Tagged "day trading"

Daily Outlook: Pairs didn’t move a whole lot yesterday which makes us wonder – are we in the holiday lull already? Many traders take the entire month of December off and as we get closer to the end of the year the more holidays we have to compete with.

Short and sweet signal today: lull or no lull we are tracking a rising trend support (blue line) and will look to get long on bounces off this line and short on breaks below.

Trading Idea: Primary trade is a short on a break below our rising support (currently at 2990 and rising – PRO users subscribed to S/R for EU will get an email alert) with targets at 20/20/25/25 for 90 pips profit. We are keeping profits a little tighter than usual given the lack of follow through we’ve seen in the markets the past few days.

We will also look to get long on bounces above our rising support with smaller timeframe confirmation (candlesticks, etc) with targets at 20/20/20/20 for 80 pips max.

As always we will update S/R charts throughout the day in Pro.

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*REMINDER – Only 12 hours left! In case you missed the email this weekend, PRO registration has re-opened with the all new PRO features!

Daily Outlook: It’s been an uneventful start to the week as the pair opened its trading within pips of Friday’s close price and is right back where it started after 12 hours of trading. We are tracking an aggressive rising support on the pair:

We will look to get short on a break of support (currently at 1.2980 and rising) to catch a few pips, though the markets are still searching for how to react to the ongoing Eurozone fiasco. Basically credit agencies have freshly renewed their vows to downgrade certain European countries if they don’t get their finances in order which has caused of war of words between France and Britain about who is worse off. Technically the chart is very bearish, however it is oversold and in need of a correction so we will look to tighten the SL on our short early and often.

Trading Idea: Primary trade is short on a break of support (currently at 1.2980 and rising) with targets at 20/20/25/30 for 95 pips profit.

1.3050 is the nearest resistance, however we will wait for a better falling resistance to form before seriously looking for a long.

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PRO Update: With all the exciting updates we’ve rolled out for PRO in the past week or so we’ve had a ton of signups to the PRO mailing list waiting until registration re-opens. Well that wait will be coming to an end very soon – if you aren’t on the list get on it here and then check your email later today with the details!

Daily Outlook: The breakout from yesterday’s signal occurred to the downside just under 1.30 (pro alert sent out at 1.2997) and pretty quickly dropped to +50 in the profit before slowly turning back around. We closed at +25 after the second failure of 2950.

Bears have been firmly in control of the EU this week and while we haven’t seen any good evidence for a correction yet we are beginning to see a little more bull power in the past 12 hours (or maybe just bears taking profit and reloading?). Either way our primary setups will be to look for shorts and only get long when a good resistance line is broken (no good resistance lines on the chart right now.

Trading Idea: We are tracking a rising support right now (price is flirting with it as this is typed) and we will look to get short on a break below this level – currently at 2975 and rising. Targets at 20/20/25/25 for 90 pips profit.

There aren’t any good looking long setups on the chart at the moment, however there is an opportunity for an aggressive long on top of this rising support with good confirmation, however we will pass on this trade today given the bearish strength and the possibility that this latest mini-correction is really just a bearish consolidation pattern.

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Daily Outlook: Our long trade got +40 into the profit yesterday but we ended up closing at -30 as we were giving the trade a little breathing room to hit our target of +100 pips. A nice support line did form and was broken (sending out an email to PRO users) at 3163 which quickly hit all our targets for +100 pips and would be +160 if we were still in it.

We are flat at the moment and closely watching how the above flag pattern is forming after the major drop. The pair is very oversold at the moment but  we aren’t ready to call a bottom quite yet  - in fact we never call a bottom -we let the charts call it for us :).

Trading Idea: We’ll take a breakout in either direction from the above flag pattern. It is an aggressive read so we will look to tighten our SL early and often. Targets for either a topside break or a bottom break are 20/25/25/30 for 100 pips profit.

Of course we will update S/R lines for bounces and breaks throughout the day in PRO.

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PRO Users: Email alerts for candlestick signals within 10 pips, candlestick signals that have a piercing wick and candlesticks that are doubles and triples are now active. Watch out for a separate email in a few minutes detailing the new features! Also, we have received a lot of emails asking when we are going to re-open registration (we closed it down last week when we started rolling out all the new features) and the answer is this Thursday, the 15th! You can sign up on the email list to be notified right away when registration re-opens here.

Daily Outlook: All targets hit on yesterday’s short from 3295 for +100 pips as the pair took a big fall after the main support break:

We are long on the resistance break at current price (3191 – where the email alert went out) but we have a short leash on the trade (SL just 35 pips down at the moment) as we are still very bearish on the pair after the major support break early this week. The pair is oversold though and stalling under the extremely sharp falling trend resistance so with this support break we will look to capture a few pips on the swing upward before looking to get short again.

Trading Idea: Primary trade is long from 3191 after the resistance break targeting 20/20/25/25 pips for 90 pips potential. As mentioned above we have a short leash on this trade as we are primarily bearish on this pair. We can’t detail out a secondary trade at the moment because we will wait for a new support line to form and break before getting short – we will update the S/R lines in PRO as it develops through the day.

