Forex Signals 9th Feb

Best Forex SignalsMarket seems to be moving in a sideways direction so far this week. As I’ve mentioned earlier that it does happen from time to time, it usually works out better later in the week. From my experience if  on Mon and Tues market is slow / sideways then it picks up from Wed onwards, usually rallying in either direction. Any losses so for has only been marginally smaller, there is lot left to happen in this week and I encourage you to keep trading as usual.

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

Order ID: 4 | Update | $GBPUSD Buy 1.5630 | Move Stop Loss to 1.5570
Order ID: 5 | Update | $GBPJPY Sell 138.55 or Buy 140.00 | Waiting to get filled
Order ID: 6 | Update | $EURJPY Sell 121.50 or Buy 122.85 | Waiting to get filled
Order ID: 7 | Update | $EURUSD Sell 1.3615 or Buy 1.3720 | Waiting to get filled
Order ID: 8 | Update| $CADJPY Sell 83.15 | Currently at +20

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

Order ID: 4 | Update | $GBPUSD Buy 1.5630 | Closed out at -60
Order ID: 5 | Update | $GBPJPY Sell 138.55 or Buy 140.00 | Not Yet Filled
Order ID: 6 | Update | $EURJPY Sell 121.50 or Buy 122.85 | Not Yet Filled
Order ID: 7 | Update | $EURUSD Sell 1.3615 or Buy 1.3720 | Not Yet Filled
Order ID: 8 | Update| $CADJPY Sell 83.15 | Move Stop Loss to 83.35

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

Order ID: 5 | Update | $GBPJPY Sell 138.55 or Buy 140.00 | Waiting to get filled
Order ID: 6 | Update | $EURJPY Sell 121.50 or Buy 122.85 | Waiting to get filled
Order ID: 7 | Update | $EURUSD Sell 1.3615 or Buy 1.3720 | Waiting to get filled
Order ID: 8 | Update| $CADJPY Sell 83.15 | Closed out at -20

Order ID: 9 | Order Cancels Order | $CADJPY Sell 83.10 or Buy 83.65 | Stop Loss: -55 Pips | Take Profit: 40-80-120 Pips

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

Order ID: 5 | Update | $GBPJPY Buy 140.00 | Currently at -25
Order ID: 6 | Update | $EURJPY Buy 122.85 | Currently at +30
Order ID: 7 | Update | $EURUSD Buy 1.3720 | Currently at +10
Order ID: 9 | Update | $CADJPY Buy 83.65 | Currently at +25

Order ID: 10 | Order Cancels Order | $GBPUSD Sell 1.5570 or Buy 1.5650 | Stop Loss: 80 Pips | Take Profit: 50-100-150 Pips

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

Order ID: 5 | Update | $GBPJPY Buy 140.00 | Currently at -15
Order ID: 6 | Update | $EURJPY Buy 122.85 | First Profit Target Reached at +50 | Move Stop Loss to 122.55
Order ID: 7 | Update | $EURUSD Buy 1.3720 | First Profit Target Reached at +40 | Move Stop Loss to 1.3673 Pips
Order ID: 9 | Update | $CADJPY Buy 83.65 | First Profit Target Reached at +40 | Move Stop Loss to 83.40
Order ID: 10 | Update| $GBPUSD Sell 1.5570 | Move Stop Loss to 1.5645

Update at 1PM EST / 6PM GMT / 2000 Hour Candle:

Order ID: 5 | Update | $GBPJPY Buy 140.00 |First Profit Target Reached at +70 | Move Stop Loss to -72 pips
Order ID: 6 | Update | $EURJPY Buy 122.85 | Closed out at -30
Order ID: 7 | Update | $EURUSD Buy 1.3720 | Third Profit Target Reached at +120
Order ID: 9 | Update | $CADJPY Buy 83.65 | Closed out at -15
Order ID: 10 | Update| $GBPUSD Sell 1.5570 | Closed out at -75

Order ID: 11 | Order Cancels Order | $CADJPY Sell 83.00 or Buy 84.30 | Stop Loss: 130 Pips | Take Profit: 40-80-120 Pips
Order ID: 12 | Order Cancels Order | $GBPUSD Sell 1.5580 or Buy 1.5750 | Stop Loss: 170 Pips | Take Profit: 50-100-150 Pips

This post has continued on to next day. Click Forex Signals

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24 Responses to “Forex Signals 9th Feb”

  1. Gholi 9 February 2010 at 3:06 am #

    hi,

    Thanks for your signals. I wanted to know what is the best way to trade in forex. should I follow the price action, and if yes, which news services are good and not expensive.

    also if you have other alternative I would be glad to hear from you.

    Thanks

  2. Nigel 9 February 2010 at 6:46 pm #

    Hi Firepips

    Your signals are really excellent and the updates so useful.
    Just wanted to say that your GBPUSD buy signal was actually OK see how the price has recovered!

    • FirePips 9 February 2010 at 10:04 am #

      You probably want to take that back now ;)

  3. SSS 9 February 2010 at 10:35 am #

    LOL not a very good start to the week! Do you just go on price action and not use ANY inidcators at all? not even candles?? and if u do how can u one look at a 4hr candle as it does not start to producesettle till way after the 4hr mark??

    • FirePips 9 February 2010 at 11:05 am #

      I do have candlesticks on my charts, but I don't analyze them as one would think. I have them because I like them visually than normal Bars.

