Forex Signals – Falling Resistance
Recap: Our short was triggered at 1.2225 late yesterday (18:05 UTC) and has so far not done much. It quickly dropped 10 pips into the profit then slowly drifted back up to 20 pips in the red, and is currently hovering about 5 pips in the profit.
We will keep the short open for now as we are still very bearish on the pair, especially given recent “risk-off” type news events that are unfolding around the global economy. US political elections, Greek / Germany discontent with austerity measures, the effect austerity measures could actually have on economic recovery (there’s a bit of a catch-22), etc etc – just to name a few. Technically speaking, which is how we get our entries/exits, the pair is in a clear downtrend and has been making steady lower lows and lower highs for all of July.
Today’s Important News Events:
| Date | Time (UTC) | Event | Forecast | Previous |
|---|---|---|---|---|
| Thu Jul 12 |
01:30 | AUD Employment Change (JUN) | 0.0K | 27.8K |
| 01:30 | AUD Unemployment Rate (JUN) | 5.2% | 5.1% | |
| 03:51 | JPY Bank of Japan Rate Decision (JUL 12) | 0.10% | 0.10% | |
| 05:30 | EUR French Consumer Price Index (YoY) (JUN) | 1.9% | 2.0% | |
| 08:00 | EUR ECB Publishes July Monthly Report | |||
| *To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar. | ||||
Trading Idea: Our short is still open with targets at 20/20/20/20 for 80 pips. We will look to close and get long on a resistance break if one occurs with the same targets.
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Johnny
July 12, 2012 at 19:33Comment left on:
July 12, 2012 at 19:26
johnny says:
Just back home. Havent checked charts yet, thought first I will say good evening to all in here.
Now lets see how my Long is doing…
Reply
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Comment left on:
July 12, 2012 at 19:27
johnny says:
PL on M30 and Bull Hammer on H1… Nice :-)
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Comment left on:
July 12, 2012 at 19:28
johnny says:
12 25 and 40 still there as push downs…
And ugly big Bull Crab not faded or vanished yet, but still looking mean as is on H4….
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Comment left on:
July 12, 2012 at 19:31
johnny says:
Mom and Rsi looking good to me, guess we will soon see a lift up and dont have to wait for China news? Lets see…
Appie P
July 12, 2012 at 19:38Good evening @johnny thanks for your update !!
sahara
July 12, 2012 at 19:46again in to close wall street (2210 short for pips in 14 mn !!
Johnny
July 12, 2012 at 19:47Keep one eye on the Gold chart @Appie Not only we have that Bullish Butterfly on H1 I mentioned earlier. Now M30 showing a double bullish pattern, Bullish Bat and Bullish Crab and it has an nice erection and still rising….And still holding hands on to Fiber (for now at least) :-) Lets see?
Appie P
July 12, 2012 at 20:04@johnny You’re right. Gold give a strong buy signal. Mostly Gold up EUR up. I will go long in E/U. You are also long in Gold?
Johnny
July 12, 2012 at 20:19No @Appie….But if someone was in Usd/Cad he either is laughing or crying….Some real moves in there :-) Spoooookkkkyyyyyy :-)
Appie P
July 12, 2012 at 20:31Yes @johnny Gold gives a long signal. Almost E/U gives a long signal. Yes U/C was up/down (Oil down/up) today. By the way I don’t trade in Gold.
Johnny
July 12, 2012 at 20:35Its late….Im not going to wait for tonights China news….
Think Ill be off to sleep soon….And see it all tomorrow morning:-)
Appie P
July 12, 2012 at 20:37Sleep well @ to be fresh tomorrow :-)
sahara
July 12, 2012 at 20:35have a good night all see you tomorrow
Johnny
July 12, 2012 at 20:45GN @All
Appie P
July 12, 2012 at 20:49@saharaview you close your E/U shorts?
Appie P
July 12, 2012 at 20:58Good Night All
Friday brings us surprises?
Maris Sturitis
July 13, 2012 at 06:31No trades today… i do not like friday at 13… hehehe!!!
Appie P
July 13, 2012 at 06:58Good Morning! @stu @all
Last night 15 pips from sleeping order in long E/U (expected shortly dip after Chinese news). Now E/J long and looking for long E/U’s.
Maris Sturitis
July 13, 2012 at 07:04Good luck appie…!
Appie P
July 13, 2012 at 07:07Thanks @stu Enjoy of your trading stress free day :-)