Tag Archives: forex signal
Good-Loking USD/JPY Setup
Posted on 18. Jan, 2011 by Moderator.
Take a look at the picture posted below (click the picture). This is USD/JPY on a daily timeframe, and we see a clear flag formation, which could potentially set us up for a perfect bull trade on this pair, once again with a very favorable risk:reward ratio. Just as we had a perfect setup on EUR/USD yesterday, we are not going to play this immediately, as we are looking for a clear cut confirmation before doing anything. Now as the setup also looks fairly well at the 4-hour timeframe, we might be looking for a possible trade later today. If the setup allows for it, I will send out an email about this possible trade, but otherwise, join my facebook or linkedin group to stay on top of things. Talking about good possible trade setups, Mike over at FxMadness has just posted a great article about a possible Gartley pattern. Check it out here.
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Beautiful Breakout – Pullback – Continuation Setup
Posted on 17. Jan, 2011 by Moderator.
Alright so we were a bit too fast pulling the trigger on a short on EUR/USD. However, after making the final spike up last Friday, we now broke the range (which also somewhat has the formation of a typical head and shoulders) to the downside and are slowly pulling back a bit here. We could be setting up really well for a possible short around 1.3325 on EUR/USD which would be a pullback all the way back to the break of the range. Now as always, you don’t want to jump in at the second you hit that level, but wait and see how the pair is reacting to that level. If there is any kind of momentum, we want that to fade, and get some kind of indications of potential downside. Keep your eyes on general dollar strength or weakness and take it from there. At a full pullback we are setting up, once again for a really favorable risk:reward setup. Let’s see what the rest of the day brings. Click the picture below.
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300 Pip Rally and a Short?
Posted on 14. Jan, 2011 by Moderator.
Yesterday we had close to a 300 pip rally on EUR/USD which probably came as a surprise for a lot of traders out there. Initially we started the London session with close to a perfect correlation between EUR/USD and USD/CHF which is a fairly rare type of price action. After a short period of time USD/CHF gave us a correction and plummeted, giving us a total daily range of just around 150 pips. I emailed my readers last night after the run-up and London close, to go in on a short trade on EUR/USD @ 1.3360 with a stop loss of 80 pips in total. First of all, we did come fairly close to some potential trend line resistance which was likely to give us a bit of bounce. Then just in general, after a 300 pip move there is always a good chance for some kind of pullback. Additionally you often see that when a pair is gaining or losing a lot of ground throughout the week, it is likely to give a bit back coming closer to the end of the week. Finally if the trade would go in our direction, we would be in for really great risk:reward setup. Now we did enter the trade after the busiest trading hours of the day, where we in general often see pairs fading a bit. We kept the trade open overnight, (read; Asian session) as this is where we were likely to see the pair giving back a bit. Now when I got up this morning we were looking at just around 20 (I think 22 pips at the best level) of profit and hence not really the size of a drop that I had anticipated, or thought likely. So I decided to move stop loss to break even, and told my readers to do the same. About an hour later the pair hit out breakeven level and we got stopped out. Getting out at 0 is always better than taking a loss; better to be safe than sorry. There is always another chance to get in on a new trade, and I might be looking to pull the trigger on this once more later today, but right now I am on the sideline. I will keep you all updated.
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Profit Mongers – WednesdayTrading Signal 01-11-2011
Posted on 12. Jan, 2011 by Sir Pipsalot.
Finally some news this week.
1930 AU Employment Change and Unemployment Rate (25K expected, 54.6k prior, 10k to 39.6k range)
Affliated Reports:
AU Unemployment Rate (5.1% expected, 5.2% prior, 5.0% to 5.2% range)
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Profit Mongers – Thursday Trading Signal 12-09-2010
Posted on 09. Dec, 2010 by Sir Pipsalot.
Just 1 economic release to trade today:
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Profit Mongers – Friday Trading Signal 12-03-2010
Posted on 03. Dec, 2010 by Sir Pipsalot.
Hey folks,
My market outlook for EUR/USD from yesterday is unchanged, so for trend insight, see my previous signal. This update is just for Friday’s upcoming news.
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Profit Mongers – Thursday Trading Signal 12-02-2010
Posted on 02. Dec, 2010 by Sir Pipsalot.
I’ve continued to track this move on the EUR/USD and believe it may be setting up for a good “sell on rally” type opportunity here in this retracement phase. For those who missed the short trade I entered around 1.3750 last Sunday/Monday, it looks like the next key area to sell EUR/USD is the 1.3280 to 1.3380 range, but possibly as high as 1.3470. This bounce is very likely to be a retracement, not a reversal, so a rally retracing somewhere between 38 to 50% of the sell off from Nov 22nd is the likely target; however, sometimes the EUR/USD finds a way to manage 61.8%.
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Profit Mongers – Monday Trading Signal 11-15-2010
Posted on 15. Nov, 2010 by Sir Pipsalot.
Hey folks,
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Profit Mongers – Friday Trading Signal 11-05-2010
Posted on 05. Nov, 2010 by Sir Pipsalot.
Hey folks,
As far as the medium term is concerned on EUR/USD I see potential in both directions for various reasons, but it looks as though my early forecast of the EUR/USD rally sputtering out and turning south has potential. I’m going to refrain from commenting more on the current USD for today though and just focus on the two big upcoming news reports:
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Profit Mongers – Wednesday Trading Signal 11-03-2010
Posted on 03. Nov, 2010 by Sir Pipsalot.
Hey folks,
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