TradeProfits

Forex Signal # 1 – Trade Setup EUR/USD

Posted on 11. Mar, 2010 by Moderator.

I am currently looking at EUR/USD and it is beginning to form a triangular pattern. Click the picture below to see a 4-hour timeframe chart of the EUR/USD and you can see the formation between the two red trend lines.

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January 2010 in Review

Posted on 17. Feb, 2010 by Jakob.

Now as all of you know, I have been extremely busy duing the last couple of weeks, and specially the last few days, working on my new book Forex Hacking. Because of this, I have not been writing my usual monthly update. Now we are in there middle of February, and here is my update for January, so I definitely have some catching up to do. Anyway, let’s get to it.  Read more... (269 words, estimated 1:05 mins reading time)

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Chat Room at TradeProfits

Posted on 26. Jan, 2010 by Jakob.

Yesterday I launched a new chat room here on TradeProfits, as attempt to improve my signal service. I sent a short email to all my subscribers, telling them about the room. The response was amazing, and although there are some small issues with the room, it seems to be working pretty good. The main reason for the new chat room, is both to share my signals and hopefully have some interesting discussions about forex trading, but also to get to know my readers better. If this chat room will be a success, I will probably change to a “better” one in the future. But this way, I can get an idea, if people like it or not. I have been talking to some of my readers and it has been really interesting! As for now, the room is password protected, since I still need to test how things work. One problem is, that I will not be in the room at all times, and obviously people would like to be informed about this. I plan on adding a calendar, so you can see when I will be in the room. I have been posting my trades on twitter today, and I will do so for the rest of the week, but my plan is, to move this into the chat room. If you would like access to the room, and help me test it, simply send me an email, and I will reply with the password. Any feedback is highly appreciated.

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Sean Joins TradeProfits Forex Signals

Posted on 13. Jan, 2010 by Jakob.

As I mentioned some time ago, I have been planning on bringing in a couple of guys to help me post forex signals. Today I am finally able to announce that one of my close friends, Sean will start posting forex signals for TradeProfits. In the beginning he will take the same approach as I have done, by posting the trades through twitter. Sean has a better educational background from a financial perspective than I do, and I am sure he can contribute with some winning trades. In order to give you guys a better understanding of Sean and his approach to forex trading, I made a short interview with him, posted below. All the trades Sean will enter will be posted in real time on twitter and the results will be posted here in TradeProfits (Trades (Sean)). Follow Sean on Twitter here. Be sure to subscribe to our newsletter and get more information about upcoming changes to our signals.  Read more... (674 words, estimated 2:42 mins reading time)

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December and 2009 in Review

Posted on 05. Jan, 2010 by Jakob.

After the first losing month in 2008 (November), December turned out to be a lot better. I had a total of 11 trades during the month of December. 2 of the 11 trades went in to a loss, 4 of them were winners and the remaining 5 trades were closed out at break even. In total I had a return of 20.52% return to my account balance for December, which makes it the best month of 2009. In spite of the large return, my risk management was controlled in the same manner as the previous months.  Read more... (338 words, estimated 1:21 mins reading time)

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November in Review

Posted on 07. Dec, 2009 by Jakob.

Here is to the first month with a negative result since I started posting my trades back in June 2009. Things did not go well at all, and I gave back a lot of the profit made in the last couple of month. I had a total of 12 trades, whereas 10 of them ended in a loss, 1 in profit, and the last trade was closed in a small profit but I counted that as break even, due to spreads. Basically I ended the month with a loss of 9.94%; a really bad result compared to the other months so far. What really affected the results this month was my attempt to short EUR/USD, several times. This pair has basically been consolidating within a rather large range the entire month and I simply did not wait for clear enough signals. I will do my very best to change this, for future signals. However, we did make everything back, plus more, in the first days of December; I traded the Non Farm Payroll, and this resulted in a total of 16.4% return on account balance. However, there is definitely room for improvement. More planning and sticking to it, and trend following, should do a lot. Let’s see how things play out in the last month of the year.  Read more... (230 words, estimated 55 secs reading time)

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Possible Short on EUR/USD

Posted on 16. Nov, 2009 by Jakob.

