Forex Signals 2nd Feb

Free Forex SignalsI hope everyone is now getting familiar with the signals.  Let me quickly recap anyways.

Signals are send every 4 hours starting from 5PM EST. If the Order says “Order Cancel Order” or “Pending”, it means that it is a new order ready to be placed. On the other hand if it says “Update” then it means that it is an old order which is either already triggered or waiting to be filled.  OCO orders are created for both sides “Buy and Sell” and which ever triggers first cancels the other.

All trades are open with 3 lots with same  Stop Loss but different Profit Targets. When we reach first Profit Target we move  Stop Loss to half the original size. Then when it reaches second Profit Target, we move  Stop Loss to Break Even. At times due to change in price action we may move  Stop Loss to either lock in profits or minimize loss. In such cases I’ll tell you where to move your  Stop Loss.  In earlier scenario  when Stop Loss is moved due to Profit Target being met is done in real time as it happens. In case of later scenario when we move  Stop Loss due to change in Price Action, it is done at the end of 4 hour candle.

When I create new orders I consider 1-2 pips spread on GBPUSD & EURUSD and 3-4 pips on the rest. These are based on my ECN broker. If you happen to use a Market Maker broker the you may need to add extra pips due to larger spread on their platform.

Update at 5PM EST / 0000 Hour Candle:

Order ID: 3 | Update | $EURJPY Buy 125.50 | Currently at +70 Pips
Order ID: 4 | Update | $EURUSD Buy 1.3895 | Currently at +30 Pips

Order ID: 5 | Update | $CADJPY Buy 84.75 | Currently at +60 Pips
Order ID: 6 | Update | $GBPUSD Buy 1.5955 | Currently at Break Even

Update at 9PM EST / 0400 Hour Candle:

Order ID: 3 | Update | $EURJPY Buy 125.50 | Waiting for Third profit Target to Reach at +150 | Currently at +85 Pips
Order ID: 4 | Update | $EURUSD Buy 1.3895 | Move Stop Loss to 1.3900
Order ID: 5 | Update | $CADJPY Buy 84.75 | Second Profit Target Reached at +80 | Move Stop Loss to Break Even
Order ID: 6 | Update | $GBPUSD Buy 1.5955 | Currently at Break Even

Order ID: 7 | Pending | $GBPJPY Buy 145.15 | Stop Loss: 70 Pips | Take Profit: 70-140-210 Pips

Update at 1AM EST / 0800 Hour Candle:

Order ID: 3 | Update | $EURJPY Buy 125.50 | Currently at +85 Pips
Order ID: 4 | Update | $EURUSD Buy 1.3895 | Closed out at +5
Order ID: 5 | Update | $CADJPY Buy 84.75 | Move Stop Loss to 85.10
Order ID: 6 | Update | $GBPUSD Buy 1.5955 | Move Stop Loss to 1.5915
Order ID: 7 | Update | $GBPJPY Buy 145.15 | Closed out at -70

Order ID: 8 | Pending | $EURUSD Buy 1.3940 | Stop Loss: 60 Pips | Take Profit: 40-80-120 Pips

Update at 5AM EST / 1200 Hour Candle:

Order ID: 3 | Update | $EURJPY Buy 125.50 | Move Stop Loss to 125.90
Order ID: 5 | Update | $CADJPY Buy 84.75 | Waiting for Third profit Target to Reach at +120
Order ID: 6 | Update | $GBPUSD Buy 1.5955 | Closed out at -40
Order ID: 8 | Update | $EURUSD Buy 1.3940 | Currently at -10

Order ID: 9 | Order Cancels Order | $GBPUSD Sell 1.5895 or Buy 1.5975 | Stop Loss: 80 Pips | Take Profit: 50-100-150 Pips

Update at 9AM EST / 1600 Hour Candle:

Order ID: 3 | Update | $EURJPY Buy 125.50 | Currently at +50
Order ID: 5 | Update | $CADJPY Buy 84.75 | Missed Third Profit Target by 6 Pips | Closed out at +35
Order ID: 8 | Update | $EURUSD Buy 1.3940 | Currently at Break Even
Order ID: 9 | Update| $GBPUSD Sell 1.5895 or Buy 1.5975 | Waiting to get filled

Update at 1PM EST / 2000 Hour Candle:

Order ID: 3 | Update | $EURJPY Buy 125.50 | Closed out at +40
Order ID: 8 | Update | $EURUSD Buy 1.3940 | Currently at +20
Order ID: 9 | Update| $GBPUSD Buy 1.5975 | Currently at Break Even

Order ID: 10 | Pending | $GBPJPY Buy 144.60 | Stop Loss: 85 Pips | Take Profit: 70-140-210 Pips
Order ID: 11 | Pending| $EURJPY Buy 126.35 | Stop Loss: 60 Pips | Take Profit: 50-100-150 Pips
Order ID: 12 | Pending| $CADJPY Buy 85.40 | Stop Loss: 50 Pips | Take Profit: 40-80-120 Pips

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

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22 Responses to “Forex Signals 2nd Feb”

  1. Slotorque 2 February 2010 at 11:50 am #

    Question: Is each signal 3 orders or 1 lot with same S/L but each has a different T/P. Or do you have 1 order and a broker that allows you to set different T/P targets for different parts of your order size? Make sense? I use IkonRoyal and don’t have OCO or lots of options around S/L and T/P. All or nothing if that makes sense. Thanks for your time.

