12-4-09

5:41a GMT – Yesterday’s signals produced a trade (which is still open) at 1.5050 (currently a little bit in the profit) though I have tightened the stop as 4h charts are leaning toward a bearish consolidation pattern. Another reason I have tightened the stop considerably is because on the daily chart a bearish shooting star was produced so today could be a bearish profit-taking day for the markets.

As far as yesterday’s news went Bernanke again talked about protecting the dollar – but the markets have heard this many times from Bernanke and never have his actions matched his words. In fact his actions (historically low interest rates) have said the exact opposite: that he at the moment cares very little about the value of the USD. One interesting thing he did say at his Senate meetings was that he would consider using interest rates to “burst” asset bubbles before they got too big.

Daily Outlook: Even as I write this we are seeing a bit of a bounce in the EUR/USD, which is good for our trade, but the signals for today are a bit mixed. The bearish shooting star on the daily chart yesterday and the potential double-top at 1.5140 are signals for a potential return to channel bottom around 1.4880. I will keep my long open from yesterday with a tight stop, though a break of support at 1.5025 will open the short-term bearish challenge of 1.4970. If it reaches this level I will look for bullish candlesticks to buy on.

News Events: Be weary of the Non-Farm Payroll (NFP) data and the US unemployment data due to come out around 13:30 GMT. Markets are usually choppy around news events.

Trading Idea: On a break of 1.5025 look for a challenge of 1.4970 support, around which I will look for buying opportunities with targets at 1.5000, 1.5030 and 1.5065.

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Forex Signals – EUR/USD Weekend Consolidation is a post from: PipHut.com

D20P SELL B GBP/USD 1.6555

take profit 1.6535

stoploss 1.6585

DAILY20PIP.COM ADVICE : BEARISH MARKET AHEAD

SIGNAL VALID FROM 6.00 GMT – 18.00 GMT

Altough the volatility moving the forex market and it is these price movements that generate profits. One thing you need to know is that there are certain times of the day where there is greater volatility.

It also depends on what currencies you are going to trade. There are some currencies that are more volatile than others. Remember that unless you have been trading the forex for many years but there’s no doubt that nobody can read the market.

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12-03-09

6:14a GMT – EUR/USD did indeed bounce off of yesterdays signal’s 1.5050 support and would have provided a quick 50 pips (possibly more, it’s at 1.5107 right now). Unfortunately I didn’t enter a long as I was waiting for a bullish confirmation candlestick to confirm the long signal. I know some of you did take that long and are now in the profit.

Daily Outlook: For the rest of us, I will look to reset longs with a similar trading strategy around 1.5050-1.5030 support zone. Pair remains within the the bullish channel I showed you yesterday after recently making a new 2009 high – so there is little reason to look for shorts at the moment.

Trading Idea: Looking for entry signal between 1.5050-1.5030 support zone. Targets from 1.5030 at 1.5060, 1.5095 and 1.5130.

Event Risk: Lots of news today (thanks for the reminder Nnagozie)! Be cautious around these times as markets could be thin and volatile. Starting at 12:45 GMT we have the EUR interest rate decision, initial jobless claims, nonfarm productivity, and Trichet and Bernanke speaking. No major changes predicted but the dovish/hawkish comments always can move the markets on thin volume. To read more about these events check out the Forex Calendar here.

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Forex Signals – EUR/USD Longs in the Bull Channel is a post from: PipHut.com

D20P BUY A GBP/USD 1.6645

take profit 1.6665

stoploss 1.6615

DAILY20PIP.COM ADVICE : SIDEWAY MARKET AHEAD

SIGNAL VALID FROM 6.00 GMT – 18.00 GMT

system option : add spread on buy order

Most forex trader forget that trading is a job. The greatest one in the world, but a job nonetheless. It’s difficult for them to be self motivated. Like the majority of the world they need someone over their shoulder telling them what to do.

So, find anything in or around you that can be used to prepare to trade. Take a shower, Drink coffee, Get enough meals, Trade in comfort Air conditioned room and have a good internet connection is a must.

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