  4. Ioannis 9 February 2010 at 12:21 pm #

    Hi, I would like to ask you if you can possible remember what is your biggest series of losses with you new technique(4hr candle) because I saw a -660 pips loss in 1st week of Janaury. I don't want to offend you, I just want to plan my risk control when I am trading you signals.Thanks.

    • FirePips 9 February 2010 at 1:13 pm #

      It is a good question, however I don't have a precise answer for you. If you read my blog I've mentioned that I used this strategy on a smaller timeframe, and only recently I backtested and enhanced it to work with 4 hour candles.

      As a trader I focus a great deal on money management, I don't risk more than 1% per trade and hence few losses in row usually doesn't make a big dent in the account. I advice you to keep your risk to a level which you are comfortable with.

      Hope this helps.

  5. Dan 9 February 2010 at 2:34 pm #

    Hi Fire Pips,

    Just came across your site today and really impressed with your free services. I will be following u to see how it goes. Just wanted to know the best time to trade ur signals

    • FirePips 9 February 2010 at 6:12 pm #

      Hi Dan,

      Welcome aboard. There is "no best time to trade" with us, we trade 24hrs. Though you don't have to, you can simply takes the trades that fall into your timezone.

      Let me know if you have any questions.

  6. Nigel 10 February 2010 at 3:31 am #

    Hi Firepips
    I read you article “does higher leverage in forex trading help?” and I just want to say that I wish I’d read it before losing $5000 in forex trading!!
    How true this is: “forex brokers know that most people starting off will eventually lose all of their money”
    I was watching some of those forex training videos on Youtube the other day and the guy said that 95% of retail day traders get wiped out. I didn’t believe him but now I’m beginning to!
    Just wanted to ask you what you actually think of “day trading”? I know that your signals are really excellent but of course so many trades get stopped out or many people of course keep looking at the screen and can’t wait for a trade to develop or retrace.
    Just wondered if one is better off trying to identify really good setups (if possible!) maybe only entering trades in a strongly trending situation. I’d love to know your comments on this?
    Thks and rgds

    • FirePips 9 February 2010 at 8:36 pm #

      HI Nigel,

      There are two things one needs to master to become successful at trading.
      1. Finding a winning strategy
      2.Right Mindset, i.e. Psychology of Trading

      The 95% of people that lose money focus 95% on finding the winning strategy. They may understand that psychology is important but don't do enough about it.

      In my opinion one don't need a system with a very high win ratio, any good system would do, as long as he gets the psychology of trading right.

  7. SSS 10 February 2010 at 5:10 am #

    to Nigel, you just have to research and practise and practise until you find a strategy that suits YOU and works for YOU, it is there, with patience you will find it! Firepips as his own strategy but does not mean it is for everyone.
    The 95% who get wiped out are the one’s in a hurry and don;t research and practise enough, good luck and trade carefully, always 1% per trade.

  8. Pierre 9 February 2010 at 7:47 pm #

    news trading was wonderful today as @ 4.30 pm eur/usd get a fly high ticket to sky :)

  9. J P 9 February 2010 at 8:08 pm #

    Hi, today was nerve teasing for me. was away from computer for couple hours just to later realize that i missed 3rd profit target by ONE pip on eur/usd with oanda.
    oh well could be worst ;)
    happy trades everyone

    • FirePips 9 February 2010 at 9:32 pm #

      Good one Pierre, Feel free to share more info on your news trading method.

  10. PP 10 February 2010 at 7:36 am #

    hi there firepips

    i am new to forex and have subscribed to your signals..your signals come in the intervals of 4hrs which is really good……but what i wanted to ask u is that if i miss your first signals of the day, can i still make profits with the remaining signals for the day because i stay in india and basically not logged in when u give initial signals…..would like to hear from you, thanks
    keep doing this good work………

    • FirePips 9 February 2010 at 9:29 pm #

      Yes, you can still trade all pending orders and new orders that come as the day goes.

  11. davide 9 February 2010 at 8:52 pm #

    Hi FP,

    why not placing a new order on EURJPY?

    davide

    • FirePips 9 February 2010 at 9:28 pm #

      Yeah, I am still waiting for better confirmation.

      • davide 9 February 2010 at 10:45 pm #

        is it maybe because the candle is too big = stoploss too big = potential poor risk-reward ratio?

        • FirePips 9 February 2010 at 11:34 pm #

          That and other factors :)

          • davide 9 February 2010 at 11:55 pm #

            grrrr :)

  12. Diet Pipsi 10 February 2010 at 6:47 pm #

    And some that are already passed the trigger point can also be traded.

    If the entry was already triggered from a signal you missed, and current price would have the trade in the negative, you can usually enter that trade immediately. I always still use the same stop price as if I'd got the entry price posted. That way you will have a better fill price than FirePips got, and if it hits the stoploss, you lose less, and as it hits the profit targets you make more.

    If the entry was already triggered and the trade would already be in profit, you can still put in a limit order for the same entry price, so that if there is a retrace you can still get in. I will not do this if price has already seen more than about 1/2 of the first profit target or so. But if the first target was say 50 pips and it has only seen what would have been +20 so far, I'll still put in a limit order for the posted entry price in case of a retrace. I will cancel that limit order if price gets up to about 70% of the first target without a retrace putting me in.


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