ForexMorningTrade System

[wiseambitions]

I'm in long, Went long at 6:00am at 1.5747 and it's now ranging within the 40 pips either side of that, without touching my target or stop of course. I'm not going to watch it anymore, I'll just keep the executions list open.

I think if I were still in the trade now, 4 1/4 hours after entry, I'd be querying whether the FMT effect was working on this day. I think the pragmatic reasons for opening the trade (eg indicators all pointing one way at 06.00) might have been valid at that time because of the inertia (albeit weak inertia) in the price movement, but those reasons no longer apply as surely the whole thing has fizzled out. By now staying in the trade I'd be forgetting the pragmatic reasons and just taking a 50:50 gamble as to whether the price will rise and give me TP or whether I'll get tossed around until SL gets hit.

Therefore I think I'd seriously look for the best exit now and wait for another day.

 

[GumRai]

I think if I were still in the trade now, 4 1/4 hours after entry, I'd be querying whether the FMT effect was working on this day. I think the pragmatic reasons for opening the trade (eg indicators all pointing one way at 06.00) might have been valid at that time because of the inertia (albeit weak inertia) in the price movement, but those reasons no longer apply as surely the whole thing has fizzled out. By now staying in the trade I'd be forgetting the pragmatic reasons and just taking a 50:50 gamble as to whether the price will rise and give me TP or whether I'll get tossed around until SL gets hit.

Therefore I think I'd seriously look for the best exit now and wait for another day.

Actually the FMT effect does not apply. The entry time with FMT is 06:30 so any entry at a different time is not trading according to the system rules.
Today was a no trade for me and most traders, I think

 

[wiseambitions]

Actually the FMT effect does not apply. The entry time with FMT is 06:30 so any entry at a different time is not trading according to the system rules.
Today was a no trade for me and most traders, I think

I agree, about 20-25% of days are like this - no signal at the recommended start time- and FMT usually keeps us out of trouble by telling us to stay away.

You need to have a lot of patience to be a forex trader!

And after very careful analysis of how FMT performed over the last tradeable 100 days I am firmly resolute to stick to its principles unless any tweaking is thoroughly researched before making ones own amendments.

 

[hammy66]

FMT for me today:

6:00 start, buy trade hit TP=30
6:15 start, buy trade BE+5
6:30 start, No Trade
6:45 start, No Trade

for me +35 pips today

for the week so far +66 pips profit...

cheers !..

 

[scfahy]

Hi
Im Looking for your advice on running two EA's on an ALAPARI account.
Im running FMT EA since November, and going well , except for the Christmas period.

I was looking at using another Live account with Alpari and running a modified FMT EA
with a different SL and TP. I contacted ALPARI but they said the didnt Support EAS' but
could setup a second account, and to contact my EA provider. Do you know how you run the two EA's on two different accounts. ie Do I have to Install MetaTader4 into a Different Folder ?
or can you run the two EAs from the same Metatrader Platform on 2 accounts

Advice appreciated.

Steve

 

[RedGuerrilla]

Hi
Im Looking for your advice on running two EA's on an ALAPARI account.
Im running FMT EA since November, and going well , except for the Christmas period.

I was looking at using another Live account with Alpari and running a modified FMT EA
with a different SL and TP. I contacted ALPARI but they said the didnt Support EAS' but
could setup a second account, and to contact my EA provider. Do you know how you run the two EA's on two different accounts. ie Do I have to Install MetaTader4 into a Different Folder ?
or can you run the two EAs from the same Metatrader Platform on 2 accounts

Advice appreciated.

Steve

You can run two EAs on one account. You just have to have two charts, and setup each chart with a different magic number in the EA settings.

I have 5 charts on my demo account, and it works great. I just added a number 1 to each magic number.

 

[JOHNCO]

I haven't posted in quite awhile. Just riding the storm since december. It's not starting out too good this year either. Just say I'm in it for the long haul. I still beleive FMT is still the best system and EA out there and I know it will turn around. It seems things were a lot better befor the US government stepped in and cut everything in half under the guise of protecting the american public. It looks like the little guy takes it on the chin again.

