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!