Forex Signals 15th Feb
Xin Chào,
That’s Vietnamese for Hello and no, I am not Vietnamese, though I do like fresh spring rolls. Bye the way, Happy New Year to all Asian members here. I hope the year of Tiger brings all of us lot of pips.
Last week was nothing different to what we had during first week of January. I found that system was right in its place but I was over zealous due to prior profits and took extra risk than what was necessary. For those who commented on the blog to modify or try something new, for them let me make this clear. There is absolutely no way I’ll modify a successful system, it is typical human nature to modify things soon after they experience loss in the hope that new change will fix everything.
It would help to remember that losses are part of trading, having said that it doesn’t mean that we don’t need to analyze our mistakes. In this case instead of pointing finger at the system, I identified that the problem was with me and my psychology of trading and not with the system itself.
Would love to hear what you think, please feel free to comment.
Update at 1AM EST / 6 AM GMT / 0800 Hour Candle:
Order ID: 1 | Pending | $GBPUSD Sell 1.5630 | Stop Loss: 50 Pips | Take Profit: 50-100-150 Pips
Order ID: 2 | Order Cancels Order | $GBPJPY Sell 140.75 or Buy 141.40 | Stop Loss: 65 Pips | Take Profit: 70-140-210 Pips
Order ID: 3 | Order Cancels Order | $EURJPY Sell 122.40 or Buy 122.95 | Stop Loss: 55 Pips | Take Profit: 50-100-150 Pips
Order ID: 4 | Pending | $EURUSD Sell 1.3585 | Stop Loss: 40 Pips | Take Profit: 40-80-120 Pips
Update at 5AM EST / 10 AM GMT / 1200 Hour Candle:
Order ID: 1 | Update | $GBPUSD Sell 1.5630 | Closed out at -50
Order ID: 2 | Update | $GBPJPY Sell 140.75 | Currently at -25
Order ID: 3 | Update | $EURJPY Sell 122.40 | Currently at Break Even
Order ID: 4 | Update | $EURUSD Sell 1.3585 | Currently at -25Order ID: 5 | Order Cancels Order | $GBPUSD Sell 1.5605 or Buy 1.5695 | Stop Loss: 90 Pips | Take Profit: 50-100-150 Pips
Update at 1PM EST / 6PM GMT / 2000 Hour Candle:
Order ID: 2 | Update | $GBPJPY Sell 140.75 | Currently at -20
Order ID: 3 | Update | $EURJPY Sell 122.40 | Currently at Break Even
Order ID: 4 | Update | $EURUSD Sell 1.3585 | Closed out at -40
Order ID: 5 | Update | $GBPUSD Buy 1.5695 | Move Stop Loss to 1.5640Order ID: 6 | Pending | $EURUSD Sell 1.3575 | Stop Loss: 65 Pips | Take Profit: 40-80-120 Pips
Order ID: 7 | Order Cancels Order | $CADJPY Sell 85.55 or Buy 86.05 | Stop Loss: 50 Pips | Take Profit: 40-80-120 Pips
If you new to our blog then please read Forex Signals and Forex Signals FAQ
Don't need to modify the system.Losses are bound to happen. There is no such thing as 100% winning trade. Hopefully we can catch more pips this week. All the best FP
Glad we are on the same page
Good Morning,
My first time trying out this service.
I’d wanted to suggest using an Indicator that automatically manages trades, TPs, and SL. Its free and can be found on the internet. I think it might help out reducing the number of pending orders and the same time one can still use the same lot numbers or a single lot size equal to the three lot sizes that would have been placed.
My reason is that some brokers tend to remove or disable pending orders or they never get filled.
Onyebuchim,
So having said that there is a magical indicator on the Interenet, are you going to tell us what it is called?
