TradeProfits

Exclusive Offers from ForexPeaceArmy

Posted on 29. Apr, 2010 by Jakob.

Yesterday I got an email from Felix, the founder of ForexPeaceArmy. Apparently they are going to make some changes to their site, and specially the way in which they send out emails. For those of you who have been on their email list, should know that they have never endorsed any of the services mentioned on their site. Now since they have a large email list, they get some good offers, but in order to maintain their credibility, then have never “spammed” their readers with these offers. Now this is about to change, but there is a twist, and a rather good one, in my opinion. First of all, and most important, is that you can choose if you want to receive the promotion emails or not, and you can still get the emails with signals and updates from ForexPeaceArmy. In addition to this, they have decided only to send out exclusive promotions:  Read more... (653 words, estimated 2:37 mins reading time)

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Profit Mongers – Thursday Trading Signal 04-29-2010

Posted on 29. Apr, 2010 by Sir Pipsalot.

Hey folks,

Well, we’re about in the same position we were yesterday on the EUR/USD. Short term odds look a bit more bullish as we churn in this wide support region. Please check yesterday’s signal for more detailed insight on the Euro as little has changed:

http://www.forexpeacearmy.com/forex-forum/sir-pipsalots-daily-trading-signals/9636-sir-pipsalots-wenesday-market-update-04-28-2010-a.html  Read more... (361 words, estimated 1:27 mins reading time)

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Profit Mongers – Wednesday Trading Signal 04-28-2010

Posted on 28. Apr, 2010 by Sir Pipsalot.

Hey folks,

Well, I got a little ahead of myself yesterday on the EUR/USD. The fact is that the 1.3425 did hold and we did not get the confirmation I mentioned yesterday and on Monday we needed for a long. I tried to get in a bit ahead of myself and get long when that level looked like it would give way, but that was obviously a dumb idea =P  Read more... (933 words, estimated 3:44 mins reading time)

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Profit Mongers – Tuesday Trading Signal 04-27-2010

Posted on 27. Apr, 2010 by Sir Pipsalot.

Hey folks,  Read more... (428 words, estimated 1:43 mins reading time)

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Forex Signal # 3 – Trade Setup EUR/GBP

Posted on 26. Apr, 2010 by Jakob.

The picture below is a print-screen of EHR/GBP on a 4-hour chart. The break of the support level was one of my recent trades where I went short, and closed it right before it retraced back up, just above the level and then back down. Now this pair has setup for a perfect double bottom; if and when this pair closes the next one- or four hour candle above 0.8719 I will probably enter on a long trade. I don’t want to see it close more than 50 pips above this level, as this will greatly reduce my chances for an appropriate risk:reward ratio. Normally I would place my stop loss below the two bottoms, but in this case, that would be 120 pips, and I think it will be difficult to get a risk: reward ratio of even 1:2 with such a stop loss. However, if we get a close above 0.8719, the pair is also back in the triangular pattern, and I would then feel comfortable with a stop loss some 10 to 20 pips below the support level (green line). I will be heading to bed with an hour or two, so hopefully we won’t get a break before I am back in front of the screen tomorrow morning. If I enter on a trade, all the details will be posted on facebook in real time. Join the group here.  Read more... (234 words, 1 image, estimated 56 secs reading time)

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Profit Mongers – Monday Trading Signal 04-26-2010

Posted on 26. Apr, 2010 by Sir Pipsalot.

Hey folks,  Read more... (233 words, estimated 56 secs reading time)

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MyFxBook – Contest Registration and Expert Advisor Review Section

Posted on 25. Apr, 2010 by Jakob.

Some days ago I wrote about MyFxBook and their new contest section (read it here). A total of $3,500 in prizes will be given out in the first contest and it is free to participate. You only need to have a demo account with FXDD. You only have 7 days left to sign up, so go ahead and join in here. In addition to the new contest section, MyFxBook has also added a new Expert Advisor review section. This is brand new so there are still no reviews but the section itself is very neat! I really like the layout of the site, and the way you can cast your vote. Check it out and drop the first vote.

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Forex Dynasty – A Closer Look

Posted on 25. Apr, 2010 by Jakob.

