Forex Signals – EURUSD Flag Pattern

Daily Outlook: All targets were hit from yesterday's long signal for 100+ pips (pair actually rose 160+ pips). PipHutters were rewarded for their patience as the pair took a dip after our signal for the following 2 hours, allowing hutters to get long at an even better price than we did for more pips.

Trading Idea: Today is Friday and normally we would not be trading but we like the flag pattern we are saying on the EU charts and we will look to take a long on a topside break of the blue consolidation channel shown above. From 3840 (where resistance currently is but, as usual, it drops with the falling resistance) we will target 3860, 3885, 3915 and 3945 for 105 pips profit. On a downside break of support, currently at 3770 and falling, we will target 3750, 3725, 3700 and 3670 for 100 pips profit.

Have a great weekend PipHutters and see you next week! One last chance to take your stab at the 1.40 poll below:


Today's Poll: [polldaddy poll=5640172]

 


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  1. unamed
    November 4, 2011 at 04:36 Reply

    hi mark.. thanks for early signal..

    • Profile photo of PipHut Team
      PipHut Team
      November 4, 2011 at 04:42 Reply

      Happy to help @unamed, good pipping today

  2. Profile photo of kc
    kc
    November 4, 2011 at 04:39 Reply

    @Mark thanks for the early signal. Have a Blessed weekend

  3. unamed
    November 4, 2011 at 04:48 Reply

    i want long but waiting for broken line..

  4. Tejas
    November 4, 2011 at 04:57 Reply

    Thank you Mark for your continued support and analysis in these volatile times. Safe pipping to All :-)

  5. skadoosh
    November 4, 2011 at 05:01 Reply

    Wow this was early! Don’t forget to watch out for NFP tommorow guys

    • skadoosh
      November 4, 2011 at 05:01 Reply

      err today I mean

  6. Profile photo of Max
    Max
    November 4, 2011 at 05:28 Reply

    Thank you Mark. That was a nice ride yesterday. GL to everyone today.

  7. Profile photo of SUNIL
    SUNIL
    November 4, 2011 at 06:00 Reply

    Thanks Mark and have a nice weekend to you and all friends..

  8. iman
    November 4, 2011 at 06:31 Reply

    Hi Mark
    Tks for your signals
    i think after some consolidation between 1.3825 and 1.3850 it goes toward 1.3965 or 1.3980

  9. mendee
    November 4, 2011 at 06:49 Reply

    down trande now

  10. Profile photo of Johnny
    Johnny
    November 4, 2011 at 06:58 Reply

    @Piphut – Thanks Mark, good night ahead and enjoy your weekend.

    I voted Yes ! :-) Once we get above 3870/80 there’s no holding to it and we’ll shoot above 1,40 – My view.

    • unamed
      November 4, 2011 at 08:18 Reply

      hi johnny,
      now i choose long, because i see bear is so lazy now..
      long from 13795..let’s see..

    • trainwreck
      November 4, 2011 at 09:59 Reply

      The flag looks like a BULL flag…

    • Selva
      November 4, 2011 at 14:28 Reply

      Hi Johnny,
      Please help me out. why 3870/3880 resistance?
      Tks

  11. JAYAKUMAR.R
    November 4, 2011 at 07:38 Reply

    Good Morning To every one.
    EUR/USD SELL @ 1.3823 & 1.3850 TP 1.3740
    AGAIN SELLING WILL CONTINUE ONLY SUSTAIN BELOW 1.3685. ITS A STRONG CONFIRMATION LEVEL FOR SELLING.
    AGAIN SELL BELOW 1.3685 T.P 1.3540

  12. KRISTOFA OKENTA
    November 4, 2011 at 08:06 Reply

    Dear Mark, Am still following your steps and am happy so far.

  13. Profile photo of Lisa
    Lisa
    November 4, 2011 at 08:17 Reply

    @Mark,

    Does this upside or downside break of the flag has to be sustained or does it has to just break the flag pattern?

    • Profile photo of Yeoman
      Yeoman
      November 4, 2011 at 09:10 Reply

      The sustained break is the conservative choice. =^)

  14. David
    November 4, 2011 at 08:57 Reply

    In daily chart, inside bar had formed which mean ending of down trend and will go uptrend, but this week might not hit the 1.4000.. Next week will has high chances of hitting it.

