ForexMorningTrade System

[catfish911]

I had a no trade today on Alpari UK, as one parameter was exceeding stated level per rules. Let's get set for tomorrow!

As an experiment, I was looking at setting a reversal trade order, in the opposite direction of the FMT trade, at say 1 pip below below FMT trade's SL. I use TP37/SL48, so if FMT gave me a Buy at 16048, I'd open that trade with TP 16085 and SL 16000, and also an order to open a Sell at 15999, with it's own TP/SL (I was experimenting at TP35/SL29). On the basis that when the FMT signal trade goes wrong, it often goes around 90 to 100 pips wrong at least, so I'd hope to scoop back some of the loss from hitting SL on the original order. Kind of an insurance policy, but like all policies there would be a cost, if the FMT order hit SL, opened the reversal trade and this then reversed back to SL... Initial review from data in quarter 1 2011 shows me this should have a win rate at about 66%, ie two wins to every one loss, which at TP35/SL29 should give me a net gain per 3 reversal trades opening of 41 pips. I'll look over a longer period to get a better feel for a good general setting to use, maybe open > 10 pips from FMT SL and lower TP/SL, I'm looking for those 'landslide' reversals and not just those horrorid trades that ping to the stop and then go the direction they should have... don't know if anyone else has looked at doing this?

 

[tkbieber]

I think the problem is PFG´s demoserver. First candle after weekend whas 03.00 (PFG-time) Therefore *****
On my other brookers it (without missing data) it was ******* = no trade
Elovv

Oops, letting the rules out to the public, are we?

 

[wiseambitions]

hey guys, anyone tried backtesting this on GBP/USD, EUR/USD pairs at new york open, ie. 8AM EST ? have a feeling with some tweaking we could get this to work..

I think if you read through this blog for the last 6 or so months you'll find there was initial enthusiasm to try the system in multiple currency pairs at various times, Various tests were conducted and nothing conclusive was found in other words there was no proof of a real gain. Nobody seems to talk about it any more, so I presume they abandoned the adventure, and we probably only use the system for cable and for which it was designed. Perhaps other systems dont exhibit the same kind of breakout for want of a better terminology

 

[wiseambitions]

I think the problem is PFG´s demoserver. First candle after weekend whas 03.00 (PFG-time) Therefore x was below y
On my other brokers it it was over y = no trade
Elovv

Please edit to remove reference to proprietary indicators

 

[wiseambitions]

I had a no trade today on Alpari UK, as one parameter was at about +100.9x, and rules say no trade if parameter exceeds 100.8. Let's get set for tomorrow!

As an experiment, I was looking at setting a reversal trade order, in the opposite direction of the FMT trade, at say 1 pip below below FMT trade's SL. I use TP37/SL48, so if FMT gave me a Buy at 16048, I'd open that trade with TP 16085 and SL 16000, and also an order to open a Sell at 15999, with it's own TP/SL (I was experimenting at TP35/SL29). On the basis that when the FMT signal trade goes wrong, it often goes around 90 to 100 pips wrong at least, so I'd hope to scoop back some of the loss from hitting SL on the original order. Kind of an insurance policy, but like all policies there would be a cost, if the FMT order hit SL, opened the reversal trade and this then reversed back to SL... Initial review from data in quarter 1 2011 shows me this should have a win rate at about 66%, ie two wins to every one loss, which at TP35/SL29 should give me a net gain per 3 reversal trades opening of 41 pips. I'll look over a longer period to get a better feel for a good general setting to use, maybe open > 10 pips from FMT SL and lower TP/SL, I'm looking for those 'landslide' reversals and not just those horrorid trades that ping to the stop and then go the direction they should have... don't know if anyone else has looked at doing this?

I think I'd rather experiment the concept of opening a trade for 10 or 15tp if the market rose 50 (on a long) or dropped 50 (on a short) from the price it stood at midnight UK time, opening after 06.30 in the event FMT said 'No signal'. I think this would have still produced a win around London opening today, although 15 but not quite 20tp would have been the extent of the available pips this time.

 

[Elovv]

Oops, letting the rules out to the public, are we?

Sorry, I have edit my post. Please edit my post in Your answer.
Elovv

 

[Elovv]

Please edit to remove reference to proprietary indicators

Sorry, I have edit my post. Please edit my post in Your answer,
Elovv

 

[Brokerthanthou]

I am brand new to this. I have Forex Morning Trade EA 4.3 running on a $1000 demo account with Alpari UK. I am using all of the default settings set up according to the manual that came with it, except for changing the value of the RiskInPercent input from 2 to 4. I have been running the software since March 29. The first day I ran the software, there was no trade. The next two days was a successful trade each day , March 30 and 31. In five trading days since beginning on March 29th, , only two days have had trades go through. I have no trades two days in a row, Friday and today. Is this normal?

