ForexMorningTrade System

markfric

Member
I'm starting this journal to give consistent overview of my trading system.
I'll start with results from this week (16th August 2010) and post results every day, with summaries every weekend and month.
 

markfric

Member
16th August - LONG
Entry: 1.5613
SL: 1.5571
P/L: -41

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17th August - LONG
Entry: 1.5685
SL: 1.5645
P/L: -41

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18th August - SHORT
Entry: 1.5565
SL: 1.5525
P/L: +40

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19th August - LONG
Entry: 1.5567
SL: 1.5525
P/L: +42
 

markfric

Member
Weekly summary
3 profits, 2 losses, week ended with +41 pips profit.
Not much, but better than nothing for strictly mechanical system.
 

markfric

Member
Another win, now 5th in a row.

24th August - SHORT
Entry: 1.5423
PT: 1.5383
P/L: +40 pips
 

tmart62

Newbie
why was there a trade taken on Aug. 25th.. on my charts at 5:30 it shows
momentum at 100.0748 (higher)
CCI at -28.4944 (lower)

please let me know if I'm ready this correctly
 

markfric

Member
do we have different entry times?

Please check my screenshot and look at the candles.

trade25th.gif
 

markfric

Member
26th August - LONG
Entry: 1.5555
SL: 1.5513
P/L: -42 pips

Perhaps I shouldn't enter the trade after the big movement few candles before. However, I'm sticking with the rules, it has been tested to trade always when the conditions match.
 

Maxmerlin

Junior member
Today is my first trade. The EA automatically did a BUY trade for me :cry: I LOST US$38.00 Anyway, just to chk why my trade pillar (dark blue) is different from yours. The timing is off???
 

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markfric

Member
Hi Maxmerlin,

yes, it seems that your trading time is different than mine, you have indicator starting at 9:00. From the candles it seems that your trading time should be set to 07:30 (same for indicator and EA).
 

mitchp

Junior member
I am with Forex.com and they told me they are at GMT, so I set my indicator and EA for 5:30. When I woke this morning I found that the EA did not take the trade (Buy). So I guess I'm lucky because it never made it to 40 pips and reversed for a loss. Not sure why it didn't fire because all indicators were positive for a Buy.
 

Maxmerlin

Junior member
OK , i corrected my blue pillar timing n it matches yours Spreadsfm. Today 26th Aug , looking n understanding yr trade criteria, it's a LONG call. It went ok till +35pips then splat down - stop loss. Right? I dunno but if i was "monitoring" would i hv pulled out at 30 plus pips?
 

tmart62

Newbie
Hi,

Thanks for your response...I don't know how to attach a screen shot but after
comparing you screen shot to my charts it looks like I was off by one hour on
my chart...my apologies...I also downloaded and loaded the EA on my charts,
again wrong time and still had long on the 26th but came 4 pips from target and
ended up getting stop out which it looks like you probably did too. I will try again
tonight and let you know what happens.

1st trade-40pips.

Thanks again,

Tim
 

markfric

Member
OK , i corrected my blue pillar timing n it matches yours Spreadsfm. Today 26th Aug , looking n understanding yr trade criteria, it's a LONG call. It went ok till +35pips then splat down - stop loss. Right? I dunno but if i was "monitoring" would i hv pulled out at 30 plus pips?

you can do it this way. For example you can move your Stop Loss to entry price if you are 20 pips in profit. Then if it reverses you'll lose nothing.

But I don't trade it like this, I let the trade be until it hits either profit or stop loss.
I haven't tested this additional rule, so I don't know if by adding it would make it more profitable or not.
I'll try to test it with an EA and if I'll find something interesting I'll send an update to all customers.
 

crud-cutter

Junior member
Hi,
I see that you have updated the manual to clarify the details about the start time.
I forgot to ask, but do you trade every day that your broker is open?
Or do you avoid trading European or UK or USA public holidays? I know from trading other early morning breakout systems that volatility tends to be subdued on such days even during the Asian session - since it is often upcomming Ecconomic News announcements that drive volatility.

Thanks,
Ian
 
 
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