Closing In on 100-pip Target

Here are the two positions I recommended on Scout-Forex DTS:

See daily review: Good Scalps and More Upsides Friday

+97 pips


+87 pips

Release of Bogie-NN-v8 Expert Advisor

Bogie-NN-v8 is latest Neural Network Expert Advisor from Bogie Enterprise.

• Neural Network for perceptive intelligence on order entries.
• Trade 24/5, (24 hours per day – 5 days per week).
• Optional - trade around News Event days.
• Improved order management routine.
• Trade on 5 digits and/or ECN Brokers.
• New TrailingStop routine to modify StopLoss for maximized profits.
• Expert Advisor coded to dramatically reduce Optimization test times.

Free Demo Trial to New/Existing Bogie Subscribers
Free Expert Advisor evaluation period is currently available for running on Demo Accounts. Free Demo Only Trial from June 1, 2008 to September 1, 2008 only.

See One (1) year Strategy Tester results for EURUSD on H1 TimeFrame.
Risk Level per trade = 5% Free Margin


Earlier releases:

Bogie-ATC-2007-2 which is EA that finished in 2nd place in the 2007 Automated Trading Championship.

Bogie-NeuralNetwork-1 which is same EA with additional of Neural Network filter to improve order entry signals.

Bogie-NeuralNetwork-2 is 2nd version with following improvements.

All 4 Expert Advisors are currently on offer. As usual, my site readers are eligible for discount.

ScoutForex.com - Bogie Enterprise PayPal Options - 20% discount

Manual Trading and Goal Recap

Back in Dec 26, 2007, I wrote:

Below you will find my 10 goals for 2008 which are to be achieved by the end of the year.

1. Generate $5000 in monthly trading profits
...

Above you will find the number of pips I collected in this month (May 08) so far. I am one more step closer in achieving the main goal of 2008.

My expert advisor trading was forced to put on hold in February. I knew that my system was not quite ready at that time.

But since then, I have been actively involved in developing a new forex day trading approach, setting up my own day trading group as well as logging and analysing all of the executed forex trades consistently. I share all of my trading insights and results here.

As this half way stage, I feel confidence about my method. Lately, I also allow myself to be more flexible with my manual trading execution.

Rather than chasing big wins on every single trade, I try to breakdown the original trade ideas into several positions with smaller targets.

Rather than hopping from one market to another in search for the next trading opportunity, I try to hang on with the original trade ideas a little longer than usual. I'm not afraid to reenter more positions when I see the price is right.

Note that all of my forex trade ideas and their entries/exits come directly from my daily "automated" trading routine. I wrote about this before.

This is my first 2008 goals recap post. There will be more related posts in very near future to make sure I have a fulfilling year by achieving all my goals before year-end hopefully.

Market Club Traders Rejoice Over Record Oil Price

The news of the day is that Crude futures are trading over 140. With prices not seeming to come back to earth anytime soon, is it really possible for Crude to hit 150 or higher?

This new video examines Crude prices in great detail from the beginning of the year to the present.

You'll see where it's been, how it got there (in great technical detail), and (most importantly) where it could end.

Please enjoy the video, and as always, you can watch it without registration.

From Adam Hewison
The MarketClub Team

Fine-Tuning My Forex Signal Entry and Exit Levels

(Originally posted in my daytrading blog)

Earlier, I have suggested a possible way to get better entry points for the selected forex killer signals. I have been practising it for a few weeks now and it's time to find out how good is the method.

• How to Make 100 pips in One Single Forex Trade

I have performed a simple analysis of my last week trades to look at their end results.

Here are a few noteworthy observations:

1) The day trading system produced 13 signals in total. Based on the new entry criterion, 11 of the signals (85%) scored at least 10 pips or more; 10 of them (77%) scored at least 20 pips or more; and 8 of them (62%) scored at least 30 pips or more.

2) Only 2 out of 13 (15%) scored less than 10 pips and at the end resulted in a loss of no more than 40 pips with stops in place.

