Posts By "Mark"

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Recap: Our long was triggered yesterday at 17:45 on a resistance break, which got 20 pips into the profit. The entry candle then closed below our resistance (false break), which caused us to close the long for a 20 pip loss.

Today’s Important News Events:

Trading Idea: We are bearish on the pair fundamentally as the high risk events in Europe and across the globe should drive demand for the USD, but we are still tracking a nice falling resistance on the oversold hourlies and will look to get long on a resistance break with targets at 20/20/20/20 for 80 pips.

We will look to close and get short on a support break with the same targets.

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Recap: No trades entered Friday or yesterday as the charts were too mixed for us to feel particularly confident in any single direction or setup. Fundamentally today the markets are as crazy as they get: the Greek coalition government lost its grip in the latest public polls (the party responsible for the bailout and the resulting austerity measures), 12 of 17 EMU governments have been replaced by collapse or election in the past 2 years (read: public disapproval and resentment) and the Bank of Japan admitted to buying $500 million worth equities yesterday (which still failed to prevent the sharp drop in the Nikkei).

So what does that mean for us currency traders? In short: risk off. And when risk is off perceived “safe” or “reserve” currencies such as the USD benefit, as we are now witnessing.

Today’s Important News Events:

Trading Idea: Given the USD strength and bearish technicals we are still bearish and primarily looking for reasons to get short. That being said we’ve seen a decent falling resistance form and we will take an aggressive long on a resistance break (perhaps to close the weekend gap?) with targets at 20/20/20/20 for 80 pips profit. We will move the SL early and often and look to close and get short on when a support line forms / breaks with the same targets.

Don’t forget to answer the poll today (below)!

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The charts are very mixed / volatile at the moment, following the large gap over the weekend, and we will sit aside for now until better S/R lines develop. We will release an intraday update for all pairs around 15:00 UTC for the second half of the US session.

Needless to say, we are bearish today and looking for reasons to get short.

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Recap: Our long from yesterday’s signal was triggered at 3160 on the resistance break, right around the interest rate volatility, and quickly jumped to 20 pips in the profit before settling around 3150 for the remainder of yesterday and well into this morning. After going nowhere for 12 hours we closed out the long for a 10 pip loss.

Today’s Important News Events:

Technically speaking the outlook is mixed at best. We had a very bearish support break earlier this week and that has us leaning bearish now, but the consolidation yesterday showed that the market is still undecided.

Trading Idea: Since it is Friday we will not be entering any new trades, but if we were we would be looking for reasons to get short as we are still bearish on the pair. No good S/R lines at the moment.

Have a good weekend and the site will likely be down for some upgrades this weekend. We are getting a new home page, new pro dashboard and more. See you Monday!

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Recap: No trades were triggered from yesterday’s signal as the price never rose enough for us to get a good short price. Price continues to consolidate after the large drop from yesterday morning.

Today’s Important News Events:

Biggest news out today is the ECB interest rate decision, which we expect will be held steady at 1.00% and therefore won’t impact price action much.

Poor european economic performance continues to be the fundamental driver behind the USD strength, with employment rates among Euro countries at a 15-year high and no clear sign of improvement for the future. Luckily this is forex and we profit no matter which way the exchange rate is going :).

Technically after the big drop yesterday morning the pair has taken out several intraday supports and has a bearish outlook, so we will primarily look for reasons to get short.

Trading Idea: Despite the bearish outlook we will first look to establish an aggressive long on a resistance break (as there is a decent resistance at the moment) with targets at 20/20/20/20 for 80 pips profit. We will move our SL early and often to minimize risk and also look to close and get short on a support break when one forms.

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… is now in your PRO Dashboard!