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Signals Review July 19~23, 2010: 600+ Pips Gain (Potentially)...

Discussion in 'Current Forex Trading Signals' started by Henry Liu, Jul 24, 2010.

  1. yurps

    yurps Private

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    reading between the lines

    Henry, You are providing some great info, but I find some trade recommendations quite clear, and others very vague, so I hope this feedback will help highlight this and you can consider how to make things more clear. I understand when giving forecasts sometimes you are not 100% sure, so you might hint something, but then in claiming success this also needs to be taken into account. However when you are 100% accurate in your prediction and it was crystal clear then of course, muchos kudos!!!

    For the pre-news recommendations, the information was in different parts of the signal, there was no standardized way to highlight it, perhaps you should add a Pre-News label. For example:

    Forex Signal (Fri, July 23 2010, 4:30am NY Time EST) - UK Prelim GDP q/q - 07-22-2010, 11:24 PM

    The Trade Plan (<<-- under Trade Plan)
    Due to the "Buy on rumor Sell on news" market reaction, we could see some demand in the GBP prior to the release. It is possible to BUY GBP during the overnight Asian session if you see a dip in the market... (dip like say 30 pips?)

    Forex Signal (Thur July 22, 2010 8:30am EST NY Time) CA Core Retail Sales m/m - 07-21-2010, 08:36 PM

    The Market (<<-- under Trade Plan)
    Recent Employment Change from Canada showed a surprisingly 93.2K of new jobs created, this is surely going to add expectations for better release today. My bias is to SELL USD/CAD Note:You can take a pre-news trade sell USD/CAD during European session, but you have to close the trade before the 8:30am release, or close part of your order to cut down on risk exposure. (much more clear)

    Forex Signal (Tue July 20, 2010 9:00am EST NY Time) CA BOC Overnight Rate Decision - 07-19-2010, 08:03 PM

    The Market (<<-- under Trade Plan)
    In my opinion we should see stronger CAD just before the rate decision tomorrow, as I am already shorting the USD/CAD from 1.0570 level looking to get out at 1.0500~1.0450 before the release. (clear but given when asia opened and europe reversed, so anyone getting in late might not have been able to catch it)

    As for Weekly Trend:
    Combined by the fact that EU will be releasing the results of the 91 banks stress test results. This would undoubtedly weigh on EUR this week as uncertainty usually spells "S-E-L-L" in Forexspeak.

    Euro price when thread published was around start of asian session, euro was around 1.2900, by tuesday it was back over 1.3025, then the sell off did occur. When the thread was published and euro was at 1.2900, perhaps even exited with a stop...indeed when exit euro at 1.2750 on wednesday july 21st when the bank stress test still had not been released...why not wait for them to come out and the euro to go for 1.2450. Indeed soon euro was back up to 1.2950, and the big whipsaw ensued on friday...hard to say, I could see longs and short winning and loosing both.

    Anyhow, keep up the good work, hope you can make things more clear.
     
  2. yurps

    yurps Private

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    clarity

    Why was the uk gdp signal under the label "The Trade Plan" and the CAD Retail Sales and Rate Decision under the label "The Market"?
     
  3. kunaal

    kunaal Recruit

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    this was very helpful thanks :)
     
  4. kajpatel

    kajpatel Recruit

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    Thanks Henry.
    Of the 4 brokers you use, is there one that you like/think is the best?
    What do you think of Tradestation? I use them and trade a small account with them because of their platform EL programming language for strategy back testing, but I am hesitant in significatly increasing my account size. Every time I ask them about their avg $ size of their fx accounts, the number fx trades they make etc they refuse to give me the info.
     
  5. LPIPS

    LPIPS Recruit

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    Impressive Results

    :D

    Thanks Henry for sharing your knowledge, looking forward to your videos.
     
  6. osasyankee

    osasyankee Private, 1st Class

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    will definitely follow this signal this week. Just started live trading, hope to make good pips and build my account. Thanks Henry in advance
     
  7. Cancer0s

    Cancer0s Recruit

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    It's still not clear which broker chose for spike trading it's really hard. I'm trying to do it, but it's the road of nightmare :D Mb in the future I will manage :D
     
  8. Vark

    Vark Private

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    great analysis

    I do not know, what others are talking about, but the PRE-news recomendations are all there, in the signals. You just have to read and put your time and effort to analyse the markets as well - read the news, fib your charts and so on. If economists say, that 2Q UK GDP will be the highest in years, and Henry says, that pre-release it will be wise to buy GBP on a dip during asian session and your analysis shows the support in 5250 area, buy when it gets close to that area, close when it gets 5 min before the news if you want, ot tighten up your SL, maybe even take partial profits and ride into the news (that's what I did): 20 pip SL from pre-release price and a nice 80 pip rally. I put a buy limit at 5264 during asian session, went to bed, got up for a european session for 40+ pips already and enjoyed the rest of the ride.
    Same with CAD, but I closed pre-release.
    Thank you Henry!!!!
     
  9. purplerowt

    purplerowt Recruit

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    Great advice, Vark!:)
     
  10. digital_soul

    digital_soul Private, 1st Class

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    My friend, as a trader with some experience I can point out the biggest flaw to your idea - that is - consistency. One of the biggest pitholes newbie traders assume is that 'if I continue to make X amount of pips per month...' the fact is that you DON'T always make that X amount, and far worse is that you can LOSE the X amount you've made last month plus more in just a few trades. I can appreciate your enthusiasm, however, it seems you are still new to trading and I still recommend you wait for 1-2 years of demo trading before going live, otherwise your $100,000 will be gone in no time from your emotions of greed and fear for which it already seems you cannot control. Take it from me who burnt a significant sum because of my overconfidence in the market.

    The other flaw to your idea is the following:
    - sandwich shops cannot LOSE you money more then the monthly rent and costs and its highly unlikely where NOT a single customer will walk in and buy from you(ie. someone always will so to some degress the risk is less), whereas you are very likely to lose more then you make as a newbie trader EVEN WITH MR. HENRY'S SIGNALS.
    - Consistency is a big flaw as pointed out above.
    - Don't assume Forex is just a few minutes worth of work in a day - for a newbie trader you will be spending many many hours, researching many many things just to do one trade (possibly MORE then 60hrs). You'll wake up at unholy hours to place your trades, your sleeping patterns and possibly your health will also be put on the line. As you get better this will be less and less a problem but you must invest a significant amount of time.

    I suggest you take a year off and use $50,000 and spent it only yourself while for the next year you will practise nothing but forex on demo accounts. After that year if your demo account shows are 50% more then what you started with then start trading.

    Best of luck and be cautious brother - not all that sparkles is gold.
     

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