February 7th @ 7:48 UTC – We are looking to get long on a topside resistance break with targets at 20/20/25/25 for 90 pips profit.
February 3rd @ 7:59 UTC - Our short for GU was triggered and we have closed it out for -10 to enter the weekend flat. It is Friday and we don’t trade on Fridays due to the volatility that generally accompanies the low volume. We have put aggressive setups and S/R lines on the chart above, and all alerts/PRO features will continue to work as normal.
February 2nd @ 6:23 UTC - We remained flat yesterday as no credible S/R lines formed intraday. We are currently tracking parallel S/R lines above and below price and will look to take a short or long (short on break of support, long on break of resistance) with targets at 20/20/25/25 for 90 pips profit. We will keep the SL a bit tighter on the short as the trend is definitely bullish.
February 1st @ 7:52 UTC – Our long was activated yesterday on the resistance break, getting to +35 before reversing and hitting our SL for -15. We missed the support break and are currently flat, waiting for a better S/R line to form to trade off of (no good setups are present). We will watch from the sidelines on this pair for now.
January 31st @ 5:56 UTC – No position taken yesterday and we are now tracking an ascending triangle on the 4h charts. The triangle is a bullish signal, so we will look to take a long on a break of the horizontal resistance at 5750 with targets at 20/20/30/30 for 100 pips. We will also look to take a short on a break of the rising support (right side of the triangle) with targets at 20/20/25/25 for 90 pips profit. We will keep the short SL tight as the primary trend is bullish.
January 30th @ 12:21 UTC Intraday Update – Mixed bag technically with GU right now. We have a strong uptrend for the past week but it has begin to slow down the past couple days. Because the slow down occurred on low volume we will continue looking for reasons to get long but there are not any S/R lines that fit our system at the moment so we will sit this pair out until a better resistance forms that we can long a break on.
January 27th @ 8:33 UTC – The chart above has also been updated with our aggressive trading ideas. We normally don’t trade on Fridays due to the higher volatility caused by the lower volume of Fridays. CandlePRO and Swing signals will continue to function as normal for PRO members.
January 25th @ 6:14 UTC – Our short yesterday never went anywhere as bulls were just too strong, kicking us out of the trade for -50, knocking us back to break even for this pair on the week after Monday’s gain. We are currently flat and looking to get short off our tight rising support break (bottom blue) with targets at 15 (tight!), 20, 30, 30 for 95 pips profit. We will be watching for new falling resistance to get formed and broken for a chance to close our short and get long again.
January 24th @ 8:48 UTC - Our aggressive long got +50 pips yesterday as the GU rallies off of support on overall USD weakness. Our primary short was triggered at 1.5547 and we are currently in that trade with yesterday’s targets: 20/25/25/25 for 95 pips profit. We will look to add a falling resistance as the day goes on and then close and long our position.
January 23rd @ 5:30 UTC - Price has continued to bounce upward in an overall larger bearish consolidation pattern (short-term bullish), and we will look to get back in on a downward swing on a break below support at 5525 with targets at 20/25/25/25 for 95 pips profit. There is also space for aggressive longs on top of rising support target 20/30 targets for 50 pips at a time.
January 19th @ 11:15 UTC - Our aggressive longs off of rising support played out well, netting us +50 off of two small +25 positions. The primary short was not activated. we are tracking an aggressive rising support currently and will look to get short on a downside break of it with targets at 20/20/25/30 for 95 pips profit. We expect support to be found at the yellow rising support shown above and will look to redraw our primary support there and re-evaluate our short at that time.
January 18th @ 7:22 UTC - As promised we sat out yesterday on this pair as no setup looked tempting enough for us to enter. We are tracking a better rising trend support today (bottom blue line currently at 5330 and rising) with targets at 20/25/25/35 pips for 105 pips profit. There are also opportunities for aggressive longs off of support proximity alerts as the pair has plenty of bullish upside left after the bullish resistance break from earlier this week.
January 17th @ 10:12 UTC - Our short got almost +30 in the profit before turning on us and hitting our SL for -15. We passed on the long on the resistance break, as we said we would – if you had taken it you would be about +50 at the moment. We are flat for the moment as the momentum appears to be shifting from bearish to bullish with no clear favorite at the moment. We will sit this pair out until a more clear cut (and higher probability) trend emerges.
January 16th @ 6:16 UTC – GU has opened slowly and we are tracking a longer term (for us anyway) falling resistance that spans a couple weeks, connecting the highs of early January with the highs of January 9th and January 12th. We will only look to get short under this falling resistance, not long on a break above, because our normal S/R break strategy does not work as well on longer term S/R’s like these. Targets on this resistance bounce trade will be 20/25/25/25 for 95 pips and we will enter on a proximity alert or a good candlepro signal beneath resistance.
January 13th @ 9:14 UTC - Two resistance breaks occurred yesterday as price broke resistance, fell below and then broke it again. We entered on the first one (5346) so our long only got to +50 before turning against us and hitting our tightened SL for +20. If you entered on the second break (5322) then all of your targets should have been just barely hit for 85 pips profit. Friday’s aggressive setups shown on chart above – as usual we do not trade Friday’s due to the low volume and greater risk of volatility!
January 12@ 10:01 UTC - All targets hit on our short yesterday (stop loss above 5500 withstood the rally) for 95+ pips. If you stayed in the trade at all you could have up to +180 at the moment as the pair had quite a large drop shortly after yesterday’s analysis. There was an aggressive resistance that was broken intraday yesterday but that break did not appear to be very solid and we are in fact now tracking another falling resistance. We will look to get long off a topside break of this one but we will keep our SL tight and look to tighten it frequently. Targets at 20/20/20/25 for 85 pips profit.
January 11th @ 9:26 UTC - Our primary short was triggered on the break below rising trend support at 1.5460 but only got to +15 before turning back to the upside. We are still in the trade, which is currently hovering around -20 with a stop just above 5500 where we will look to stop and get long on the 5500 resistance break. For our short we are targeting 20/20/25/30 for 95 pips profit.
January 10th @ 15:21 UC INTRADAY UPDATE – After sitting on the sidelines yesterday due to a lack of a good setup we had a solid rising support develop over the course of the past 16 hours or so. We will look to get short on a downside break of this rising support for our primary trade with targets at 20/25/25/30 for 100 pips profit.
January 9th @ 9:42 UTC – GU has shown upward momentum after market open, similar to AU and EU, however the rise has been a bit more tempered leading us to believe that the pair has a bearish tint today. Unfortunately none of the setups and S/R lines look solid enough for us to risk equity on at the moment – we will sit on the sidelines for this pair until a better setup and/or S/R line emerges.
January 6th @ 9:33 UTC - The chart above has also been updated with our aggressive trading ideas. We normally don’t trade on Fridays, and with the first NFP of 2012 due out today we consider any trading to be extremely aggresive and will sit today out. CandlePRO and Swing signals will continue to function as normal for PRO members.
January 5th @ 7:29 UTC - No trade triggered yesterday as price never broke our top resistance level for our primary long, and never got close enough to resistance for our secondary short. The chart is mixed today and we will not take any positions until some better setups appear (better to miss out than miss your equity). In general we are bearish below 1.5675 and bullish above.
January 4th @ 10:00 UTC - GU continued to rally tomorrow, never breaking our rising trend support level and never triggering our trade. We are no longer looking to trade the rising support on this pair because the pair has gotten too far away from it to give us confidence that a *pop* will occur if it were to break. Instead we are now tracking a horizontal resistance at 1.5680 that we will look to get long on a topside break of with targets at 20/20/25/30 for 95 pips profit. We will also look to get short on the underside of 1.5680 with targets at 20/20 for 40 pips profit per pop until the topside break occurs.
January 3rd 2012 @ 6:27 UTC – GU has been very bullish on the thin holiday volume and our primary trade is a short of bottom rising trend support, currently at 1.5530 and rising, with targets at 20/25/25/25 for 95 pips profit. Similar to AU, we will not get long off a support bounce but will instead look for a new falling resistance when the primary trade does happen and then get long on the break of future resistance (charts will be updated before that break occurs).
December 29th @ 6:44 UTC - Aggressive setups shown on chart above! We will not be trading today as there are only two days left in 2011 and markets are whisper thin, meaning even slight rumors could whip you out of a position right now. Aggressive setups are shown on the chart above for you brave souls looking to trade these dangerous waters.
Signals will resume again Tuesday, January 3rd and we will embark on yet another year together! Thanks for making PipHut the #1 forex community year after year – we would be lost without you all :). CandlePRO and PRO S/R Breaks and Bounces will continue to work as normal and S/R charts will be updated for PRO members.
See you in 2012!
December 28th @ 7:48 UTC - GU has not broken out of its S/R lines from yesterday due to the low volume, so our setups remain the same (though at slightly different levels): “we will look to trade a topside break to resistance (at 1.5650) with targets at 20/20/25/25 for 90 pips. That is the only setup we are currently watching on this pair due to the thin holiday volume.”
December 27th @ 7:19 UTC - GU has been one of the few pairs showing a little life and we will look to trade a topside break to resistance (at 1.5650) with targets at 20/20/25/25 for 90 pips. That is the only setup we are currently watching on this pair due to the thin holiday volume.
December 22nd @ 8:05 UTC - We will not be trading today due to the light holiday + end of year volume. Light volume tends to create volatile and unpredictable markets. Normal analysis will resume Tuesday, December 27th, though we will continue to update the S/R Charts and S/R alerts + CandlePRO alerts will continue to operate normally. Happy Holidays and see you on Tuesday! Aggressive setups shown on chart above.
December 21st @ 9:28 UTC - We took profit on our long yesterday for +95 pips profit. Today we are once again tracking a rising trend support and will look to get short on a break below with targets at 20/20/25/25 for 90 pips profit. In general we are more bullish on the pair than bearish at the moment and we will look to reset our long at the nearest opportunity and look to move our short SL early and often to lock in profit.
December 20th @ 9:05 UTC - GU flirted with its resistance all day yesterday, breaking it no less than 4 times over the course of the day between 5520-5510. No matter which you took you are in the profit now to the tune of 60-70 pips profit as current price is at 5580. We are keeping our long open for the 95 pips profit but have tightened our SL to +50 to lock in profit. We will also look to close and get short on a break below the aggressive rising support we have drawn on the chart above (currently at 5550 and rising fast) with targets at 20/20/25/30 for 95 pips.
December 19th @ 10:42 UTC - GU has a good medium-term falling trend resistance (blue line) that we will look to get long on a break above and, until that happens, catch pips off bounces below. Resistance is currently at 5525 and falling, and for longs we will target 20/25/25/25 for 95 pips profit. For shorts we will target 20/20/20/20 for 80 pips profit.
December 15th @ 9:41 UTC - GU has been consolidating in a pattern most similar to the AU at the moment and our preferred trade is to get short under the falling trend resistance currently at 5530 and falling with targets at 20/25/25/25 for 95 pips profit. We will also look to get long on a break above this resistance with targets at 20/20/20/20 pips for 80 pips profit.
December 14th @ 9:05 UTC – Our short on the break below rising support was triggered yesterday at 1.5550 (email was sent out to S/R subscribers) and quickly hit all of our targets for +90 pips. Today we are tracking an aggressive rising trend support and an aggressive falling resistance – we will look to trade in either direction on a clear break and target 20/25/25/25 for 95 pips profit.
December 13th @ 6:35 UTC – Our short got +85 in the profit before turning and hitting our tightened SL at +50 pips. We are currently flat as the pair bounced around within its S/R lines but we are primarily looking for shorts on this pair. Our primary trade will be a short on a bounce off of resistance at 1.5725 with targets at 20/25/25/25 for 95 pips. We will also look to get short on a break below the rising support (currently at 5550 and rising) with targets at 20/25/20/25 for 90 pips – we will look to tighten our SL often though as the pair is having difficulties sustaining drops.
December 12th @ 9:45 UTC - GU just broke to the downside of a bearish triangle consolidation pattern (email alert sent out at 5618) and is currently +70 into the profit. We are targeting 35 more pips on the trade and have moved our SL to +40 to lock in profit. We will update with more S/R lines throughout the day for more trade setups, though we are bearish in general on this pair given the downside break and the bearish triangle consolidation pattern.
December 8th @9:58 UTC - We are not trading today due to the new features rollout announced this morning and also because of the extreme market choppiness we expect from the EU Summit. Our chart has been updated above with aggressive setups and of course CandlePRO, breakout alerts and bounce alerts will continue to work just fine :).
December 7th @ 8:03 UTC - Our short on the support break got stopped out at -50 as we had a fairly tight stop and the pair swung upward on volatility. If you used an even slightly bigger SL then your trade got to +40 after the swing. Today we are looking to get short on a rise to falling resistance with candlestick confirmation (currently at 5685 and falling) with targets at 20/25/25/30 pips for 100 pips profit. We will also look to get long on a topside break of falling resistance with targets at 20/25/25/30 pips profit.
