Daily Forex Signals – 1st Feb 2011


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There is 3 Open Position
There is 5 Closed Trade

Daily Market Beacon
Tuesday, February 1st 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 USD/JPY from 82.02 (currently trading 81.87)
Stop loss 81.75
Target 82.24

Short CHF/JPY from 87.10 (currently trading 86.91)
Stop loss 87.76
Target 86.18

Long EUR/JPY from 112.48 (currently trading 112.42)
Stop loss: 111.35
Target 113.90


SuperADX results:
Stopped Out:  Long USD/CHF -27pips
Stopped Out:  Short USD/CAD -65pips

SuperTrend Results:
Long EUR/USD +60pips
Short GBP/USD -48pips
Long GBP/USD +106pips
Short GBP/CHF (no trade today)



Track Record

+471
Pips

Accumulative

January
2011



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

(1/31/2011 12:47:56 AM):
Buy to OPEN USD/JPY at Market
Filled 82.02
SL 81.75 (27pips)
TP 82.30 (28pips)
This counter-trend trade is based on the SuperADX reversal signal 30min chart.

(1/31/2011 1:03:31 AM):
Sell to Close USD/CHF at Market
Filled .9413
Out -27pips

(1/31/2011 1:12:30 AM):
Sell to OPEN CHF/JPY at Market
Filled 87.10
SL 87.76 (66pip)
TP 86.18 (92pips)
This trade is based on the SuperADX “Big Move Ahead” Red bar.

(1/31/2011 2:03:59 AM):
Good Morning London! Hope all had a wonderful weekend. Let’s now have a successful week of trading and make major pips! Today on the SuperTrend system, we will be looking at taking a long EUR/USD, Short GBP/CHF and the GBP/USD is still up in the air. The bulls and bears are fighting for control of the GBP/USD at this time. On Friday, I mentioned another filter I have added to our SuperTrend system which will help to keep us on the right side of momentum, short term and longer term trend directions. This is turn may keep us out of the market on mixed days. At this time, there are no trade setups. Cheers!

(1/31/2011 2:48:33 AM):
SuperTrend Trade Alert
Buy to OPEN EUR/USD at Market
Filled 1.3630
SL 1.3569 (61pips)
TP 1.3740 (110pips)

(1/31/2011 4:00:54 AM):
SuperTrend Trade Alert
Sell to OPEN GBP/USD at Market
Filled 1.5844
SL 1.5892 (48pips)
TP 1.5715 (129pips)

(1/31/2011 5:40:36 AM):
Adjust target on USD/JPY LONG to 82.24 limit

(1/31/2011 6:09:56 AM):
We stopped out our Short SuperTrend GBP/USD at 1.5892
Out -48pips
We will enter long this pair if price closes above 5900.

(1/31/2011 6:30:56 AM):
SuperTrend Trade Alert
Buy to OPEN GBP/USD at Market
Filled 1.5909
SL 1.5819 (90pips)
TP 1.6015 (106pips)

(1/31/2011 9:46:19 AM):
Buy to OPEN EUR/JPY at Market
Filled 112.48
SL 111.35 (113pips)
TP 113.90 (142pips)
This trade is based on the SuperADX reversal signal as a continuation of trend. The reversal already happened where price touched the MoneyLine2. Price should continue north to test 114 again.

(1/31/2011 10:45:59 AM):
We are OUT are SuperTrend Long GBP/USD at 1.6015
Out +106pips

(1/31/2011 11:43:59 AM):
Reminder: Be sure to close out our LONG EUR/USD at 4pm ET if target/stop has not been reached.

(1/31/2011 5:06:43 PM):
We closed OUT are SuperTrend LONG EUR/USD at 4pm: 1.3690
Out +60ips

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 – 18th Jan 2011
  2. Daily Forex Signals – 21st Jan 2011
  3. Daily Forex Signals – 24th Jan 2011
  4. Daily Forex Signals – 28th Jan 2011
  5. Daily Forex Signals – 25th Jan 2011
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