  15. NIgel
    November 4, 2011 at 09:31 Reply

    I reckon we will hit 1.40 or close to it but I think that will cap gains for now. Probably form a head and shoulders on the daily before a drop back down to 1.3150 at least. Just my view.

  16. Simon
    November 4, 2011 at 09:36 Reply

    good morning @ all !
    after the intervention in the yen i am back in business and was wondering, if anyone in here also trades this pair (USD/JPY) ? I just opened another long position today at current price levels, expecting it will breach the 80’s. what’s your opinions about that? thx and GL with your trading today =)
    peace

  17. David
    November 4, 2011 at 10:07 Reply

    Hi Simon, USDJPY currently is in ranging, it testing the down trend support 77.928. If break, it might going down trend

    • Simon
      November 4, 2011 at 10:41 Reply

      thx david. i see that it is ranging..i just have the feeling that the japanese government won’t let the yen rise even more…speculative long…hope it goes well =)

  18. gbolahan
    November 4, 2011 at 11:18 Reply

    hello my fellow forex trader,pls i do really enjoy the daily forex trend u giving us everyday,can u pls be sending it daily signal to here phone incase will are not with our laptop…

    • Profile photo of sadiq abubakar
      sadiq abubakar
      November 4, 2011 at 11:27 Reply

      G Gbolahan,,,,,try and always be wit your laptop.ofe ni iresi,eran lowo.

  19. sakis
    November 4, 2011 at 11:18 Reply

    Johnyyyyy!!!!
    Papandreou son of a b….. !!!!!!!!!!!!!

  20. Profile photo of Irfan
    Irfan
    November 4, 2011 at 13:06 Reply

    Bear seems are in the market after NFP news, and I will short eur-usd, if they take the pair below 1.3785, which today’s low……good luck

  21. Profile photo of Johnny
    Johnny
    November 4, 2011 at 13:12 Reply

    May go Long @3778 Let see?

    • Profile photo of Kobe
      Kobe
      November 4, 2011 at 13:24 Reply

      you’ll be a bull always johnny!!

  22. Profile photo of Irfan
    Irfan
    November 4, 2011 at 13:12 Reply

    I have short the pair at 1.3785, with the stop loss 1.3835, which is tokyo session high, and my 1st target is 1.3700, which is daily S1 in my chart.

  23. skadoosh
    November 4, 2011 at 13:26 Reply

    Shoot. I missed the 4H reversal candle :(

  24. David
    November 4, 2011 at 13:35 Reply

    Overall view in daily chart, EURUSD is still in uptrend, it currently only testing on the resistance 1.38678. If this resistance break, it will proceed to 1.3973 the next level resistance. In 1H chart, it is normal to see down trend, currently the chart is forming the HL and in next few hours will proceed to HH to test out the 1.38676 resistance again

  25. Profile photo of Max
    Max
    November 4, 2011 at 13:39 Reply

    We are back in the downwards correction channel from Mark’s signal. Another breakout to the upside is still possible during the NY session. It’s Friday so price moves are exaggerated.

  26. Tosspotte
    November 4, 2011 at 13:48 Reply

    We were never going to hit 1.400 today as some say. I wouldnt buy now either as stocks are weak. When it sticks arouind this level or a little below then buy.

  27. David
    November 4, 2011 at 13:54 Reply

    Yes, Tosspotte, u r right …. 1.40 can hardly hit today due to Friday and also the to strong resistance in 1.38678 and 1.3973. However, next week hitting rate of 1.40 is high.

  28. Profile photo of Kobe
    Kobe
    November 4, 2011 at 14:03 Reply

    http://www.imageupload.org/?d=784BC3E41

    break under will target 36 at least

  29. Profile photo of Max
    Max
    November 4, 2011 at 14:19 Reply

    I’ll go long at daily resistance at 3700 for a ride back up to 3776.

