Can someone help to explain this trading method . I get these signals everyday from a company. Someone told me that this is straddling. The signals are sent every day at 5am eastern time. Can someone explain tome the principle of the method of thuis straddle
The information came at 5am EDT for July 11 2007 as a signal
Jul 11
july , 2007 5:00 am EDT
Signals for today
IMPORTANT: Not opened positions per our system rules are to be cancelled at 4:00 pm EDT
These are instructions you must remember before entering you signals.
Profit levels for each pair are: Eur/Usd40 pips, Usd/Chf & Gbp/Usd70 pips.
System will trade a maximum of two positions (one long and one short entry) for each pair on a daily basis, disregarding previous trade outcome. If after entering a first position, then if market reverses and price hits our contrarian entry level we will exit the first trade and enter a second trade all at once, for the opposite side.
Immediately after entering positions a profit target order and a stop loss order will be placed at appropriate levels.
First stop loss level for any position, will always be the opposite level for the position being held. If we enter long, then our first stop loss level will be placed exactly at the short entry level for that pair, and vice versa. We will place convenient stop orders at stop loss and profit levels immediately after a new position has been taken.
Trades alerted by BuyForexSignals.com may have three exit points:
• Profit Exit
• Stop loss exit (Taking some small loss or Breakeven)
• Time based exit
If price moves to the winning side a certain amount, then we will move the stop loss level to break even; for EUR/USD after a 15 pips movement set your stop loss to breakeven, for USD/CHF and GBP/USD after a 30 pips movement set your stop loss at breakeven. If any of our exit levels is not hit during the day, we will exit any open position at 5:00 pm EST (New York Time).
As trading always involves risk, we highly suggest to trade safely following strict money management rules. Paper trade until feeling comfortable