Forex Signals 4th Feb
Goedendag Everyone !
That’s hello in Dutch, in case you were wondering and no, I am not Dutch. Moving on to our trades this week, market seems to be teasing us a little bit. On several occasions this week we missed our profit targets by few pips. Though this doesn’t call for any immediate action, since we trade 4-5 pairs at a time with 3 profit targets each, the probability becomes high for some of them not reaching our targets in their entirety.
In regards to format of signals, there was some great response on my previous post. Thanks everyone who participated. I’ve noted the shortcomings and would make changes accordingly starting next week. Remember it is an on going process and your feedback is always welcome.
Update at 5PM EST / 0000 Hour Candle:
Order ID: 10 | Update| $GBPJPY Buy 144.60 | Closed out at -15
Order ID: 11 | Update| $EURJPY Buy 126.35 | Currently at +5
Order ID: 12 | Update| $CADJPY Buy 85.40 | Move Stop Loss to 85.50
Order ID: 14 | Update| $GBPUSD Sell 1.5900 | Currently at +1
Update at 9PM EST / 0400 Hour Candle:
Order ID: 11 | Update| $EURJPY Buy 126.35 | Reached First Profit Target at +50 Earlier | Closed out at +5
Order ID: 12 | Update| $CADJPY Buy 85.40 | Closed out at +10
Order ID: 14 | Update| $GBPUSD Sell 1.5900 | Move Stop Loss to 1.5925
Order ID:15 | Order Cancels Order | $EURUSD Sell 1.3860 or Buy 1.3905 | Stop Loss: 45 Pips | Take Profit: 40-80-120 Pips
Order ID: 16 | Pending | $CADJPY Buy 85.85 | Stop Loss: 50 Pips | Take Profit: 40-80-120 Pips
Update at 1AM EST / 0800 Hour Candle:
Order ID: 14 | Update| $GBPUSD Sell 1.5900 | Currently at Break Even
Order ID: 15 | Update| $EURUSD Sell 1.3860 or Buy 1.3905 | Waiting to get filled
Order ID: 16 | Update | $CADJPY Buy 85.85 | Cancel Order
Update at 5AM EST / 1200 Hour Candle:
Order ID: 14 | Update| $GBPUSD Sell 1.5900 | First Profit Target Reached at +50
Order ID: 15 | Update| $EURUSD Sell 1.3860 | Missed First Profit Target by 5 Pips | Currently at +20
Update at 9AM EST / 1600 Hour Candle:
Order ID: 14 | Update| $GBPUSD Sell 1.5900 | Second Profit Target Missed by 4 Pips | Move Stop Loss to 1.5890
Order ID: 15 | Update| $EURUSD Sell 1.3860 | First Profit Target Reached at +40 | Move Stop Loss to -23 Pips
Update at 1PM EST / 2000 Hour Candle:
Order ID: 14 | Update| $GBPUSD Sell 1.5900 | Third Profit Target Reached at +150
Order ID: 15 | Update| $EURUSD Sell 1.3860 | Third Profit Target Reached at +120
If you new to our blog then please read Forex Signals and Forex Signals FAQ
Hafa Adai!
Pronounced “half-a-day”
That’s hello in Chamorro, which is native Guamanian. I am not Guamanian, but have lived there.
As to trades missing targets by a few pips, I am in the habit of attaching a small trailing stop when I get within a few pips of a target. Sometimes that gives me a smaller winner instead of a loser. And sometimes it even gets me a bigger winner than the target was. But of course there are times when it gets me a smaller winner that would have gone to the full target if I’d just let it. I’ve kept no data to say whether I come out ahead in the long run, it’s just a matter of what you like to do in your trading style I guess.
@Diet Pipsi, It is not a bad idea as long as one is comfortable doing it. I personally like an approach which can be tested over the period of time.
there’s the rub – i don’t know if anyone could be sure enough of the data to actually back test it in reality – like the 90% “quality” in MT4 – what the…. would you like tour mechanic to be 90% accurate , no me neither!