December 6th @ 7:00 UTC - Pair is consolidating in a triangle pattern (same as EU) and we will look to get long on a topside break of falling resistance (currently at 1.5700 and falling – we will wait for the email alert from the new S/R alert feature) targeting 20/25/25/30 pips for 100 pips profit. We will also look to get short on a downside break of blue rising trend support, currently at 1.5600 and rising, with targets at 20/20/30/30 for 100 pips profit. Scalpers can of course look to carve out a few pips as the pair consolidates within the triangle.
December 2nd @9:39 UTC - currently flat and there is a good falling trend resistance forming (see chart above) that we would look to get long on a topside break if we were trading today but, due to the higher volatility that accompanies Friday’s we are not trading as usual. Aggressive setups shown on chart above for you brave souls.
December 1st @ 10:27 UTC - We unfortunately never got a good 1h bullish signal to get long off yesterday so we missed out on the great rally (congrats to those of you who took the support bounce) but, as we always say: better to miss out than to miss your equity. Today we are long at current price (5720) after the break above our blue top falling resistance with targets at 5740, 5760, 5790 and 5820 for 100 pips profit. We will look to close and get short if the break is not sustained.
Nobember 30th @ 9:02 UTC - All targets hit (just barely!) on our long from yesterday for 105 pips profit. Pair is currently sitting right on our rising trend support and we are looking to get short on a break below this support (currently at 5520) with targets at 20/25/30/30 pips for 105 pips profit, or we will look to take an aggressive long off of a good 1h bullish candlepro signal here (and will look to close and get short for the primary if the trade goes against us).
November 29th @ 9:30 UTC - We are long at current price (1.5550) as pair has just broken above the blue falling resistance (well actually above the dotted green line above the blue resistance) and we are targeting 20/25/30/30 pips for 105 pips profit. We are bullish above the bottom rising trend support and bearish on breaks below.
November 28th @ 12:08 UTC - GU is rising – but not as quickly and aggressively as EU and AU. Not surprisingly this pair also had the steepest drop last week so we will primarily be looking for reasons to get short today. On any good rise we will look for solid 1h/4h CP bearish signals to get short on (following the backtesting for our TP #s), or we will look to take an aggressive long on a dip to 5460 support with targets at 20/25/25/25 pips for 95 pips profit.
November 25th @ 7:49 UTC - Chart updated with aggressive setups above. Yesterday was a major bank holiday and most major traders are not trading today – this creates thin market conditions and we will not be trading today due to the greatly increased risk of volatility. Have a good weekend and we will see you Monday!
November 24th @ 6:52 UTC - U.S. Banks are closed today for Thanksgiving. With the banks closed the next two days will be very low volume, and that low volume can lead to big swings on low liquidity or just hours of watching the pair barely move. Either way, our main trading plan is to take the time off and you should too! We have updated the chart above with trading setups (we consider all trading especially aggressive/risky these two days and will not be trading ourselves). PRO members will get all charts update for all pairs today and tomorrow.
November 23rd @ 8:33 UTC - Our long yesterday got 30 pips in the profit (above 5660 resistance) but we closed out at break even as we were giving the trade a little room to breathe to capture more pips. Today’s falling resistance is in black on the chart above and you know the drill – short above, long below. The long is our primary and with resistance currently at 5630 and falling fast (actually looks like we might have a very steep resistance line here shortly) we will target 20/25/25/30 pips for 100 pips profit on a break. For shorts we will look for small timeframe bearish candlesticks.
November 22nd @ 6:24 UTC - No trade taken yesterday as the pair never crossed our falling resistance to trigger our long. Congrats to short term traders who took the small timeframe bearish candlesticks under resistance for our primary setup yesterday (we passed). Today we are once again looking to get long on a break above blue falling resistance, currently at 5660, with targets at 20/25/30/30 pips for 105 pips profit. We are ultimately bearish on the pair and will look to close our long and get short when a new rising support forms and is broken (with the new PRO Charts feature coming out soon you’ll be able to see updated charts and S/R lines throughout the day!)
November 21st @ 7:56 UTC - Similar to the EU and AU the GU is in a medium term downtrend and we will primarly look for reasons to get short under the current blue resistance or on good rallies above 5800. In the short-term we will get long on a break above the steep blue resistance on today’s chart, currently at 5750 and falling fast, with targets at 20/25/30/30 pips for 105 pips total.
November 18th @ 8:21 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the low volume and higher risk for volatility. For you aggressive traders we’ve updated the chart above with new S/R lines and trading setups. See you Monday and great pips this week, especially from PRO Analysis! As always if you have any questions we can still be reached at support@piphut.com
November 17th @ 9:08 UTC - no trades taken yesterday as price never rose to trigger our short and as stated we were not looking for longs. We are tracking a blue falling resistance now and will look to get long on a break above (currently at 5770 and falling) with targets at 20/25/25/25 pips for 95 pips. We will then look to get short if/when a new rising support is formed and is broken. There is of course room for smaller timeframe shorts off the underside of the falling support with candlepro confirmation.
November 16th @ 9:10 UTC - Our long got stopped out at 5890 for -25 pips after 5930 (the first resistance level we stated we would start looking to get short at) sharply rejected price action and started the nearly 200 pips fall we are still watching. We never did get our short in yesterday as price dropped too fast to get a solid entry price. Today with price action a bit jagged we will look to get short on a rise to the 5850-5900 resistance band with good confirmation (candlepro or a rising support break) and targets (from 5870) at 5850, 5820, 5790 and 5760 for 110 pips profit. We are not looking for longs at this time though there is a setup for an aggressive long at current price levels for aggressive traders, as the pair is oversold and in need of a minor technical correction.
November 15th @ 7:58 UTC - We ultimately passed on the short we were tracking as the candle closed a little too low for our Risk/Reward taste, but there was good 1h candlestick confirmation just 40 minutes after yesterday signal as the 08:00 candle closed as a nice Three Outside Down that dropped for another 110 pips. Today we have just gotten long on the break above 5915, which is a topside break to the blue consolidation channel shown above. We will play it tight as we are bearish on the pair with targets at 5935, 5960, 5990 and 6020 for 105 pips profit. We will look for signs to stop and reverse all along the way, at 5930, 5970 and on any good CandlePRO confirmation as shorts are our preferred trades right now.
November 14th @ 8:21 UTC - We are bearish on the pair after the breakout of the tight channel shown in black on today’s chart (support was at 6050) and we will look for any pullback close to this area as a reason to get short. From 6040 we will target 6020, 6000, 5970 and 5940 for 100 pips. We will consider entering lower with candlestick confirmation.
November 11th @ 7:14 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the low volume and higher risk for volatility. For you aggressive traders we’ve updated the chart above with new S/R lines and trading setups. See you Monday and great pips this week, especially from PRO Analysis! As always if you have any questions we can still be reached at support@piphut.com
November 10th @ 9:05 UTC - Looks like yesterday’s aggressive short wasn’t so aggressive after all as all targets were hit rather quickly for 110 pips profit. We have an aggressive long open now around current price (5920) as our blue falling resistance shown above has a break to the topside at the moment. We will look to close if the break is not sustained, otherwise we are targeting 5940, 5965, 5995 and 6025 for 105 pips profit.
November 9th @ 5:08 UTC - We have an aggressive short open from current price at 1.6085 (break of top blue rising support on chart above) with targets at 6065, 6035, 6005 and 5975 for 110 pips profit. Will look to close and get long near 1.6050 support with good candlepro confirmation as the long term trend is still very bullish.
November 8th @ 5:00 UTC - No trades triggered yesterday as the pair never dipped enough for our primary or secondary trades. Today we are looking to trade off of a more aggressive support line (shown in blue above) with our primary setup as a short on a break below this support currently at 1.60 with targets at 5980, 5950, 5920 and 5890 for 110 pips. We will look to close and get long if the break below 1.60 is not sustained and with candlepro confirmation, targets at 1.6020, 6050, 6080 and 6110 for 110 pips profit.
November 7th @ 8:31 UTC - GU was great for us last week, unfortunately the charts are a bit mixed this Monday morning without a clear, high probability setup for us at the moment. The best setup we see on the 4h charts is a long on a dip to 1.5900 (where the black rising trend support is shown above) with candlepro confirmation and targets at 5925, 5950, 5975 and 1.60 for 100 pips. There is also room for an aggressive short below 1.5900 but we will pass on that setup as the overall pair has been in a very solid uptrend for the past month, which also makes us bullish in general.
November 4th @ 4:31 UTC - Yesterday’s resistance was broken a few hours after our signal, which closed out our short for 70 pips and then we got long, as indicated, for another 100 pips. We have been riding this pair up and down all week on S/R breaks and we will look to continue that next week. No setups look good enough today for us to break our Friday rule; we are leaving yesterday’s chart up to show what we are looking for.
November 3rd @ 5:34 UTC - Our break below yesterday’s rising trend support has been good for 90 pips so far and is still open. We will close on a break above today’s falling trend resistance (blue line) and also look to get long at that time. GU has been trending cleanly (nice up and down channels works well with swing trades). That resistance is currently at 1.5925 and dropping quickly (as each candle closes the resistance gets lower) and from that level we will target 5955, 5985, 6010 and 6035 for 110 pips profit.
November 2nd @ 6:02 UTC - We got long on a nice hammer at 07:00 yesterday which got stopped out for -50 as the pair dropped on general USD strength. Today we are looking for more reasons to get short starting with a break below 1.5920 opening up 1.5900, 5875, 5850 and 5825 for 95 pips profit. We aren’t opposed to longs but without a decent support line we don’t see a good long setup at the moment.
November 1st @ 6:00 UTC - We saw a nice 150 pip rise from our bullish outlook rise yesterday (leaving yesterday’s chart up to show what we were looking for) and we are once again looking for reasons to get long on dips above 1.60 with targets at 1.6025, 6050, 6080 and 6110 for 110 pips profit. On a break below 1.60 we will look to get short with targets at 1.5980, 5950, 5925 and 5900 for 100 pips profit.
October 31st @ 7:24 UTC - Like EU and AU the GU has been in a clear uptrend for weeks now despite the recent steep drop and we will continue to look for longs, starting near current price of 1.60 with candle confirmation and targets at 6020, 6045, 6075 and 6100 for 100 pips potential. There is an opportunity for an aggressive short on a rise to 1.61 with candle confirmation and target back down to 1.60 in 25 pip chunks for targets.
October 28th @ 7:59 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the low volume and higher risk for volatility. For you aggressive traders we’ve updated the chart above with new S/R lines and trading setups. See you Monday and great pips this week, especially from CP signals! As always if you have any questions we can still be reached at support@piphut.com
October 27th @ 5:58 UTC - We had a nice sustained break of the blue rising trend support yesterday on the 08:00 candle (closing at 12:00 UTC) which closed at 5972 – which by that time was below our blue line (shown in orange today). That trade got 80+ into the profit but we closed out for only +30 as we we still looking for more losses toward our ultimate target of 110 pips profit. Today we are tracking 1.6050 as key resistance and will look to get short below and long above this level. On a sustained break above 1.6050 will target 6070, 6095, 6025 and 6055 for 105 pips. On a solid bearish candlestick under 6050 we will take a single lot aggressive short with targets at 6030, 6005, 5975 and 5945 for 105 pips profit.
October 26th @ 3:38 UTC - GU continued to bounce along the blue support we were tracking yesterday giving plenty of 20-30-50 pip opportunities for scalpers to shave a little off each bounce. We stayed flat, waiting for a more solid longer term signal and are still flat currently. We are still tracking the same rising support and looking for the same general setups: long above support and short on a sustained break below. Support is currently at 5970 and a sustained break below this level would open up 5950, 5920, 5890 and 5860 for 110 pips profit. Longs above 5970 are also a valid setup (perhaps more valid given the bullish short term technicals) but we would wait for candlestick confirmation (any timeframe) and keep our targets tight – 20-30 pips per lot.
October 25th @ 7:14 UTC - We were very bullish in yesterday’s analysis and that proved to be correct as the pair continued to rise, unfortunately there was never a good enough dip for us to gain an entry into the pair :/. Today we are tracking the blue rising trend support (above) as our key pivot and will look to get long above it and short below it. Primary is a long with 30m or 1h candlestick confirmation on a dip to support (currently around 5950) with targets at 5975, 1.60, 6025 and 6050 for 100 pips profit. Normally in a setup such as this one there is an opportunity for a short on a sustained break below the rising trend support but given the consistent and persistent bullishness of this pair we have little confidence that a break below would be sustained, so we will pass on that short setup today.
October 24th @ 6:05 UTC - GU is looking especially bullish after the topside break of the blue consolidation channel shown above, but we are currently flat and waiting for a better opportunity to establish a long. Our primary setup to start this week will be a long on a dip to the top of the consolidation channel with candlestick confirmation, around 1.5850, with targets at 5875, 5900, 5930 and 5960 for 110 pips profit. There is an aggressive setup to get short under 1.60 with good bearish candlesticks targeting 1.5975, 5950, 5920 and 5890 for 110 pips potential.