  30. Profile photo of Max
    Max
    November 4, 2011 at 14:20 Reply

    daily support of course – not resistance

  31. NIgel
    November 4, 2011 at 14:23 Reply

    If we close out the week below 1.38 a huge bearish outside bar will have been posted on the weekly chart. To achieve 1.40 would mean a greater than 61.8% retracement of this weeks price action. Given that nothing of note seems to be coming from the G20, and Italy’s bond yields are well above sustainable levels, I do not think that 1.40 is likely next week.

  32. Mitch
    November 4, 2011 at 14:25 Reply

    could we see 1.3800 TODAY by any chance, or we are going for a down down trend ??

  33. Profile photo of Max
    Max
    November 4, 2011 at 14:30 Reply

    I don’t think we’ll see much more of the bears today.

  34. David
    November 4, 2011 at 14:49 Reply

    Agree with max123, 1H chart if pin bar formed, uptrend will continue

  35. Mitch
    November 4, 2011 at 15:18 Reply

    where does it going stop to go out from a buy at 1.3800 ? even at stop loss ?

  36. NIgel
    November 4, 2011 at 15:19 Reply

    Agree with Kobe, bear flag with a break below targeting 1.36 initially.

  37. riven10
    November 4, 2011 at 15:50 Reply

    Rectangle on all Time frame, 1.3786-1.3835, upside looking targets 1.3861 to 1.3882

    • Profile photo of Johnny
      Johnny
      November 4, 2011 at 17:17 Reply

      Exactly @Riven. 3853 & 3872 on my charts. Lets push it up :-)

  38. Profile photo of Johnny
    Johnny
    November 4, 2011 at 17:37 Reply

    Stocks recovering a bit and are well off daily lows following the NY lunch. As would be expected, USD moving in the opposite direction which sees EUR/USD slowly creep up.

  39. riven10
    November 4, 2011 at 18:00 Reply

    Long from 1.3815 first target 1.3855, and further 3930

  40. riven10
    November 4, 2011 at 18:01 Reply

    first long from 3715 closed 3801, it was a good rally

  41. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:10 Reply

    EUR/USD is testing the 3800 figure and 21-hour sma which may be short term resistance? Lets see

  42. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:10 Reply

    3781-76-70 push ups!

  43. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:12 Reply

    18:11 PM GMT | Viewing 1-2 of 2 signals.
    Age (GMT) Candle Info Chart Snapshot Forecast Strength Trend 10 Candle
    Profit / Loss

    New Double!
    2011.11.04 18:00
    Three Outside Up – EURUSD

    Timeframe: 30m
    Close Price: 1.37930
    Candle Open: 2011.11.04 17:30

    bullish

    99 /100



    Backtest Profit Factor high: 2.19 (profitable)

    New Double!
    2011.11.04 18:00
    Bullish Engulfing – EURUSD

    Timeframe: 1h
    Close Price: 1.37930
    Candle Open: 2011.11.04 17:00

    bullish

    23 /100



    Backtest Profit Factor high: 0.90
    18:11 PM GMT | Viewing 1-2 of 2 signals.

  44. riven10
    November 4, 2011 at 18:17 Reply

    3749 last point for bulls tonight, has to hold

  45. riven10
    November 4, 2011 at 18:21 Reply

    from 3779 upside 3815, 3838, downside 3757,3727

  46. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:21 Reply

    Gone short, back to 3751 Lets see?

    • Profile photo of Johnny
      Johnny
      November 4, 2011 at 18:23 Reply

      Well, thats not really much of a difference in that 1st target :-) (Posted same time :-)) Now lets see?

  47. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:26 Reply

    To me, only if we would dive below 3650 it would mean Bulls become Cow(ard)s :-) As long as above that level we may still see more up to come. My view!

    Comment left on:
    November 4, 2011 at 18:17
    riven10 says:
    3749 last point for bulls tonight, has to hold

  48. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:29 Reply

    3789 seems to be a hard nut to crack for now :-)

  49. riven10
    November 4, 2011 at 18:30 Reply

    I am not short, I am waiting for 3815 to see more upside, it was only some view, nothing more

    • Profile photo of Johnny
      Johnny
      November 4, 2011 at 18:33 Reply

      But I am @Riven :-) So I am pushing it down a bit if you dont mind? :-)

  50. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:32 Reply

    Hearing reports that Greece’s Papandreou to propose Finance Minister Venizelos as replacement.

