No free signal today. Analysis would have been same as Friday: short term bullish but ready for a bearish turn around.
Signal will be back tomorrow!
Happy Pipping!
Mark
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August 30, 2010 at 09:40
Hi Mark,
@piphut
Thank you so much for the strategies!
God bless.
August 30, 2010 at 09:52
@piphut you are great thank you so much!!!!!
August 30, 2010 at 10:07
GBP/USD
doji H1 with confirmation candles possible profit of 90 pips
@ukfitness
Neil do you concur?
August 30, 2010 at 10:43
Neil’s off for the day – he sent his best wishes on pro-chat and said he’ll log back in tomorrow.
August 30, 2010 at 10:19
USD/JPY
Just kissed S1… if it does not break the bottom trendline it looks like a good buy opp
August 30, 2010 at 10:29
FOREX: The markets took a dim view of a new monetary easing announced by the Bank of Japan Monday, pushing the yen above the key level of Y85 to the dollar and leaving traders to wonder if the move was all the central bank had in its arsenal.
Trading at around Y85.90, the dollar quickly fell to Y85.50 after the central bank’s policy board held an emergency meeting and voted to extend a program of low-interest loans.
The decline worsened later in the day after BOJ Governor Masaaki Shirakawa gave a news conference explaining the bank’s reasons behind its move. Although he said that the uncertainty over the economy was increasing, traders said he offered no hints of stronger action.
August 30, 2010 at 20:54
This is a tricky situation because if the BoJ is intervening then we’ll probably see a slow downtrend with giant leaps upward every once in a while. Keep your stops close and might be time to pull that trailing stop out of the toolkit :)
August 30, 2010 at 10:30
is it a holiday in the UK?
August 30, 2010 at 10:35
GM all,wishing u all a good piping week ahead.
August 30, 2010 at 10:35
OK.
it is holiday in the uk
August 30, 2010 at 10:38
Short term trend is still bullish as support 1.27 is yet to be breached. I think was is going on now is just pullback before bull resumes (My opinion only)
August 30, 2010 at 14:43
I tried a long at 1.2715, thinking S1 would not break. Right now it’s lingering below 1.2700. I’m going to wait for the next 4H hour, and minimize my loss.
SL is in place for -50pips. But we’ll see what happens.
It’s kinda crazy but CHF has already tanked, and EurUSD doesn’t seem to be inversely related to that anymore..LOL.
Such craziness!
At this rate, I’m tempted to wait until next TUES after Labor day!! LOL
August 30, 2010 at 14:47
take friday signal we are in the same area
August 30, 2010 at 14:56
Cool! I can ride my existing Long(1.2915) up until there then. Hooray!
August 30, 2010 at 14:57
I meant long from 1.2715.
August 30, 2010 at 15:07
The trend is y friend dt fight against him !!! if its dowtrend please short if it s up trend go long my friend the market is like that !!!!
August 30, 2010 at 15:36
I know I know…I heard that a million times.
But we’re in a NEUTRAL trend. Where’s the Bear you looking at? We’ve been bouncing between 1.2690 and 1.2770 for the whole week. If you’re saying it’s bearish NEXT WEEK, that’s a crystal ball.
Trade what you see.
All I was doing was trading between supports and resistance. And it IS indicative that we are in consolidation, with slightly bullish bias for now.
August 30, 2010 at 16:14
That is not a bad idea friend, e/u ususally run contrary eith u/c but they are on same train now. All pointing to the south! My earlier long position was stoped out, i would have manually picked the loss but it was already recovering before US session but i had to leave the system,i just loged in now to see what is going on and saw that i am -40pip richer OH!
August 30, 2010 at 16:56
Yeah…I’m floating negative now. Still holding to see if I can minimize it. I have a set SL of 50 pips, so I know what I can afford to lose for today.
If consolidation plays out properly today, we should see a minor pullback so that I can get out at 1.2715 to break-even.
Yeah…it is surprising on how the USD/CHF ran contrary to EU relationship for today.
