Pick of the Day: EUR/USD – Close Open Orders

Close Open Orders: 2008-03-26 16:05

Looks like we were right, but a bit off on entry as EUR/USD rocketed higher on positive Eurozone data and weak US data. There was no retracement to our entry point, so no trade to catch the run higher. We will close our open orders as the pair is now testing 1.58.

As the pair approaches 1.59 once again, we will look for resistance and a possible short play.

Trade Idea: 2008-03-25 00:45

PoD Chart

EUR/USD has been in consolidation mode for the last few trading sessions. We just saw a drop in the Greenback against the Euro within the last few hours to break outside of the range. Is the market ready to test 1.59 once again?

This pattern occurred earlier this month, as highlighted on the chart. Without any major difference or change in fundamentals since then, we may see traders looking to buy back the Euro and continue the longer term trend higher. Also noted on the chart, it looks like the pair found support at the 38% Fibonacci retracement level. This was drawn on a daily chart using around 1.45 and 1.59 as the swing points. It seems that support held pretty well and brought buyers back in.

I look to long, but only if the pair retraces from such a relatively strong move in the asian session. I’d like to see it come back to 1.55 before going long.

Long EUR/USD at 1.5500, stop at 1.5400, pt1 at 1.5600, pt2 at 1.5800

If this trade triggers and goes our way, it looks like it’ll be more than a day trade. No major fundamental events foreseen for the next few hours, so we will look for technicals to play out. Stay tuned, good luck and good trading!

  • pipmaniac

    thank you for the tip,i was not sure for the first to go long but after your post i decided to do it and voila 80pips plus….

  • pipmaniac

    thank you for the tip,i was not sure for the first to go long but after your post i decided to do it and voila 80pips plus….

  • reddiamond

    I was able to get in at 1.5530, good call out on this one.

  • reddiamond

    I was able to get in at 1.5530, good call out on this one.

  • siddhu

    thnaks for ur tip..150pips up :)

  • Pipcrawler

    Looks like I missed out while everyone made profit! Congrats guys!

  • clipmax

    If I don’t go wrong, EUR was already at 1.5550 when this pick was posted, so I waited for a retracement, but now it looks as it consolidated at 1.56, so I think I’m going to closing open orders

  • siddhu

    thnaks for ur tip..150pips up :)

  • Pipcrawler

    Looks like I missed out while everyone made profit! Congrats guys!

  • Babysteps

    Pipcrawler we never met but i see u as my teacher, I wish to listen to each word u say and every reaction u do while u trading :-)
    Thanks for helpinh all of us “newbie”
    I just thought to tell i catch the trand from 1.56 to 1.57 :-)
    Do u think it will keep moving till 1.58
    Thanks

  • clipmax

    So I missed the boat :-(

  • demontez

    Damn, I have missed out on this trade. Yesterday was such a good day on this trade.Do you have any other hit trade for today, pips. Is it late to enter this trade.
    Thanks for helping we new babies in the trade

  • clipmax

    If I don’t go wrong, EUR was already at 1.5550 when this pick was posted, so I waited for a retracement, but now it looks as it consolidated at 1.56, so I think I’m going to closing open orders

  • Babysteps

    Pipcrawler we never met but i see u as my teacher, I wish to listen to each word u say and every reaction u do while u trading :-)
    Thanks for helpinh all of us “newbie”
    I just thought to tell i catch the trand from 1.56 to 1.57 :-)
    Do u think it will keep moving till 1.58
    Thanks

  • clipmax

    So I missed the boat :-(

  • demontez

    Damn, I have missed out on this trade. Yesterday was such a good day on this trade.Do you have any other hit trade for today, pips. Is it late to enter this trade.
    Thanks for helping we new babies in the trade

  • yennek

    Bless You pipcrawler, I’ve increased my t/p to 1.5882. 232 pips and still counting. Great call! It was hard to set a 150 pip s/l, but I’m still a rookie and I’m so glad I did.

  • yennek

    Bless You pipcrawler, I’ve increased my t/p to 1.5882. 232 pips and still counting. Great call! It was hard to set a 150 pip s/l, but I’m still a rookie and I’m so glad I did.

  • pipmaniac

    i gonna exit the trade in the next moment, i ve done 279pips on this ride!!!YEAH!!!pipcrawler for president…

  • demontez

    Pipcrawler, do you have anymore of this fantastic trades on the pick of the day.I bite my finger as i missed out of this wonderful trade.

  • sonofman

    thanks 4 being there 4 youngis like son of man. though did missed out but will sleep with one eye opened so that dont miss out if Almighty Allah repeats same miracle 2morow.
    shama

  • yennek

    Bless You pipcrawler, I’ve increased my t/p to 1.5882. 232 pips and still counting. Great call! It was hard to set a 150 pip s/l, but I’m still a rookie and I’m so glad I did.

  • Pipcrawler

    Thanks guys…. glad to hear that those who bought EUR/USD did well. I’ll try to come up with something good as soon as the market gives it to me. Stay tuned!

  • satyen_naik

    Damn I missed this trade, I freaked out to see th EURUSD jumped over the expectations, you rock pipcrawler, you guys have fun, I am sure the ride must have made most of you richer….keep up the good work..

  • pipmaniac

    i gonna exit the trade in the next moment, i ve done 279pips on this ride!!!YEAH!!!pipcrawler for president…

  • demontez

    Pipcrawler, do you have anymore of this fantastic trades on the pick of the day.I bite my finger as i missed out of this wonderful trade.

  • sonofman

    thanks 4 being there 4 youngis like son of man. though did missed out but will sleep with one eye opened so that dont miss out if Almighty Allah repeats same miracle 2morow.
    shama

  • satyen_naik

    Damn I missed this trade, I freaked out to see th EURUSD jumped over the expectations, you rock pipcrawler, you guys have fun, I am sure the ride must have made most of you richer….keep up the good work..

  • prambors

    great trading, i live in Indonesia, the time is GMT+7, the time here should be added +7 or not, anyone knows?

  • prambors

    my last message posted on 09:34, wrote on 20:34, the different is about 11 hours

  • prambors

    great trading, i live in Indonesia, the time is GMT+7, the time here should be added +7 or not, anyone knows?

  • prambors

    my last message posted on 09:34, wrote on 20:34, the different is about 11 hours