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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.

The review of this signal service is brought to you after the trade is completed as to not give away any trade secrets. If you want to try out Forex Killer you can download here, or if you don’t want to give me credit download here, but don’t you believe in Karma?

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Forex Killer Signal — February 3rd-4th

(Forex Killer Signal Review @ www.mo4forex.com) I’m posting this trade in hindsight as to not give away Forex Killer signals to those who have not purchased the software.

There are two examples here how I lost money with Forex Killer’s signals, while they look like stupid entries on a 1 hour, they seem more logical on smaller time frames. In fact, Forex Killer’s signals weren’t off in these instances, as they resulted in positive pips at one point, but I set my take profit a tad too high and my stops very low. No trailing stop. So they resulted in a loss. Trade #2 was a disaster from the get go, I followed a sell signal on 15min and 60min and the market went against me after only a few pip gain, it actually spiked up just enough to hit my stop before retracing a little bit that would have let me break even.

This is why I don’t think trading Forex Killer signals without any other indicators is wise.  

This next trade I wanted to document in this post was USD/JPY again at 8PM February 3rd (Super Bowl Sunday — Go Giants), risking 1.1 standard lots, risking 51 pips and trying to gain at least 30. I set my Take Profit below the first Dinapoli level, these usually are great indicators of where price reaches and reverses on trends. In the time it took to write this intro, the price has gone almost 15 pips up, so it looks to be profitable if the trend continues as predicted by Forex Killer.

USD/JPY

15 Min — BUY – Up 75 Down 25
60 Min — BUY – Up 75 Down 25
240 Min — BUY – Up 80 Down 20
Daily — No Trade — Up 52 Down 48

—- Trade Conclusion 8:00 AM February 4th

It appears that the prediction I made about USD/JPY with help from Forex Killer and Dinapoli Level Indicator was a failiure by exactly 1 pip! The price actually touched my profit target then immediately retraced back down to 106.81. A few hours later it flirted with 107.00 but couldn’t break it. I did however did not lose money on this trade, and made a profit, although my target wasn’t reached. You can see by this example that the entry was made above at 106.78, minus 4 pip spread, would have made exactly 30 pips, but missed it by one pip as you can see in example two here. So trades like this don’t turn me off to using Forex Killer to enter trades, but it does force me to reexamine when I enter trades, how much I trust Forex Killer at what times, and to come up with better exit strategies.

Let me know if you have any comments or suggestions about my trade here. Anyone else using Forex Killer to trade this week? Comment in and we can make more pips together!

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