August 30, 2010 at 10:49
Long term trend is for the bear because the bull trend already compromised and no clear reversal yet. however short term trader could look to dip to go long BUT it appears that the bear are going to take over today.
August 30, 2010 at 14:44
I agree that Bears will rule again. I thought I could get some profit from the bulls for now, but it does indeed looks like the bears will rule for today.
August 30, 2010 at 14:50
Rats, I missed a short on USDCHF from 1.03200 (R1 on bearish tip) . oh well, it pays to play conservatively.
I’ll set the bait again hope it bites.
August 30, 2010 at 16:20
Wao, my lose in e/u would have bn compensated for if my standing short order on u/c had hit, just 3 pip miss from 1.0299 . I would have had at least 50pip locked in now. Like u said, i hope the bait bite next time.
August 30, 2010 at 16:57
I know how you feel then! LOL
I wanted to play safer and place my short entry closer to 1.0320. But oh well… just a lost opportunity, not a loss of equity.
Looks like I’m in the same boat with you on EU. We should trade together huh? hehaa
August 30, 2010 at 17:06
Let me throw out an idea.
On consolidation trends, trade on the 4H support and resistance zones, favoring the slight biases.
On a strong trend, yeah… trade with the trend (no brainer) entering on dips or rallies.
Sure, there will be losses, but if you keep trading with sensible lots per equity, you will make it.
I’m already up 10% on my $1000 equity for the month. Losses are minor setbacks.
August 30, 2010 at 19:16
Good my Friend, do u use micro lot or mini lots? Our trade style is quite synonymouse atimes. Rescently i decided to only trade pattern but i have also decided to also take opportunity presented between Support and Resistance BUT i prefer trend trade than range. I quess that will require u to monitor your trade more however since i am not a fulltime trader, other distraction may not allow me to maximize the pips provided in a range trading since range is always relative. Tomoroow i will b looking at opp to short on u/c when a resistance is determined in London session. Cheers
August 30, 2010 at 20:43
I trade mainly S/R, using 4H data. I’ve tried momentum trading with EMAs and history, but with ranging markets, they suck.
I am like you too… not a full-time trader. That’s why S/R is probably the best you can do, and it’s always best during a strong trend.
Today’s bears just ripped us off because it broke through a support rather then a resistance.
If 1.2660 holds, bullishness is still possible. But doesn’t matter. If it crahes and bears take over, look for short on rallies.
I already banked my 50 pip loss today. No worries, I’ve got plenty of time to catch up later this week.
I use only $1 pip lots. I’ll join in big time in about 2 years when I’m ready to convert my whole 401K investments into Forex instead. Plenty of time to give me experience and steadiness.
August 30, 2010 at 20:48
If you get a loss(and they do happen you know) and are required to decrease your lots for the next trade, then you are trading TOO MUCH of your equity.
Ideally, you should be able to sustain as many as 5 losses, and still keep going to recover the drawdown after that.
Just a rule of thumb.
August 30, 2010 at 20:52
Same here, but I use a lot of confluence between timeframes. A lot of times I’ll look at the daily charts for the direction of my trades and then hit the 30m and 1h charts for entry point throughout the day.
August 30, 2010 at 21:43
@piphut
Tell me more Mark. Can you give me an example?
August 31, 2010 at 01:07
I’m actually putting together a few examples for Part 3 of that “Strategies” article but in general lets say the short term trend is bullish (ideally there would even be a bullish candlestick pattern with a good RR) on the daily chart. I then look for bullish confirmation signals after small pullbacks/retracements on the 30m and 1h to trade. It gives you smaller tf / more entry points throughout the day while still trading in the higher probability direction of the daily trend.
August 30, 2010 at 20:52
Yeah..UsdCad will be nice. But, I’m really not sure what’s going on (I shouldn’t care actually).
USD depreciated in USDJPY and USDCHF, but it appreciated in EURUSD.
So, it looks very mixed signals to me. Not sure what all these bad US news is doing with USD anymore.
I guess Labor day is coming, and also NFP this Friday.
