Get Started with the Forex Assassin Trading System
The Forex Assassin provides you with a spreadsheet with a 'secret' trading formula which helps you extract prices from the markets and then calculate the order entry prices. Every weekend, you will need to input some key numbers to complete the calculation process. Thus, the process is not quite automated as expected.
Like Forex Killer, I always want the keep my trading task as simple as possible. Therefore, I have converted the Forex Assassin trading formula into a custom metatrader indicator which helps me loading and calculating the key price levels that I need quickly. Moreover, the visualisation effects with this custom indicator (see Figure below) helps make Forex Assassin trading interesting and easy. I will know immediately from my charts when a trading action is near.
Figure: MT 4 Chart with "Forex Assassin" custom metatrader indicator
From this week, I will start trading the major currency pairs using the Forex Assassin method: GBP/USD, EUR/USD, AUD/USD, USD/CHF, USD/JPY & USD/CAD.
As suggested, I will be using a risk-reward ratio of 0.75:1 with a price target (TP) of 75 pips and a stop loss (SL) of 56 pips. The parachute stop loss is at 40% of TP, which is 30 pips. This means that if the trade went my way 30 pips, the parachute stop loss would be triggered. So as the price comes back to my entry, I will get out flat. I will also compare its end results if using a trailing stop loss of 30 pips.
Results will be updated throughout the week in a new blog: Weekend Forex Project.
Table : Week 1 (14 - 18 April) Results
| Day Closed | Trades | Entry | Parachute Strategy | Total P/L | Trailing Strategy | Total P/L |
| Mon | EUR/USD | Short at 1.5711 | 0 | 0 | +8 | +8 |
| Mon | GBP/USD | Long at 1.9788 | +75 | +75 | +75 | +83 |
4/15/08 7:57 AM
hi i would like to request link exchange with my blog at http://deforex.blogspot.com. if you are interested please drop me a comment
4/15/08 12:20 PM
Great, you can find my forex links here. Feel free to add your blog description.
4/20/08 3:24 PM
Nice blog. Thanks for your work on it.
I've recently created a completely free forex website which hopefully will be of use to you.
The purpose of this site is to show you how the forex market reacted in the minutes and hours after news was released. Patterns have emerged. For instance, if the USD Non Farm Payroll number is significantly better than expected, the USD will initially gain against the GBP and Euro in the minutes after the number is released, and then lose value shortly there after.
Site:
http://www.forexnewspatterns.com
4/20/08 7:53 PM
I like your site and effort too. Your charts could help refresh my memory on some of my past trades.
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