Good Entries On USD/CAD and GBP/USD on 4 Hour Charts

Here are a couple of trades I've taken recently on the 4 Hour charts. I've been paying more attention to the 4 Hour charts lately (instead of the 1 Hour charts) as it takes less of my time to monitor this time frame while I'm working on some other things. The first chart is of a short on the USD/CAD:

As you can see this trade is still open and is currently 140 pips in profit. Here's another entry on the 4 Hour charts on the GBP/USD:

This trade is also still open and currently 145 pips in profit. I'm also keeping a very close eye on the EUR/USD and USD/JPY as they are both consolidating into very tight ranges for the 4 Hour charts and I expect a breakout and move on both of these pairs soon.

I haven't added to the monthly pip total since the last posting because both of the trades I've taken are still open and the profits haven't been "booked" and realized yet. That means the total for January still stands at 1,140 pips profit. I'm hoping to add a little more to that in the next couple of days before we start February!

If you have any questions or would like to learn more about the Forex Profit Monster trading system, please visit my website at http://www.forexprofitmonster.com/.

Thanks, and here's to good trading!

Jim
http://www.forexprofitmonster.com/

AUD/USD provides more pips this week

It's been a few days since I've posted... it's been a busy week. I'm still trading 1 Hour charts but am now starting to watch the 4 Hour charts more closely. Here's a big mover this week that Forex Profit Monster caught:

It's been a good week with several "small wins" of less than 100 pips on a few pair (GBP/USD, USD/CAD, USD/CHF) that all closed at support/resistance. I also continue to pull pips out of the EUR/JPY and GBP/JPY. So far this week FPM has generated 313 pips with a 7-2 record. That brings the monthly total to 1140 pips! This has been the best month so far since FPM was first put into use as a live trading system last spring. The continued downward trend of the EUR/JPY (and USD/JPY, GBP/JPY) has a lot to do with that as it's accounted for a large amount of pips.

I continue to work on the new "day trading" system. I've received some email from people wondering whether this new system will replace the current Forex Profit Monster. The answer is NO!!!!!! Why would I replace a system that has consistently generated 400+ pips per month? No, this new system is designed to be more of a daytrading system that gets you into and out of moves faster so that most of your trades will close out within a single trading session. It's meant to be used alongside Forex Profit Monster... with FPM as a longer term system and the new "Forex Day Trading Monster" (I guess that's the name now LOL) as a short term system. Both stand on their own as systems and are not dependent upon each other, but my personal plan is to use both to give me the power to diversify and spread my risk and pull even more consistent pips out of the Forex!

I've actually begun forward testing the new system myself this week as I check the new indicators for any bugs. So far so good. Once everything is OK the next step is to have a couple of people "beta test" the system along with me.

For more information about the Forex Profit Monster trading system, visit my website at http://www.forexprofitmonster.com/.

Thanks, and here's to many pips flowing into your account!

Jim
http://www.forexprofitmonster.com/

My Trade of the Week - EUR/JPY

It was a good week again this week thanks to the EUR/JPY which actually is making my month this month. This pair has been generating lots of pips while most of the other pairs are ranging back and forth. This trade was actually a "Re-Entry" trade (as described in the Forex Profit Monster Trading Plan in the User Guide) as I missed the original trade that gave a short signal a little over a day before.

This was a great trade for 273 pips that increased my pip total for the week, along with a 55 pip win on the GBP/USD and a 20 pip win on the USD/CAD. These offset a couple of small losses of 63 pips on the AUS/USD and 51 pips on the USD/JPY. This brought my weekly pip total to 234 pips. But the amazing news is that the EUR/JPY trade wasn't the best trade signal of the week. I got an email from one of my customers who told me that he caught one of the great moves on the Euro Yen's cousin the GBP/JPY this week. Check out the move below...

Amazing! 646 pips in just a few days. I was happy with my gains this week, but it didn't compare with that one! Even better, he's a new user of Forex Profit Monster and this was one of his first trades!

Speaking of new customers, I'd like to thank everyone who has purchased the system over the past couple of weeks. Forex Profit Monster is now being traded worldwide, with new customers not only in the United States, but also Singapore, Canada, England, Germany and Italy just to name a few.

