ForexBees

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On fourth day which is 6/14/2010, I got two signals one is about GBPUSD short trade and another one is about USDCHF long trade.

The following table shows you the first signal I got about GBPUSD short trade.

First Signal – GBPUSD Currency Pair:

The following picture shows you at what time I got the signal and whether it worked or not.

GBPUSD Picture Showing At What Time I got the Signal and Whether I got Profit or not

If you see the above picture you can see that the price hit the stop loss with a loss of 32 pips + spread.

The following table shows you the second signal I got about the USDCHF long trade.

Second Signal – USDCHF Currency Pair:

The following picture shows you at what time I got the signal and whether it worked or not.

USDCHF picture showing at what time I got the signal and whether I got profit or not

If you the above picture you can see that the price hit the stop loss with a loss of 32 pips + spread.

I checked the performance results page from forexsignal.com and it showed the same thing. (The performance page is showing three signals for 6/14 but the last one is at 12:58AM which means this is for the next day. I will review it in my next article)

forexsignal.com performance page

On third day, which is 6/11/2010, I got one signal from forexsignal.com which is a USDCAD short trade.

The following table shows you the two text messages I got. The first one is an entry signal for a short trade and the second one is for the removal of the trade as it did not hit the entry.

First Signal – USDCAD Currency Pair:

The following picture shows you when I got the entry signal and when I got the second text message to remove the trade.

USDCAD picture showing when I got the text messages

I checked the performance results page from forexsignal.com and they did not post anything for 6/11 as the trade was really not executed which is ok.

forexsignal.com performance page

For the second day, which is 6/10/2010, I got two signals from forexsignal.com. First signal for USDCHF long trade, second signal for USDJPY short trade.

The following table shows you the three text messages I got for the first signal for the currency pair USDCHF. The first text message is the entry signal and the next two messages are for moving the stop losses.

First Signal – USDCHF Currency Pair:

The following picture shows you when I got the entry signal SMS and the next two text messages to move the stop loss. If you observe the picture you can see that the price did not hit the profit target but with in that time we moved the stop loss to the entry point and the price hit the stop loss. There is no profit here but the no. of pips lost is the spread.

USDCHF picture showing when I got the text messages and whether I got the profit or loss

The following table shows you the two text message I got for the currency pair USDJPY short trade.

Second Signal – USDJPY Currency Pair:

The following picture shows you when I got the entry signal SMS and next message to remove the trade as it did not hit the entry signal. Here we did not get any profit or loss as the trade is removed.

USDJPY picture showing when I got the signals and whether I got profit or loss

But I observed the performance page from forexsiganl.com which shows a profit of 44 pips for USDCHF currency pair. I don’t understand how this guy made a profit when it hit the stop loss. Looks like on the second day also this guy presented false results. Check the following performance picture from forexsignal.com

Performance Results Page from forexsingal.com for 6-10-2010

Here is the first review of the signals I got from forexsignal.com. I got two signals on 6/9/2010 one for USDCHF long entry at around 6 AM EST and another for GBPUSD short entry at around 8 AM EST.

The following table shows you the three text messages I got for the first signal for the currency pair USDCHF. First SMS is the entry signal and the next two SMSs are for moving the stop loss.

First Signal – USDCHF Currency Pair:

The following is the picture which shows you, when, I got the entry signal and when, I got the next two text messages to move the stop loss. If you check it, you can see that the price did not reach the target profit 1. But we have moved the stop loss already to the entry price and the price hit the stop loss. If only one trade is entered I would have lost around 2 pips which is the spread for this currency pair. If I have entered three trades according to the profit targets, I would have lost 6 pips.

USDCHF picture showing when I got the text messages and whether I got profit or loss

The following table shows you the two text messages I got for the second signal for the currency pair GBP. First SMS is the entry signal and the next SMS is for moving the stop loss.