October 21st @ 7:12 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the low volume and higher risk for volatility. For you aggressive traders we’ve updated the chart above with new S/R lines and trading setups. See you Monday and great pips this week, especially from CP signals! As always if you have any questions we can still be reached at support@piphut.com
October 20th @ 6:44 UTC - The break of rising trend support we were tracking did not occur until the 20:00 candle at 5770 and that has gotten about 70 pips in the profit so far, though we closed out for +50. The support line we were tracking is shown in orange above on today’s chart. Today we are looking to get long on a break above 5760 with targets at 5785, 5815, 5845 and 5875 for 115 pips. If we see some bearish signals around 5800 we will look to close our long and short with targets at 5775, 5745 and 5715 for 85 pips profit.
October 19th @ 6:37 UTC - The pair took a bearish turn as predicted yesterday, but we stayed sidelined as we were waiting for better confirmation – as we always say it is better to miss out than to miss your equity ;). Today we are looking for a downside break of blue rising trend support (currently around 5720) with targets at 5700, 5675, 5645 and 5615 for 105 pips potential. We will also look to get long on a dip to 5550 (black line on chart above) with targets at 5580, 5610, 5640 and 5670 for 120 pips potential.
October 18th @ 6:20 UTC - No trades taken yesterday as neither trade setup was triggered. We are bearish on the pair as the rise has begun to contract and each bullish move has gotten a bit shorter, showing signs of exhaustion and reversal. We are waiting for 4h signals around current price and will look to get short anywhere between 5800-5850 (the closer to 5850 the better). We will target down to 5700 in 25 pips targets (e.g. 5775, 5750, 5725 and 5700).
October 17th @ 7:43 UTC - GU, like AU and EU, has been in an uptrend for most of October – the difference however is that the GU uptrend has been much more volatile, like a dog being jerked along on a leash. The dog of course being the British economy and the holder of the leash being the billions of dollars being injected by central banks to keep the world economy humming. We don’t expect this uptrend to continue forever but, for the time being, we will stick with the trend and look to get long on a break above 5850 with targets at 5870, 5895, 5925 and 5955 for 105 pips potential. We will look to get short on a rally to 1.60 (or even close) with candlestick confirmation as we believe a lot of profit taking will take place in this area and will lead to a 200-300 pip drop.
October 14th @ 6:30 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the generally low volume and higher risk for volatility. For you aggressive traders we’ve updated the chart above with new S/R lines and trading setups. See you Monday and good pips this week!
October 13th @ 5:38 UTC - Another great day for our GU trades as the sustained break of 1.5620 we were looking for closed at 1.5622 on the 1h charts – just 2 pips above where we wanted to enter! All targets were hit and then some for 130 pips (105 pips on our first lot) with the entire rise over 170 pips and still climbing.. Today we are looking to breakout trade between 1.5800 and 1.5700 with a break above 1.5800 targeting 5820, 5845, 5875 and 5900 for 100 pips potential and a break below 1.5700 targeting 5680, 5655, 5625 and 5600 for 100 pips potential. There is an opportunity for an aggressive long on a break above 5660 (1h falling trend resistance), though we will be watching 5700 resistance closely to close out that aggressive long.
October 12th @ 6:29 UTC - All targets were hit on our short from yesterday (the tightened stop at 5670 just held several times!) for 115 pips per lot as the pair dropped to just below our last target :). Today we are tracking the blue falling trend resistance and looking to get short beneath it with 30m, 1h and 4h candlepro signals. Resistance is currently at 1.5600 and we will target down in 25 pip chunks (5575, 5550, 5525 and 5500) for 100 pips profit potential. We will also look to get long on a sustained break above 5620 with targets at 5640, 5665, 5695 and 5725 for 105 pips potential.
October 11th @ 7:54 UTC - we finally got our break of rising trend support on the 20:00 candle from yesterday at 5640 which has gotten 25 pips in the profit so far and is about 5 pips in the profit currently. We have tightened our stop to 5670 to only risk 30 pips on the trade and our targets are @ 5645, 5615, 5585 and 5555 for 115 pips potential. We will look to stop and reverse above 5670 with long targets at 5695, 5725, 5755 and 5785 for 115 pips potential.
October 10th @ 9:38 UTC - We are primarily looking for shorts at this level and will look to get short on a sustained break below the blue rising trend support line currently at 5600 with targets at 5575, 5550, 5520 and 5490 for 110 pips potential. There are also opportunities for aggressive longs if we see a drop to the 1.5540 zone with bullish candlepro signals and targets at 5565, 5595, 5625 and 5650 for 110 pips potential.
October 7th @ 8:30 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the generally low volume and higher risk for volatility. For you aggressive traders we’ve updated the chart above with new S/R lines and trading setups. See you Monday.
October 6th @ 7:45 UTC - No trades taken yesterday as our falling trend resistance was broken (cancelling the short setup) but did not sustain a break above 5500 so the long was also not activated. Today we are looking to get short on a sustained break below 5410 with targets at 5390, 5365, 5335 and 5305 for 105 pips potential. We are also looking to get short on a rally to 5600 resistance zone with bearish candlestick confirmation and targets at 5580, 5555, 5525 and 5500 for 100 pips potential.
October 5th @ 6:45 UTC - Our long from yesterday got stopped out for +10 pips after getting +45 pips into the profit. Today our primary trade is to get long on a break above 5500 (where blue resistance line is) with targets at 5520, 5545, 5575 and 5600 for 100 pips potential. We will also get short on a bearish candlestick signal around current price (5440-5450) with targets at 5425, 5400, 5375 and 5450 for 90-100 pips potential.
October 4th @ 4:55 UTC - There was a decent 30m signal to get short on at 10:00 that got 80+ in the profit within 5 hours but we passed on the entry as it was a bit far from the falling trend resistance (at 5580) and signals were a bit mixed. Congrats to those traders who got in short with or without confirmations the pair fell another 150+ pips on the day yesterday. Today we are looking for more of the same – our primary setup is to get short on a rise to falling trend resistance currently around 5520 with candlestick confirmation and targets at 5500, 5475, 5450 and 5420 for 100 pips profit. We did establish an aggressive long at 5420 just recently on the last 4h candle which closed as a decent inverted hammer. Just like AU we believe the recent acceleration in the downtrend could mean a correction is due. Because it is against trend we have already tightened stop to just below 5400 and entered on a single lot only with targets at 5440 (hit), 5465, 5495 and 5525 for 105 pips potential.
October 3rd @8:43 UTC - GU has been a bit choppy of late, first with the topside break of the long term falling trend resistance and now with the downside break of the orange rising trend support we were tracking last week. This latest downside break gives credibility to the analysis that the latest rise was merely consolidation and so we will look for reasons to get short as long as 5700 resistance holds. Our primary trade will be to get short under the blue falling trend resistance we are currently tracking around 5585 with lower timeframe (30m+) candlepro signals and targets at 5560, 5530, 5500 and 5475 for 110 pips potential. There is space for an aggressive long on a sustained break above 5600 with targets at 5625, 5650, 5675 and 5700 for 100 pips potential.
September 30th @ 5:05 UTC - Aggressive long on a topside break of 5675 was triggered and the first target was hit at 5695. Because it was an aggressive trade we only entered on a single lot so we moved the SL to break even instead of taking any profit and when the price swung back down we got closed out at break even (which traders should always count as a win). It is Friday so we are not trading as usual but for you aggressive traders our trading setups are shown on the chart above, with our primary being a short on a rise to the 1.5800 resistance zone with candlestick confirmation and targets at 5780, 5755, 5725 and 5700 100 pips.
September 29th @ 6:45 UTC - Pair is consolidating in a tightening triangular pattern and we will look to take a breakout trade in either direction. A top side breakout of 5675 open up 5695, 5720, 5750 and 5780 for 105 pips potential. A downside break of 1.5550 opens up 5530, 5505, 5475 and 5445 for 105 pips potential.
September 28th *Intraday Update* @ 15:12 UTC - As we laid out in our analysis yesterday we moved our SL to break even on our short after 1h hammer (08:00) only 3 pips away from the support we were watching at 5550. We then closed our short and got long after another, more solid, bullish engulfing TRIPLE signal occurred at 10:00 and all long targets were hit on that long for ~90 pips profit (signal got over 130 pips into the profit). Currently we are flat and looking for opportunities to get long again on a break above 5680 with targets at 5700, 5725, 5755 and 5785 for 105 pips potential. There is room for aggressive shorts under the falling trend resistance we are tracking (top blue line) around 5660 with targets at 5640, 5615 and 5590 for 70 pips potential.
September 27th @ 6:38 UTC - GU continued to consolidate upward yesterday (in line with our aggressive long setup which called for long above the rising trend support) reaching just under 1.5600 – our primary short. We entered on a delayed pullback around current price (5590) after the two bearish 4h signals around 1.5550 (16:00 hanging man and 20:00 bearish engulfing). We are targeting 5570, 5545, 5515 and 5485 for 115 pips potential. We will look to move our SL to break even around if we see some congestion and bullish candlepro signals around 5550 as that is strong 1h rising trend support. Aggressive traders could look to get long at those levels for another swing up to 5600.
September 26th @ 6:10 UTC - GU has been consolidating into a nice triangle wedge pattern over the past several days after the challenge of 1.5300 was turned back on Thursday. The pair is slowly approaching the daily falling trend resistance (top blue line) where we will look to sell with a good bearish candlepro signal around 1.5550 or 1.5600. Targets from 1.5600 are 1.5575, 5550, 5525, 5500, 5470 and 5440. IF the short entry occurs close to 1.5550 we will target 5525, 5500, 5470 and 5440. Finally there is room for aggressive longs on dips to the bottom blue rising trend support (currently around 1.5400) with bullish candlepro signals are targets 5420, 5445, 5475 and 5500 for up to 100 pips per lot.
September 23 @ 7:01 UTC - Today is Friday and, as usual, we do not trade Friday’s due to the generally low volume and higher risk for volatility. Please see the chart below for the updated S/R lines and trading setups. See you Monday.
September 22 @ 8:13 UTC - Longs are more aggressive indeed :). Our short from the bearish doji at 0:00 yesterday was dead on and we got more than the original 90 pips were targeting from yesterday as the pair dropped like a bowling bowl through any support it could find. We are looking to get short today on any good rallies, with ~1.5650 providing the best entry point at the moment (the zone where the long blue falling trend resistance is), with candlepro confirmation targeting 5625, 5600, 5575 and 5550 for 100 pips potential. We will also get short on any solid bearish signal on a 1h/30m confluence signal (two bearish signals across both timeframes) targeting 5400.
September 21 @ 6:08 UTC - We got short at 5730 (around current price) on a bearish doji but only with a single lot because the pair appears to be limping through its blue falling trend resistance line. We are targeting 5700, 5670 and 5640 for 90 pips potential. We have tightened our SL to 5770 however, to only risk 40 pips on the trade. For shorter-term traders still looking to enter we believe the pair will likely enter a range and would pick candlepro signals to get short on any good rally or long on any good dip (classic buy low, sell high), though we obviously are more bearish than bullish so we view longs as more aggressive.
September 20 @ 6:09 UTC - We never saw the rise to 1.5800 yesterday so our primary setup was not triggered, which we are OK with. As we always say: better to miss out on a trade than to miss your hard-earned equity. Today we are looking for the same basic setup (short on a rise to blue falling trend resistance) but a bit lower to reflect the fact that the resistance line has moved lower now. Primary is a short near 5750 with candlepro confirmation and targets at 5725, 5700, 5670 and 5640 for 110 pips potential. We will also look to take an aggressive long on a sustained break above 5770 which be a significant break of our long-running falling trend resistance, targeting 5790 (tight), 5820, 5850 and 5880 for 90 pips potential.
September 19 @ 7:00 UTC - GU gapped open beneath our rising trend support from last week and is currently consolidating above 5700 as the markets search for direction on the day. Our primary trade (and the only trade we are currently looking for in this pair) is a short on a rise to 1.58 resistance (falling intraday resistance shown in blue above) with CandlePRO confirmation confirming the reversal and targets at 5775, 5750, 5720 and 5690 for 110 pips potential.
September 16 @ 5:21 UTC - Charts udpated with trade setups. Since today is friday we will not be trading, and view most trading as much more aggressive than normal as Friday trading tends to be light and volatile. Safe pipping and see you next week!
September 15 @ 3:21 UTC - No trades were triggered yesterday as the pair never rallied to the blue falling trend resistance to trigger our short and never broke above our yellow, more aggressive, falling trend resistance to trigger aggressive long trade. Today we are looking for nearly the exact same trades just in a little different price zones as the resistance levels have continued to fall. Primary setup is a short on a rally to falling trend resistance currently at 1.5900 with candlepro confirmation and targets at 5875, 5850, 5825 and 5800 for 100 pips potential. We are still looking for an aggressive long on s sustained break above 5800 (1h or 4h) with targets at 5820 (tight), 5845, 5875 and 5900 though we will only use a single lot on that aggressive trade as the trend is very clearly bearish at the moment.