    When is this Greek Dra(ch)ma finally gonna stop? (Sorry @Sakis :-))

  51. NIgel
    November 4, 2011 at 18:34 Reply

    As long as 1.3950 – 1.4000 holds I expect this bear trend to continue to the downside. I agree with Johnny, when we break 1.3650 this will accelerate the decline.

    • Profile photo of Johnny
      Johnny
      November 4, 2011 at 18:38 Reply

      @Nigel – Thanks for sharing that Nigel, two know more then one :-)

  52. riven10
    November 4, 2011 at 18:35 Reply

    Gl to you @johnny, take care of 3770

    • Profile photo of Johnny
      Johnny
      November 4, 2011 at 18:36 Reply

      Yep @Riven 3773 is a push up level again, but I think we’ll manage to reach my 3751 :-)

  53. riven10
    November 4, 2011 at 18:46 Reply

    tonight profit taking from short positions which can push the pair higher if no other bad news out come from Europe

  54. Profile photo of Johnny
    Johnny
    November 4, 2011 at 18:47 Reply

    Unsubstantiated reports making the rounds that Greece’s Papandreou to propose Venizelos as Premier.

  55. riven10
    November 4, 2011 at 18:50 Reply

    that changed was ordered long ago, and confirmed from the friends :-) today

  56. Profile photo of Johnny
    Johnny
    November 4, 2011 at 19:01 Reply

    Before they where just Rumors…
    To bad the Greek Vote is coming in to late :-(

    NFP not positive to move Euro up!
    Greek Dra(ch)ma ‘To Be Continued’ or ‘The End’?
    G-20 Failure!

    1,40 ??? Really like to see it…But seems a long long way?

  57. riven10
    November 4, 2011 at 19:08 Reply

    maybe 1.4100 will be a better history next week??? :-)

    • Profile photo of Johnny
      Johnny
      November 4, 2011 at 19:14 Reply

      Its FX, all is possible :-) But this market is behaving as a chicken without a head lately :-)

      Soon closing time….May close my short for just 10/20 pips… (At time of writing this already closed out…)

      But something tells me to place a Long over the weekend :-)

  58. Profile photo of Johnny
    Johnny
    November 4, 2011 at 19:17 Reply

    Yep, Just gone Long here @3775 – TP@4015 and SL@3675 and will that open over the weekend….(Crazy as I am….:-))

    Going to have a drink at Pete’s Place…

    GN and GL and GW.

  59. riven10
    November 4, 2011 at 19:19 Reply

    will let my pending long at 3815 open for weekend and waiting the targets upsides of the rectangle 3930 last one , have a great week -end all

  60. Johnny (from PocketPc)
    November 4, 2011 at 21:38 Reply

    @Sakis –

    With regard to your comment below @Sakis…I think a bit different about your Papandreou :-)
    He may be what Ataturk once was and did for Turkey….So, let’s call him Papagreek from now on… :-)

    Comment left on:
    November 4, 2011 at 11:18
    sakis says:
    Johnyyyyy!!!!
    Papandreou son of a b….. !!!!!!!!!!!!!

  61. Profile photo of Patrick
    Patrick
    November 5, 2011 at 16:45 Reply

    i guess this pair is heading to 1.4000
    let follow the ride up

  62. Profile photo of Kobe
    Kobe
    November 6, 2011 at 20:56 Reply

    rising support @3730 for the moment. top of the channel around 1.39, if break below retest of last week low @3608 and maybe lower.

  63. plexus seaside
    November 7, 2011 at 06:29 Reply

    today must see eurusd to reach 1.3608 …

  64. Profile photo of sahara
    sahara
    November 7, 2011 at 07:53 Reply

    good morning all have a nice piping week and a good day

  65. emmanuel
    November 7, 2011 at 08:12 Reply

    @sahara..hello long time.wish ya all the best too!

  66. Profile photo of Matthew
    Matthew
    November 7, 2011 at 08:17 Reply

    Price contained in a channel, Support 1.3660, Resistance 1.3840

  67. PhyllisFak
    February 9, 2017 at 16:09 Reply

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