Daily Forex Signals – 3rd Feb 2011


There is 4 Open Position

There is 2 Closed Trade

Daily Market Beacon
Thursday, February 3rd 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 CHF/JPY from 87.10 (currently trading 86.76)
Stop loss 87.76Target 86.18Long EUR/JPY from 112.48 (currently trading 112.68)

Stop loss: 111.35

Target 113.90

Short AUD/USD from 1.0117 (currently trading 1.0099)

Stop loss 1.0193

Target 1.0035

Long USD/CAD from .9886 (currently trading .9879)

Stop loss: .9836

Target .9944

SuperADX results:No trades closed.

SuperTrend Results:

Long EUR/USD (no trade today)

Long GBP/USD +12pips

Long GBP/CHF +83pips

 

Track Record

 

+471pips

Accumulative

Final January 2011

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

(2/2/2011 1:21:09 AM):
SuperADX Trade AlertSell to OPEN AUD/USD at MarketFilled 1.0117

SL 1.0193 (76pips)

TP 1.0035 (82pips)

This counter-trend trade is based on the SuperADX reversal signal 60min chart.

(2/2/2011 1:59:19 AM):

Good Morning London! Today, we’ll be looking at taking long positions on the EUR/USD and GBP/USD. The GBP/CHF is still on the cusp of trendline and can go either way. I’m not too comfortable taking long positions on the EUR/USD as we are smack against a Fibonacci Resistance band and a TrendWave reversal dot has appeared on the 120min chart. I often approach the market with a contrarian view and want to take that counter-trend position, however, in keeping with the rules of the Supertrend system, we shall stay with the trend direction and take the long only.

(2/2/2011 1:59:35 AM):

I heard a few years ago from a very successful money manager, that we should most often do opposite of what makes the most sense. This is definitely easier said than done, and clearly needs lots of practice, but more often you will win. As I am staring at the gbp/usd and eur/usd charts, I clearly see both of these markets are over-bought and a correction is due. Common “traders” sense tells me to get short. It’s a tough choice.

(2/2/2011 3:04:53 AM):

Supertrend Trade Alert

Buy to OPEN GBP/USD at Market

Filled 1.6173

SL 1.6125 (48pips)

TP 1.6263 (90pips)

(2/2/2011 3:30:06 AM):

buy gbp/chf at market

(2/2/2011 3:30:28 AM):

Supertrend Trade Alert

Buy to OPEN GBP/CHF at Market Filled 1.5128

SL 1.5068 (60pips)

TP 1.5225 (97pips)

(2/2/2011 6:31:22 AM):

Supertrend Exit Update

Adjust target on long GBP/CHF to 1.5211

(2/2/2011 6:31:38 AM):

trading 5211 now

(2/2/2011 6:33:43 AM):

We have a resistance level at 5215 and didn’t want to chance it by a higher target. Better to exit one of our profitable trades before ADP employment numbers are released.

(2/2/2011 6:35:26 AM):

We are OUT our Long Supertrend GBP/CHF at 1.5211

Out +83pips

(2/2/2011 6:39:28 AM):

Looks like it was a good call to exit GBP/CHF here. It’s having a difficult time piercing 5215 and we might see a reversal. They say, when the money is easy, take it quickly.

(2/2/2011 7:23:27 AM):

SuperADX Trade Alert

Buy to OPEN USD/CAD at Market

Filled .9886

SL .9836 (50pips)

TP .9944 (58pips)

This counter-trend trade is based on the SuperADX reversal signal 60min chart.

(2/2/2011 7:38:21 AM):

7:37am ET Feb 2

Adjust target on AUD/USD short to 1.0047

(2/2/2011 11:19:27 AM):

Adjust target on AUD/USD short to 1.0054

(2/2/2011 1:48:31 PM):

The Supertrend long GBP/USD has turned negative on us. There’s still a chance it’ll pop back upward. Be sure to close out at 4pm ET (New York close).

(2/2/2011 8:34:22 PM):

Supertrend GBP/USD long trade was closed at 4pm ET at 1.6185 Out +12pips

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 ispublished. The following Market Beacon will always over-rideexisting 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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