Today is Friday, so I’ll be cautious and most likely head into the weekend trade-free, but the short term trend is up so I will continue to keep an eye open for buying opportunities. As always check the candlestick alerts for intraday trading opps and watch out for news events on the forex calendar.

Trading Idea: Bearish retracements have been few and far between recently, so for the primary trade I’m moving the entry zone up to 1.3015 (from 1.2950 yesterday) with confirmation. Long targets at 1.3040, 1.3070, 1.3100 and 1.3130 for 115 pips profit.

A much more aggressive long would be at 1.3045 with targets at 1.3070, 1.3095 and 1.3120 for 75 pips profit.

Finally if you are hesitant about long positions that is a much riskier short you can take: short on a sustained break below 1.3015 with targets down to 1.2950 for 65 pips profit.

Stay safe, use a stop-loss and never trade with money you can’t afford to lose.

Happy pipping and have a great weekend!

P.S. You’ll be getting more news this weekend!

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Source: Forex Signals – EUR/USD Bulls Fight Toward 1.32
Forex signals from: PipHut.com

Daily Outlook: Pair is teetering on the edge of a cliff right now, on one hand it is having difficulty finding buyers below the scary 1.31, while on the other hand the short term trend is up and investors seem much more risk-friendly than they did just a few months ago. This has shown itself on the charts as a bearish doji signal Tuesday and a bearish-looking candle yesterday (body was a bit too big for a doji – it still has a bearish wick though).

Where does that leave us, the lowly day traders? Personally I still have my short open from yesterday (1.3015 area) with a target down to the 1.2815 support, but that is not an intraday trade and may take a bit to unfold (if it unfolds at all).

As always check the candlestick alerts for intraday trading opps and watch out for the Initial Jobless Claims (forex calendar has details).

Trading Idea: Because yesterday hardly moved my signals will be identical:

“1.2950 is today’s key level – I am bullish above and bearish below. Primary trade will be long near 1.2950 support with targets at 1.2975, 1.30, 1.3030 and 1.3060 for110 pips profit.

An aggressive short would be to sell on a sustained break below 1.2950 on the 4h charts, with targets down to 1.2915 and 1.2815 for 135 pips profit.”

Happy pipping!

Recap: No signal was tripped yesterday.

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Source: Forex Signals – EUR/USD Daily Charts on Edge of Cliff
Forex signals from: PipHut.com

Some simple “buy low, sell high” strategies would have worked wonders for scalping yesterday.

Daily Outlook: All that bouncing up and down has giving us a bearish looking doji on the daily GMT charts. I see this more as confirmation that 1.31 will be a good area to short in rather than a signal to go short right at the moment. That being said I do have a single lot short open from the 3015 area to challenge 2915.

Don’t forget to check the forex calendar to avoid event risk and to check candlestick alerts for good intraday trading opportunities.

Trading Idea: 1.2950 is today’s key level – I am bullish above and bearish below. Primary trade will be long near 1.2950 support with targets at 1.2975, 1.30, 1.3030 and 1.3060 for110 pips profit.

An aggressive short would be to sell on a sustained break below 1.2950 on the 4h charts, with targets down to 1.2915 and 1.2815 for 135 pips profit.

Happy pipping!

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Source: Forex Signals – EUR/USD Doji on Daily Charts
Forex signals from: PipHut.com

Daily Outlook: Not much news scheduled tomorrow aside from the consumer confidence data. Check out the forex calendar for full details there.

Short and mid-term technical trends remain bullish as the pair has increased almost 1200 pips from its June lows! We’ve been cautiously buying during most of the uptrend as the long-term trend has been down.

The real question lurking on everyone’s minds is what happens in the 1.31-1.32 resistance zone? Will we see the long-anticipated return to the downside or is their enough bullish momentum/risk appetite built up to carry the pair through that zone?

It is also worth noting that we haven’t seen a daily close above 1.30 yet – is today the day?

