4:48a GMT - Welcome to December! Before we talk about yesterday's signals a quick thanks to the Top PipHutter's of the month. Below are the top 10 community members who contributed to the discussion last month. If you look to the right you can see that the tally has restarted for December, so it is anyone's game.

Top PipHutters of November!

  1. HENDRIK (136)
  2. Ed (125)
  3. Markus (113)
  4. ZAR (107)
  5. Lisa (89)
  6. Nnagozie (62)
  7. tom (52)
  8. Nick (39)
  9. Jevgenij (36)
  10. hassan (32)

Remember, you can always contribute to the discussion,  even if you feel like an absolute beginner. There is always some question you can answer - even if it is just pointing someone to the FAQ or READ ME articles on PipHut after they ask an easy question! Staying involved is the best way to learn just short of trading. And it is a lot cheaper :).

We had a good month of trading last month, ending with yesterday's signal where a long was entered at 1.4980. I closed my position after a failure of second target below 1.5050 at 1.5030 for a total of +50 pips.

Daily Outlook: Not much has changed since yesterday's signal, technically speaking. The pair remains in a bullish up channel since the beginning of the year, making a buy on dips the best trade at the moment. We did have some sideways range movement yesterday, meaning the market is looking for a direction for the pair as we enter the last month of the year. We do have some event risk today with the US ISM report due out around 10:00a GMT. This report does usually move the markets so I will remain out of the markets until at least an hour after the event has passed and will revisit the charts at that point. To read more about the ISM report you can go the Forex Calendar here.

Trading Idea: Event risk aside (read few sentences above) I'm looking to reset longs tomorrow with candlestick confirmation between 1.4980-1.4950 support. Again I will stay out of the markets until at least an hour after the ISM report releases at 10:00a GMT.

(click to enlarge)

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Forex Signals - EUR/USD Resetting Longs is a post from: PipHut.com