sand Castle may fall apart!!!
But ets face it, the US is in as bad a shape as we are in Europe. And many are not grabbing the Buck anymore as Safe Haven nowadays. Just my view.
July 23, 2010 at 21:30
@johnny
Sorry, for the delayed response; I had to step away for some business.
Thanks for the response. I understand one has to do his own analysis; I was just wondering what confirmation signs you all saw to go bullish. From your response, it seems that there was no candlestick confirmation but more of self conclusion that the short term trend was still bullish. That I can accept but it would still seem to be more of an agressive trade to take.
July 23, 2010 at 20:38
just came home from dancing @johnny – no bears there @saharaviewtwo
went to see if torros were out and there they are, some 40pips for my cup :-)
now i’m going to prepare my stuff for this weekend’s big golf tournament… see you next week and happy weekend to you all :-)
July 23, 2010 at 20:41
You didnt happen to have lost a shoe there at the Dancing palace did you now :)
Have a good weekend too Sabina, you may not see me next week (Not sure as yet) but it was nice meeting you in here.
Take care
July 23, 2010 at 20:58
Ahem Ahem!! :D hehehehe
July 23, 2010 at 20:59
Ha ha…Whats up my friend :)
July 23, 2010 at 21:02
hmmz was just talking to my girl on call (cellphone). Just finished the sweet talkies ;))
July 23, 2010 at 21:05
Ha..Thats good to hear you still have nice contact. Keep it up and dont loose her out of sight :) A bunch of Flowers or a box of chocolate would be nice too :)
July 23, 2010 at 21:08
I am off to bed Zubair. Forex was Soup day today (Vegetable soup…:) ) But still not too bad :)
You might not see me for a while, I’ll let you know later OK.
Take care and have a good weekend.
July 23, 2010 at 20:51
not this time…
CU ;-)
July 23, 2010 at 21:03
@LISA I hope I didnt scare you off now :)
July 23, 2010 at 21:36
Johnny,
Not at all! I have been around too long to be scared off. I’m still trying to learn enough to be in the 10% of traders who suceed. hehe!!!
July 25, 2010 at 11:44
this forum is surely agreat way to learn trade and relax as well as make money bybthe application of crossfertilzed knowledge
July 25, 2010 at 21:08
Hi all
July 26, 2010 at 04:17
GM all
July 26, 2010 at 04:35
i’m going to uni. tc all. see you later
July 26, 2010 at 04:30
Good morning. :)
July 26, 2010 at 04:33
I see pro dashboard and pro chat has appeared
July 26, 2010 at 05:41
Cool. Membership options.
If I only knew the password.. :D
July 26, 2010 at 05:52
everything is still a mystery,im still in the dark anyone had an update
July 26, 2010 at 06:04
We’ll probably get another update today.
I noticed that Activity page shows “All Members (999)”
If that is post count since the activity thing was launched then perhaps the 1000th post will win something?
Let’s see…
July 26, 2010 at 06:08
Nope.. The number didn’t change.. :(
July 26, 2010 at 04:41
EURUSD firm so far this morning We would imagine dips into 1.2890 will be supported.
July 26, 2010 at 04:54
Markets settle down a bit prior to the European opening bell…EUR/USD sticking between 1.2920 and 1.2940.
July 26, 2010 at 05:26
Hi
@piphut
You always said for the longterm is bearish and start to sell on 1.31.As new trader,base of what reason,factor etc? What happen if EU never goes down as expected but still bull from time to time.
I still remember when EU break below 1.2000 last time…its time to go 1.16 but unfortunately not.
July 26, 2010 at 05:39
Good morning all ,@pipsqueek thank. you how are you doing ? am grateful , nuno send me some directives to follow and he is willing to guide me.
July 26, 2010 at 06:18
@forexking
Glad to hear. Do not forget to share the great ideas with all here who are learning. Every little bit helps. Have a great week and go get those pips!
July 26, 2010 at 05:55
Hi all still in a long from Friday making some good pips from marks trades Idea. Have a good week every one.
July 26, 2010 at 06:14
euro bear today. don’t ask why. my psychic octopus pointed to bear.
July 26, 2010 at 06:21
Took my money and ran LOL. Got in a long @ 1 .2850 t/p was 1.2931 another day another dollar.
July 26, 2010 at 06:26
Do I see bullish engulfing on M30?