Hello traders. A rare no trade day for the Pipsters. We are carrying our USDCAD trails from last week, and were busy managing those. We headed into London with interest in EURGBP. Here’s the commentary heading into London’s open. Reasons for Consideration: The world pretty much thinks the wheels have fallen off this Euro, but what we’ve learned time and time again… when it looks like it’s dead, it’s often the best time to consider entries. Both Cable and the Euro are up against it against the US Dollar, and for that reason we are addressing the EURGBP. A look at a 4h chart

For those of you who have been following this site and its progress over the last month, there is one level that has demanded more attention than any, and that is the 82.72 figure in USDJPY. Again we are below it, and again it looks like we may be able to finally break this challenging 81-84 area. We didn’t add any more levels to this chart because we’re, at this point, waiting for the market to decide what it wants to do. With the addition of a few new pairs, we need not chase this chop for long. Too many

So, we have been parabolic in the EURUSD for a bit, and are well aware that if we get above that 3786 area the wheels may officially come right off this roller coaster. For now we’re looking to consider responses as we get healthy retracements into the 3400s. Of course support becomes resistance when broken, and resistance becomes support when broken. Don’t feel you need to race into trades. Breakouts challenge even the pros. Wait for your entry. Related Posts: Forex Basics Explained Forex Filters

Our look at Cable shows us the areas of contention for the overall market. The blue areas are where bids or offers have come in, and we trade in this range until, well, we don’t. Keep your hats on cowboys, because Cable is one hell of a ride as of late. Keep that in mind if you make the venture. Related Posts: Top 5 Forex Blogs US Dollar Storms Back to Life Forex Basics Explained Forex Filters

Another pair we’ve decided to add, the AUDUSD. The Aussie is a favorite of a couple Pipsters, and so we’ve decided to mix it in with the majors. It has had one hell of a run-up, and we’ll see whether the bears can do any damage. If we get below 9690, we won’t really have much to hold onto until 9520. Related Posts: Top 5 Forex Blogs US Dollar Storms Back to Life Forex Basics Explained Forex Filters

We’re including a few new pairs this week in order to better our coverage of the currency markets. We will also push, based on requests, more charts into the web. People, it seems, are as interested in our charts. Well, you asked for it…. EURGPB Levels of Interest Related Posts: Top 5 Forex Blogs US Dollar Storms Back to Life Forex Basics Explained Forex Filters

The Yen Gives Us A Gimmie Earlier today we mentioned the severe weight on the US Dollar that led to the ground giving move against the other two majors — Sterling and the Euro. We held those extended moves, yet hadn’t seen the correlating response in the Yen pairing with the dollar. We Pipsters are not correlation traders all the way, but we certainly keep the relationships in mind… and this one was one we’ve been talking about for some time. We’re well through and in a “free trade” at this point. Patience, patience, patience. As for reference of our earlier comments:

EURUSD Explodes Through All Kinds of Levels The EURUSD gave us quite the morning wakeup here in the States, as we woke to find that the 3080 level we were watching held, and held mightily. We currently watch as it trades in the 3306 area. In a bit of curious news, the USDJPY hasn’t reacted much. We did break out 82.72 level, but have since crept back up. If Euro’s move holds, the USDJPY will grow more and more attractive. Related Posts: EURUSD Through 3080… We Wait for Retest EURUSD Eyes 3080 Level

The USDJPY finally seems to be coming around to the forex figure we were discussing a couple days ago. The fact is, the market moves at its own pace, and sometimes we Pipsters have to just hang around until the market comes ’round and makes sense again. Well, sense has appeared again, and we look to be retesting our figure. The EURUSD rested through Asia, as it apparently did through New York before that… and London before that. That said, we have seen a pretty slow creep toward the 1.3080 figure we were eyeing sometime late last week. As we Pipsters all