During the trial I am leaving all recap posts open to public view.

EURJPY and EURUSD trades below moved quickly to our profit levels at +15, +30 and +45 pips, a total of +90 pips.

( Click on Image To Enlarge )

We waited for price on 4hr to show us direction and momentum. Then we looked at smaller timeframe chart to gives us a good entry and Stop Loss. If you notice my last post on CADJPY and AUDJPY had exactly the same setup. Also the GBPUSD trade we took early in the week was exactly the same. Identifying these setups in real time is the real challenge and a skill you can develop over time after watching them alongside me.

( Click on Image To Enlarge )

GBPJPY and GBPUSD also had a great setup. We saw them breaking out of Support and we waited for price to pullback. In LTR I mentioned to wait for GBPUSD to reach 1.5550 and GBPJPY to reach 132.80-90 zone. After the breakout price reached exactly at those levels before heading down again. Here the key was identifying right zone for reversal.

Towards the end of the session we took a poll on how many people missed out on the downward move. Around 40% people didn’t participated the move and left with emotion challenge  of “missed out a perfectly good move”. We talked about this in the trading room and don’t worry if you missed out, there will be plenty more such scenarios in future.

Chart below shows cumulative pips for all pairs and EURJPY & EURUSD combined. These two pairs alone surpass performance of all other pairs. This chart is self explanatory and you can click on image to enlarge.

Next up is the Account growth comparison. This is very realistic and I took all measures to make it that way. I started off with recording  initial Stop Loss for all orders. Then I calculated Pips value for each pair based on the entry price at that time. 1 pip is not simply equal to $1, by calculating Pip Value we can identify the correct  Stop Loss per trade. Based on %risk, I then calculated the $ value of risk per trade based on  current equity. This was then divided by  Stop Loss to calculate number of lots. This resulted in lots that were not multiples of 3, hence they were then adjusted slightly to match “3 lot” method. Two factors I didn’t consider were commission and swap.

Below is the comparison between profit targets. When considering all pairs together 1st Profit target is the most profitable, however if we consider EURJPY and EURUSD alone we see that it is worth trading 3 lots method on those pairs.

Chart below compares 1 Lot method vs. 3 Lot method based on individual pairs. Overall it is profitable to trade with 3 lot method, though it is also profitable if you chose to go for 1 lot money management method. 1 lot method simply requires to open trade with 1 lot having same  Stop Loss and 1st profit target. This chart also shows profitability of each pair.

Next chart list total pips from week to week. I don’t think this chart requires any explanation expect that we had one quite a negative week however overall the month was positive.

The last chart in the series shows Account Growth for EURJPY and EURUSD combined for different levels of risk.

Based on the data above it is quite clear that two pairs stands out. You may want to start trading these pair alone, which is not wrong, but personally I will only allocate extra %risk to these pairs and trade other pairs with less overall risk. GBPUSD, though it may seem like a bad apple among others, does have potential. By minor tweaking and with analysis I hope to change it back in our favor.

A variation that is still under testing is to move  Stop Loss to Break Even soon after first Profit Target is reached. This analysis would take longer to complete since I’ve to manually look back at each trade.

I am also testing an Intra-day strategy which I happen to notice while watching charts. This method is simple yet powerful and I may open up a chat room for it. As usual it doesn’t require any indicators.

Your comments encourages me to keep working harder. Please leave comment below

I personally think last week was quite challenging psychologically and glad that we came out on top. We end up with +435 Pips for the week.

On the weekend I was battling with PC issues and couldn’t get much done, though I still have some updates that I’ll write up in next post shortly.

