1. Trailing stops are drawn on the chart with a GREEN dotted line for BUY and a RED dotted line for sell.
2. if there is a sudden bullish or bearish move the stop is moved into the candle just in case it is a whipsaw.
3. The Bulls Vs Bears ratio shows you when a move is coming your way. The higher the number the more likely a break is imminent.
When your software is better than you at working out the trades!
Well Update 3. GBPCAD 60 odd pips profit and GBPUSD small profit. SignalTrader Trading system 2, Me, 0.
Looks like Sterling is going up in the last 1/2 hour i have BUY orders, buy DIAMOND and a buy trend. Looks like any second we are going to reach for the stars. This is why we place “entry orders” only on our trades, they can change before they take!
After the video was made I decided to makes something live that I have been testing, this is the new Signal Monitor, I have been monitoring the buy and sell signals to find the best currencies for buying and selling. So the system now gives a “top 10” for buying and a “top 10” for selling based on the signals it receives.
Traders can now go ahead and only trade those pairs that match the monitor, fore sample we have an AUDUSD trade I would NOT take because both AUD and USD are on the SELL side. However the CADCHF is worth taking because CHF is the strongest buy and CAD is 3rd in the sells.
CADCHF SELL means BUY CHF and SELL CAD. Matches the signal monitor!
SignalTrader Trading System is suggesting a buy GBPJPY Stop 170.630 entry 171.014 TP 172.224 Target 124.10 pips (nice!). We have UK news @ 9:28 which if could could trigger a retrace up. However GBP has a habit of rallying prior to news on the anticipation of retail traders which could nicely knock us up into safe trading with a 16 pip trailing stop.
Santa will be leaving at 1.4550 or thereabouts and heading up to 1.45195 where he will be dropping off presents made by all the elves. You can see the smoke from his sleigh in a magical diamond below it.
SilverTrader is suggesting a USDJPY buy I have an order in 103.059 in target 103.665, stop 102.885
(DO NOT TAKE THIS TRADE I AM NOT RESPONSIBLE IF YOU DO)
Here’s the Hourly chart with the targets SilverTrader has drawn.
Now SilverTrader Confirms Congestion and you can see the diamond underneath the congestion box with the long tail.
Update US NEWS Rally and then drop back.
Ok – there was a small rally and then drop back, I had already moved my stop inside my open so I stopped out with 0.46$ profit. I have created a new order at 103.144 as I’ve decided i need it to move this sort of distance for the order.
I also have a sell USDCHF on which has just kicked in. I then closed this (with a teeny profit) because I think it’s a fake signal, I think the pair are actually going to move up due to FOMC – the FOMC thing is making the markets behave strangely. Holding my buy USDJPY but I don’t expect to see it go.
Update All Trades Closed before FOMC USDJPY though is showing BEARISH signals!
Could the Markets be hinting at what is to come in 30 minutes?
I have a very good friend that I respect who knows how to use forex robots, he did VERY well last week with them, I was trying to work out why, the amount of times I’ve heard “don’t use forex robots”. I am in fact about to start my own research with them.
Anyway – last week he did really well and I was trying to work out why. I think the main reason is that there was a lot of predictable range trading, trades were staying within channels, also that the news was going in favour of the trend, there was a GBPUSD move for instance that just completed in favour of the trend and then retraced down again to square up and sort out.
Not everything in the forex works all the time, the forex has this habit of changing its behaviour, you get settled in one trading plan for a while and suddenly you start losing, that is why you MUST be on top of what the charts are telling you, after all, they will tell you what to trade.
Please do ask questions, there is a Q&A page on this website!
Have a good day everyone.
PS, 9:30am GBP news probably going to be good…watch for break hook and go in 3 minutes after.