Well, it's Friday... and don't forget, Monday is Martin Luther King Jr. Day, a bank holiday in the U.S., so expect trading volume to be down for the NY session on Monday (if your broker is open).

With this week's 234 pips that brings the monthly total for January to 827 pips. If you'd like more information about Forex Profit Monster and how it works, visit the website at http://www.forexprofitmonster.com/.

I'll be spending part of my weekend finishing the coding of a new indicator and starting to backtest a new short term system to compliment Forex Profit Monster. More news on that soon after it's ready...

Have a great weekend and here's to many pips...

Jim
http://www.forexprofitmonster.com/

Well, It Was A Good Mistake

For once luck was on my side and the "mistake" that was made stopping me out for 34 pip profit on the GBP/USD trade turned out to be good. I actually came away with a small profit instead of a 10 pip loss, and the trend didn't immediately continue in the same direction.

It's been a few days since I've been able to post on the blog... between trading and taking care of some of my new customers for Forex Profit Monster I've been extremely busy! Toss in having to take care of some personal business this week that's cut into my trading time, and it's hard to believe it's Thursday already! As this seems to be happening more and more I'm seriously considering personally trading Forex Profit Monster only on the 4 Hour charts and above. I've been tinkering with a new indicator and a system to complement Forex Profit Monster. It's more of a "day trading" forex system in which the trades will just about always close out during a single trading session. This removes the stress of having to manage trades overnight and missing entry signals that may not be generated again for days because of not being able to trade on a certain day. This would give me the best of both worlds... Forex Profit Monster, a system where I can capture longer term moves of 150 to 1,000 pips; and a day trading system that will let me capture many smaller moves of 10 to 150 pips and close the orders out in a single day. I guess you could call this system the trend follower's version of "scalping" LOL. Anyway, more news on that soon as I've just about finished coding the indicators and will start backtesting the system this weekend.

I've had a couple of small losing trades this week and one winner... I'll update the information on the monthly total as well as share some good news from some of my customers in the next post... but it's time to check those 1 Hour charts...

Good luck and good trading!!!

Jim
http://www.forexprofitmonster.com/

Whoops... Good Mistake or Bad Mistake????

I took one trade today on the 1 Hour chart on the GBP/USD. I got a signal near the end of the NY session after thinking I was going to end the day without a trade. I entered short at 1.9565 after the Forex Profit Monster Fast and Slow Trend Indicators lined up. Because the trade was taken at the end of the NY session, it would mean me setting a tighter stop than usual for a few hours so I could get some sleep, then when I got up in a few hours if the trade was still on (not stopped out) I would take that stop off and put the "safety stop" back on and wait for the system to give me an exit signal. This is what I usually do when a trade on the 1 Hour chart goes past a trading day, rather than have to get up every hour to check the charts. Unfortunately right before this blog post I went to set the stop loss so I could get some sleep, and MADE A MISTAKE while setting the stop loss. I'll accept the blame, even though I think it might have been a "glitch" in MT4 that caused the problem. I went to set my stop loss to just behind the blue line of the "Real Price Channel" indicator (just above the 61.8 Fib retracement) and when I entered the modified order, the price setting for the stop loss jumped back to right around where the price was currently. By the time I could get the order box back open to fix the problem, the price actually moved up a few pips and took out the stop at 1.9531!!!!!

So, I ended up making 34 pips on this trade... I guess we'll have to wait and see whether this was a good mistake or a bad mistake... I decided against re-entering the trade since it had already moved so far and I did come away with a profit.

It just goes to show you... even though you have a ton of experience using a platform, you can still make a mistake. (Although I still think the number reset as I entered the order!)

Even with this "mistake" in my trading, the current monthly total for January is +593 pips.

Best of luck in your trading... may the pips be with you!!!

Jim
http://www.forexprofitmonster.com/

Persistance Pays Off With USD/CHF Trade!

Here's the chart from the series of trades on the USD/CHF that began on Wednesday...

As detailed in the previous post, I lost 10 pips on the first trade in this series, then lost 31 pips on the second (long trade). The third trade was taken and was successful. I entered short at 1.1110 once the Forex Profit Monster indicators lined up and then exited at support at 1.1010. This trade resulted in a 100 pip profit.

That brings the January "realized profits" total to +559 pips.

