6:45a GMT - Last Friday's trade went off smoothly for 130 pips profit. We had a nice long 1h wick in our support zone; combine that with a nice bullish doji on the 30m charts (reported at the candlestick alert service) and we had a good reason to enter the trade, in the direction of the trend WITH candlestick confirmation. This is the essence of PipHut style trading.
Quick note to all those new to PipHut. Please read the FAQ for PipHut's Signals and the Read Me: Using These Signals for more answers to common questions on PipHut. Just a reminder: PipHut does NOT use technical indicators for analysis/entries. If you read a comment about a technical indicator that is an individual PipHut community member using that indicator, not me :). Also, with the holiday and recent website changes I have been slow in getting back to some emails and forum posts. Sorry about that and I will definitely catch up with you this week! Enjoy today's weekly and daily analysis below:
Weekly Outlook: Pair continues to be completely bullish on the daily and weekly charts. Price action has been constrained to a fairly narrow bullish channel since the beginning of 2009 when the price had a low of 1.2456 in March! In fact, in case there were any doubters of the technical aspects of this trend we were also rewarded with a very bullish looking hammer on the daily charts Friday of last week.
Daily Outlook: Given the strength of the daily trend and the bullish hammer on last Friday's daily chart we will continue to look for dips to reset longs on going into Monday of this week. Nearest support I would look for a buy signal is the 1.5000-1.4980 support zone.
Trading Idea: Looking to buy a failure of the 1.50-1.4980 support zone, preferably with candlestick confirmation signals. Long targets from 1.4980 are 1.5015, 1.5050 and 1.5080.
Forex Signals - EUR/USD What do last week's moves mean? is a post from: PipHut.com