We shorted the GBP/USD at 1.5534 at 15:11GMT with a SL above 1.5556, TP to be announced…
HAPPY NEW YEAR 2012 EVERYONE! I WISH YOU ALL THE VERY BEST IN HEALTH, JOY & PROSPERITY IN THE NEW YEAR 2012. MAY IT BE OUR BEST YEAR IN FOREX - EVER!
Mike a.k.a. ProsperityFXPro
Quick reminder: both pairs are in a DOWN trend. Although I will never tell you NOT to trade against the trend, I would like you to know how strongly I feel about you always trading in the direction of the MAIN trend. If you are proficient at trading countertrend and have a good track record and system in which you have great confidence - go for it. If you prefer a more boring approach where waiting is the name of the game in order to secure large amounts of pips over a longer period of holding a trade - then go WITH the trend. 
Hi Mike
A very happy new year to you too.
Any update on this trade…
Do you prefer trading in the direction of Main trend?
Mark
Hi Mark,
Thank you for your wishes and question.
Yes - we always, always trend-trade. The update at the moment is that we are waiting for a setup and subsequent entry level on both pairs in order to re-enter the main trend which still has a fair way to go, minimum to 1.2675 on the euro and very likely even better than that.
Kind regards,
Mike aka PFXP
- We are waiting for a clear setup for this week, and we have still not had it.
- However, I have thoroughly analysed the markets from last week and I have found price levels on both pairs that may still be active with pending orders from big traders from last week.
These are NOT from a fresh setup from this week, and therefore I myself do not yet know how price is going to react as this is a New Year and I have yet to witness this kind of scenario. So please no large trades areound these levels as yet, ok?
The levels are: EUR/USD : 1.30858 & GBP/USD : 1.56993
We will watch together and see what happens if and when price reaches these levels and all along wait for a fresh setup for this week and consequently an entry 
Happy trading and lets have a piptastic week :60:
thanks for the update . regards
Thanks for the update Mike. Looking forward for some good signals for EUR/USD, hopefully sell ones
Yes Khdour, we are looking for sells on both currency pairs.
By the way, the stops on these two levels would be very tight: 1.30952 (+ spread) on EUR/USD and 1.57075 (+spread) on GBP/USD just to give you more perspective
My best guess is once hit these levels may be the ones to produce our setups which in turn produce our signals.
setup -> signal -> entry+stop
Great stuff Mike… thanks again for sharing…
I have just finished playing around with some maths relating the the last two trends on my system (we only started trading just before the start of trend the current downtrend).
Of interest, a £10K trading account, if traded at what I call my ‘Aggressive’ strategy, and taking all entries in my system (so far between 2 and 4 trades per entire trend) on both pairs would have ballooned the trading account in the following way:
Start Trend 1 Trend 2
£10,000 -> £20,242 -> £44,302
I will be recording stats as we catch each successive trend and at regular intervals I will publish a stats spreadsheet/chart to demonstrate the power of compounding in fx trading.
Happy Trading!
PFXP
:60:
Hi Mike,
Looking at the graphs, does it mean that we missed the entry levels?
Thanks
A
Hi Eurbeliever,
Yes - we did not get in at the best entries on this trend - my fault, I missed them myself. However, there seems to have been entry levels that were not reached last week, and so I will be looking for price to react at these levels, and most likely give us a fresh setup and subsequent clean entry/entries for both pairs this week (short).
I may post tomorrow morning with graphs including levels to watch.
Best wishes,
Mike a.k.a. PFXP
Neither EUR/USD or GBP/USD have offered us a fresh setup yet. We continue to wait, with eyes on 1.30858 on fiber & 1.56993 on cable
Overview of current trends, with new improved entry system
Hi everyone,
Here are two charts of our pairs, with a few levels to be aware of.
NB. Larger, more clear charts are viewable ProsperityFXPro | Creating wealth for currency traders – one trend at a time. for your benefit.
We have our minimum EUR/USD target which was set earlier in the trend, and a number of arrows that indicate short entries on the new improved system – green arrows indicate limit orders (set-and-forget) – we all like those, don’t we?
Entries that come in the first hour of the new trend are always manual orders ‘at market’.
The orange solid lines indicate levels where last week’s limit orders could have been placed.
The dotted lines indicate stoploss levels and are colour coded for easy reference.
Hope all this makes sense – any questions please add them to this post
Happy Trading!
Mike a.k.a. PFXP
Just to add to the previous post (from my skype chatroom):
Whilst I was on holiday and away from my charts (candlestick deficit syndrome - at least that’s what it felt like to me! *
) I had some flashes of inspiration, so I scribbled down as many notes as i could on the notepad in my hotel room - once I returned I backtested and backtested for various trends, and worked on a really nice and easy entry/reentry method that involves limit orders ie.e set-and-forget.
New targets (put these on your charts): EUR/USD 1.2480 and GBP/USD 1.5300 (GU is provisional and likely to change to a much lower target ie. greater TP )
I have to ask, do you have any position right now or are you still waiting to enter a sell trade?
These targets you just showed, are they the target for the next upcoming trade?
Kind regard
