Back to Square One

Closed long USD/JPY for -4 pips. Lame price action again.

Just over 1 week of testing, I am getting nowhere with the system 'yet'. The system had given back all of its gain last week, mostly due to the GBP/USD trades.

It is important to note that my current strategy is solely based on the H1 (hourly) entry on the five major markets. I have yet to try the longer time frames (such as H4 and daily), and possibly other markets?

Trade no.: 15
Pips lost: -4
Accumulated pips: 0
P/L: -$32.25
Total P/L: $1.51

Done for the day -18 pips

Closed long USD/JPY at 114.60. Waiting a better opportunity tomorrow.

Trade no.: 14
Pips lost: -18
Accumulated pips: +4
P/L: -$143.44
Total P/L: $33.76

Week 1 Trading Summary

Done for the day:
Trade no.: 11, 12, 13
Pips lost: -44
Accumulated pips: +22
P/L: -$442.47
Total P/L: $177.20

For myself, the system has so far produced the most erratic results with the GBP/USD currency pair. Here is the statistic for this week:

Total accumulated pips for the week:+22 pips
Total accumulated pips (if excluding GBP/USD): +173 pips
System win-rate: 53.8%
Pips breakdown/ win-rate/no. of trades taken:
USD/CAD +105 pips / 75% / 4
USD/JPY + 64 pips /100% /2
USD/CHF +4 pips /50% /4
GBP/USD -151 pips/ 0% /3

Here is an overview of Friday's price action on the 5-min charts.

Trading Results

The first signal was a botched trade.
The second & third signals were there to be taken. But, it took me quite some time (around 1-2 hours late) before finally accepting its decisions. It's purely my fault, as I tried to outguess the system earlier.

As a result, I entered 'late' on those signals, with a reduced profit target of 50-pip. On hindsight, it was too much of asking, as the prices already moved 20-30 pips in favour of the signals' direction. And still, there were +30 pips to be made on each of my position. I didn't take the profits. The rest was history.


* I accidentally closed out the USD/CAD position, and so the reopening of a second position.

Done for the day
Trade no.: 8, 9, 10
Pips lost: -73
Accumulated pips: +66
P/L: -$718.89
Total P/L: $619.67
'My' win rate: 50%

Controlled Risks

Moved USD/CHF SL @ 1.1682

Moved USD/CAD SL @ 0.9656

Morning Review

Since the first GBP/USD trade is a loser, I am pushing the system for its second and third trades of the day. But I am quite late on those entries, let see how they pan out.

Sell USD/CHF @ 1.1672
SL 1.1722
TP 1.1622

Sell USD/CAD @ 0.9646
SL 0.9696
TP 0.9596

Earlier,
Closed GBP/USD @ 2.0520

Trade no.: 8
Pips lost: -51
Accumulated pips: +88
P/L: -$509
Total P/L: $829.56
System win rate: 62%

Sell GBP/USD @ 2.0469

SL 2.0519
TP 2.0389

Done for the day -47 pips

Final trade of the day:
Closed USD/JPY @ 113.89

Trade no.: 7
Pips earned: +54
Accumulated pips: +139
P/L: $474.14
Total P/L: $1338.56
System win rate: 71%



The system generated a lot of sell signals the whole day long before USD/JPY price finally tumbled in the late European session.

Overall, hard luck for today! It just happened that the early short USD/CHF position was being 'unfairly' stopped out by just a 2-pip margin, before the price finally resumed its original downward course.

Sigh...welcome to real FOREX world!

Stopped Out GBP/USD @ 2.0500

Sell GBP/USD @ 2.0450
SL 2.0500
Tp 2.0370

No. of trade: 6
Pips lost: -50
Accumulated pips: +85
P/L: -$504
Total P/L: $864.42
System win rate: 60%

In light of difficult trading conditions, the system endured its second trading losses of the day earlier.

Move USD/JPY SL @ 114.53

Earlier,
Sell USD/JPY @ 114.43
SL 114.93
TP 113.63

Justification: Controlled risks in light of difficult market conditions.

