ForexMorningTrade System

[GilR]

My conclusion so far is if we loosened up a bit at the TP and SL and had one more indicator to show price direction it would work much better.

My son on the otherhand is doing set and leave and is happy with the progress so far.

Hi

Good to see your son has caught the bug.

My thought is not that we need another indicator other than insuring we are trading with the trend.

Indicators, no matter which one you chose, always lag.

The indicators that Mark has choosen for FMT are very good, but notice the period set is quite large. There not really conjusive to a "fine" entry.

That is one of the reasons we use the large stop

It is my view that the only way you can time your entry better is using price action

So as I trade this system on live account I am playing around with that. Last month I missed a couple of good trades because price action did not quite do what I expected, but nothing is 100%

The one trade last month that I lost was because I thought I was smart trying to get in on better price ignoring price action.

Yesterdays chart, looking at price action and currency strength the correct entry should have been an hour later around that large body green bar. I beleive back a few posts I said that if that bar held, the price would go up and those still in the trade would be ok.

So in conclusion I use FMT as an indicator rather than a system. My visual testing so far would indicate a monthy consistant return of around 450/500 pips if you traded manually taking into consideration price action.

We shall see this month as I experiment some more :smart:

Gil

 

[mg550]

Hi

Good to see your son has caught the bug.

My thought is not that we need another indicator other than insuring we are trading with the trend.

Indicators, no matter which one you chose, always lag.

The indicators that Mark has choosen for FMT are very good, but notice the period set is quite large. There not really conjusive to a "fine" entry.

That is one of the reasons we use the large stop

It is my view that the only way you can time your entry better is using price action

So as I trade this system on live account I am playing around with that. Last month I missed a couple of good trades because price action did not quite do what I expected, but nothing is 100%

The one trade last month that I lost was because I thought I was smart trying to get in on better price ignoring price action.

Yesterdays chart, looking at price action and currency strength the correct entry should have been an hour later around that large body green bar. I beleive back a few posts I said that if that bar held, the price would go up and those still in the trade would be ok.

So in conclusion I use FMT as an indicator rather than a system. My visual testing so far would indicate a monthy consistant return of around 450/500 pips if you traded manually taking into consideration price action.

We shall see this month as I experiment some more :smart:

Gil

Hi Gil,

Interesting post. Which indicators are you using to measure price action and if you would, elaborate on how you qualify these assertions to determine an entry point.

 

[GilR]

Hi Gil,

Interesting post. Which indicators are you using to measure price action and if you would, elaborate on how you qualify these assertions to determine an entry point.

Hi there!

Firstly, all indicator no matter what name they have are averages.

So one of the first indicators you should have on your chart is the MA60 to confirm the FMT indicators. That might save a few dollars on close calls.

There are some other good trend indicators around, some free, some $$$. Search some of the MT4 forums.

Whatever the trend is at GMT5.30, that is the direction of the trade.

Now you need a good entry:

You could go down to the 5 or 1min chart.

You could read candles (not cards or tea leaves)

You could use smaller MA's to get a better entry

You could watch all the pairs connected with the Pound and Dollar to ascertain strenght. That is what moves the currency, not indicators! The problem is that it is time consumming and the turn can happen fast.

Again, looking at yesterday, nobody with a techinal look at the chart at 5.30gmt would have gone long of the bat. They would either have set a buy stop above white bar at 5 gmt and then finally entered like I sais in previous post the long green bar an hour or so later.

Notice also that the SMA 60 at 5.30 was still nominally in a downtrend! An hour or so later it marginally began to turn up.

The SMA 60 alone would have saved some of you 40 pips yesterday

Anyway .. some thoughts to ponder before we battle the forex gods next week again.

Don't forget to be thankful when they do decide to trow us a few crumbs from time to time :clap:

Gil

 

[mg550]

Hi there!

Firstly, all indicator no matter what name they have are averages.

So one of the first indicators you should have on your chart is the MA60 to confirm the FMT indicators. That might save a few dollars on close calls.

There are some other good trend indicators around, some free, some $$$. Search some of the MT4 forums.

Whatever the trend is at GMT5.30, that is the direction of the trade.

Now you need a good entry:

You could go down to the 5 or 1min chart.

You could read candles (not cards or tea leaves)

You could use smaller MA's to get a better entry

You could watch all the pairs connected with the Pound and Dollar to ascertain strenght. That is what moves the currency, not indicators! The problem is that it is time consumming and the turn can happen fast.

