I try to trade the signals, but not all of them. 12 pairs more or less at the same time is simply too much work for me. I rather try to focus on pairs where I think is the biggest potential or where I see a clear movement. I’m still learning on how to trade the signals, so often I just cash in 10 or 20 pips on each position when I see a rate retraces a little or is just going up and down (and driving me crazy :-)).
There’s absolutely no need to try trading all of the pairs. Just pick 3 or four of them and try to improve your skills.
But you can look at my results and use it to check the trades you took.
@ Hubinator
Thanks alot for explain that , I’ll have a look into it
Did you found it?I have a one but I think it only triggers tp levels
@ ben,
no, unfortunately, I haven’t found such a tool. So far it works without it but it would make trading a lot more efficient.
Great to see you posting some charts(keep on) to clarify the results but don’t ever think of asking me for the bill at end of each month…LOL
I’ll post remarks on those charts as on results if anything have to be remarked at any day.
Some remarks about above results: Euro/Usd High for friday was 1.3233, so TP2 1.3220/25 was hit(exit here) after saving Tp1 1.3180/85 at SL, Gbp/Usd high was 1.5741 TP1(1.5745/50) not hit(by few shy pips) but as I had advice on friday to not TP below 1.5720 so Good exit was here, Gbp/Chf low was at 1.4336 so TP2 1.4335/40 was hit so here must had been the exit.
It seem that your broker market close time is 1 hour before some other brokers which might explain why you said eurousd around 2 pips, had reached 1.3219(before 1 hour of close) & Gbpchf TP1 not TP2(reached in final hour)
Anyway, Good Work Keep on
Well, I wonder a little about the rate difference of EUR/USD. On my chart the daily high is close to 1.3220 - your high is at 1.3233 - 13 pips can make quite a difference.
I just checked the last candle and figured out market close for my broker is 11 pm CET. What about your time?
On my AVA FX account I can see EUR/USD hit the high as you said. Will start using this account to post charts.
I have been trading these signals on a real money account for over 3 months now with much success, and I hope (as I’m sure FMM will also hope) that I’m not the only one doing so!
If this was a mechanical trading system with strict rules, then maybe a request for % of win/losses would make sense, but no two traders would trade these signals with the same results. I am conservative with my entries (and aggressive with TP) and mainly trade with the trend. Others will differ. Also, the pairs you choose to trade each day can have a big impact on your bottom line results as will your ability to cut losses quickly and let winning trades run to full TP.
Dave
Yes Exactly, As I told you before your broker market close is 1 hour early. Time must be 00.00 at your broker market watch at time of close or simply end of day(if compatible with your local time end of day/start of new day as time zone differ…)
My live accounts brokers have their market watch time for market close/open at 00.00
Ofcourse, did not choose them for this purpose…lol Just a coincidence
I also noticed that market price vary(2 or 1 or decimal pips) bt. your broker price & mine as seen on charts. As sometimes candles have somehow different formations. For example if you look at the usdjpy chart I posted how the breakout entry was perfectly confirmed candle at retracement line while your usdjpy chart show it little below the line.
This is for reasons mentioned before about difference in brokers spreads that might show retracement lines & candles formations a little different but mainly must not effect entries & exists prices.
This all is within the retracement lines 5 or 10 pips(1.3100-05 or 1.3100-10 for example) as discussed in previous posts…
I do not think change of broker will effect the charts prices since it will always differ bt. brokers but surely for the market close time which anyway happens few times mainly at end of week day(friday) that market might close at highest or lowest price reached… Good Step Keep on…
Surely, I hope all traders using my Daily Signals & Analysis Gain Big Money with low risk as you had been doing.
It needs some weeks of training understanding my strategies on demo then going live. With some patience, without being lazy nor greedy later on and the trader will be on right track of success.
