[frame_left src="http://simplysignals.com/images/ForexPiranhaSystem.jpg" href=""]Forex Piranha EOD FX System[/frame_left]Forex Piranha is my EOD Forex system that deals out trade after trade after trade of profits. Yes, we will have some losers but hey, this is REAL Forex trading. Gotta take the infrequent bad with all of that good.
For this system, I trade the following pairs: EUR/USD, GBP/USD, AUD/USD, USD/JPY and USD/CHF.
Here’s how this works. These EOD Forex signals should be traded AT OR BELOW the maximum leverage listed in the alert. You will need to pay attention to this because it will vary between 1:1 and 2:1 leverage.
2:1 leverage trades will have TWO TARGETS. TP 1 will be a nice, small, attainable target while TP2 will be TBD (to-be-determined). 1:1 leverage trades will have only one target. In and out, preferably, the quicker the better since the sooner we’re out, the sooner we can enter another trade.
So what will your EOD Forex signals look like? Here are two examples of what you will see in your email box.
PRIMARY EOD FOREX SIGNALS
Primary EOD Forex signals come at the beginning of a new trend movement. When I get the initial trend shift signal from my EOD Forex system, you will get the 2:1 leverage “primary” EOD signal. These always have two targets. The first target is a small, attainable TP so we can bank a little cash while leaving the other part open to run with the trend. About two or three times a year, these trades can run up 1000+ pips before we close them out. More often, we will grab 150 to about 500 pips on these. That’s what I’ve seen over the years trading this system.
So here’s what these signals will look like. Remember, these PRIMARY EOD Forex signals are taken at a MAXIMUM of 2:1 leverage.
SELL XXX/XXX
ENTRY RANGE: X.XXXXX – X.XXXXX
STOP LOSS: X.XXXXX
TP1: X.XXXXX
TP2: TBD
LEVERAGE: 2:1
EXPIRY: 5:00 PM EST/EDT XX/XX/201X
How to Trade the Primary EOD Forex Signals
You can place these PRIMARY EOD Forex signals one of two ways: one single 2:1 leverage trade or two 1:1 leverage trades. I prefer the latter. If you prefer to place one single 2:1 leverage trade, you will need to BABYSIT YOUR TRADE. You will enter no TP and when price reaches our TP1, you’ll close HALF of your trade. This leaves the second half of your trade open to run with the trend.
If you do not know how to close half of your position on an open trade, click HERE to read an instruction article in my FX University section.
If you place two 1:1 leverage trades as I do, then you will put the TP1 in the first trade and leave the second trade WITHOUT a target. By doing this, you have no need to watch your trades at all. This is low-stress, easy and as close to set-and-forget as you can possibly get.
Moving Your Stop Loss to BE+1 on Primary EOD Forex Signals
On all Primary EOD Forex signals, when our TP1 is hit, we will move our stop loss on the second trade (remember, I trade these as two 1:1 leverage trades) to breakeven plus one pip (BE+1). You can do this by manually moving your SL to BE+1 or you can use my EOD Redeemer EA to do it for you.
EOD Redeemer simply moves your stop loss when price has moved a specified number of pips. The defaults in the EA are 50 and 1. This means when price moves 50 pips in our direction, the stop loss will be moved to lock in 1 pip of profit. If you want to lock in 5 pips, make it 5 instead of 1. VERY SIMPLE.
Talk about set-and-forget at its best! Total ease of execution for you.
SECONDARY EOD FOREX SIGNALS
These “secondary” EOD Forex signals are continuation trades in the current trend. They are taken at a MAXIMUM of 1:1 leverage. No more. We’re taking small bites out of the market and profiting as we devour. In a strong trend, we may have new EOD trades almost every single day.
These trades are ONLY sent out when our Primary EOD Forex signal is 100% risk-free. So, you’ll never have to worry about being over-leveraged or risking too much at one time. If a secondary EOD signal has not yet taken profit, there will NOT be a new signal. I’ll only send out new secondary EOD alerts when we have banked profits and are still 100% risk-free on the primary trade.
OK, here’s what your SECONDARY EOD Forex signal will look like:
SELL XXX/XXX
ENTRY RANGE: X.XXXXX – X.XXXXX
STOP LOSS: X.XXXXX
TP1: X.XXXXX
LEVERAGE: 1:1
EXPIRY: 5:00 PM EST/EDT XX/XX/201X
How to Trade the Secondary EOD Forex Signals
These are simple. You place it and forget about it. Set-and-forget, baby! I call it FUHGEDDABOUDIT Forex trades. (See HBO’s Series The Sopranos or the movie Mickey Blue Eyes if you have no clue what fuhgeddaboudit means! You know, New Jersey gangster talk and all.)
COMMON QUESTIONS ABOUT TRADING THESE EOD FOREX SIGNALS
1How big are the losses?
I use large, insurance-style stop losses on these trades because I don’t want the market noise to stop us out of a good trade that would have later gone on to take profit. Using larger stop losses, you allow your trade room to breathe and move about while on its way to taking profit.
It is a very rare occasion when we have a trade completely, all-out hit the stop loss. It does happen but it’s very, very rare. The majority of our losses will be between 100 and about 220 pips. Again, this is what I’ve noticed as common over the years of trading this system.
2What does the “expiry” mean?
The expiry is the time and date that the signal is no longer valid–IF YOUR TRADE IS STILL A PENDING ORDER. If your trade has not yet been picked up by the time the expiry arrives, you must cancel the pending order.
NOTE: If price just takes off and runs straight to the TP before you had a chance to get entered, you must cancel your order and wait for the next signal. Once the TP has been hit, the trade signal is no longer valid.
3Should I place ALL of the EOD Forex signals you send out?
No, not unless you lower your leverage to safely trade all of the signals without over-leveraging your account. Everyone has a different tolerance for risk and only you can decide how you want to trade your own account. HOWEVER, being responsible, I can only tell you to pick your favorite pair and trade that. When that trade is risk-free, go ahead and take more.
Many of the signals I send out will virtually be the same trade. If I send oBut 3 signals in a day, a long on EUR/USD, long on GBP/USD and short on USD/CHF, these are all very similar trades. Use your head and THINK before you trade. Proper money management is KEY. You don’t want to be in 3 of the same trades and take a loss all at the same time. That could be catastrophic–especially if you don’t follow my low-leverage recommendation.
4How long does each trade last?
Most trades will last one to three days. If we don’t get stopped out on the second half of our 2:1 leverage primary EOD trade, we could be in that one for a week, two weeks or even longer. It all depends on how strong the trend is at the time. However, most 1:1 leverage trades will last about 1 – 3 days.