ForexMorningTrade System

[Pierre2]

the gbp/usd price patterns from NY close to London open deserve study. The pair has habits. I don't have the turbo EA, but I will get it to see if I can duplicate my results.

I watch pre-trade range 4-6 London whether gmt or not. I also take note of the day's move since NY close. There are 8 breakout patterns from the pre-trade range. each one has it's own setup. This is visual price s&r tracking. I include quantum wave range analysis which is not elliott wave, but specific angle trendline slopes. s&r lines either by price or by qw are either reversal or penetration lines. So I can expect when a line will cause reversal or it will be penetrated.

On top of that I set fib expansion levels.

when there is confluence I have either my trade target or I put my stop outside the lines.

When there is strong reversal sign close to fmt entry, I stay out and wait for a better entry.

The simplest thing to note for fmt is that 90% of the time price will break pre-trade range (4-6am) by 20 pips, from there it either stalls and continues to 40 pips, or reverses. If the pre-trade range is large, like 40 pips, there is often sideways market out of the range one way and then back out the other way (not 100% of the time). If it is small, like 10-15 pips the move will often be strong in one direction except for big news days. Today the range was 21 pips, a good sign of a 40 pip move outside of the range, the first move was only 16 pips up, then down to 10 pips below, but the upward fib level and trendline confluence had not been hit, so I stayed in and expanded my stop to 50 pips to be safe. Price then went up 50 pips above the pre-trade range to hit fib 1.618 expansion of first move 1.5484-1.5595.

I also sometimes remove the BE as the trade progresses.

All of this is a lot of work. 4-6 hours a day! It's a job

suggested settings by tkB or Fluegel can help with FMT. I suggest using settings that work for your psychology. The problem with what I am doing is having enough detail and determining what is valid. it is easy to second guess the self, I prefer to have exact protocol, which is what an EA does for you.

If you manual trade and find just one additional indicator for fmt to confirm the trade, you will have more success. this can take a long time to study though.

If you want another EA to go along with fmt, send me a private message and I can suggest a common free one with my own settings.

Hi can you send me via pm your free EA?

 

[bluedancer]

Hi can you send me via pm your free EA?

left click on my name on the sidebar to send private message.

 

[Baldeaglebloke]

Blue thanks so much for your very helpful answer - you know when this forum works properly its great. You're a star

 

[bluedancer]

Blue thanks so much for your very helpful answer - you know when this forum works properly its great. You're a star

thank you. we are all stars and it's our turn to shine arty:

 

[nubchai]

As I stated before and will restate it to you again, I do not care about your claims about your so called "what you did or said" on skype or any other forum.

The plain fact still remains ( as you call rude ) and I and the rest of the world call TRUTH is that TB on this forum was the ONLY ONE to post in this forum in Black in White about the 30 start time at 6;00 am London time.

If you read the thread which I am sure you have by this time, you will see were Mark gives him credit for the idea.

Your claims have no merits, we all can make claims "we done this or that" but without proof its all BS.So either move on ,or show us claims that you mention this in this forum which is all that counts at this point before TB about the early start. I have already ask you once for proof.

I know of people too that have e-mail Mark about idea and different options, but it means nothing to anyone, like I said before TB did share it here in an "open" forum and to date is one of the best ideas and also proven thur back testing, and Mark must have saw it as a very good one, because as we can see he added that option to the Turbo EA.

Like someone else already pointed out its the strongest option for the upgrade, because we all know that most if not all the other the other features in the new Turbo FMT with regards to money management can be found for free on other EA across the net and there is no need for the upgrade,This too has been pointed out by "hammy" just a few post back today with regards to other EA concerning money management .

PS: Just so you and everyone know to this date I DO NOT own TB extended version of the FMT, But I an not going to stand by and which anyone be robbed, or not given credit for their hard work or an idea that proves to have merit.

Deat after looking at Turbo I think the flexible entry is only one of the new options. The largest feature difference is some automated exit strategies that to my knowledge are not available in other free trade management EAs. The big question is whether optimized settings can be developed that improve on the performance of FMT. Time will tell on that.

I think Fluegel's settings bear looking at. He or she uses a larger SL which I also think helps with trade success. Also splitting trades so that one goes for short term profits with no BE and the other goes for larger profits seems to work well.

 

[BorisViven]

the gbp/usd price patterns from NY close to London open deserve study. The pair has habits. I don't have the turbo EA, but I will get it to see if I can duplicate my results.

I watch pre-trade range 4-6 London whether gmt or not. I also take note of the day's move since NY close. There are 8 breakout patterns from the pre-trade range. each one has it's own setup. This is visual price s&r tracking. I include quantum wave range analysis which is not elliott wave, but specific angle trendline slopes. s&r lines either by price or by qw are either reversal or penetration lines. So I can expect when a line will cause reversal or it will be penetrated.

On top of that I set fib expansion levels.

when there is confluence I have either my trade target or I put my stop outside the lines.

When there is strong reversal sign close to fmt entry, I stay out and wait for a better entry.

