Forex Signal Services Daily Blog

euraud trade

Took a trade this morning on this pair looking for a bit of a drop using as usual a nice tight stop on initial entry . Managed to get ourselves some pips for first half of trade and then got taken out by our moved stop loss .

We used our divergence alerts as part of the entry strategy on this trade.

So now up to 229 pips this month with just one losing trade .

Forex Signal Services RSI Divergence Alerts

We now offer RSI divergence alerts with our membership package . These are a fantastic way to fine tune your entries and we have been using these successfully alongside our already profitable strategies.

Membership is $75 per month with a $10 week’s trial.

If you want to join us and learn to trade properly then click the membership signup link above.

USDCAD trade

We had a great battle today with this pair. We took a long position from down low aiming at 1.0. we kept moving stop up as price moved up and eventually missed our TP by 0.2 of a pip !

Stop was already at 9980 so when someone in europe said something about Greece it dropped 20 pips in a couple of seconds . Was a great trade though giving us a nice 62 pips total. And now up to +214 pips for the month !

Remember our weeks trial for $10 is still running . Click on the membership signup link to join us !

Next week is going to be an interesting time for the euro thats for sure .

Today (Sunday) the Greek government is voting to accept the deal which gives them another 130 billion in exchange for 3.3 bill in austerity cuts.

Having witnessed the constant decision evading on this matter over months  it remains to be seen if the vote will go through or not . I will believe it when I see it .

So if the vote is not cast today , beware of the markets next week.

Our trading last week was actually pretty good looking at how volatile the markets were . We made 130 pips profit and did not place a losing trade. Some members even made extra to this using our methods that we teach in the trading room and in the members sections of the website.

If you want to find out more sign up for a weeks trial for full access to the website and trading room .

Have a good week and trade safely !

What a mad week . Greece was certainly in the headlines .

Eventually news came that the deal had been done .

Then we hear that Laos ( the far right party) are refusing to sign the deal .

Also the  Greek police are threatening to arrest Troika members on suspicion of blackmail and members of the Greek parliament are resigning over the austerity measures.

It still remains to be seen if this latest bailout and further austerity will fix Greece’s problems.

USDCAD trade

So our last trade of the week was kind of an odd one it was a long on USDCAD which bought in 40 odd pips. The trade actually promised a lot more and would have made a lot more but price action looked very much like it was going to turn back to the downside at around 0.9975 (see that bounce off the previous high and the shooting star ? ) so trade was closed.

As it happened this was a bluff ! and the price continued to march up to 1.0

So all in quite a satisfying week ,up 130 pips with no lost trades in that sort of market was excellent . A few members also jumped in on EURUSD and GBPUSD drops too in the trading room.

EURUSD Trade

Went long in the members trading room today for a nice 74 pips for the entire trade . It was looking a little odd for about 2 hours hanging about down there until our live news feed came into its own with some news out of Moody’s which sparked my trigger finger .

Trade had a 12 pip stop loss on it so 6:1 Risk Vs Return.

Forex GBPUSD Trade

Trade closed out on 2nd half on trade on rebound to our already moved stop loss.

First 1/2 of trade had already been closed and we moved stop loss down to break even + a pip or so when Merkel and Sarkozy started press conference.

EURJPY Trade

Lovely trade today in the trading room netting us a nice 75 pips . January has been kind of a tricky month what with all the eur news flying about. Today though we had pretty much a perfect setup for our trading method which we use here. Confirmation was provided by a bullish hammer.

During the course of what I do here I look at lots of charts  from clients .

Mostly I’m looking at them to help a trader understand why they are losing money consistently, trading the forex market.

So I ask them , why do you have RSI on the chart, what is it telling you ? Or perhaps what are those stochastics doing there with those moving averages?

The answer most of the time is “well I sell when the RSI is above 70 or buy when the RSI is below 30″ . So I ask what does the RSI actually mean ? Very few seem to actually know .

Similar reply comes when we talk about all the other indicators on their charts .

Take a look at the chart below :

EURUSD RSI Sell Signals ?

Now lets add a stochastic maybe another indicator would have  kept  us out ?

EURUSD Sell Signals With RSI and Stochastic

It didnt and another trader loses out due to the lure of the indicators.

What you generally find is that the one time (if ever) there was actually a signal provided by indicators that could have worked out you probably would not have taken the trade because you got stung so badly on previous occasions . So really if you are going to trade like this you have to take EVERY trade that is signalled as one of them is surely going to work out . In the long run your account will be drained and you will be emotionally scared. So you then moved onto the next big thing !

This next big thing might well be that $99 system that you found in your email spambox. so you take a look , the website looks convincing they even posted a statement .

(Its actually just a marketing catch page not run by a trader at all)

Cool so you shell out $99 and guess what , this one wont work either because really all it is doing is indicating pretty much the same as before but this time someone has done a bit of coding to make lots of pretty red and green lines .  You lose .. again.

Im sorry but the only way to make money in the markets is to learn to trade using price action to  identify reversals in trend and possible continuations in trend.

Oh and you need one other thing … Patience !

Friday USDCAD Trade

Took another long trade using our successful trading method in the trading room today with a  small stop of around 20 pips. Trade moved up and down for a short while then we had some US news which sent it down slightly.

Price then carried on into its predicted new uptrend when the news was finished and we closed 1/2 of the trade for + 20 pips.

Bad euro news then hit about S&P downgrades to EU countries . The eurusd fell like a rock  and our trade took off hitting our take profit on + 38 pips for 2nd half of trade. So + 58 pips total for the trade.
In retrospect the close was maybe a bit too early but we traded the plan and took our piece of the pie which is what its all about! ( and of course hindsight is 20/20 vision)

So we are now up +130 odd pips in the live trading room for this month all done using low risk safe trading.

Have a nice weekend all !