ForexMorningTrade System

[Kylefx]

aye okay i understand hehe.

But i make some Backtest with the 6:15 time trades and it don't make good results.

 

[wiseambitions]

aye okay i understand hehe.

But i make some Backtest with the 6:15 time trades and it don't make good results.

I don't find results through MT4 EA for 06.15 in the last 6 months very good either.

Theres is still something magic about 06.30

And yet again today someone pushed the market between 06.45 and 06.50
There seems to be a single player who has significant power. Fortunately he trades in the same direction as we do, usually, but I doubt he's a member of FMT!

 

[Kylefx]

hmm it needs a lot of power to beat the Market in the direction he want.

It only can be a big player, but i think it is the Volatility from begining of the London Session.

 

[Kylefx]

someone tested other pairs ? like Eur/Usd

i testet 6:00 (UK Time) with standard FMT settings over the last 6 month.

What did u think about it ?


EDIT : When i test short term , it is not realy good :-D

 

[trader578]

I don't find results through MT4 EA for 06.15 in the last 6 months very good either.

Theres is still something magic about 06.30

And yet again today someone pushed the market between 06.45 and 06.50
There seems to be a single player who has significant power. Fortunately he trades in the same direction as we do, usually, but I doubt he's a member of FMT!

Don't forget that although London opens at 8, the rest of Europe opens at 7. So I think the effect seen at 6:50 is the continental effect of early European traders trying to get in before the official open.
Cheers

 

[Ezmai]

43 TP was not reached today in my trade, so it closed at BE.
Nice for all of you who get some pips today 🙂

Indeed.

Ezmai

 

[smeasoud]

just thought I would pop over here, as it is quiet on the TMT thread:

so far this month since I started on the 16th Feb:

alpari uk
vps CNS
TMT exit strategy 3

using compound interest I am up 14% on my live account.

My results are near enough the same as Mark's on the results page.

116.5 pips profit

Happy Days, and many thanks to Mark and all the contributers here.

Chris👍

What is compound interest?

 

[OWL75]

Nice end to the month, I am going to calculate my pips this evening and report.

QUESTIONS:

I am going to set up a second chart for March:

1) Do I have to have a new magic number for charts to trade at the same time, or just when it is different time, or does each chart in the MT4 need a new magin number regardless?

2) Which digit of the magic number to I change? Do I have to keep the same number of digits?

Thanks

 

[RedGuerrilla]

Stats for 02-28-2011



Live Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, FXSolutions, Long/Profit, +35.0, Stats since 11-08-2010: Total= -17.0
6:30 UK Time, IBFX......., Long/Profit, +34.3, Stats since 01-04-2010: Total= +155.4



Demo Accounts:

FMT 4.2, EA standard settings: 40 SL, 20 BE, 35 TP
6:30 UK Time, PFG Best.., Long/Profit, +34.8, Stats since 02-01-2011: Total= +226.0
6:30 UK Time, FXCM......, Long/Profit, +35.1, Stats since 02-01-2011: Total= +303.0
6:30 UK Time, Alpari(US), Long/Profit, +35.3, Stats since 02-01-2011: Total= +264.6
6:30 UK Time, FXDD......, Long/Profit, +35.1, Stats since 02-01-2011: Total= +233.1

FMT 4.2, EA tweaked settings: SL=40, TP=30, BE=20, BE+5 pips, based on back testing, Post #5659, page 708
6:15 UK Time, PFG Best.., Long/Profit, +30.3, Stats since 01-20-2011: Total= +252.3



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker



Comments:

Started FMT Nov 8, 2010, hit a low of -246 pips in Jan, down now only -17 pips. Feb was a great month for FMT.
FXCM was the best broker for the demos, in Feb.

 

[tkbieber]

What is compound interest?

Just like a bank, when you take the gain, that becomes your new balance and you draw new interest or in this case, you gain that much more from your new earnings. Example: Take $100 and with your calculator, take 100 + 10% + 10% + 10%= $133.10.
That's compound interest. 😉

 

[wiseambitions]

Don't forget that although London opens at 8, the rest of Europe opens at 7. So I think the effect seen at 6:50 is the continental effect of early European traders trying to get in before the official open.
Cheers

Yes, it seems a bit of a surge happens over a period of about 1 to 2 minutes.

My main trading buddy and I call him Mr 10 to 7. We are happy if we see this little effect pushing the trade in the direction FMT has put us because it helps us on the way to TP.

It's somebody who's doing business before the European opening and who would appear to be using indicators which point the same way as ours. Of course there are several indicators which more often than not would do this, not only those on the FMT template.

I wonder what we are in for tomorrow? Big rise in first half of London session Monday was followed by a flat pattern for the last 7 hours. The ADR filter they talk about might prevent trading (in TMT), and of course indicator M would need to come down a bit to be within the recommended range to partake in a trade even if the £ is destined to keep climbing.

For us Europeans, Africans etc it's now bedtime!

 

[Remraf]

Will be interesting to see if the £ weakens tomorrow, has failed to break 1.6300 on several occasions - closing above this resistance might indicate another upward move. Bed 😴

 

[tkbieber]

Will be interesting to see if the £ weakens tomorrow, has failed to break 1.6300 on several occasions - closing above this resistance might indicate another upward move. Bed 😴

75 pips or so from R2 level so if this stays around this level until time to trade, maybe we'll see a nice punch up for at least 60 - 75 pips. Looking good for that but very soon to forecast. It's like predicting the weather for more then a day or two. 😆

This is what the officials say:

"Pivot: 1.6165
Our preference : Long positions above 1.6165 with targets @ 1.626 & 1.629 in extension.
Alternative scenario : Below 1.6165 look for further downside with 1.6125 & 1.609 as targets.
Comment : the pair remains on the upside and is approaching its next resistance, the RSI is well directed."

Now that both long positions have been met, I may expect a retracement and hope around time to trade, it would have retraced enough to gain another upward push. Fingers crossed.

 

[OWL75]

Since Feb 14 (when I went live):

+18.1 pips

+4% in account balance.

Tweaked a little durring that time. Manually exited a couple of times (no more).

Going to add another chart for March...

 

[Ezmai]

GM All

 

[Lady Forex]

gm all

gm!

 

[OWL75]

Long at 6:15 & 6:30

 

[michaelsa]

Good Morning All

Long @ 06:30- (FXDD live ea)

GL

M

 

[OWL75]

Well, just learned about the "FIFO" rule the hard way...

 

[OWL75]

...Also, I opened two charts, starting at 6:15 and 6:30 and everything opened fine, but then they reset their SL/TP as the same. I changed the magic numbers to be different in each chart. Is there something I am missing?

Thanks