The simplest thing to note for fmt is that 90% of the time price will break pre-trade range (4-6am) by 20 pips, from there it either stalls and continues to 40 pips, or reverses. If the pre-trade range is large, like 40 pips, there is often sideways market out of the range one way and then back out the other way (not 100% of the time). If it is small, like 10-15 pips the move will often be strong in one direction except for big news days. Today the range was 21 pips, a good sign of a 40 pip move outside of the range, the first move was only 16 pips up, then down to 10 pips below, but the upward fib level and trendline confluence had not been hit, so I stayed in and expanded my stop to 50 pips to be safe. Price then went up 50 pips above the pre-trade range to hit fib 1.618 expansion of first move 1.5484-1.5595.

I also sometimes remove the BE as the trade progresses.

All of this is a lot of work. 4-6 hours a day! It's a job

suggested settings by tkB or Fluegel can help with FMT. I suggest using settings that work for your psychology. The problem with what I am doing is having enough detail and determining what is valid. it is easy to second guess the self, I prefer to have exact protocol, which is what an EA does for you.

good luck

Thanks a lot Bluedancer !!
)

 

[bluedancer]

Thanks a lot Bluedancer !!
)

specific protocol ! it's key. george soros and warren buffet are about specializing in specific skills suited to their personality. If you use an EA figure out how to use it in your comfort zone so that you stick to the rules. If you trade it manually you need to have rules as specific as the EA.

your welcome

 

[Adamus]

the gbp/usd price patterns from NY close to London open deserve study. The pair has habits. I don't have the turbo EA, but I will get it to see if I can duplicate my results.

I watch pre-trade range 4-6 London whether gmt or not. I also take note of the day's move since NY close. There are 8 breakout patterns from the pre-trade range. each one has it's own setup. This is visual price s&r tracking. I include quantum wave range analysis which is not elliott wave, but specific angle trendline slopes. s&r lines either by price or by qw are either reversal or penetration lines. So I can expect when a line will cause reversal or it will be penetrated.

On top of that I set fib expansion levels.

when there is confluence I have either my trade target or I put my stop outside the lines.

When there is strong reversal sign close to fmt entry, I stay out and wait for a better entry.

Hi Blue, v. interesting and amazing how well you can get to know one pair. One thing that I'm not clear about - fib expansion levels. Are they also known as pivots, or is that something different?

 

[wiseambitions]

specific protocol ! it's key. george soros and warren buffet are about specializing in specific skills suited to their personality. If you use an EA figure out how to use it in your comfort zone so that you stick to the rules. If you trade it manually you need to have rules as specific as the EA.

your welcome

It is refreshing after the unpleasant bickering going on yesterday that the discussions have returned to a mature normality.

While I still trade manually I chat every morning with another colleague and we hold each other to the rules and we ask one another 'is it a trade or is it a gamble' according to how we follow such rules. We have kept one another out of a lot of trouble by doing this even if we have not always done what we intended (eg set stop loss to 38 instead of 40 and getting closed out of a trade which subsequently went to TP!) and we have managed to eliminate emotion from every trading decision. We both feel more relaxed about things than we did before finding FMT, life even seems calmer.

I am happy to declare that following the system, irrespective of FIB lines and news releases, has more than doubled my money in those two months. True enough I have other associates who achieve that return in a couple of weeks but even so this is a pretty fantastic result to me.

So guys, if we all plan our trades and trade to the plans we should do fine!

 

[RedGuerrilla]

12-02-2010
FMT 4.1- Profit
+36 pips

Total: +51 pips - since 11-07-2010
Stats: 6 BE, 5 No Trades, 5 Profits, 3 Losers
Broker: FXSolutions - 4 decimal point charts
Settings: 40 SL, 20 BE, 35 TP

 

[bluedancer]

Hi Blue, v. interesting and amazing how well you can get to know one pair. One thing that I'm not clear about - fib expansion levels. Are they also known as pivots, or is that something different?

pivots are different. Fibonacci is used in so many ways and I barely use it the old fashion way, to section off a top to bottom range to find a fib level.

I use it for expansion of impulse waves, to determine the end of wave 3 by finding wave one and wave 2, to find the end of a corrective move. It is a combination of knowing the EW count and projecting the whole wave sequence step by step with fib levels.

 

[bluedancer]

also to note in my explanation on the pre-trade range:

Remember FMT is a short term trend following system and if there is a huge move before the signal comes or a huge pre-trade range 4-6 am like 40-45 pips (last week was an exception when thin markets sent gbp diving), then there is more potential for a short term trend reversal large enough to stop out FMT. So either I stay out, wait for a reversal with new entry rules, or close an fmt trade early, or if I am at the helm an hour early, I take the trade much earlier...

 

[bluedancer]

It is refreshing after the unpleasant bickering going on yesterday that the discussions have returned to a mature normality.

While I still trade manually I chat every morning with another colleague and we hold each other to the rules and we ask one another 'is it a trade or is it a gamble' according to how we follow such rules. We have kept one another out of a lot of trouble by doing this even if we have not always done what we intended (eg set stop loss to 38 instead of 40 and getting closed out of a trade which subsequently went to TP!) and we have managed to eliminate emotion from every trading decision. We both feel more relaxed about things than we did before finding FMT, life even seems calmer.