  2. FirePips 2 February 2010 at 12:12 pm #

    Hi Slotorque,

    It depends on your broker. Some brokers would let you open one large position and set different profit taking point. With other brokers you may have to open 3 different trades for each Profit Target.

    Same for OCO. It again depends on your broker.

  3. RICK 2 February 2010 at 1:47 pm #

    You are hedging or stradeling 4hr Bars?

  4. FirePips 2 February 2010 at 5:10 pm #

    @Rick, Yeah Straddle in a way…not hedging.

  5. richard 2 February 2010 at 6:16 pm #

    im still not recieving any emails about your signals!!!! :(

  6. nikita 2 February 2010 at 7:42 pm #

    hi
    am having difficulties.
    for example your trade 7..i see that your trade is still moving.
    whereas mine was alredi SL few hours back..
    im using ikofx.
    any idea how to tweak or adjust to be similar to yours?
    read ur article on adding a few pips due to differences.
    my question is the few pips u asked us to add.. where to add onto?? onto my own current quote(from iko) or just add on top of your tips quote?
    reason because.. i had 2 tips from you id 2 and id 7 started and ended prematurely..

  7. FirePips 2 February 2010 at 8:41 pm #

    @richard, Not sure what is the real issue here. Can I ask you open up a Gmail account and then forward emails to your Hotmail account.

  8. FirePips 2 February 2010 at 9:22 pm #

    @Nikita, Not sure why you got closed out early. Though end result was same for everyone.

    Regarding adding extra pips, can I ask you to use an example to explain how you are adding pips?

  9. Shahid 2 February 2010 at 10:45 pm #

    Hi Firepips,
    I did a small analysis on the pairs.
    Here is the summary:
    CAD/JPY -499 +860 Total= +361 (14 trades)
    EUR/JPY -360 +970 Total= +610 (16 trades)
    EUR/USD -36 +1090 Total= +730 (12 trades)
    GBP/JPY -1680 +1022 Total= -658 (22 trades)
    GBP/USD -1230 +1100 Total= -130 (16 trades)

    May be after a few months we can drop one or two pairs which are not performing well with this system (Just a suggestion).

    -Shahid

  10. Hasan 2 February 2010 at 11:15 pm #

    Very useful service. But to follow the signals is not practical: Please try to record each trade at the separate page with exact entry/exit time as GMT with charts.

  11. FirePips 2 February 2010 at 11:20 pm #

    Hi Shahid,

    Thanks for the analysis. I save it for future reference.

  12. FirePips 2 February 2010 at 11:25 pm #

    Hi Hasan,

    I do realize the current limitation and happy to consider better ways to providing signals.

  13. shabba 3 February 2010 at 12:37 am #

    hi,the order:

    Order ID: 3 | Update | $EURJPY Buy 125.50 | Currently at +70 Pips

    is at 5pm est / 0000 GMT hr right? on that basis the EUR/JPY is trading at around 126.31 at this time

    Where did u get 125.50??

  14. FirePips 3 February 2010 at 1:05 am #

    Hi Shabba,

    125.50 is the entry price for that order, and not the current price.

  15. Soup 3 February 2010 at 6:17 am #

    When I get the email update, I see lots of “|”.
    Would it be possible to change one thing to make in easier to read. Like maybe perhaps.

    Order ID: 3 > Update : $EURJPY Buy 125.50 | Currently at +70 Pips

    Even if you don’t change it, it’s ok, I can always check this site.

  16. Soup 3 February 2010 at 6:31 am #

    Please ignore my previous post. It’s seem that the mail forwarding case the messup.

  17. Amir Montasser 3 February 2010 at 8:19 am #

    I started to watch closely your signals since last Tuesday. I think you provide awesome ”free” service, at least for the last week. Your signals tuned up my trading big time. I made +600 pips since I started following you on twitter. My concern is what I’m going to do if you r not around :) ..Keep it up Chief ;)

  18. David 3 February 2010 at 8:40 am #

    I use your service along with some others (which I pay for) as I am just starting out in forex, keep it the great service, I echo what amir said “what we going to do if you decide to call it a day?” thanks again

  19. FirePips 3 February 2010 at 10:05 am #

    @Amir @David, Haha…I am not going anywhere, I live and breathe Forex. Just pray for my long life though ;)

  20. Eric 3 February 2010 at 1:34 pm #

    Ok this is bad, all my trade is losing… all negative le… haiz… bad luck, ever since i started placing 400 in my account, i never see it exceed that amount… haiz…

  21. FirePips 3 February 2010 at 5:59 pm #

    Hi Eric, You gotta have patience my friend. We trade on 4hr charts…it takes some time before we can reap profits.

  22. Eric 3 February 2010 at 6:25 pm #

    Yeah thanks Firepips, if dun have you, i guess i’ve already lost the money… haha! Thanks! really appreciate you for posting all the info for us… Thanks!


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