Subscribe to main site
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)
6 comments:
Lloyd,
First up - love your work on this site. I stumbled upon Forex Killer while reading blogs on the web (well not really stumbled upon - Forex Killer is plastered all over the place), and your kind of independant analysis is very valuable.
Yes I know your links are affiliate links so you get a little cut, but so far I don't see that coloring your blog too heavily.
Anyway, so I've purchased my copy of Forex Killer, uploaded H1 data from MT4 - all very straight forward.
My question is around the timeframes for the Short Term and Long Term signals. What sort of position open to close timeframes are you using the signals for ?
If you're using H1 timeframes, is Forex Killer suggesting that the Short Term signal should be opened and closed within a single one hour period?
I've been plugging in data and watching the reality versus signal and I can't work it out.
Cheers,
Sean
Hi Sean,
First of all, thanks for the support which is the driver for me to continue pouring efforts into maintaining this site and sharing my side of the story with you.
It is also my own interests to devise feasible trading strategies which are applicable to the forex market. The blog income is just a secondary thing really. As long as the trading is on the green, everything's good.
Back to the your question:
"If you're using H1 timeframes, is Forex Killer suggesting that the Short Term signal should be opened and closed within a single one hour period?"
I can understand your confusion. Forex Killer doesn't provide you with a clear exit strategy. But it recommends you to either exit your trade when the signal turned into a no trade condition or into the opposite direction you've taken. Hence, continuous price monitoring using the latest H1 closing prices is still required after your initial trade entry.
In summary, exit with no trade condition will be the most conservative approach, followed by exit with a reversal in the trading signal. My strategy is the less conservative one, I use fixed stop loss and exit only after a few hours later.
So, trading results will vary depending on which time frame you trade and your chosen exit strategy.
Hope it helps.
Hi Lloyd,
I came across your site after searching for review of Forex Killer, but I'd already bought the software, so sorry I couldn't throw some commission your way.
I had this same question... so thanks for sharing with your readers the bit about:
"But it recommends you to either exit your trade when the signal turned into a no trade condition or into the opposite direction you've taken. Hence, continuous price monitoring using the latest H1 closing prices is still required after your initial trade entry."
I'm in the process of setting up my own blog tracking these results as well, but I'm a total newbie at forex - I'm just using a demo account for now while I test out the software.
Thanks for sharing your thoughts.
Andy
Forgot to say one thing - I'm hoping to build a strategy which could earn avg £200 a day - replacing my full time income - through a number of smaller trades throughout the day. Even if I get close to that, it'll be nice.
AndyP,
It would be interesting if you could share your results as well as your strategy in the future. Best of luck!
Will do, but... I'll be sharing the details on my own blog once I'm set up, and will be using my own affiliate link.
So... maybe I'll just share some rough details here,rather than poach your leads...
Andy
Post a Comment