Pips Count | Forex Signals 22nd & 23rd Mar
I don’t want to spoil the surprise but can’t help mentioning that our top two pairs have racked up over +3000 pips since January. Rest of the pairs in fact took us back and didn’t add up as good as we expected.
Though, by no means I’ll give up on the rest of the pairs, it just simply means that I need to work further to find when other pairs perform their best and the best strategy to leverage their potential. This probably would require minor tweaks and nothing major. It would be something like we did in last few weeks, for example when a pair misses second profit target by couple of pips then instead of leaving the Stop Loss to half the original size we now move it to Break Even.
Another method I am evaluating right now is to move Stop Loss to Break Even soon after first Profit Target is hit. This analysis requires me to go back and test every single trade manually, hence would take longer to see the outcome. I’ve finished testing 1 lot method over 3 lots and I’ll post its results with the rest of the pips count later today sometime.
Any suggestions on how to calculate Sharpe Ratio ? Does anyone has any good Excel spreadsheet?
Update at 1 AM EST / 5 AM GMT / 0800 Hour Candle:
Order ID: 1 | Pending | $GBPJPY Sell 134.95 | Stop Loss: 100 Pips | Take Profit: 70-140-210 Pips
Order ID: 2 | Order Cancels Order | $CADJPY Sell 88.80 or Buy 89.25 | Stop Loss: 45 Pips | Take Profit: 40-80-120 Pips
Order ID: 3 | Order Cancels Order | $CHFJPY Sell 85.10 or Buy 85.45| Stop Loss: 35 Pips | Take Profit: 30-60-90 Pips
Update at 9 AM EST / 1 PM GMT / 1600 Hour Candle:
Order ID: 2 | Update | $CADJPY Buy 89.25 | Closed out at -45
Order ID: 4 | Update | $EURJPY Sell 122.10 | Currently at +30
Order ID: 5 | Update | $CHFJPY Sell 85.00 | Currently at +15
Order ID: 6 | Update | $EURUSD Sell 1.3490 | Currently at +25
Order ID: 7 | Order Cancels Order | $GBPJPY Sell 135.30 or Buy 136.10 | Stop Loss: 80 Pips | Take Profit: 70-140-210 Pips
Update at 1 PM EST / 5 PM GMT / 2000 Hour Candle:
Order ID: 4 | Update | $EURJPY Sell 122.10 | Second Profit Target Reached at +100 | Rest Closed out at Break Even
Order ID: 5 | Update | $CHFJPY Sell 85.00 | Second Profit Target Reached at +60 | Rest Closed out at Break Even
Order ID: 6 | Update | $EURUSD Sell 1.3490 | Closed out at -50
Order ID: 7 | Update | $GBPJPY Sell 135.30 | First Profit Target Reached at +70 | Rest Closed out at -40
Order ID: 8 | Order Cancels Order | $EURUSD Sell 1.3455 or Buy 1.3575 | Stop Loss: 120 Pips | Take Profit: 40-80-120 Pips
23rd March 2010
Update at 5 PM EST / 9 PM GMT / 0000 Hour Candle:
Order ID: 8 | Update | $EURUSD Sell 1.3455 or Buy 1.3575 | Waiting to get filled
Order ID: 9 | Order Cancels Order | $GBPJPY Sell 135.55 or Buy 136.25| Stop Loss: 70 Pips | Take Profit: 70-140-210 Pips
Update at 9 PM EST / 1 AM GMT / 0400 Hour Candle:
Order ID: 8 | Update | $EURUSD Sell 1.3455 or Buy 1.3575 | Waiting to get filled
Order ID: 9 | Update | $GBPJPY Buy 136.25 | Currently at -10
Order ID: 10 | Order Cancels Order | $EURJPY Sell 122.00 or Buy 122.70| Stop Loss: 70 Pips | Take Profit: 50-100-150 Pips
Update at 1 AM EST / 5 AM GMT / 0800 Hour Candle:
Order ID: 8 | Update | $EURUSD Sell 1.3455 or Buy 1.3575 | Waiting to get filled
Order ID: 9 | Update | $GBPJPY Buy 136.25 | Currently at -5
Order ID: 10 | Update | $EURJPY Sell 122.00 or Buy 122.70| Waiting to get filled
Update at 5 AM EST / 9 AM GMT / 1200 Hour Candle:
Order ID: 8 | Update | $EURUSD Sell 1.3455 or Buy 1.3575 | No Fill, Cancel Order
Order ID: 9 | Update | $GBPJPY Buy 136.25 | Closed out at -70
Order ID: 10 | Update | $EURJPY Sell 122.00 | Currently at Break Even
Order ID: 11 | Order Cancels Order | $GBPJPY Sell 135.10 or Buy 136.40| Stop Loss: 130 Pips | Take Profit: 70-140-210 Pips
