Monday, April 28, 2008
Day Trading Service: Dynamic Stops System with 100-pip Target
I am already running an additional system utilising the existing FK day trading system to get better trade 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 yielding maximum rewards. Mid-point exits are also provided to those who want to score immediate short-term profits.
My day trading members can simply follow these signals on the member site at anytime of the day. Simply compare the current price of the open positions with the provided dynamic stop loss levels. If you like what you see, join in and we will take ride on these signals together. In addition, the detailed instructions can be found on the provided day trading guide. As usual, you will still receive my normal day trading signals which performed well on the major pairs since the start Feb 08, Mar 08 and April 08 (report out soon).
If anyone wish to sign up my day trading service, you'll be able to enjoy the current monthly subscription of just $55 throughout your membership till you decided to stop. I believe that my rate is competitive and my live signal service offers the best educational forex learning experience with right technical solutions for everyone.
Wednesday, April 23, 2008
E-L-W System: Winning Charts (2)
Apr' 23 08 - Long GBP/USD: +17 pips (Max. pontential: +57 pips)
Apr' 22 08 - Long EUR/USD: +43 pips (Max. pontential: +87 pips)
My early exit gave me +56 pips.
My early exit gave me +56 pips.
Monday, April 21, 2008
Early London Workout System: Can I Follow My Charts?
Entry Hours: (6 -10 am London time)
Markets: EUR/USD and GBP/USD
Technical Chart: 5-minute
Method: Long or short will be based on a combination of a Lead Indicator, and two simple moving averages (SMA) of 10 or 20 sessions.
Trade setup:
1. When the Lead Indicator lights up (between 12 am -10am), it gives an alert to go long or short.
2. Enter after 6am when the 10SMA closes above 20SMA for long positions and when the 10SMA closes below 20SMA for short positions.
3. Exit when the price closes below or above the 20 SMA for long and short postiton respectively.
4. This strategy gives good results on EUR and GBP charts when the price momentum picks up after the opening of London market around 8 am.
5. Stops must be placed when the condition 2 disappears. Or use an inital stop loss of 50 pips when opening a position.
Examples:
Short GBP/USD: +150 pips
Markets: EUR/USD and GBP/USD
Technical Chart: 5-minute
Method: Long or short will be based on a combination of a Lead Indicator, and two simple moving averages (SMA) of 10 or 20 sessions.
Trade setup:
1. When the Lead Indicator lights up (between 12 am -10am), it gives an alert to go long or short.
2. Enter after 6am when the 10SMA closes above 20SMA for long positions and when the 10SMA closes below 20SMA for short positions.
3. Exit when the price closes below or above the 20 SMA for long and short postiton respectively.
4. This strategy gives good results on EUR and GBP charts when the price momentum picks up after the opening of London market around 8 am.
5. Stops must be placed when the condition 2 disappears. Or use an inital stop loss of 50 pips when opening a position.
Examples:
Long EUR/USD: +25 pips
Short GBP/USD: +150 pips
Saturday, April 19, 2008
Joining INO TV for the First Time
I have been writing about INO's Market Club for some time and always want to find out more about the Trade the Triangle method and other services.
After successfully 'automating' my forex daytrading technique, I find myself having some spare time to take advantage of the INO TV services, albeit spending most of my time on a challenging 9 - 5 job, pursuing my daily forex winning habits, trialling new forex techniques, and etc :-)
INO TV provides 11 great "Trading Channels" with a world of investment knowledge to improve trading skills in all arena. I hope to venture into other markets such as shares, commodities and options one day.
Now for the first time, I will be able to watch trading seminars (webinars) stream directly to my computer screen at anytime I like, most probably before bed time.
Tap here to browse through some top titles by INO TV and here to sneek peek inside members only site.
After successfully 'automating' my forex daytrading technique, I find myself having some spare time to take advantage of the INO TV services, albeit spending most of my time on a challenging 9 - 5 job, pursuing my daily forex winning habits, trialling new forex techniques, and etc :-)
INO TV provides 11 great "Trading Channels" with a world of investment knowledge to improve trading skills in all arena. I hope to venture into other markets such as shares, commodities and options one day.
