TradeProfits

Daily Lesson # 3

Posted on 27. Feb, 2010 by Jakob.

Click this picture to see a chart of the USD/JPY pair (Weekly timeframe).

First of all we can clearly see that this pair is in a downtrend, and since November 22nd has started to form a triangle pattern which is identified by the two trend lines. This wedge-shaped pattern is known to produce strong breakouts and this is exactly what happened here on February 25th. First of all, the most important part here, is that we want to trade in the direction of the trend, unless there have been fundamental news which justifies a change in the trend.  Read more... (331 words, 3 images, estimated 1:19 mins reading time)

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What’s So Special About This Chart?

Posted on 27. Feb, 2010 by David.

This is a guest post by David Grandey from All About Trends – www.allabouttrends.net

It’s the NDX 100 Index off the 2007 peak. Does anything jump out at you? It should. Take a good look:

 Read more... (586 words, 3 images, estimated 2:21 mins reading time)

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Daily Lesson # 2

Posted on 25. Feb, 2010 by Jakob.

Click on the small picture below to see a one-hour chart of the EUR/USD. As you can see there was a perfect chance to enter on a short trade this night at the break of the drawn trend line. There are two places where the trend line is broken (just around 1.3515 – 1.3525) but the candle is closed just on or right above the trend line. About three hours later we finally have a full blown break of the trend line and a close below it on the one hour chart. This place would be a perfect place to enter for a short trade, right at 1.3513. If you look at the latest strong support area, it was just around 1.3466 where there was a lot of consolidation and then a strong move back up; hence this seems like a fair target for the short entry (just around 50 pips). The stop loss could reasonably be placed just above the broken trend line (just around 1.3535), which would be around 20 pips. This gives us a good risk:reward ratio. In addition to this, the trade would be in the direction of the trend, and we would enter on a strong technical signal. At the time of the break there was no upcoming fundamental news in the nearest hours, so it would have been a good time to base the trade solely on technical analysis. After around 20 – 30 pips or profit you could have moved your stop loss to break even and secure the trade. This is a perfect example of a good trade setup. Now if you look at your own platform, and see the same screen on a 30 minute chart, you will see that we would have been caught in a fakeout due to an earlier entry, and we would most likely have lost money (all depending on your stop loss obviously).  Read more... (353 words, 1 image, estimated 1:25 mins reading time)

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TradingMetro and Fx Dimensions – Get Paid to Trade

Posted on 25. Feb, 2010 by Jakob.

I wrote about this back in 2007, and now it seems that the people behind TradingMetro and FxDimensions are one step closer to the actual launch of this project. The entire thing is really interesting, and I have already signed up for more information. Apparently you can be taken into consideration for a spot on the team if you can generate an average of 300 pips per month. You can either send them proof in terms of a performance record, or you can go through 21-day testing period, to see if you qualify. There is a lot of information about the program, and by signing up here you will be taken to a video where you get all the information you need to know. I am really excited about this program, so hopefully I will get a reply from them soon.

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Bob Iaccino Seminar with Currensee this Friday

Posted on 25. Feb, 2010 by Jakob.

I have written about Bob Iaccino several times before here on TradeProfits. I have been a member of one of his services Trader Outlook, which I really enjoyed. You can read my review here. Bob Iaccino is a skilled forex trader, and this upcoming Friday, you can join him when he is hosting a seminar together with the social site Currensee. Here are the details of the event:  Read more... (375 words, estimated 1:30 mins reading time)

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ForexFactory Market Data is Live

Posted on 24. Feb, 2010 by Jakob.

ForexFactory has made another addition to their popular forex portal. On the main page, they have added a new market tab, which will take you to a site where you can see currency pair quotes. First of all, you can see all the major currency pairs, and in different time frames, but the innovative element here is that the quotes are aggregated from multiple brokers. This should give you a more reliable quote, so if the quotes on your trading platform highly diverge from the ones shown on ForexFactory, this should make a bell ring. There are many options on ForexFactory’s new market data site, and I suggest you check it out. You can also read more about it here on their blog, or you can go through the user guide here.

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ZuluTrade On the Go

Posted on 24. Feb, 2010 by Jakob.

ZuluTrade has been around for some time now and they constantly update their site with new features. Personally I think the look of their website is a bit confusing, specially the way you see the performance of their members. However, I guess it just takes a bit of time to understand everything. One thing is certain; if you like the idea of automated trading, this is probably a better approach than relying on some EA. Automated trading via ZuluTrade will be done by real people, hence they are better suited for market adaptation than some EA will ever be (obviously you need to find the right traders, though). ZuluTrade has now updated their Iphone application, so you can keep track of your account, on the go:  Read more... (217 words, estimated 52 secs reading time)

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Last Chance to Get Forex Hacking for $37

Posted on 23. Feb, 2010 by Jakob.

Today it is one week since I launched my new book Forex Hacking. In this week I have been selling it at an introduction price of $37. This promotion will end tonight and I will raise the price up to $47. If you want to get a copy, I suggest you go ahead and buy it now, to take advantage of this offer. The book is sold through Clickbank so if you don’t like it you always have the option to get a refund. Grab a copy of Forex Hacking now!

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It´s All About Lower Highs and Pullback off Lows Patterns

Posted on 23. Feb, 2010 by David.

This is a guest post by David Grandey from All About Trends – www.allabouttrends.net

As you can see Friday the indexes stopped cold on the 61.8% fibonacci level after an options expiration vertical assault up.

 Read more... (636 words, 7 images, estimated 2:33 mins reading time)

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USDBOT Buzz – Another Scam?

Posted on 22. Feb, 2010 by Jakob.

Some time ago, I wrote about a new EA here on TradeProfits called USDBOT. I spoke to this guy Mark Trenton (if that is his real name), and he promised to help me out with the launch of Forex Hacking, if I put an ad for USDBOT here on TradeProfits. However, after the launch of USDBOT, Mark was gone and I never heard a word from him again. In addition to this, it seems that the USDBOT is an exact copy of another EA, namely a free one which can be downloaded over at the ForexFactory forum called Opto123. USDBOT was sold for $149, apparently with a bunch of upsells. The people behind USDBOT claim that they bought the EA from a developer, but the creator of Opto123 did not authorize this. After all the buzz, USDBOT was changed to a secondary version, which apparently uses a martingale strategy, which is very likely to blow your account. If you did buy the USDBOT, I suggest you ask for a refund and download the free version. Read more details about this over at 4xProject.

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