Tagged "inverted hammer"

Recap: Welcome to a new week PipHutters! I hope everyone had as pip-filled a time as I did last week. As promised I did not trade on Friday but I don’t think it would have mattered anyway as the pair did not do a whole lot. A new recent high was formed at 1.2672 but the pair was quickly sold back down to the 1.2470 area and has since risen to 1.2520 where it is now.

Quick note on the website: I did some server upgrades this weekend so if anything is acting differently please let me know by submitting a help ticket. Also I’ve added various time periods to my charts so you can clearly see what timezone my charts are in (I get a lot of questions on that).

Daily Outlook: The rising trend (bottom blue line on chart) is still being respected – a bullish sign – as we just had double bullish candlesticks on the 1h charts: an inverted hammer at the 0:00 GMT hour and a hammer at the 1:00 GMT hour. See the candlestick alerts here for more details.

Technically the pair appears to be forming a lumpy head and shoulders reversal pattern in this short-term uptrend. The neckline of this formation is 1.2450 and a sustained break below this opens up 1.2400 and 1.2350 in the short-term. Meanwhile on the top-side a sustained break of 1.2630 could open up 1.2680 and 1.2750.

Fundamentally we have very, very little news tomorrow save for the USD existing home sales report at 15:00 GMT. See full forex calendar here for the details. But, with all the talk of Greece and the Eurozone we could see another country drive up the USD and continue the EUR/USD downtrend: North Korea. That’s right, South Korea completed its investigation last week of their sunken naval vessel and concluded it was a North Korean torpedo that sunk it. They even went so far as to release a quote saying that North Korea was going to “pay the price”. As the war of words heats up we could see a flight to safety in the USD.

Trading Idea: My primary trade is to sell a sustained break below the 1.2440 (the neckline) with targets at 1.2410, 1.2385, 1.2355 and 1.2315 for 125 pips profit. A much more aggressive trade would be a long on a sustained break above 1.2620 (on the 4h) or 1.2630 (on the 1h) targeting up to 1.2750 for 130 pips. I would much prefer the short opportunity here as the long-term trend is still very bearish, and looking for opportunities to short in general is a decent strategy here.

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I’m proud to roll out a few new services for PipHutters today, services that I think you will find extremely useful to help you trade better. Some of these services you may have noticed recently, others I bet you have not…

By far the most exciting of the new announcements, welcome the Candlestick Alert Service! No matter how good a trader you are sometimes you miss candlestick signals. The best of us do it. Not anymore!

What this little gem does is monitor the 30m and 1h charts of the EUR/USD and show you if any bullish or bearish candlestick signals have been detected! Now this is still in BETA, so I want to remind people that the presentation might still be a little rough around the edges but that is what I need your feedback for!

Right now the service will only detect candlesticks on the 30m and 1h of the EURUSD and I’m starting with only the doji, shooting star, hammer, inverted hammer and hanging man. Once I’m sure it is detecting those properly I will begin to roll out other patterns as well..

Click here to visit the Candlestick Alert Service

What could go better with the Candlestick Alert Service than a Candlestick Quick Reference guide? Not much! This is pretty short right now, because I wanted to only display candles that the alert service is currently detecting (see above for list). But on the quick reference guide if you click on the image or name of any candle it will bring you to a more detailed page.

Click here to visit the Candlestick Reference Guide.

I’ve had quite a few people ask me recently for a forex market hours tool, to see what markets are open and closed. Ask and you shall receive! Pretty self-explanatory. Check it out.

Click here to visit the Forex Market Hours page.

Yes, I know PipHut already had forums but, to be honest, I hated them. They were clunky, looked bad, were hard to navigate. I think these new forums (hopefully you agree) will be much easier for everyone to use. I know that the comments section of the posts are easier (and in many cases better) for discussing the day’s trading, but there are some things much easily discussed in a forum, such as trading systems that you can refer back to, ongoing conversations about a news event, commodities, OR if you want to post a chart or keep a journal thread going.

By the way, if you start a thread and aren’t getting much traction just let me know, I’ll post a link to it front and center on the main site and give you plenty of traffic.

Click here to visit the Candlestick Reference Guide.