Traders results may vary according to pairs chosen to trade at a certain day & sometimes some pairs(if you only trade specific pairs) will not have opportunities by the market to enter a trade as retracement, high or low not hit. Stop loss can be tightened no need to wait for the strategy 30 pips for short term and 50 pips for Medium Term as all traders realized from charts I had post that you’ll have much much time to exit around retracement lines(no more than 10-20pips SL) if you are a newbie, entered wrong direction trade or for whatever reason as might be the markets sudden moves so blame it but remember to exit before doing the blaming crying part…LOL
Enjoy Trading Dave
Did I do something wrong or this is just an example of how the market can react?! And instead of waiting for a 50 pips loss I
took 38 instead.
Euro/Jpy This pair is still on uptrend, retracement at 101.15/25 & high at 102.05/15. As swing buy at 101.15/25 with Tp1 high at 102.05/15 Tp2 102.50/55 Tp3 102.80/85 while as breakout sell at 101.15/25 with Tp1 101.85/90 Tp2 100.40/45 Tp3 99.95/05
Canialegui, that was not a valid entry, but you did the right thing by closing the loss early. Also, the Tp1 on the breakout should have read 100.85 (which it did reach). To trade the retracement levels, you are ideally looking for price to approach the level in a nice orderly fashion (no big long volatile candles) with a nice bounce off to the (in this example) upside. If price has already smashed through the level, then that level has clearly not held and is unlikely to act as support when price returns. Its far more likely (again, as in this example) to act as resistance, because a lot of traders would have been caught on the wrong side of the Asan breakout, and be only too willing to close at B/E when price returned to that level.
Dave
Hi Dave…thanks for explaining. Would you have taken a short trade the second time it was having a breakout, like hubinator explaind on his charts of the 27th??
I tend to favour trading with the trend (although I am getting better trading counter-trend). Here is my take on the chart:
Looking at the Asian price action above, it was clear that some news event (or a big-mouthed politician) made the Yen drop 60-odd pips. Price then clawed its way back up (just a few pips shy of the retracement level on my chart) and that would have been a low risk trade to take on. Whenever I see price “sloshing” around the retracement level I normally leave that pair alone and would look at other pairs to trade. Of course, this is just my opinion. Perhaps FMM could view his opinion.
Will you be conducting a lesson on how you trade? Or at least telling me what system you trade? Teach me how to fish…
It is really good to see this thread now becoming more active. Well done to FMM for his continued efforts.
As way of encourgement to any newbies reading this thread, and at the risk of repeating myself, I offer the following rambling advice:
Demo, demo, demo these signals before risking real money. Then realise that when you do begin to risk real money you will make stupid mistakes because you are risking real money.
Use the demo period to determine what pairs “float your boat” and what pairs just don’t do it for you (I personally think USD/JPY is the devil’s work, but that is just my opinion). Also, you will probably lean towards trading with the trend or counter-trend (unless you’re a clever sod who can master both entries).
I started trading these signals in September. I have not had a losing month, and only once did I have a losing week (when I first started live - read above). Now and again I will get a losing day. When this happens, of course it sucks, and it’s tempting to contact FMM for a refund (lol), but seriously I find these signals are a very easy way to trade forex. Trading has now become very routine and boring. If I lose a trade, it’s just one trade in a sea of trades and it phases me not. That is where you need to be.
This is now my only trading method, and I have thrown out all my ‘97ers’ (you know, all those totally useless trading systems that always seem to cost USD 97.00). I don’t use any indicators. My charts are set on the 1 hour timeframe, and I use 5m for the entry. I do not use MT4 for trade entry, as I am a UK resident, and I prefer my earnings to be tax-free so I spreadbet.
Keep risk low and be choosy what pairs you select each day. I risk 1.5% per trade and normally make about 15% - 20% per month . I may soon drop my risk to 1% or lower as my account grows.
I’m surprised no one has set up a skype group or similar for these signals (and no, I’m not volenteering) as this seems to happen on other popular threads.
By the way, if FMM ever stops posting these signals, then I [U]really[/U] am up sh$t creek without a paddle…
Dave
In addition to what Dave wrote above, on the 15 min chart you also bought a hanging man reversal candlestick. Maybe not a great one but still a warning - really well worth studying/learning candlesticks on Babypips.
