Daily Outlook: Good morning, evening and afternoon PipHutters, whatever part of the globe you might be on. I’ve gotten away from doing early signals in the past couple weeks with the launch of CandlePro but I’m going to try and get back in the habit of signals coming out around this time.
I stayed flat yesterday as price action and candlesticks did not present any good trading opportunities as this recent downtrend seemed to stall out a bit. US New Home Sales were so horrible I think even safe-haven investors who normally flock to the USD in times of risk-aversion were weary of putting more money into US Dollars.
Regardless the downtrend has lost some short-term momentum leaving tomorrow’s outlook a bit murky. I’m still looking for a longer-term resumption of the downtrend but whether that will come tomorrow or next week only the charts can tell us. For tomorrow I will look for a relatively conservative short for a primary trade (i.e. likely to not get triggered) while giving weight to short term bullish candles for small opportunities.
As always check CandlePro intraday trading opps on all pairs, and watch out for news events on the forex calendar.
Trading Idea: Primary trade is probably best described as “stand aside”, but I will look for a conservative short around 1.2800 until the short-term technicals sharpen up a bit. From 1.2800 short targets are 1.2775, 1.2745, 1.2715 and 1.2685 for 115 pips profit.
In general I am actually bullish in the short-term now looking for a small correction before resuming the overall downtrend and will keep my eye open for candlestick setups with good reward/risk ratios in CandlePro.
Caution advised for the EUR/USD today, folks. Happy pipping and stay safe.
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August 26, 2010 at 03:43
Nice…. I get to be the first commentor!
I’m very surprised that we’re over 1.2700s at the moment. So, I agree, short closer to 1.2800 are probably the safest bets.
I guess USD is gonna get some good news finally tomorrow, and US stocks are going to resume the bulls.
August 26, 2010 at 03:45
Hi John,
@johnr
Thanks for the info! Really appreciate it :)
God bless.
August 26, 2010 at 06:38
Wao! good morning all @piphut thanks for the guide again today. Luckily for me, my standing short order at 1.272 was hit and already in profit at aboout 28 pips now so i simply moved SL to trail at 10+ if the trend choos to rally back. For me it is a 0% risk trade now. It either hit my take profit or leave me eqity intact and pay for the brokers spread. GL
August 26, 2010 at 13:07
Let’s just bomb and get it over with. LOL
August 26, 2010 at 03:46
Hi Mark,
@piphut
Thanks for the early signal!
God bless.
August 26, 2010 at 04:40
@piphut Thanks, Mark. It is nice for those of us in the states
to get the signal and have time to determine where and when to jump in ,add to or bail out. And we might still be in bed by
2AM
August 26, 2010 at 05:11
Good morning mark thank you for your early signal happy pipping
August 26, 2010 at 06:10
r u punjabi nirmal
August 26, 2010 at 05:29
Morning Mark, once again I want to congrat to the new changes on the Candle Pro which make it so much better! With the new filter options it brings me quickly into position to decide in seconds on a signal. Thanks again for your great work!
August 26, 2010 at 05:41
Hi Mark!
and the rate may fall to 1.2610 “, I have yesterday’s deal is open: (
August 26, 2010 at 08:13
@Mark,
First of all good morning to you and the rest of Piphut.
Just a couple of questions in advance of CandlePro being rolled out (I have been avidly watching the updates etc). This may be one for the CP forum so I can copy and paste there if needs be.
Looking at the CP demo trades, you showed a daily candle trade. I think I read somewhere that the daily candles are considered closed/posted at 00.00 GMT? So, as I would be initially trading daily as have a day job and as I am in the GMT time zone (London) do you think one should look for setups etc just after the daily candle is posted (i.e. at 00.01 etc GMT or wait until the morning eg 06:00 GMT?) As I understand, the Asian session will have kicked in in the interim – is this significant? I am guessing the prce moves in the open candle may provide some confirmation of the set up so it may be best to wait for the morning? Onthe other hand, the wait overnight could miss opportunities?
Secondly, roughly how many daily trade set ups is CP kicking out on average? Again in your demo you said it kicks out less at this time frame when compared to 15min, 1hr etc, but they are higher quality. When you say ‘less’ are you talking about one or two a week on average or more/less?
Tks and can’t wait to try out CP with all the updates etc, it started off great and seems to just gets better. Want to get my hands on it!
August 26, 2010 at 18:54
Hi @greggbaby, it kicks out 2 daily signals on average, I would say.
It really depends on the setup. Some daily signals I would say shouldn’t be traded at all depending on the quality of the signal, others should be traded right away while others you should wait for a pullback or confirmation signal.
I would say that in general, to answer your question, CandlePro can be combined with any strategy you want to help enhance the results of that strategy, and that there are a variety of strategies to fit a variety of personalities, lifestyles, etc.
