** FYI to all, I’ve put up Part 1 of “Successful Candle Strategies” here. Check it out! **
Daily Outlook: It was one of those great days yesterday where all the signals lined up perfectly to toss pips into everyone’s pockets :). I entered on the 15m 14:00 bearish engulfing (nice R/R in CP), but some nice confluence unfolded: the bearish engulfing turned into a 3outdown on the 15m 14:15, which turned into a bearish engulfing on the 30m 14:00, which then turned into a 3outdown on the 30m 14:30. Talk about a domino effect of confluence.
I’m still bearish on the pair today and will look for a pullback to 1.2670 resistance to add to my existing short.
As always check the forex calendar to avoid event risk and CP users can utilize CandlePro for intraday candlestick trades.
Trading Idea: Primary trade is a short on a pullback to 1.2670 resistance with confirmation, short targets at 1.2645, 1.2615, 1.2585 and 1.2555 for 115 pips profit. I’ll look a bit lower as the day goes on.
An aggressive short would be on a sustained break of 1.26, targeting 1.25 for 100 pips.
The more conservative short can be found near 1.2730 resistance, with targets down to 1.26 for 130 pips profit.
Happy pipping!
Sign up for free forex signals via email here
FAQ on these signals
Forex Candlestick Alerts
Forex Income Calculator
Forex Market Hours
Forex Forums
August 24, 2010 at 07:34
GM Mark, thank for the info and guides. waiting for the next enrollment of Cp that allows paypal alternate. Have a great day
August 24, 2010 at 07:36
Thanks @kayus, still working toward a PayPal alternative..
August 24, 2010 at 07:43
Thank you and waiting!
August 24, 2010 at 07:51
alertpay works well Mark, I have used it for many months now
August 24, 2010 at 07:59
hello Friend, welcome on board, i expect today to be full of pips and i expect continuation into tomoroe. best of Luck!
August 24, 2010 at 07:45
A bearish continuation flag is forming on M15, i think the south jouney may be on again today. @piphut do you think USG will strenghten overboard today?
August 24, 2010 at 07:47
typo error, i mean USD (buck) not usG
August 24, 2010 at 08:16
Kayus,
Honestly the journey to so is begin on eu
August 24, 2010 at 07:52
Hello
Its a very late signal its 10 o clock in the morning here
Regards
Hans
August 24, 2010 at 07:58
It is still valid.. and @Mark, allthough he is busy with CP and other things, he actually provides a very reliable signal. And if You have been following his site You could almost have foreseen the signal
August 24, 2010 at 08:20
And you could sleep longer, no need to wake up so early ;)
August 24, 2010 at 11:49
Haha Mike, how was your yesterday trades. it is good to b able to sleep a bit longer but also better not to miss any train. GL
August 24, 2010 at 12:56
Are u online? i ask 4 your input in a post down. tnx
August 24, 2010 at 08:03
http://img710.imageshack.us/img710/6830/86503542.th.png
August 24, 2010 at 08:12
hmmm can´t view it as big pic.. not clickable..
August 24, 2010 at 16:05
sorry
August 24, 2010 at 08:36
Hello eveyone.
Im new to this Forex Trading.. im no idiot but its amazing how many times i say Sell and it goes up and vice versa !!
Im understanding this Support and Resistance Levels but MARK are u working on Europe trading times or US trading times ?
Im assuming ur in England by the time ur website is updated, which means most people on here must trade throughout the night as ur levels dont hit till US trading is well into session !
So today wait till 1.2670 and SELL, TP around 1.2555 ?
Thank you.
August 24, 2010 at 09:02
hi everybody
i am bearish too today hope will make some good pips as i lost much last week
good luck
August 24, 2010 at 11:59
sorry for the loss. I think that is part of FX. If u can make loss then u can also make profit BUT always plan your trade and trade your plan, only use others opinion including contents of this forum only as trade confidence builder and confirmation only.
August 24, 2010 at 10:25
How can I trade with stochastic the best way?
August 24, 2010 at 10:42
30m Nice bullish candle. Looks like time to go up now :)
August 24, 2010 at 12:03
Yes if u are scalping at your own risk however i think it is better to either b on the sideline or look for shorting oppoutunities because it is dangerous to trade across the trend.
August 24, 2010 at 18:50
Hi Sam, did u eventually went long then? if u took the risk then u sure must have picked the pips as well.
August 24, 2010 at 10:53
Hiya
This all looks down to me (for what i know!) but I wouldn’t try bullish today. (in my opinion)
August 24, 2010 at 11:05
EURUSD has stopped exactly at a 50% Fibonacci retracement of 7. jun to 6. aug. rise
August 24, 2010 at 11:17
KAYUS !
U seem to b on here alot so do u mind if i ask u something..
Im over in Asia, u in d UK ? Is it fair to say that most of the trades Mark talks about happen during US trading hours ? So u trade late in the day ? Where i need to trade during the night.
Tnx in advance.
August 24, 2010 at 12:07
Hi BrenDon, I think Mark trade play out during London and US session most of the time. I am actually in Nigeria and prefer trading seriously during US session however i stand by for opportunities during London session beside this session i hadly trade.
August 24, 2010 at 14:12
Ok tnx.. seems alot of movement during US trading. Im losing alot ! So frustrating ! Everytime i go one way it goes the other ! I knew the risk but didnt expect i would be on so many losing trades !
August 24, 2010 at 17:28
Sorry abolut that, we all have our experience of loss. For me, all my trades are not always closed with a profit but just learn about money management and apply your knowledge. Try to trade based on your plan and analysis else your trade will simply be mere gambling. Cheers up and gain confidence and the pips will start lining your wallet.