Now for the first time, I will be able to watch trading seminars (webinars) stream directly to my computer screen at anytime I like, most probably before bed time.
Tap here to browse through some top titles by INO TV and here to sneek peek inside members only site.
Monday, April 14, 2008
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
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 |
Saturday, April 12, 2008
I Just Bought Forex Assassin: What's Next?
Ouf of curiosity, I have just bought the Forex Assassin system ;-) I am set to follow its trading plan, have a website, and satisfy myself that I can do it.
>> Check out my new weekly Forex Blog : The Weekend Forex Project
I am going to review the system as well as to analyse all of my trades. I am going to do my post entries every week as part of my weekend forex project.
I shall start by having a trading plan as suggested.
Related post:
Forex Assassin vs. Forex Killer
>> Check out my new weekly Forex Blog : The Weekend Forex Project
I am going to review the system as well as to analyse all of my trades. I am going to do my post entries every week as part of my weekend forex project.
I shall start by having a trading plan as suggested.
Mission Statement
To become a net positive trader (1k - 2k a month with this system) no later than the end of the 3rd quarter of this year.
I will not be scared money.
I will follow my plan.
I will succeed.
Entries
Only take trades that fall under #1 and #2
Set my buy and sell stops early Monday morning for the pairs I plan to trade.
Double check entry calculations
Start with one contract
Exits
Look for 50+ pips
If X pips in the money and comes back to entry get out flat.
Trades usually go in my favor right away...if I have to wait too long…get out.
First trade is a 100pip trade…stop for the week
Stops
No more than 30 pip loss per trade, or
Max loss of $300 gross per trade
Record Keeping
All trades are recorded and kept in a binder
All trades are recorded in a spreadsheet to tabulate results and show sharp ratio, win/loss %
etc.
Add Contracts
Needs to be done slowly and carefully
When have 5-8 net winning trades in a row. And then only increase 1 contract at a time.
Related post:
Forex Assassin vs. Forex Killer
Thursday, April 10, 2008
Simple Breakout System with 100 SMA
I've seen these price actions before. These chat patterns (as shown in the figures below) keep repeating from time to time. I need to log them properly this time round.
1. Trend following (failed breakout at 100 SMA scenario)
The price momentum was on the down side (heavy sell-off from overnight Asian Session to pre-London opening). Price briefly retraced up to 100 SMA (simple moving average) after London open, but failed to close above 100 SMA (see, Figure 1, horizontal line, 2) . It quickly resumed its underlying downward trend with another 100-pip sell off. Similar to "Nirvana" trade setup.
2. Slow breakout (successful breakout at 100 SMA scenario 1)
Price finally closed above 100 SMA after US market open (with new participants), but not enough forward momentum yet and did range bounding. Price closed above the 100 SMA for the second time. Breaching previous high (see Figure 1, horizontal line, 4) and now with strong upward move - another 100-pip move !
3. Fast breakout (successful breakout at 100 SMA scenario 2)
Price suddenly reversed course after US market open and breached the 100 SMA easily. Price retraced back to 100 SMA. But price continued to drag lower and there was further breakout (see Figure 2, horizontal line, 4) with another 100-pip sell off.
1. Trend following (failed breakout at 100 SMA scenario)
The price momentum was on the down side (heavy sell-off from overnight Asian Session to pre-London opening). Price briefly retraced up to 100 SMA (simple moving average) after London open, but failed to close above 100 SMA (see, Figure 1, horizontal line, 2) . It quickly resumed its underlying downward trend with another 100-pip sell off. Similar to "Nirvana" trade setup.
2. Slow breakout (successful breakout at 100 SMA scenario 1)
Price finally closed above 100 SMA after US market open (with new participants), but not enough forward momentum yet and did range bounding. Price closed above the 100 SMA for the second time. Breaching previous high (see Figure 1, horizontal line, 4) and now with strong upward move - another 100-pip move !
