Forex Killer Signal February 8th

Continuing my coverage of how Forex Killer signals work for me, I wanted to document another Forex Killer Signal success story. Earlier I saw another example of how a pair read SELL in 3 different time frames, except daily had no trade. The last time I had 3 line up I had a winner except for setting too far a profit target by only a few pips. At any rate, this trade last night involved EUR/GBP at exactly 18:30 GMT and ended this morning at about 10:30 GMT.
The specifics of this trade were:
I was trading 1.22 lots which were approx 23.50 per point with a 5 pip spread, No Stop loss No Take Profit, just playing by ear. Net gain 43 pips - 5 pip spread = $890 Profit Thanks To a Forex Killer Signal and nothing else this time.

Unfortunately I did not take not of the exact Forex Killer levels, but I do know they both indicated to SELL for 15, 60, 240 minute time frames and I entered just before it took another step down 20 pips, and down another 20 to where I would have put profit target level anyway because the DiNapoli target was in this area.

I could have rode this one out a little long, it just seemed like it lost steam and might push back up a little more, so I decided to lock in my profits and go. And it appears even two hours after I exited the trade, the price is has broken resistance and on the way back up. So the exit wasn’t premature, for once :D. I believe this trade proves you need to know alot more about Forex than just how to get levels and signals from Forex Killer, simply because, I read the signal correctly, it gave me a profit, but Forex Killer doesn’t tell you when or where to exit, you need to do your own technical analysis. In this trade, I felt it was time to exit simply because the Fib target and Dinapoli Targets had been reached and found support. Why stay in this trade even longer without knowing where it might go, and after volume has dropped off? No reason really, so I got out, and not a moment too soon, if you look at the charts now, we see I would have given back at least 20 pips profit. So what I learned again is that Forex Killer helps find the trend, find which way the market is likely to go, but used by own indicators to determine if Forex Killer should be followed and where to set my exit point. Personally I am happy with this trade because while people go to harpoon that big whale (100+ pips per trade), I like to find 3 or 4 25-50 pip trades, not exactly scalps and not exactly interday trading. If I can use Forex Killer to find more trades like this, $1000 per day profit is all but certain, even with losses.

Forex Pro Indicator Review Feb 7th

Ok, so I’ve skipped a couple of days here, This is the first day of my second month subscribing to their Forex Signals. I’ll admit, I really got burned by ForexProIndicator.com in January (my first month subscribing to their Premiere Signal Service that trades GBP/USD and USD/CHF). Simply because last month they experienced 4 losses in a row, then a win, then 5 losses in a row. If I had traded every one of those I’d be out of an account right now. However, they do pick winners more often than loses, just a really bad stroke of luck (or analysis) for a week or two there. So I was thinking about canceling my subscription with them, but it was too late and Paypal charged me. So I’m in it for another month at least. I might as well make the most of it and document my experience with them while I have the chance. Read more

Protected: Forex Review of OBED Signals Feb6

Using DiNapoli Levels in Forex

Published at (www.mo4forex.com) My notes on the significance of DiNapoli levels in Forex trading. I recently came across a site made for and/or by Joe DiNapoli, a name I’ve heard thrown around and a name an indicator in MetaTrader4 fhat I have seen and tried out a few times in the past never really knowing what it did or the signficance it had on Forex Trading. This post is a brief outline of the things I’ve learned about trading DiNapoli levels and why they are indeed a great indicator of where price movment might reach. Read more

RSI (Relative Strength Index)

RSI stands for Relative Strength Index. The RSI measures the markets activity as to whether it is over bought or over sold. It gives a trader an indication as to which way the Market is moving. It is important to note, that this is a leading indicator and thus allows one to see what the market is about to do and then act accordingly. The higher the RSI number, the more over bought it is and conversely the lower the RSI number, the more over sold it is. It is a great leading indicator for the micro and macro reversals in the forex market. In the example avove, RSI is in the middle window and I have made two red lines to indicate when the pair has been overbought or oversold, respcetively, I put my lower line at 20 even though most exeprts say put it at 25. Here I’ve used RSI on a longer time frame, but for swing trading, you might want to drill down to 5 or 1 minute charts (or 50 to 100 tick charts).

Got this advice elsewhere, please someone verify if this helps in Forex, I can see it does but have little indication why these settings are the best.

By using an RSI on the 1 minute chart set at a period of 18 and overlaid on the bottom of your charts tend to give the best entry signals. This can also be applied to the 5-minute chart as well. The two significant entry numbers are 25 and 75.

RSI does not (and I believe CAN not) be an accurate way to find the top and bottom of a move in Forex. Sometimes an overbought market in Forex (after a move upward) will be followed by retracement (or a correction downward) in order to gather momentum so it will continue its trend upward. Conveersely, an oversold market in Forex will be followed up by a retracement upward and gains momentum and goes down further, continuing the downtrend.

Drawing Fibonacci levels will help the most at this stage to determine possible retracement levels. In the example above, I’ve used the trend lind approach to find entries and exits in addition to reading the RSI indicator.

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