This article is for those who want to duplicate PipHut’s trading success (i.e. duplicate our trades). If you aren’t familiar with swing trading (our style of trading) then please read that article first, which you can find here.
KISS (Keep It Simple Stupid!)
At PipHut everything we do follows the KISS philosophy – we avoid over-analyzing (“analysis paralysis”) – and follow simple entry/exit guidelines. For starters there are only two swing trading setups we trade: support breaks or resistance breaks.
Under the “Daily Analysis” tab of PRO Dashboard between *6a-8a each day (we send you an email when the setups are posted) we will state whether we are looking for a support break, resistance break, or flat for the day for each pair. We also hand draw all of our own Support and Resistance (S/R) lines and provide arrows to illustrate the setups for you. Then, when the support or resistance break occurs, we send you an email letting you know so you can enter too.
Sounds pretty easy, right?
It is. Lets dive into some of the nuts and bolts of our trading style together, including how we set our targets and stop-losses.
First, here is a screenshot of the “Daily Analysis” tab:
We currently provide these swing signals for EURUSD, GBPUSD, AUDUSD, USDCHF and USDJPY.
Setting our Take-Profit (TP) Levels
To keep it simple we give you our targets for each setup. For example we might say “we are targeting 20/20/30/30 pips for 100 pips total” which means TP1 is 20 pips, TP2 is at 40 pips, TP3 is at 70 pips and TP4 is at 100 pips from entry. We use a single lot for our trades and move our SL as targets are hit. Some traders use multiple lots and close one at each target – the downside to that approach is that it can also multiply your losses if the trade goes against you.
Setting our Stop-Loss (SL)
For EU, AU, GU and UChf we start our SL at 50 pips. For UJ we start our SL at 35 pips. The only time we do not follow this rule is when there is a solid Support or Resistance level that we can “hide” our SL behind (where the technical picture would change if that level was broken) – and we mention that in our analysis for the day. 95% of the time we simply follow the rule of thumb.
Tightening the Stop-Loss
We use a single lot for our trades and tighten our SL as the trade progresses to lock in profit and reduce risk. How much we tighten the SL depends on how strong the trend is, how solid the S/R line is and how clean the break was. For example if the trade is with the trend and the S/R was solid we will keep the SL loose to give the trade room to breath (e.g. move to break even after the second target is hit). If the trade is against the trend or the S/R was uneven then we will tighten often to lock in profit and reduce the risk of the trade (e.g. move to break even after first target, tigten on each subsequent target).
The only reason we close a trade early is if the price is obviously beginning to turn back (has stalled out for several candles or a fundamental news event occurs) and we want to lock in profit or if a strong candlestick appears in the opposite direction of our trade.
Lets Review
Under the “Daily Analysis” tab of your PRO Dashboard we tell you what S/R breaks we are looking for and for which pairs. We even give you our targets. When those S/R breaks occur we send you an email immediately so you can be a part of our trade.
Got it?
Lets walk through an example together.
Example: EURUSD Support Break
On Tuesday, January 31st in our analysis for EURUSD we wrote:
Primary trade is a short on a break of rising trend support (currently at 3150 and rising – emails will be sent to PRO users) with targets at 20/20/20/20 for 80 pips. Tight targets and tight SL as trend is bullish at the moment.
We also post a chart of the trades we are looking for each day:
Sure enough, a few hour laters PRO users received this email (or sms alert):
from: PipHut
to: your@email-or-cell.com
date: Tue, Dec 31, 2012 at 8:17 AM
subject: Trading Alert (S/R break)
Message:
PRO Alert
***************
Pair: EURUSD
Type: Support break
S/R Level: 1.3175
Alert Price: 1.3165 <-- current price (our entry price)
Alert Time: 2012-01-31 08:17:03 <-- current time (emails go out within seconds)
The result: 80+ pips
* Setups come out between 6a-8a UTC each day unless there are no actionable setups during that timeframe, in which case we will post an “Intraday Update” later that day when actionable setups develop (99% of the time analysis is out between 6a-8a UTC)
February 6, 2012 at 08:09
Hi,
How many pips per week do you make on average? Also, I work fulltme in England, do you provide a copier service for MT4 as that would be good for me at the moment.
Regards,
Dave
February 6, 2012 at 17:25
How many pips per week do you make on average?
We list all of our past swing trades since we’ve been doing them but so you are welcome to add up the results and calculate the average. We will be doing that ourselves shortly but, to be honest, we are more focused on coming out with help articles like this one before we pause to count our winnings :).
Do you provide a copier service for MT4?
Not at the moment.
