Forex Signals for 08/03/2010

Recap

Hello everyone,

As you all know by now, market is still undecided. We have some major reversal well due and hopefully we will experience them this coming week.

I won’t write a long paragraph and head straight to the coming trades.

Some of the pairs such as the USD/CAD are experiencing Gartley Pattern formation and accompanied by some bullish reversal signals.

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 pips

GBP/USD pips

PS- Cancel USD/CHF and AUD/USD trade.

Today’s Signal:

USD|CAD – Buy Only – 1.0334 | SL- 1.0258 | TP- 1.0770

Sell Only– 0 | SL –0 | TP – 0

GBP|USD- Buy Only – 1.5154 | SL- 1.4990| TP1- 1.5518

Sell Only– 0 | SL –0 | TP – 0

EUR|USD- Buy Only – 1.3689 | SL- 1.3528| TP- 1.4095

Sell Only– 0 | SL –0 | TP – 0

CAD|JPY- Buy Only – 0| SL- 0| TP- 0

Sell Only– 87.46 | SL –88.22 | TP – 84.45 (take partial profit at 86.13 and bring SL to BE and let run) or use your own money management.

NZD/USD – Monitor 0.7029, if this level is broken we may have more upward movement.

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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