wiseambitions
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surely that call didn't come from FMT?
BorisViven
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Hi Bluedancer,
do you recommend to go out now or there is still a chance ?
Thanks
Dom
bluedancer
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nope. fmt doesn't provide 2:1 r/r ratio.
wiseambitions
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Ok, settings are up to the discretion of the members, subject to accepting the main principles of FMT, which to me, and the way I read the charts this morning, and the way most EAs would have traded, would have been go long.
Obviously we are now in a ranging market, and I don't know which side of this trade is right, but I think I would say that any other members still trading and not having quit for the rest of 2010 would be sitting in a long trade right now.
Hi bluedancer,
I don't have TMT. I use my own technique for trend direction. My chart shows that the trend is down. I already broke even at 20 pips.
Thats exactly where I am at the moment - awaiting the result of the long trade - and trading like a robot!
bluedancer
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Hi Bluedancer,
do you recommend to go out now or there is still a chance ?
Thanks
Dom
now it looks like its going up, but today I just don't know, I have another system also with mixed signals..
The good news for today's trade is that on the 1h chart the 38.2% fib line has not yet been reached. If we go through that or even bounce off it, we should hit profit target.
38.2% fib line is like a magnet
wiseambitions
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Hi bluedancer,
I don't have TMT. I use my own technique for trend direction. My chart shows that the trend is down. I already broke even at 20 pips.
This is a message board for people to share their experience and develop their knowledged of FMT. And I think we're all long today and hoping, as is the case more than 70pc of the time, that we are on the right side of this trade
I think if you have a system you should stick with it exactly and not "get out early" or try to second guess the market and make changes as the price varies.
OK, you may lose a few trades you could have saved, but if you don't follow the system exactly then it would be impossible to tell if it works or not from your results.
OK, you may lose a few trades you could have saved, but if you don't follow the system exactly then it would be impossible to tell if it works or not from your results.
bluedancer
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2 dojis on the one hour chart... fun... good luck to those still in the trade....
wiseambitions
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Very true, and that's my decision too.
However as we are now, 10 am GMT, 3 and half hours since entry, 2 hours since London 'opened', and we are being tossed around all over the place. The principle of FMT, which we rely on, and which usually works well, is that a trend starts to develop between say 4 am and 6.30 am, and we get in on the direction of that trend at 6.30, in the usual experience that there is a further burst in the same direction not long before or not long after Europe and London open.
Since the markets are quiet, and volatile, and easily manipulated in thin trading now as we approach Christmas, it is acting unpredictably
If we stay in this trade, awaiting either SL or BE, the pragmatic reasons for having opened the trade are now no longer applying to us, we are in a ranging market, no trend is obvious, and we are just being carried by the usual daily behaviour of the price.
We would be breaking the FMT rules if we exited the trade manually, and there is a 50/50 chance we'll make profit or loss by letting the trade run on, however I am aware some other systems (perhaps Net Trap) require the participants to close out at a certain time if the stops haven't been hit.
Hi bluedancer,
I don't have TMT. I use my own technique for trend direction. My chart shows that the trend is down. I already broke even at 20 pips.
Bully for you
Please note the thread title and the subject.
You couldn't have entered the trade at 6:30 UK time and unless you have a spread of less than 2 pips then you are yet to hit the 1.5610 Buy level according to my multiple feeds, so you have been lucky to hit your B/E level already
bluedancer
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sometimes fmt just does not work as there does have to be enough push to continue the trade. now a different trade system should be in place to take a new trade, so why not use a different trade system to exit the fmt trade where the indicators that triggered fmt are still at odds with each other? either way an exact protocol needs to be followed if you want consistent results that improve fmt. otherwise, a win is great, but not repeatable. so if you pulled out due to time duration, wouldn't you want that exit strategy to be repeatable as well? that means a decision to be made and followed. the problem is, not only do the market conditions change, so do we!
wiseambitions
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Yes that's an interesting way of looking at it
My buddy has caused me to ask myself (because I dont rely on an EA, but use the FMT template) "Am I really trading or am I taking a gamble?"
We trade because there's enough push to the market to satisfy the FMT rules, however if the push dies out and there is no action say 2 hours after London opens we are no longer in a trade because of FMT principles. Indeed we might look at the chart and if it was starting time the indicators might say we're in the trade on the wrong direction, so therefore the pragmatic trade has turned into a gamble, and we are just at the 50:50 risk of profit or loss if we just leave the trade to run.
Seemingly there are enough occasions when luck is on our side, sufficient to give FMT its win rate of 70/75% at standard settings, so one could either say let luck prevail, else quit the trade due to other assessment of the indicators, and whether that would improve the long term win rate is anyone's guess
Hmmm. On the east coast US, I got up about 45 minutes ago to find that I was still in the trade, and it was about 10:30 a.m. London time. Watched the trade bob up and down, and one of the indicators slipped out of buy territory. So I did what any red-blooded adventurer would do. Tossed a coin and heads came up tails, so I exited the trade at -2.5 pips. Now for a hearty breakfast.