February 16, 2012 at 09:50
Where can I see the summary of results/pips?
February 16, 2012 at 17:06
We are re-tooling and updating our results page to make it automatically update each day, but we had to take it down to do so. Sorry for the inconvenience! We will send out an email when it is back up.
February 28, 2012 at 09:19
hi, where about on the site is the list of past swing trades?
February 28, 2012 at 18:03
You can see all past EU swing trades by going here:
http://piphut.com/category/news-and-analysis/
and paging through the trades.
In addition we are compiling a more comprehensive list of results for all pairs which will be available in the next couple weeks.
March 1, 2012 at 17:32
What are the procedure for receiving alert on my phone or email?
March 1, 2012 at 19:04
Please see the following help article:
http://piphut.com/2011/12/get-email-alerts-sent-as-text-messages/
February 6, 2012 at 08:18
In the example you have alert price (our entry price).
Does that mean that you enter a trade each time an alert is send out?
If the alert price always your entry price?
Regards
Peter
February 6, 2012 at 17:22
Does that mean that you enter a trade each time an alert is send out?
If we list the trade in the “Daily Analysis” tab PRIOR to the alert then we enter. If it is not in the “Daily Analysis” tab PRIOR to the alert then we do not enter.
If the alert price always your entry price?
Yes.
February 6, 2012 at 10:15
Hi thanks a lot for that PipHut this is very helpful. Just few clarifications:
- on the swing trade: do I understand that you do not have any materialized profit before TP3 is hit (ie. when you move your SL line to TP1), or do you make partial close from you single lot trade at each TP target?
- on the bounce trade (in the linked article), do you take bounce trade when the price is touching the S/R line or only if you have a candlestick confirmation on top of that (1h TF? – 4H TF?)
- and last, how do you set up the TP lines, you mention that it is based on S/R lines you see, but do you use any kind of supporting tool for that or is it purely visual here as well?
Thank you again and many pips to all!!
February 6, 2012 at 17:38
do I understand that you do not have any materialized profit before TP3 is hit (ie. when you move your SL line to TP1), or do you make partial close from you single lot trade at each TP target?
Correct, however as we mention above it depends on the strength of the particular setup. Around TP2/TP3 is when we look to start locking in SL profits (or closing early if the trade the momentum is fading). We do not ever make partial closes.
on the bounce trade (in the linked article), do you take bounce trade when the price is touching the S/R line or only if you have a candlestick confirmation on top of that (1h TF? – 4H TF?)
We rarely take bounce trades in our “Daily Analysis” trades, but when we do we take it when the price is touching S/R – we do not wait for a candlestick.
No tools – it is based on S/R and experience of our Chief Strategist.
February 6, 2012 at 13:44
What percentage of your account do you risk per trade?
February 6, 2012 at 17:43
We trade 1 lot, regardless of our account size. For other traders it really depends on your ability to take on risk. Most professional traders never risk more than 2% of their account on any one trade. Many small traders, or those willing to risk more, will up that significantly to 4-5%. We recommend talking to a financial adviser to help determine how much you should be investing/risking.
February 6, 2012 at 14:46
In the above example you said entry is at 1.3165. Do your targets stem from that price or the S/R price (1.3175)? Another question: if you use one single lot does that mean you close your trade at first target (tp1) and re-enter for the next targets?
February 6, 2012 at 17:50
Do your targets stem from that price or the S/R price (1.3175)?
Our targets always stem from our entry price – so in your example that is 1.3165. So if our targets are “20/20/20/20″ that means they are: 1.3145, 1.3125, 1.3105 and 1.3085.
does that mean you close your trade at first target (tp1) and re-enter for the next targets?
No, we do not close our position at first target. Since we trade with a single lot we tighten our SL to lock in profit as the targets are hit. See the section of the article above entitled “Tightening our SL”. Some traders do you use multiple lots and close those lots as targets are hit, but the downside to that is you are also multiplying your risk.
February 6, 2012 at 22:50
How do you tighten your SL?
February 7, 2012 at 00:02
Tightening your SL simply means moving it to lock in profit or reduce risk. How exactly you do that differs depending on who your broker is and what platform you are using. Contact your broker to find out the process for your particular account. For most brokers it is just a matter of clicking and typing in a new SL.
February 7, 2012 at 14:54
Thanks for your answer, I almost do that but what confuses me is how to do it for: 20,20,20,20 pips. Please further explanation on this will assist me to understand more about what you are saying. I am endeared so much to your CP, but method of payment has been hampering my efforts. I am keeping in touch to follow you till the end.
