Latest Updates on Signal Service Trial

The signal service has been going on for the past 3 days as trial. It has 57 subscribers for the trial. The first day was a good day, the trend was easy and neat and quite a few pips were made during that day. 17 calls were given on that day and only 2 were losses. Rest of the calls all turned into good profits.

The second day was a tough day to trade and hence very few calls were given and towards the end of the day, we were just above break even. But the last 2 hours of the trading day was good and 6 calls were made during that period yielding 142 pips in those 2 hours.

The third day (Friday) was a freaky day with prices moving back and forth and trading proving highly difficult. Trading was a struggle till midway of the trading day when a signal was given to long GJ and i requested people to hold it beyond the SL which was wrong on my part. The DD was close to 200 pips but i still felt that long was the way to go. The price came right back up vindicating my belief but by then few traders had closed at a loss. Couple of long calls were given on GJ and EJ which helped recover losses for some of the traders while some others were either stuck with the trade or with the loss.

143.4 still is strong support for GJ.

Last 3 days had 2 swing trades on EURCAD and USDCAD which yielded more than 300 pips which made it a decently profitable week for those who took all my trades.

I have decided to extend the trial by one more day to compensate for the Freaky Friday and hope to make good progress over the next 3 trading days.

My day trades are based on 5M and 15M and usually require less than 50 pips as SL and my swing trades are based on daily or weekly charts and need 200 pips as SL and have 200-300 pips as TP. The trades are based on simple PA and are straight get-in get-out type.. No confusing algos or indicators.

Many trades and types of trades are taken to enable people who prefer different ways of trading and who live in different time zones to take trades. It also helps people, irrespective of the time zone that they live in , to make atleast 50 pips in 2-3 hrs of trading time. Thats why i give more than 30-40 calls a day as i want to cover as many traders as possible at various points of time.

Looking forward to another 3 great trading days.

Daily Outlook for GBPUSD

Attached is the 1H chart of GBPUSD. This pair, like EU, also has been showing some good strength. The comments from King does seem to have affected it and hence there was quite a big fall of about 300 pips but this fall only provided us an opportunity to buy cheap.

This pair does seem to have a strong support at 1.51 and for now, as can be seen from the charts, this pair has been trading in a small range for quite a few hours now. There seems to be a small support at 1.5215 for now.

On the downside, the major support are at 1.52 and then at 1.5137 followed by a huge support at 1.5075. This last support is a big support and is unlikely to be broken in a hurry.

On the upside, the resistances are at 1.5250, 1.53 and a major resistance, with previous highs, at around 1.5340. This last major resistance needs to be broken for any more upside.

For today, i have an upside bias and i expect a small retracement back into 1.51s and then a move above 1.5250. It would be interesting to see whether the previous highs at 1.5335 is taken out convincingly and if they are, we should be in for a big ride.

Daily Outlook for EURUSD

Attached is the 1H chart of EURUSD. This pair continues to show amazing strength. It seems to be unmindful of bearish pin bars in 2day or 4H and just simply wants to keep going up.

I guess the strength of the USD has been only short lived and we may seen another leg up soon on this pair. The 1H chart shows some small support at 1.3520 for this pair.

On the downside the supports are at 1.3611 and 1.3575. A break of these two should lead to the very strong support at around 1.3550 and i do not expect price to fall below this strong support.

On the upside, the resistance are at 1.3650 and then very closely at 1.3672 which should prove to be a very strong resistance. The next major resistance is around the round figure at 1.37. We need a good break of this for any more upside.

For today, i expect more ranging . I would try to trade the range with bias to the upside and if there is a break in either direction (below 1.3550 or 1.37), then i would tend to take the trade in that direction for a big ride.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. By the look of things, EU seems to have reached a temporary. It faced stiff resistance at around 1.37 and the volume and the price bar at that level was enough indication that the buyers did not like that high price.

