I don’t think that placing pending orders is really a good idea as you have to monitor what is happening at the retracement level. Maybe it could work out if you place such orders 10 pips below or above the retracement lines, but I don’t know.
As tempting as this trading style is its going to be difficult for me to trade it without pending orders
Maybe you can try out placing pending orders on a demo account. I’m interested in finding a sensible way to kind of automate the trading of these signals as I also don’t have the time to sit in front of my computer all day long.
Another possibility might be to open a demo account first and grant all the users here access so that who ever is available might place orders.
That sounds like a good Idea, so we may as well just set the trading rules together(only trade retracement or trade both
breakout and retracement e.t.c) and post actual results here for two months that would definitively help a lot of people
Thats good…it helps newbie traders like me to understand more regarding this signal…
I thought about setting up an account with Zulutrade, but I’m not a big fan of that platform for there’re too many technical problems, e.g. log in/out problems, sometimes you can’t trade during the release of news or you just can’t use a trailing stop.
I think best would be if someone could set up a demo account on a server so that we all have access. We could then communicate here in this thread or a chat tool who is available at what time and would be willing to place the trades.
First I think we need to determine first exactly what time FMM posts the signals, everybody determines the corresponding time in his base then we determine how the trade will be executed then we open an MT4 account and post the login details here. what do you think?
As far as I can remember FMM is located in Germany (like me) and he usually posts his signals around 0:30 CET which would be shortly after midnight European time.
I think we are in the same time Zone am in GMT+1 all year round, I have time indicator on my chart which shows that it is 2:40 pm on in Berlin right now which is exactly my local time too
London town, he is on gmt and posts just before the day changes ie 1130pm gmt
If you dont want to sit in front of the computer all day, you can set alerts in MT4 when the price reaches the levels. I set alerts for 10 pips off of the levels that email me and then I can get on the computer and see what is happening at that level to decide which way to place the trade.
Hello Traders,
Forex Signals & Analysis for 22nd February 2012:
Short Term Signals:
Usd/chf Buy at 0.9070/75 then 0.9050/55 then 0.9020/25, sell st 0.9160/65 Tp2 0.0180/85Tp3 0.9215/20
Usd/Jpy Buy at 79.50/55 then 79.35/40 then 79.25/30, sell at 79.90/95 then 80.00/05 then 80.70/75
Euro/Usd Buy at 1.3160/65 then 1.3130/35 then 1.3075/80, sell at 1.3305/10 Tp2 1.3340/45 then 1.3390/95
Gbp/Usd Buy at 1.5730/35 then 1.5710/15 then 1.5650/55, sell at 1.5855/60 then 1.5895/00 then 1.5930/35
Medium Term Daily Analysis:
Usd/Chf This pair is on downtrend, retracement at 0.9135/45. As Swing sell with Tp1 low at 0.9090/95 Tp2 0.9070/75 Tp3 0.9050/55 Tp4 0.9020/25 while as breakout buy at 0.9135/45 with Tp1 0.9160/65 Tp2 0.9180/85 Tp3 0.9215/20 Tp4 High at 0.9235/45
Usd/Jpy This pir is on uptrend, retracement at 79.45/50. As swing buy with Tp1 79.90/95 Tp2 High at 80.00/05 Tp3 0.8070/75 while as breakout sell at 79.45/50 with Tp1 79.25/30 Tp2 78.70/75
Euro/Usd This pair is on uptrend, retracement at 1.3210/15. As Swing buy with Tp1 High at 1.3300/10 Tp2 1.3340/45 Tp3 1.3390/95 while as breakout sell at 1.3210/15 with Tp1 1.3160/65 Tp2 1.3130/35 Tp3 1.3075/80
Gbp/Usd This pair is neutral today, squeezed bt, resistance and support, would trade as breakout on both sides. Buy at 1.5795/00 with Tp1 1.5855/60 Tp2 High at 1.5895/00 Tp3 1.5930/35 while sell at 1.5770/75 with Tp1 1.5730/35 Tp2 1.5710/15 Tp3 1.5650/55
Usd/Cad This pair is neutral squeezed bt. resistance and support, Buy at 0.9975/80 with Tp1 0.9990/95 Tp2 1.0000/05 Tp3 1.0035/45 while sell at 0.9960/65 with Tp1 0.9920/25 Tp2 0.9900/05 Tp3 0.9885/90
Nzd/Usd This pair is neutral too…, Buy at 0.8350/55 with Tp1 0.8400/05 Tp2 High at 0.8430/35 Tp3 0.8460/65 while sell at 0.8315/20 with Tp1 0.8295/00 Tp2 0.8275/80 Tp3 0.8225/30
Euro/Chf This pair is nuetral moving sideways, Buy at 1.2080 with Tp1 1.2085/90 Tp2 1.2095/00 Tp3 1.2105/10 while sell at 1.2070 with Tp1 1.2055/60 Tp2 1.2050/55 Tp3 low at 1.2040/45
Gbp/Chf This pair is on downtrend, retracement at 1.4430/40, as Swing sell with Tp1 low at 1.4345/55 Tp2 1.4320/25 Tp3 1.4265/70 while as breakout buy at 1.4430/40 with Tp1 1.4465/70 Tp2 1.4500/05 Tp3 1.4535/40
