Hi please find the daily signals videos below. Sorry for the delay. I got camtasia today, but then couldn’t get the damn thing to upload to you tube!!
The 1st video deals with the results of a few trades based around yesterdays analysis of the euro/gbp & the nzd/$. The 2nd video shows possible trades to look out for for tomorrow. This is all intended to be educational. This is not an alert service. Please do not risk real money on any of this information. I am trading this on a demo too. Also I have mentioned in my members email update my views on a new forex product “The forexexecutorpro” that is being launched this week. See below for my thoughts (in brief)!
Video 1 results of yesterday daily forex analysis
How to trade forex off daily charts 24th august part 2
My reason for writing to all of you is that some of you have today received an email re a new forex product, forexexecutor and wanted to know what I thought of it.
This little piece of software will be absolutely awesome for those of you wishing to trade daily/longer term charts & also my USA followers who are having problems due to the new NFA forex broker regulations. Similarly for LMT users this will be invaluable for those who trade my method of 2 lots
What The forexexecutorpro does is works with metatrader, but it is invisible from your forex broker. You can still place some types of orders that your brokers will not allow but now you won’t have to move to an overseas broker to do it. (It is legal don’t panic)!
It has too many features to mention here (there is a free webinar Thursday 27th where they will reveal all) but the great thing is for those of you who want to trade off the daily and 4 hour charts you will simply be able to set & forget trades.
As you know I trade 2 lots. When the 1st lot hits my 1st target I manually move the stop on the 2nd to entry. Sometimes I have sat there for up to 7 hours waiting for this to happen. This piece of software does it for you automatically. So now you CAN look at your charts for 15 minutes a day, Set the trade and walk away. Job done.
You can also set a trailing stop to kick in once you have hit your profit target. Eg, you want to leave a trade running, but don’t want to hang around. Set the trailing stop to start at 20 pips or whatever you choose.
You can even get metatrader to send a text to your mobile. I spoke to one of the developers today and he assures me that it will not be expensive.
To find out more click on the link below & they will explain it in greater detail
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Welcome back from holiday Marc. All ready to make some money?
Hi gally, nice to hear from you. enjoyed the rest now back for some serious dosh. wife wants to visit australia next summer holidays & kids school fees to pay. still intend to retire 2 years, so have to get a move on ! marc
new software does sound exactly what we need for longer term trading. Personally it is the way i want to trade going forward and the 15 min analysis and set and forget method removes the human emotion in a trade. Plus, i am sick of being glued to a computer 7-10 hours per day.
Look forward to your daily signal videos etc marc.
Cheers.
This new software looks great ! I am looking forward to seriously trading this Fall. And I am very much enjoying your videos. By the way, your website gets more awesome every time I visit! And I loved it before! Thanks for providing a thoughtful, information-rich, supportive learning environment for those of us who are fascinated with forex..
So this forexexecutorpro, is it in the category of “necessary” or “really helpful” for LMT traders? The advert. from Dean Saunders sounded like it was NECESSARY.
Rich, what would you expect from a person benefiting from sales?
Seriously, you need to check it out if YOU really need it.
I can say I don’t – I have my other means. And I’m not convinced because everything is fine when the software is up and running and has broker connection.
It happens from time to time broker connection is disrupted for quite long time. Not to mention power outage. Would you leave a trade without hard Stop Loss for a 15 minutes on the day GBPUSD fell over 700 pips in just 8 hours?
I know, I’m a person always looking at the dark side…
That’s why you need to check it by yourself and decide.
ALX
Hi rich, as alx says its not “necessary”, but the thing that appeals to me is the fact that it will move my stop to break even on my 2nd lot. I place 2 trades (lmt and all other trades). I take profit at the 1st profit target on 1st trade and then move stop to break even. At the moment I have to wait for the price to hit 1st target before manually moving the stop to break even/entry on the 2nd. Longest wait was 9 hours 1 day, constantly checking the damn thing. I know you can play around with trailing stops on metatrader and other tricks, but it never seems to work right for me. For anyone not having the time/not wanting to be tied to their computer then this feature alone makes this software interesting. marc
Please make sure you check how it moves the stops:
- does it check all orders or can you select the orders you want to track?
