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Please Explain Daily Signals

Discussion in 'Beginners Bootcamp' started by Rosemarie44, Apr 20, 2010.

  1. Rosemarie44

    Rosemarie44 Private

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    Hi FPA

    I'm just trying to make sense of the Forex signals that are sent out daily. For example, today I've been looking at GBP/USD which is currently trading around 1.5404 (currently it's going up). The daily signal recommends to sell @ 1.5307, Stop loss @ 1.5347 and Take profit (I assume that's what TP means) @ 1.5277. Two of the three indicators I use shows this pair as bearish but the 50 MA shows bullish. If the market does fall why would we enter so far away from where the market is currently trading. I make the difference about 90 pips - it just seems a long way off to me but I'm new to Forex so there's a lot I still don't understand.

    BTW, I'm aware that I have to take full responsibility for my trading decisions whether they be from recommendation or my own strategy.

    I hope someone enlightens me as I really want to understand these intricacies.

    Rosemarie44
     
  2. szendro

    szendro Private, 1st Class

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    Learning

    Hi Rosemarie44. I would not say definitely do not use signals but it is far better to be able to trade on your own initiative; you know all that stuff about teaching a man to fish!
    A really good free site for begiiners to forex is forex4noobs.com. They have lots of free E-books to download, free videos, etc and the guy who runs it walks his talk. I suggest you spend quite a few rainy Sundays at this site, it will be well worth while.
    Good luck.
     
  3. Agent86

    Agent86 Sergeant

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    Regarding the Daily Signals


    I'm assuming your asking about the daily signals that comes in your email with password and links to them?

    Also located at the (Forex Signal & Education Tab) and under the heading (Forex Daily Trading Signals) then under the heading (Current Forex Trading Signals)

    If your talking about that signal then in this case you have to follows the weekly analysis in the section of the form usually posted by Crazy Cat for (Signal Review) and give an overview of the upcoming events for the week to be watchful for.
    Then during the week you get the signal regarding that event, which has info on which direction to trade.
    Also there is links to how to trade the signals in these weekly reviews, and daily signals also.

    It is a signal but it's news related so regardless of the (MA's), it will be based on the news so it makes these signals have not much relationship to the MA's so in this case it's trading the news.

    Based on a trigger which the poster has formulated from historical data and experience.

    Anyhow I hope this helps review those sections I'm mentioned and that may help you understand the signals.

    If you do not understand the terminology there then this is likely the reason for confusion and I would also recommend as (szendro) as suggested in addition to reviewing the Forex Daily Signals Forum which I mentioned

    I hope this helps and happy trading.
     
  4. Rosemarie44

    Rosemarie44 Private

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    Thanks Guys for your responses.

    Yes, I was referring to the signals posted on this website. Some of the terminology is confusing to me but I will do a lot more studying. That makes perfect sense what you said about the MAs having no bearing on trading the news.

    Rosemarie44
     
  5. cowmadagan

    cowmadagan Sergeant

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  6. Rosemarie44

    Rosemarie44 Private

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    Thank you Cowmad!
     
  7. Pharaoh

    Pharaoh Colonel

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    Note that the article covers the Daily Signals sent out by Crazy Cat. Others do post signals here and many of those have their own handling methods.
     

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