Euro/Gbp This pair is on uptrend, retracement at 0.8360/65, as Swing buy with Tp1 High at 0.8415/25 Tp2 0.8435/40 Tp3 0.8475/80 while as breakout sell at 0.8360/65 with Tp1 0.8335/40 Tp2 0.8310/15 Tp3 low at 0.8280/90
Aud/Usd This pair is on downtrend, retracement at 1.0695/00, as Swing sell with Tp1 1.0610/15 Tp2 low at 1.0585/90 Tp3 1.0520/25 while as breakout buy at 1.0695/00 with Tp1 1.0750/55 Tp2 1.0790/95 Tp3 High at 1.0830/35
Euro/Jpy This pair is on uptrend, retracement at 105.00/10, as Swing buy with Tp1 High at 105.95/00 Tp2 106.15/20 Tp3v 106.45/50 Tp4 106.95/00 while as breakout sell at 105.00/10 with Tp1 104.85/90 Tp2 104.55/60 Tp3 104.05/10
Gbp/Jpy This pair is on uptrend, retracement at 125.60/70, as Swing buy with Tp1 High at 126.60/70 Tp2 127.00/05 Tp3 127.40/45 while as breakout sell at 125.60/70 with Tp1 125.25/30 Tp2 125.00/05 Tp3 124.35/40
Gold is on uptrend, retracement at 1747/48, as Swing buy with Tp1 High at 1759/60 Tp2 1772/73 Tp3 1778/79 Tp4 1797/98 while as breakout sell at 1747/48 with Tp1 1732/33 Tp2 1720/21 Tp3 1710/11
Oil is on uptrend, retracement at 103.75/80, as Swing buy with Tp1 High at 105.05/10 Tp2 105.60/65 Tp3 105.95/00 Tp4 106.45/50 while as breakout sell at 103.75/80 with Tp1 103.20/25 Tp2 102.20/25 Tp3 101.70/75
We have Important News Releases today for the Sterling & Dollar Currencies:
-
UK MPC Meeting Minutes: Buy Gbp/Usd if statement is Hawkish while sell if Dovish
-
US Existing Home Sales: Buy Usd/Chf & Usd/Jpy if 4.85M or above while Buy Euro/Usd & Gbp/Usd if 4.45M or below
Have A Great Trading Day
Hello Kenni,
Pending orders can be useful with my Medium Term Strategy mostly with Swing Trading and a Clear Nice Trend Movement, and setting Tp at first TP1 and SL at TP1(opposite side) or 50 pips can do the Job despite it’s not the best solution, better monitoring the trades but it can gain you Good Gains especially if you pick the right pair/s to trade for the day.
Besides, same can be done for Short Term Signals with normal TP bt. 10-30 as this strategy says must give you some Good Consistent Gains despite again also this strategy sometimes need monitoring due to its rule of trading.
My suggestion is just for Traders who do not have time(work, sleep time…) and don’t like to loose the opportunity, so setting TP and SL with some clever pair/s picks might give some consistent gains…
Good Luck
That’s A Good Idea Hubinator, but problem here is that if all Traders have access to 1 demo account then they will turn the hell out of the account to a BIG MESS, each placing orders as he feel and see right according to his Forex Experience and Read for the Signals. Problem is multiple orders by many many traders been placed…
I prefer if one Trader(You, Dave or ?!) who really know by long experience how my both strategies work and who have time to place the orders to do that or simply each trader using my Signals & Analysis to make his daily trades and at end of day or next day show us his results with charts showing his placed orders entries and exits…
So all Traders will benefit with many Clear Visual Charts shown and I’ll help in advice where the trader entered/exited right or wrong…
Good Luck
Traders who have the Guts to Wake Up or keep awake not lazy even if for once till I post my Daily Signals & Analysis must had known by now at what time my posts appear compared to their local time.
To make it simple for lazy Traders, I post after market open or new daily candle open by 1-2 hours, meaning after most brokers mark 00.00 at their mt4 watch by 1-2 hours.
More & More, It is Germany time plus 1 hour or GMT + 2 Hours.
This might sound useful but with 12 pairs, maybe also Gold & Oil all Alerts, you might spend the day 5 minute in 5 Min out of your Computer or Laptop…
Other than too much alerts would sound as Christmas is still in the Town, Good to cut some calories and kilos…Best Kind of Sports you would ever do…LOL
Hi FMM,
I just started to follow your thread yesterday. First of all, good job on updating thread for almost a year now.
One thing i do not understand very clearly is that when you said in the very first post “very important note for this bouncing trading strategy(crucial resistance, support, psycological price levels) is you do not enter an order if a pair price hit few pips(bt. 6 and 10) before my buy or sell signal but only if it directly hit it at first intact you enter a trade.” What do you mean by that?
Sorry English is my second language and I cannot really get what you mean even after reading it for several times.