September 14 @ 7:30 UTC - All targets were hit on aggressive short yesterday (sustained break below 5815) for ~75 pips and today we are once again looking for short opportunities. The pair does not currently have any good rising trend supports to offer us an opportunity for a sustained break, so instead we will just stick with our primary trade setup which is a short on a rally to falling trend resistance currently at 1.5900 with candlepro confirmation and targets at 5875, 5850, 5825 and 5800 for 100 pips potential. There IS an opportunity for an aggressive long on s sustained break above 5800 (1h or 4h) with targets at 5820 (tight), 5845, 5875 and 5900 though we will only use a single lot on that aggressive trade as the trend is very clearly bearish at the moment.
September 13 @ 6:10 UTC - We are moving our short entry point down to 1.5930 to reflect the falling trend line’s progress since yesterday, with targets at 1.5905, 5875, 5845 and 5815 for 115 pips potential. We are also looking for an aggressive short on a sustained break below 5815 with targets at 5800 (tight!), 5775, 5750 and 5720 for 95 pips potential.
September 12 @ 5:23 UTC - We are primarily looking to get short on a rise to the blue falling trend resistance on the chart above, currently around 1.5970, with CandlePRO confirmation on the smaller timeframe charts. Targets are at 1.5950, 5920, 5890 and 5860 for 110 pips potential. There is also an opportunity for an aggressive long above 1.5800 support with a 1h or above candlepro confirmation and targets at 5825, 5850, 5880 and 5910 for 110 pips potential.
September 9 @ 5:05 UTC - We closed out yesterday’s short for +60 after the pair rallied and chewed into our profit a bit. Today is Friday so we are sidelined (we consider Friday trading to be riskier than usual do to low Friday volume) but for those looking to trade our primary today would be a short on a sustained break below 1.5950 with targets at 5925, 5900, 5870 and 5840. Or a long a sustained break above 1.6050 with targets at 6075, 6100, 6130 and 6160.
September 8 @ 7:47 UTC - We were tempted to get short on the 08:00 hanging man (100% formation strength with 3.89 profit factor) as the price did not get close enough to our primary resistance at 1.0650. However when the following candle got to 1.0640 (within 10 pips) we did get short after the candle close around 1.0600. That short is currently +80 in the profit and still open (see yesterday’s chart above for what we were looking for).
For those still on the sidelines our primary trade is still get short on rallies to the falling trend resistance currently around 1.5980 with targets at 5960, 5935, 5905 and 5880 for 100 pips potential. We are overall bearish on the pair but are also very aware that the pound is oversold and in need of a correction soon.
September 7 @ 3:49 UTC - resistance held yesterday and our short was triggered under falling trend resistance off of a 08:00 1h DOUBLE Shooting Star that boasted 100% formation strength and a high profit factor. It dropped for 200+ pips after that shooting star but we stuck to the plan and closed out with ~100 pips. Today we are looking to continue getting short on the pair, especially on rallies to falling trend resistance currently around 1.0650 with targets at 0625, 0600, 0570 and 0540 for 110 pips potential.
September 6 @ 7:51 UTC - We are bearish on this pair and will look to get long on a rallies with 1.6180 support being the primary place we will look. We want decent to good CandlePRO confirmation around this level to confirm our short before entering. Targets from 6180 @ 6155, 6125, 6100 and 6070 for 110 pips potential. There is an opportunity for an aggressive long on a sustained break above 6130 though are only looking for the more conservative short at the moment as we are taking aggressive positions in other pairs today already.
September 5 @ 6:31 UTC - No signal for today as US Banks are closed for Labor Day. With banks closed the markets will be much thinner than usual. We expect price to drift along with no clear direction until money re-enters the market Tuesday, and we will hold off trading until then. Of course, there is always the alternative in thin markets: that a few players will push the exchange rate further than normal and there will be increased volatility.
September 2 @ 3:26 UTC - All targets were hit on our short from yesterday for 110 pips profit. Our calls for shorts on bearish CP signals also would have produced a nice profit on nearly any timeframe. For today we are still bearish and would be looking to short on rallies to 6230 as our primary trade, but because it is Friday and markets are thin we will leave the trading to our more aggressive traders. Targets from 6230 @ 6205, 6180, 6150 and 6120 for 110 pips potential.
September 1 @ 5:53 UTC - We got our hourly sustained break of 6280 yesterday to activate our primary trade, catching the candle close at 6265. This trade is currently about 30 pips in the profit and we are targeting: 6240 (hit), 6215, 6185 and 6155 for 110 pips potential. We have tightened our SL to break even at 6265. to For those looking to enter we are still currently bearish on the pair and would look to re-enter on any rallies. There is a descending consolidation pattern on the charts currently (blue lines) but we hesitate to call it a continuation pattern quite yet with the steep curve weak support. More likely we will see a rise above the top blue line which would lead to a rally in the pair. We would then look for any good CandlePRO signal under 6300 resistance to re-enter short.
August 31 @ 9:56 UTC - GU never rallied high enough for us to get another short entry established, however we are currently tracking the 4h charts which show a potential sustained break of the latest rising trend support (blue line). We are looking for this pair to continue zig-zagging downward so a sustained break below 1.6280 would open up 6255, 6225, 6200 and 6170 over the following days. A more conservative trade would be to wait for more of a rally to 1.6350 resistance (our primary zone from yesterday) with targets at 6325, 6300, 6270 and 6240 for 110 pips potential.
August 30 @ 10:25 UTC - We saw a beautiful shooting star yesterday with an extremely high profit factor (over 6!) in CP yesterday that was just under the 6450 resistance we were watching. Whether you got in on that signal or on the sustained break below the blue rising trend support you made good pips yesterday as the pair is currently down around 1.6300. We are leaving yesterday’s chart up to show what we were looking for (which more or less played out perfectly). Today we are going to continue looking for shorts on USD strength, with our primary trade being a short on a rally to 1.6350 resistance + bearish candlestick confirmation and targets at 6325, 6300, 6270 and 6240 for 110 pips potential.
August 29 @ 7:07 UTC - Good thing we stood aside last Friday on low volume: the pair continued to rise and has re-challenged 1.6400 resistance. As we always say – most time the best trade is no trade at all. The pair has been making higher highs and higher lows (bullish trend) the past couple days and this has been accelerating since the markets opened this morning with steeper curve. Given the acceleration in the bullish channel since market open we expect the rally to end and will be primarily looking for shorts in a rise to 6450 or even 6500 with candlestick signals, targeting a re-challenge of 1.6300 over the week. For more short-term traders we are looking for a dip to get long on (short-term trend is bullish) near rising trend support at 1.6350 with targets at 6375, 6400, 6430 and 6460 for 110 pips profit. We will also look to get short on a sustained break below 1.6330 with targets at 6305, 6275, 6250 and 6220.
August 26 @9:28 UTC - our long form earlier in the week got stopped out for a small loss after hitting its first target (we tightened the SL on the first target but still gave it some room to breath). We did take a short position on the sustained break below the bottom support line of our consolidation wedge (blue lines on chart above) which did hit all targets for a nice profit. We will not be trading today (Friday + Bernanke speech) but for aggressive traders we would be looking to get short again on a sustained break below 1.6295 (black rising trend support) with targets down to 6230 and 6150.
August 24 @ 9:12 UTC - Our long got triggered yesterday on the sustained break above 6530 and that position is currently still open with targets at 6555, 6585, 6615 and 6645. We will add to our position with any break above 6600 and remain very bullish with the current 4h consolidation period.
August 23 @ 7:35 UTC - We got caught in our short yesterday which closed below our support level by a mere 1 pip. Our SL was tripped for 35 pips on each lot. Today we are looking to get short under 1.6425 primarily, but will look to long any sustained break above 6530 as well. Short targets from 6425: 6400, 6375, 6345 and 6315. Long targets from 6530: 6555, 6585, 6615 and 6645.
August 22 @ 2:15 UTC - GU hit a consolidation period last week which shows that bulls are less sure about the value of the pound vs the dollar and have begun to shed some long positions ahead of 1.70. We will look to go short on a sustained break of 1.6450 to try and ride the potential bearish correction, with targets at 6425, 6400, 6370 and 6340 for 110 pips profit. There is room for aggressive longs around 1.6450 with candlestick confirmation as the rising trend support line that we are looking to trade in the primary (on a break) can also act as a trampoline for bulls looking to re-enter. On a long from 6450 we would keep targets tighter at: 6470, 6495, 6520 and 6545 for 95 pips potential.
August 19 @ 9:30 UTC - We do not trade on Fridays due to thin volume conditions in the markets on Fridays which can create choppy, volatile and unpredictable price action. GU and UChf trades got triggered yesterday but we will not open any new positions before the weekend. For those aggressive trader’s looking to brave it we have updated the chart above with trade setups we would be pursuing on a normal trading day. Happy pipping and we will see you on Monday.
August 18 @ 14:06 UTC - Intraday Update - GU has been laddering up for the past several days and the latest “rung” in this ladder is blue falling trend resistance on our chart above. We are looking for bearish CandlePRO signals on 30m and above timeframes to get short on under 6515 with targets at 6500 (very tight first target), 6475, 6450 and 6420 for 95 pips potential. Our preferred trade is actually to long on a sustained break above 6520 with targets at 6540 6565 6595 and 6625 for 105 pips potential. On a dip we expect 6360 to provide initial support and will look for bullish CP signals and resistance breaks.
August 17 @ 10:11 UTC - We saw our sustained break of 6375 resistance (our primary trade level from yesterday’s analysis) at the 10:00 candle and our long ended up being good for almost 100 pips per lot we left open. We will leave yesterday’s chart up to show what we were looking for, but for today we are switching to looking for a short for our primary trade, and we will start looking at 6385 – on a sustained break below this level we will short with targets at 6365, 6340, 6310 and 6280 for 105 pips potential. There is also an opportunity for an aggressive long in the neighborhood of 6340 with targets back up to 6450.
August 16 @ 6:06 UTC - +85 pips yesterday as our long on a sustained break above 6315 jumped to our third target after a slow start. Today we are again looking for a long on sustained break above 6375 resistance (top blue line on chart) with targets at 6400, 6430, 6460 and 6490. We will also take a short on a sustained break below 1.6350 (where rising blue line is acting as intraday support) with downside targets at 6325, 6300, 6270 and 6240.
August 15 @ 9:07 UTC - GU is short term bearish and has recently begun to form a nice pennant pattern on the 1h charts (shown with blue lines on chart above). We are primarily bullish given the past few days of action and will be looking to get long on a sustained break above 1.6315 with targets at 6340, 6370, 6400 and 6430 for 115 pips potential. we will also look to get short on a sustained break of 6250 with bearish targets at 6225, 6200, 6170 and 6140 for 110 pips potential. We will be cautious around 6200 for bullish reversal signals in CP as there is a rising trend support line in that area.
August 12 @ 7:54 UTC - We do not trade on Fridays due to thin volume conditions in the markets on Fridays which can create choppy, volatile and unpredictable price action. Given this week’s volatility we expect the pair to behave more strangely than normal. For those aggressive trader’s looking to brave it we have updated the chart above with trade setups we would be pursuing on a normal trading day. Happy pipping and we will see you on Monday.
August 11 @ 9:33 UTC - Our primary trade yesteday booked 100+ profit as the pair dropped through our primary entry level and continued to plummet. We will leave yesterday’s chart up to show what we were looking for; today we are looking to get short under 6180 (falling trend resistance) with candlestick confirmation and targets at 6160, 6130, 6100 and 6075. There is also an aggressive long on a sustained break above 6180 with targets up to 6270.
August 10 @ 6:24 UTC - Well pretty much no matter which trade setup you went with yesterday you were in the profit – our short hit all its targets for 105 pips in a few short hours. The pair then bounced off of 6180 and kicked up some bullish CP signals just under the 6230 area we were watching for a long. Then the pair rallied up to the 6300s only to kick up some bearish candlesticks and fall back down.
Today we are looking to get short on a sustained break below 6250 with targets at 6225, 6200, 6170 and 6140 for 110 pips potential. We will also look to get long on a sustained break above 6300 with targets at 6325, 6350, 6380 and 6410 for 110 pips potential.
August 9 @ 12:33 UTC - We have just established a short position on the sustained break of the latest rising trend support line (see chart above) with targets at 6305, 6280, 6250 and 6220 for 105 pips total. For those still looking to enter we are primarily bearish today and would look to re-enter short on a substantial rally with a good CP signal, targeting 6230. There is also an opportunity for an aggressive long at 6230 (strong daily support) with targets back up to 6300 and 6360.
August 5 @4:50 UTC - It is Friday (with the increased volatility and low volume that Friday’s bring) so we will not be trading today. For those aggressive traders see our chart above for current S/R lines and trading ideas (arrows represent trading ideas). Have a safe weekend and we’ll see you next week for an exciting week.
August 3 @ 4:47 UTC - Our short from yesterday got about 80 pips in the profit before hitting our trailing stop loss for +45 pips per lot (we were looking for the full 110 pips targeted in yesterday’s analysis). We are looking for more opportunities to get short today, particularly around 1.6300 resistance with targets back down to 1.6275, 6250, 6225 and 6200 for ~100 pips profit.
