Forex Signals for 04/03/2010

Recap

Hello everyone,

First things first, sincere apology for not posting trades those couple of days. Had some major project that needed to be finished and most of my time if not all of it were spent getting them done

Here I am though back in business. Haven’t traded for couple of days now and this week we are expecting the NFP coming out of the US on Friday. This will give us another look at the strength of the US dollar.

I don’t have much to say except that stock tumbled down the past days sending USD/JPY down/

Here are the trades for today

NEW TRADING STRATEGY

Ok after the latest fundamental wave hitting the market, volatility has increased quite a bit. Thus my levels are not working well in current market conditions.

We will use a different strategy from this point on which will be based on a swing trading style that I have developed over the years with great success. I was reluctant to put out this strategy mainly due to the fact that it requires a lot of workJ. However, taking into account the current market condition, this method would be best suited for this market.

Currency of concern will be most of the majors and some of the popular cross currencies.

The risk to reward ratio will be 1:2.

The best way to work around this strategy is to risk 2% of your total account each time those signals are sent out. You may get a signal on any particular currency at least once a week. Pairs such as the EUR/JPY and the GBP/JPY may generate up to 2 trades per week due to their high volatility.

Stick to only two pairs a week, example you may want to trade the GBP/USD and the AUD/JPY only each week risking 1% on each pair every week. Our goal here is to increase our account by 2% to 4% (ideal case) every week.

You may be in the market for more than a day and those trades are completely STREE FREE with entry, stop loss and take profit.

If ever there are any funny development going on I will post it on twitter and the website. Please check my twitter page frequently to see if any changes are made. I will be sending emails too soon which will make life easier for you to follow my entries etc…

GBP/AUD -100 pips

GBP/USD Still Active

PS- I posted the wrong TP for EUR/JPY it was meant to be twice the size of the Stop loss. My mistake but we did take profit though.

Today’s Signal:

USD|JPY – Buy Only – 0 | SL- 0 | TP- 0

Sell Only– 88.15 | SL –88.75 | TP – 87.13

EUR|JPY- Buy Only – 121.44 | SL- 120.44| TP- 123.17

Sell Only– 0 | SL –0 | TP – 0

USD|CHF- Buy Only – 0 | SL- 0| TP- 0

Sell Only– 1.0640 | SL –1.0720 | TP – 1.0525

AUD|USD- Buy Only – 0.9078| SL- 0.8982| TP- 0.9232

Sell Only– 0 | SL –0 | TP – 0

Bring SL to BE by if target is not met by NFP release

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__More trades will come tomorrow as the market opens__

NOTE: For those who are thrill seekers, you may decide not to bring SL to BE once half target is reached and let profit run until final target is reached. On the other hand for those more cautious, do not be afraid to bring your SL to BE when you reach half way to target and take partial profit half way.

IMPORTANT: I will be sending two possible scenarios from tomorrow. Buy and sell orders on most of the majors and the Yen pairs. If for example buy order is triggered, cancel sell order and vice versa.

PSS: There may be changes i the trade posted throughout the day, if trade does not look favorable, I will advice all of you ASAP through twitter.

TRADE MANAGEMENT:

Bring Stop Loss to break-even as soon as you reach half way to profit target and take partial profit at this point.

Happy trading

Ash Naeck