Order ID: 12 | Order Cancels Order | $CHFJPY Sell 84.80 or Buy 85.30| Stop Loss: 50 Pips | Take Profit: 30-60-90 Pips
Order ID: 13 | Order Cancels Order | $EURUSD Sell 1.3495 or Buy 1.3565 | Stop Loss: 70 Pips | Take Profit: 40-80-120 Pips
Update at 9 AM EST / 1 PM GMT / 1600 Hour Candle:
Order ID: 10 | Update | $EURJPY Sell 122.00 | Currently at Break Even
Order ID: 11 | Update | $GBPJPY Sell 135.10 or Buy 136.40| Waiting to get filled
Order ID: 12 | Update | $CHFJPY Buy 85.30| Currently at -5
Order ID: 13 | Update | $EURUSD Sell 1.3495 | Currently at -15
Update at 1 PM EST / 5 PM GMT / 2000 Hour Candle:
Order ID: 10 | Update | $EURJPY Sell 122.00 | Currently at Break Even
Order ID: 11 | Update | $GBPJPY Sell 135.10 or Buy 136.40| Waiting to get filled
Order ID: 12 | Update | $CHFJPY Buy 85.30| First Profit Target Reached at +30 | Move Stop Loss to 85.05
Order ID: 13 | Update | $EURUSD Sell 1.3495 | Currently at -20
Hi Fire pips
What are the top 2 pairs?
Cheers
Chrissy
EURUSD and EURJPY !
1. So are the results available to see?
2. Why dont we trade pairs like AusUSD and USDJPY and Swissy? They has less spread. just wondering?
hi superstar
in that case treble the lots for these two while maintaining the others at the same lot, or completely discard the others.
I am going still trade them as usual.
Thanks Fire pips
Have you posted you stats as yet?
Cheers
Chrissy
Not yet….still working on few things.
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Where do I send the spreadsheet?
Try "admin@firepips.com" thanks mate
Done
Hi FirePips, just to say thanks a lot for your efforts and for sharing this information!
Regards
Great work on nabbing those pips FP! Now, if we could only get performance figures in terms of % gained or lost, which would be far more helpful as the 2nd week of March gave us 400+ pips but nearly break-even in % terms if we followed your basic money management rules.
I am working on it as I write this. It is much more complicated than it seems.
i just sent you a basic P and L sheet that I use. It may be what you are aiming for. It breaks down the daily, weekly, and monthly % and dollar amount gains or losses.
Thanks for sharing mate
hello firepips and the rest of the crew
just want to step by and leave a comment with some thoughts.
sind the middle of last week i started to trade euro/yen + euro/usd based on your signals live as a second strategy.
I dont trade the other pairs.
This is my risk strategy:
For each trade i risk a maximum of 1,4%, so that i basically never risk more than 2,8 combined.
Trading this strategy and taking all the signals firepips gives us, this would have been the result for the last 2 weeks:
WK11:
Euro / USD90p0p-90p240p=240 3.36%
Euro / JPY0p150p0p300p0p=450 6.30%
WK10:
Euro / USD20p185p=205pips +2.87%
Euro / JPY-120p185p250p= 315pips +4.41%
you can do the math, but i think beginners and risk avers persons should focus on these two pairs and try to take all of the signals!
regards
tw
Dear FP,
I want to say thanks for your valuable signal..I just follow your signal for two weeks, and the result are so good… we are very proud of you.. You have done a good job bro..
Good luck..
Hey Fire Pips,
Thank you so much for your signals..i was just wondering if statiscally they are your best performers and not sure if they are your consistent performers, why would you not just stick to those two pairs as ive noticed you've earned and lost unfortunately at the same magnitude which is a shame but i guess could be avoided if your high performing pairs are providing you the results all the time. Also another question, if the trade reaches its first target but in between your signals it is either floating or depreciating in value how would we be able to determine whether or not to cut short our losses or wait on for your next report.