Also, there was a lot of resistance just above where you bought which needed breaking before buying there. At 101.378 there was the previous day low, current day open and the daily mid support 1 pivot level. Above that at 101.408 there was the weekly mid resistance 2 pivot level. And on the weekly chart, there was strong resistance around the same levels from two recent weekly candle lows/closes.
Hope the above helps.
would you mind to explain what is “spreadbet” and what it has to do with tax-free trading? Never heard about that.
Good you mention a skype group. I’d be really interested to set up such a group as this would be a useful means to help each other when trading. So who’s interested?
i think everybody aggrees that wee need a visual explanation on how those numbers can be used. i dont consider m,yself as an experienced trader, so ill keep my mouth (hands) shut. tnx fmm.
Just to explain something which is important to understand. FMM is more of a medium term trader (and an extremely good and an extremely profitable one). Therefore he concentrates more on the higher timeframe support and resistance levels and therefore bigger pips and bigger profits.
Price is very likely to get to his levels but just has to work its way through the lower timeframe (and therefore much less strong) support and resistance levels such as those posted on my 15 min chart first.
I am a fairly good short term trader but want to become a good medium term and a good short term trader. That’s what I am doing here - learning from a Master Trader how to trade medium term and how to improve my short term trading in the process.
Thanks for everything FMM!
Hello Traders,
Forex Signals & Analysis for 30th January 2012:
Short Term Signals:
Usd/Chf Buy at 0.9065/70 then 0.9035/40 then 0.8965/70, sell at 0.9220/25 then 0.9270/75 then 0.9310/15
Usd/Jpy Buy at 76.25/30 then 76.05/10 then 75.50/55, sell at 77.40/45 then 77.75/80 then 78.05/10
Euro/Usd Buy 1.3080/85 then 1.3020/25 then 1.2960/65, sell at 1.3295/00 then 1.3330/35 then 1.3430/35
Gbp/Usd Buy at 1.5640/45 then 1.5600/05 then 1.5565/70, sell at 1.5775/80 then 1.5800/05 then 1.5860/65
Medium Term Daily Analysis:
Usd/Chf This pair is still on downtrend, retracement at 0.9175/85 & low at 0.9100/05. As breakout trading buy at 0.9175/85 with TP1 0.9220/25 Tp2 0.9270/75 Tp3 0.9310/15 while as swing sell at 0.9175/85 with Tp1 low at 0.9100/05 Tp2 0.9065/70 Tp3 0.9035/40 Tp4 0.8965/70
Usd/Jpy This pair is on downtrend, retracement at 76.95/05 & low at 76.35/40. As breakout buy at 76.95/05 with Tp1 77.40/45 Tp2 77.75/80 Tp3 78.05/10, while as swing sell at 76.95/05 with Tp1 low at 76.35/40 Tp2 76.25/30 Tp3 76.05/10 Tp4 75.50/55(Buy Buy buy)
Euro/Usd This pair is still on uptrend, retracement at 1.3140/50 and high at 1.3250/55. As breakout trading sell at 1.3140/50 with Tp1 1.3080/85 Tp2 1.3020/25 Tp3 1.2960/65, while as swing trading buy at 1.3140/50 with Tp1 at high 1.3250/55 Tp2 1.3295/00 Tp3 1.3330/35 Tp4 1.3430/35
Gbp/Usd This pair is still on uptrend, retracement at 1.5680/90 & high 1.5780/90. As breakout trading sell at 1.5680/90 with Tp1 1.5640/45 Tp2 1.5600/05 Tp3 1.5565/70, while as swing buy at 1.5680/90 with Tp1 high at 1.5780/90 Tp2 1.5800/05 Tp3 1.5860/65
