ForexMorningTrade System

[c0py]

From the looks of your setup above, you are testing the EUR/USD during NY open?

Yes that's right, I did an optimization test and it found for the EURUSD pair, 16:30 was the best time setup.

 

[bluedancer]

Yes that's right, I did an optimization test and it found for the EURUSD pair, 16:30 was the best time setup.

So the entry on the trade on the 16:30 candle open is based on the indicators on the 16:15 candle?

Thanks for the effort in doing that!

 

[bluedancer]

Yes that's right, I did an optimization test and it found for the EURUSD pair, 16:30 was the best time setup.

Also can you explain why the Eur/Usd pair has a profit not exactly divisible by 40?

Thanks!

 

[traderathome]

Just done some testing using EURUSD pair comparing results to the recommended pair GBPUSD, some very interesting results:

each pair using:

start balance - $400
lot size - 0.1 (10% risk)

date range - 2010.01.01 -> 2010.09.05

-------------------------
GBPUSD

trade hour - 7
trade minute - 30

total trades - 83
profit trades - 49 (59.04%)

drawdown - 26.15%

total profit - $600
end balance - $1000

-------------------------
EURUSD

trade hour - 16
trade minute - 30

total trades - 85
profit trades - 55 (64.71%)

drawdown - 17.01%

total profit - $983.97
end balance - $1383.97

For this year EURUSD seems to have performed better than GBPUSD, I will try and spend some time backtesting further to see if it holds up.

thanks were the testing based on default PT & SL 40/40:cheesy:

 

[bluedancer]

Yes that's right, I did an optimization test and it found for the EURUSD pair, 16:30 was the best time setup.

I assume you mean 16:30 GMT?

 

[traderathome]

what is the NY starting time for a GMT+3 broker as i wanna test GBPUSD at NY opening many thanks,

 

[Prof8t]

what is the NY starting time for a GMT+3 broker as i wanna test GBPUSD at NY opening many thanks,

http://www.forexmarkethours.com/

 

[Adamup]

what is the NY starting time for a GMT+3 broker as i wanna test GBPUSD at NY opening many thanks,

A GMT +3 Broker would show the time 15:00 on your platform for the New York open

 

[Adamup]

I've had some private message requests asking me if I would post the indicator I use on my charts to calculate lot size based on account balance and the amount of risk you want to use on a trade. So here it is along with a little PDF file explaining how to use it.

Enjoy!

 

[traderathome]

If GMT offset is 0.00 My London opening trading is 5.30-7.30 as per default settings, Then NY opens exactly 5 hours after the london which means 10.30-14.30 so for a broker of +3 offset 8.30-10.30 London and 13.30-15.30

The opening hours can be checked on myfxbook.

I have set it to test on demo.

 

[Dean31]

Hi -

I have seen a few comments here questioning the accuracy of backtests. Why would a backtest on this system be unreliable? It's a simple system with clear rules and few filters. I don't see why the bactests could be "misleading". In fact - if you consider that the backtests don't allow for the change in London open time for summer and winter, it could even be argued the the backtest results should look even better...

Thanks
Regards
Dean - SA

 

[Dean31]

thanks were the testing based on default PT & SL 40/40:cheesy:

HI -
Just wondering why you set the trading time to 16:30? WHy not 5:30 / 7:30 for the London open?

Regards
Dean SA

 

[Prof8t]

HI -
Just wondering why you set the trading time to 16:30? WHy not 5:30 / 7:30 for the London open?

Regards
Dean SA

He's checking the validity of whether or not the system is also profitable during the NY open.

 

[Dean31]

He's checking the validity of whether or not the system is also profitable during the NY open.

I see - has he already done a test for the London open?

 

[Prof8t]

I see - has he already done a test for the London open?

I believe that someone did a backtest over a two year period for the London open already.

 

[Dean31]

I believe that someone did a backtest over a two year period for the London open already.

Yes - I've seen a backtest that a friend of mine did for the GbpUsd for 2 years - London open...

Have they done a 2 year test for The EurUsd London open?

Thanks
Dean - SA

 

[Prof8t]

Yes - I've seen a backtest that a friend of mine did for the GbpUsd for 2 years - London open...

Have they done a 2 year test for The EurUsd London open?

Thanks
Dean - SA

Haven't seen one but the EUR/USD is very similar in movement to the GBP/USD. I think that using the GBP/USD for NY open could provide to be profitable. I did a very short hand backtest and found it to be anyways. Would like to see a longer one.

I'm also interested in seeing what the GBP/JPY looks like at Asian open.

 

[suresh3101]

BUY entry at 1.5470
My take profit will be 30pips at 1.5500
My Stop loss will be at 1.5440..
Hope for the best..
Happy Trading.

 

[Dean31]

Haven't seen one but the EUR/USD is very similar in movement to the GBP/USD. I think that using the GBP/USD for NY open could provide to be profitable. I did a very short hand backtest and found it to be anyways. Would like to see a longer one.

I'm also interested in seeing what the GBP/JPY looks like at Asian open.

EurUsd has a smaller daily range - may be a better idea to test EurUsd at London open with 30 TP and 30 SL...

Dean

 

[Fabius]

I assume you mean 16:30 GMT?

http://www.forexeconomiccalendar.com/forex-trading-hours.htm

Good question: since NY opens for the forex market at 13 GMT and for the stock market at 14.30 GMT, it would be interesting to know what time is to taken into consideration, since if it was GMT, it would be from 2 to 3.30 hours after the opening

Btw, I am long @ 1.5470