Forex Signals 10th Feb

Forex Signal SystemSideways movement from last two days seem to have ended now, as most pairs start to trend upwards. Most people would stay out of market when it goes sideways and wait for it start trending. My apporach on the other hand is to trade as usual and be in the market before it starts trending, so as to have the opportunity to capture the full potential of the move.  Traders relaying on any sort of indicators would wait for confirmation which happens usually half way through or even later into the move.  If you don’t see my point then put any MACD, Stochastic or RSI indicator on EURUSD, GBPJPY etc and see where would you get an entry signal.

Update at 5PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 5 | Update | $GBPJPY Buy 140.00 | Currently at +95
Order ID: 11 | Update| $CADJPY Sell 83.00 or Buy 84.30 | Waiting to get filled
Order ID: 12 | Update| $GBPUSD Sell 1.5580 or Buy 1.5750 | Waiting to get filled

Update at 9PM EST / 2 AM GMT / 0400 Hour Candle:

Order ID: 5 | Update | $GBPJPY Buy 140.00 | Second Profit Target Reached at +140 | Move Stop Loss to 140.90
Order ID: 11 | Update| $CADJPY Buy 84.30 | Move Stop Loss to 84.10
Order ID: 12 | Update| $GBPUSD Sell 1.5580 or Buy 1.5750 | Not Yet Filled

Update at 1AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 5 | Update | $GBPJPY Buy 140.00 | Closed out at +90

Order ID: 11 | Update| $CADJPY Buy 84.30 | Closed out at -20
Order ID: 12 | Update| $GBPUSD Sell 1.5580 or Buy 1.5750 | Waiting to get filled

Update at 5AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 12 | Update| $GBPUSD Sell 1.5580 or Buy 1.5750 | Waiting to get filled
Order ID: 13 | Pending | $CADJPY Buy 84.20 | Stop Loss: 55 Pips | Take Profit: 40-80-120 Pips
Order ID: 14 | Pending | $GBPJPY Buy 141.15 | Stop Loss: 100 Pips | Take Profit: 70-140-210 Pips
Order ID: 15 | Pending | $EURJPY Buy 123.85 | Stop Loss: 90 Pips | Take Profit: 50-100-150 Pips
Order ID: 16 | Pending | $EURUSD Buy 1.3795 | Stop Loss: 70 Pips | Take Profit: 40-80-120 Pips

Update at 9AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 12 | Update| $GBPUSD Buy 1.5750 | Move Stop Loss to 1.5600
Order ID: 13 | Pending | $CADJPY Buy 84.20 | Closed out at – 55
Order ID: 14 | Pending | $GBPJPY Buy 141.15 | Closed out at -100
Order ID: 15 | Pending | $EURJPY Buy 123.85 | Closed out at -90
Order ID: 16 | Pending | $EURUSD Buy 1.3795 | Currently at -45

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37 Responses to “Forex Signals 10th Feb”

  1. okanlomotrade 10 February 2010 at 7:28 am #

    Thank you very much, I trade price action myself. This is a very good work. Can you please help out in money management with account about 3,000 usd.

    • FirePips 10 February 2010 at 10:25 am #

      Start with working out what % risk you willing to take per trade. Once you know that then work out how many lots you can trade within that risk for the Stop Loss given.

      Let me know if it doesn't make sense.

      • Vilmar 10 February 2010 at 4:07 pm #

        I doesn't made sense to me either. I am in the same position of an account starting at
        3,000 usd. with my wife blessings. can you explain your technic for this amount? I am
        thinking in make 20 pips per day or per trade to ploud my family to a better life.
        Please give your input.
        Thank you,
        V.

        • Vilmar 10 February 2010 at 4:16 pm #

          I forgot to mention i am trading EUR/JPY only till i grow up.

  2. FirePips 10 February 2010 at 6:20 am #

    I gotta take back my above comment about indicators. I put MACD and RSI on GBPJPY it seems to give good entry as well. I incorrectly assumed this time.