Stopped Out USD/CHF @ 1.1776

Earlier,
Sell USD/CHF @ 1.1725
SL 1.1775
TP 1.1645

No. of trade: 5
Pips lost: -51
Accumulated pips: +135
P/L: -$429.69
Total P/L: $1368.42
System win rate: 80%



Note: This signal arrived earlier than normal in a quiet Moscow session.

Done for the day +87 pips

Stopped Out USD/JPY @ 114.69

My worries come true. This market has been tricky the whole morning. Nevermind, a profit is a profit.

Pips earned: +10
Accumulated pips: +186
P/L: $87.19
Total P/L: $1798.11

Closed USD/CAD @ 0.9658

Earlier, a booked profit of +77 pips. Another stellar performance.

Pips earned: +77
Accumulated pips: +176
P/L: $798.31
Total P/L: $1710.92

Move USD/JPY SL @ 114.69

To gurantee 10-pip profit the least.

Sell USD/CAD @ 0.9735

SL 0.9785
TP 0.9655

Shame. Anyone took the GBP/USD trigger? It is not in my trading book and it did well again.

Buy USD/JPY @ 114.59

SL 114.09
TP 115.39

Closed USD/CAD @ 0.9803

Start to lose momentum. This price is good enough for me.

Pips earned: +39
Accumulated pips: +99
P/L: $397.84
Total P/L: $912.61

Closed USD/CHF @ 1.1733

Bingo!

However, due to my late entry on this position, I decided to close it for +60 pips here.

Pips earned: +60
Accumulated pips: +60
P/L: $514.77



Updated: My mistake. Current price stands at 1.1760, we can easily fetch the initial 80-pip price target !!!

Buy USD/CHF @ 1.1673

SL 1.1623
TP 1.1753

I am slightly slow on this entry (out by 10 pips) . Hope you get a better one.

Buy USD/CAD @ 0.9764

SL 0.9714
TP 0.9844

Forex Killer Testing Ground & Progress Timeline

Site Goals

Let's put forex killer signal software on the spot and start tapping into its potential.

I will do my absolute best to post forex killer signals and results on this site. If you are a user of this signal software too, you may want to help evaluate this software together. Just add a comment to tell us how you fair in trading. Let's compare results.

For soon-to-be-owners, the application of this signal software is straightforward. Please don't hesitate to send me e-mail for any forex killer and trading related queries. Besides the forex killer support helpline, I will be happy to help you out.

Progress Timeline

Oct 2007

• Acquired signal software on the 18th
  
• First trading day +99 pips
• Wrote several reviews on how to best use forex killer software
  

Nov 2007

• Received a new version of forex killer software
• Examined the new software algorithm
• A full trading month with mixed results
• Encouraged by readers' support @ "First up - love your work on this site. ...and your kind of independent analysis is very valuable."

Dec 2007

• Wrote about forex killer trading exit strategies
  
• Developed a simple forex killer day trading strategy
• Exchanged e-mails with forex killer software developer
  
• First profitable month
  

Jan 2008

• Added a daily review table on market sentiment
• Received good testimonial @ "I used the graph you directed me to to see the sentiment of the market and had a good day today. Made almost 60 pips!"
• A consecutive profitable month

Feb 2008

• Launched Forex Killer member/day trading service for all users (with new objectives)
• Distributed a new set of BONUS instructions to new users

Mar 2008

• Day Trading Service 1st Report Card: Feb' 08 +365 pips
• Software Update Version 3
• Received good feedback @"This is the one of the few rare blogs about FK and forex trading which can really be useful for all forex traders, and especially for us beginners."

Apr 2008

• Day Trading Service 2nd Report Card: Mar' 08 +455 pips
• Introduced 100-pip Dynamic Stops System
  

May 2008

• Day Trading Service 3rd Report Card: Apr' 08 +45 pips
• 5 x100-pip gains in less than 30 hours
• More feedback @ "you have some specific instructions somewhere on Forex Killer strategies that actually teach a person how to use it."

June 2008

• Day Trading Service 4th Report Card: May' 08 +75 pips

July 2008

• Day Trading Service 5th Report Card: Jun' 08 +105 pips

Aug 2008

• Introduced 100-pip EA Trading Program
  

All in all, becoming consistently profitable in many months to come is going to be my main target. Check back here often for more trading related contents and tips.