 

[wiseambitions]

Sorry, I have edit my post. Please edit my post in Your answer,
Elovv

OK nothing to worry about now.....

have a good trade tomorrow

 

[tkbieber]

Sorry, I have edit my post. Please edit my post in Your answer.
Elovv

No problem.

 

[coral]

I am brand new to this. I have Forex Morning Trade EA 4.3 running on a $1000 demo account with Alpari UK. I am using all of the default settings set up according to the manual that came with it, except for changing the value of the RiskInPercent input from 2 to 4. I have been running the software since March 29. The first day I ran the software, there was no trade. The next two days was a successful trade each day , March 30 and 31. In five trading days since beginning on March 29th, , only two days have had trades go through. I have no trades two days in a row, Friday and today. Is this normal?

With Go Markets, I have BE on 29th, two wins on 30 and 31 March, and no trades on 1 and 4 April. I'm on default settings also. You are in line with most others trading on default.
Welcome. It is a marathon to hopefully great pips.

 

[podberry]

I am brand new to this. I have Forex Morning Trade EA 4.3 running on a $1000 demo account with Alpari UK. I am using all of the default settings set up according to the manual that came with it, except for changing the value of the RiskInPercent input from 2 to 4. I have been running the software since March 29. The first day I ran the software, there was no trade. The next two days was a successful trade each day , March 30 and 31. In five trading days since beginning on March 29th, , only two days have had trades go through. I have no trades two days in a row, Friday and today. Is this normal?

Hi Brokerthanthou - have a look at the daily journal entries to get a feel on how the systems performs - every week is different but the wins outweigh the losses
http://www.forexmorningtrade.com/category/trading-journal/

 

[ihelfman]

I had a no trade today on Alpari UK, as one parameter was at about _______, and rules say no trade if parameter exceeds ________

Catfish,
Please remove your reference to FMT proprietary setting.

Ivan

 

[deserteagle]

I had a no trade today on Alpari UK, as one parameter was at about +100.9x, and rules say no trade if parameter exceeds 100.8. Let's get set for tomorrow!

As an experiment, I was looking at setting a reversal trade order, in the opposite direction of the FMT trade, at say 1 pip below below FMT trade's SL. I use TP37/SL48, so if FMT gave me a Buy at 16048, I'd open that trade with TP 16085 and SL 16000, and also an order to open a Sell at 15999, with it's own TP/SL (I was experimenting at TP35/SL29). On the basis that when the FMT signal trade goes wrong, it often goes around 90 to 100 pips wrong at least, so I'd hope to scoop back some of the loss from hitting SL on the original order. Kind of an insurance policy, but like all policies there would be a cost, if the FMT order hit SL, opened the reversal trade and this then reversed back to SL... Initial review from data in quarter 1 2011 shows me this should have a win rate at about 66%, ie two wins to every one loss, which at TP35/SL29 should give me a net gain per 3 reversal trades opening of 41 pips. I'll look over a longer period to get a better feel for a good general setting to use, maybe open > 10 pips from FMT SL and lower TP/SL, I'm looking for those 'landslide' reversals and not just those horrorid trades that ping to the stop and then go the direction they should have... don't know if anyone else has looked at doing this?

Hi catfish911, a colleague told me about that some days ago, he has observed the same behaviour than you. It seems to be a profitable strategy. Currently I'm investigating about it. Keep the contact.

Regards

 

[Brokerthanthou]

Hi Brokerthanthou - have a look at the daily journal entries to get a feel on how the systems performs - every week is different but the wins outweigh the losses
http://www.forexmorningtrade.com/category/trading-journal/

thanks for replying , It looks like things are going normally
then. That is comforting to know. I am eager to get started
with some real money and see what happens.

 

[Brokerthanthou]

With Go Markets, I have BE on 29th, two wins on 30 and 31 March, and no trades on 1 and 4 April. I'm on default settings also. You are in line with most others trading on default.
Welcome. It is a marathon to hopefully great pips.

thanks for the welcome, it is good to know that I am set up ok,
and what to expect. It looks like Mark is doing better with that
other broker? I thought I saw something to the effect that his
profits were better at PFG Best than at Alpari.
btw, what is BE?

 

[coral]

thanks for the welcome, it is good to know that I am set up ok,
and what to expect. It looks like Mark is doing better with that
other broker? I thought I saw something to the effect that his
profits were better at PFG Best than at Alpari.
btw, what is BE?

BE = Breakeven, when trade stops out with no loss at your entry price. I have no strong opinions one way or the other on brokers, and am happy with mine - so far..., but others may chime in.

Happy trading.

 

[FXCO]

This is off topic but can anyone recommend any other good systems?
Thanks

 

[Lady Forex]

This is off topic but can anyone recommend any other good systems?
Thanks

FMT is the best.

 

[Lady Forex]

I keep getting banned from this forum. It is not because I am doing anything unethical. Admin said it may have something to do with their security settings. Does anyone else have this problem? Does anyone have any suggestions as to anything I can do to keep this from happening. I am using Windows XP.