+421 Pips Last Week

Forex AnnouncementI hope you all had a good weekend. We had yet another great week with +421 Pips. Not bad considering we didn’t trade on Friday at all, mainly due to NFP and other factors. At at the end of the month I’ll post more detailed report for your review. As you may have already noticed that I usually don’t like reporting and maintaining pips tally during the week. Thinking about performance while performing is not recommended for psychological reasons. It is an important topic and I’ll write more on it in later posts. By the way thanks to Aurimas for helping out with pips tally.

Last week I received several feedback on how to improve signals, I thankĀ  everyone for contributing. After carefully considering all recommendation following changes are taking place.

As of today I’ll post time in both EST and GMT as well, this should help convert signal time to your local timezone. I’ve also added a timer on the home page, it will also tell you when is the next signal due. This timer needs to be adjusted manually every 4 hours, so don’t panic if I miss or put incorrect time on it :)

There were some recommendations to represent signals in tabular format in the emails and the blog. From my experience both email and blog are not really good at handling tables / spreadsheets. Their format varies a lot in different email clients and browsers. However I am still working on it and will let you know if anything changes. Thanks Jeff and Peter for your spreadsheets.

Another important suggestion came via email from JP, he did analysis based on trading only one lot as opposed to three lots per trade. So far his research shows that it would have been more profitable this way to trade in January. I’ll wait for more data and further testing before make any official announcement. If it works, I do see merit in thisĀ  method, it could reduce trade management and help traders manage risk better.

Lastly, Peter has created a spreadsheet which can help calculate Profit Targets and trade log. Please make sure you have read the instructions at the bottom.Thanks to Peter for taking time to put this spreadsheet together. You can download it here Lot Size Calculation

I am always open to suggestions, so please feel free to leave comment below.

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29 Responses to “+421 Pips Last Week”

  1. Gert 8 February 2010 at 5:24 am #

    Hi
    I receive your signals the last few weeks. Thank you very much. For the first time in 2 years their is a light in the tunnel. Thanks again.

    Gert

  2. Diet Pipsi 8 February 2010 at 5:34 am #

    I noticed the "Next Signal" countdown on the page, about 5 hours ago now. I did not realize that it wasn't there before!

    By trading only one lot in January, did he mean just trading on trade and taking profit at the first target? Or another way of accomplishing the same thing would be to just close the entire position, whatever size you did, at the first target, and not risking any further part of the position to hold out for the second or third target. Is that a correct understanding of what he meant?

    I suspect that some weeks that would bear out to be more profitable, and other weeks it would be less. I'm sure some people prefer to trade that way automatically anyway.

    I look forward to the results of your data and testing.

    • FirePips 8 February 2010 at 6:10 am #

      Yeah, I added it over the weekend.

      Trading only one lot and closing at first profit target is what I meant. I made a typo which I've fixed now.

  3. Mehool 8 February 2010 at 7:31 am #

    Hi FirePips,

    First of all, I would like to thank you for providing forex signals free of cost to the world and people like me who are a new comer in the world of forex trading. As a novice, I am not very clear on how to take action after reading your signal. Hence it would be good for people like me if you can update your FAQ section with real example of steps to be followed once we read your signal. Like for e.g, once we read "Order ID: 2 | Pending | $EURUSD Sell 1.3615 | Stop Loss: 40 Pips | Take Profit: 40-80-120 Pips" Step 1-> create 1 Sell orders at 1.3615 with stop loss at 1.3575 and take profits at 1.3655. In the same way remaining 2 orders will be created. Then if profit 1 achived, then what would be the next revised stop loss?..etc.

    In Short, A demonstration of a signal is what needed in the FAQ section will be helpful.

    Thanks and regards,
    Mehool Sheth
    India.

    • FirePips 8 February 2010 at 8:29 am #

      That's an excellent idea. I'll add it soon as I get chance.

    • Trevor 16 February 2010 at 11:44 pm #

      Hello my name is Trevor I think that is a great idea too

  4. ajay 8 February 2010 at 10:05 am #

    Thankyou for your signals they are very good.
    I am new to forex and am having trouble with converting the pip amounts you give to the values to input into my MT4 trading platform.

    What is the easy way to calculat the order values from the pip values you provide

    • FirePips 8 February 2010 at 10:14 am #

      I am not sure what you asking? Order Value to Pip Value??

      If you have trouble using MT4, I suggest initiating a chat session with any broker that supports MT4. Ask them any questions you want, they are the best people to help you out.