 

[Adamus]

I think if I were still in the trade now, 4 1/4 hours after entry, I'd be querying whether the FMT effect was working on this day. I think the pragmatic reasons for opening the trade (eg indicators all pointing one way at 06.00) might have been valid at that time because of the inertia (albeit weak inertia) in the price movement, but those reasons no longer apply as surely the whole thing has fizzled out. By now staying in the trade I'd be forgetting the pragmatic reasons and just taking a 50:50 gamble as to whether the price will rise and give me TP or whether I'll get tossed around until SL gets hit.

Therefore I think I'd seriously look for the best exit now and wait for another day.

Well, it's all mechanical so I don't have to make any decisions apart from whether to watch or not and my guess is that at the end of the year, these "random finishes" to FMT trades will balance out. I guess if it really bugged me I could implement the Break-even technique, but I don't like that. I have also looked at time stops in other systems and never found that they added to the profits.

This time round it moved higher and hit my target.

Thinking about it while looking at those few bars of range action, who is to say that actually the FMT effect wasn't still in force and took the market higher after? We don't know what caused the ranging action, but whatever it was, it was presumably equal in force to the FMT but just didn't last as long.

 

[trader578]

Well, it's all mechanical so I don't have to make any decisions apart from whether to watch or not and my guess is that at the end of the year, these "random finishes" to FMT trades will balance out. I guess if it really bugged me I could implement the Break-even technique, but I don't like that. I have also looked at time stops in other systems and never found that they added to the profits.

This time round it moved higher and hit my target.

Thinking about it while looking at those few bars of range action, who is to say that actually the FMT effect wasn't still in force and took the market higher after? We don't know what caused the ranging action, but whatever it was, it was presumably equal in force to the FMT but just didn't last as long.

I think the ranging was in anticipation of the bank of england rate decision which came out several hours after the FMT entry.

 

[Antomi]

FMT for me today:

6:00 start, buy trade hit TP=30
6:15 start, buy trade BE+5
6:30 start, No Trade
6:45 start, No Trade

for me +35 pips today

for the week so far +66 pips profit...

cheers !..

Hi hammy66,

your timing is interesting. Although my backtests showed me that 7:15 to 7:30 (1:45 h to 1:30 h before London open) is the best timing, but the combination is maybe even better.
Since many are living in different time zones it would be great just to mention the exact time according to London open (LO).
Can you please define your times according to London open.

e.g.

6:00 = 2:00 before LO
6:15 = 1:45 before LO
6:30 = 1:30 before LO
6:45 = 1:15 before LO

Please correct the date if they are wrong.

Thanks

Antomi

 

[Adamus]

I think the ranging was in anticipation of the bank of england rate decision which came out several hours after the FMT entry.

Ah ok. Could be the reaction to that then. I don't pay attention to these events so I didn't know what was up in the real world. Just as long as the market keeps moving.

 

[wiseambitions]

in short, 06.30GMT. looked a close call today again. The £ has generally been on the rise this week, perhaps we're in for some profit taking being it's Friday

Hope for good luck for all the active forum participators

 

[Lady Forex]

I am short also.

 

[joke]

I am short ...live on FXDD...EA

 

[aheart]

The GBPUDS and EurUsd is completely off sync, crazy market. I've chicken out at break even. Good luck to all still in the trade.

 

[Cobber]

Out for BE Was almost a loss at one stage. News in 30 min. This system seems to be struggling with this volatile price action we are seeing so far this year.

 

[Adamus]

Another entry followed by ranging behaviour - so you guys with your eyes on the news, what's causing it this time? Any announcements in the pipeline?

Let me quailfy that. Before 6AM it was ranging with an ATR of 15 ticks, not it's double that. So it's not as extreme as yesterday when the bar size jumped to 50 ticks. Probably just represents the increased trading as Europe gets to work.

 

[wiseambitions]

Another entry followed by ranging behaviour - so you guys with your eyes on the news, what's causing it this time? Any announcements in the pipeline?

UK PPI figures - better than expected @ 09.30GMT.

Lots of US news @ 13.30 GMT

Yes, why are we still in this trade? We've had interesting discussion about the FMT effect this week, which is normally the impetus that causes a trade signal and a burst in that direction then TP, but as we are today, we entered on a weak set of indicators and are just being tossed about, seemingly at random.

09.55 something happened just then, it bounced spectacularly off 1.5811, just 5 or so from my TP - And I suppose will have knocked most people out if they're on BE resetting

 

[Lady Forex]

I am out at plus 7

 

[Jashfx]

Has a bearish feel to it. Stayed in as manually trade it. I suspect most are out at BE. am at BE now