August 24, 2010 at 12:25
Can anyone tell me how to log in to candlepro with my password. Am loging-in for the first time.Thanks
August 24, 2010 at 12:38
wao! i guess u are a Nigerian, how did u pay for it. Send a ticket to support@piphut.com they will attend to u shortly.
August 24, 2010 at 14:00
Dear Kayus,
I so much like ur contribution in this forum, I dont know if you can be of help to me in some certain area of fx word. I am nigerian like .
Regards,
August 24, 2010 at 18:47
Thanks for your comment. I am still learning too but wont mind sharing knowledge afterall that is the essence of this site. If Mark could be of this help to the whole forum family why not me. When Johnny return i hope others like Zubair, Henry and others may also drop in here then u will enjoy this forum better then.
August 24, 2010 at 12:41
Kayus,I can see that we are both from Nigeria.As my senior collegue in FX, I can learn a lot from you .let me eat some pips also like u.Lets get in touch later.
August 24, 2010 at 12:48
Hi Segun, with u and CP, you are at advantage because u now have the “Pro” working for u. Why dont u log in so that ur name will apprea blue
August 24, 2010 at 12:50
A breakout is imminent but where to/ South or north? @mike @ttom what is your take? do u think the resistance will win or the support will hold? GL
August 24, 2010 at 13:00
Midterm, shortterm trend all point to the south. I guess US session will power the train south. I think Mark target should be hit before close of day trade. Gl to all
August 24, 2010 at 18:05
Glad to have someone who also watches during US session, although most of the action typically happens in LON session.
August 24, 2010 at 18:36
Hi Friend, where are u all day? I think the fundamentalist again twarted todays expectation. Do u think that USD strength will continue to weaken?
August 24, 2010 at 18:48
That’s my confusion. Bad US news… risk aversion, I thought USD would strengthen because money flows out from Stocks to USD.
I don’t know. Best fundi indicator would be to have EURope bad news. That for sure will continue the EUR/USD bears.
I currently have a small short trade open I got around 1.2674. I’m hoping it will tank and get me out at 1.2600. If EU rises more, I may consider shorting again(adding) around 1.2730.
If USD weakens(bulls for EU), then heaven help me. Both my trades will either be both losses, or both profits.
August 24, 2010 at 13:05
Thanks, Kayus, for reminding me to log in.I got a friend of mine in london who used his paypal account to pay for my candlepro.I paid him back in naira into his account here in nigeria.You can do the same.Anyway, the best thing is for Mark to let us pay with our debit card.There is no paypal in nigeria
August 24, 2010 at 13:14
You are right my broda, how is the cp performing for u? has it increase your daily pip allocation?
August 24, 2010 at 14:56
I’ve not tried it at all.Thats why I don’t even know how to log in.I have not found the log in page.I know it is a powerful instrument for FX.That should not surprise you, anyway,since it is from a forex guru like Mark.Piphut free signals is a tip of the iceberg
August 24, 2010 at 15:21
Hello everyone,please what just caused the sharp move upward to 1.2700 area,and what are we looking at?
August 24, 2010 at 16:06
Because of this
10:00 USD Existing Home Sales 3.83M 4.75M 5.26M
August 24, 2010 at 18:04
yeah…but I have been thinking that all the bad US news lately..that EUR/USD had been bearish. Today, it’s the opposite.
I guess today investors are also fleeing USD into other currencies.
Hope that doesn’t mess up our bearish trend for EUR/USD now.
More super news tomorrow, so hang in there tight.
August 24, 2010 at 18:39
My exact expectation too. I was stopped out at 5opips- trading e/u today. I think it is one of those things. I felt like going long but didnt want to swim against the tide.
August 24, 2010 at 18:49
I was stopped out about 49 pips today. But on the swing, I got a lucky 11 pips back. So, my draw-down for today is only 38 pips.
August 24, 2010 at 18:57
Good for u friend, it is better than nothing. Today is not really good for me interms of earned pip cos i lost about 100pips in all from both u/chf and my earlier short of e/u. Tomorrow is another day.
August 24, 2010 at 19:06
Nothing lasts forever. US stocks prices are cheap now, compared to two weeks ago.
Expect greedy investors to buy low soon. That should swing back USD strength, and help the bearish case for EUR/USD.
I hope my short rides to 1.2600.
Then we can keep shorting on rallies until EU reaches 1.18 again.
August 24, 2010 at 16:37
Runsman, pls visit
http://piphut.com/forex-tools/forex-calendar/
to find out more
August 24, 2010 at 19:07
Please do not trade during the news release. It may go north or may go south after the news, so risky.
August 24, 2010 at 19:10
I have to sign out for today and allow my pending trade runs through the tokyo session. I entered a short position on aud/usd based on a SHS formation and another short on eur/aud based on a double top formation all based on daily chart and i presently have another short on e/u at 1.267 (presently at -12pip. HAve a joly great night. Tomoroow is another. see u all. GL
August 24, 2010 at 19:38
Nice…I’m with you on a short at E/U at 1.2674. Hope we can all ride the bears nicely tomorrow.
Now that we’ve got bad US news…some bad EURope news will help.. LOL.
August 24, 2010 at 20:26
ok..see you all tomorrow.
I would plan a short at 1.2730s, hiding SL above 1.2760, and trying for 1.2600 max.
Watch out for sudden movements because there are some crazy news coming out both side of EUR and US tomorrow.
August 24, 2010 at 21:31
@piphut Mark many thanks for everything, since the day that i visit Piphut i am learning so much… You’re doing really a great job… Just keep doing it !!!