3) 5 of 13 (38%) went on to score more than 50 pips and 2 of them (15%) hit 100-pip target.

So what are the best exit levels for these opened positions? The above analysis may help put things into perspective.

Based on these results alone, I will be happy to book 20 -30 pips immediately for this type of improved condition entries, simply due to their high success rate.

I can even book half the profit and leave the remaining half open instead, knowing that there is a 50% chance it will hit 50 pips and a long shot of 20% it will hit the high target of 100 pips.

Keep in mind that the calculated odds may improve further depending on the market conditions. For example, there were some really good results in the early part of May.

Last but not least, I do remember to set stops to limit the risk at all time. I prefer the use of dynamic stops to improve my reward-to-risk ratio.

New Member Testimonial: From Donald

(Originally posted in my daytrading blog)

I just received this e-mail yesterday:

Hi

I have been using your trading system for one week. I am paper trading. I also made ten trades, nine of those trades were profit and one loss. I hope to continue with successful trades. I will start trading for real in the near future. Starting with .10 instead of 1.00 , until I get comfortable in making money.

Regards
Donald

Great to hear that. And I agree with you to take things slowly. Trading is like a marathon and not a sprint. We are in this together for long-term results :)

See also:
New Member Testimonial: From Zeljko

How to Make 100 pips in One Single Forex Trade

Setting up and running a day trading group help ensure that I wake up everyday with the proper level of motivation to get me to have a productive and successful trading day. See my list of top 5 day trading winning habits. Every now and then, I also shared and discussed various forex trading ideas here and here.

About three weeks ago, I wrote in my daytrading blog:

I am already running an additional Dynamic-Stop System utilising the existing day trading system to get better entries and exits.

Considering the amount of efforts being put in to monitor the running positions and provide dynamic stops throughout the day, I am setting a high target of 100 pips per signal. My objectives are to trail the stops to zero risk and aimed at producing maximum rewards.

Since then, I successfully scored 8 x 100 pips in less than 3 weeks. See all my winning 100-pip signal entries. The goal-setting thing can realistically make a difference to the trading outcome as to what type of day you will have.

Suppose you would also like to hit the 100-pip - which is a "massive reward" for any day trading system. Let me demonstrate the basic guideline and a few simple things you can do:

1. Plan in advance 100-pip target. If you win, you will get 100 pip. If you lose, you lose 50 pips or less. The idea is to get a reward-risk ratio of 2-1 or better.
2. Use breakeven strategy rather than the trailing stop. Once your position is in healthy profit, move it to breakeven to guarantee a risk-free position. Trailing stop often results in early exit.
3. Most importantly, you need to have a proven system for generating highly profitable trade setup accurately.
4. The best strategy generates the target pips in record time... sometimes in less than 24 hours !

I think I have come up with a strategy on how to approach all of the above. I will keep you posted about my finding when I have more results to report.

Go Short When the Market is Trending Down

For 4 (may be 5) days in a row, we saw the GBP/JPY market being sold-off overnight and continued to reach a new day low in the European Session.


I was able to picked up my short alerts on the yen-crosses markets on late Wednesday night. I started following the GBP/JPY market with great interest. That time was just before the happening of the downward leg labelled as 3 in the above chart.

I received further confirmation yesterday (late Thursday night) via the following trend check analysis:
Day Trading Japanese Yen Market Sentiment - 80% Bullish (i.e. Short all yen-crosses markets)
Smart Scan GBP/JPY Trend Score: - 65 (Downtrend)

Hence, I made the decision to go short and I was able to catch the similar downward movement (labelled as 4 on the chart) overnight. I banked myself 100 pips on this GBP/JPY. Plus another 100 pips on the AUD/JPY too :)

I was well-prepared this time.

Dollar Rebounds & Price Continuation Wednesday

European Session
No. of signal recommendations: 2
End-of-session results: USD/CAD (+35 pips) & GBP/JPY (-5 pips)
Maximum potential: 80 pips

Yesterday, I felt quite disappointed because I slightly misplaced my EUR/USD and USD/CHF stops by a margin of 5 - 10 pips before the dollar quickly rebounded. Those positions were unfairly stopped out. Hence, I reentered my positions with tight stops around those levels and I set my new 100-pip targets.