  3. amir 10 February 2010 at 6:55 am #

    however, you were one of the few people i was following yesterday that saw the yen weakness and i went by your strategy and ended on top with your gbp/jpy long ;) ….most other traders, fundamentalists and elliot wave advocates were on the wrong side….they thought the yen weakness was over and it was time for a correction….also, i did loose some discipline when i moved the stop loss on the eur/jpy a bit lower than u said but not by much, fearing a spike down, and that ended the trade with another gain…so with these 2 trades i'm in a positive territory so far this week. keep it up Chief and i hope traders that follow u will get the best out of your price action strategy…i have an outstanding return on my capital since i followed u, more than 20% just in the last 2 weeks…it's great to have u around so stick around :) God bless!!

    • FirePips 10 February 2010 at 7:19 am #

      Appreciate your comment mate. It made my day :)

    • davide 10 February 2010 at 8:00 am #

      20% risking 1%? Are you sure?

    • Ell 10 February 2010 at 10:41 pm #

      That’s great man!…I sure do wish he sticks around :-)

  4. @declanor 10 February 2010 at 8:41 am #

    Hey Firepips!

    How are you? Greetings from Ireland. Would just like to echo all the positive sentiments already expressed by your other "followers". I suspect, like many here, i have struggled in the fx world for too long now and with your signals things are really looking up!

    A few questions:

    Are you constantly changing/improving your system? I notice this week you are using OCOs and SLs seem larger. Also the risk/reward ratio seems lower? I realise not all signals have to be traded, but i assume this "smooths" results?

    Great stuff, keep up the good work!

    • FirePips 10 February 2010 at 10:29 am #

      You are right about Risk/Reward ratio not very ideal this week. However Stop Loss and Profit Targets are both determined by price movement.

      Though at times Stop Loss may seem quite big in comparison to Profit Target, we usually end up moving it closer which eventually bring the RR to a more acceptable level. Starting off thinking to keep an ideal RR would make me miss good trades more often than I would like.

  5. subhash 10 February 2010 at 9:59 am #

    Very good results. I scalp all day and call myself lucky to get 20 pips a day .. gonna start following you… keep up the good work

  6. amir 10 February 2010 at 10:37 am #

    @davide…it's 20% of what I have deposited at the broker…1% of my entire risk capital

    • davide 10 February 2010 at 10:45 am #

      ah ok…am I the only stupid who deposit all the capital in the broker account? :)

  7. richard 10 February 2010 at 10:46 am #

    Hi
    ive spoke to" oanda " and they say there platform wont let me place OCO order so the unfilled order gets cancelled automaticly due to some financial rule or other have you come across this ? my concern is if im at work and cant access a computer the trade could reverse and both orders get filled so the long ( or short ) order will cancell the other resulting in a loss but i suppose it would in effect act as a stop loss.I also place one third of each trade to take profit at the stated pips and it one open order cancels the other these will still be pending orders, is the only way around this to be at the computer ? hope this makes sense
    ta in advance

    • Ell 10 February 2010 at 11:28 am #

      If you have a computer at your job, you can use http://www.logmein.com to remotely trade from your home computer, and its free!…that's what i do…but of course you will have to leave your home computer on.

    • davide 10 February 2010 at 12:27 pm #

      you can buy a windows mobile phone and install mt4 on it.

    • FirePips 10 February 2010 at 1:07 pm #

      You can also set MT4 or other platforms to send you email when your order is filled. Most phones these days can access emails. Yahoo and Hotmail also provide notification via SMS (depends on your country though)

  8. Ell 10 February 2010 at 11:22 am #

    Fire Pips, Question…How come sometimes the initial orders are OCO and other times they are only solo buy orders or sell orders?

    • FirePips 10 February 2010 at 1:07 pm #

      All I tell you is that it depends on Price Action :)

  9. Chee WEi 10 February 2010 at 11:28 am #

    Before i can key in order for ID 14, the price has move down 140.35. Should i key in the order now and wait for the price to move up again ?? your signal are 4 hour a part… so sometime i really don't have idea when the price move so fast and what the action plan i should take.

    • FirePips 10 February 2010 at 1:10 pm #

      I understand your problem. There is only so much time I can spend in front of computer everyday.

      If you late at entering the trade then if the price at the time is within 15-20 pips then it is ok to enter the trade. Anything beyond I won't trade.

