ForexMorningTrade System

Hello again jr..:
I understand you perfectly. Today I was able to manage the trade, but if it would not be possible I´d prefered not enter the trade blind. I´m thinking to avoid trading FMT EA when Econ. calendar indicates important news afecting GBP/USD. I have a news indicator that you can place in your MT4 to avoid looking at calendars. This ind. tells you the news, time to that news and alert you 10 or 5 or 3 min. before depending of the settings. Another idea that I´m using now is the free version of Oracle Trader from Dusting Pass. In my opinion, this is the best way to pay attention for news, calendar, and early results of the news.....I´m using this great tool as a "spetial calendar and news indicator" and it is very good.
Best
PONKO
 
Hi Ponko: would you pls. provide more detail of this calendar! i.e. adresses
 
2nd day in a row the EA did not pick up the trade even if all the condition satisfy for a Buy trade. Both my account on forex.com and Think Forex did not enter the trade. Gonna write over the existing installation with a fresh copy, hopefully that will solve the problem.
 
Hello jrcollins2009:
My english is not very good, sorry. I think the best and complete explanation of todays trade is from -Fabius- . I did similar manage to him today and it was very good idea to close exactly at the end of that bar (10:00 / GMT+2) or at the begining of the 10:15 / GMT+2 in my case and @ R1 1.5445 / 1.5446, due to the proximity of the fundamental news afecting GBP/USD.
I say again...read the Fabius replays...this is a very clear explanation.
Best
Carlos
Good luck with the trade....it is still running

Carlos, thank you very much for the appreciation; I guess I've just been lucky to be awake in order I could follow the trade after I realized that there was a red news on GBP.
Pivot points are in my opinion, things to be aware of everytime a trade is open.
I attached my chart to make clearer what I am saying.
As Mark said some posts ago, it is necessary to invest in knowledge and learning.
I am trying to do it and the use of 200MA (that acts both as magnet and strong support/resistance) and Pivot Points are part of what I am learning and trying to apply.

Tha dotted line on the chart is my trade from the start to the end.
As it can be noted, as soon as the price touched the R1 pivot and started to bounce back, I closed the trade with no regrets (after all I was gaining about 35 pips).

I guess that trading is the only field where it's better having regrets than remorses because regrets could drive you to blow your account away.
Just my thought on the matter... ;)
Best
Fabius
 

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Hi Ponko: would you pls. provide more detail of this calendar! i.e. adresses

Hello oldie:
For Oracle trader (Dustin Pass): http://forextradersdaily.com/. I do not shure if at this moment they can provide the free version...Try..
For MT4 calendar indicator, First at all refer to http://www.cobraforex.com/.
Due to rights and similar, it is better if you visit the website and navigate a little and you can find a lot of interesting indicators like the calendar I refered before, divergence ind. (very usefull) and much you can combine with the great ForexMorningTrade system. That is I´m doing now and I´m masterizing ForexRebellion from Russ Horn to. FxRebellion is the cause I´m trading FMT from Mark from my first time today with this great system.
Best
Ponko
 
Carlos, thank you very much for the appreciation; I guess I've just been lucky to be awake in order I could follow the trade after I realized that there was a red news on GBP.
Pivot points are in my opinion, things to be aware of everytime a trade is open.
I attached my chart to make clearer what I am saying.
As Mark said some posts ago, it is necessary to invest in knowledge and learning.
I am trying to do it and the use of 200MA (that acts both as magnet and strong support/resistance) and Pivot Points are part of what I am learning and trying to apply.

Tha dotted line on the chart is my trade from the start to the end.
As it can be noted, as soon as the price touched the R1 pivot and started to bounce back, I closed the trade with no regrets (after all I was gaining about 35 pips).

I guess that trading is the only field where it's better having regrets than remorses because regrets could drive you to blow your account away.
Just my thought on the matter... ;)
Best
Fabius

Hello Fabius:
It is a pleasure to blog with you. I can see you love Trading and see you are in a very good way. Many os us are happy using FMT with good m manag.
Thanks for your info and attachements. Many of us thank you for this.
Best
Ponko
 
Fabius did you draw the Daily R1 self or are you using a indicator which draws the Daily R1
 
I wondered what would happen if I risked 5% compounded per trade over the past 2 years... Impressive - so I tried 10% - even better... Tried 20%... then at 50% it broke :)...

