Forex Market: EUR/USD Bull Entry Yields Net 80 pips
Written by Britt Maras on June 17, 2009 – 6:46 pm -Forex Traders Take Advantage of Forex Signal Amidst Market Chaos
The past few trading days we saw the market as rather confused and a bit imbalanced. My last forecast suggested I was focused on a bear cycle of which one of our Trade Alerts offered at least 35 pips before settling for a 10 pip stop.
Subsequently, today’s early afternoon Market Timing Alert precisely coincided with a bull entry at 3881 with a defined target at 3979; it’s not always as clearly defined as that but all of us experienced a handsome thrust. It’s no fun to be wrong, even for a stop loss under 20 pips or less but it surely is delightful to reverse my focus and capture a great opportunity.
Current EUR/USD Structure Still Carries A Blush Bullish Intent
Resistances: immediate at 1.3969-97, 1.4037, 4079, 1.4126 and 1.4213
Supports: immediate at 1.3928-18, 1.3909-01, 1.3894-84, 1.3877-65
We still have T2 bull target at .14037’ish, and then 1.4126 for a mid-term T2 and a final T3 at 1.4200+ should it exhaust itself that far. I would be satisfied with T2.
Currently I can envision hitting resistance at or below 3997, a slight pull back to 3970 levels – then a head tap at 1.4017’ish, a slight pullback to 1.4000 (if not a straight burst north) within the attempt onto T2 or beyond. I feel like exhaustion can set in upon near T2 or beyond; or even shy of T2. Caution is advised.
I hope to issue a Trade Alert soon BUT I prefer to see a test of support versus entering a breakout. Stay tuned for MTA’s and potential.
Britt Maras – Senior Currency Strategist
Tags: britt maras, forex market, forex signal, Forex Trader, market timing
Posted in Trading Signals & Strategies |
June 18th, 2009 at 2:34 pm
Hey Britt,
Excellant trade on the EUR/USD. I got 76 pips with one broker and 78 with another. Keep it up!
Warm Regards, Jim VS
June 18th, 2009 at 4:38 pm
Nice work Britt! It’s been a roler coaster ride from last night through today. You are a machine! Thank you for navigating us through the chaos and scoring PIPS!! My account is loving it.
Cordially,
Adam
June 18th, 2009 at 10:20 pm
Britt,
Super calls today, actually amazing call on eu short cause it was moving long(think i was down 20 before it turned), +80 pips for me cause rode it a bit longer after you stopped. Because last week and early this week was tough, I had decided to cancel when my trial is up, but now you have gotten my attention last two days. Great, great job, and thank you very much,
David