Forex Signals ? EUR/USD Bulls Keep Pushing

Signal posted on July 7, 2010, at 6:11 am GMT |

Recap: Slow day yesterday, but it always is after a holiday. I had a single-lot long from 1.2500 yesterday (taken before yesterday?s signal, it never dropped back down for anyone to re-enter) which I closed at 1.2600 for 100 pips profit. Bulls were able to push forward against yesterday pushing the pair up nearly 180 pips from low to high before stalling out around 1.2660.

Daily Outlook: I get a sinking feeling every time I go long in this market as the long-term trend is down, however for my day trading I have to go with the direction of the shorter-term trend and this short-term trend is definitely bullish.


We just closed out a bullish head and shoulders pattern on the daily charts, the pair continues to make higher highs and higher lows and we may have just entered a bullish channel.

Watch out for Eurozone economic numbers on the forex calendar tomorrow.

Trading Idea: The bottom of the bullish channel offers some good risk/reward setups with the support currently between 1.2500-1.2530. From 1.2515 targets would be 1.2540, 1.2570, 1.2600 and 1.2630 for 115 pips profit. A close below 1.2470 on 4h chart negates the trade (this is also where I will look to hide a stop).

Beyond that the most conservative trade would be to wait for a pullback to the 1.2400 support with targets up to 1.2600 for 200 pips (good risk/reward setups off this level).

The most aggressive trade would be a long off of 1.2570 as this is the neckline area of the head and shoulders pattern. A close below this level on the daily charts indicates the neckline breakout was false and the head and shoulders signal was invalid.

Forex Trading

DAILY FOREX RECOMMENDATION

Monday, 11 August 2008 - 6:00 AM GMT
EUR/USD
Trading range: 1.5005 - 1.4915
Trend: Downward
Sell at 1.4994 SL 1.5026 TP 1.4927

USD/JPY
Trading range: 109.75 - 110.60
Trend: Upward
Buy at 109.86 SL 109.54 TP 110.48

GBP/USD
Trading range: 1.9210 - 1.9105
Trend: Downward
Sell at 1.9197 SL 1.9229 TP 1.9119

USD/CHF
Trading range: 1.0790 - 1.0890
Trend: Upward
Buy at 1.0803 SL 1.0771 TP 1.0877

by iForex Daily Forecast

Forex Trading

MARKET REVIEW 21 JULY 2008

Its Monday again with Forex entering super slow motion. Last week position of UJ has been closed with 280 pips profit. Position of GU, EU, AU is still holding.

This week I will be looking to short Jpy pairs with no.1 choice of Gbp/Jpy. GJ is expected to reach last week high again and thats is where entry point begins. As of now I would short GJ @ 213.50 or better. Meaning you dont have to enter at the exact point, just watch the strength and enter when market is turning.

I will post signal later for confirmation. In the mean time go do something else. Its monday, no forex magic happens on monday.

Forex Trading

silver

COMEX SILVER (MAY) 05/04/2011: Declining momentum studies in the neutral zone
will tend to reinforce lower price action. The intermediate trend has turned down
with the cross over back below the 18-day moving average. The market's close below
the 1st swing support number suggests a moderately negative setup for today. The
next downside objective is now at 3782.5. The next area of resistance is around
4396.5 and 4698.5, while 1st support hits today at 3938.5 and below there at
3782.5.
Be careful but we remain short till 36.80 only for agressive trades

Forex Trading