Trading Idea: The primary pivot on my H4 chart is 1.2915 and I remain short term bullish above this level. My primary trade will be a long at this level with confirmation with targets at 1.2940, 1.2970, 1.30 and 1.3030 for 115 pips profit.

Secondary trade opp is a long on a sustained break above 1.3030 on hourlies charts. I anticipate there are plenty of stops in this region that could trigger a short squeeze and net some quick pips.

Finally an aggressive short would be on a sustained break below 1.2915 with targets down to 2815.

Happy pipping!

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Source: Forex Signals – EUR/USD Uptrend Continues
Forex signals from: PipHut.com

Pretty good trading week overall. The pair hardly moved from start to finish on the week nearly forming a doji on the weekly chart. This played pretty well into our strategy of buying on dips as nearly every dip produced a jump back upwards. In short whether you were buying or selling last week it was hard not soaking in some pips if waited to sell on rallies and buy on dips.

Daily Outlook: This week should be interesting.

Much more telling then the Euro bank stress tests will be the market’s reaction to them. As expected the results of the tests were more or less interpreted positively as they were engineered to do, except for that little fact that the tests left out the single greatest threat to Eurozone banks – sovereign default. There was some smoke and mirrors on the tests that unfortunately allowed the banks to put forth only about 1% of their sovereign exposure if they claimed the other 99% was being held to maturity. This would be like taking your car in to have the breaks fixed and the mechanic promptly tells you that the steering column, oil level and air conditioning unit are all working great – good to know but not really what you were concerned about!

I read a great article over the weekend called “If Everything is so Great, Why do I Feel so Bad?” It talked about how many economic leading indicators were pointing north but that a general lack of confidence in the markets, not to mention all the government bailouts that are spurring the indicators, were causing a lasting drag on the emotions of market players and a general lack of confidence in capitalism in general.

Technically daily candlesticks have been mixed at best. On the daily chart the last 8 candles we have had: doji, bullish engulfing, bearish with long bearish wick, three inside down (bearish), bullish engulfing and a doji. That mess of candlesticks led to an ugly bearish looking candle on the weekly (body is a bit too big for a doji but still shows heavy indecision in the markets).

And above all that we have the 1.31-1.32 resistance zone where many heavy-hitters are waiting for a good longer term shorting opp. Mix that all together and I’ve got a “wait and see” attitude. No need to force a trade today on this pair.

Trading Idea: Primary trade is long with confirmation on dip to 1.2830 with targets to 1.2855, 1.2885, 1.2915 and 1.2945 for 115 pips profit.

A more aggressive long would be a buy on a sustained break of 1.2950 with targets at 1.2975, 1.3000, 1.3030 and 1.3060 for 110 pips profit.

An aggressive short would be a failure on 1.2950 with candlestick entry or at 1.30 with targets back down to 1.2830.

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Source: Forex Signals – EUR/USD Mixed Signals
Forex signals from: PipHut.com

Daily Outlook: A lot of indecision in the markets right now as the price has ended up just where it started to begin the week, forming a nice looking doji on the weekly chart. This indecision could signal a possible reversal in the pair though I think many traders are waiting for the 1.31 resistance zone to start shorting so this very well could just be a false signal…

** This signal has been moved here.  Please visit the new signal for trading idea and chatting **

Source: Forex Signals – EUR/USD Key Pivot in Sight
Forex signals from: PipHut.com

Aside from the signal I did have a short from 2890 that put 100 pips in the equity – I didn’t put it in the signal because it seemed too aggressive for the general PipHut strategy (support/resistance trades placed with short-term trend).

Daily Outlook: We find ourselves in one of those sticky trading situations: long-term bearish, short-term was bullish but we had a bearish break. Does this mean today will be a bearish day? Hard to say, and a lot of it will be “wait and see” for the multitude of news events scheduled for the day (see forex calendar).

All that being said, my general strategy is to take advantage of further EUR/USD weakness and look for selling opportunities on a pull back to 2800-2830 resistance zone.

