ForexMorningTrade System

[JustinSydney]

Has anyone got any technical analysis on it today? I just upped my risk today too. It's a nail bitter.

 

[wiseambitions]

claimant count (UK jobless figures) due today, I understand. That will be reason for nail biting

 

[Cobber]

Has anyone got any technical analysis on it today? I just upped my risk today too. It's a nail bitter.

Technicals bearish but but we are at some short term support here. Needs to break 1.5710.

 

[wiseambitions]

Doesnt look like being a good day!

 

[Deatil]

Has anyone got any technical analysis on it today? I just upped my risk today too. It's a nail bitter.

Due to the possible downgrade of Spain by Moody’s at 1:00 AM New Time today. You may want to keep a close eye on the price action on the EUR/USD. Since the GBP/USD is going to track the Eur in lock step.

If you look at the first drop around 1:00 Am New York time you can see this very clearly, and again during this recent bounce up at 3:10 AM New York time.

We will need to clear the 1.5703 area back from Dec 8, if we want to see the downside open up and hit the take profit. This may happen if we get some Bad new from the UK employment numbers. But still watch the action on the EUR/USD

 

[wiseambitions]

Looks like we're about to get stopped out if at 40sl

 

[bouzo132]

-40

 

[Jashfx]

-40 Alpari Uk

 

[Antomi]

Unfortunately stopped out:
ATC: -40
Alpari Pro (demo) -40.7
Alpari (live) -40.2
MIG (live) -39.5

 

[fluegel]

Still in because I entered at the 6:15 candle using TMT.
Let's see what the high impact news will bring us in 20 min!

 

[Latintrader72]

hi,
fxcm -40
tadawulfx -40
alapari uk -40
fxopen -40

 

[deserteagle]

Still in: SL 65 TP 43 BE 20
Waiting the news.....

 

[hieutcct]

Still in coz enter @6:15 using TMT, just like fluegel, and we got bad new from UK... Good luck for those who still in

 

[thruster9121]

I moved my SL to -60 and glad I did, still in it and it's moving rapidly south

 

[deserteagle]

Profit reachs +20, so SL to BE, still in...

 

[hieutcct]

Thanks for TMT and the bad new: +40 eggs in the basket

 

[fluegel]

Both TP35 and 40 hit!
Closed 50% and remaining 50% still running...

 

[Deatil]

Thanks for TMT and the bad new: +40 eggs in the basket

I am glad some of you made pips, BUT this had nothing to do with FMT or Turbo, we all know that the standard rules got stopped out.

This downside move had every thing to do with the bad employment number out of the UK..

I am not going to get into tech talk about charts, but I am glad some of you held the trade, weather if is was due to a "Fix" hard stop beyond the standard FMT rules or technical setup on the GBP Chart.

But still its a loss by the rules, and on that point we can all agree. :smart:

Avg Sell price 1.5721 Bounce up High ( Bid) 1.5767= 46 pips

 

[wiseambitions]

But still its a loss by the rules, and on that point we can all agree. :smart:

Avg Sell price 1.5721 Bounce up High ( Bid) 1.5767= 46 pips

Yes, so long as I stick by the rules and try to track Mark's success I am not prone to being hard on myself.

I know none of us have been followers of FMT for very long, however my careful analysis of recent trades, including those which I have made in line with the system come up with the following data.

1) Since mid June 2010, exactly 6 months ago, there have been 100 days with trading signals. (By which I mean there would be approximately 30 days Monday to Friday where FMT did not give a starting order).

2) Using 35TP and 40SL without BE, (note FMT did used to target 40TP until end October), there would have been 70 wins and 30 losses.

3) Simple maths doesnt emulate reality due to slippage, however 70 good deals at 35 give 2450, 30 bad ones at 40 lose you 1200 giving plus 1250 net pips in those 6 months. Seems pretty good to me

4) However in line with the comments of other writers who believe that a lower target gives lower experience of losses, I would also like to say that while sticking to 40SL, but aiming instead for 25TP, 10 lower than usual, there were more winning trades. 84 in fact. And at the end of those 100 trades, a higher number of pips. 84 at 25 make 2100, 16 bad ones at 40 lost 640, net gain 1460, which in this period is a better outcome than the standard setting. Difficult to say this is convincing because it seems to have been the case in the last 2 or 3 weeks that 35TP has done better.

5) I have not tested with 65SL, 43TP, but for anyone who has the nerves to take it there are plenty cases where the settings have outperformed.

6) My analysis disregarded resetting SL to BE in a long term measurement. However during the last 6 weeks since November 1 there were 4 occasions where I think it paid by saving the full SL, and 5 occasions when I don't think it did (in other words it prevented TP being hit because you'd been stopped out of the trade).

 

[deserteagle]

I am glad some of you made pips, BUT this had nothing to do with FMT or Turbo, we all know that the standard rules got stopped out.

This downside move had every thing to do with the bad employment number out of the UK..

I am not going to get into tech talk about charts, but I am glad some of you held the trade, weather if is was due to a "Fix" hard stop beyond the standard FMT rules or technical setup on the GBP Chart.

But still its a loss by the rules, and on that point we can all agree. :smart:

Avg Sell price 1.5721 Bounce up High ( Bid) 1.5767= 46 pips

Hi Deatil, I have got +43 pips just few minutes ago, I use SL 65, TP 43 and BE 20, this setting is the result of my analisys and backtesting.
Maybe, as you said, those are not the standard FMT rules, but I consider it is still FMT strategy. I use ea 4.1 with no manual adjustments on the way.

Regards