Usd/Cad This pair is still on downtrend, retracement at 1.0030/40 & low at 0.9980/85. As swing sell at 1.0030/40 with Tp1 low at 0.9975/85 Tp2 0.9960/65 Tp3 0.9935/40, while as breakout buy at 1.0030/40 with Tp1 1.0050/55 Tp2 1.0065/70 Tp3 1.0095/00
Nzd/Usd This pair is still on uptrend, retracement at 0.8190/00 & high at 0.8270/80. As swing buy at 0.8190/00 with Tp1 low at 0.8270/75 Tp2 0.8285/90 Tp3 0.8325/30, while as breakout sell at 0.8190/00 with Tp1 0.8165/70 Tp2 0.8140/45 Tp3 0.8120/25
Euro/Chf This pair is still on downtrend with overall sideways movement, retracement at 1.2070/75 & low at 1.2025/30, but 1.2050 must form a strong support. As breakout trading buy at 1.2070/75 with Tp1 at 1.2085/90 Tp2 1.2095/00 Tp3 1.2110/15, while as swing sell at 1.2070/75 with Tp1 1.2040/45 Tp2 1.2035/40 Tp3 1.2020/30
Gbp/Chf This pair is still on downtrend, retracement at 1.4390/00 & low at 1.4300/10. As swing trading sell at 1.4390/00 with Tp1 low at 1.4300/10 Tp2 1.4270/75 Tp3 1.4235/40, while as breakout buy at 1.4390/00 with Tp1 1.4475/80 Tp2 1.4540/45 Tp3 1.4595/00
Euro/Gbp This pair is still on uptrend, retracement at 0.8375/80 & high at 0.8415/20. As breakout sell at 0.8375/80 with Tp1 0.8340/45 Tp2 0.8310/15 Tp3 0.8285/90 while as swing buy at 0.8375/80 with Tp1 high at 0.8415/20 Tp2 0.8435/40 Tp3 0.8450/55 Tp4 0.8495/00
Aud/Usd This pair is still on uptrend, retracement at 1.0605/10 & high at 1.0680/90. As swing trading buy at 1.0605/10 with Tp1 high at 1.0685/95 Tp2 1.0715/20 Tp3 1.0760/65, while as breakout sell at 1.0605/10 with Tp1 1.0590/95 Tp2 1.0560/65 Tp3 1.0530/35
Euro/Jpy This pair is still on uptrend, retracement at 101.15/25 & high at 102.30/40. As swing trading buy at 101.15/25 with Tp1 101.85/90 Tp2 102.10/15 Tp3 high at 102.30/40 Tp4 102.70/75, while as breakout trading sell at 101.15/25 with Tp1 100.55/60 Tp2 100.15/20 Tp3 99.75/80
Gbp/Jpy This pair is mainly still on uptrend basis but squeezed bt. a price range of resistance & support, so we’ll trade it today as possible breakout at both sides: buy at 120.75/85 with Tp1 121.70/75 Tp2 high at 121.95/00 Tp3 122.25/30 Tp4 123.00/05, while sell at 120.10/15 with Tp1 119.55/60 Tp2 119.10/15 Tp3 118.25/30
Gold is still on uptrend, retracement at 1722/23 & high at 1736/37(above will be powering the trend). As swing buy at 1722/23 with Tp1 high at 1737/38 Tp2 1750/51 Tp3 1755/56 Tp4 1772/73, while as breakout sell at 1722/23 with Tp1 1716/17 Tp2 1705/06 Tp3 1697/98
Oil is moving sideways despite favoring downtrend basis, as breakout strategy will buy at 100.00/05 with Tp1 100.55/60 Tp2 100.75/80 Tp3 101.30/35 Tp4 102.00/05, while sell at 99.70/75 with Tp1 98.75/80 Tp2 98.25/30 Tp3 low at 98.00/05 Tp4 powering the downtrend to 97.45/50
***I expect a possible War today at retracement level bt. possiblity of reversal signs appearing & a defend of retracement level to keep current trend movement for most pairs. Take Note of that & Trade Carefully(But do not get frightened, I’ll provide you with some destructive weapons…lol)
Have A Great Trading Day