August 2 @ 4:20 UTC - We have just established a short position above 1.6300 as the pair has limped through our last rising trend support line (yellow lines on chart above). Our short targets are 1.6275, 6250, 6220 and 6190 for 110 pips potential.
August 1 @ 7:07 UTC - Like the EU and AU, the GU has a lot of recent bullishness which shifts our technical outlook to have a much more bullish tint. To take advantage of this we will look to get long on a dip and break of falling trend resistance and 1.6360 is where we will start looking on any dip. Long targets from 6360 are 6385, 6415, 6445 and 6475.
July 28 @ 7:37 UTC - Our short from yesterday hit all targets for and then some for ~80 pips profit. We then opened and closed a long near 6330 as price limped through our falling resistance line but failed to go anywhere. We are currently looking to get short on a sustained break below the latest rising trend support line around 6315, our short targets will be 6300, 6275, 6245 and 6215 for 100 pips.
July 27 @ 7:19 UTC - Bullish 1h signals at 08:00, 09:00, 12:00, 15:00, 15:00 all provide nice opportunites to get long in line with our trading idea from yesterday for 40-50 pips each. We will leave yesterday’s chart up to show what we were looking for, and today we will continue the same strategy of looking to get long on dips. We do have an aggressive short currently open from 6420 (about 5 pips in the profit right now) and we are looking for a re-challenge of 6360 for ~60 pips, though we will tighten the SL at +25 pips if it gets that far, and we will look to long on good CP signals anywhere under 1.6400 (especially around 1.6360) with targets at 6380, 6405, 6435, and 6465 for 105 pips potential.
July 26 @ 5:59 UTC - We did not take the aggressive long yesterday (though it would have generated great pips in hindsight), but we did take a long on the sustained break of our falling trend support top line from yesterday’s analysis at 1.6340. The pair got 25 pips in the profit, we tightened our SL to break even and now we are once again flat for no loss / no gain as the pair turned back down. We will look for any dips and CP signals to get long off of, and there is also an opportunity to get short on the latest rising trend support (last yellow line), which is currently at 1.6330, with targets back down to 1.6305, 1.6285 and 1.6255.
July 25 @ 12:55 UTC (Intraday Update) - Finally turned up last week after a bearish run throughout almost all of June, and the latest consolidation pattern appears bullish as well. We will watch the bottom 1h support line (yellow line on chart above) and look to get long around 1.6280 with good CP confirmation (targets at 1.63, 6325, 6350 and 6380) or short on a sustained break below 6270 with targets at 6250, 6225, 6200 and 6170.
July 22 @ 6:03 UTC - It is Friday (with the increased volatility and low volume that Friday’s bring) so we will not be trading today. For those aggressive traders see our chart above for current S/R lines and trading ideas. Have a great weekend.
July 21 @ 5:51 UTC - Our short from yesterday hit our first target and got 30+ pips in the profit before turning and hitting our tightened SL for a small loss. We declined to take the primary long as the falling resistance line was clear enough at that stage, but we do have a nice support line forming on the charts right now that will offer an opportunity for aggressive traders to get long off of (currently around 1.6150) or for us to get short off a sustained break below 6150 with targets at 6130, 6105, 6080 and 6055 for 95 pips potential.
July 20 @ 4:05 UTC - We stayed flat yesterday as the short we were looking for never developed a sustained break. Congrats to those aggressive traders who took the long off the rising support we were watching yesterday and booked good pips on the rise. Today we are tracking another wedge and will look to get long on a sustained break of 1.6130 with targets at 1.6150, 6175, 6200 and 6230 for 100 pips potential. We will also get short on a sustained break of 1.61 with targets at 1.6080, 6055, 6025 and 1.60 for 100 pips.
(Thanks @upi for catching our numbers mix up!)
July 19 @ 4:43 UTC - We stayed flat yesterday and today we are looking to get short on a sustained break below the latest rising trend support line at 1.6055. Short targets at 1.6035, 6010, 5980 and 5950 for 105 pips potential.
July 18 @ 4:40 UTC - We considered taking an aggressive long as the pair broke our latest falling trend resistance line around 1.61 on the last candle but ultimately passed as the upside is currently capped by 1.6150 (strong 1h falling trend resistance. We will look to get long on a break above 1.6160 with targets at 6180, 6205, 6235 and 6265. We will also look to get short under 6150 on a good CP signal with targets at 6130, 6105, 6080 and 6050.
July 15 @ 7:17 UTC - It is Friday, markets our choppy and US inflation data is out at 13:00 (making markets even more volatile) so we will not be trading today. For those aggressive traders see our chart above for current S/R lines and trading ideas. Have a good weekend.
July 14 @ 6:08 UTC - Our long hit all targets and then some as we kept our last lot open to 1.6120 as our position shot into the profit yesterday (we’ll leave yesterday’s chart up to show what we were looking at). Today we have established an aggressive short around current price level (1.6125) as the price has just broken an aggressive rising trend support line. We are targeting 1.6105, 6080, 6050 and 6020 for 105 pips potential. There is good support around 6040 and we will watch this area closely for a stop-and-buy on our short with targets back up to 6100 and 6160 for 120 pips potential.
July 13 @ 6:59 UTC - We are long from 1.5945 as the price just broke our resistance line (pictured above in black) just a few minutes ago. We are targeting 5965, 5990, 6020 and 6050 for 100 pips. Our stop is below 1.60 where we will stop and sell as that is a major support trend line now.
July 12 @ 5:48 UTC - We took a short on a sustained break below 5940 (drawn on yesterday’s chart above) and closed out for +70 pips. Today we are looking to keep getting short, this time under 5900 with candlestick confirmation and targets at 5880, 5855, 5825 and 5800. We will also look to get long on a sustained break above 5915 with targets up to 6050.
July 11 @ 8:21 UTC - Like our other pairs the recent movement has stretched out our S/R lines so we are now watching a modified triangle consolidation on the GU. We are more interested in the falling trend resistance around 5990 and will look to get long on a sustained break above or get short on a decent CP candlestick below. Short targets from 1.5980 are 5960, 5930, 5900 for 80 pips. Long targets from 1.5990 are 1.6010, 6040 and 6070 for 80 pips.
July 7 @ 9:27 UTC - GU is reaching a bit of an inflection point with fanned resistance line on the topside and rising trend supports underneath – we are looking for a breakout scenario as price breaks out to the topside or bottom, probably with the interest rate decision today as the catalyst. We will look to get long on a break above 6020 with targets at 6045, 6075, 6100 and 6130 for 110 pips potential. We will also look to get short on a sustained break below 5960 with targets at 5935, 5905, 5880 and 5855.
July 6 @ 7:58 UTC - We took yesterday’s GU trade on the chin as pair rallied almost immediately after we took our short which meant -80 on the trade. If we zoom into the 1h chart above we can see that the GU pair is in the midst of some very choppy up and down price action with what appears to be some bearish tendencies as more support lines are being broken than resistance lines. To take advantage of the choppy trading we will look for aggressive longs around 60 on upside breaks of resistance and strong CP buy signals with targets up to 6050-6070, where we will look to get short again with targets back down to 5970.
July 5 @ 7:54 UTC - We have just taken an aggressive short at current price level (6020) after the sustained break below rising trend support (bottom gold line on chart above) and the bounces off falling trend resistance indicate further losses. Our targets are at 6000, 5970, 5940 and 5910 for 110 pips potential. We will close and go long on a sustained break above the falling trend resistance around (currently around 6050) with targets up to 6100 and 6200.
July 1 @ 6:48 UTC - we never got our dip to 1.60 to get long on but the pair was bullish throughout the day and is currently threatening to be a sustained break on the topside of the falling trend resistance at 6075. We will not be trading this pair ahead of the long weekend (US banks are closed on Monday) but if we were we would look to get long on an aggressive buy above 6075 with targets up to 6095, 6125 and 6150.
June 30 @ 9:11 UTC - our setups from yesterday played out as good as you can ask in forex as the pair rose to our target zone of 1.6050-6100 (a shade above actually), kicked up some nice bearish CP signals on the 1h charts and then promptly fell 120+ pips to the rising trend support where is is now. Our short has already been close for solid profit and we are looking to get long again near 1.60 with good confirmation signals (1h at least) and targets to 1.6025, 1.6050, 1.6080 and 1.6110 for 110 pips potential. We are also watching for a good falling trend resistance line to trade off of but we need another minor correction to properly draw a falling trend resistance line – hopefully our primary long will provide that correction :). Leaving yesterday’s chart open to show the setups we were watching for. The bottom rising trend support on that chart (gold line) is the support for today’s primary as well.
June 29 @ 7:40 - we took aggressive longs off of the rising trend support all day but the resistance zone of 1.6050-1.6100 was never reached so our primary short was never engaged. Because no major S/R lines were actually broken or formed yesterday our trade setups remain identical (we are leaving up yesterday’s chart too to show the setups we were looking for): “We will look in the resistance zone between 1.6050-1.61 for bearish confirmation signals, especially on 4h charts, with targets from 1.6050 shorts at 1.6025, 6000, 5970 and 5940. Aggressive short on a a sustained break below rising trend support too (bottom yellow line on chart above and) and aggressive long on a bounce / bullish signal off of that rising trend support.”
June 28 @ 7:52 UTC - GU has been bearish for weeks and months and we are looking to get short to take advantage of these bearish winds. We will look in the resistance zone between 1.6050-1.61 for bearish confirmation signals, especially on 4h charts, with targets from 1.6050 shorts at 1.6025, 6000, 5970 and 5940. Aggressive short on a a sustained break below rising trend support too (bottom yellow line on chart above and) and aggressive long on a bounce / bullish signal off of that rising trend support.
June 24 @ 5:38 UTC - all targets have been hit on our open shorts for good pips and we are now flat for the weekend. All and all we are very bearish on this pair right now and when we resume trading Monday we will be looking to short rallies, especially to 1.6100 with targets at 1.6070, 6040, 6010 and 5980 for 120 pips potential. We will also be looking for opportunities to get short on profitable CP bearish signals (4h preferred).
June 23 @ 6:36 UTC - Our long got 50 pips in the profit and then reversed and hit our tightened stop for +25 pips profit on each lot. We are now short on at 1.6130 and this one appears to be moving much faster in the right direction as we have already closed out one lot for 100 pips profit and have one lot open for +80 right now. 6130 was where rising trend support that we have been watching all week was (see chart above with the original trade setups) that we followed. All and all the pair played out nearly exactly as we anticipated; for those looking to enter today we would be looking for opportunities to short on rallies, especially with solid CP bearish signals to confirm, with targets back down to 1.60. We are leaving up Monday’s chart which shows the trade setups we are still following :)
June 22 @ 6:43 UTC - Our long from 6204 is still about 50 pips in the profit and still open. We have open targets at 6300 and 6350 by weeks end and for traders looking to enter the markets we would look to do so on bullish CP signals on any dips, especially to 1.6180-6200. Leaving Monday’s chart open to show our entry pattern.
June 21 @ 6:14 UTC - We got a sustained break to the topside of 6200 at 6204 (very close!) and entered into our aggressive long, which has gotten up to 50 pips in the profit so far. The long is still open and, as we mentioned yesterday, targeting 6300 and 6350 in the coming days. In general we are now bullish for those looking to enter the markets, however watch for a beak below 6150 to open up further downside risk.
June 20 @ 7:34 UTC - the pair is forming a small wedge on the 1h charts and we will look for opportunties to get short under 1.61 on a sustained break or break and bearish CP confirmation. There is an opportunity for an aggressive long on a sustained break above 1.6200 as well with a further rise to 1.6300 and 6350 expected.
June 17 @ 6:03 UTC - No good rallies yesterday meant no good entry points for us and we are flat before the weekend. Yesterday’s trade plan still holds true for any aggressive traders looking to enter markets today: “We are now flat again but looking for opportunities to get long on rallies to 1.6200 or any really good looking consolidation + bearish CP signals with targets all the way down to 1.6050.”
June 16th @ 8:04 UTC - we almost didn’t enter our short when the 1h candle closed at 1.6300 – even though the trade plan called for a short on a sustained break below 1.6340 – because it seemed so far from our pivot that it was doomed for a correction. Well as always we followed the plan and were pleasantly rewarded when the pair dropped an additional 150 pips from 1.6300. We are now flat again but looking for opportunities to get long on rallies to 1.6200 or any really good looking consolidation + bearish CP signals with targets all the way down to 1.6050.
Jun 15th @ 4:47 UTC - we ignored our own trading plan on Monday and ended up taking this trade on the chin. We were looking to get short below 1.6300 and long above 1.6300. Well, we had a very bearish looking shooting star close above 1.6300 that we couldn’t pass up even though our plan called for a long. We are willing to live with the loss though – for regular followers of PRO analysis you know that good CP signals end up leading the way better than any trade plan. For today we are watching as the pair flirts with falling trend resistance at 1.6415. This is a key level as a sustained break above would open up a re-challenge of 1.6500 and even 1.6700 in the coming weeks. We will look for opportunities to get short below 6415 and long above 6415.We will also look to get short on a sustained break below 1.6340 as an aggressive breakout trade for a re-challenge of 1.6300 and 1.6250.
