ForexMorningTrade System

[Maxmerlin]

Yahoo ! +40pips today

 

[LIQUIDKNUCKLES]

Hi Mark

I trade with FXCM and a long trade was triggered with CCI +13.

We shall see how it pans out. So far so good.

I also did the backtest and your recommended times are better.

Gil

Hi Gil, what time do u trade 12:30est or 1:30est?

 

[GilR]

Hi

Live in Australia. I use the 5.30 gmt. Setting with FXCM (+1) 6.30

I have done a backest as well and this is the best time. This Russ guy may have made a mistake, but it has caused some confusion

I think the key with any good system is to trade with the trend, which this stratergy does.

That I believe is one of the reasons the win/loss ratio is in its favor.

Gil

 

[bluedancer]

I have worked hard for 3 years on Elliott Wave and Fibonacci because Elliott wave is based on Fibonacci. Although it is hard work: I have quadrupled my account in the last 3 months and quadrupled my account in the previous 3 months before that. So don't think that you can't be very successful if you will only work hard and trade your own system...............I get very tired of people telling me that I can't make it on my own when I am getting better results than they are getting and they are offering a paid system. Do the work for yourselves people and you can beat the results these people are charging you a lot of money for. Do the math. 90% of traders lose money........That means you have to be in the top ten percent to make money. I would venture to say that the top 10% THAT MAKE MONEY WORK THE HARDEST. I know that I work very hard and make money, but I only trade my own signals. And I don't sell anything.

Hi JahDave, I am not telling you you can't be successful with Elliott Wave and Fib as well or that you can't make it on your own. I was saying that after working so fn hard for so long, I am personally happy using simple systems. I too am a loner, I know what it's like. Even with this system, I won't take it for granted and do whatever I can to cut losses and optimize my trades, still counting waves and checking fib levels.

On my demo, I added a 30 pip trailing stop after the EA took the trade, for each of the last 3 trades. I have not had one loss, and now with 3 trades, 3 days in a row, for +48.8 pips. I avoided one loss of -40p and missed one win of +40 p. will see how that idea is with backtesting, and in future. Live I am using the system to optimize my manual trades.

 

[bluedancer]

I never said that you could not make money using a paid system. I only said that I preferred to learn how to trade myself. What if Mark gets killed in a car crash next week, or decides to retire? You cannot trade at a profit anymore. Hopefully you have made enough money before this event to retire with him.

Mark provides the exact system that the EA takes so a person could do it manually or follow what the EA is doing. Anyone can take this idea, learn from it, tweak it and have someone else build another EA for themselves. Once Mark has sold you this system it is yours, and you do not have to depend on him or his life, like you stupidly say.

 

[mitchp]

According to my Broker there was no trade last night, my CCI (60) was negative and Momentum was above the 0 line. Once again my broker is Forex.com and they claim to be at GMT Time so my EA is set at 5:30. I can't figure out how to see the EA log from last night, if I just look at the tab it only goes back a few hours and it just displaying the following:

2010.08.30 06:30:12 FxMorningTrade GBPUSDFXF,M15: Not time: 11:30
2010.08.30 06:29:36 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:31 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:03 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:01 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:00 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:28:51 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15

 

[GilR]

According to my Broker there was no trade last night, my CCI (60) was negative and Momentum was above the 0 line. Once again my broker is Forex.com and they claim to be at GMT Time so my EA is set at 5:30. I can't figure out how to see the EA log from last night, if I just look at the tab it only goes back a few hours and it just displaying the following:

2010.08.30 06:30:12 FxMorningTrade GBPUSDFXF,M15: Not time: 11:30
2010.08.30 06:29:36 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:31 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:03 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:01 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:29:00 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15
2010.08.30 06:28:51 FxMorningTrade GBPUSDFXF,M15: Not time: 11:15

Hi

I trade manual system

The 6.15 bar close (+1) for FXCM was 100.1725 & 12.6488 and with IAMFX 100.1848 & 11.5125.

I suppose when the CCI is near zero differnt brokers may keep you out.

Better luck tomorrow

Gil

 

[GilR]

Hi Mark

I hope you don't mind that we have kinda taken over your journal. Would you prefer we started a new post/topic to discuss trading your system?

Gil

 

[glittle56]

Hi mark,

Last Friday was my first attempt to start the EA and I stuffed up because I had the M30 chart open instead of the M15.

But today, Monday August 30th, I had it set right and I went to work as usual. I got home to find my account was $40 better off. +40 pip gain was very nice.

