This should be the article many have been waiting for. A more detail explanation of Pipholic’s forex signals generating system. In case you are new here, please note that this is a subsequence of trading the gbp-usd daily pivot article. Both articles are meant to explain the way I generate Pipholic Daily Free Forex Signals.
In
The chart shows my working count for the fall started from 2.0191. I think it is corrective in nature in the position of wave B which suggests that one more rise to 2.0191 is forthcoming in wave C. I count the fall as a triple corrective combination which ends with a triangle. There is a possibility wave e of the said triangle to be forthcoming so I allow one more fall to 1.9770. A key support is 1.9720. A break above 1.9871 would be a signal that wave C is under way so I give a strategy to add to the existing long position above it.Trading strategy: 05:48 EST; 10:48 GMT Long position from 1.9761, stop loss - 1.9715, target – openAdd to the long position on break of 1.9876 (buy stop order at 1.9877), stop loss – 1.9780, target - openConfidence level – changed from low to mediumThis a
As I promised you many many many days ago, here I write the trading system base of my free forex signals. Before we go further, please remember that every system has its own strengths and weaknesses. I always suggest not to overlook anything including at any trading systems. Also please note that the system is
Currency Pair Daily ForecastsEUR/USD Daily Technical Reports Prices cleared the 10-day MA near 1.4150 and the Oct 5 range top at 1.4160 in London, but a long trade was passed over due to increasingly o/b intraday studies, now bearishly diverging, and the closeness of the 61.8% retracement at 1.4180. 10-day MA since breached below but 1.4125 has triggered another bounce.USD/JPY Daily Technical Reports Prices rallied toward Tues's 117.60 high today, which is now the Ichimoku Cloud top as well, but were rebuffed. The daily trend is up but it is beginning to get o/b by some measures. Much prefer to buy a pullback to 116.90 or 116.80, the former nearly hit on the last dip. Need a 116.80/117.60 breakout for a trend trade.GBP/USD Daily Technical Reports Key level to watch above is 2.0495, with a break exposing the yearly and multi-year highs by 2.0655. Inability to clear 2.0495 however, suggests the possibility for a medium-term top, favoring a resumption of setbacks back towards the
EUR/USD Daily Technical Forex:"Current level at 09:27 CET is 1.4119, trading above the daily pivot point level of 1.4083 and close to the 61.8 percent Fibo projection target of 1.4155, measured from the 1.3361 - 1.3852 range. The 76.4 percent projection would bring us to 1.4225. Bearing in mind the 14 day RSI value of 76 percent, it would appear to be timely to initiate hedging strategies on long EUR positions. Support levels today are set at 1.4045 and 1.4001. We are now trading 5 percent above the 200 day moving average, a reading which in the past has been followed by countermoves of significance."
Technical view:It's been a whole month since EUR/USD stabilized under the 38.2 Fibonacci retracement. The price entered this range on 8 January 2007 and, since then, the bulls are being held in place by the 1.3030 resistance (coinciding with the 38.2 Fibonacci retracement) and the all mighty 1.2900 support.Though EUR/USD has been range trading the past month, a pattern of higher highs and higher lows can clearly be seen - euro's bullish attitude.Fundamental view:We have no significant releases tomorrow either for euro or dollar until 13:30 GMT when the European Central Bank (ECB) President Jean-Claude Trichet will speak at a press conference following the Governing Council's meeting in Frankfurt. The ECB Interest Rate Statement is void of commentary, so traders usually focus on Trichet's post-release press conference for clues about future rate decisions. Because these clues can sometimes be obscure, the market tends to experience heavy volatility during this press conference.Tradi
Technical view:GBP/USD is playing between the Fibonacci retracement lines. Support was reached on Friday and I expect some bullish days to come.Fundamental view:There will be some reports today affecting the GBP crosses: PPI Input & PPI Output at 9:30 GMT. Medium volatility expected.Trading advice for today, 12 February 2007:Intra day trading recommended only if going long. This way, you'll benefit from the longer trend bias. Also, open trades after the releases at 9:30 GMT, if a trend develops. It would be best if the reports are positive or at least neutral for the GBP, so the upward longer term is sustained.Trade suggestion:This is a longer term trade suggestion, could hold it beyond this week so carefully size your position.Long at 1.9500, SL@1.9450, TP@1.9680
Technical view:EUR/USD broke the strong 38.2 fib retracement support line today, escaping the range it was trapped since January. It climbed until 1.3150 which is the next support. Current price @ 1.3135.Fundamental view:Weaker than expected Retail Sales data fom the United States caused the break of the range trading.We have today some major releases also from the US:Empire State Business Conditions Index at 13:30 GMT (previous 9.1, forecast 10.5)Measures the general business conditions of manufacturers in New York State.Expect some serious USD bulls if numbers are over 11, as the USD is currently oversold.TIC Report (previous 68.4B, forecast 60.0B)The Treasury International Capital (TIC) Report measures foreign demand for US debt and assets. Strong demand tends to strengthen the dollar as foreigners convert their money in order to purchase US securities.I really don't see how this report can turn out good for the dollar considering the current global situation and sentiment for USD,
Technical view:Trading the breakout of the setup explained yesterday.Fundamental view:German PPI m/m at 7:00GMT - low volatility expectedFrance GDP q/q (r) at 7:45GMT - low volatility expectedFed Governor Bies Speaks at 15:30GMT - medium volatility expected; could set a trendTrading advice for today, 20 February 2007:Trade in the direction of the trend.Trade suggestion:Look to go long in the 1.3140 area, SL @ 1.3110, TP @ 1.3180.