I am happy to declare that following the system, irrespective of FIB lines and news releases, has more than doubled my money in those two months. True enough I have other associates who achieve that return in a couple of weeks but even so this is a pretty fantastic result to me.

So guys, if we all plan our trades and trade to the plans we should do fine!

that's so awesome, my trading has improved alot since I got a trading buddy and we keep each other accountable. double in 2 months is really excellent!

 

[wiseambitions]

that's so awesome, my trading has improved alot since I got a trading buddy and we keep each other accountable. double in 2 months is really excellent!

Thanks. It is all about trying to get that little devil on our shoulder to give up with us!

Whereas Mark said if you're reluctant about trading in December (the average of the last 5 years results he quoted yesterday were about 25 pips positive for the month) you could choose to reduce your risk and continue to trade, we have decided to stay at the same % risk but reduce the TP. One fewer loss as a consequence during a month would in our calculations outweigh the reduction in pips per win. And so we'll hold each other to it!

 

[chiprec]

Mark, ADRFilter would seem like a useful feature to have,just wondering if there are any plans to update FMT manual trading system with this if possible, Turbo seems a bit complicated for a relative newbie like myself.

 

[Magicpip]

Mark, ADRFilter would seem like a useful feature to have,just wondering if there are any plans to update FMT manual trading system with this if possible, Turbo seems a bit complicated for a relative newbie like myself.

I thought so too when I first read the manual, however I plunged into it yesterday doing backtests using the examples in the manual. I didn't understand some of it, but what really matters to me is results. I figured that whichever combination of exits worked the best in backtesting, I would use. Went live with it right away, and earned pips.

 

[ihelfman]

I thought so too when I first read the manual, however I plunged into it yesterday doing backtests using the examples in the manual. I didn't understand some of it, but what really matters to me is results. I figured that whichever combination of exits worked the best in backtesting, I would use. Went live with it right away, and earned pips.

Backtested Turbo EA with .4 lots, split profits at 35, 40, BE20, and ATR stop, from 10-1-10 to 10-19-10, an initial deposit of $10000.00.

FMT Total net profit 11834.00 Gross profit
Turbo Total net profit 14221.60 Gross profit

 

[hammy66]

I'm going out on a limb here to say I think FMT will perform just as well as Turbo as far as pips gained over time. FMT is fairly simple, we know what settings work and we go with it, it's doing fine. With Turbo, I think there is the danger of over-analizing and over tweaking the settings and missing out on the market alot by trying to guess it every day ? You will be tempted to change the settings after every poor result instead of leaving it alone for awhile to really see how those setting work over time. Of course the best way to trade FMT is to be awake at trade time so you can manually stop FMT from trading when it's obviously not right, or delay FMT a couple 15 min. candles before pulling the trigger. Anyways, it will be interesting to see the comparison, I like the way Mark has both systems set up side by side in his history journal records of trades.

good luck with both FMT and Turbo !!

cheers !

 

[JRJ]

Bluedancer, I am very interested in the 8 patterns you mention. I don't really understand the other things you were talking about (well, I might know if i could see them) but I have noticed some patterns - i will be thinking, oh it is one of those days...it might take you 39 pips almost to stop out and then reverse and go up to or near TP. Other days it creeps along in the right direction and just keeps creeping when you are expecting it to reverse. Other days it goes straight up/down.

Is it possible to identify the 8 patterns and think about strategies for them. I think you have given one in your description.
I would love to know what they are and how to read them.

I'm afraid i have not got the EA to work for me and so trade manually, unfortunately missing some of the pips at the start - especially this morning!! So I lost this morning.

I do have to say I LOVE FMT, I feel comfortable doing it and relatively confident too. Not sure about December yet, maybe reduced TP, but that makes the losses comparatively big. Time to consider

 

[Magicpip]

I'm going out on a limb here to say I think FMT will perform just as well as Turbo as far as pips gained over time. FMT is fairly simple, we know what settings work and we go with it, it's doing fine. With Turbo, I think there is the danger of over-analizing and over tweaking the settings and missing out on the market alot by trying to guess it every day ? You will be tempted to change the settings after every poor result instead of leaving it alone for awhile to really see how those setting work over time. Of course the best way to trade FMT is to be awake at trade time so you can manually stop FMT from trading when it's obviously not right, or delay FMT a couple 15 min. candles before pulling the trigger. Anyways, it will be interesting to see the comparison, I like the way Mark has both systems set up side by side in his history journal records of trades.

good luck with both FMT and Turbo !!

cheers !

I disagree with over analyzing the EA. I backtested all the different settings of Turbo and have found really great settings which earn much more than FMT. I've already earned back what I paid for it with this morning's trade when I opened 2 charts by mistake. Set it and forget it. Profit Factor of 3.13 and 3.22. Time of trade: 6:00-8:30.
Backtested month of November and it earned $255 - $266 with $1.00/lots !