Important Update
Hello Everyone,
I’ve some important changes that I like to share with you.
We are adding CHFJPY to our list of pairs. I’ve been analyzing this pair for some time now and it seems as good as any other JPY crosses. GBP/USD is not performing as good I would have liked, but before we stop trading this pair I would like to keep taking some discretionary trades and see how it goes. If you like to focus only on couple of pairs then I recommend EURUSD and EURJPY, so far they have performed better than others.
You may have already noticed “Download” Page at the top menu. I’ll keep this page updated with new EAs and Scripts that others generously shared with us. Any questions regarding them should only be posted in relevant areas.
I’ve also added the feature to translate content of this blog into 26 other languages. You can find links to translated pages on the right hand side bar when you scroll down the page. Translation process takes time and it should hopefully be completed by the end of the week. When it comes to commenting, please keep them in English only.
For people who like to use their cell phones to access this blog, they should now find a better layout. I’ve not tested it in many phones, so I would appreciate your feedback.
If anyone still finding it hard to interpret signals, then please visit the FAQ page again. I’ve updated it with a color coded example which would hopefully make it easier to understand signals. Also starting from today my daily signal post will contain a table which would help in keeping track of all open orders.
Another not so good news, it has come to my attention that someone has started a website to post my signals. This individual has copied my FAQ page as is, without any reference to original author ie. Yours Truly. I’ll not share the url of this website since it will only drive more traffic to him. I don’t mind people using signals for whatever reasons but please don’t pass them on as your own. It upsets me to see when someone selfishly leeches off others. ( Thanks to Radi0Man for finding it).
By the way, later today or tomorrow I’ll post the latest performance figures. This time I’ll try to include more relevant data.
Please share your comments and suggestions below
Blog looks perfect on my windows mobile phone. Thanks you FP.
Hi everybody,
Just a little message to say that the cell phone layout works fine on my IPhone.
Great job
Someone can advice me please to get the best app to receive the signals any time everywhere, because I was to late to enter this morning signals.
Thanks for all Fire pips
cool man thx alot. i can call you my teacher in some points))
Hi,
That is terrible. You put so much effort into this and some pos has to steal from you. It really is unbelievable.
Thats a lot of updates Fire! Good work.
Not cool, not cool at all. All praises and credits should be given to firepips.
I am a new user still getting to grips with your service. but it looks excellent and thanks so much for this. Shame on the 'pirate' – there's always one……
I REALLY DONT LIKE WHEN SOMEBODY IS DOING HIS BEST FOR THE BENEFIT OF OTHERS AND SOMEOTHER PERSON IS BUSY TRYING TO UNDO HIM. THIS IS NOT GOOD.
FP, PLS DONT BE DOWNCAST ABOUT THIS, WE APPRECIATE UR WORK HERE.
Looks good enough on my blackberry curve.
hello supestar
something for you to consider: the jpy does not move much during asian times. if it does you be lucky to get 30-40 pips, on rare occasions it can move 400-500 pips in one hour all in a straight line.therefore the yen crosses always quiet during asian times.
you may want to consider aud/yen or aud/usd at least it can move one cent during the day.
this gives plenty of opportunities to trade during my asian time.
Yeah…I've been keep an eye on those pairs as well. Will keep you posted.
I am new here, but from what you’ve sent in your newsletter it looks like your signals are based on known breakout method called First Strike (or First Strike Plus, as presented by infiniteyield blog), just the formula for break levels is calculated differently, based on previous 4H candle or candle range(if there are inside bars). I believe it has been proven, that in long term and with enough capital and patience, this method has a positive edge and is ultimately successful. Why so much secrecy about the details then ?
The leverage is whatever your broker gives you. If you have not yet chosen a leverage and your broker gives options, IMO you don't need more than 100:1 leverage with this method, if you are using appropriate lot sizing. There are some other trading methods that open more and more positions, some of those will hold those positions deep into losing territory, and some will also open hedge positions at the same time. Those methods will eat up your margin in a hurry, and you can find yourself unable to open another trade when you need to if you don't have enough leverage. For such a method as that, you would need higher leverage. Firepips' method is NOT such a method.
The term "lot size" doesn't really mean the exact number of lots here. Firepips does not mean that everyone should just trade with 3 lots. 3 standard lots is an awful lot of money for some traders! And if course it is not very much money to others. He means to trade three positions of whatever lot size is correct for you.
To translate Firepips' discussion for your own account size, you need to compute what lot size is correct for you with the size account you have. Then whatever amount of lots that turns out to be, replace the word "lots" in Firepips discussion with the word "units" instead. And a unit for you will be different than a unit for someone else who is trading with a different account size or with a different tolerance for risk.
Then you place three "units" in the trade when you open it, and you close one "unit" at each target point.
So how much lot size should you use for each unit?
A good general rule of thumb is to risk no more than 3% of your account on any one trade. Since we are opening basically three positions for each trade, use 1% to figure it out. If you have $10,000, then 1% is $100. If the trade has a 100-pip stoploss, then that works out to $1 per pip. Which is actually 1 minilot. So you would open three positions for 1 minilot each, or one position of 3 minilots, depending how your broker does things. Then if that trade hits the stoploss, you will have lost $300, or 3% of your account.
From there you can do the math of how much your "unit" size should be for the amount of account balance you have. And you can adjust that up or down to suit yourself. Also, IMO you should make the demo account to be the same opening balance as you plan to use to fund your live account. Just psychological. And just my opinion!
Yes, for an OCO order, you place a buy order and a sell order, and whichever gets filled first, you cancel the other. Some brokers will allow you to place that as an OCO order, and it will automatically cancel the other one after one executes. Metatrader does not do this; you have to manually cancel the other one after one executes. And most brokers using Metatrader who do not allow hedging will not allow you to place both a buy and a sell, because that's the only way Metatrader has of complying with this strange rule. Most US brokers fall into this category. If you are using such a broker, then what you need to do is place two alarms in your metatrader, one about 10-15 pips before the sell price, and one about 10-15 pips before the buy price. When an alarm goes off, you can place the order for the trade in that direction. If it does not trigger and moves back away, you cancel the order and put back the alarm.
Hopefully helpful -
Great explanation there mate
I am bookmarking it, so I can point others to it.