Daily Forex Signals – 20th Jan 2011



There is 1 Open Position
There is 6 Closed Trade

Daily Market Beacon
Thursday, January 20th 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 GBP/CHF from 1.5284 (currently trading 1.5219)
Stop loss: 1.5534
NEW Target 1.5205

SuperADX results:
Stopped Out: Long NZD/USD -57pips
Stopped Out: Long NZD/JPY -56pips

SuperTrend Results:
Long EUR/USD +2pips
Long GBP/USD -41pips
Long GBP/USD -48pips
Long GBP/CHF +93pips



Track Record

+158pips

Accumulative

January 2011



-All time stamps are EST (New York time)-
(1/19/2011 1:56:25 AM):
Good Morning London, based on the SuperTrend system, we will be taking long position in the EUR/USD and GBP/USD now. Let’s hold off the GBP/CHF until we get a solid signal. Entering GBP/USD and EUR/USD now. Will send trade details momentarily.(1/19/2011 2:08:45 AM):
SuperTrend Trade Alert
Buy to OPEN EUR/USD at Market
Filled 1.3472
SL 1.3353 (119pips)
TP 1.3554 (82pips)
Buy to OPEN GBP/USD at Market
Filled 1.6015
SL 1.5927 (88pips)
TP 1.6095 (80pips)
The EUR/USD has a particular ugly risk/reward ratio, so we’ll be watching it closely to get out if signal reverses.

(1/19/2011 5:02:23 AM):
Close GBP/USD at Market

(1/19/2011 5:03:43 AM):
SuperTrend Exit Alert
Sell to Close GBP/USD at Market
Filled 1.5974
Out -41pips

(1/19/2011 5:09:10 AM):
My apologies for calling these exits in fast moving markets. By the time, I got the alert out, price had jumped another ten pips. If the SuperTrend system works out as successful as I think it will, I will be offering auto-trading in about sixty days through a managed account, therefore, you’ll get the same fills I get.

(1/19/2011 7:30:04 AM):
SuperTrend: Buy to OPEN GBP/CHF at Market

(1/19/2011 7:30:24 AM):
filled 5413

(1/19/2011 7:33:43 AM):
7:30am ET Jan 19
Buy to OPEN GBP/CHF at Market
Filled 1.5413
SL 1.5292 (121pips)
TP 1.5535 (122pips)
This trade will close at 5pm GMT (London Close), if neither stop loss or target has been reached.

(1/19/2011 7:50:06 AM):
We will be re-entering GBP/USD long if this 30min candle closes above 6020 at the top of the hour.

(1/19/2011 8:00:40 AM):
Bought GBP/USD at 6029

(1/19/2011 8:02:58 AM):
8:00am ET Jan 19
SuperTrend Trade Alert Buy to OPEN GBP/USD at Market
Filled 1.6029
SL 1.5926 (103pips)
TP 1.6115 (86pips)

(1/19/2011 10:00:16 AM):
Sell to Close long GBP/USD at Market

(1/19/2011 10:00:59 AM):
SuperTrend Exit Alert
Sell to Close GBP/USD at Market
Filled 1.5981
Out -48pips

(1/19/2011 10:01:48 AM):
Exit reason: Signal reversed.

(1/19/2011 10:02:50 AM):
And this is how a trend following system reacts in a choppy market. We will trade the GBP/USD again tomorrow.

(1/19/2011 10:30:43 AM):
Close long GBP/CHF at Market

(1/19/2011 10:32:25 AM):
SuperTrend Exit Alert
Sell to Close GBP/CHF at Market
Filled 1.5320
Out -93pips


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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