TradeProfits

Update on Forex Boomerang

Posted on 30. Apr, 2009 by Jakob.

As you guys know, I am currently testing Forex Boomerang, to see if it can live up to the hype. The results from the Forex Peace Army performance test was pretty impressive, so I decided to go for it. As I wrote yesterday, the first trade taken by Forex Boomerang, resulted in a loss of 110 pips (which is the default stop loss). I had a starting balance of $1000 (paper money!), and after the first trade I was down to $670! One hell of a drawdown on the very first trade. Anyway, shortly after the first trade, the second trade was opened, and resulted in 90 pips profit (which is the default take profit). This took my account balance back up to $850. Today the third trade was entered. It was 2 pips away from the take profit level, but then it turned, and reached the trailing stop which was set at 7 pips below entry (on a short trade), which resulted in $22.50. To sum up the Forex Boomerang results for the three days:  Read more... (216 words, estimated 52 secs reading time)

Continue Reading

Triad Formula Webinar

Posted on 29. Apr, 2009 by Jakob.

Yesterday I wrote a post about an upcoming webinar from Jason Fielder. Unfortunately I didn’t have time to attend the webinar, so I can’t tell if it was good or bad. But according to Jeff from The Forex Noob, the information was pretty much the same as what is shared in Jason’s videos. Now yesterday I wrote that I haven’t seen any price tag on the products from Jason, but I expected that the webinar might be more of a sales pitch than an educational webinar. Surprise! It seems like I was right. This sure was easier to predict than movements in the forex market! Apparently, Jason is selling his Triad Formula for a whopping price of $1997! Now at the time I wrote yesterdays post, I was not affiliated with them, but I sure am now! Now I have no idea if this product is good or not, but for a price close to $2000 is sure as hell should be. But as usual, a high price is not a guarantee for a quality product (specially in this industry). However, if you do regret there is a money back guarantee. But the 60:30:10 report is free for all. If any of you guys have any experience with Jason’s product, feel free to drop a comment and share your thoughts.  Read more... (222 words, estimated 53 secs reading time)

Continue Reading

Non Farm Payroll Webinar – TradingMetro

Posted on 29. Apr, 2009 by Jakob.

Last month I attended the Non Farm Payroll webinar over at TradingMetro, and it didn’t go exactly as planned. However things like these happen and you can’t blame TradingMetro for this. As the beginning of the last webinar was interesting, I would expect that the rest would have been just as good. So I will give Samuel Araki and the other guys from TradingMetro another short, when they host their next free Non Farm Payroll webinar, May 8th. I am looking forward to this event. NFP days are always kind of crazy, and it is always interesting to get different perspectives on how this could be traded. The webinar is free, so why not go and sign up now.

Continue Reading

Testing Forex Boomerang

Posted on 29. Apr, 2009 by Jakob.

Some days ago, I wrote about the performance test page over at ForexPeaceArmy, where you can see how different EA’s are performing. At the time of the last post, Forex Boomerang was doing rather well, with a total gain of 8.31% in a period of about 2.5 weeks. So I decided to test it out on my own metatrader platform, to see how it works. I will run Forex Boomerang on a paper money account, just to be on the safe side. Furthermore, my test will not give the full picture, as I won’t have my computer turned on at all times. So I might be missing out on some trades.(Something which they don’t recommend in the manual). So I set it up yesterday, with a starting balance of $1.000 and all the options on default. About half an hour later, the first trade was entered, and resulted in a loss of 110 pips. Today the second trade was entered, a long position on EUR/USD at 1.3190. Right now it’s about 15 pips in profit. I am looking forward to see how things play out. If you are thinking about buying Forex Boomerang, then get it here for a total of $97 and support this blog.

Continue Reading

Possible short entry on GBP/USD

Posted on 28. Apr, 2009 by Jakob.

The GBP/USD pair is currently trading at 1.4540 and as you can see from the picture below, it is currently trading within a Symmetrical triangle. We have a support just around 1.4511, and a break of this, will probably take it down to the bottom of the triangle. A break of the triangle either up or down, should give us some momentum in either direction. I am currently bearish on this pair, and I think we can see a break to the downside today. However, we have upcoming news, which probably will give us a very volatile market throughout the day. I am currently short from 1.4535. Let’s see how things play out.

