Get Started with the Forex Assassin Trading System

The Forex Assassin provides you with a spreadsheet with a 'secret' trading formula which helps you extract prices from the markets and then calculate the order entry prices. Every weekend, you will need to input some key numbers to complete the calculation process. Thus, the process is not quite automated as expected.

Like Forex Killer, I always want the keep my trading task as simple as possible. Therefore, I have converted the Forex Assassin trading formula into a custom metatrader indicator which helps me loading and calculating the key price levels that I need quickly. Moreover, the visualisation effects with this custom indicator (see Figure below) helps make Forex Assassin trading interesting and easy. I will know immediately from my charts when a trading action is near.

Figure: MT 4 Chart with "Forex Assassin" custom metatrader indicator

From this week, I will start trading the major currency pairs using the Forex Assassin method: GBP/USD, EUR/USD, AUD/USD, USD/CHF, USD/JPY & USD/CAD.

As suggested, I will be using a risk-reward ratio of 0.75:1 with a price target (TP) of 75 pips and a stop loss (SL) of 56 pips. The parachute stop loss is at 40% of TP, which is 30 pips. This means that if the trade went my way 30 pips, the parachute stop loss would be triggered. So as the price comes back to my entry, I will get out flat. I will also compare its end results if using a trailing stop loss of 30 pips.

Results will be updated throughout the week in a new blog: Weekend Forex Project.

Table : Week 1 (14 - 18 April) Results

Day Closed	Trades	Entry	Parachute Strategy	Total P/L	Trailing Strategy	Total P/L
Mon	EUR/USD	Short at 1.5711	0	0	+8	+8
Mon	GBP/USD	Long at 1.9788	+75	+75	+75	+83