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PRO Users - separate email coming update on new S/R filters for email alerts!

Daily Outlook: Last Thursday/Friday were very volatile due to the EU summit (and why we sat out those days) and this beautiful Monday morning we are once again facing a bearish looking triangle:

In fact as we are typing this the pair has broken to the downside of our blue support line and we are short off the break (PRO users received an S/R break email alert at 3295). That trade is currently +20 in the profit with plenty of room to run. In general we are bearish on the pair as almost all movement for the past week has been bearish, and the primary breakout from last week’s triangle was a bearish one as well. We will only begin to look for longs if the top blue falling trend resistance is broken.

Trading Idea: Primary trade is active – we are short from 3295 on the support break and targeting 20/25/25/30 for 100 pips profit. We are not looking for longs today unless the top blue falling resistance is broken. We will reassess that outlook in tomorrow’s analysis and update S/R lines as needed throughout the day.

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** It will be a short signal today as we are busy rolling out even more features for the PRO service (that’s after the dozens that came out this past weekend).

Daily Outlook: The noose continued to tighten around the EU yesterday as the pair is coiling up ever tighter in its tiny triangle wedge pattern:

EU Summit Times of Note:

13:30 - ECB President Draghi Press Conference

18:30 - EU-27 Leaders’ Summit – Day 1

Trading Idea: We will not be trading today due to the feature rollout we mentioned at the top of this, but if we were we would look to get long on a topside breakout of this wedge and short on a downside breakout. It is a day to be careful though – with the summit expect markets to be thin and choppy, and there is a good chance in these scenarios that the first breakout is false.

Take a look at the poll today – interesting question:

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Daily Outlook: The noose is tightening around the EU as the pair continued to consolidate in an every tightening triangle pattern. The pair did take a nice bounce off of our bottom support, rising over 100 pips, but we did not take that trade as we were looking for breaks of support or resistance to enter:

The pair is currently nuzzled up against the top of falling blue resistance and we will look to get long on a break above this resistance level as our primary trade today. The fundamental situation out of Europe continues to be as clear as a foggy night, and we would not be at all surprised to see a melt up here as markets look to buy the rumor and sell the news after the EU summit.

Trading Idea: Primary trade is long on a break above *blue falling resistance, currently at 3450 and falling  with targets at 20/25/30/30 for 105 pips profit.

If the pair turns down we will look to get short on a break below *blue rising support, currently at 3350 and rising, with targets at 20/25/30/30 for 105 pips profit.

There is of course still room to short near falling resistance or long near rising support – yesterday this provided 100+ pips if you followed this aggressive trade.

*Pro users will receive email alerts when blue S/R lines are broken if the have turned on EU S/R alerts.

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PRO Update - the new PRO launch went great! We will open up PRO registration this weekend when all of our marketing material / help guides are updated. Until then you can receive email updates by going here. Thanks to all PRO and community members for your continued support. You all continue to make PipHut the best forex community on the net!

Daily Outlook: EU has been consolidating for the past few days under a longer-term falling trend resistance (top blue line) and a short-term rising support (bottom blue line). We expect a break of either of these to produce at least a mild *pop* to snag some pips off of. Until then we expect more consolidation within this tight range.

On a longer, more fundamental outlook the EU is getting more beat up than usual in the press as the S&P has indicated they are prepared to downgrade a host of EU countries if the summit on the 8th and 9th is not able to resolve some of the sovereign debt issues. A read of their statements indicated they are ready to downgrade France up to two notches. If this happens expect the normal market reaction would be for the USD to gain across the board but in today’s worldwide game of “who can print the fastest” all bets are off – we will stick to our technicals :).

Trading Idea: For now we are slightly more bullish than bearish but will look to trade a break in either direction. On a topside break of resistance (currently at 3465 and falling) we will target 3485, 3505, 3530 and 3560 for 95 pips total. On a downside break of rising support (currently at 3325 and rising) we will target 3305, 3285, 3260 and 3230 for 95 pips total. In PRO both breaks will trigger an email alert if you are subscribed to EU S/R alerts.

There is of course plenty of room for day traders to scalp the insides of the the consolidation triangle.

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PRO Announcement – PRO and parts of PipHut will be down for maintenance this weekend as we will be adding several new features to PRO including S/R charts, email notifications, pullback backtesting, strategy backtesting, etc etc. These feature will be live for current users right away – we welcome your input for further enhancement and any suggestions you have. We use the PRO tools for our own trading and we recognize that each trader has their own different style – it is our goal to make PRO the essential tool for every forex trader. An email will be sent out with further information to PRO users.

Daily Outlook: It is Friday and we won’t *probably* won’t be trading, as usual, but we there is a nice flag pattern on the charts right now and if a break appears early enough in the day to avoid the weekend exodus then we will take it. Beware that the first break in these patterns is a false break about 50% of the time and we will close and reverse our position if the break is not sustained.

Trading Idea: It’s a bullish flag but we will trade in either direction (long on break above falling trend resistance and short on a break below rising trend support. As mentioned above we will close and reverse if the break is not sustained and for either direction we will target 20/20/25/30 pips for 95 pips profit.

Have a great weekend everyone!

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