Continue Reading

Triad Formula and a free webinar from Jason Fielder

Posted on 28. Apr, 2009 by Jakob.

I have received a dozen of email about this guy and his trading strategy lately. I have downloaded his 60:30:10 guide and the Scalping Cheat Sheets. So far I have not had any time to read it, but I am looking forward to it. According to Jason, the report was downloaded more than 20.000 times, the day it was released. Today Jason Fielder & Anthony Trister is hosting a free webinar, where they will go into every detail of the system, and answer all the questions people might have. The webinar will take place today at 1pm and once again at 8pm. I would like to attend the webinar, but I am not sure I can make it today. If any of you guys do attend this, please come and share your experience. I am not affiliated with this guy, and at the moment, everything he offers, has been free. I wouldn’t be surprised if this free webinar is more some kind of a sales pitch than an educational service. But maybe (and hopefully) I am wrong. If I do attend the webinar, I will give you guys an update, so you will know what all the buzz is about.

Continue Reading

This week’s Forex Signals

Posted on 26. Apr, 2009 by Jakob.

The first week of my trades resulted in a total of 134 pips, which was a pretty good way to start off. This week (ending today) I had a total of five trades, which is stated below. I had three long trades on GBP/USD. The first one, went directly against me, and resulted in a loss of -62 pips. The next trade, long on GBP/USD went in profit, and I moved stop loss to break even. Shortly after, the pair turned against us, and hit the stop loss at break even. A total of 0 pips for this trade. Next trade was another long on GBP/USD, which we closed with a profit of 125 pips. Then I had a long trade on USD/JPY, but at this didn’t carry through the way I expected, I closed it shortly after at break even, (or one pip profit). The last trade of the week was a short trade on USD/CHF, and this gave me a total of 47 pips.  Read more... (293 words, estimated 1:10 mins reading time)

Continue Reading

Performance test of Expert Adviser’s

Posted on 24. Apr, 2009 by Jakob.

I have just paid a short visit to the performance test page, over at FPA. The performance test page is basically a subpage to FPA, where they show the result from different EA’s which have been forward tested. The results are very mixed. They are currently testing 14 different robots, including the well known FAP turbo, and the new Forex MegaDroid, which I wrote about here. I believe the choice of these 14 different robots is based on user suggestion, as I have received a couple of email, where I was asked which EA’s I would like to see tested. So if you have any preferences as to what you would like FPA to test, I guess you should simply throw them an email. Needless to say that I find this to be a very good alternative to actually buying them! Sales letters are one thing, reality is a different one, especially is this industry! Another positive aspect of these test are, that even if you buy it, you most likely won’t keep it running 24 hours a day, just to test it trading paper money. FAP will (If I understood them correct). When you have seen sufficient forward and feel convinced, then buying it might become an option. I am looking to do some EA testing as well, and post the results here at TradeProfits. More on this later. Let’s have a look at the results from FPA’s performance test.  Read more... (721 words, estimated 2:53 mins reading time)

Continue Reading

FreshPips – Another Social News site about Forex

Posted on 23. Apr, 2009 by Jakob.

Continue Reading

Possible entry on GBP/JPY

Posted on 20. Apr, 2009 by Jakob.

If you take a look at the chart below (press picture), you will see that the pair GBP/JPY has been trading in a range within the last couple of days. At the top there is some resistance at 151.52 and at the buttom we have support at 145.76. This support line has been tested several times, and finally it was broken last night. Since this support has been tested so many time, I would have entered at a break, and close of the one hour candle below this line, but at I was a sleep at this time, unfortunately that didn’t happen. If you did enter, you should be doing pretty good right now. However, I will keep an eye open on this pair, and if we do see some retracement back to the support line at 145.76, I will most likely go short. This support line, should now work as heave resistance, so a bounce of that line is very likely. However, as always be aware of upcoming news, currency correlation, and the power of the pair. If the pair is going back to 145.76 within a very short time, I will be more careful, but overall I find this to be a perfect spot for a short entry. Let’s see what happens.

Continue Reading