June 13 @ 10:07 UTC - We are moving our key pivot down to 1.6300 even though we are still overall bearish on this pair. We will look to get short around 1.6300 with good CP confirmation and targets at 1.6275, 6250, 6220 and 6190. On a sustained break above 1.6300 then we will look for 1.6325, 6350, 6380 and 6410.
June 10 @ 7:33 UTC - We got a solid 4h signal from Wednesday’s analysis when there was a 3 Inside Up with a 2.81 profit factor on the 4h charts right on top of our support line at 6360. We rode it up for 65 pips per lot before closing out. We are flat before the weekend but would look for opportunities to get short on smaller timeframe charts if we were trading today.
June 8 @ 9:23 UTC - Pair fell back into its wedge yesterday and is currently consolidating on top of its rising trend support line now. Our key pivot for this level is 1.6360 – we will look to get short on a break below this level or long on a decent candlestick above it targeting another run up to 1.6460.
June 7 @ 9:03 UTC - GU bounced perfectly within the consolidation wedge we charted yesterday dropping 100 pips from resistance to support and then rising another 100 pips to break above resistance. We are currently looking for, and very close to, getting in on yesterday’s top side breakout trade: “On a sustained break above 1.6450 we will target a rise to 1.6550 resistance for 100 pips”. Leaving yesterday’s chart up to show what we were looking for.
June 6 @ 9:31 UTC - GU is currently consolidating in a tight wedge between 1.6550-1.6300. It has just bounced off the top of this wedge and, while our bias is bullish, we will look to trade a breakout on either side of this wedge. On a sustained break above 1.6450 we will target a rise to 1.6550 resistance for 100 pips, and on a downside breakout of 1.6300 we will target a fall to 1.6200 for 100 pips as well.
June 3 @ 8:00 UTC - we got a nice rise and drop from our resistance zone yesterday but no CandlePRO confirmation on the 4h charts so we stayed flat and will remain flat before the weekend. For any aggressive traders, or for our early trading next week our bias is bearish at the moment after an ugly head and shoulder formed a few days ago, with resistance at 1.6400 providing the nicest entry zone in our opinion.
June 2 @ 6:04 UTC - all targets were hit on our short for +100 pips and we are now flat. Our bias is still bearish and we will look to re-enter on this pair on a rally around 1.6400 on bearish CP confirmation signals, targeting a re-challenge of 1.6340 and 6300 for another 100 pips.
June 1 @ 9:12 UTC - we shorted this one on the sustained break below 1.6450 and started to get nervous as it turned upward but are now about 40 pips in the profit and have a not-so-pretty head and shoulders on the 4h charts now. We are keeping our short open for yesterday’s targets: 6425, 6400, 6370 and 6340 for 110 pips profit. We will leave yesterday’s chart up to show what we were looking for.
May 31 @ 10:34 UTC - 1.6450 is our key support entering the week. This pair is a bit mixed technically with no clear indication either way, but it has broken major resistance several times over the past few weeks (though has met with heavier resistance the past few days). We will look to get long with bullish signals above 1.6450 with targets at 1.6475, 6500, 6530 and 6560, and short below 6450 with targets at 6425, 6400, 6370 and 6340 for 110 pips profit.
May 26 @ 8:29 UTC - no short signals around 1.6180 yesterday so no shorts taken. The pair has busted out of its short-term bearish channel and the short-term sentiment has turned bearish. There is an opportunity for longs (very aggressive) near current price (1.6280) with some smaller timeframe bullish CP signals, targeting a run at 1.6325 and eventually 1.6425. A more conservative long can be found on a dip to 1.6180 support with targets back up to 1.6280.
May 25 @ 9:25 UTC - we didn’t take any longs yesterday (though there was a 100 pips rise from our aggressive long spot) and we are currently looking for a short in the vicinity of 1.6180 (around current price) with targets at 1.6155, 6125, 6100 and 6070 for 110 pips potential.
May 24 @ 8:59 UTC - we saw a downside breakout to our wedge last week and now are looking to sell on rallies as our primary strategy to take advantage of the downtrend. However the pair is at the bottom of its channel as you can see from the above chart so a more likely trade scenario for today would be longs in the vicinity of 1.6100 support or even 1.6050 support, with upside targets to the top the channel around 1.6180.
May 20 @ 6:44 UTC - we closed the remainder of our short out on this pair for a small profit, after booking half for +50 pips the previous day, as the pair rallied and managed to break above the 1.62 resistance level. 1.6250 is key resistance on the 1h charts right now, and a break above opens up a re-challenge to 1.6300 and 1.6360, while a failure opens up a re-challenge of rising trend support at 1.6165 (where there is an aggressive long to be found). We are sidelined in the thin Friday trading.
May 19 @ 8:52 UTC - We finally got an entry we liked with a 1h sustained break below 1.6200 (yesterday’s last trade setup) as the pair broke its rising trend support line and continued to fall for nearly 100 pips. We booked 50 of that so far with a short still open from 1.6180 targeting another stab at 1.6100 and a SL just above 1.6200, so that if it were hit we would still be net positive on the trade. Leaving yesterday’s chart up to show what we were looking for. For those still looking to enter our preferred strategy would continue to be getting short on rallies to 1.6180-6200 with targets down to 1.6100.
May 18 @ 8:38 UTC - we never did get the entry we were hoping for yesterday and now the pair has fallen back down to rising trend support around 1.6200. Technically this appears to be bearish consolidation pattern with an eventual downside breakout the most likely scenario, but until that happens our short-term trades will be to buy on dips to the rising trend support (bottom black line on chart above) with bullish smaller timeframe signals. The primary trade will be to get short around 1.6300 with good bearish confirmation, targeting a re-challenge of 1.62 and 1.6150. There is also a short setup on a break below 1.6200 with targets down to 1.61.
May 17 @ 9:33 UTC - we did see our topside break to 1.6250 as the UK inflation data came in higher than expected leading traders to bet on a rise on GU interest rates sooner than expected to help flight the inflation. The break was too quick for us to get a decent reward/risk on (we waited for a sustained break) so we are currently flat, but will look to get long on a pullback and bullish CP confirmation targeting a re-challenge of 1.6360 and 1.6400 over the coming days. Leaving yesterday’s chart up to show what we were looking for.
May 16 @ 8:39 UTC - last Friday we left you with “we would only be considering shorts if we were trading today” – which turned out to be very true to those who traded the PRO analysis to the tune of a 150 pip drop. The pair is currently very bearish technically, if a bit oversold, and we will look to continue taking advantage of this bear trend with a short-term aggressive short at 1.6250 support zone with CP confirmation and targets at 1.6225, 6200, 6170 and 6140 for 110 pips. On a topside break of 6250 we will look for another short-entry around 1.6300 with CP confirmation with targets down to 1.6180 for 120 pips.
May 13 @ 6:54 UTC - we took yesterday’s short on a 1h sustained break below 1.6300 at 1.6284 – which was 10 pips below the previous close on May 9th. It dropped for about 50 pips so far and we shaved off about 30 pips of that for ourselves. We are flat heading into the weekend now, but after the bearish moves of this week and last, plus the bearish break yesterday, we would only be considering shorts if we were trading today. Leaving yesterday’s chart up to show what we were looking for.
May 12 @ 8:21 UTC - the pair is still flirting with 1.6300, where we will look to get short on a sustained break below (yesterday’s primary): “We are still bearish and, after being tested twice over several days, we are looking to get short under 1.6300 on a sustained break. Targets at 1.6270, 6240, 6210 and 6180. There is also an opportunity for an aggressive long (e.g. scalping) near 6300 but we see bullish follow-through as very limited following the market’s big sell-off.”
May 11 @ 17:58 UTC - Volatility kicked a lot of short-term traders out of their shorts – and then out of their longs – as the pair rose 150 pips in just a few short hours and fell the same amount in the same amount of time. We are still bearish and, after being tested twice over several days, we are looking to get short under 1.6300 on a sustained break. Targets at 1.6270, 6240, 6210 and 6180. There is also an opportunity for an aggressive long (e.g. scalping) near 6300 but we see bullish follow-through as very limited following the market’s big sell-off.
May 10 @ 9:30 UTC - 1.6450 is still a key pivot, but the pair has shown more bearish strength that we anticipated and did not rise much at all yesterday. While our primary is still a short near the neckline of 6450 with confirmation (targets are at 6425, 6400, 6370 and 6340 for 110 pips potential) we are adding an aggressive pivot at 1.6400. We will look for short CP signals below 1.6400 with targets down to 1.6300 in this setup. We will not look for longs above because 1.6450 looms large and ruins the reward/risk ratio of any trade we would attempt.
May 9 @ 7:54 UTC - this pair performed very well last week as we shorted it at the right time along with EU. While we sat out last Friday those of you who shorted the neckline (our primary if we had been trading) were greeted with more pips before week’s end. To start this week we will use the neckline at 1.6450 as our key pivot: we will look to get short on good CP signals below 6450 and get long on a sustained break above. From 6450 our targets are at 6425, 6400, 6370 and 6340 for 110 pips potential.
May 6 @ 8:32 UTC - *We are not trading today because of Friday-volatility and NFP event risk*. Our short from yesterday hit pay dirt along with our EU short putting some nice pips in our pocket for the weekend. With most major support lines that we’ve been watching smashed, if we were trading our preferred strategy would be to get short on rallies to 1.6400-6430 resistance, but the conservative strategy is to stand aside today. Next major daily support is 1.6250.
May 5 @ 6:54 UTC - we are short from 6520 after a wicked looking shooting star in CP, with a solid profit factor. Our trade got about +30 (we booked 1 lot at +25) but is currently into the red as the pair has rallied a bit. We are targeting 6495 (already hit), 6470, 6440 and 6410 for 110 pips profit. If we weren’t in a trade then we would still be looking for yesterday’s trade setup: “We will look to get short under 1.6600 with targets at 1.6570, 6540, 6510 and 6480. If we see a dip before a rise then 1.6400-1.6425 is key support and we will look to get long there in anticipation of a rise to 1.6600 to fulfill the head and shoulders.” We are leaving yesterday’s chart up to show what we were looking for.
May 4 @ 7:42 UTC - we just missed our entry on this pair yesterday as it closed at 1.6580 – 5 pips above our trigger support (on a sustained break) at 1.6575. We missed out on 100 pips because of it but, as we always say: it is better to miss out then miss your equity. Today we notice that we have a potential head and shoulders forming on the 4h charts. 1.6600 is where the second shoulder should be and this is where we will find our key pivot for the day. We will look to get short under 1.6600 with targets at 1.6570, 6540, 6510 and 6480. If we see a dip before a rise then 1.6400-1.6425 is key support and we will look to get long there in anticipation of a rise to 1.6600 to fulfill the head and shoulders.
May 3 @ 7:40 UTC - GU is currently at a key rising trend support level around 1.6600 (it has actually just begun to break below it and is down to 1.6575 at the time of this writing). 1.6575 is our key pivot – on a sustained break below we will get short, and on a failure to sustain below this level we will look to get long. On a short our targets are 1.6550, 6520, 6490 and 6460. Long targets at 1.6600, 6630, 6660 and 6690.
April 29 @ 6:59 UTC - GU almost dipped down to our support at 1.6600 yesterday but turned up just a bit before hand and did not kick up a very strong CP signal to prompt us to enter higher up. The pair then has more or less consolidated between 6625-6650 for the past 12 hours. This has led to a potential breakout correction scenario with 1.6600 as the support and a sustained breakout below leading to 1.6520. Despite it being Friday if we can get a good enough price on this trade setup we will look to enter. The longer-term trend is the to upside, and the conservative trade would be to wait for a dip to 6520 to enter long with targets back up to 1.6750.
April 28 @ 7:06 UTC - The one pair we did trade yesterday as per the analysis yielded a healthy +150 pips (more if you stayed in longer). We did indeed have a 4h candle close above 6520 and then provide a bit of a pullback for us to enter long on. Today we are looking for more of the same – long on dips. with 1.6600 with confirmation the first support area we will watch. Targets at 1.6625, 6655, 6685 and 6710 for 110 pips potential. Leaving yesterday’s chart up to show what we were looking for.
April 27 @ 8:32 UTC - markets flirted with our 1.6520 resistance for much of yesterday before finally piercing it on the 01:00 candle earlier this morning and then closing back below (false breakout). We took that as a bearish signal that the falling trend resistance we were tracking was still intact and entered short which proved to be good for +75 pips. Price has risen quite a bit since our chart snapshot even 15 minutes ago (price is now at 6520 at the time of writing) and we will look to get long on a close above 6520 on the 1h charts. Targets at 6545, 6575, 6605 and 6635. If price closes above 6545 then we will wait for a pullback to get a better RR. As with the other pairs we will give a wide-birth to the FOMC announcements to avoid getting whipped out of our trade.