Tomorrow is Tues and end of the month. So, something big will happen/spike in the next few days, and then market might come back to good sense after Labor Day next week.
August 30, 2010 at 11:21
thanks mark for all your help, also thanks to everyone else for your great comments!!!
for what it is worth I think we will see some range trading for usd, yen and swiss strength to continue
August 30, 2010 at 16:02
Glad you’re enjoying it.
August 30, 2010 at 20:50
No problem @nigel.
@johnr, @saharaview and @kayus have really been carrying the conversation as of late, thanks guys!
August 30, 2010 at 12:00
the trend is still down !! i m waiting R area to go short this morning we hve test 2740 area im waitng 28 and there i will short i m going with trend(down) i only shorting after confirmation (RSI and CCI R_S)
August 30, 2010 at 12:02
Daily pivot is near 2738 R1 near 2804 S1 Near 2690!!
August 30, 2010 at 12:25
usd cad mb nice to trad (news)
August 30, 2010 at 13:20
still nice cad
August 30, 2010 at 14:03
40 pips!!! mb more( SL Half profit let run!!)
August 30, 2010 at 16:31
Good for you Friend, the only trade i have on today alrady atopeed out with 41pip loss it sound as if my margin was transered to yours haha! there will b another opp and setup. I will wait to see another consolidated resistacen and then go short, i will not go long on support. No trading against the tide. GL
August 30, 2010 at 16:45
hits tp 70
August 30, 2010 at 18:07
scd one too third still ok w will see higher
August 30, 2010 at 14:31
ther is a ss in 15 mn usd cad but 30 is still bullish i move my SL (plus 15)
August 30, 2010 at 14:38
hi sabine
August 30, 2010 at 14:47
@saharaview were direction do u think the EU is going now.
August 30, 2010 at 14:51
the pair is still bearish as Mark said i hvent seen any “opportinity” then i wait to go short (the trend is down)
August 30, 2010 at 16:03
When we either see 1.2800 or 1.2690 broken… we’ll know which way it’s going.
August 30, 2010 at 16:04
..and I mean a 4H candle opening, not 1H or 30m or lower.
Labor day is coming up too… so we may be in a dry season until after next week.
August 30, 2010 at 16:44
it has bn rached before and it will surely be seen again BUT who knows WHEN? We may proberbly b resuming the former expectation that the pair will attain atper. the dip may continue till we reach …anything is possible such as 1.2 or even lower as low as 1.0 or am i dreaming? let the trend lead the journey on and we shall simply pick pips along the journey.
August 30, 2010 at 16:39
Channel down pattern formation just emerging on M15 timeframe. Bears still favoured to continue to have a field day. You either join them or kindly stay neutral. but support consolidation may soon be forming. my view only
August 30, 2010 at 18:05
pair has confirmed H/S pattern on daily, broke the neckline and retraced to it again so confirmed down trend.
August 30, 2010 at 19:21
Hello Mubeen, the SHS you saw in the daily chart had already played out. It is history now, we enjoyed the flight north while it plays out.
August 30, 2010 at 18:29
When is candlepro going to be open this week.
August 30, 2010 at 19:24
May b Mark will mention when he post tmr. If u av signup 4 candlepro you will always be kept abreast of new enrolment.
August 30, 2010 at 22:06
Kayus, if you get CP Pro, I’m going to miss you here. HEheha LOL
August 31, 2010 at 12:44
Not really friend, cp or no cp we are in this boat together though i am missing others that hhave eloped with CP, i will try to split myself btw the rooms WHEN i get CP
August 30, 2010 at 20:48
Hi @chase, no announcements have been made yet, but I am thinking Thursday. I’ll make a post when it is official
August 30, 2010 at 19:37
Anyone hear from Zubair? Any CP member reading this may pls tel him thatwe miss him in the general room.
August 30, 2010 at 20:12
he is not in the area i hope he is good m b because of “ramadan”
August 30, 2010 at 20:26
good night 2 u all. tmr is anoda day. cheers and cheerio
August 30, 2010 at 20:48
Night @kayus, see you tomorrow!