Weekly Update
Kia Ora,
Last week went quite well. EURUSD and EURJPY together added +360 Pips to the total and overall we finished at +340 for the week. The way these two pairs are outdoing all other pairs I am contemplating trading these two pairs alone and use a strategy variation for other pairs. I need more time to test and I’ll keep you posted on it. By the way if you can guess the origin of the greeting above then leave a comment to let us know.
FaceBook Fan Page
I have almost run out of room on my personal profile (Facebook limits it to 5,000 friends), so I’m transitioning everything over to my fan page (which has no limits). If you could join me there, it would be great! Click Here I also have a Facebook Group that I would like you to join as well. Click Here
Official EA Update
EA is almost ready, this week I’ll test it personally before releasing it publicly. The initial version contains all necessary features and subsequent versions will accommodate all advance features.
Performance Page
I’ve created a new page which can be found right at the top, it contains performance figures until last week. I’ll keep it updated on weekly basis and add more charts as we go along. You can access this page Here. Last week I posted a detailed analysis which can be found Here.
Investors
I mentioned this last week that I am working with couple of investors, this week most details would be finalized and there may be some changes as a result of it. Nothing is set in stone right now and I’ll keep you posted as we go along.
Maori … (from New Zealand) … literally means "be well" , but informally is simply "hi" … how do you find these?
I find them on Google when I search for places I want to visit. Some of them I already know from my past visits, like this one.
Are we gonna be trading the kiwi, because I think thats from the New Zealand indigenous culture, the maroi?
No, we are not trading Kiwi, may be in the future
Hello,
I'd just like to take this opportunity to tip my hat and thank you for the fantastic signals !!
I have been trying in the little spare time I have to get my head inside the price action data where you derive your signals and whereas sometimes I feel I'm on the right track, I know I'm still a long ways away.
One simple question that I don't expect an answer to but will post anyway: You say no indicators are used to product your signals – would it also be true to say that an indicator could be built based on your price action rules of entry; or is it more objective that that?
Cheers and thanks again
Hi Gary,
Good to hear from you. An indicator could be created to point out possible trades but can't code discretion part in it.
Sorry to repeat this, but I must say that performances of the strategy after 3 months are actually poor. I mean, using all the crossing as we always did.
We made less than 5% of the capital, i.e. less than 2% per month. We also went in a negative territory after 6 weeks of trading. This means, very high draw-down, high risk and trading plan not so stable.
I really don't understand all this hype and enthusiastic comments. I think there's a sort of stockholm syndrome in the air.
Believe me FP I say this with a little sorrow in my heart (!) because I really like your stile of trading for many reasons. (not so time consuming, semi-authomatic, etc…).
I really hope we'll be strong enough to help you to improve gains changing the strategy.
M
People give enthusiastic comments because they do appreciate what FP is doing. As for me personally, I have been following him since early of February. No one ever force you to follow him. The man needs some respect, alright?
Hi Azizi,
I respect everyone no problem, so you consider 5% in 3 months a good result?
M
Yup. First of all, I am not an experience trader, only started trading last year. So I still have a long way to go. I always remind myself that trading forex is not a way to become rich overnight. So I am definitely cool even if I manage to get even 1% a month, times 12 months I will get 12%. Better slow than sorry. I am progressing slowly, one pip at a time
Hi Firepips,
Cable is a strange pair. Many times It gives false breakouts the reason I think of is because of its volatality the momentum carries it out of the boundary of normal analysis. In terms of physics you can say the speed is fast. I am trading a system which is working really good for cable only. 9 out of 10 trades are winner. If anyone interested I can tell or it might be better if I can post it somewhere…btw it is based on indicators.
Hi,
Since firepips is not interested which is good because it shows the confidence he has on his trading. Go firepips.
I am intrested in the method you are using please post the details
You are right…we traded GBPUSD with out system and it didn't work out great. Currently I am working on the a variation that could help.
Thanks for your offer, but I would rather keep the discussion to price action based trading only.
Hope you understand
Yes it is a MAORI Greeting, means Hello, Keep up the great work Firepips
Please clarify the significance of the 16.00 hour candle or other stated candle hours. I realise this is a broker derived candle time but what does it mean to me. i.e If I receive a notification at 14.00GMT with 16.00 candle, do I have to wait to do something at 16.00 or are we expecting the price action to move at that time. Or do I ignore it and concentrate on my time i.e GMT.
Regards Bill
Hi Bill – Looks like no one showed you any love for 2 days here!
The 16:00 candle you are correct is a broker-derived time. It and the other candle hours used for signals do have a significance, and here is what is significant about it. For 4-hour candles, you want to be using a broker who has their time set so that their platform ends a day at 5pm EST U.S, which is when New York closes for business.
Daily bars and 4-hour bars should only be used for technical if they begin and end when New York closes because that is the end of the business day in the trading world. Technical on one-hour or smaller bars of course it doesn't matter; and for daily and larger bars it doesn't matter much. But 4-hour and daily bars, technical should only be done using bars with a day that ends at 5pm EST U.S. FXDD is such a platform, and at 5pm EST in New York is when they change to a new business day.
It does NOT matter what time it is where you are. The 00:00 bar happens at 5pm EST in U.S.
So if it's 3am where you are when the 16:00 bar starts, the you will get your email for the 16:00 bar at 3am your time, and that's when you trade it.
So if it's 7pm where you are when the 16:00 bar starts, the you will get your email for the 16:00 bar at 7pm your time, and that's when you trade it.
Hope that helps -