- can you specify different breakeven/stop trail settings for different pairs and timeframes?
- can you use different stop move methods? E.g. point your favorite indicator as the stop loss driver?
ALX
Hi alx. there is a webinar on thursday. lets see if they answer the questions. hopefully not orchestrated like the fapturbo evolution webinar, that was stage managed beyond belief. Only questions allowed.”where can I buy this now….:), marc
Yeah Mark I was looking at the usd/cad got in took some pips, but wanted more of a pull back, i was a litttle late on my entry was learning how to tweet i use a 5 and a 12 ema close the channels on a D1 and H4 are open but the H1 looks like it wants to pull back to the 1.0824 Daily R1so if it does I will be setting my alarm there, keep up the good work.
Wait a minute, are you THE Dean? St Dean of LMT? My knee is genuflecting
Gally, its so nice to have a bit of P:G. Wodehouse style class & culture here “genuflecting”! wow. Would be a bit ironic if young mr saunders was following us too
There is a story about Cray – high class supercomputer creator and Steve Jobs – state-of-the-art Macintosh computer creator:
one day an assistant comes to Cray. He speaks very nervously – sir, some gentelman has just asked me to sell him the latest computer of yours as it was… as it was… a calc in a store! Craig asked – do you know his name? Some Steve, Steve Jobs – the assistant answered. Did you asked him why does he want to buy my latest computer? He says he needs it to create new Macintosh. Well – Cray said – that’s very reasonable. I used the latest Macintosh to create my new Cray…
ALX
Gally, I gotta bad knee, any other suggestions! I need to be able to move quick so I can hit the “close order” button!
Marc & Alx,
So it is true that we can longer set a stop loss? Then it becomes a no-brainer to buy the software, IMO!
Thanks.
Rich – I can help you on this. I live in other part of the world. US regulations have no effect here.
Trading without SL is more than gambling. Maybe US government wants to distract traders this way. But US is not the whole world. If they shake all home speculators, they’ll find a solution.
Moreover it would put US citizens in much worse trading conditions than the rest.
Maybe anyone should simply read the whole regulation instead of speaking about rumors? You know, you learn about the changes from people trying to sell you a fix to the changes…
Just like a miraculous cure to some exotic disease someone suddenly found in your body…
ALX
Hi all
I have a newbie question, how do you determine where to put the resistance and support lines.
thanks in advance
Hakan
Sure Marc will get to that. Basically you’re looking for points on the chart where the price has bounced from on a number of occasions. Look on cable, at the 16300 level, cable has bounced off that seven times at least, so that’s a major support. Theoretically, traders all over the world are looking at the chart and seeing the same thing, so it becomes a self-fulfilling prophecy (one of the key notions behind technical analysis), as the price reaches that point, because people expect it to bounce, traders come in to buy, shorters close by buying and the price indeed bounces. Which makes more people buy again driving it up.
Setting S&R lines (and trendlines as well which is where you’re connecting multiple highs and lows) is more of an art than a science. Play around and see what happens. If you can start setting S&R lines and, yes, the next day prices bounce off that area, you’re doing it right. Trendlines are somewhat iffier, and then you get to flags, pennants and various other formations which I still find a little less credible.
Sure Marc will explain it better, but also can I recommend two books. One, Marcel Link;’s ‘High Probability Trading’ is the best intro I’ve seen to TA, mainly because it constantly talks about how hard this game is. The second is the bible of trading, John Murphy’s ‘Technical Analysis of Financial Markets’ which is huge and complex and brilliant. No trader should be without the latter.
Hi Gally
Thanks a lot for your explanation of S&R lines and how to set them, I have to test it on my charts and se the results of it…
many thanks again
Hakan
Actually, I meant to say 16300 on cable was a major resistance level rather than support, but hey…the effect’s the same…
Grr, no I didn’t. Back to the first explanation. Too early…
Hi Marc, liked the video and the explanation. All very clear. More Please.