Done for the week - 15 pips

Covered USD/CAD for -72 pips.

No. of trades taken this week: 4 (2W, 2L)
Total accumulated pips: -15 pips

I'll be back on Monday with more market action, thank you for being here.

Friday's Trading Plan

Opened another long term H1 swing trade on top of yesterday's USD/JPY short.
(UPDATE: Covered USD/JPY for -70, it didn't work out as planned)

Market: USD/CAD
Timeframe: H1
Technical Triggers: Long term signal
Direction: Short
Price entered: 0.9947
Target: 70 pips below
Stop: 70 pips above

NEW! - Forexyard Daily Analysis

It's always good to know what behind the markets.

USD/JPY

The downtrend the pair is going through seems to be very strong and the daily chart validates that there is still room to run. The daily chart is confirming that the momentum down is still quite strong and that 109.00 is a valid next target. On the hourlies studies we see that there is a local correction that might end at the 110.70 peak. Selling on highs might be preferable today.

Carry trades were the name of the game, as the Aussie dollar and other "carry trade friendly" currencies flourished. In what has been described by some as "turbulent" markets, the JPY has been the focal point of much investor speculation. With its dependence toward foreign news being the main accelerator of movement within the currency, the JPY has found itself in the midst of major currency action.

[via Forex Yard]

Fast-Tick Price Action

Signals that I missed at 8am UK time:



I am saving these charts for future reference. These two short-term signals would have hit the 70-pip target within the first hour of opening.

Meanwhile, signal that I took at 8am UK time:

Market: USD/JPY
Timeframe: H1
Technical Triggers: On long term only
Direction: Short
Price entered: 109.90
Target: 70 pips below
Stop: 70 pips above
Comment: I am hoping for a price reversal after yesterday's price action (chart attached)

Closed USD/CAD for +56 pips

Another target hit! The price reached the 70-pip target eventually, but I closed out early. Anyway, a very good day for the signal software.

Done for the day 56 + 71 = +127 pips


Hope we can generate some consistent income via this strategy and for many days to come.

Hit ! USD/JPY +71 pips

Closed USD/JPY at 109.34.

Let's Resume Testing

Signals that I took at UK time 8am:

Market: USD/JPY
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: long
Price entered: 108.63
Target: 70 pips above
Stop: 70 pips below

Market: USD/CAD
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: short
Price entered: 0.9963
Target: 70 pips below
Stop: 70 pips above

Forex Killer Review - part 2

(Update: Free Download Forex Killer Instructions For New Users !)

Here is my second forex killer review after the recent software update to version 2.14:

About two weeks ago, the developer released a new version of the forex killer signal software. I believe he wanted to improve its original signal algorithm to even better after seeing some tremendous sales within the first month of its launch. I totally agree with the improved functionalities to simplify the data input process, but somehow I become unfamiliar with its updated signal algorithm as I am not able to justify/understand its signal-generation process.

H1 Breakout System
I like forex killer signal software at first sight because its original entry system or algorithm is quite similar to my own forex system. Its algorithm basically strikes a cord with my forex trading approach, i.e. finding a breakout + trend following + using H1 chart. This system is very useful and has been a success to me in the past.

Testing of New Signal Algorithm
Knowing the system's great potential and since the forex killer algorithm (which based upon this approach) is easily available in the public domain, I have started running another blog to recommend this trading approach to anyone who is interested and willing to invest in the forex trading. At present, the new signal algorithm appears to be different from the original one. Therefore, I am no longer sure what the current trade entries are based upon, but I know them well previously (e.g. here, here and here).

Two Instead of One?
To be fair, I have already applied the new algorithm in my trial and so far the results are mixed (see here, here and here). And to the developer's credit, I can understand why he wanted to improve the signal software and also believe in his reasonings for the update. But please bear in mind that no system will ever satisfy every end of the market conditions. Therefore, I shall find out in the next few days on how to best use the 'two' forex killer software. And btw, I still prefer the old signal algorithm due to its simplicity and effectiveness.

(If the first software version is not included in your recent purchase, simply send me an email to let me know.)

Related posts:
Q & A with Andreas Kirchberger
A Simple Forex Killer Day Trading Strategy
How to Cope with Price Volatility and News Event

Done for the day +39 pips

Closed long USD/JPY @ 108.65 (-1 pips)

Two postive days in a row.

Summary of results for the last 2 days:

Long USD/JPY @108.66

Market: USD/JPY
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: long
Price entered: 108.66
Target: 70 pips above
Stop: 70 pips below
Comment: Bottom fishing

European Session +40 pips

I liked my profits and hence banked them earlier than normal.

