ForexMorningTrade System

[trader578]

I noticed the average gain for December during the last 5 years was only about 25 pips.

I would be interested to know whether this would have been improved if a lower TP was sought. With the large institutions closing down mainly during this week there is going to be less volatility (so long as there are no major news stories) for the week before and the week after Christmas. FMT needs a fair swing in the price eg top to bottom difference of over 70 pips in order to stand best chance of working. 40 or 35 pips aren't so likely to be there to take, but I wonder whether 20 might reasonably be available, in which case it may be worth carrying on with a lower profit expectation.

Hi Wiseambitions, I think you are confusing volume with volatility. In my experience, when volume drops, volatility always goes up. When large institutions close down, it takes fewer orders to move the market substantially, making it vulnerable to the manipulation of the few. Maybe this is why Mark says that FMT is still profitable during Christmas time - because the volatility is enhanced.

 

[Antomi]

Hi,
I just prepare the settings for the EA (using it the first time) and have a question concerning the SL/TP.
When Mark says that the ProfitTargetPip = 35, does this already consider 5 digit brokers? Or do I have to place the ProfitTarget than to 350 Pips.
Thanks for the help.

Antomi

 

[fluegel]

Hi,
I just prepare the settings for the EA (using it the first time) and have a question concerning the SL/TP.
When Mark says that the ProfitTargetPip = 35, does this already consider 5 digit brokers? Or do I have to place the ProfitTarget than to 350 Pips.
Thanks for the help.

Antomi

Yes, you can go with 35. I'm using a 5-digit broker, FxPro, and my setting is "35".

 

[PipZombie]

12-10-2010
FMT 4.1
BE
0 pips

Total: +39 pips - since 11-08-2010
Stats: 8 BE, 5 No Trades, 7 Profits, 5 Losses
Broker: FXSolutions - 4 decimal point charts and fixed spreads
Settings: 40 SL, 20 BE, 35 TP

This is the third time I've deviated for Mark's results,
since I started FMT on 11-08-2010.
Each time it's been a borderline trade.
Mark had two No Trades, I had two Losses.
This last trade, he had a Profit, I had a Break Even.
Mark made 116 pips more than I made.
I'm doing what he's doing, so what's going on?

The only thing I can think of is the brokers.
He has a variable spread broker, I have a fix spread broker.
It's really hard to say what could be happening.
But starting next year, I'll be trading with the same broker
Mark is using, to see if I can get the same results he's getting.
I know it won't be exactly the same, there's always
slippage to change things a bit, but lest it won't be 116 pips!

Using 5 minute charts . . .
Here are my Friday numbers with FXSolutions, fixed spreads:
Entry: 1.5795, even though the high at the Open was 1.5793
An hour later, reached 20 pips at 1.5715
An hour and 19 minutes later, hit new low at 1.5794,
my stop at 1.5795 for Break Even gets hits.
FXSloutions fixed spread for GBP/USD is 4 pips.

Mark's numbers with PFG Best, variable spreads:
Entry: 1.5792 (PFG has 5 decimals, don't know why Mark doesn't show it),
high at Open was 1.57923
An hour and 15 minutes later, hit new low at 1.57936
Mark doesn't get stopped out like me (borderline trade)
his Break Even stop is at 1.5792,
he moves on to profits an hour an half later.

I have both Forex.com and IBFX which have matched Mark's results. They are variable spread brokers. IBFX is 5 digit and forex.com is 4 digit. FYI

 

[PipZombie]

Is there something wrong with your calculations?
7 x wins @ 35 pips = plus 245 pips
5 x losses @ 40 pips = minus 200 pips

245 - 200 = 45

Your total with these results should be +45, not + 39

im sure he has had some slippage on trades. Might be the difference.

 

[bouzo132]

Interesting pipzombe, im with IBFX also and got taken into a losing trade on monday, which Mark had a no trade on ,so i had two loses this week and ended with minus 10 ish pips.

Other than that its been reasonably close.

 

[Antomi]

Yes, you can go with 35. I'm using a 5-digit broker, FxPro, and my setting is "35".

Thank you for the reply and let's see how many pips we are getting today.

Best

Antomi

 

[PipZombie]

Interesting pipzombe, im with IBFX also and got taken into a losing trade on monday, which Mark had a no trade on ,so i had two loses this week and ended with minus 10 ish pips.

Other than that its been reasonably close.

I stand corrected. IBFX took a trade and forex.com had a no-trade for december 6th. There were slight broker data differences on the momentum indicator just like today.

 

[wiseambitions]

Hi Wiseambitions, I think you are confusing volume with volatility. In my experience, when volume drops, volatility always goes up. When large institutions close down, it takes fewer orders to move the market substantially, making it vulnerable to the manipulation of the few. Maybe this is why Mark says that FMT is still profitable during Christmas time - because the volatility is enhanced.

No, check the daily price range of the last 2 weeks of December. I wasnt using FMT last year but I found the market didn't jump out of bollinger bands very often. Yes it may have been volatile in regard to reactions being opposite from the indicators, but FMT needs 35 (used to be 40) pips movement to get to TP, and the starting signal would have probably required 5 or 10 pips in the same direction already. If the market doesn't move that far one is liable to be stopped out on retracing or hit BE all the time if thats your strategy.

I would rather trade for lower TP for a couple weeks or not trade at all

 

[PipZombie]

NO TRADE on forex.com
Short on IBFX

 

[acsyycap]

NO TRADE on ava
SHORT on fxcm

 

[getbusy]

SHORT Trade opened at price : 1.57816

 

[wiseambitions]

Oh have we got another day like last Monday. Indicators not convincingly lined up. Anyway I'm short too at 1.57822
good luck guys

 

[Antomi]

SHORT trade:
ATC: 1.57815
ThinkForex: 1.57832 (their server time does not match the rest of the forex world, about 1 min delay)
FXCM: 1.57808
Alpari UK: 1.57809

 

[Latintrader72]

open SHORT Trade
fxcm 1.57806
tadawulfx 1.5780
alpariuk 1.57804

 

[rjus]

no trade

 

[musallam]

The strange things is Iam short on demo and no trade on Live. Both accounts same broker (FXDD)

 

[bcole077]

no trade

No trade on which broker?

 

[Deatil]

NO TRADE on forex.com
Short on IBFX

Since we have again a “close call” with some members . I thought it would be a good idea to make a list with “Go” and “No Go” trades, reported by members with their brokers and price.

Should gives us a good idea when we get these type of trades.

Dec 13, 2010

SHORT TRADE:

ATC: 1.57815************post 4854
ThinkForex: 1.57832***post 4854
FXCM: 1.57808*********post 4854
Alpari UK: 1.57809****post 4854
Tadawulfx 1.5780*****post 4855
FXDD 1.5781***********post 4859
IBFX*********************post 4850
GoMarkets 1.57829***post 4861
FXOpen****************post 4876
SmartTradeFX********post 4876
Alpari US *************post 4882


NO TRADE:

AVA********************post 4851
Forex.com************post 4850
FxPro******************post 4862
VantageFX************post 4876
Fx primus ************post4877

 

[bouzo132]

IBFX short @ 1.57800