Let me try to explain myself by giving you an example: In today’s signal, you said "Aud/Usd This pair is on downtrend, retracement at 1.0695/00, as Swing sell with Tp1 1.0610/15 Tp2 low at 1.0585/90 Tp3 1.0520/25 while as breakout buy at 1.0695/00 with Tp1 1.0750/55 Tp2 1.0790/95 Tp3 High at 1.0830/35"
You suggested to go short at 1.0695/00, so do you mean to avoid
- if the price steadily approaches 1.0695 from the retracement like 1.0680…1.0683…1.0687…1.0690…1.0695
or you mean to avoid - if the price retraces back more than 1.0695 like 1.0698…1.0703…1.0705
or you mean to avoid - if the price had retraced back to the 1.0695 level in the past few hours
Thank you, and good luck with your trading!
Hello, First Thanks for the Nice Compliment.
Second, about the rule you mentioned, it’s for the Short term signals not Medium Term Daily Analysis retracement level as you can better read the first posts to see that.
Medium Term Daily Analysis strategy is mentioned in same post but with other rules and also more explained in many charts I post previously, so check backward to take a better clear idea.
To talk about the rule you mentioned for the Short term signals. To make it Simple, Easy and Clear.
You don’t enter an order if for example a Buy Signal was at 1.3120/25 and market price went to 1.3130 then bounced 10-15 pips or more because this was supposed to be the profitable move or bounce but by targeting bt. 1.3120/25 not 1.3130. So we do not enter an order after market price tests all around the Signal area like also 1.3127/28/29, but only at first touch of 1.3120/25.
We only enter an order at first test not multiple ones, even if sometimes market price might find strong support(for above example) at the area around 1.3120/25 so it might test it many times then bounce up to later on continue upward without breaking this level.
But most of times, market price after testing too much a resistance or support level, this is an indication that this level became exhausted and time of break is soon & sure.
We prefer walking with most of the times which is with higher % of happening(breaking) not sometimes lower % probability, to not execute an order in such situation…
Good Luck
I will create an Excel sheet and simply have all the interested traders insert the data as to what trading time they are available. To not get confused with different time zones I think it’s better to devide this into trading sessions, so users here can indicate at what session they are available, at the beginning, at the end or how many hours…
This way we can get a rough overview if it’s possible to cover all trading session with potential traders available. Who will finally place the trades can be decided later on.
Results 21.02.
USD/CHF
Signal: This pair is on downtrend, retracement at 0.9145/50, as Swing sell with Tp1 low at 0.9090/95 Tp2 0.9055/60 Tp3 0.9030/35 Tp4 0.8980/85, while as breakout buy at 0.9145/50 with Tp1 0.9180/85 Tp2 0.9215/20 Tp3 0.9255/60
Trade: Short with the rate slightly crossing the lower retracement line upwards and then going down to hit TP1 for a profit of +50 pips.
USD/JPY
Signal: This pair is on uptrend, retracement at 79.25/30. As Swing buy with Tp1 High at 79.95/00 Tp2 80.10/15 Tp3 80.40/45 while as breakout sell at 79.25/30 with Tp1 79.05/10 Tp2 78.80/85 Tp3 78.40/50
Trade: No trade
EUR/USD
Signal: This pair is on uptrend, retracement at 1.3200/05, as Swing buy with Tp1 High at 1.3300/10 Tp2 1.3330/35 Tp3 1.3390/95 while as breakout sell at 1.3200/05 with Tp1 1.3160/65 Tp2 1.3125/30 Tp3 1.3075/80
Trade: Two trades
- Short with breaking to the downside but only for a move of 14-15 pips, so I count a loss of –10 pips for this trade.
- Long with breaking to the upside. High @ 1.3290, so I count a profit of +70 pips for this trade. Later there was a second chance to go long with the rate bouncing off the lower retracement line and moving 70 pips.
Overall: +60 pips
GBP/USD
Signal: This pair is on uptrend, retracement at 1.5815/25. As Swing buy with Tp1 1.5885/90 Tp2 High at 1.5900/05 Tp3 1.5930/35 while as breakout sell at 1.5815/25 with Tp1 1.5795/00 Tp2 1.5770/75 Tp3 1.5755/60
Trade: Three trades
- Short with breaking to the downside but only for a couple of pips, so a loss of –10 pips.
- Long with breaking to the upside for a move of max 40 pips, will count a profit of +20 pips.
- Short with breaking to the downside and hitting TP2 for a profit of +40 pips.
Overall: +50 pips
USD/CAD
Signal: This pair is on downtrend, retracement at 0.9945/50. As Swing sell with Tp1 low at 0.9900/05 Tp2 0.9890/95 Tp3 0.9875/80 while as breakout buy at 0.9945/50 with Tp1 0.9960/65 Tp2 0.9980/85 Tp3 1.0000/05
Trade: Three trades
- Long with breaking to the upside and hitting TP1 for a profit of +10 pips.
- Short with breaking to the downside for a move of 20-22 pips, so rather a break even trade.
- Long with breaking to the upside and hitting TP1 again for a profit of +10 pips. Later there was a third chance to go long and again hit TP1.
Overall: +20 pips
