Entering a market either LONG or SHORT will be based on the combined use of a daily market sentiment indicator and a trading signal processing software. The technical indicator will provide quantification of trending behavior over an intermediate-term time frame.
When implemented properly, it is a versatile swing trading strategy aimed at exploiting the underlying market strength (trend) and further price breakout.
This day trading strategy has produced some promising results since first used in Dec' 07. Most importantly, it is easy to understand and operate.
Forex-Killer Day Trading Strategy
1) First, check the moving average of closing prices of all major currency pairs on a daily chart (i.e. by using 5, 10 or 20 Simple Moving Average trend lines), to find out the price is either trending up or down for the USD dollar.
2) Obtain price correlation among all major currency pairs to determine an overall bias to either go long or short on the USD dollar on the day. This is the first condition filter.
3) Then, generate forex killer signals for all major pairs using shorter time periods (e.g. H1, M30 or M15).
4) When the forex killer signals are in line with the daily trend bias, enter the market long or short accordingly depending on the currency pair you choose to trade.
5) Stops must be in place whenever a condition disappears. You may follow the stop levels as suggested by the forex killer software, or you can choose to optimise your own risk reward ratio.
6) This strategy produces good results with 30 minutes and 1 hour closing prices, and with 40-60 pips return for a position.
In short, this simple strategy allows you to assess the underlying market strength (in this case, the US dollar strength) and filter out the out-of-sync currency pairs. Simply familiarise yourself with the forex killer software instructions, and apply this strategy as an analytical method to assist trading and improve winning chances.
The Day Trading Approach
We trade and monitor both LONDON OPENING and NEW YORK PRE-OPENING sessions which happen to be the most active trading hours for the forex market.
On the technical side:
The indicator of the US-Dollar market sentiment will be used to setup signals on the MAJOR CURRENCY pairs, while the indicator of the Japanese-Yen market sentiment will be used on the YEN CROSSES pairs.
On the fundamental side:
It is important to make sense of the latest economic news development. Typically, this strategy can produce good instant results with the forex killer signals on 30-min and 1-hour data. Return of 40 – 60 pips is possible in less than 2-3 hours or even higher sometimes when the news comes out IN TUNE with the sentiment data during the trading period.
Live Trading Service
Based on our advanced trade selection and entry system, the live trading service will provide registered users with all the technical data as well as real-time signal recommendations. Live price monitoring will be performed on all 'tradable' currency pairs every trading day.
The signal performance will be updated every hour too. In addition, economic news alerts will be issued in real time to give users heads-up about their potential impact on their running positions.
You can simply logon to our member area when free as we have prepared everything to help you enter the forex market with pre-knowledge and confidence. There are even LIVE signals for your own reference or to follow.
System Advantages
Note that this day trading approach can also provide versatility. Based on our technical indicator, users may use their own trading software/method to generate trade entries at any hours that suit them.
The forex killer signal software is currently chosen to all users simply due to its EASY operation and effectiveness to further improve the odds to be profitable. Here is its track record along with this day trading approach to generate instant good return on forex positions.
Follow This Day Trading Approach:
As a Service Subscriber, you will have immediate access to:
# Special Day Trading Template for Use on 10 Currency Pairs
# The Current Technical Market Data of US Dollar and Japanese Yen
# Technical Trading Bias and Live Update on Key Economic News Releases
# Up to 5 Signal Recommendations Covering London, New York and Late Trading Sessions Every Day
# Full Details on This Day Trading Approach
Start Your Subscription Today for just $55 a month
19 comments:
Hello LLoyd,
I have been attempting to trade forex killer the way you've outlined above. I choose a period setting of 5 for the SMA, use 1 hour charts and enter the trade when forex killer's signal matches the direction of the SMA trendline on the daily chart. I have been steadily losing money for the past two weeks trying to do this. Luckily I am trading a demo account. WHAT AM I DOING WRONG?!?! Also, how do you know when to abandon a trade that's not going your way? My stop loss is set 40 pips away from my entry but I don't want to just stay in a trade until I'm stopped out every time I happen to be wrong. I can have two good trade of 20 pips each and i bad trade that stops me out after going against me 40 pips and I'm back in loss territory. What do you do? I can't believe you just go down with the ship every time yo have a trade go against you.
