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Been Away for A While

Hello all,

I bet you thought I gave this blog up………..no no no!!!

Our site is undergoing some renovation. We won’t be offering signals anymore, there or on this blog, too many “government complaince issues”.

Any way I found this little report I wanted to post called “The Seven Deadly Sins Of Forex Trading.

#1 Impatience:

Don’t jump the gun wait for a trade to develope. People think you can only have two types of positions, Long  or Short, well there is a third, Flat……not in the market…….and sometimes thats the best position to be in.

 

#2 Lack of a Clear Vision:

Goes right back to “Make a plan the Trade the Plan”

#3 Sleep Deprivation:

Don’t laugh, if you don’t live in Europe, trading the FX market is usually a night job. If you don’t get enough rest while the sun is out, you won’t be able to think clearly when you start trading

#4 Over Trading

Goes Back to Disciple, Patience and executing your plan.

#5 Reliance on Outside Sources

Now this one is tricky because A) you need outside sources to learn from and B) some sources can be really beneficial, you just have to stay away from the Junk

    PS: That what our website will be doing in a week or so, reviewing different types of FX  products, software, charts, trading systems, indicator etc., to help people weed out the crap and concentrate on what has value.

#6 Superficial Research:

Basically being lazy and not doing enough work planning out your trades.

#7 Over Leveraging

This, to me, is the deadliest of them all. Read this article and see how you can make 80% return on your account in one year with NO MARGIN, just trading cash.

 

Good trading to all!!!!!

An Interest Use of the RSI indicator–RePost

This has to be the most read post on this blog, so I’m reposting it.

If anyone is interested in the coding for this indicator, you can contact me at:

bfamedia@live.com

Please be advised, its not free, it costs $39.

*******************************************************

To me RSI studies are the best to see what’s happening to trends, underneath all the noise. I like to use RSI studies on longer term charts, Dailys, 4HR, 1HR, no less. I just find it more accurate in those time frames.

We’ve played around with some TradesTation coding languge and have come up with a combo of the traditional RSI and Bollinger Band studies that we often use……………see below:

Click on the image to make it bigger.

Remember that what you are looking at is just one tool, and you should never rely on one study. You need other studies to confirm signals. The RSI indicator used here in this study has been somewhat customized

This particular twist on RSI and Bolli Bands gives signals as follows: (the thick BLUE line represents an RSI reading of 50)

To go Short you want the RSI (the white line) to cross below the green low Bolli band AND the green low Bolli band must have a value > 50 when this occurs………thats the only short signal we take from this study.

You can see that this study poduced a sellshort signal on July 23, 2008 for the EUR/USD. tHE CLOSING PRICE FOR THAT DAY WAS 1.5697

To go long you want RSI (the white line) to cross above the RED hi Bolli band line AND the RED Bollo band must have a value < 50

Like I said above this is a signle study and its data needs to be comfirmed by other studies, but is does at least give you an idea of when RSI,not price, is begining and new trend, and catching trends is one key to FX trading.

DAILY FOREX TRADE SIGNALS

10/06/08

LONG EURUSD @ 1.35286

STOP  1.34286

TP     OPEN

LONG GBP/USD @ 1.74511

STOP  1.73251

TP    OPEN

SHORT USD/CHF @ 1.14646

STOP   1.1600

TP    OPEN

HUGE FOREX TRADING LIBRARY

i FOUND THIS SITE WITH SOME VERY GOOD FX ARTICLES, JUST REMEMBER, SOME OF THIS STUFF GOES AGAINST SOME OF OUR ANTI AUTO TRADING AND MARGIN PHILOSOPHY BUT ITS STILL WORTH LOOKING AT. iTS ACTUALLY PART OF A 32,000 PAGE ONLINE ARTICLE LIBRARY COVERING DOZENS OF SUBJECT. THE LINKS TO IT HOWEVER ARE JUST FOR THE TRADING SECTION.

CLICK HERE

DAILY TRADE SIGNALS

NO SIGNALS GENERATED TODAY

WE ARE STILL IN 3 OPEN POSITION. WE WERE STOPPED OUT OF OUR EUR/USD LONG FOR A -122.2 PIP LOSS

Daily Trade Signals

10/03/08 01:01 GMT

LONG EUR/USD  BELOW 1.3850

STOP 1.3690

TAKE PROFIT  1.3985

*********************************************************************

SHORT USD/CHF ABOVE 1.1300

STOP  1.1420

TAKE PROFIT  1.1955

********************************************************************

LONG GBP/USD BELOW  1.7700

STOP 1.7540

TAKE PROFIT  1.7900

*****************************************************************

SHORT USD/JPY ABOVE 105.00

STOP 106.60

TAKE PROFIT 103.25

========================================

DAILY TRADE SIGNALS

10/01/08

THERE ARE NO SIGNALS GENERATED AT THIS TIME

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New Page —- DAILY SIGNALS

Hi Everybody,

We’re going to try something new this month. If it works out, maybe we’ll start our signal services again.

What we are goong to do is post dailytrade recommendations on only the 4 majors, EUR/USD,GBP/USD,USD/JPY, and USD/CHF. They will have either have enter at Market instructions or instruction to enter at a specified price, if that price doesn’t get hit well then there is no trade.

We are then going to post the trades on our new page, complete with charts and analysis of each trade. The trades will only be posted between 21:00 GMT and 23:00 GMT, and then only if there are signals to trade off of. You can expect to go a few days without ANY signals.

The trades will have wide stops, since the signals will be coming off of daily charts and wide limits. That does not mean we won’t close a trade before the limit is hit or raise a stop into positive territory during a trade, but these instruction will still only be posted between 21:00 and 23:00 GMT.

The bottom line is these are longer term plays and they occur much less frequently than the trades we posted on this blog before.

If it works out we’ll see if we start a paid service.

We’re trying to make it as simple as possible.

The signals, if any, will start tomorrow.

Hello Everyone

Its been an interesting few days in the markets. Down 700+ points and then up 400+ points on the Dow. I heard 1 Trillion of wealth disappeared yesterday, I guess some of it came out of hiding today. Still with all this mess in the equity markets the FX market chugs along. You can still short anything you want on the FX markets, unlike some other global equity markets, so we’re still in good shape.