ForexMorningTrade System

[wiseambitions]

Oh - I think I'd have to read about pivots and how to do that, not something I'm familliar with :help:

Sorry it's not a pivot as in support and resistance. The strategy works on the basis that you use the 00.00GMT price as the reference point. As the day goes on and the market usually finds a direction subject to adequate volatility it is liable to deviate up and down, and usually to exceed 50 pips either side of the price it was at midnight. The concept is that if you then open a trade at 50 be it when it goes long or goes short, there is a good chance of it moving an extra 20 to give you your TP. So by having two OCO orders and preset stops you could just leave things to automatically happen and hopefully to put some money into your account before the end of the day..........
I have heard some people suggest +/- 40 as the opening price, others say 50. It's just something to think about for days when FMT does not pick a trade at 06.30

 

[deserteagle]

Sorry it's not a pivot as in support and resistance. The strategy works on the basis that you use the 00.00GMT price as the reference point. As the day goes on and the market usually finds a direction subject to adequate volatility it is liable to deviate up and down, and usually to exceed 50 pips either side of the price it was at midnight. The concept is that if you then open a trade at 50 be it when it goes long or goes short, there is a good chance of it moving an extra 20 to give you your TP. So by having two OCO orders and preset stops you could just leave things to automatically happen and hopefully to put some money into your account before the end of the day..........
I have heard some people suggest +/- 40 as the opening price, others say 50. It's just something to think about for days when FMT does not pick a trade at 06.30

This strategy is easy to implement with an ea. Then with the ea we could do massive backtesting. Thinking about it.

 

[Adamus]

06.30 GMT. Wednesday. Flat as a mill pond. No trade here. But such a near miss for a short. at 06.15 starters would have got a long.

Have any members come across a simple strategy which says something like issue two OCO orders 50 pips either side of the price at midnight. Aim for 20tp, with 20sl. I.e. If price at midnight was 1.6050 and then during the day it goes down to 1.6000 a short trade would open and would close with profit at 1.5980 or stop out at 1.6020 The other order lapses. Vice versa for a long.
Something like that would be interesting to test on days when FMT gives no signal at the normal time.

Never heard of it, but it can be easily tested. Which currency pairs are you talking about? GBP/USD only?

 

[catfish911]

Wow! Nice to be on the right side of one of those moves for once.

06.15hrs Long Alpari UK
35SL, 40TP, 20BE
+40pips

Well done, although puzzled that you got a Long signal at 06:15 candle close on Alpari UK, as I use them as my live broker and I could swear that although Momentum was just over 100.00, CCI was at around -46 or so? So I stayed out of the trade today.

 

[wiseambitions]

This strategy is easy to implement with an ea. Then with the ea we could do massive backtesting. Thinking about it.

Hi Deserteagle ! How are you?

Yes this strategy is probably best with USDGBP or USDEUR or GBP and euro

There's another one, which is to put a long or short order to open about 3 or 5 pips further than the previous day's high or low, aiming for about 10TP. You'll often notice a quick burst once yeterday's high or low is reached. If that isn't stop hunting I don't know what is!

 

[Liberator]

Here's a beginner's dumb question. Once an order is placed, does it expire if the TP and SL thresholds are not crossed during the day? If so, when? If not, does the order stay in place for eternity, or what?

Reason for asking: while using the standard system with virtual money, I've been doing some back-testing with different parameters - notably, a very large stop loss. That seems to yield several wins and no losses - but quite a few zeros, assuming the order expires at day's end. Alpari's Help page doesn't seem to say whether it does or not.

Heads I win / tails you lose is probably too good to be true - but just in case, I'm asking.

 

[shoot2scoot]

Well done, although puzzled that you got a Long signal at 06:15 candle close on Alpari UK, as I use them as my live broker and I could swear that although .

Hey Catfish, It was very close. But the EA took it so I had no choice in the matter and after some initial stress was very happy!

Bye the Bye you may want to edit out some of the indicator detail you posted? I did the same just last week😡

Cheers

Chris

 

[scfahy]

Wow! Nice to be on the right side of one of those moves for once.

06.15hrs Long Alpari UK
35SL, 40TP, 20BE
+40pips

What is your reasoning for starting the Trade at 06:15
Im using the EA and using the Standard Rules of 06:30 start 35TP, 20BE 40SL
thanks
Stephen

 

[JohnnyBme]

What is your reasoning for starting the Trade at 06:15
Im using the EA and using the Standard Rules of 06:30 start 35TP, 20BE 40SL
thanks
Stephen

Several on here are starting at different times. Sometimes with just one trade/day at the first opportunity (when indicators line up). Others trade several trades at several different times within (usually) the 6:00GMT-6:45GMT window.

I personally take the first trade opportunity 6:15-6:30. This got me into a successful trade @ 6:15 this morn., while the 6:30 gang got a "no trade".:whistling

 

[oyunbo]

Several on here are starting at different times. Sometimes with just one trade/day at the first opportunity (when indicators line up). Others trade several trades at several different times within (usually) the 6:00GMT-6:45GMT window.