For more information about the Forex Profit Monster trading system and how it works, visit the website at http://www.forexprofitmonster.com/.

Jim

http://www.forexprofitmonster.com/

GBP/USD and USD/CHF Trades

Took two trade signals last night/this morning. One was on the GBP/USD which I hesitated to take because of the interest statement due out tomorrow, but the pair has moved so little in the past week I didn't want to miss a breakout on the 1 Hour chart. The first signal was a long which was quickly exited for a 47 pip loss. Then a short signal was taken... I decided to close out the trade at the end of the NY session today for a 72 pip profit instead of waiting for an exit signal as I don't want to get stuck in a "short squeeze" if the break of the 1 Hour support line was caused by traders exiting their positions before the Pound interest rate announcement and is not a real move to the downside by the Pound. In my opinion the price of the Pound is undervalued right now against most of the other currencies and if there's no rate cut tomorrow it will probably cause a big spike to the long side. I don't want to get stuck holding a short position if that happens.

The USD/CHF also generated a short signal that I took for a 10 pip loss, then a few hours later generated a long signal which I took. I'm currently in that trade with a 20 pip profit. The target for this trade is 1.1185 which is the next major resistance level on the 1 Hour chart.

So, even with the two losing trades to start the day, I'm currently in profit for the day by 15 pips, maybe more depending on how the USD/CHF trade turns out. I'll post the results of the trade here on the Forex Profit Monster blog once it runs its course.

Tomorrow is a big news day with interest rate announcements and Trichet and Bernanke scheduled to speak, so I don't expect to take any trades tomorrow, but will be monitoring the trade that I have open.

Current "realized profits" for the month of January... +500 pips.

For more information about the Forex Profit Monster System, visit the website at http://www.forexprofitmonster.com/.

Jim

http://www.forexprofitmonster.com/

Winning Trade on AUD/USD

I took an early morning signal (even early for those of us who trade the European session) on the AUD/USD today. Even with the USD news that was due out at 10:00 am, I took the trade with confidence because of the rising price of gold and the good chance that the economic news due out on the U.S. Dollar (Pending Home Sales) would be negative. Even if it wasn't there's little chance of good news doing anything to rally the dollar on any release to do with housing, so I was in where the chart below shows.

I chose to exit this trade at resistance for a 59 pip profit.

Another profitable trade with Forex Profit Monster! It's been a slow month so far, with only two trades taken in a week, but the total so far for January is +485 pips. I'm expecting many more opportunities as we continue through the month because so many currency pairs are still in a tight range (especially the majors), even on the 1 Hour charts. The EUR/USD is especially poised to make a move, as is its correalated "cousin" the GBP/USD. I'm not used to seeing so much consolidation on this time frame for such an extended period of time... bring on the breakouts :-)

For more information about the Forex Profit Monster trading system, visit my website at http://www.forexprofitmonster.com/.

Good luck and good trading!

Jim

http://www.forexprofitmonster.com/

The Times, They Are A Rangin'...

Sorry for the Bob Dylan reference, but it seems to sum up the Forex market today. Not much happened... no signals were generated by the Forex Profit Monster trading system on the 1 Hour chart. Actually there was a signal that could've been taken on the USD/JPY pair, but because the Fast Trend indicator had already changed to red before the Slow Trend indicator crossed up, I didn't take the trade as this is a sign of a ranging pair and a riskier trade. Some 4 Hour trades that would've been taken a few days ago closed out for healthy profits (300+ pips), but because I didn't trade any of them on my live account, I won't be posting the results here.

Big news tomorrow on the Pound and the U.S. Dollar is probably causing the ranging to continue. Both economic reports have to do with housing, and as we all know the housing and mortgage crises are causing some real volatility in the markets and will probably continue to do so for some time. After the U.S. news is released at 10:00 am we may see some heavy trading into Wednesday as Wednesday is a relatively slow news day. Thursday brings the Pound interest rate decision, and both the European Central Bank's Trichet and the U.S. Federal Reserve Chairman Ben Bernanke are scheduled to speak, so look for another risky day on Thursday. I expect some ranging on the major pairs until the Pound interest statement, followed by some possible wild volatility depending on what is said by Trichet and Bernanke. Thursday is a day I will probably be taking off.