If you take a look at the chart below (click the picture), you will see that the EUR/USD has be climbing closer to the 1.5000 level and it has even been broken for some 60 pips back on October 26th. On November 11th the EUR/USD was once again up and above the 1.5000 level, creating a close to perfect double top formation on the daily timeframe. In addition to this we have some MACD divergence on the daily chart, which gives us some indication of a possible upcoming reversal. As the pair has bounced off the 1.5000 level two times now, it shows us a good sign of a strong resistance level. It should also be noted that the 1.5000 level act as a psychological level, which is likely to increase its resistance effect. Hence I am bias short, but I will not take another trade before I get a clear signal. I have tried to short it a couple of times now, some have played out well, and others have been recorded losses. As Bernanke will speak in a couple of hours, it is likely that I will take a trade during, or shortly after this event. Preferably I would like to see a close of the four-hour candle below 1.4713 for a possible short trade or a close of the four-hour candle above the 1.5050 for a possible long trade. However, not too far away from these areas as well, as I don’t feel like chasing these trades, specially if we get a long trigger. If I take any trade, it will be posted on twitter, with all the details.  Read more... (314 words, 1 image, estimated 1:15 mins reading time)

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October in Review

Posted on 31. Oct, 2009 by Jakob.

I actually started this month, believing that I wouldn’t be taking a lot of trades, and yet it turned out to be the month with the most trades, so far. However, as you all probably know (or should know), more trades does not necessarily imply more profits. I had a total of 18 trades, all posted on twitter in real time. These 18 trades resulted in +186 pips, and a 3.61% return on my account balance for October and a total of 14.66% since the end of June (See past performance here). Not amazing, but definitely better than last month. Of those 18 trades, 8 of them were closed out at break even. The main reason for this was my attempts to short the EUR/USD several times, when it reached 1.5000. Several of these trades were in profit close to 100 pips, but got stopped out at break even, anyway. I kept looking for a strong reversal, or at least a stronger retracement, around the 1.5000. There was a small break of this resistance level for about 60 pips, and then we had a beautiful reversal, with a drop of more than 200 pips in one day, and all the way down to 1.4717 where it’s currently trading. The remaining 10 trades were equally divided into 5 winning trades and 5 loosing trades. The average return in percentage on the winning trades was 1.62% and -0.9% for the loosing trades. Now there is definitely room for improvements. Looking back, I could easily have moved my stop loss to some 20 – 30 pips profit on the trades that got stopped out at break even. If I had chosen to take profit of 30 pips on 5 trades, rather than letting them hit break even, I would have had a much better percentage of winning trades, and my risk/reward ratio would still be intact. I might change my strategy slightly in the upcoming month to see if this will work in practice.  Read more... (474 words, estimated 1:54 mins reading time)

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Non-Farm Payroll Trade

Posted on 04. Oct, 2009 by Jakob.

Last Friday we had the Non-Farm Payroll numbers, and I took one trade, as planned. Actually I had a pending order waiting to be triggered, but this never happened, and I closed it before the NFP. The numbers came out worse than expected, and I got in on a long EUR/USD trade, about 20 minutes after the numbers was released. I got in at 1.4514, risking 2% on a 100 pip stop loss, and closed the trade at 1.4580 for a profit of 66 pips, or 1.32% return on account balance. This is definitely a better start of the month, compared to last month’s NFP trades. This time I traded almost exactly according to my plan, although I was risking 2% when I had actually decided to trade 1%. All the details of this trade was, as always, posted on twitter, with a warning some minutes before the actual trade. I am looking to change the way I send these signals, so I you want to be updated, but sure to sign up for my newsletter.

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September in Review

Posted on 30. Sep, 2009 by Jakob.

The performance of September is so far, my worst month of trading as you can see on my performance page. First of all, the month started off horribly with the NFP. This Friday was one big whipsaw, and I managed to take too many trades within a few hours. At the end of the day, I was already down by 1.89%. Not exactly the best way to start a new month of trading. Then I had two trades which was going good for some pips, but when the stop loss was moved to break even, the pairs turned and I got stopped out of two trades with 0% profit. Afterwards came another two losing trades, and I was down by 3.89% for the month. But then things started to look better. I got two pretty good entries on GBP/USD and GBP/JPY respectively. However, due to earlier losses and a technical picture of the charts, I increased my stop loss on these two entries to 200 pips, rather than my typical 100 pips. In spite of this I still managed to pull in 0.68% on the GBP/USD trade, and 3.12% on the GBP/JPY trade. This brought me back, close to 0% for the month, but definitely better than a loss. Yesterday, I took a new short trade on EUR/JPY, but this one got stopped out for a loss of 1%. The last trade for the month was on EUR/USD, and was closed out today for a profit of 118 pips or 1.18%. This brings me to a total of 0.09% for September. Not amazing, but definitely better than a loss, and considering how the month started out, I must admit that I am rather pleased.  Read more... (469 words, estimated 1:53 mins reading time)

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