So, from 1.37, it has fallen more than 100 pips now. This pair now has strong support at 1.3550 and it will take a bit of time for this support to get broken.

On the downside, there is strong support at 1.3550. A clean break of that could lead to 1.3450 and a break of that could lead to 1.33. This pair looks bearish to me and hence i would be looking for break of supports or a retracement on the upper side to enter shorts.

On the upper side, there is small resistance at 1.3611 and a strong one at 1.3672. I do not expect this resistance to be broken but if it does, we are bak to being bullish again and we should face next resistance at 1.37 which should be a major one.

Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. As can be seen, like EU, GU is also showing a lot of strength. At this point of time, GU has lot of support at 1.52. As pointed out for EU, as the price goes down for GU, the volume also decreases which shows that the big buyers are not interested in lower prices.

For today, i dont see GU going below yesterdays low of 1.52 where there is huge support. Even if price dips lower, it will only be a place to buy more rather than sell.

For now, GU and EU are caught in small ranges due to strong supports and resistances but i favor longs in both and would buy dips.

For today, the strong support is at 1.52 and resistances are at 1.53 and then at 1.5350. If the resistance at 1.5350 is broken we should be aiming for 1.54 and then 1.55.

Daily Outlook for EURUSD

Attached is the 1H chart of EURUSD. To be honest, this strength of Euro surprises me a bit. I had expected a top around 1.37 and then i expected a big fall once some distribution had taken place at the top. But the fall does not seem to have come at all. Atleast not yet. On the other hand, EU is showing great strength. Yesterday, it broke through one of its major resistances at 1.3670 and then has retraced a bit.

The very important thing to notice here is the fact that all retracements have been on low volume and all up moves have been on higher volume which shows the underlying strength of this pair.

For today, the support will be at yesterdays low which is around 1.36. There should be strong resistance at around 1.3750 and then the round number of 1.38 but considering the underlying strength, i would expect EU to go up more and all these resistances to be broken, if not today, then very soon.

I do not expect EU to go down below yesterdays low of 1.36. Expect more upside today with support as 1.36..

Updates on signal service

I will be starting my trial of the signal service tomorrow. I have added all those who have sent me their yahoo ids. I can see that some of you have still not added me. Hence those guys wont be receiving my signals unless and until they add me. The trial will be for 5 trading days.

I will be continuing my updates tomorrow on this blog. It has been a slow day for me today getting back from vacation. Hope to be up to full speed tomorrow.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As written in my blog some days back, EU was indeed in a strong uptrend and has managed to reach 1.3650. It has a huge resistance at 1.3672 and it has been struggling to overcome that for the past 3-4 days. It did make its way to a small support at 1.3550 and now it is caught between the range at 1.3550 and 1.3672.

This ranging could continue for some more time and we could see a breakout later on. As can be seen, there is low volume when price goes down which shows lack of interest in lower prices and so EU should hover around 1.36 and should not go down by much today.

For today, there is strong support at 1.3550 and break of that could lead to 1.3489 and then a strong support at 1.3428 and i dont see this pair breaking down below that. On the upside, there is strong resistance at 1.3672 and with no major news today, i dont see this pair breaking this resistance today.

Expect more ranging today. I am back from vacation just today and have not yet developed a full feel for the market yet. So excuse me if some of my analysis is not right for today.

Updates on signal service

I will be starting the signal service trial tomorrow or day after (May 13 or 14). So far, 46 people have signalled an intention to join the trial. Today will be the last day for me to taking entries for this trial as i have to make some arrangement before i launch it. For those who have already expressed an intent to join and also for those who want to join it today, please send me your yahoo messenger id as i will be giving signals over that only. If you have already given me your yahoo id, you need not resend.

I will be mailing out details on the trial to all those who have expressed an interest, sometime later today.

Back From Vacation

I am back from vacation just about an hour back. Nice and refreshed though a little bit tired. Will take a day or two to get a feel for the market. Will start updating the blog again from today..