Daily Forex Signals – 7th Jan 2011


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There is 1 Open Position
There is 2 Closed Trade

Daily Market Beacon
Friday, January 7th 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"

Short USD/JPY from 83.27 (currently trading 83.44)
Stop loss: 83.79
Target: 82.75

Target Reached: Short GBP/CHF +88pips
Stopped Out: Long EUR/USD -51pips



Track Record

-46
Pips

Accumulative

January
2011



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


(1/6/2011 11:20:47 AM):
We are out our short GBP/CHF at 1.4906
Out +88pips

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”

Related posts:

  1. Daily Forex Signals – 5th Jan 2011
  2. Daily Forex Signals – 6th Jan 2011
  3. Daily Forex Signals – 4th Jan 2011
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