Fig. 1 USD/JPY 5-min chart; 100 SMA - red line
3. Fast breakout (successful breakout at 100 SMA scenario 2)
Price suddenly reversed course after US market open and breached the 100 SMA easily. Price retraced back to 100 SMA. But price continued to drag lower and there was further breakout (see Figure 2, horizontal line, 4) with another 100-pip sell off.
Fig. 2 EUR/USD 5-min chart; 100 SMA - red line
Wednesday, April 9, 2008
Have I Picked the JPY Bottom ?
My system picked up 5 long signals on the yen-crosses pairs in one session this morning ! I promptly issued them live on my member site. Checking on their current prices, all of them are currently yielding more profits in the post-session hours.
GBP/JPY long at 201.23; +60 pips; now at +120 pips !
EUR/JPY long at 160.89; +30 pips; now at +50 pips !
AUD/JPY long at 95.10; +20 pips; now at +40 pips !
CHF/JPY long 101.05; +15 pips; now at +20 pips !
USD/JPY long at 102.26; +30 pips; now at +45 pips !
The level of correlation seen within these yen-crosses 'signals' was unprecedented. Looking at the current outcomes, the additional 'info' brought out by the number of signals in the same direction could be used as an additional 'secret' gauge to diagnose high probability swing trade setups and so to further increase our targets/winnings ! I am sure I will do more homework on this :-)
Also check out yesterday Market Club (smart scan analysis)'s reading on USD/JPY market which informed us of a probable chance of a major trend change from current weak downtrend.
GBP/JPY long at 201.23; +60 pips; now at +120 pips !
EUR/JPY long at 160.89; +30 pips; now at +50 pips !
AUD/JPY long at 95.10; +20 pips; now at +40 pips !
CHF/JPY long 101.05; +15 pips; now at +20 pips !
USD/JPY long at 102.26; +30 pips; now at +45 pips !
The level of correlation seen within these yen-crosses 'signals' was unprecedented. Looking at the current outcomes, the additional 'info' brought out by the number of signals in the same direction could be used as an additional 'secret' gauge to diagnose high probability swing trade setups and so to further increase our targets/winnings ! I am sure I will do more homework on this :-)
Also check out yesterday Market Club (smart scan analysis)'s reading on USD/JPY market which informed us of a probable chance of a major trend change from current weak downtrend.
Tuesday, April 8, 2008
Day Trading Service @ ScoutForex dot Com: 8-Week Performance Review
(Originally posted on my daytrading blog)
A brief recap: Here are the live day trading results since the launch back in February. So far, I have great feeling and confidence about this day trading approach with the forex killer software.
Week 1: +105 pips
Week 2: +25 pips
Week 3: +235 pips
Week 4: +210 pips
Week 5: +225 pips
Week 6: -10 pips
Week 7: -60 pips
Week 8: +220 pips
The system only endured its first losses in week 6 and 7. During that period, the forex market was greatly affected by the collapse of Bearn Stearns and massive carry-trade liquidation in mid March. We easily steered clear of further price volatility traps.
Week 4 and week 8 are non-farm payrolls (NFP) week. During these weeks, the system performed particularly well (i.e. in exploiting the trends) by giving us good trading opportunities with gains over 200+ pips.
During these eight weeks, we scored a total of +950 pips from all live trade setups on member site. I appreciate your kind and positive comments which help to keep me motivated all this long.
A brief recap: Here are the live day trading results since the launch back in February. So far, I have great feeling and confidence about this day trading approach with the forex killer software.
Week 1: +105 pips
Week 2: +25 pips
Week 3: +235 pips
Week 4: +210 pips
Week 5: +225 pips
Week 6: -10 pips
Week 7: -60 pips
Week 8: +220 pips
The system only endured its first losses in week 6 and 7. During that period, the forex market was greatly affected by the collapse of Bearn Stearns and massive carry-trade liquidation in mid March. We easily steered clear of further price volatility traps.
Week 4 and week 8 are non-farm payrolls (NFP) week. During these weeks, the system performed particularly well (i.e. in exploiting the trends) by giving us good trading opportunities with gains over 200+ pips.
During these eight weeks, we scored a total of +950 pips from all live trade setups on member site. I appreciate your kind and positive comments which help to keep me motivated all this long.
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