ForexMorningTrade System

Maxmerlin

Junior member
18 0
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
4 0
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
80 2
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
41 11
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
 

joffie

Newbie
2 0
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.

Hi , If you could test this out with your EA as well, as I back tested this theory over 83 trading days manualy.

Take this week, Monday a buy occured, once at 20 pips profit move stop to 20 pip sl, trade took 40 pips profit.
Tuesday a sell occured, once at 20 pips move stop to 20 pip sl, trade took 40 pip profit.
Wednesday a sell occured, once at 20 pips profit move stop to 20 pip sl, trade then took out at a 20 pip loss, but would have hit 40 pips.
Thursday a buy occured, once at 20 pips prfoit moved stop to 20 pip sl, trade came back and took out a 20 pip loss but would have hit a 40 pip loss.
Today, trade triggered a sell, once got to 20 pips profit moved stop to 20 pip sl, we got within a few pips of taking profit, and price turns back up. Right now at 10pips profit. So even if we get stopped out at -20pips today am still up by 20 pips instead of a loss.

Over the 83 trades I back tested manually, I found these results, 42 winning trades and 12 losing trades, if used the move sl to 20 pips once at 20 pips profit rule, 1 trade out of the 42 winning trades hit a 20 pip sl, and 9 trades also hit the 20 sl with other 3 still hitting the 40 pip sl.

Result was 41 winning =1640 pips profit
1 winning trade turned into a losing of -20 pips, so = -60 pip loss
3 still stopped out at 40 pips = -120 pip loss
9 only hit a 20 pip sl = -180 pip loss

Total = 1280 pips profit instead of 1200 pips profit. I know it's only 80 pips more, but I wonder how much that would be over a year term? But I am unable and don't know how to test!

cheers joffie

ps great system!
 

markfric

Member
80 2
Hello all,

I'm currently testing various variations of trailing stops and also some filtering rules that came as ideas from people who started using the system. I'll let you all know when I'll finish the tests.

Today is a crazy day, I had short signal, entered at 1.5524. The price got only 1 pip from my profit target and returned back. Pure bad luck.

I don't usually monitor my position and change SL, but today I tightened my SL just above the last swing high, to 1.5546, so I'll lose 22 pips maximum.

You can consider to tighten the SL too.


As for the holidays - I trade every day. I run the system as EA and normally I don't watch it at all for days.
It is possible that avoiding the holidays could improve the results, but I didn't tested it.

Mark
 

mitchp

Junior member
44 0
Mark,

Another night of the EA not taking a trade. Even thought it hasn't hit 40 pips I'd still be in positive pips. I can't figure out why it won't take the trade. I'm pretty sure I have everything set correcly - Tools/Option/EA has everything checked off correctly, I checked the properties in the EA and they have everything checked as in Tools. My broker is at GMT so the EA is set to start trading at 5:30 and I have the ever popular Smiley Face staring at me (taunting me!). I only thing I can think of is if you have some type of moneymanagement built in. I'm trying live on a small micro account ( I don't like to trade demo - not realistic. I have about $100 in the account and I have the EA set at
.1 lots. Or maybe its the magic number, I didn't change it from the default 12345. Anything you can think of?

Mitch
 

markfric

Member
80 2
27th August - SHORT
Entry: 1.5524
PT: 1.5484
P/L: +40 pips

Weekly summary
3 profits, 2 losses, the week ended with +40 pips profit.
 

markfric

Member
80 2
Mark,

Another night of the EA not taking a trade. Even thought it hasn't hit 40 pips I'd still be in positive pips. I can't figure out why it won't take the trade. I'm pretty sure I have everything set correcly - Tools/Option/EA has everything checked off correctly, I checked the properties in the EA and they have everything checked as in Tools. My broker is at GMT so the EA is set to start trading at 5:30 and I have the ever popular Smiley Face staring at me (taunting me!). I only thing I can think of is if you have some type of moneymanagement built in. I'm trying live on a small micro account ( I don't like to trade demo - not realistic. I have about $100 in the account and I have the EA set at
.1 lots. Or maybe its the magic number, I didn't change it from the default 12345. Anything you can think of?

Mitch

I really don't see reason why your EA doesn't trade, everything seems to be right with your settings. But you can check the log in the terminal. Logs are stored also in MT4/experts/logs directory, send me your log to support mail and I'll have a look
 

Maxmerlin

Junior member
18 0
Y'know FMT, after d price turned around missing TP by 1 pip, i closed d trade at BE. Now looking at results of +40pips, d trade took about 8 HOURS TO BEAR FRUIT. Talk about STRESS / PATIENCE. Initially when price started to go to TP level, i tot i could recover my loss yesterday, but when it retraced sharply, i took it out at BE. Should i set TP to be lesser?
 

mitchp

Junior member
44 0
Does anyone know how I get a copy of my EA tab or Journal Tab for the whole day. I can only read the last hour and can't figure out how to print anything.
 

bluedancer

Well-known member
363 2
I'm sorry, but this system does not look very impressive. :rolleyes:

aagarcia, after trading forex for nearly 7 years and trying nearly every system out there, I can assure you this system will work. If Mark touches it up with a tested trailing stop or stop adjustment that would be great. The beautiful thing about the GBP/USD is that it breaks out just before London open, and I have been trading it for 7 years. It has a variety of breakout patterns. If you don't trust what Mark has put together, do a bit of research on GBP/USD breakout trade systems. Most will only give you 15-20 pips and the ones that offer 30 pips don't trade very often. There will be plenty of trades to make this work. There are not too many systems that allow you to trade at the very same time every day! Try Elliott wave, then you will be happy to have something simple :cool:
bluedancer
 
 
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