Again, looking at yesterday, nobody with a techinal look at the chart at 5.30gmt would have gone long of the bat. They would either have set a buy stop above white bar at 5 gmt and then finally entered like I sais in previous post the long green bar an hour or so later.

Notice also that the SMA 60 at 5.30 was still nominally in a downtrend! An hour or so later it marginally began to turn up.

The SMA 60 alone would have saved some of you 40 pips yesterday

Anyway .. some thoughts to ponder before we battle the forex gods next week again.

Don't forget to be thankful when they do decide to trow us a few crumbs from time to time :clap:

Gil

Great advice. Thanks for your time and insight Gil, much appreciated. I

 

[GilR]

Great advice. Thanks for your time and insight Gil, much appreciated. I

Your welcome ... more to come in the future

Flourish!

I realise there is a lot to banter(noise) from time to time on the forum. As I said its all Mario's fault :innocent:, but the banters from time to time do help the forum with good practical advice that save a pip or 2

That is my noise for the weekend I think ... have a good one

Gil

 

[markfric]

I'm back after a long time. I'm sorry, but the work and all the support about the system cost me much more time than I expected. I don't have time to watch the forums very closely.

I think Marc's trade results are based on Alpari(UK) that is what I use and they always correspond to what he posts.

I trade with PFG Best now (live account)

Has anyone done a backtest on September comparing Marks journal and his new recommended settings. ie 40/40 - 24+=BE - No TS

I backtested it, I'd have around 240 pips in September instead of 149 if I'd use the BE rule.
The difference is not that big every month, but the BE rule really improves the performance

As for GilR's idea of filtering the system with some more indicator or candles - of course, anybody can add his own tweaks, and it could improve the results. You'll get the best results by discretion, but for that you need some experience.

 

[GilR]

I backtested it, I'd have around 240 pips in September instead of 149 if I'd use the BE rule.

240 pips in real money terms is not be sniffed at. :clap:

 

[speedport]

I'm back after a long time. I'm sorry, but the work and all the support about the system cost me much more time than I expected. I don't have time to watch the forums very closely.



I trade with PFG Best now (live account)




I backtested it, I'd have around 240 pips in September instead of 149 if I'd use the BE rule.
The difference is not that big every month, but the BE rule really improves the performance

As for GilR's idea of filtering the system with some more indicator or candles - of course, anybody can add his own tweaks, and it could improve the results. You'll get the best results by discretion, but for that you need some experience.

nice marc are these results with original settings or with the recommend settins?

 

[markfric]

149 pips in September is with original settings, they are my live trades.

It would be 240 pips if I used the "new" recommended settings with BE.

 

[oldie]

Can I get a copy of it?:clap:

Have only just returned from o/seas. The file is on my computer & I have no idea of the site from where i got it. I cannot attach it to this reply but could email it to you if I have your address.
Cheers Oldie

 

[ihelfman]

You could watch all the pairs connected with the Pound and Dollar to ascertain strenght. That is what moves the currency, not indicators! The problem is that it is time consumming and the turn can happen fast. to be thankful when they do decide to trow us a few crumbs from time to time :clap:

Gil

Are there any free or inexpensive indicators that do this? Hector DeVille sells one, but it's part of his $297 system, and I'm not sure how well it works.

 

[GilR]

So guys a new week!

Any thoughts of the gap at the open today?

 

[GilR]

Have only just returned from o/seas. The file is on my computer & I have no idea of the site from where i got it. I cannot attach it to this reply but could email it to you if I have your address.
Cheers Oldie

Send the adress to you

Thanks

Gil

 

[oldie]

yes, in Perth
I'm guessing you're in Sydney?

Lotterbe: I am also in Perth, I wonder how many of us are here??

 

[Mario Loops]

Send the adress to you

Thanks

Gil

Good afternoon Gil how ya doing

 

[GilR]

Good afternoon Gil how ya doing

doing well and you?

Is that gap going to worry us? Or is a quick journey south today?

 

[ihelfman]

doing well and you?

Is that gap going to worry us? Or is a quick journey south today?

Signal down, but market looks flat.

 

[Mario Loops]

doing well and you?

Is that gap going to worry us? Or is a quick journey south today?

not bad ill take the quick journey south for a monday

 

[ihelfman]

Short 1.587988

 

[bluedancer]

seems pretty quiet tonight, I think I will wait for manual entry, but on demo got a sell at 1.57988