Update: GDP came in at 0.5% growth (expectation) and is the cause of the recent bullishness - http://www.statistics.gov.uk/cci/nugget.asp?id=192
April 26 @ 8:07 UTC - The pair is currently in a bearish channel on the short-term charts, though the medium-term outlook is bullish. We are looking to get long on a sustained break above 1.6520 on the 4h charts. If the sustained break is further away than 6540 then we will wait to buy on a pullback. Long targets at 6545, 6575, 6600 and 6630. There exists an opportunity for an aggressive short around current price (6515) with confirmation (assuming we see no break to the upside).
April 25 @ 8:32 UTC - Pair is still very bullish but appears to have lost a bit of steam from last week. Hard to tell if the 1h consolidation is valid or fool’s gold as it mostly occurred during last week’s Friday think markets. Either way we are treating 1.6480 as solid support and will look to get short on a sustained break below, or take a long around current price level (1.6520) with good CP signal as the pair appears to bounce off of rising trend support on the 1h and 4h charts.
April 21 @ 7:23 UTC - our aggressive long yesterday was good for another +100 pips. We were originally looking for a short on a sustained break below 1.6320 – luckily that never came and instead we had a sustained break above 6360 to trigger our aggressive long. Whether you entered on that 1h sustained break or waited for the 08:00 candle and its false breakout below 6320 the pair climbed quickly shortly afterword. Today we are closely watching the rising trend support (which also currently corresponds nicely with the 10-EMA on 4h charts) – shown as the black line on your charts above. With this support intact we will continue to look to buy bounces off of it (support currently at 1.6400) with a sustained break below 1.64 causing us to begin looking for shorts. There is also an opportunity for an aggressive long around 1.6450 with confirmation.
April 20th @ 6:14 UTC - We are right at the resistance zone we were watching yesterday so we are zooming in to the 1h chart above to take a closer look at some possible entry points. First off we haven’t seen any great 1h/4h bearish confirmation signals and the price action has not given any indications that it is turning quite yet so that is why we are still flat – no need to stand in front of a freight train. We are waiting for a good sustained break below 1.6320 or some solid bearish signals for confirmation to get short around these levels. There is also an aggressive opportunity to get long on a 1h break above 1.6360 or on a dip and bounce off of 1.63 support.
April 19th @9:46 UTC - there was opportunity to make profit in both directions yesterday as the volatility made the pair whiplash but we stayed on the sideline as our EUR/USD trade was running strong. 1.6350 is now the key resistance on our charts and we will look to re-establish a short here with a good CP signal – or go long with a close above 1.6360 on 4h charts.
April 18th @ 7:57 UTC - We stayed flat at the end of last week as our pivot came and when amid a flurry of inconclusive/contradictory candlestick signals. Actually we showed have listened to CandlePRO for more trades – most of the decent signals, though they didn’t correspond to our pivot, still produced between 40-80 pips at a time. For today the bulls are showing weakness again with 6250 being a key pivot – a close below this level on the 4h charts is a bearish signal and we will look to get short there. Otherwise there is an opportunity for an aggressive short on a rise to 1.6330.
April 13 @4:47 UTC - We are still flat as no signal or candlestick looked appealing enough to enter in either direction. Given the volatility in the pair the prudent things to do seemed to be to let the price action play out a little bit and give us some more direction. We’re not entirely convinced that the direction is there now, but bears definitely showed some staying power yesterday as the price settled and is consolidating in the 1.6275-1.6235 range. We think the most likely technical move in the pair is currently to the downside and still view 1.6275 as a key short-term pivot: we will look for a good candlestick signal to get short under this level (around current price) and will remain flat above (an aggressive move would be to get long on a sustained break above for a re-challenge of 1.6350). Our short will target 1.6180 by week’s end.
April 12 @ 9:03 UTC - we took a short on the sustained 1h break to the underside of our wedge at 1.6320. Our stop was relatively tight and got hit unfortunately, otherwise we would be well into the profit right now. Actually we should have followed CP signals more closely – they were right to the tune of 70-90 pips for most of the day on the 1h charts. Right now we are seeing a major bearish downleg – again forecasted by CP 4h signals – and will look to get short on a rise to 6275 (aggressive) or 6340 with confirmation.
April 11 @ 4:26 UTC - As stated on Friday we were flat heading into the weekend with no plans to change that. Today, Monday morning, we can see that the pair is has been consolidating around 1.6360 in a bullish triangle wedge pattern. While we would take either direction on a sustained break out our preferred direction is an upside breakout which, at this point, would mean a sustained break of 1.6400 to the upside. We will also look for a strong 1h signal or above along the bottom rising trend support line (bottom red line) for a bullish bounce to the top of the wedge.
April 8 @ 7:57 UTC - we are flat on this pair heading into the weekend, but for those brave souls will to brave it 1.6360 and 1.6400 are our key pivots on the day. The chart above was drawn with arrows at 1.6360 as that will become the key pivot if we see a sustained break to the upside of 1.6400. So, to reiterate: 1.6400 is our key pivot on the day so we are bullish above and looking for bear signals below. If we see a sustained break of this level then 1.6360 then becomes the key pivot. 1.6360 will also offer good opportunities to get long from but we remain flat into the weekend.
April 6 @ 8:29 UTC - our second lot got taken out at -30 so we ended up with 0 pips on this pair. We will take a zero trade any day. Pulling a stop-and-reverse above 1.6180 would have netted +70 pips so far, as the pair is now hovering just below 1.6350 resistance. 6350 is our key pivot on the day as we will look t get bearish below it and look for opportunities to get long above it.
April 5 @ 7:22 UTC - closed one lot of our short for +30 pips with the rest running for a -20 loss at the moment. We see 1.6180 as the key resistance and will look to remain short below this level. Daily bearish signals adds to our confidence but the lack of bearish follow through is concerning and we will look to tighten our SL shortly.
April 4 @ 8:49 UTC - we just got a 4h shooting start closed at 04:00 that had very good backtesting results, and the wick just pierced our resistance line drawn above (leaving last week’s chart up to show what we were looking for). Targeting 1.61, 6050 and 5970.
April 1 @ 6:11 UTC - The pair appears to be turning up a bit above 1.5900 after the large drop we captured last week. We do see short-term resistance around 1.6100-1.6130 and will look to short below this level and long above this level – next week. We are flat heading into the weekend.
Mar 31 @ 7:36 UTC - We did get stopped out on a small GU short yesterday that we probably should not have entered. The 4h CP signal under 1.61 was a very weak hanging man (only 1 past signal) followed by a false break above 1.6100. We are currently flat but right our our new key pivot level – 1.6150. We would like a right shoulder to appear (which would bring price down to 1.6090) for any break above 1.6140-50 to have meaning (inverse head and shoulders). To sum it up – we are bearish below 1.6150 and bullish above. A short around current levels on good CP confirmation is a valid, aggressive trade but watch 1.6090-1.61 for support and a potential long opportunity.
Mar 29 @ 6:36 UTC - flat yesterday on not much movement yesterday as markets stalled. 1.61 is now our key pivot and we will look to get short on some CP signals around this level. There is also a short term opportunity to get long on a sustained break above 1.6040 with targets to 1.61.
Mar 28 @ 7:52 UTC - Our GU analysis hit the nail square on the head last week with the predicted drop for 250 pips. The pair is at support now around 1.60-1.5980 and this could provide a little bit of a bounce to the pair and a chance to get in short again. Ultimately we expect the pair to challenge 1.5750 as our weekly target and will be looking for good 4h CP signals to get short on (during rallies).
Mar 25 @ 8:51 UTC - flat for the weekend.. all targets hit on our short for 250 pips :). We hope for this pair to be just as profitable next week!
Mar 24 @ 7:28 UTC - Great short taken late Tuesday as we approached 1.6400 (our resistance zone we were looking to sell) and got three 1h bearish signals in a row: 18:00 Hanging Man (DOUBLE), 19:00 Bearish Engulfing (TRIPLE) and 20:00 Three Outside Down (DOUBLE). If that is not a show of resistance then we don’t know what is :). The pair has dropped 150 pips since then and continues to fall and we ultimately target 1.6100 for 250 pips with our SL at 100 pips locked in. 1.6200 (right around current price) is strong support though and could provide a bounce. On failure we will cover our profits and look for short-term long opps and wait for another break below 1.6200 to get short on again. Leaving Tuesday’s chart up to show what we were looking for.
Mar 22 @ 8:51 UTC - the technicals of this pair are still a bit thrown off from the theatrics of last week but it is clear that we’ve seen some very strong bullish intentions over the past 72 hours. While short-term traders may look in the bullish direction to surf the trend a correction is needed and 1.6400 will provide a convenient location to do so – all the shorts have been covered and there is now room to fall.
Mar 17 @ 5:54 UTC - There were plenty of bearish signals yesterday that would have turned a nice profit but we stayed flat, full on pips from EURUSD. Our trading setups remain unchanged – looking to get short on a rally to the 6170 resistance area but we will not also loon in the 6100-6130 area for an aggressive short with confirmation.
Mar 16 @ 7:42 UTC - Took a long position on a decent candlestick signal around 1.6120 but got stopped out for a small 30 pip loss. We are dropping back to the daily chart for a better perspective on this pair and, as you can see, the pair has broken to the downside out of a strong bullish channel. This gives the price action a bearish tint for the coming days and we will look to short a rally to the underside of former trend support around 6170-6200.
Mar 14 @ 17:39 UTC - Our long from last week was stopped out at break even. We are looking to re-establish a long near 1.6120-6150 support on a good CP signal.
Mar 10 @ 7:22 UTC - still long from 6150, about 20 pips in profit. It got up to 60 pips in the profit yesterday. Tightening the stop a bit to minimize potential loss.
Mar 9 @ 8:10 UTC - single lot long from 1.6150 (bottom of channel) after two bullish dojis (not particluarly profitable in backtesting) and a Three Inside Up (very profitable) in 3 candles on 4h charts yesterday. Looking for 90 pips with stop below channel bottom. Single lot because we already have an anti-dollar trade open with AU. Leaving yesterday’s chart up to show what we were looking for.
Mar 8, 2011 @ 8:46 UTC - pair continues to bounce hard off of the upper channel resistance that we have been watching for the better part of a couple weeks. We will look for an opportunity to buy near the bottom of channel around 1.61-1.6130.
Mar 4, 2011 @ 8:18 UTC - as mentioned we left our short open from earlier this week and got stopped out at BE after going 60 pips in the profit. We are flat for the moment and will look to re-enter next week. Pair is currently bouncing off the top of its bearish channel. We will leave our chart up from earlier this week to show what we were looking for.
Mar 2, 2011 @ 8:21 UTC – ask and you shall receive! We got a strong GU shooting star on the 4h charts at 08:00 yesterday that has been good for about 50 pips so far and is still open. We are currently short with a target around 6160 for an additional 60 pips. Leaving yesterday’s chart up to show what we were looking for and the alternative trade setups.
Mar 1, 2011 @ 4:54 UTC - well we never saw a move down to complete the “a” wave we were looking for on Feb 25 but no trade was entered so no harm, no foul. The pair is resting just under the belly of 1.6300 currently and, while we would take a short on a solid 1h or above CP signal, we are primarily looking for longs near the bottom of the bullish channel shown above, around 1.6100 for another re-challenge to the top of the channel around 1.6300.
Feb 25 @ 8:12 UTC - closed our short from Feb 22 for a small profit shortly after opening for a small profit and have been flat since. The pair almost had a sustained break of our rising trend support line (bottom black line on our chart above) yesterday but the pair pulled back in time. The pair does appear to be losing steam with a possible 5-wave count in place from 1.4550 to 1.6270 (where we have strong resistance from late 2010). If this is the case then an A wave would take use down to at least the 1.60 region over the coming week and makes shorts from this area particularly appealing.
Feb 22 @ 7:54 UTC - got a STRONG CP sell signal that is now about ~80 pips in the profit: yesterday’s close was a bearish engulfing on the Daily charts, with a backtest result of 3.32 (HIGH), a median RR of 3.1 (HIGH) and an average RR of 4:1 (HIGH). We will stay short and watch the 1.61 level closely as a close below is necessary to really open up a downside correction. Weekly target is 1.60 and 1.59. We are leaving yesterday’s chart up to show what we are looking for.
Feb 21 @ 9:12 UTC - GU buying has reached a feverish pitch and we are rapidly approaching 1.6300, a strong daily and weekly resistance level for the #$ pair. We expect to see some selling pressure, long-covering in this are that will offer scalpers and plenty of short-term opportunities to get short. We will be watching for good signals to get short on from any rallies
Feb 17 @ 9:00 UTC - got stopped out on our GU trade. Flat for now until a better trend appears – lots of whiplash at the moment, which does offer opportunities for short-term traders to sell high and buy low around the edges.
Feb 16 @ 8:28 UTC - just took a decent decent 1h hanging man double around 1.6170 (07:00 1h) – backtesting looks solid and the pair has made a nice rally so it is a correction trade. It also offers a nice hedge against our UJ trade (GU short = dollar bullish, UJ short = dollar bearish). Leaving yesterday’s chart up to show what we were looking for.