Second Signal – GBPUSD Currency Pair:

The following is the picture which shows you when, I got the entry signal and when, I got the next text message to move the stop loss. If you check it, you can see that the price did not reach the target profit 1. In the mean time we moved the stop loss with the second text message. The price hit the moved stop loss which is 15 pips from the entry. If only one trade is entered I would have lost these 15 pips. If I have entered three trades according to the profit targets, I would have lost 45 pips.

GBPUSD picture showing when I got the text messages and whether I got profit or loss

But I checked the performance results page from forexsignal.com for 6/9/2010 but it is showing 22 pips profit for USDCHF currency pair and 18 pips profit for GBPUSD currency pair. Looks like these guys are giving wrong results but I will check these signals for the remaining days of my subscription and write reviews accordingly. Check the following picture of performance results from forexsignal.com

forexsignal.com performance results

I have been hearing or reading about many forex signal services for a long time, which provide entry and exit signals for trading currencies. I wanted to try one, so I registered for a trail version of forexsignal.com today which is 6/9/2010 around 3 AM EST.

Forexsignal.com is offering 3 different services, Mobile, Lite and Enhanced for providing entry and exit signls.

Mobile version provides signals services by sending text messages to your cell phone.

Using Lite version you can access a particular webpage or a software, which shows you entry and exit signals.

Using Enhanced version you can access their charts.

I paid $79 for 10 day trail and registered for Mobile version to get the text messages with entry and exit signals to my cell phone.
I already got two text messages of entry signls this morning, one around 6 AM EST for USDCHF currency pair and another one around 8 AM EST for GBPUSD. Later I got another four text messages for moving the stop losses.

I would like to share my experiances with these entry and exit signals provided by forexsignals.com everyday for these 10 days. I will write about the first signals I got, which I mentioned above, in my next article.  Any comments, you are welcome.

Gravestone Doji:

Gravestone Doji Candlestick Formation

Type :  Reversal
Direction : Bullish
Prior Trend : Bearish
Reliability : Medium

Gravestone Doji is a reversal pattern that occurs in a downtrend. It consists of a single candlestick where the price opens at the bottom and closes at the same point with a long upper shadow. This pattern does not contain any lower shadow.

How to Recognize Gravestone Doji:

1) The market is characterized by a downtrend.
2) A doji forms in the downtrend with the open and close at the same point.
3) The doji will have a long upper shadow.
4) The doji does not have any lower shadow.

Important Factors:

This is a medium bullish candlestick pattern so always use some other indicators or confirmation before you enter the trade.

The following is the four hour chart of AUDUSD currency pair as of June 6th, around 8:30 PM EST time. There is a clear support at the bottom of the chart. The price may break the support line or reverse at this point. But if you observe the stochastic indicator and CCI they both are in the oversold region. Moreover in the hourly chart also the price reached the oversold region. So there are more chances for the price to reverse back. This might be a temporary reversal only. But at the support line if any good bullish reversal candlestick pattern is formed I will enter a long trade and after a short gain I will move the stop loss above my entry.

Check the following four hour and hourly charts.

AUDUSD Four Hour Chart:

AUDUSD Four Hour Chart

AUDUSD Hourly Chart:

AUDUSD Hourly Chart

The following is the four hour chart of CHFJPY currency pair as of 8:30PM. EST time. I have drawn a support trend line at the bottom of the chart. If the trend line broken at this point I think it’s a good opportunity to enter a sell trade or if any strong reversal candlestick pattern is formed at this point it’s good to go for a long trade. What do you guys say?

CHFJPY Four Hour Chart

Long Legged Doji:

Long Legged Doji

Type :  Reversal
Direction : Bullish
Prior Trend : Bearish
Reliability : Medium

Long Legged Doji is a reversal pattern that occurs in a downtrend. It consists of a single candlestick where the price opens at the top and closes at the same point with a long upper shadow and a long lower shadow.

How to Recognize Long Legged Doji:

1) The market is charecterized by a downtrend.
2) A doji forms in the downtrend with the open and close at the same point.
3) The doji will have a long lower shadow.
4) The doji will have a long upper shadow.

Important Factors:

This is a medium bulliish candlestick pattern so always use some other indicators or confimation before you enter the trade.