I am using FXDD broker at 8:30 time frame as they are GMT+3

Thanks again,

Graeme

 

[suresh3101]

Hii guys..

just wanted to share my experience with forex morning trade..
instead of keeping 40 pips take profit, try with 30 pips take profit and 40 pips stoploss..
its working amazingly well..
from 2nd august 2010 to 31st august(today), the following are the results:

Profitable trades= 14
Loss Trades = 1
No Trades = 7

Total profitable pips = 14days x 30pips = 420 pips
Total pips in loss = 1day x 40pips = 40pips
Total profit in august 2010 = 380pips = 380 x 10$ = 3800$...
This system is just rocking..
try with 30pips take profit.. its more profitable!!!
happy trading!!
suresh.

 

[GilR]

Another 40 pip day.

Thanks Mark

 

[bluedancer]

According to my Broker there was no trade last night, my CCI (60) was negative and Momentum was above the 0 line. Once again my broker is Forex.com and they claim to be at GMT Time so my EA is set at 5:30.

Curious if you had better luck today? I was a bit nervous yesterday since the candle after the entry candle was a no trade, but I was in on 100.18 and + 10.06 on the 7:15 candle with fxdd ... wonder why such a difference with brokers? maybe with their spreads or maybe your chart shows ask price rather than bid? if so maybe mark can suggest for you a slightly different setting than 60 for your momentum and cci, or maybe you will have to change your broker?

today another win with +40pips, so now I am wondering about adding a second trade with smaller lots, and move the second to BE at this +40 pip and setting a high TP.

I'm saying

 

[markfric]

Hi Mark

I hope you don't mind that we have kinda taken over your journal. Would you prefer we started a new post/topic to discuss trading your system?

Gil

it is fine, I'd say lets keep the discusssion here. I think people will find the results between the posts.

 

[markfric]

winning trade today

31st August - SHORT
Entry: 1.5457
PT: 1.5417
P/L: +40 pips

 

[markfric]

Hii guys..

just wanted to share my experience with forex morning trade..
instead of keeping 40 pips take profit, try with 30 pips take profit and 40 pips stoploss..
its working amazingly well..
from 2nd august 2010 to 31st august(today), the following are the results:

Profitable trades= 14
Loss Trades = 1
No Trades = 7

Total profitable pips = 14days x 30pips = 420 pips
Total pips in loss = 1day x 40pips = 40pips
Total profit in august 2010 = 380pips = 380 x 10$ = 3800$...
This system is just rocking..
try with 30pips take profit.. its more profitable!!!
happy trading!!
suresh.

Hi suresh and thanks for the idea. Of course, everyone is allowed to customize the system according to his own personal experience

I personally don't like when SL is bigger than PT, and my backtests show that 40/40 has the best results in the long term. It is possible that for a particular month some other setting of SL/PT would have better results.

 

[sunny12]

Hi suresh and thanks for the idea. Of course, everyone is allowed to customize the system according to his own personal experience

I personally don't like when SL is bigger than PT, and my backtests show that 40/40 has the best results in the long term. It is possible that for a particular month some other setting of SL/PT would have better results.

spreadsfm,

How about including ATR in the equation. What are your thoughts.....

 

[Fabius]

25th August - SHORT
Entry: 1.5417
SL: 1.5455
P/L: -38 pips

I wouldn't have taken this trade: CCI and Momentum were in opposite direction.
Maybe this is the reason why it didn't succeed in reaching the TP.
What about using a Trailing Stop of about 20 pip? Mark does not reccomand it, but maybe it can be useful to avoid losses when you miss the TP by few pips.
Just my two cent.

May the trend be with you

 

[JOHNCO]

Mark, you provide the best support over all the systems and EA developers and sellers out there. Your patience is outstanding and has resulted in my first winning 40 pips. Your EA executed the transaction flawlessly.I feel like I'm at my birthday party when every one wishes you many more. My only regret is not being up to witness the event. Still very pleasent.

Thank you.

Charles- JOHNCO

 

[mitchp]

Curious if you had better luck today?

Bluedancer,

I'm happy to report that the EA took a sell trade right on schedule (I stayed up to watch it) and I'm now the proud owner of 30 pips. I changed the TP because I too believe this might be more profitable over the long run at a lower pip take. Lets hope for many more days like this!!

Thanks
Mitch

 

[JOHNCO]

I had much better luck today. All of my setings are correct. The EA made it's first trade profiting 40 pips.:clap:

JOHNCO