I have actually seen MT4 back test to 99% using external data – but that is usually $$$$ – and doesn’t apply to any other platform. Anyway – you may get xyz.ab and on the same platform (with ECN) i might get 0.3 pips different .
important – depends ! So how does one actually validate the accuracy of the back test ?
Easier with forward tests, get 1 person to split trades with both TS and fixed stops – I remember one platform that used stepped stops ie it would have , say, 20 pip ts with a 10 pip step, so after 20 pips ahead it would step up 10 when the trade got +30 etc -
Was there ever a final update on 2/3/10, order ID: 13?
Order ID: 13 | Update| $EURUSD Buy 1.3975 | First Profit Target Reached at +40 | Move Stop Loss to -17
Update at 9AM EST / 1600 Hour Candle:
Order ID: 13 | Update| $EURUSD Buy 1.3975 | Closed out at -17
By mistake I used the Order Id 13 again for GBPUSD order as well. It is now changed to 14
Hello firepips,
Instead of mIRC can’t we use skype? People can also log on to skype with their mobile phones.
Btw if you need any kind of help with managing this blog just let me know.
Hi Shahid,
I’ve not started either mIRC or Skype chat yet. I’ll look into it.
no signal???
Sorry about the delay guys…don’t know what I was thinking.
No harm done though
ur back, phew!
This is cool. When I didn’t see anything, I just tried to think “well what would FirePips do?” So I had a look and moved my stop losses. -23 on EURUSD is straight off the rules, but 1.5890 is EXACTLY what I chose for GBPUSD!
How funny is that?
Then went back to bed, and just woke up to find all targets hit. You GOTTA love waking up to 450 more pips in the bank than you had when you laid back down to sleep!
@Diet Pipsi, Looks like you won’t need my signals soon
Who said “make money while you sleep” was a pipe dream !
I have just joined your signals group. I appreciate you. I wonder where are you from and where do you live? Thanks again for your signals.
@FirePips, I’d love to learn how you do your analysis, to pick what trades to take. THEN maybe I wouldn’t need your signals soon . . .
I’ve pretty much closed down all trades, or they did it for themselves. don’t want to be around friday night. However, I’m tickled pink at not 1 but TWO 400 pip trades – GBP/JPY and EUR/JPY – never have i ever got anything like that before ! – and of course your trades made the icing on the cake !
congrats.
Hi ,i think i may be struggling with the basics here, i dont understand why 9am EST is 1600 candle.
thanks in advance
Good one Perrie !
@Richard,
5PM EST = 0000 Hour Candle
9PM EST = 0400 Hour Candle
and so on…
The reason why we do it that way is because it syncs with the charts.
Nice day today, congratulations, I look forward to starting Monday a fresh week.
Well done
Hello FirePips,
I was looking at your performances&strategy. Well I must say I feel a little scared to risk more than 4000 pips a week to make (when it is good one) 400 pips.
How I made this numbers? It's easy. Lets consider an average of 15 trade per week. Let's consider now an averago of 90 pips of stoploss. Let's make 400*3 portion of a trade. It's total of 4050 pips risk. This is the COST of this strategy.
Which wise business-man will invest 100 in a super risky market to make, at his best 10? I think not many. You have to be right many many times to be profitable in the long run.
I say this to allow people to use the brain and to stop watching only the result of a week or two.
Hi Murat,
Your argument seems valid at the surface however if we look closely there are assumption which solely serves one purpose.
1. Your comparison is flawed since it compares Total Risk vs Net Result. An ideal comparison would be between Total Risk vs Total Potential Profit.
2. Average number of Pips. This number could vary from week to week.
3. Assumption that 100% trades would be losers. If you can't be 100% right then at the same time you can't also be 100% wrong.
4. If you take your analogy then every strategy would have similar amount of risk.