February 7, 2012 at 16:37
Please see the section above entitled “Tightening our SL”. For example when each target is hit we tighten our SL (rather than taking profit).
February 7, 2012 at 09:30
I received an email alert of EU resistance break at 1.3130 and then after 1 hour I received another alert at 1.3113. What does this mean?
February 7, 2012 at 17:05
This just means that price is flirting with the resistance line (going back and forth). The break still occurred (and so we entered at the same point you did at 3140) and we kept our position open same as you. We choose to send out the multiple alerts for those users who might have missed the first one – this gives you an opportunity to re-enter or enter if you miss the first signal.
Price now a 1.3250 and all targets have been hit for +90 pips :).
February 7, 2012 at 10:17
Dear Mark thank you for the good work you are doing. If I should subscribe to your paid services, I want to get clarity on these issues.
*Waiting for your signals by PRO users, it means that one must always stay by the side of his computer every moment.
Also, will you be sending signals on all the pairs every day to your PRO users.
Have you been scoring about 70 – 80% success in your trading?
Thank you so much on your efforts on the free daily signals you sends to us.
February 7, 2012 at 16:29
*Waiting for your signals by PRO users, it means that one must always stay by the side of his computer every moment.
No. You can set up email alerts for candlesticks and swing swings AND you can receive those emails as SMS text message on your cell phone if your carrier supports it (http://piphut.com/2011/12/get-email-alerts-sent-as-text-messages/)
Also, will you be sending signals on all the pairs every day to your PRO users.
Yes, every day between 6a-8a UTC.
Have you been scoring about 70 – 80% success in your trading?
All of our past trades are available for you to see. Since we give multiple targets and tighten our SL our success rate (closing a trade in profit) is very high.
February 7, 2012 at 12:52
What is 6a-8a UTC in gmt+1 please? Also can you send signals through SMS?
February 7, 2012 at 16:33
What is 6a-8a UTC in gmt+1 please?
UTC is gmt+0, so it is 7a-9a gmt+1
Also can you send signals through SMS?
Yes if your carrier supports email-to-sms. Directions here: http://piphut.com/2011/12/get-email-alerts-sent-as-text-messages/
February 7, 2012 at 14:50
Hi, Thanks for your guidance, please advice which platform is best for your strategy? and send me the details about how to subscribe your daily signals and what would be the success ratio?
February 7, 2012 at 16:35
Please advice which platform is best for your strategy?
Our strategy works equally with ANY platform and any broker.
How to subscribe your daily signals
http://piphut.com/pricing/
February 7, 2012 at 22:05
Is there any trial offer available to test your signal service for one week or so? Do you have any drawdown / max loss numbers? Do you send email updates when SL are tightened?
February 8, 2012 at 00:29
Is there any trial offer available to test your signal service for one week or so?
We are not running any trial offers at the moment – membership is full enough for the moment :). We have only run a special once in the past four years, and that was on product launch. Our monthly plan, however, offers no long term commitments beyond the first month so we recommend starting there if you want to “try it out”.
Do you have any drawdown / max loss numbers?
Drawdown and max loss depends on how many lots you trade and the size of those lots. We trade a single lot at a time and never risk more than 70 pips per trade (average SL is 50 pips).
Do you send email updates when SL are tightened?
Email updates are sent out on the posting of the daily analysis, on the S/R break (our entry point) and for any candlestick alerts you are subscribed to.
February 8, 2012 at 03:21
Hello, Piphut has great information for us! In your example you did not specify if it is a short or long entry. Do you have that specify in any alert you send to the PRO USER?
February 8, 2012 at 03:38
“Support breaks” are ALWAYS a SELL signal and “Resistance breaks” are ALWAYS a BUY signal.
February 8, 2012 at 07:46
Hi, are you using candlestick confirmation at the trendline breaks? Also, are you using “sustained breaks” at all? And if so, how do they effect your TPs? Thanks.
February 8, 2012 at 07:51
For our swing trading we just trade the break – no candlestick confirmation and no sustained breaks. You are of course welcome to do so in your own trading system and could probably achieve great results doing so but we do not.
February 8, 2012 at 09:11
Please could clarify how to accurately
a) draw the S/R lines, and
b) determine the profit targets, T1,T2,T3 etc
Thanks
February 8, 2012 at 15:30
Our Chief Strategist draws the S/R lines for you (and send email alerts when they are close or break) using a combination of factors including years of trading experience. He gives you the profit targets as well and we use a combination of trend strength, S/R lines and experience.
February 8, 2012 at 09:16
I have 1000 USD in my forex account can I use a 0.1 (micro) lot size using your signals?