Trading Idea: Primary trade is a short in the 2820-2850 resistance area with confirmation and targets (from 2830) at 2805, 2775, 2745 and 2715 for 115 pips profit.

A more conservative long would be a buy off of a 2680 bounce on further weakness.

Finally another aggressive trade would be a long on a failure to sustain a rally below 1.2750 with targets back up to 2830 for 80 pips profit.

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Source: Forex Signals – EUR/USD Support Break
Forex signals from: PipHut.com

Also a thought struck me the other day: the second anniversary of PipHut came and went and I was too busy to notice! PipHut has been around since July of 2008 now. In that time I have published hundreds of signals, gathered thousands of followers and, thanks to you all, there are some 50k comments.

Daily Outlook: Same as always: long-term trend is down, short-term is up. Market was undecided yesterday as the pair left long wicks on both the top and bottom of the candle and ultimately closing bearish on the day.

My preferred strategy is still to buy on dips until there is clear evidence the downtrend is continuing. As always check out the forex calendar and candlestick alerts for more intraday trading signals.

Trading Idea: Primary trade will be to long on a dip to the 1.2830-2850 region with confirmation. Long targets from 1.2840 are 1.2865, 1.2895, 1.2925 and 1.2955 for 115 pips profit.

A more conservative trade would be a dip to 1.2800 where there is stronger daily support with targets back up to 1.30 for 200 pips.

Finally the most aggressive trade would be to treat the daily candle as indicative of indecision (aka reversal point) and to short with a SL above 1.31 and a short target down to 1.27 and beyond. Personally I feel more confirmation is needed before looking for this longer-term trade.

(click to enlarge)

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Source: Forex Signals – EUR/USD Market at a Crossroads
Forex signals from: PipHut.com

The pair’s bullish trend has been so strong recently that it has been the aggressive trade or nothing at all and yesterday was no exception. The aggressive trade (long at 1.2875 with confirmation) gave us a great inverted hammer at the 6:30 GMT candle that just touched our support level before skyrocketing over 100+ pips in 1h. I know many of you were able to get in on that (those with working internet connections anyway ;).

Daily Outlook: Still bullish until I have a reason not to be. Right now the biggest threat to the pair seems to be too much acceleration (i.e. it can’t go straight up forever) though, again, I will continue looking for longs until the charts tell me otherwise. The EUR/USD seems to have de-coupled with risk as the Euro continued to rise despite a multitude of bad Eurozone news in contrast to past news events that have sent the EUR/USD plummeting. Two months ago if a Eurozone country was downgraded by Moody’s the pair would have dropped like a rock. Now it hardly flinches.

Longer term I am looking for an opportunity to short around 1.31 for a longer-term trade.

Trading Idea: Primary trade will be conservative, as usual: looking for a long in the vicinity of 1.28 support with targets at 2825, 2855, 2885 and 2915 for 90 pips profit.

More aggressive trade is a long in the 1.2935 support zone with confirmation and targets back up to 1.3015 for 80 pips profit.

The most aggressive trade: there will be plenty of short-scalping opportunities if 1.31 is reached.

Happy pipping all!

(click to enlarge)

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Source: Forex Signals – EUR/USD Bullying its Way to 1.31
Forex signals from: PipHut.com

Daily Outlook: As expected bulls stayed strong on Friday pushing the pair up to new monthly highs just barely breaking 1.30 before retreating. After another day of higher highs and higher lows I will continue with the strategy of looking for buying signals on the day, primarily from support dips, resistance breaks and bullish candlestick signals.

Trading Idea: Primary trade will be to look for buying opps on a dip to 1.2780 support area with targets at 1.2805, 1.2835, 1.2865 and 1.2895 for 115 pips profit.

More aggressive trade would be a tight long on a bullish signal from the 1.2875 support zone.

Happy pipping and I will be back with more when my connection is better!
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Source: Forex Signals – EUR/USD Bullish Breakout
Forex signals from: PipHut.com