This is one of those times that it takes some real trading discipline to not go looking for trades just so you can be in a trade. It took me a long time to learn this, but it's still tempting to try and jump in when you see so many pairs in a tight range just waiting to break out!!!

That's it for today... if you'd like more information about the Forex Profit Monster trading system, you'll find it on my website at http://www.forexprofitmonster.com/.

Best of luck and may many pips flow into your brokerage account!

Jim
http://www.forexprofitmonster.com/

Big News Day Means Day Off For Me

I don't trade daily news being a technical analysis trader and trend follower, so I usually avoid trading around Non-Farm Payroll and other big news. I keep up with fundamentals, but only as to how they may affect the overall picture. That means today was a "day off" for me... translate "day off" to mean I actually got more than a few hours of sleep :-)

No trades currently open after closing out the EUR/JPY short, but it looks like plenty of opportunity on the horizon. Because of a combination of trading volume being down as people return from the holidays this week and the Unemployment and Non-Farm Payroll news being released today, many of the currency pairs have been trading in a range over the past couple of days. This is excellent news if you are a short term trend follower on the 1 Hour chart like I am... it means we should see some nice breakouts early next week on Monday or Tuesday.

With the employment news on the USD coming out weak today and the unemployment rate trending higher, it looks like the small amount of strength we've seen from the U.S. Dollar recently will be fading in the near term. The Great Britian Pound got some good news today on the Services PMI and mortgage news (!). I'll probably be watching for a breakout signal back to the upside on the GBP/USD after today's news... but with the interest rate decision due out on the Pound next Thursday any moves during the early part of the week will probably be quickly muted. Of course any of this is just speculation and as always I will let the market (and Forex Profit Monster) tell me what price is doing.

That's it for today... have a great weekend and as always, good trading!

Jim
http://www.forexprofitmonster.com/

EUR/JPY Trade Closed on January 3rd

Here's the first post of a completed trade. I took this trade on my live account with the signals generated by Forex Profit Monster. I opened this trade on New Year's Eve "eve" at 9pm on the EUR/JPY 1 Hour chart. This was one of the few good trading opportunities around the holidays and I'm glad I didn't miss it. Of course the audio alerts with pop-up windows that are built into the system are a big help with that.

426 pips of profit in just a couple of days... not bad. Notice too how I didn't get stopped out during the "price spike" just before I closed the trade. This is another advantage of Forex Profit Monster... the stop loss method described in the User Guide will explain how to keep more of your trading profits by not getting stopped out in these situations.

For those of you who are skeptical (as you should be) here's a screenshot of the signals generated just before this trade and what would have happened.

This was a nice trade that starts off the New Year right! If you'd like more information about the Forex Profit Monster trading system, visit my website at http://www.forexprofitmonster.com/.

Happy New Year... here's to good trading and success at forex!

Jim
http://www.forexprofitmonster.com/

Welcome to the new Forex Profit Monster blog!

Welcome to the new Forex Profit Monster blog! This is where you can keep up with what's going on with the Forex Profit Monster trading system at http://www.forexprofitmonster.com/.

I'll soon begin detailing trades that the system has generated along with posted charts. These trades will be trades I've actually taken... NOT HYPOTHETICAL. These posts will be made as frequently as my trading schedule will allow. Personally I've been able to consistently generate over 400 pips per month for the past several months trading 8 different pairs on the 1 Hour, 4 Hour and Daily time frames (although most of my trading is done on the 1 Hour chart). The best month came this past November which was a profit of 999 pips! There were a lot of great trends going on in November and I was very focused and able to catch a lot of them. Sure, it would have been nice to have had ONE MORE PIP so that I could have had a 1,000 pip month, but remember... don't get greedy. :-)

December was also a profitable month with a gain of 585 pips... although I should have made more. I got a little sidetracked with some other things and missed some great trades that happened the week before Christmas on the 1 Hour charts. Being curious I did have to sit down and add them up... over 700 pips missed on a few beautiful week long trends. Not that I would have necessarily caught all of them, but I'm sure I would've gotten most. That would have made December another great month like November... not that I'm complaining about a 585 pip month.

Here's to 2008 and many more opportunities to profit!

Jim
http://www.forexprofitmonster.com/