Order ID: 2 | Update | $GBPJPY Sell 140.75 | Currently at -25
Unfortunately my stop loss has been hit… why is that? Was there stop loss update I've missed? I thought the SL is 141.40? Correct me if I'm wrong
Hi Steve,
Sometime it happens, it depends on your broker price feed and spreads. Please read http://forex.firepips.com/forex-signals/
Sal,
The Indicator is called ManageTP v2-4. You can goggle it or get it at Forex factory; Its very flexible and simple to use. Its more like automating the SL, TP and lot sizes in one order instead of placing much pending orders. It takes care of the hassles of manually trailing or watching your trades TPs and SLs. Moreover you can setup the your signals and let it ride with the control of the indicator at your absence.
Secondly, i’d like to request the administrator to please indicate the Stoploss and Take Profit figures (Price) instead of in Pips.
E.g: EURUSD
Pending Order – 1.5000
SL: – 50 pips – 1.4050
TP: – 100 pips – 1.5100
i think it would be easier for traders to setup
i missed todays trade signals probably due to wrong timing or setup.
Thanks
very nice but it seems this can manage only two trades and not three as required by FirePips strategy
Murat,
well u have a close idea to how it works but its not limited to 3 trades alone.
take for example, the signal from firepips for EURUSD
which requires 3 lots (either pending or OCO) to be placed with the same SL and different TPs.
lets imagine a lot size of 0.1 and we need three lots which means we would be dealing with 0.3 lots in total.
you can use the indicator in two ways:
WAY ONE
you can place just one lot size of 0.3 lots and program the indicator to move SLs at each Break even or first profit target and as well take your profits in fractions while the trade is still ongoing until it reaches the final TP for the third order.
WAY TWO
you can place just one order of 0.1 lot and program the indicator to move your SL at each Profit target until it reaches the last Target.
The indicator does this automatically without your intervention so you dont have to bother about watching or trades if you’re the busy type.
The instructions on it is easy to follow
I presume that your computer must be switched ON 24/7 , am I right?
Thanks for sharing mate
to FP,
no need to change the system………keep going….n all the best
Hi Firepips,
What do you mean exactly when you say the problem was you, your trading psychology and extra risks? What exactly did you do wrong in ternms of risk management and what do you think you should have done instead?
Thanks and keep up the good work
Enrico
I let myself over leverage on one side of market. If you remember we were long on all pairs at the same time.
I'll write up a complete post on it later explaining the psychology behind it.
Hi Firepips
I’m still very much a beginner but I just wondered if you may be setting some of your pending trades quite close to major support/resistance levels which seem to be against the major trend? For instance you had a buy signal for buying the GBPUSD at 15695 which was pretty close to the 50 sma plus 15700/15720 major resistance level. Would take an awful lot of bulls to push the price up through that level which makes that particular trade a very risky one to say the least? In fact it retraced from there.
Knd rgds
Please don’t think that I’m criticizing in any way but it’s just something I’ve noticed
I see your point Nigel. I do look at the Support and Resistance, but on higher timeframes and only major ones. Other levels are often breached easily and I don't want to stay out of market in such scenarios.
I've a request. In the EMAILS and on the BLOG you include a "heading" line that identifies which candle each set of order updates applies to:
Update at 1PM EST / 6PM GMT / 2000 Hour Candle:
In the Twitter updates, each post gives a time, but Twitter doesn't give a very accurate time.
I wonder if you could, without much trouble, also put in the "heading" line just as an additional post with each group of orders?
Sure…Too easy
Thank you much! That makes a TON of easier to catch up if I was away for a couple of candles!
Firepips,
Just wondering if you have heard anything further from JP regarding the profitability of the one position per pair strategy?
Cheers
Not lately, I'll keep you all posted on it anyways.
hi superstar
glad to be back yesterday, very very itching to making pips this week.
yes keep going with your system i have faith in you.
now long gbp as per your order.
Thank you for all the great posts from last year! I look forward to reading your blog, because they are always full of information that I can put to use. Thank you again, and God bless you in 2010.