Forex Signals 5th Feb

Forex SignalsYesterday was quite exciting, both Yen and USD gained strength big time.  Our GBPUSD and EURUSD short reached all three profit targets making +300 and +240 respectively.  Over the weekend I’ll do the final tally of pips count and post it on Mon.

We got NFP due out later today and considering the crazy movement from yesterday, I rather stay out and watch it from sidelines.  Since there will not be any new signals,  no point for me send regular updates. However I would still be at my desk, so feel free to shoot me question or comment you may have.

This weekend I’ve friends and family coming over, so I’ve to be on my best behavior ;) I would love to hear what you will be getting upto this weekend.

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23 Responses to “Forex Signals 5th Feb”

  1. okey 5 February 2010 at 11:07 am #

    Don’t understand how u calculated the gu and EU Pips thought they were 150 and 120? Thanks for the signals

  2. liaueg 5 February 2010 at 11:15 am #

    Hi Okey,

    Remember that for each signal there is 3 lots.
    Thus for GBPUSD, first lot gain 50, 2nd gain 100 and 3rd lot gain 150, thus making a total of 300 pips

    Same can be calculated for EURUSD, 40+80+120=240

    Similarly, if you make a loss, for example if the stoploss is 50, you are actually lossing 150 pips as you open with 3 lots.

    Hope that helps to explain things

  3. FirePips 5 February 2010 at 11:17 am #

    Hi Okey,

    They are the total of all 3 lots. For Ex GBPUSD 50+100+150= 300
    We do the same for orders that end up in loss

  4. FirePips 5 February 2010 at 11:18 am #

    @Liaueg…thanks mate :)

  5. Eric 5 February 2010 at 12:18 pm #

    Hi Firepips,

    May i know how i should control my risk management?

    E.g.

    I have 6000 USD

    So every trade we trade 3 lots.
    and we always say should not risk more than 3% ~ 5% of our account.

    So since that’s the case, what should i do?

    Is it use 20000 trade size ( 2USD per pips )
    and trade 3 lots?

    Or use 60000 trade size ( 6USD per pips )
    and trade 3 lots?

    Sometimes i feel like trading 60000 trade size (Greedy me)… but i’m afraid if i lose, i’m losing 3 lots, resulting a huge lose. But if i were to win, it will be a big win…

    So what do you suggest!?

    Thank you!

  6. Mike 5 February 2010 at 12:23 pm #

    Eric, better to win small then loose big. With Firepips consistency, you’ll be able to double up your position in no time with minimal risk. Stay with the risk that fits you. You’ll do fine.

  7. Okey 5 February 2010 at 12:33 pm #

    What I have been doing is open 1mini lot and the adjust according to your updates. I have a £2000 and can’t afford to open 3 lots as my broker don’t offer micro. Can u advise me on what best to do your comment will be well appreciated also if I trade with 3 lots how much will I need to be safe? Thanks in advance

  8. Peter 5 February 2010 at 1:04 pm #

    Hi FirePips: With questions appearing here re calculating SL or Lot Size do you think it would be worthwhile to post here the spreadsheet I have drawn up? Have you had time to doublecheck my forumulas yet? It would be necessary to re-iterate the method i.e fixed % Loss to calculate the Lot sizes etc.

  9. FirePips 5 February 2010 at 1:13 pm #

    Hi Eric,

    The calculation of lot size ideally is based on Stop Loss. Since every trade has different Stop Loss size, we need to work out trade size accordingly to stay within your risk per trade limit.

  10. FirePips 5 February 2010 at 1:17 pm #

    Hi Okey,

    Please see my reply to Eric. Same applied to you as well.

  11. FirePips 5 February 2010 at 1:20 pm #

    Hi Peter,

    Your spreadhseet is quite comprehensive and nicely done. I am not sure how are you going to post it here. May have to upload it somewhere and provide a link. I can do that myself once I’ve checked the formulas and understand how it all fits together, I am sure there will be a lot of questions coming our way :)

  12. Peter 5 February 2010 at 1:57 pm #

    Hi FirePips: I have added some notes at the bottom of the sheet – really it is only based on your methods.

  13. sailor 5 February 2010 at 5:59 pm #

    Nice trading Firepips. I am from UK so dont trade in lots, just an amount for each position. For what its worth, I never risk more than 1.50 % per trade, so when trading with three positions on one trade, each position is only 0.50%. That overall position size is determined by the size of the original stoploss. Getting rich slowly is much better than going bust quickly.

    • FirePips 8 February 2010 at 1:35 am #

      That's way to go Sailor. Thanks for sharing with us.

  14. SSS 6 February 2010 at 12:03 am #

    good weekend to all :)

  15. El 6 February 2010 at 1:23 am #

    Smh…went to school for five years, just to graduate to debt(college loans) and dread my job…boy I can’t wait until I am good enough to be a full time trader…If anyone has any tips or words inspiration, I am open to enlightenment :-)

    • FirePips 8 February 2010 at 1:37 am #

      Hi El, I got just one word you – "Persistence" !

  16. Okey 6 February 2010 at 4:57 am #

    Firepips, do u close each lot and move stoploss as profit target are reached?

  17. fxandme 6 February 2010 at 6:41 am #

    Hi Firepips,

    Great week again. I was not able to trade these signals due to some technical issue. I am still on demo. Keep up the good work. It really great to find traders who are ready to share their success. Thanks once again for all this and great weekend to you :-)

    cheers !!

  18. Nigel 6 February 2010 at 10:28 pm #

    Hi Firepips

    Just wondered if signals will still be posted on this website as normal (i.e. 00.00am 04.00am 08.00am, etc) next week? Or does one have to go to Twitter?


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