Update at 1 AM EST / 5 AM GMT / 0800 Hour Candle:

Order ID: 1 | Order Cancels Order | $GBPJPY Sell 137.10 or Buy 137.90 | Stop Loss: 80 Pips | Take Profit: 70-140-210 Pips

Order ID: 2 | Pending | $EURJPY Sell 124.30 | Stop Loss: 60 Pips | Take Profit: 50-100-150 Pips

Order ID: 3 | Order Cancels Order | $CADJPY Sell 88.80 or Buy 89.35 | Stop Loss: 55 Pips | Take Profit: 40-80-120 Pips

Order ID: 4 | Pending | $CHFJPY Sell 85.30 | Stop Loss: 45 Pips | Take Profit: 30-60-90 Pips

Order ID: 5 | Pending | $EURUSD Sell 1.3715 | Stop Loss: 50 Pips | Take Profit: 40-80-120 Pips

Update at 5 AM EST / 9 AM GMT / 1200 Hour Candle:

Order ID: 1 | Update | $GBPJPY Buy 137.90 | Closed out at -80

Order ID: 2 | Pending | $EURJPY Sell 124.30 | No Fill, Cancel Order

Order ID: 3 | Order Cancels Order | $CADJPY Sell 88.80 or Buy 89.35 | Waiting to get filled

Order ID: 4 | Pending | $CHFJPY Sell 85.30 | No Fill, Cancel Order

Order ID: 5 | Pending | $EURUSD Sell 1.3715 | Waiting to get filled

Order ID: 6 | Order Cancels Order | $GBPJPY Sell 136.75 or Buy 138.00 | Stop Loss: 125 Pips | Take Profit: 70-140-210 Pips

Update at 9 AM EST / 1 PM GMT / 1600 Hour Candle:

Order ID: 3 | Update | $CADJPY Sell 88.80 or Buy 89.35 | Waiting to get filled

Order ID: 5 | Update | $EURUSD Sell 1.3715 | Currently at Break Even

Order ID: 6 | Update| $GBPJPY Sell 136.75 | Currently at +20

Order ID: 7 | Pending | $EURJPY Sell 124.15 | Stop Loss: 75Pips | Take Profit: 50-100-150 Pips

Update at 1 PM EST / 5 PM GMT / 2000 Hour Candle:

Order ID: 3 | Update | $CADJPY Sell 88.80 | First Profit Target Reached at +40 Pips | Move Stop Loss to 89.05

Order ID: 5 | Update | $EURUSD Sell 1.3715 | Missed Second Profit Target +80 by 4 Pips | Move Stop Loss to Break Even

Order ID: 6 | Update | $GBPJPY Sell 136.75 | First Profit Target Reached at +70 Pips | Move Stop Loss to 137.35

Order ID: 7 | Pending | $EURJPY Sell 124.15 | First Profit Target Reached at +50 | Move Stop Loss to 124.50

16th March 2010

Update at 5 PM EST / 9 PM GMT / 0000 Hour Candle:

Order ID: 3 | Update | $CADJPY Sell 88.80 | First Profit Target Reached at +40 Pips Earlier | Move Stop Loss to 88.90

Order ID: 5 | Update | $EURUSD Sell 1.3715 | First Profit Target Reached at +40 Earlier| Move Stop Loss to 1.3690

Order ID: 6 | Update | $GBPJPY Sell 136.75 | First Profit Target Reached at +70 Pips Earlier | Move Stop Loss to 136.40

Order ID: 7 | Update | $EURJPY Sell 124.15 | First Profit Target Reached at +50 Earlier | Move Stop Loss to 123.95

Update at 1 AM EST / 5 AM GMT / 0800 Hour Candle:

Order ID: 3 | Update | $CADJPY Sell 88.80 | First Profit Target Reached at +40 Pips Earlier | Currently at +45

Order ID: 5 | Update | $EURUSD Sell 1.3715 | Closed Out at +25

Order ID: 6 | Update | $GBPJPY Sell 136.75 | First Profit Target Reached at +70 Pips Earlier | Currently at +110

Order ID: 7 | Update | $EURJPY Sell 124.15 | First Profit Target Reached at +50 Earlier | Move Stop Loss to 123.65

Update at 5 AM EST / 9 AM GMT / 1200 Hour Candle:

Order ID: 3 | Update | $CADJPY Sell 88.80 | First Profit Target Reached at +40 Pips Earlier | Currently at Break Even