Dean SA
 

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Hi Mark, Did you adjust EA to take profit at 37 pips? & Why ?

I have the same question ? If it was set at 40 as per the rules this trade would have turn in to - 40 pips as price reached +38 and then there was news with a big move on the other side.
 
Hi Mark, Did you adjust EA to take profit at 37 pips? & Why ?

I got only 37 pips today because I entered little late, and I used the SL and PT values from FxMorningTrade indicator which were computed from ideal entry. I could have it corrected to 40 pips, but I was simply lazy :)
Normally I trade it with EA, so I don't have slippage like this, but today I wanted to record the trade. I'll put the video to my website in the next few days.
 
How not to trade this system

So since the other day the EA didn't work (I'm also in Forex. Com), so I make the EA and the inddicators are all set correctly before I go to bed last night. The trade is suppose to take at 12:30am my time. I wake up at 1:30 am and stumble over to the computer to see if the EA took a trade. Well guess what, it didn't, and I see all the criteria was positive for a Buy. So I manually take a trade figuring I'm only a little late, but because I'm half asleep I forget to put a TP/SL. I reawake at 5:30am to find that it did reach 40 pips in profit and then immediately fell to a negative position. I'm now at -25 pips and not sure if I should let it ride and hope it recovers back to even or take my loss.

Do not try this at home, I am a professional!
 
Hi mitch, that's a pity, you missed it today.

It is not sure whether it will still go up today, it's hard to give any advice. There could be some movement at the NY open, but I don't want to speculate on the direction.
I'd probably tighten the SL under the last swing and let it be.
 
I see I was lucky in the morning by setting PT only to 37 pips, it would not reach the 40 pips profit with that high candle.
But it didn't hit SL either. Now it moved up again and this time it hit also 40 pips profit.

So those of you who didn't panicked and kept the trade open have 40 pips profit now :)

Really the best strategy seems to be to not mess with the system and let it be until it hits stop or profit.
 
Hi mitch, that's a pity, you missed it today.

It is not sure whether it will still go up today, it's hard to give any advice. There could be some movement at the NY open, but I don't want to speculate on the direction.
I'd probably tighten the SL under the last swing and let it be.

WEll the recent report have hel;ped my, I'm now up +25 pips, so I will take that and close out my trade. Since I am a professional ( goof that is), I will take the luck the pips gods have given me and call it a day.
 
I stayed with the system and just closed out with +40....

Congrats, you've been brave to hold the position even after the big news of this morning and now you deserve your gain on NFP news! (y)
 
NFP sent it to TP!:D

Fortuna audaces iuvat :cool:

Hello Fabius:
It is a pleasure to blog with you. I can see you love Trading and see you are in a very good way. Many os us are happy using FMT with good m manag.
Thanks for your info and attachements. Many of us thank you for this.
Best
Ponko

Thanks Ponko, I am here to share and learn like everyone I think :) .

Fabius did you draw the Daily R1 self or are you using a indicator which draws the Daily R1

Even though I studied the maths behind the pivot points calculation, since I prefer to save my time, I'm actually using an indicator that does the work for me.

I try to attach it.
Be sure to set Use_Sunday_Data as false otherwise you'll have different lines on your chart.

I am also try to be aware of round numbers (i.e. numbers ending with 00 or 50) since they are strong psychological supports/resistances particularly on forex.

I am not trying to put any change to Mark's strategy that I guess is optimized at its best: I am using these pivot points and round numbers just to have a clue of the environment I am about to trade in.

As well as the upcoming news...
 

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I see I was lucky in the morning by setting PT only to 37 pips, it would not reach the 40 pips profit with that high candle.
But it didn't hit SL either. Now it moved up again and this time it hit also 40 pips profit.

So those of you who didn't panicked and kept the trade open have 40 pips profit now :)

Really the best strategy seems to be to not mess with the system and let it be until it hits stop or profit.

You are right on that point. After watching the trade run for 5 hours hovering around 15 pips,not really approaching TP or SL, I decided to manualy close out there. 15pips is still better than nothing. This is my third day of trading, with my decision I still came out 95 pips ahead. I just have to have more confidenc in FMT.
 
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