Feb 15 @ 9:09 UTC - flat currently but looking to re-establish a short on a good 4h or 1h CP signal (solid backtesting results) near 1.6100 for a challenge of 1.5950 (150 pips).
Feb 10 @ 7:06 UTC - Still flat here. There were some bullish signals near the rising trend support around 1.6050 but nothing compelling enough to risk equity on. Chart above shows to aggressive options. Short term outlook is bullish above the rising trend support and bearish below.
Feb 9 @ 9:12 UTC - Aggressive trade from yesterday’s analysis triggered (“Finally on the 1h and 30m charts we are tracking a very aggressive rising trend support (connect the Jan 31st lows with the Feb 4th lows) which puts current short-term support around 1.6100 – a breach below this levels opens up the fall to the 5980 support we are watching from the conservative trade above for 120 pips profit.“) on the break below rising support. Trade got up to 70 pips in the profit and we are flat again, awaiting opportunities to buy on dips to the support lines mentioned on Feb 8 (conservative trades), or rallies to fade on good CP signals. We’ll leave yesterday’s chart up to show what we were watching for.
Feb 8 @ 7:18 UTC - GU has been very volatile the past week or so, meaning there has been lots of whiplash up and down buying high and selling low has been a consistently good strategy. As such the most conservative setup is a long on a dip to the 1.5980 support area (about 170 pips away from current price action). Ideally we would see a sharp move downward, as we have sen on the past month’s dips – almost all of which led to profitable long positions. A long from the 1.5980 would target a re-challenge of 1.6200 for 220 pips profit. Finally on the 1h and 30m charts we are tracking a very aggressive rising trend support (connect the Jan 31st lows with the Feb 4th lows) which puts current short-term support around 1.6100 – a breach below this levels opens up the fall to the 5980 support we are watching from the conservative trade above for 120 pips profit.
Feb 4 @ 8:15 UTC - good thing we stayed flat on Feb 2′s signal – pair did finally see a bit of a retracement. We’ll look to establish a new long early next week. Stay tuned.
Feb 2 @ 8:36 UTC - GU smashed through our 5950-5975 resistance with no CP confirmation so no trade was entered. If we had stuck around a little longer then we could have longed on the stop-and-reverse breakout trade above 1.5980 resistance (but we had a snow to dig ourselves out of). We don’t feel comfortable buying at these current overbought levels, nor do we like selling when bulls have just showed this much strength. We will wait for a dip to former resistance (now support) to continue buying, or for some serious consolidation to buy on. GU has also been following a short-term bullish step pattern (see arrows and resistance/support on chart above) – if it continues it should give off plenty more profitable buy signals. Flat for now.
Jan 31st @ 9:18 UTC - We cleaned up last week with the GU and we will look to keep it going with plenty of trade setups detailed on the chart above: the obvious setup that we have been milking is the short around the falling trend resistance with CP confirmation. That resistance line is currently around 5950-5975. However, in the short-term, as long as we stay above 5815 then we will be short-term bullish for another re-challenge of the 5950 resistance region. If 5815 is broken to the downside then it opens up another re-challenge of 5750 and 5715 very quickly.
Jan 28th @ 5:16 UTC - Trend trading paid off again here: the bounce off our falling trend resistance produced ~60 pips per lot and there were good 1h signals to confirm. First at 13:00 we had a bearish doji DOUBLE that got up to 67 pips. Then at 15:00 we had a bearish engulfing that netted up to 60 pips. Both of these signals were 100/100 forecast strength. Finally at 16:00 we had a Three Outside Down that got up to 57 pips. The forecast strength was 0/100 on this one but was just confirmation on top of the previous engulfing and resistance bounce.
Since resistance held the setups we are watching remain the same: look for bearish signals to sell around resistance (shown on chart above) and stop-and-reverse above resistance. Because it is Friday all trades should be looked at as riskier than usual. We will leave yesterday’s chart up to show what we were looking for (resistance lines still valid).
Jan 27th @ 7:44 UTC - Pair has gone beserk ever since it broke to the downside of the channel we were watching last week. Hopefully you got short and heavy – the dropped 150 pips, came back up and then dropped 250 pips. Not bad. It is currently bouncing back up and it leaves us to wonder if a downward trend line isn’t forming by connecting the Jan 19th high with the Jan 25th high, which would put current support around 1.5990 and give us another opportunity to sell. A sustained break above would kill the trade and be a bullish signal.
Jan 25th @ 6:50a UTC - short from yesterday got +70 into the profit before reversing and hitting our BE (break-even) stop-loss. Flat for now.
Jan 24th @ 8:15a UTC - BIG dip put the the short from Jan 19th/20th well into the profit zone at ~150 pips maximum, though we didn’t capture all that because the TP at 1.5800 was never hit and instead hit the tightened SL (still for good profit). Price has since returned for a re-challenge of 1.60 and we have taken a single lot short at 1.5990 at the open of this market as a pure reward/risk trade (our SL is hidden behind 1.6050 resistance and the TP is down around 1.5800 for another 190-pip re-challenge. This is all after the bearish break of the rising bullish channel from last week. We will leave last week’s chart up to show what we were looking at for the trades.
Jan 20 @ 8:50a UTC - Short triggered yesterday on the break of rising trend support (we will leave yesterday’s chart above for today to show what we were looking at) as the 1h limped through the support and gave a solid close below around 1.5990. First lot close for +35 and second lot remains open with a SL above 1.60, targeting another run at 1.58 for 190 pips profit. 1.5920 is providing strong support, however, and we may look to close (or at least tighten the SL to BE to lock in profit) on another failure here. Trade got up to +80 in the profit before correcting a bit to the 5970 area where price currently is.
Jan 19 @ 8:55a UTC - Pound/Dollar has been in a STRONG uptrend since early January, as you can see on the chart above. This uptrend has produced a nice bullish channel, with plenty of buying opps at the bottom of the channel, after a flagpole and consolidation, and also on the 30 EMA (1h). While these strategies may continue to work for short-term traders (going long near the bottom of the bullish channel) a correction is overdue for the pair and there is a longer-term opportunity to short on a sustained break below the channel bottom. We will watch the 1h charts for this break, and also will watch the top of the channel with CP signals to get a great entry price. For the primary trade (short below rising trend support), we are targeting a re-challenge of 1.5800 so there is plenty of room for profit.
NOTE: Due to the server restore we had to do the posts between Jan 9th-Jan 19th are lost forever :( – unless a diligent PipHutter copied them down somewhere!
Jan 7 @ 7:25a UTC - We saw the anticipated drop, which was preceded by a number of bearish 30m and 1h candlesticks from 09:00 on, at least 5 of which were +100 on the 10-candle strategy results by our count. Price is currently re-challenging 1.5400. Given the news volatility today we will wait until Monday for higher-probability setups and calmer markets where technical analysis generally works better.
Jan 5 @ 8:36a UTC - GBP/USD is approaching strong 4h/daily falling trend resistance (connect Nov 5 and Dec 13 highs) that we will look for good CP signals to short around. GBP/USD has a tendency to pierce its support/resistance lines so keep that in mind for any stop-losses or entries you are looking for in this region. Key resistance is between 1.5620-1.5650 and this is the area we are looking for shorts in with targets down to a re-challenge of 1.5459 for 200 pips.
Jan 3 2011 - Happy New Year! Bank Holidays in numerous countries today (UK, Australia, Japan, some French banks, etc) so no PRO analysis – markets are too thin for any good analysis/trading in our opinion. CandlePRO will continue to turn out signals, as always, and you can view all bank holidays here. We look forward to an exciting and pip-filled new year with you!
Dec 20-24th - No PRO analysis this week due to holidays and illiquid markets, but CandlePRO will continue to function as normal! When markets have this low of volume (due to traders being gone for the rest of the year) then markets tend to behave in strange ways and are difficult to predict in the short-term. If you do choose to trade we recommend you trade even more conservatively than normal! In general we are bullish on the USD as risk-aversion continues to be the dominant theme. Keep an eye on your emails for the new PRO Scoreboard feature and we’ll see you in 2011! – PipHut
Dec 16th @ 6:58a UTC - As expected the pair did turn down (see Dec 13th analysis) and we got a great CandlePRO signal to confirm the entry – a STRONG daily bearish engulfing from Tuesday. The average RR was 3:1 and the median RR was 3.3:1 (a good sign when the median RR is higher than the average RR). Take a look at the performance report here. Yesterday quickly produced 200+ pips from that short alone. Currently flat and see no immediate setups, though bears definitely seem to be gaining strength and we expect more USD strength and GBP weakness (GBPUSD weakness).
Dec 13th @ 7:34a UTC - close out the long at break even on Friday as the pair continues to consolidate. Technical setups are not that strong at the moment so I will stay on the sideline of this pair for now, but it certainly appears that the pair is turning down so short-term traders might look for short-term bearish opportunities (but this is a more aggressive trade).
Dec 9 @ 8:40a UTC - short was stopped out for -50 and then a stop-and-reverse long as the pair broke above the falling resistance is now +50 in profit. Leaving the long open for a challenge of 1.59 at least, maybe 1.60. Also I’m leaving Monday’s chart up to show the trading setup we were looking at.
Dec 7 @ 7:01a UTC - second target hit at 1.5665 and then trailing stop hit at 5685 for +50 pips. The falling trend resistance line is still be respected, though, so I will look to short around the current level on a good CP bearish signal. 30m is the min timeframe I will look for CP signals, and a 30m signal would have to be close to resistance (1.5775 currently) and at least a solid double. Targets from 5775 at 5755, 5745, 5715, 5680 and 5645 for 130 pips. A sustained break above 5775 is a bullish signal and I will look to exit any shorts and go long if that happens.
Dec 6 @ 10:09a UTC - single lot short taken from 1.5739 on a strong CandlePRO 4h TRIPLE at 04:00 UTC (Dec 6) that occurred just below our falling trend resistance line drawn above. This trade is still active so you can re-enter on another CP signal around this level if we get a retrace. Targets at 1.5705 (first target hit), 1.5665, 1.5610 and 1.5560. 1.58 is my key short-term pivot – above this level I am bullish and below I am bearish.
December 1 @ 8:58a UTC - still flat. Conservative short is still at 1.5800 near falling trend resistance and 38.2% retracement. Aggressive short is at 1.57 and 23.6% retracement. Both target a re-challenge of 1.55 in the coming weeks.
November 29th @ 8:02a UTC: Our last downside target was before the weekend at 1.5650 for a total of +220 on that last lot. Add that to the +200 on the previous to trades and subtract -80 for the two losses and we netted 340+ pips on this pair last week – not bad. I am still bullish on the USD and I will patiently wait for a good opportunity to sell the GBP/USD – there is no reason to jump back into a trade just yet and risk our hard earned equity. The nearest resistance I will look for a short pullback to is 1.5730 (23.6% retracement of latest drop) or 1.5800 (potential falling trend resistance). We are currently flat in the pair.
November 26th @ 7:09a UTC: Stopped out of the risk/reward long (-35 pips – trade below) but the stop-and-reverse short (“Stop is tight below 1.59 and I will look to short below this level for a challenge at 1.5850 and 5800″) netted another quick 100 pips with one lot still open for +170 pips. Profit is locked in on this trade with a stop at 1.5750. I expect further GBP/USD weakness before the weekend and will not keep the position open over the weekend. 1.5650 is the downside target.
6:56a UTC, November 23 2010: We were stopped out on our long from GU yesterday but the secondary trade – “If 1.60 fails then that opens up an immediate downside challenge of the daily rising trend support at 1.5900″ – just put 100 pips into the equity pile.
We’ve taken out a reward/risk long above strong rising trend support at 1.5900 for another shot at 1.5930/60/90, though I am less optimistic about the trade given the lack of risk appetite today than I was at the end of last week when we booked 100+ off the pair. Stop is tight below 1.59 and I will look to short below this level for a challenge at 1.5850 and 5800
Yesterday PRO Performance
Pair Result EURUSD No trades AUDUSD -6 pips GBPUSD No trades USDCHF No trades USDJPY No trades Daily Total: -6 pips Feb 2012 664 pips Mar 2012 755 pips Apr 2012 297 pips May 2012 (mtd) 14 pips *Signal results from 2012-05-16. Looking for month-by-month performance breakdown?
Learn Forex
Forex Tools
Email Alerts
Manage your free and PRO email alerts from PipHut
PRO Dashboard
Access PipHut's advanced trading sections
Forum
Join the discussion with the PipHut Community
Forex
Income Calculator
Plan your forex income goals
Forex
University
Learn how to trade forex the PipHut way
Forex
Market Hours
See what markets are open and major bank holidays
Forex
Calendar
Important news events that could effect your tradesMore Free Tools
PRO Tools
Contact Us
support@piphut.com
PipHut.com LLC, P.O. Box 70772Madison, WI USA Follow us: Follow PipHut on Twitter
© 2008-2011 PipHut.com LLC Forex Signals