Order ID: 6 | Update | $GBPJPY Sell 136.75 | Second Profit Target Reached at +140 | Move Stop Loss to 136.20

Order ID: 7 | Update | $EURJPY Sell 124.15 | First Profit Target Reached at +50 Earlier | Rest Closed out at +50 Pips

Order ID: 8 | Pending | $EURUSD Sell 1.3645 | Stop Loss: 65 Pips | Take Profit: 40-80-120 Pips

Update at 9 AM EST / 1 PM GMT / 1600 Hour Candle:

Order ID: 3 | Update | $CADJPY Sell 88.80 | First Profit Target Reached at +40 Pips Earlier | Closed out at -10

Order ID: 6 | Update | $GBPJPY Sell 136.75 | Second Profit Target Reached at +140 | Closed out at +55

Order ID: 8 | Update | $EURUSD Sell 1.3645 | No Fill, Cancel Order

Order ID: 9 | Order Cancels Order | $CADJPY Sell 88.70 or Buy 89.30 | Stop Loss: 60 Pips | Take Profit: 40-80-120 Pips

Update at 1 PM EST / 5 PM GMT / 2000 Hour Candle:

Order ID: 9 | Update | $CADJPY Sell 88.70 | Currently at -40

If you are new to our blog then please read Forex Signals and Forex Signals FAQ

We have caught the big move of the week and from my experience it is less likely that we will see another similar move this week. I would still give out signals as usual but I won’t trade on my personal account. That is purely because of psychological reasons. After a good win we tend to take extra risk and in turn lose the profits only to go back to square one.

Right now I am waiting for market to make bigger pull back before looking at any trades. I’ll keep you posted as we go along.

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

Order ID: 7 | Update | $GBPJPY Sell 140.30 | Second Profit Target Reached at +140 Pips Earlier | Currently at +120
Order ID: 8 | Update | $EURJPY Sell 123.65 | Third Profit Target Reached at +150 Pips Earlier
Order ID: 9 | Update | $EURUSD Sell 1.3615 | Third Profit Target Reached at +120
Order ID: 10 | Update | $CADJPY Sell 87.15 | Third Profit Target Reached at +120 Pips Earlier

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

Order ID: 7 | Update | $GBPJPY Sell 140.30 | Second Profit Target Reached at +140 Pips Earlier | Move Stop Loss to 139.55
Order ID: 8 | Update | $EURJPY Sell 123.65 | Third Profit Target Reached at +150 Pips Earlier | Total +300 Pips
Order ID: 9 | Update | $EURUSD Sell 1.3615 | Third Profit Target Reached at +120 Earlier | Total +240 Pips
Order ID: 10 | Update | $CADJPY Sell 87.15 | Third Profit Target Reached at +120 Pips Earlier | Total +240 Pips

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

Order ID: 7 | Update | $GBPJPY Sell 140.30 | Second Profit Target Reached at +140 Pips Earlier | Rest Closed out at +75 Pips

As you already know the we are sitting at +1335 pips for the week. At this stage I am not trading any new signals on my personal account. Though I promised to keep providing new signals as they come. I was hoping to see a  better pullback on most pairs, instead we see sideways movement. In my opinion EURUSD and GBPUSD has room for move further down but I can’t see any confirmation, hence there are no official signals at this stage.

New visitors please read Forex Signals and Forex Signals FAQ

1. Focus on implementing your trading plan perfectly for every trade

2. Focus on long term gains For ex. Weekly or Monthly gains as opposed to results of individual trades

3. Track and analyze performance to closest minute detail

4. Evaluate your actions and make changes on regular basis

5. Keep a positive frame of mind

6. Avoid any conversations or thoughts that instill doubts about your ability as a trader

7. Be a teacher, help others maximize their performance, which in turn will maximize your own

To find a systematic method that can help you avoid emotions and discretionary judgment is just the first step. I can’t emphasize enough how important is to then develop the right mindset. Hopefully the tips above help.

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What do you do to Maximize Trading Performance ?

Last week I received several feedback on how to improve signals, I thank  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 this  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.