For example lets say there is a bullish daily signal but you don’t want to trade it right then (or you can’t), then you could wait until you are in front of a computer later in the day and then look for strong bullish signals on a smaller timeframe chart to confirm and enter at a different time.
With daily candles especially since we the profit/loss are based on the 10-candle strategy you actually have 10-days from the time the signal hits to enter.
Does that help?
August 30, 2010 at 21:01
@Mark
Thanks for the reply. Yes, this helps a lot.
August 26, 2010 at 08:21
Looks like a bullish ascending triangle forming on your chart Mark? Could signal a short term bullish move up in the longer term downtrend? Guessing this is why you are sounding caution?
August 26, 2010 at 16:20
Exactly, and why I’m actually more bullish in the short, short term
August 26, 2010 at 10:38
if u trade usd/chf u may consider going short.
August 26, 2010 at 10:39
short term trend on e/u now uptrend. higher high and higher low forming
August 26, 2010 at 11:07
Good day. The new updates are great. Good job Mark. Would it be possible to enlarge the choice windows a tad so we don’t have to move the slider to get the choices that are below the visible window. This is not a big deal, just curious. Again, things are coming along great with the PRO updates.
August 26, 2010 at 11:28
…good point, tried out firefox? I see all there…
August 26, 2010 at 16:20
I think the bearish and bullish candle formations still require scrolling in ff, but you can see all timeframes and pairs
August 26, 2010 at 16:19
@nevadaoutlow – thanks for the feedback, I think CP is coming along nicely too. It’s always had the raw power but now its getting some of the finesse to make it easier to use that power :).
I’ll look into ways to make more options available. The problem with just making the boxes bigger is that I will be adding more pairs, candles, etc. in the future so if I keep expanding those boxes they will be the whole screen! One idea I am floating right now is having an “advanced search” button where a bigger search box will pop up with more space and options.
August 26, 2010 at 11:55
pls should we look up to buy shot
August 26, 2010 at 12:00
i can see a nice hammer forming on h4 of usd/chf
August 26, 2010 at 12:11
yes kayus, lets hope it hammers out the bottom and goes up. There is bullish divergence on h1. Chances to go up.
August 26, 2010 at 12:56
Guys,
I am seeing a bearish head and shoulder 15m and 30 m
I am wanting to take small shorts, small TPs + short order at 1.2730 area
any one to follow?
August 26, 2010 at 13:08
That’s a good place. Even safer place would be 1.2770 to 1.2800 to minimize your SL spread.
August 26, 2010 at 13:45
Let’s see if we can break through 4H resistance at 1.2717
August 26, 2010 at 13:49
Approaching 1.2730. Let’s see how many traders are waiting to pounce on shorts there.
August 26, 2010 at 14:41
Still running upwards. 1.2757 now. 1.2770 will be the next resistance to watch for.
August 26, 2010 at 14:56
yeouch!… that’s a freakin long topside wick on the 1H.
August 26, 2010 at 15:01
Shooting Star EURUSD 30m 2010.08.26 14:30 1.27360 bearish
August 26, 2010 at 14:09
has anyone heard from ttom?
August 26, 2010 at 16:15
I saw him not too long ago. He comes and goes I think. He first came to PipHut a long time ago, then he had a several month hiatus, then he was back a few months ago… now I’m not sure :/
August 26, 2010 at 15:13
Just went short on those 1h and 30 min candles, some pips are already in. Anyone planing to ride along?
August 26, 2010 at 15:20
good for you. I want to wait until we break 1.2650. Then, I will resume selling on rallies.
August 26, 2010 at 18:28
My earlier short was stoped out but at with a profit though. I reentered short at 1.275 and was again stoped oout with another 30pip profit. I susally move my SL to trail my pips to make my trade 0% risk free. I have stand down for now till i am sure of the trend.
August 26, 2010 at 15:53
I only saw 30M confirmation for bear. What did you see on 1H ?
August 26, 2010 at 15:55
14 GMT looked SS alike but I guess something was missing since it’s not in the alerts here ;) Looked similar to yesterdays 1h ss @ 8GMT
August 26, 2010 at 15:53
Closed my short for 40 pips, I will go short again if a new 1h candle opens below EMA60
August 26, 2010 at 16:14
Nice work Mike :)
August 26, 2010 at 16:26
Thanks Mark, nice work with Piphut ;) See you tomorrow
August 26, 2010 at 16:11
Hey all, do any one think it would hit 1.2800 to day? Hey Mark how long are your signals good for? Thanks have a good day all.
August 26, 2010 at 16:14
2800 is still in play. In general how long the signals are valid for depends on how the price action plays over the day.
August 26, 2010 at 16:26
Hey thanks for the answer Mark. Thanks for the signal . I miss the other guys from in here I learned a lot. tell them all Hi for me.Thanks
August 26, 2010 at 16:34
MARK,
have not been able to get access to candlepro for over an hour and tried several password changes HELP
August 26, 2010 at 18:48
Hi Jonti, please email support@piphut.com, I’ll be glad to help
August 26, 2010 at 18:26
ay ay yes yes jihnny my friend y are here!!!!!