Thank you for your assistance and kind regards
Adil
Good morning… pls clarify ID 6…EUR/USD enter short at 1.3490 with a 50 pip stp would be 1.3540 correct? Thanks
Yes, correct. A short at 1.3490 with a 50-pip stop, would mean the stoploss to be 1.3540.
order ID5 should be 90 not 180. tp1 at 30 tp2 at 60.
Oops, fixed it now. The chart we are using now is a much more concise way to SHOW the results to everyone, but it is incredibly cumbersome to keep it updated; as literalyl every field must be typed or copied and pasted individually. It is so easy to grab the wrong data, or type the wrong data. Apologies for that, and please everyone continue to poit it out if a mistake is made.
Thanks!
hi chf jpy closed out at breakeven i didnt see a signal to move the stoploss did i miss somthing ?
We move Stop Loss to Break Even after second profit target is hit.
Please refer to http://forex.firepips.com/forex-signals/
Hello Firepips,
Just a quick Q..regarding the OCO positions. I had a situation where i left the orders in place and woke up to them today..using Order 9 from above as the true example, the Buy Order actioned initially and thereafter the Sell Order eventually kicked in as the target was met..just to make clear..should i delete the other order once one is active?
Let me know please
Adil
Hi Adil –
This is very important, so I will answer you now instead of waiting until FirePips gets back here to show you some love.
Yes, you do cancel the other order once one is active. In the updates, when it says "OCO" that phrase means "Order Cancels Order"
I suspect that you may not have seen the FAQ yet, which has the "Instruction Manual" for using FirePips method.
If you go to the top of this page and click on the Forex Signals FAQ it discusses OCO as well as a number of other helpful things about using this method.
Hopefully helpful – -
You count the pips wrong. When the first trade loses, you actually lose 3 times the amount you list, because you are trading 3 lots.
Same as the 2nd level trade, should be 2 times the amount lost or gained, and actual trade profit or loss should include the 1st closed trade.
Doing this would make it more easier to show actual profit or loss for a given week.
I am not the police on this board, but a little less accusation, please?
Firepips is not counting the pips, he is reporting the trade closing and at what target. He posts counts weekly as a general rule, and when he does that, he counts them just as you said, which is correct.
I keep the running total of closed trades on the chart near the top of this page. I also count them just as you said. If you will look at it now, it already has the update of the 1200 bar for today, just within a few minutes of FP's post for the 1200 bar. I do sometimes lag a bar or two behind in posting the updates; for example I wake up from sleep to trade the 1600 bar, and I usually just go back to bed after placing the trades, and then update again at the 2000 bar.
But please check the chart, and see if it does not agree with your count.
It was not meant as a accusation. In FP’s newsletter, he stated to give suggestions to help him keep easier track of the trades and an easier method to do the charts and graphs. That is what I was suggesting, if he posted those when he did the updates with the closing of a trade, with a total, it would be easier to count the weekly results.
Partly it is my mistake, as I do not usually come to the blog or site, just interpret what is sent in the emails, as trade suggestions and see the results that are posted there, not here. Personally, I use the information, and my own analysis, to determine if I take the trade or not.
Pipsi,
Thank you very much for your response..
Regards
Adil
Keep up the good work
I have a question on the EURUSD EURJPY pairs these are the only two pairs I have started trading as I am new to forex.
I have noticed both pair are corolated shouls I only trade one pair of these at a time.
If you really want to use just 1 pair then stick with EURUSD.
The EURUSD order 13 has hit the stop loss 60 minutes ago, but the twitter update 4 minutes ago is showing -20
I show a high of 1.3563 on my live FXDD platform, and a high of 1.35630 on my live MBTrading platform. I see a high of 1.35633 on another ECN platform I am demoing.
If you are using an ECN broker, your spread should be about 1, and if your platform shows 1.35633 for a high, you would have missed the stoploss by about a pip, and still be in the trade. This is probably what happened to FirePips.
If you have a MM broker, with a 2-pip spread, it's a good idea to widen your stop a pip or two, and that's what I always do on FXDD. Thay way you have an extra pip for your spread and an extra pip to allow for differences in pricing on different platforms. Helps so that you don't hit a stop that FP doesn't hit. That is what happened for me on FXDD.
What you lose in an extra pip or two you save a lot of that in commissions.
Hopefully helpful – -
Thankyou DietPipsi for your explanation
Quite welcome –
What happened to the track record, open positions record at the top of this page. I had this page bookmarked and referenced it often. Did you move it to another page?
Yes, I moved it to the new post http://forex.firepips.com/forex-signals-daily.htm…