  5. Timwal 8 February 2010 at 9:27 pm #

    Hi FirePips, stumbled on this blog last week. You’re doing a gr8 job. I missed the 0008hr signal this morning. However, i’ve not received the signal for 1200hr candle. Does it mean there is no signal?

    • FirePips 8 February 2010 at 11:25 am #

      1200 Hour signal is already out…I posted on TW, FB and via email.

  6. richard 8 February 2010 at 10:34 am #

    hi
    just wondering how you calculate your pip tally,
    if i opened say 15000 units of a currency pair ( oanda dont use lots) with a stop of 50 and for instance T/P at 50/100/150
    if the trade closed out with no profit target reached would that be 150 pip loss as i effectivly have three lots of 5000? and as for profit the first target would be 150 pips the second target an extra 100 pips as i would have closed one third of my position and the finale target if reached an extrs 50 pips as i have only one third of my posotion remaining

    • FirePips 8 February 2010 at 11:32 am #

      You interpretation is mostly correct :)

      If the Stop Loss was 50 pips and all three lots got closed at -50 the we have a loss of -150 Pips.

      If we hit First Profit Target then we have +50 for first lot. Last 2 lots would still be open at this stage.

      If we hit Second Profit Target then we add another +100. Last lot would still be open at this stage.

      If we hit Third Profit Target then we add another +150.

      This bring us to the total of 50+100+150 = 300 Pips.

  7. Pierre 8 February 2010 at 11:19 am #

    next signal is @ 3pm GMT +1

  8. richard 8 February 2010 at 11:38 am #

    Further to my last post regarcing pip tally, looking at the gbp/usd that closed 45 pips down at the s/l this is still noted as 45 pip loss so the take profit at the first target of 50 pips must count as 50 pips the next target of a further 50 pips must be added on as two thirds of 50 ie 33 pips and the finale target of a further 50 pips just one third ie 16 pips so total pips at the third target would be 99 or there abouts ,is this right?

    • FirePips 8 February 2010 at 12:21 pm #

      Though my update said -45 pips, in actual pip calculations it would be -135 (45×3)

      You can review previous months trades to clarify this fact. http://forex.firepips.com/2010/02/01/forex-perfor…

      • richard 8 February 2010 at 1:41 pm #

        Hi again , thanks once again for you replies, just to clarify i was,nt doubting your calculations i just like to know how things work
        cheers
        rich

  9. Lesa 8 February 2010 at 12:12 pm #

    "Lot Size Calculation", sorry but how can I open these files?

    • FirePips 8 February 2010 at 12:22 pm #

      It is an Excel file. You would need a new version of Microsoft Excel to open it.

      Hope this helps.

      • Lesa 8 February 2010 at 1:31 pm #

        Hmm, I save this file to my computer, extract file. Then I try to open these files but did not saw any table. Which of these file should open?
        I have Excel 2003…is it too old?

        • FirePips 8 February 2010 at 1:34 pm #

          Not sure… try Openoffice…that might work !

  10. Ioannis 8 February 2010 at 1:57 pm #

    Hi, I am sorry to bother you but I would like to ask you a question, if someone instead of opening three differenent positions with the same stop loss, wouldn't be better to open first one position and if it hits the first profit target, then to continue with the rest positions.You maybe don't take the big profits, because it's position will be a new one but you won't have three positions hitting all a stop loss.
    Could you please tell me your opinion?

    • FirePips 8 February 2010 at 2:10 pm #

      That could be a valid money management strategy. However I've not tested this variation. As per my backtesting, the current method seems to work best.

      If trading three lots is not convenient for you then you can just with one lot. This variation is still pending more testing at this stage.

  11. Ioannis 8 February 2010 at 2:01 pm #

    Or what if you put one order with a trailing stop?

    • FirePips 8 February 2010 at 2:12 pm #

      As I said, I've not tested this variation. I would however keep this mind the next I go about doing more backtesting.

  12. Ioannis 8 February 2010 at 2:34 pm #

    Thank you for your fast responses but I would like to ask you if there is a problem with the email alerts, I have submitted my email three hours ago but I didn't receive the signal alert that you post in you twitter 30 minutes ago.

    • FirePips 8 February 2010 at 6:10 pm #

      I did send out emails as usual. Can you check your Spam / Junk Folder?

  13. Mary McNamara 22 February 2010 at 3:37 am #

    Hi FP,

    Thank you for your FX work. I am new to your site but not to FX or MT4.
    I can't open the 'lot size calculation file' either though.
    Any other ideas? I'm on a new lap top with latest software.

    Thanks.

    Mart


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