Closed long USD/CAD @ 0.9856 (+34 pips)
Closed long USD/CHF @ 1.1055 (+6 pips)

Done for the day +39 pips

Mixed results for the afternoon session:

Closed long GBP/USD @ 2.0641 (+14 pips)
Closed long USD/JPY @ 110.20 (-15 pips)

A good return for the morning session:

Closed long EUR/USD @ 1.4781 (+40 pips)

EUR/USD +40 Pips

Closed EUR/USD @ 1.4781

It's already in the bag. Let's hope we can find another good opportunity before the start of US trading session.

Dollar Weakens Again

Buy EUR/USD @ 1.4741

Let see how long the bullish action can last for this pair.

An Unproductive Day (1)

Closed long USD/CHF @ 1.1170

Results: EUR/USD (-14), USD/CAD (-74) and USD/CHF (-13)

Nothing seems to work today. And I am sure there will be many more days ahead, like today. Hopefully, we can find more profitable days to outwit those "unproductive" days.

The fact that I have chosen H1 closing price as the main strategy here is to keep the forex trading task to a bare minimum. I will continue forward testing the system till finding a sweet spot for this strategy.

One Minor Setback

Stopped out USD/CAD @ 0.9800

Canada's dollar fell despite the better-than-expected wholesale report. I thought we were going to have a chance to recover but that's not the case. Some weird price actions in the last 30 mins. Some external factors seemed to be at work. Earlier in a meeting of central banks, Bank of Canada Governor David Dodge raised the possibility of cutting interest rates because of rising risks to global growth. This currency pair has surged almost 800 pips since touching the low of 0.9056 on the 7th November. Please be extra cautious when trading this currency pair due to the unforeseen fundamental development.

A Quick Update

New USD/CHF long @ 1.1183

Closed EUR/USD short @ 1.4640

Still holding USD/CAD short

Morning Action

Markets: EUR/USD & USD/CAD
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: Short
Price entered: 1.4626 & 0.9727
Target: 70 pips below
Stop: 70 pips above
Comments:-

A Steady Start

Closed EUR/USD +59
Closed USD/JPY +4

Done for the day +5 pips. It was an interesting day. The market was kind of tricky and we escaped with a tiny profit. Of course, it could be better. We did a precautionary midday review to make sure our positions are in-line with the technical signals, as well as to reduce the number of opened trades towards the end of the day. We could have fetched another 70 pips if we chose to hold on to our long GBP/USD position this morning. Anyway, it was a steady start.

It is our aim to end every trading day in positive.

(P/L: +$88.05)

Closed, Re-assessed, Re-entered

Markets: EUR/USD & USD/JPY
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: long
Price entered: 1.4602 & 110.47
Target: 70 pips above
Stop: 70 pips below
Comments: USD/JPY changed from short to long, and we are still long on EUR/USD

Earlier,
Closed EUR/USD +2
Closed GBP/USD -24
Closed USD/JPY -36

Early Action

Markets: EUR/USD & GBP/USD
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: long
Price entered: 1.4591 & 2.0416
Target: 70 pips above
Stop: 70 pips below
Comments: Entered near the low of the morning session, bottom-fishing type signals

Markets: USD/JPY
Timeframe: H1
Technical Triggers: On short and long terms simultaneously
Direction: Short
Price entered: 110.05
Target: 70 pips below
Stop: 70 pips above
Comments: Signal confirmed, all three signals pointing to usd weakness, let see what happen next

Screenshots

New Software Version

Great news! We just received a new updated version of forex killer software (2.14) with improved features and signal generating algorithms. New functions include:
- New working interface
- 13.4% increased efficiency (statistically measured)
- Long term & short term signal prediction
- Many customizable parameters to increase flexibility in your trading
- Import /Export of CVS files with price data
- New manuals & tactics
- Anti piracy online protection

After one week hiatus, we will resume live testing of our proprietary software. More scenarios testing are still needed.

NFP Day Review

"...it's a job well done by the forex killer software. Today's price action has played right into the strength of my latest software companion. Strength begets strength."

Read more.

Gauging the Pre-NFP Price Action

Today is the non-farm payroll (NFP) day.

At this hour, the forex killer software still points to some serious dollar weakness ahead for three of the majors: EUR/USD, GBP/USD and USD/CHF.



Due to the volatility ahead, I have cautiously:
Long GBP/USD @ 2.0836.
SL 2.0786
TP 2.0916