Review of Trader Outlook from Bob Iaccino – Day 4

Posted on 31. Aug, 2009 by Jakob in Review

Last Friday was my 4th day with Bob Iaccino from Trader Outlook. Friday’s webinar was rather short, as Bob didn’t go over any news. So we went directly into Trade reviews. The possible trades that Bob sets up, are always using same pairs, namely: EUR/USD, GBP/USD, USD/JPY, USD/CAD, USD/CHF, AUD/USD, EUR/JPY and EUR/GBP. However, as USD/CHF has been trading in a way which does not fit Bob’s strategy, he has been talking about changing this pair for an xxx/NZD pair. He said that this change might be taking place in the beginning of this week. I will let you guys know.

So Bob went over the Trade Review, looking at current setups and telling his ideas about them. So far, none of the trade setups which I have been following has been hit yet. This is a bit annoying as I only have today and tomorrow before my trial is over, and I was hoping to get a few trades so I could tell you how they would perform.

He went on to the Trade Setup, which is where we see the current trade setups as well as new ones. Two new trade setup’s were placed, one on the USD/CAD and the other one on EUR/GBP. The trade on USD/CAD is close to the entry level at this very moment. The entry level is at 1.1019, so if the 4-hour candle closes above this level, I will enter this trade. First target for this trade is 93 pips, second target is a total of 212 pips from entry. As with any of the trades in the room, there is no specific stop loss, but Bob recommends that it should be below 1.0942. With a stop loss at exactly 1.0942 that would be 77 pips away from entry. I will probably place my stop loss 10 pips higher than that which would be at 88 pips away. So the risk/reward for this trade is higher than 1:1 for the first target, not by much though. If second target is hit, the R/R is very good. Furthermore, if first target is hit, it is recommended to move your TP to breakeven, so it will be a risk free trade. Hopefully this trade will trigger, so we can see how things play out. One thing Bob mentions is that you should always consider risk and see how this fits with your own style of trading. The levels are set, according to support and resistance lines. So if you find the risk too high, you should stay out of the trade. Another thing is that Bob recommends you to only trade half positions during the weekends (due to possible gaps).

The other new trade on EUR/GBP is also waiting to be triggered. This is a short trade, and I am already in a short trade on this particular pair (posted on twitter). Should be interesting to see how this plays out.

Bob went over all the trade setups on charts, and gave a lot of good information. At the end, the trade setup page was left on screen for some 15 minutes, so we had time to write down all the details.

I have today and tomorrow left of my trial with Trader Outlook. Probably I will post the 5th review today, and the last one tomorrow. Stay tuned.

Related posts:

1. Review of Trader Outlook from Bob Iaccino – Day 5
2. Review of Trader Outlook from Bob Iaccino – Day 1
3. Review of Trader Outlook from Bob Iaccino – Day 2
4. Review of Trader Outlook from Bob Iaccino – Day 3
5. Final Review of Trader Outlook

Tags: Bob Iaccino, Trader Outlook