Both positions hit their targets in less than 12 hours overnight and as a result, I gained back what I lost plus 20 pips more. After the exits, both prices continued to surge ahead. The earlier losing trades could have become zero-risk trade with the original 100-pip targets. I had a few similar experience before and this time round, I was able to understand and follow the twist and turn of the market action.

Forex Trading Course: Money Back

The 3SMA forex trading course has received so many positive reviews and testimonials that Hector can safely offer you a 30-day money back guarantee!

Take the course, go through all the different chapters, watch the videos, download the custom Trend Scanning indicator and test it all at will...

If you like what you see, keep the material; if you don't, simply send Hector an email within the first 30 days and he will refund your money right away.

That's right, it's a 100% risk-free purchase. No questions asked!

Here's the link to the course.

What Happened to Forex Autopilot Robot in Late April?

I received some e-mails from my readers which are also the users of Forex Autopilot. Below are their concerns over its recent dip in performance in late April.

John - "Have been running two demos with the Autopilot and recently handed my ass with the big drop in Euro. At the end of month got cashed out for many thousands even set with proper parameters for margins. Is that a common occurrence?"

MRM- "Last week i got 100% profit from my US$1k deposit . Then , i changed the FAP setup .. asking to open 0.3 lots . It seen as to difficult to make a profitable trading as last week . What happened to my robot ?"

To give you a full picture, the Euro hit an all-time record high on 22 April but has since lost its ground. As a result, April was the first negative-pip return month since January this year. Hence, this is really quite "unusual" when comparing to its first three month performance. Hence, everyone was concerned.

It appeared to me that the Forex autopilot performance was closely correlated to the strength of Euro since the start of the year. Basically, when the Euro was growing, the ea made most of the BUY signals and profits. So the real question is what happened to the Euro recently ? It seems that the Euro is currently at a consolidation phase and noone knows for sure when the bullish phase will resume or finally come to a halt.

So, if the Euro resumes its upward trend from here, it will be business as usual for this EA. What if the down trend has started? According to Marcus & team, the forex autopilot will be able to detect the change in direction based on its inner parameters and it can make SELL signals too. I will have to see it myself first and shall keep you updated about its latest development. So this still holds true, what comes up must come down. Make sure you follow my postings on the trade exit and system drawdown to give you some heads-up about the forex autopilot ea.

Related posts:
Business as Usual for Forex Autopilot
Q & A : Forex AutoPilot EA Trade Exit & Monthly Performance

Day Trading Service: Trading Report Apr' 08 (+45 pips)

Fact 1: Up +45 pips with the major pairs
There were 22 trading days in April, with 6 up days, 7 down days, 2 no-action days and 7 non-tradable days. The biggest winning days were on 3, 28 April (+160 pips, +95 pips) and the biggest negative days were on 11, 14 and 23 April (-70 pips).

Fact 2: A rough month with out-of-sync market movements
In my book, there was little correlation between the majors pairs in this month. Euro made new highs while Sterling weakened. Loonie went nowhere while Yen was choppy. We have avoided trading on the neutral days with split market sentiment values, i.e. 48-52% (see figure above, date with grey box) and also decided not to use trade setups with 44-56 and 56-44 (date with yellow box) . Hence, our first system optimisation. .

Fact 3: Up three consecutive months since inception
The day trading strategy allows us tackle the forex market in a systematic way day in day out. So far, we are able to gain a winning edge using this strategy in every month. The average monthly gain based on the three month results is 288 pips. We were already up +175 pips on the first trading day of May. We shall see whether we could improve on this number in the coming months.

Very recently, there was another new and exciting development with the introduction of 100-pip dynamic stops system. I will find a new way to quantify its performance.

Previous posts:
>> Feb' 08 Trading Report (+365 pips)
>> Mar' 08 Trading Report (+455 pips)