Thanks for you help,
Lawrence
Lawrence,
It's sensible of you to do demo first when testing out new trade ideas. From my experience, this strategy works out better if you determine first a price correlation among major currency pairs (step 2). I have plenty of examples here.I would also suggest - be sensible with price targets and stop loss. If 20-pip works for you, take them. Also remember don't risk more than what you could get.
Thanks Lloyd. I used the graph you directed me to to see the sentiment of the market and had a good day today. Made almost 60 pips!
Lawrence, I am glad that it helps.
Great forex killer strategies, thank you Lloyd for it. very profitable
hello lloyd
am nelson n i was browsin while i saw ur blog. every thin i saw here made me buy the killer. now i hav it but the are some qestion i hav wic i will be glad if u can help.
i use 1hr timeframe n when i calculate the signal it gives me a direction n predicted price.
for example if i calculate a signal it may say buy but the market will be trendin sell. shud i wait for the market to start buyin at the predicted price b4 opening a position
Hi Nelson, hope I understand your question correctly. In your example, if you know that the market is trending down and the software predicts otherwise (buy), it is best to wait for the right setup. For this day trading strategy, I suggest using the daily as trend, and forex killer 1hr timeframe as entry point to produce the best results.
thanks lloyd for your reply. but still got further question.
what do you think about this strategy am about to explain.
if i use FK to run 1day timeframe and the short term signal is buy then i also run the 1hr timeframe and the short term signal is buy also then i wait for the market to start trending buy b4 openin a position pls wat do u think about this strategy. or can u advise me on this. cos i want best trading results. i dont mind if its only 20pips daily.
please can you educate me on market sentiment
hello lloyd
from your reply you suggest using daily as the trend please can you throw more light on how i can use the daily as a trend. from prevoius post somebody said u referred him to the graph on market sentiment can you pls help me on what and how the market sentiment works and how i can have access to them. thanks
Hi Nelson, more info about the market sentiment graph and the strategy can be found via the following links.
Trend Exploitation: Market Sentiment Table
Forex Killer Member Service
Please feel free to try out the service at no cost. Simple send me an email to receive the activation link.
what time of the day is good to use forex killer? is it before fundamentals or after?
Adewale, I like trading Europe and US active sessions. And I like trading before the economic news events too.
Lloyd
Hello again Lloyd
Thank you for your encouragement. That's why I have just subscribed to your Scout Forex Day Trading Service and look forward to learning from you.
However, I'll have to read through all the information you have posted here and get myself acquainted with the Forex language before I can even dream of any demo trading.
I should mention that I still work full time as an educator and am often 14 hours a day at work.
Therefore, I won't be able to sit
at the monitor all that often, except on weekends. But if you want me to perform certain first steps, please tell me and I'll follow your instructions as soon as I am free.
Something else: I have created another e-mail account so that I can keep our communications apart from the rest.
Lloyd, thank you for taking the challenge of educating this 60-year old technophobe.:)
With friendly regards,
Lilo
Hi,
What's your suggested initial investment on forex market for newbies? In fact, I've just graduated from school, and don't have much money. I may just input $300 at first, is it enough?
Thanks.
I would say to trade $300 with micro lot size. 0.1 lot size with $1000 and 0.5 lot size with $5000.
Hi Lloyd...
I was waiting for a signup email from you that gives a link to enter your Live Forex Trading Room? Do you have a trading room? Or is this just a service? Do we just sit and quietly wait for a signal through the spreadsheet?
Thanks for your response...
James
James, welcome on board. You should have received two links with the silver subscription by now and new access links every week.
We observe and scan all the markets up to three times a day. The real-time signal alerts will be updated on the spreadsheet at the start of a trading session, followed by live monitoring of the open positions. There is a chatroom function and you're welcome discuss any queries, or simply drop me an email for further explanations.
what time of the day is good to use forex killer? is it before fundamentals or after?
thanks
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