Daily Forex Signals – 6th Jan 2011


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There is 3 Open Position
There is 2 Closed Trade

Daily Market Beacon
Wednesday, January 6th 2011


This issue contains:


1: Open Positions
2: Recently Closed Trades
3: Today's Intra-Day Alerts and Results
4: Today's Subscriber Questions and Comments
5: FAQ's
6: Article - "How We Trade The SuperADX"


Long EUR/USD from 1.3158
(currently trading 1.3145)
Stop loss: 1.3107
Target: 1.3209

Short GBP/CHF from 1.4994 (currently trading 1.4989)
Stop loss: 1.5082
Target: 1.4906

Short USD/JPY from 83.27 (currently trading 83.17)
Stop loss: 83.79
Target: 82.75

Stopped Out: Long EUR/CAD -65pips
Stopped Out: Short GBP/CHF -149pips



Track Record

-83
Pips

Accumulative

January 2011



-All time stamps are EST (New York time)-

(1/5/2011 5:08:59 AM):
Buy to OPEN EUR/CAD at Market
Filled 1.3251
SL 1.3186 (65pips)
TP 1.3380 (129pips)
This trade is based on the SuperADX “Big Move Ahead” red bar. This was a difficult choice taking a long position. The big move can easily be either way. We’re choosing long based off the daily chart as it looks ripe for an upward move.
(1/5/2011 5:19:23 AM):
Sell to OPEN GBP/CHF at Market
Filled 1.4819
SL 1.4968 (149pips)
TP 1.4664 (155pips)
This is a counter-trend trade based on the SuperADX reversal signal 60min chart.

(1/5/2011 8:17:38 AM):
We stopped out on our LONG EUR/CAD
Out -65pips

(1/5/2011 8:45:53 PM):
8:42am ET Jan 5
Buy to OPEN EUR/USD at Market
Filled 1.3158
SL 1.3107 (51pips)
TP 1.3209 (51pips)
This is a Counter-trend trade based on the SuperADX EUR/USD 30min chart.

(1/5/2011 9:04:34 PM):
Sell to OPEN USD/JPY at Market
Filled 83.27
SL 83.79 (52pips)
TP 82.75 (52pips)
This is a counter-trend trade based on the SuperADX USD/JPY 30min chart.

(1/5/2011 11:35:05 PM):
Sell to Open GBP/CHF at Market
Filled 1.4994
SL 1.5082 (88pips)
TP 1.4906 (88pips)
This is a counter-trend trade based on the SuperADX reversal signal GBP/CHF 30min chart.

None today

Q. At what point do we cancel or replace existing orders? Do we cancel pending orders at a certain time?
A. Keep all Pending orders working until the next Market Beacon is
published. The following Market Beacon will always over-ride
existing orders, update protective stops and targets on existing
positions.


Q. What do the abbreviations TP and SL mean?

A.
When getting a quick alert out, I tend to abbreviate more… TP=
Take Profit (Target), SL= Stop Loss (Protective stop)



This new revised exit strategy has produced an “additional” profit
gain of 18.4% over the 23 months of backtests on five timeframes.
Our entry will stay the same and we will continue to take an
immediate position on entry. However, we will enter this trade with
two lots. We want the ability to exit half our position at one
target and the other half at another target. Do not mistake: We
are NOT
suggesting multiple targets which you must choose. None
of that stuff. I will continue to provide the exact entries, exits, stops and targets which I am using.


We will enter “Big Move” Red Bar trades with 2 Lots (or any size multiple of two) Both Positions with have the same static StopLoss. There will be Two Targets. First Target will be a staticTake Profit point. We will exit half our position at First Targetprice; then move Stop Loss to Breakeven for 2nd Half of Position.The 2nd Target will be decided by the SuperADX white bar exitsignal. This strategy starts immediately and instructions will be
included with the trade alert.

Please see this blog topic for a detailed explanation of our
SuperADX Red Bar Strategy. “How We Trade SuperADX “Big Move Ahead” Red Bar Signals”

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