Forex Dynasty is a new expert advisor which trades the EUR/CHF on the 30 minute timeframe, and is sold for $97 through Clickbank (which gives you a refund guarantee of 60 days). As you all know, expert advisors is not my cup of tea, but the creator of Forex Dynasty agreed to send me a free copy so I could try it out. I have had it running on a demo account for some time now and so far it has only activated one trade, which was a winner. It has a default profit target of 25 pips and a default stop loss of 65 pips. A bad risk:reward, so there is a need for a high winning percentage in order to make it profitable. I will be running Forex Dynasty on a demo account in the next couple of month to see how it performs. In addition to the expert advisor, you get an eBook when you buy Forex Dynasty. At first I thought this was a short manual with instruction on how to setup Forex Dynasty, but this is actually a pretty good book on forex trading, with basic stuff as well as specific trading strategies. Although I somehow feel that it´s a bit weird to add this to an expert advisor, I was pleasantly surprised. In my mind, the book is worth more than the EA. Although I don’t really play around with EA´s, I decided to give this one a look, as the creator has no problem sending me a version to try it out. Anyhow, I will keep you updated on the progress of Forex Dynasty.

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Forex Signal # 2 – Trade Setup EUR/USD

Posted on 25. Apr, 2010 by Jakob.

Last Friday we had a typical crazy day with a lot of whipsaws and contradicting news. We got worse than expected news from UK, which could have pushed the GBP/USD lower and dragged the EUR/USD further down, however just in the same seconds Greece shocked the European market by accepting the financial aid package offered by the Euro zone and the international monetary fund. This pushed the EUR/USD back up about 170 pips, right after it had made a new low. The low of March 25th at 1.3263 was broken and at one point it looked like the EUR/USD could have dropped significantly last friday. However, it went back up to 1.3372 and closed for the weekend. It should not be a surprise that concerns over the situation in Greece has contributed to the greenback´s gains in the last week. However the acceptance of the financial aid package obviously gives some kind of hope for the country, but also confirms that the nation is in deep trouble. My apparent guess is that we will see further downside to the EUR/USD, but who knows. I have looked at a couple of possible setups, and keep in mind that we might get a gap when the market opens and this might mess around with my plans. I will mainly follow EUR/USD and base my trades in other pairs on this pair, in terms of correlation. The EUR/USD did cross the recent trendline, and even had a close of the one-hour candle above it. However, one hour later, it was back down, below the trendline, giving us a strong reversal setup, on the 4-hour chart. My bias is bearish for the moment, but if we get a close of the 4-hour candle above the trendline (and no more than 30-50 pips above) I will consider taking a long trade with a tight stop loss just below the trendline. However, if we get a close of the next one-hour candle below the trendline (but no more than 30-50 pips below) I will look to take a short trade with a stop loss above the recent high (fakeout above trendline). I would prefer to see a short trade. I will not look for these signals right at the open of the market, but most likely wait until the London session Monday morning (GMT). Stay tuned.  Read more... (395 words, 2 images, estimated 1:35 mins reading time)

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MeetFx – Another Social Forex Site

Posted on 25. Apr, 2010 by Jakob.

MeetFx is a new social site for forex traders. The site has some similarities to facebook, and is very different from Currensee (who claims they don’t want to be facebook for forex traders). MeetFx was launched recently so the activity is somewhat limited. However, there are new signups pretty much every hour and hopefully the activity on the site will increase in a near future. The site is built with the social network script called Social Engine; this has pros and cons, but somehow I feel that this will limit the potential of MeetFx in the sense that Social Engine has a limited number of features. Social Engine seem to be a drag and drop kind of script, whereas the guys from Currensee have built everything from scratch. There are good and bad things about both sites, and right now, I would prefer to have a combination of the two. One thing which I like about MeetFx, is the What´s New section. This is the first page you reach once you have signed up. This is somewhat similar to facebooks feed, where you can see recent news about members of the site. Then you can add friends, create groups (join my group here), check the calendar, chat, etc. There is also a forum connected to the site, but only a few threads at this time. I don’t know if MeetFx will succeed, but right now new members are joining and I think there is some potential.

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