Category Archives: My trade setups

My current trading positions as of Jan 25 2013

Hello fellow traders. I thought I’d try something new. I was thinking it might be of some limited value to share my current market biases in the hope of getting some discussion going either here on the blog or on my Forex Nirvana forum (I recommend the interactive trading section).

So as of today Jan 25 2013 my current trading biases (ie positions) are as follow:

1: Long any Yen crosses

2: Long EUR/USD

3: Long GBP/USD (although I’m having second thoughts on this as it looks like it’s not yet bouning back from oversold levels. Further downside is most likely, and it’s time to consider some exit strategy or to see how much pain I can take before I run for the door.)

4: Short USD/CHF (naturally if I’m long eur/usd)

That’s it for now. Good luck to you all with your trading!

I barely finished typing this post and it looks like my long eur/usd is paying off 🙂

My LMT Forex Formula Trades – June 11 Update

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Hello everybody. I thought I’d make a quick post to update you all on how my testing of Dean Saunders’s LMT Forex Formula is going. So far so good, I’m making profit. Granted it’s all on a demo account for now, but in the next week or two if performance remains stable I will also begin testing it on a live account.

Now on to the performance details. As of today June 11, 2009 my account has the following standing:

152289886 2009.05.21 04:16 balance Deposit 50 000.00
152751543 2009.05.28 08:09 buy 0.10 eurusd 1.38730 1.40943 0.00000 2009.06.03 17:53 1.41246 0.00 0.00 0.00 251.60
0.00 0.00 0.00 251.60
Closed P/L: 251.60

These are all the closed trades – 1 so far.

Now for the open trades:

153541952 2009.06.10 01:17 buy 0.10 audusd 0.80505 0.00000 0.00000 0.82036 0.00 0.00 1.09 153.10
153230342 2009.06.04 08:04 buy 0.10 eurusd 1.42317 1.37370 1.44780 1.41222 0.00 0.00 -0.01 -109.50
153426131 2009.06.08 16:58 buy 0.10 eurusd 1.38965 1.39090 0.00000 1.41222 0.00 0.00 -0.01 225.70
153658730 2009.06.11 05:18 buy 0.10 gbpusd 1.64197 0.00000 0.00000 1.65868 0.00 0.00 0.00 167.10
153541976 2009.06.10 01:18 sell 0.10 usdcad 1.10259 0.00000 0.00000 1.10169 0.00 0.00 -0.64 8.17
153541956 2009.06.10 01:17 sell 0.10 usdchf 1.07691 0.00000 0.00000 1.07026 0.00 0.00 -0.90 62.13
0.00 0.00 -0.47 506.70
Floating P/L: 506.23

The eur/usd position was undertaken via an LMT Forex signal on the H4 chart, and the rest on the Daily (D1) chart. As you can see I’m in profit so far and it looks like the Euro is yet again pressing new highs.

One thing that I must warn you if you decide to give this system a go is that you must have patience. If the trade goes in the minus, do not panic and close the position. Nearly all of the above open positions were in the minus before they all turned around and turned profitable. You have to exercise patience and self-control. Let the trades ride. Once you’re in profit if you’d like you can set a stop loss at the break-even point. I however prefer to set a trailing stop that is as large as the take profit level.

This way what happens is when your position reaches the designated “mental profit level” MT4 will automatically protect you via a stop loss at the break even point. From there on I just monitor the trade and close it if a candle closes below the 10 period SMA. Sometimes though I may set a fairly wide trailing stop depending on the pair that I’m trading. Don’t worry you’ll learn more on this in the LMT Forex Formula manual.

By the way, you can also keep up with my regular updates via the LMT Forex Formula Forum over here:

http://www.lmtforexforum.com/showthread.php?t=4

I’ll keep you all posted on the latest either via this blog or the above forum thread.

Cheers, and profitable trading to you all!

Alan out.

Update on my LMT Forex Formula trade

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Greetings fellow traders. A few days back I made a post (over here) announcing with joy that the LMT forex formula system has finally signaled an entry. The entry was a buy EUR/USD at 1.3873 on the H4 chart. Well, I’m glad to report that my position has hit take profit for a total of 251 pips. That marks my first successful LMT forex formula trade.  So far so good!

I did miss a potential trade on the  H4 GBP/USD chart, and I regret doing so as if I had taken that trade I would have easily gained another few hundred pips.  Ohwell, there is always next time.

Btw,  if you want something to chew on in regards to LMT Forex’s performance check this out:

http://www.lmtforexforum.com/showthread.php?p=17#post17

That’s on a LIVE account! Congrats to Mike and hope the money keeps on rolling in.

I’ll keep you all up-to-date on my LMT Forex Formula trades both via this blog and on the LMT Forex Forum via this thread:

http://www.lmtforexforum.com/showthread.php?t=4

Until next time, I wish you all profitable trading!

Cheers,

Alan

My First LMT Forex Formula Trade

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Hello forex guys and gals. I hope you’ve had a profitable week. As you may or may not know, I got me a copy of Dean Saunders’s popular LMT Forex Formula manual trading system and I’ve been testing it for a few days now. I patiently awaited a trading signal and at last it has come – horay!

The trading signal occurred on the H4 time-frame. Although I do have LMT attached to the daily chart as well I haven’t received a trading signal on it yet – no doubt because the eur/usd is currently in a uptrend and there is no major change in the trend, thus no LMT signal. I also have tons of other currency pairs that I’m trading using the daily chart, but I’m getting a bit off-topic here.

Here is the trading signal I got with LMT Forex:

2009.05.28 04:00:16 LMT 1.5 EURUSD,H4: Alert: LMT Signal on EURUSD
2009.05.28 04:00:16 LMT 1.5 EURUSD,H4: [L.M.T] : Alert On 2009.05.28 08:00

And here is a screenshot of the trade in action! (still ongoing by the way):

*Click on the image to see it in full detail*

As you can see LMT recommended that I set my take profit at 247 pips. At this point though the trade is well past 247 pips so I’m going to let it ride. I’ll keep an eye on the position and once I’ve got a 100 pip lead above the take profit price level I intend to set the stop loss at break even. At this point though those 247 pips are in the bank.

Another method you can use to lock in profits is to set the trailing stop to the value of the take profit. This way once price reaches the recommended take profit level it will lock your profit it and from that point on any pips you get icing on the cake.

I’ll keep you guys up-to-date on how this system performs.

Oh, I’m also going to open up a forum dedicated to the LMT forex system, so stay tuned to this blog for the update.

Take care everyone!

Alan out.