I am from nigeria – can I subscribe with Google Checkout?
February 8, 2012 at 15:33
PRO can be used with an account of your size, yes. Google Checkout supports Nigeria, yes.
February 8, 2012 at 09:19
Also you mean by 7-9am gmt +1 signals will be sent to my email address if am a pro user?
February 8, 2012 at 15:34
Correct, the “Daily Analysis” is sent out between 6a-8a UTC (7a-9a gmt+1). S/R breaks and CandlePRO alerts are sent out throughout the day.
February 9, 2012 at 07:08
I’ve been following the daily analysis and the swing s/r charts and alerts. On Feb 8th for GBPUSD the analysis was for a long or short on break. The long was triggered first and stopped out so I entered short on that break and currently up a number of pips.
Am I correct in going both long and short from the analysis or do you only enter on the first break and ignore the opposite direction?
February 9, 2012 at 07:21
Hi Pete, if in the analysis we say we are looking for both a long and a short (like we did on that date) then yes, we will re-enter on a support break after a resistance break. We treat the first break as a false break.
February 9, 2012 at 09:56
I always have a dely of min. 15-25 min between the moment I receive the daily free eur/usd analysis by mail (gmail) and the moment it actually is posted on the website. I am a lurker for quit a while and doubting to sign up if the same feature is used to send the alert mails out. With a break alert mail I like to see the mail almost instantly in my mailbox.
February 9, 2012 at 15:54
Hi Jos – S/R breaks, S/R bounces and CP Alerts are instant. For the general, once a day “there is a new analysis” email there can be a 10-20 minute delay as you are seeing.
February 10, 2012 at 11:55
Hey PH crew,
Fantastic work on swing trading – Kudos ! Just an extra clarification here.
You mentioned in the original article that if a BOUNCE trade fails to bounce but breaks S/R, you would (close the bounce trade and) enter a new BREAK trade.
What about the other way around – if a BREAK trade fails to reach TP1 but bounce in the opposite direction (“a false break”) and hit orignial 50-pip stop loss. At that point, do you open a new BOUNCE trade then and there? Using the EU break short example above, Support = 1.3175, entry 1.3165, then stop loss at 1.3215. If the trade does not reach TP1=1.3145, but turns around and goes up and hits 1.3215 stop loss. Do you open a new long BOUNCE trade at 1.3215 right away? If so, the entry would be 40 pips above the support, rather than the should-be BOUNCE entry at 1.3175-85 (at the Support or 10-pip above). Your thoughts? How would you handle this situation? Many thanks.
February 10, 2012 at 16:48
Great question. When we do trade bounces off a false break here is how we like to handle it: if the candle closes above support (or under resistance) then we close out our position and enter in the opposite direction IF it is close enough (e.g. within 15 pips). A perfect example is today’s USDCHF:
http://i1233.photobucket.com/albums/ff398/piphutcdn/USDCHFfalsebreak.gif
February 13, 2012 at 02:54
Thank you for answering my question about a failed break trade turning into a bounce trade. You mentioned reversing positions upon a candle close above Support or below Resistance – good.
Question: Do you still use an H4 candle here, or it can be an H1, M30 or even M15 candle? Thanks again.
February 13, 2012 at 03:21
We use 4h for everything to keep it simple.
February 10, 2012 at 18:43
Just one last question before I signup – When I make payment on pro, will I start receiving signals immediately?
You said something about chatting with other pro users, does this mean there is a chatroom the way we have on your free eurusd page, where different traders bring opinion?
February 10, 2012 at 18:59
You will start receiving signals immediately, yes. There is not a separate chat room at this time.
February 11, 2012 at 12:36
The signal you send to pro email or sms, do you also put it in pro dashboard? That way if a pro user logs in he can see that same signal in his dashboard?
February 12, 2012 at 21:28
Yes, the last 20 swing signals are shown under the “Swing (S/R) Charts and Alerts” tab of PRO Dashboard
February 15, 2012 at 09:38
Does it mean novice like us in trading, all we do is wait for your signal when we subscribe and do all you ask from the signal?
How many times do you send email to pro user daily?
February 15, 2012 at 21:23
Hi Onos – the article above details exactly what you get and how to use it (if you choose to mimic our trading style). To sum it up very briefly – we tell you each day which support/resistance breaks we are looking for, and then you get emails for all support/resistance breaks. It is that simple.
February 15, 2012 at 17:58
I’m a little confused – on the wednesday analysis you said you sent an email to pro users at 1:08a UTC and your wednesday free signal analysis came out at 6.57am – which came first?
Is 1:08am UTC early in the morning or in the afternoon?