  10. Chee Wei 10 February 2010 at 11:36 am #

    forgot to say thank you so so so much… i learn a lot from your signal . I still new in forex and looking forward to learn from you.

  11. PP 11 February 2010 at 12:09 am #

    hello FP,

    EURAUD is currently at 1.5710….i wanted to ask that what will be the course of this pair i.e whether it will fall or rise from this value as per your experiance and analysis……just for information bcuz i am holding this pair…thnx and

    cheers. :)

  12. FirePips 10 February 2010 at 1:13 pm #

    Sorry I've not analyzed this pair in much detail. Every pair behaves differently and it won't be prudent to give you advice which is purely based on hunch.

  13. Tracy 10 February 2010 at 2:38 pm #

    I dont know if you trade USDCHF and AUDUSD but I have two positions open there. What do you think of the movement in the next couple of days? I have USDCHF on short and long on AUDUSD.

    • FirePips 10 February 2010 at 6:07 pm #

      I got same reply for you as I gave to PP. I've not analyzed these pairs enough to give you any advice.

  14. SSS 11 February 2010 at 3:44 am #

    Hi, with regard to your last update:

    Update at 9AM EST / 2 PM GMT / 1600 Hour Candle:

    Order ID: 12 | Update| $GBPUSD Buy 1.5750 | Move Stop Loss to 1.5600
    Order ID: 13 | Pending | $CADJPY Buy 84.20 | Closed out at – 55
    Order ID: 14 | Pending | $GBPJPY Buy 141.15 | Closed out at -100
    Order ID: 15 | Pending | $EURJPY Buy 123.85 | Closed out at -90
    Order ID: 16 | Pending | $EURUSD Buy 1.3795 | Currently at -45

    When u say PENDING – closed out, do you mean the actual trade was made and closed out with a loss, or that the order was pending (was never made) because it closed out due to being unfulfilled??

    for the current week i have:

    GAIN: 90 pips
    LOSS: 382 pips??

    Based on all trades to date (Order ID 1-16), can anyone else verify? Thanks

  15. SSS 11 February 2010 at 3:47 am #

    Correction:

    ID CODE TYPE GAIN LOSS
    1 GBP/USD SELL 45
    3 CAD/JPY BUY 27
    4 GBP/USD BUY 60
    5 GBP/JPY BUY 90
    6 EUR/JPY BUY 30
    7 EUR/USD BUY
    8 CAD/JPY SELL 20
    9 CAD/JPY BUY 15
    10 GBP/USD SELL 75
    11 CAD/JPY BUY
    12 GBP/USD BUY
    13 CAD/JPY BUY 55??
    14 GBP/JPY BUY 100?
    15 EUR/JPY BUY 90?
    16 EUR/USD BUY 45?

    GAIN LOSS
    TOTALS 90 562

  16. Pierre 10 February 2010 at 6:53 pm #

    this week start is not as prosperous as the other, nevermind and keep up

  17. FMP 10 February 2010 at 8:15 pm #

    I'm trying to recoup the losses with lots and lots of scalping…:P Anyway, keep it up chief..:)

  18. amir 10 February 2010 at 10:44 pm #

    just a thought….i'm still contemplating on the cad/jpy long but most likely i'm going for it with a short in usd/jpy as a hedge if things go wrong…usually, i dont do this but that's me when the markets are yo yo-ing…lesser profits/lesser losses are better off than bigger losses…that's my comfort level at this point and i'm open to any advice

    • FirePips 11 February 2010 at 2:36 am #

      In my opinion it is important to stick to a trading plan. If you plan says to hedge then go ahead and do it.

      A trading plan also helps you analyze in a logical way whether your methods are working or not.

  19. kyojee 11 February 2010 at 2:32 am #

    Order ID: 12 | Update| $GBPUSD Buy 1.5750 | Move Stop Loss to 1.5600

    This GBPUSD closed out -100 on my account.
    Big lose.

    • FirePips 11 February 2010 at 2:34 am #

      Yeah…that one got close out…among few others.

  20. amir 11 February 2010 at 3:31 am #

    @fire…i hear you…thanks for the reminder ;)


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