August 26, 2010 at 18:41
Hello my dear friend Sahara. Hope you are fine and all is well with you? To bad I have just a chance to be in here for a little while.
I am not able to watch the FX market that closely as I did before for. But I was just thinking you all needed my Little Bully here right now :-) (We may go down a little first… but I wont be surprised we will be seeing 1.29 in the near future…As always… Lets see :-))
Take care my friend, and btw…How are the Camels doing?
August 26, 2010 at 18:55
Hello Johnny, i av missed u so do every everyone in the forum, hope u have bn abale to solve your problem or is solution insight at least? Best of luck friend, dont worry about the moves that happen in your absence, more shall still happen. Your pips await you when u resume. Cheers
August 26, 2010 at 19:03
Nice words of you Kayus. Believe I am trying to peek in here if chance will be given, but it aint easy for the time being. For sure I am not worried that each and everyone will make their daily pips in here, with or without me, after all, follow the leader (Mark) everyone will be able to grab some if not today then it’ll be tomorrow :-)
Take care my friend and hope to catch up real soon again.
August 26, 2010 at 19:06
Best of luck friend. c u soon. cheers
August 26, 2010 at 18:56
thanks johnny i hope y will be back soon as y see w are all with CP another level and camels are so happy trading better with this “BIG” cp many friends ask about y; give us news and see you in CP
August 26, 2010 at 19:04
and now i find how to log in it was diffucult to find it (up in the left side and dark area!!!) now i tried to send charts or others but i do not “arrive” m b i will find it…
August 26, 2010 at 19:12
Yeah Sahara, Your Camel sure does have Big Teeth (Looking at your avatar/picture). I am sure alll them Bears run away for her :-)
August 26, 2010 at 19:10
@Sahara. I briefly red about CP but was in no position to find out what’s it all about? Must be the new thing Mark mentioned earlier? Anyway, hope it’ll just bring extra pips to you’ll :-)
I am still not in a position to be in here mostly every day, but (together with my lawyer) I think I will be able to win this fight and be with you guys soon again.
As for the E/U (For as much as I had the chance to follow the market so far…Keep it Bullish and look up…I am sure 1,29 will soon be reached…But, as alway, MY view only :-)
Take care my friend and God bless you.
August 26, 2010 at 19:13
Amen to 1.29, it is going 2 b nice cliff 2 short
August 26, 2010 at 19:20
For sure Kayus. One of my last postings I’d in here I was mentioning that we wont be seeing real highs like 1,35 or hihgher. I always thought we would be hanging between 1,25 – 1,32 level for some time. And I think it will be going up and down between these levels for some time. Dont think we’ll be seeing the low levels as we’ve seen them some months back. The EU-zone is happy with the present levels and try their best keeping them so.
But surely we can make pips in between :-)
Hope to catch up real soon again.
Keep watching over you shoulder and your wallet every minute of the day :-)
Good luck and all the best.
Í need to go out now, take care all.
August 26, 2010 at 20:56
Hello Johnny, really great to see you back, hope you’re going to stay here ;) Just having some vodka at my friends place, all the best for you, and good luck makin’ them money!
Cheers!
August 26, 2010 at 19:22
@johnny yes it s a new big thing this cp we have all times from 15 untill daily and a chat room and like that we can work very nice all, together all the day and in august untill now we are working better bcause more then half of work is mde by CP;
August 26, 2010 at 19:39
Good for u guys that made the CP enrolement, i am expecting Mark to provide the paypal alternative and open enrolment again. What is CP recommending for now south or north?
August 26, 2010 at 19:53
@Kayus, if we’ll be able to breach the next resistance (2739) I would think futher upside is to come (2775 – 2800). As Mark is short term bullish for the day, I am bullish for the next days to come. We will be hitting 1,29 soon, but again…Just my view only. Good luck my friend. (And I really got to go now before they wont let me playing this thing the next time :))
August 26, 2010 at 19:43
Mark,
Is the signal still valid?
August 26, 2010 at 19:58
Friend i suggest u stand down for now however u may leave ur standing order to short at 1.28 remember MArk said it may not be hit today and he would want to stand down. Tomorrow is recommended as trade free day if u dont want to lose your earned pips of the week. I went short at 1.275 and already closed the rtade (actually stoped out on trailing stop with 30pip. I have another short order for 1.277 but may terminate the order if it doesnt play out before close of day. cheers
August 26, 2010 at 19:45
And when are you going to send next CP registration slot?
August 26, 2010 at 19:59
@Rikk…Please read the above postings and you’ll find your answer (TruckingRuby already asked Mark the same question, and, according to my view, nothing’s changed thus far) Good luck
August 27, 2010 at 01:05
When will candle pro be open again?
August 27, 2010 at 05:23
Next week.