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
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!
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- Pick of the Day: EUR/USD - Close Open Orders 09:49 08 January 2008
- Pick of the Day: EUR/USD - Close Open Orders 13:22 18 January 2008
Comments (17)
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Forex Blog: Pick of the Day
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....
I was able to get in at 1.5530, good call out on this one.
thnaks for ur tip..150pips up :)
Looks like I missed out while everyone made profit! Congrats guys!
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
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
So I missed the boat :-(
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
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.
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.
i gonna exit the trade in the next moment, i ve done 279pips on this ride!!!YEAH!!!pipcrawler for president...
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.
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
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!
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..
great trading, i live in Indonesia, the time is GMT+7, the time here should be added +7 or not, anyone knows?
my last message posted on 09:34, wrote on 20:34, the different is about 11 hours