ForexMorningTrade System

[andybissell]

short

 

[RedGuerrilla]

Stats for 06-15-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, FXSolutions..., Short/Break Even..., +5.0, Stats since 11-08-2010: Total= -56.0
6:15 UK Time, IBFX.........., Short/Break Even..., +4.0, Stats since 01-04-2011: Total= +158.3
6:15 UK Time, PFG Best......, Short/Break Even..., +4.8, Stats since 03-01-2011: Total= -51.2




Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, PFG Best......, Short/Break Even..., +5.0, Stats since 02-01-2011: Total= +363.8
6:15 UK Time, FXCM.........., Short/Break Even..., +5.0, Stats since 02-01-2011: Total= +331.8
6:15 UK Time, Alpari(US)...., Short/Break Even..., +5.0, Stats since 02-01-2011: Total= +335.1
6:15 UK Time, FXDD.........., Short/Break Even..., +5.0, Stats since 02-01-2011: Total= +310.1



Notes:

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

 

[Euro_d]

Help me understand how you sxalp 10 and then get your tp also. I do not get how to scalp. Appreciate the help, Motneen

The settings I use are:
TP = 10, SL 35, start time 06-30.

I have previously attributed these settings to Mr. Wise, however, he has stated that they are not his! Anyway, its what I use.

You should note that the risk reward ratio (TP= 10 verses SL = 35) looks terrible, basically one needs 4 wins to compensate for a loss, but in fact the strike rate is very good.

Test at your own risk.

Regards
Euro

 

[Euro_d]

Scalp TP=10
Standard out BE + 5

15 for me today!:clap:

 

[andybissell]

35'ers should have TP by now.... I missed my +38 by about half a pip!

 

[wiseambitions]

Seems like all trades with TP up to about 37 where there was no BE reset had a lucky day.

BE was reset for most sets I am aware of, and will have been stopped out with a few plus pips or at zero.

40/40 without BE as per the first ever FMT recommendation is still running.

It was only for obeying rules that we opened today's trade. By 06:15 the price had fallen quite a lot already, especially in the previous hour, and emotions might have prevented some from daring to give it a go. Anyway we've often remarked Thursdays are reliably good days for FMT.

 

[jabu99]

+5 for me on Oanda

 

[andybissell]

profit now taken +38 (AGAIN on news). That's BE for the week...

FMT Account: £903 (-9.7%)

 

[Euro_d]

profit now taken +38 (AGAIN on news). That's BE for the week...

FMT Account: £903 (-9.7%)

Hi Andy,
not sure why you keep attributing your positive pips to news, anyway I am happy that your trade worked out. In fact, most of us seem to have been stopped out at BE+5 at around 07-45, I was.

It is the subject of an immense amount of writing on almost every FX related board, the consensus of which is that open trades should be watched very carefully (or tight stops placed) to cater for either positive or negative sentiment generated by news.

It has also been remarked many times on this forum that as FMT trades are based on UK open and hence take reference from the Asian session, the validity of signals diminishes with time. That is, if a FMT generated trade has been open for "n" hours then any SL, TP or BE even becomes increasingly a matter of luck!

There is even a school of thought that promotes the idea of closing a trade after "n" hours.

Anyway, I am happy that you account is now only showing a slight loss from the last couple of months of difficulties,
Regards
D

 

[hammy66]

FMT for me this morning:

6:15 start, short signal, hit TP +35 pips (45-35-25-5)
6:30 start, short signal, hit TP +35 pips (45-35-25-5)
6:45 start, short signal, hit BE +0 pips (35-25-15-0)
7:15 start, short signal, hit BE +0 pips (35-25-15-0)

total today +70 pips.

weekly total +45 pips ...

 

[wiseambitions]

FMT for me this morning:

6:15 start, short signal, hit TP +35 pips (45-35-25-5)
6:30 start, short signal, hit TP +35 pips (45-35-25-5)
6:45 start, short signal, hit BE +0 pips (35-25-15-0)
7:15 start, short signal, hit BE +0 pips (35-25-15-0)

total today +70 pips.

weekly total +45 pips ...

Wow - you were lucky not to get the BE reset which knocked most people out of this game on the retrace before it went back down to TP on those first 2 trades

 

[motneen]

Tried a little different strategy today. +176 pips. Can anyone tell me how do you look back at the results of past daily forex morning trades. I understand there has been back testing but is that the results of the daily recommendation. Help. thanks, Motneen

 

[kgk]

Wow - you were lucky not to get the BE reset which knocked most people out of this game on the retrace before it went back down to TP on those first 2 trades

i've been manually closing out 75% once it nears 25pips and let the rest ride

 

[Slurpeeforex]

From one side today was a good day because there were no losses, on the other side, I am kinda mad that the trailing stop got hit, because again, the TP was reached after that...

Fast FMT: +10

FMT: +4 (I entered too early so the price differed from EFMT and Fast FMT)

EFMT: +9

Total: Fast FMT -60, FMT -26, EFMT -56

 

[jabu99]

Morning All,

Short FXDD, Live EA

M

Jabu- As far as i know you will need to contact your broker and they will (if they offer 4 decimal point trading) change it for you.

Thanks Michaelsa, I'll drop them a mail and find out

 

[michaelsa]

Thanks Michaelsa, I'll drop them a mail and find out

Hi Jabu,

Just make sure they don't increase the spread,
I know that FXDD offers 4 decimal spreads, but they increase the spread, (which is already wider than most).

M

 

[jimmc]

Tried a little different strategy today. +176 pips. Can anyone tell me how do you look back at the results of past daily forex morning trades. I understand there has been back testing but is that the results of the daily recommendation. Help. thanks, Motneen

It must have been a hell of a lot different motneen, because the market only moved about 95 pips all day after 06:15 !!!

Care to elaborate ?

 

[motneen]

It must have been a hell of a lot different motneen, because the market only moved about 95 pips all day after 06:15 !!!

Care to elaborate ?

I will once I am sure I know what I am doing. I dont want to appear too stupid just yet. It did work out well though even if I was wrong in doing what I did. Do you know anything about any other systems that are as reliable as this one? Motneen

 

[tkbieber]

I will once I am sure I know what I am doing. I dont want to appear too stupid just yet. It did work out well though even if I was wrong in doing what I did. Do you know anything about any other systems that are as reliable as this one? Motneen

Maybe you didn't put a digit between 17 and 6. If it measures 176 it is actually 17.6 pips on 5 digit brokers.

 

[motneen]

Thats where I went wrong. Thanks for pointing this out. I feel liek an amateur. Sorry.