I personally take the first trade opportunity 6:15-6:30. This got me into a successful trade @ 6:15 this morn., while the 6:30 gang got a "no trade".:whistling

:?::?::?::?::?::?::?::?::?::?:
Hi
I see you guys use different time as 0615, 0630. What do you all usually do when these two signals are opposite? I use 0630 one because I don't know which one to follow when two signals conflict.

 

[shoot2scoot]

What is your reasoning for starting the Trade at 06:15
Im using the EA and using the Standard Rules of 06:30 start 35TP, 20BE 40SL
thanks
Stephen

Hi Stephen. I am useing 06.15 based on previous stats that I liked. Having back tested it i am now doing a two month trial in my live account. I am also using 06.30 on a demo account. I am sticking with these two for the time being until my stats speak for themselves.

Although you get great help and advice on this forum I think that it is important once you hear about a setup you like to test it for yourself so that you have the confidence to stick with it through the bad spells all strategies have. Otherwise I would end up looking for a new setup every time I got a losing trade.

Cheers

Chris

 

[uberpips]

Can someone explain to me how to backtest? I have MT4, the FMT system and EA. I want to try to get the results posted by Mark for the 35tp-20be-40sl basic system. What do I do next? Thanks.

 

[jimmc]

Hi Wise, why not have a look at the Big Ben thread on the FTSE http://www.trade2win.com/boards/uk-indices/101982-big-ben-ftse100.html

It's a break out strategy originally based on cable. A lot of good ideas in there (& a lot of reading)

Sorry it's not a pivot as in support and resistance. The strategy works on the basis that you use the 00.00GMT price as the reference point. As the day goes on and the market usually finds a direction subject to adequate volatility it is liable to deviate up and down, and usually to exceed 50 pips either side of the price it was at midnight. The concept is that if you then open a trade at 50 be it when it goes long or goes short, there is a good chance of it moving an extra 20 to give you your TP. So by having two OCO orders and preset stops you could just leave things to automatically happen and hopefully to put some money into your account before the end of the day..........
I have heard some people suggest +/- 40 as the opening price, others say 50. It's just something to think about for days when FMT does not pick a trade at 06.30

 

[GumRai]

Hey Catfish, It was very close. But the EA took it so I had no choice in the matter and after some initial stress was very happy!

Bye the Bye you may want to edit out some of the indicator detail you posted? I did the same just last week😡

Cheers

Chris

Catfish has yet to edit out the details, but please note that by quoting his post, you yourself have re-posted the same and if Catfish does edit his post, the original quote will remain in yours 😉

 

[Xbourse]

Can someone explain to me how to backtest? I have MT4, the FMT system and EA. I want to try to get the results posted by Mark for the 35tp-20be-40sl basic system. What do I do next? Thanks.

hi
Try an ALT+R in MT4, then you have do change settings (timeframe etc...).

If not done already, you have to download historical data: MT4 / Tools / History Center.


and at least : Increase the maximum quantity of bars in MetaTrader 4 settings on the basis that one day in the History contains 1440 M1 bars: MT4 / Tools / Options / Charts / Max bars in history) (this phrase is from alpari website😉)


++
XB

bye

 

[PipZombie]

I would probably shut down FMT until further notice. We are seeing uncharted times. I watched spreads as high as 45 pips on the GBPUSD this evening and a spread of 198 pips on the GBPJPY. If you do trade this next day I would monitor spreads before I entered the trade.

 

[michaelhryu]

I would probably shut down FMT until further notice. We are seeing uncharted times. I watched spreads as high as 45 pips on the GBPUSD this evening and a spread of 198 pips on the GBPJPY. If you do trade this next day I would monitor spreads before I entered the trade.

Thank you very much for the alert!

Euro became crazy, and I lost over $5,000 from running MegaDroid, Forex Shocker, etc., this session alone Please be careful!

 

[uberpips]

Thank you very much for the alert!

Euro became crazy, and I lost over $5,000 from running MegaDroid, Forex Shocker, etc., this session alone Please be careful!

Wow, is this because of the crisis in Japan?

 

[wiseambitions]

Thank you very much for the alert!

Euro became crazy, and I lost over $5,000 from running MegaDroid, Forex Shocker, etc., this session alone Please be careful!

Ouch that's scary. I can see one candle on eurodollar with a length of 100 pips.

I don't know why euro should be more volatile than sterling?

The fact the UK Foreign Office is urging Brits to consider leaving Japan is disturbing. I know there is a lot of scaremongering, but I certainly received a note from a market commentator today suggesting this is the end of the bull run for (UK) shares. FTSE100 is off about 500 pips from its peak. Whereas of course the fund managers would be saying buy on the dips!

Meanwhile I think I'll adhere to the FMT system. But if an indicator eg (M...) is out of range of course it stops us trading anyway. Good luck guys

 

[deserteagle]

Hi Deserteagle ! How are you?

Yes this strategy is probably best with USDGBP or USDEUR or GBP and euro

There's another one, which is to put a long or short order to open about 3 or 5 pips further than the previous day's high or low, aiming for about 10TP. You'll often notice a quick burst once yeterday's high or low is reached. If that isn't stop hunting I don't know what is!

Hey Wiseambitions! Hope you are having a good time.

I put your idea in my 'things for checking' list 🙂, I can not tell you 'when', but once I have any result, I'll let you know. Thanks for sharing this information.