February 15, 2012 at 21:27
Our daily analysis comes out every day between 6a-8a UTC. The S/R breaks/bounces occur throughout the day at any time – though usually during major trading sessions such as the London session (9a-5p UTC) or the US session.
1:08a means 1:08 in the morning (the “a” or “am” means morning).
February 17, 2012 at 10:54
what time exactly do you do the analysis and draw the SL lines?
February 17, 2012 at 17:46
S/R lines are drawn throughout the day as they occur (charts are refreshed every 10 minutes so you are always looking at the most up to date chart). Daily Analysis comes out between 6a-8a UTC, depending on how mature the setups are.
February 17, 2012 at 10:55
do economic news affect swing trading?
February 17, 2012 at 17:47
No. Swing trading is purely technical. The rare occasion they do is if there is some big news event we will either not trade or close our open trades to avoid getting whipped out.
February 17, 2012 at 12:48
I have a question-for you it is all clear, but in your example of signals on Jan 31 you do not say if is ” sell or buy “. Your paid signals -do they always specify which one it is ? Stupid question ? but for me important, I am new to this game. Thanks
February 17, 2012 at 18:18
Here is the January 31st analysis:
Primary trade is a short on a break of rising trend support (currently at 3150 and rising – emails will be sent to PRO users) with targets at 20/20/20/20 for 80 pips. Tight targets and tight SL as trend is bullish at the moment.
“Short” = “sell” and “long” = “buy”. A support break is always a sell and a resistance break is always a buy.
February 17, 2012 at 12:55
Is piphut a firm or just Mark?
February 17, 2012 at 18:19
PipHut.com is a Limited Liability Company. Mark is just our Chief Strategist – but a great one :).
February 20, 2012 at 12:46
is googlecheckout no longer available for payment?could not see it when i try to make payment,only saw paypal
February 24, 2012 at 08:30
Hello I was wondering if you take trades in Asia and London…I live in Australia and am sleeping through the US session
February 24, 2012 at 17:21
Our signals come out 24 hours a day for all markets.
March 9, 2012 at 10:44
Just wondering if it would be possible for PRO to send order directly to my broker? I know this would be like totally automated.
If PRO cant do this yet, is it in the pipeline to implement such a feature? This would allow totally unattended trading setups. It’s like total submission to PRO. ;)
March 9, 2012 at 22:04
Hi Newbie, we can send our signals to any email address you specify, however we don’t recommend you send our emails directly to your broker as a) most will not accept those types of emails and b) and signals are not designed to be sent to a broker.
We do have plans for more automated type services in the future but no firm dates to give you.
April 6, 2012 at 04:41
hello i need a weblink of your trading signal results
April 10, 2012 at 22:09
Hi Ijaz, we are reformatting our performance results table and will post it when done. Stay tuned!
April 8, 2012 at 02:58
Hi PipHut,
I’m curious about the PRO alert deliveries, and I would like to share exactly why. Many of us have a job, either on day shift, 2nd Shift or 3rd shift. I’ve tried out several alert programs over the past several years, but due to getting too many “updates” to where the trade is, rather than simply getting the actual “Trade Alert” that is actionable right there on the spot, I had no choice but to drop them. My current situation is extremely bad, because I work a 12 Hr Night Shift. I do have access at work to enter a trade. However, it’s during my sleeping hours that prove to be the most difficult. I want trade alerts that are “Immediately Tradable”, especially if I’m allowing the alert to wake me. I would want the same thing even if I had a 9-5pm job, waking in the middle of the night only for “Actionable Trades”. I would not want hardly any updates, except at maybe the Daily Analysis at 6am in the morning.
I’m also interested in seeing your past trading record.
Thanks,
Wayne
April 10, 2012 at 22:11
Hi Wayne, thanks for the great question. You can customize the types of alerts you would receive as a PRO member so, for example, in your situation we would probably only elect to receive the “break alerts” as those are what we enter on. You can also simply switch on proximity alerts and candlestick signal on days when you are not sleeping or have more access to the computer.
This would drastically reduce the number of signals you get to the “actionable” emails. Does that answer your question?
Also, we are reformatting our performance results table and will post it when done. Stay tuned!
May 18, 2012 at 16:06
Does it mean that your candlestick alert will signal me whenever there is candle pattern available based on the pairs and the time frame i selected?
May 19, 2012 at 03:59
Hello, I have some question. Imagine I set up my trade wit al my TP levels, once I receive the alert, What happen if the price hit TP1, but immediately it start going the other direction? should I close then?. what happen i f it does not hit any TP level, how much time should I wait to close it all.