ForexMorningTrade System

aagarcia

Junior member
11 0
I contacted Russ and told him that his charts where set 1 hour wrong, as from checking the GMT when trading, this was his reply

"To be 100% sure that I was usi8ng the right time to enter, I downloaded the MY4 charts from ODL, theirs is set to GMT, so 5.30 on their chart is 5.30 GMT."

joffie

Correct, Russ trades the system one hour earlier ie. 12:30 a.m. EST. He says over the past 2 weeks he has been getting great results.
 

aagarcia

Junior member
11 0
BTW- can anyone tell me if the system should be traded Sunday night/Monday morning? Or should I start Monday night/Tuesday morning? Thanks!
 
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Paris Hilton

Junior member
29 0
BTW- can anyone tell me if the system should be traded Sunday night/Monday morning? Or should I start Monday night/Tuesday morning? Thanks!

Here's how i'm doing it. I trade all 5 days that have signals. 12:30am EST time. And 1:30am est after daylight savings time is over. This insures you always hit the " sweet spot" in trading time. Paris
 

lotterbe

Junior member
45 0
Here's how i'm doing it. I trade all 5 days that have signals. 12:30am EST time. And 1:30am est after daylight savings time is over. This insures you always hit the " sweet spot" in trading time. Paris

I think you'll find that it should be 01:30am EST all year round, because New York and Frankfurt both have daylight savings, so they change time in unison.

Currently London opens at 07:00 GMT with daylight savings, and Frankfurt opens an hour before at 06:00 GMT. My understanding is that the system is supposed to kick in 1/2 hour before Frankfurt opens (1 1/2 hours before London open).

This is where we need some clarification from Mark. Is the system supposed to take trades 1/2 hour before Frankfurt all year round? If that's the case, then it should take trades as follows:

Europe summer = 05:30 GMT, 06:30 London, 01:30 EST
Europe winter = 06:30 GMT, 06:30 London, 01:30 EST
 

JahDave

Experienced member
1,563 28
Good for you! But...

This is a nice solid system. Hard stops and take profits, fixed 2% risk/reward and drawdown, money management (compounding), and solid long term returns.

Discretion comes with experience, and your trading "personality", but I really like methods where I can place a trade and walk away... win or lose.

I do not agree that the only way to become one of the 10% of traders who turn a profit must "work hard" and develop their own system... YES, you must work hard and gain a solid education, BUT his logic is skewed, because in this case, you are indeed paying $ to Mark for his "method", but, it is he who has already done the "hard work", and you are benefitting from his knowledge, experience and testing.

I am very happy that I have a passive method here that allows me to use the EA and concentrate on my longer time frame methods which do not require me to get up at 1:15 EST (summer) to prepare to trade the London session (which I have done for years).

I genererally do not us Ea's, but in this case, the rules are based on the exact same entry/t/sl rules as the manual method which has proven to be profitable over the long term.

The only change I would suggest (for convenience) would be to have an option for the EA to automatically enter lot size based on equity (2% etc.), as currently this needs to be adjusted manually after every trade as your account goes up/down, which is no big deal at all (and of course, is dependent on your account balance and type mini/micro etc.)

So, "work hard", learn all you can, by all means develop your own methods based on your ever increasing knowledge, but at the same time, do not feel guilty for benefitting from Mark's hard work, if indeed, you are benefitting from 3+ years or research and analysis of "ELLIOT WAVE" THEORY, than you are actually benefitting from ELLIOT'S hard work... and you have just "tweaked" it... we all use various chart patterns, indicators etc. that were most likely developed by someone else, this doen not mean we are lazy, or destined to become one of the "90%"...

chi

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.
 

Paris Hilton

Junior member
29 0
If there's someone here that knows how to use Strategy Tester for the EA can test which time frame is more profitable either 1:30am est or 12:30am est we can see the results. I don't know how to use the strategy tester. Russ Horn uses 12:30am est year round. While Marc is using it at 1:30am est year round. Maybe we can find out which time frame works best(y)? Thanks, Paris
 

lotterbe

Junior member
45 0
If there's someone here that knows how to use Strategy Tester for the EA can test which time frame is more profitable either 1:30am est or 12:30am est we can see the results. I don't know how to use the strategy tester. Russ Horn uses 12:30am est year round. While Marc is using it at 1:30am est year round. Maybe we can find out which time frame works best(y)? Thanks, Paris

Good idea Paris - something I have yet to learn how to do, so will have a go!
 

markfric

Member
80 2
30th August - NO TRADE for me.

CCI is very little below 0, it is possible that some of you got Long signal because of little difference in broker data. We'll see where it'll go today.
 

markfric

Member
80 2
lotterbe: I tested also other entry times, and the one I'm using (1:30 am EST) has the best results in the long run. Russ uses 12:30am, he might have better results last two weeks, but if you'll backtest it from the beginning of the year you'll see the results are worse than my original time

lotterbe: I trade always at the same broker time (8:30 PFG time, 7:30 Alpari time), which corresponds to 5:30 GMT, or 6:30 UK time right now. I'm not sure if my brokers change their times on daylight savings, I never noticed it.
Don't overcomplicate it, entering at the same broker time is what I tested and it works.
 

lotterbe

Junior member
45 0
lotterbe: I tested also other entry times, and the one I'm using (1:30 am EST) has the best results in the long run. Russ uses 12:30am, he might have better results last two weeks, but if you'll backtest it from the beginning of the year you'll see the results are worse than my original time

lotterbe: I trade always at the same broker time (8:30 PFG time, 7:30 Alpari time), which corresponds to 5:30 GMT, or 6:30 UK time right now. I'm not sure if my brokers change their times on daylight savings, I never noticed it.
Don't overcomplicate it, entering at the same broker time is what I tested and it works.

thanks Mark - it's good to know that 1:30 EST gives the best results overall. That's what I'm using.

I used to use Alpari and they definitely change their server time to adjust for daylight saving. So 7:30 Alpari time is 5:30GMT now, but will become 6:30 GMT soon when DST ends. So you can use the same Alpari time all year for your trading and backtesting.

I wish my broker did that! But they keep the same GMT offset all year. So I will have to change my FMT settings when daylight saving ends to do the same trades as you. It's not complicating things, it's just a difference in brokers. I can't enter at the same broker time all year like you can.
 

markfric

Member
80 2
entry time again: to avoid confusion we should define the entry time to 1 and half hour before London open. So if you use broker who changes his server time according to daylight savings then you can trade at the same time whole year, otherwise you have to correct your trading time to always match 1 and 1/2 hours before London open.
 

GilR

Active member
216 0
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
 

lotterbe

Junior member
45 0
entry time again: to avoid confusion we should define the entry time to 1 and half hour before London open. So if you use broker who changes his server time according to daylight savings then you can trade at the same time whole year, otherwise you have to correct your trading time to always match 1 and 1/2 hours before London open.

thank you - I think it is much clearer if we define the system according to London open.
 

lotterbe

Junior member
45 0
first live trade with the system and a winner - great stuff Mark :)
I love how simple this system is to use.
 
 
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