ForexMorningTrade System

[Prof8t]

I tested the strategy on the NY open with some changes...

I set the indicator time to start right at NY open instead of ahead of it. For my Broker (GMT+1) the setting was 13:00-15:00. S/L and T/P levels were adjusted to 20/20. I also tested the original settings, however I suspected smaller movements in the NY open session. For the 20/20 setup here are the results from 7-30 to 9-1:

13 Wins
6 Losses
5 No Trade

140 pips profit

The original 40/40 setup produced:

11 Wins
8 Losses
5 No Trade

120 pips profit

Something to consider...

 

[mitchp]

NO Mitch it is not the EA, it is the Template. EA is the same that's why you see the prior date. The mod was done on the template to correct the log problem.

Thanks for setting me straight!

 

[aagarcia]

Thanks for setting me straight!

no problem👍

 

[Fabius]

I tested the strategy on the NY open with some changes...

I set the indicator time to start right at NY open instead of ahead of it. For my Broker (GMT+1) the setting was 13:00-15:00. S/L and T/P levels were adjusted to 20/20. I also tested the original settings, however I suspected smaller movements in the NY open session. For the 20/20 setup here are the results from 7-30 to 9-1:

13 Wins
6 Losses
5 No Trade

140 pips profit

The original 40/40 setup produced:

11 Wins
8 Losses
5 No Trade

120 pips profit

Something to consider...

Well done! I was considering the same time frame. So you are using the 12.45 candle to see if you can enter on the next candle?
I am testing Eur/Jpy before Tokyo opening and I am still comparing the enter candle of 0.15 and 0.45 one (GMT+1). Pretty satisfied but I know it can be better.
I'll keep on testing.

 

[traderathome]

Guys,

I did the backtesting and this system looks decent given the fact it takes so little time. Yes it will have a drawdown and yes there are chances of negative month but as somebody has already mentioned here before, this will work from long term point of view.

Well if you have your own system that is giving you cosistent 400 pips a month then it is a different issue but overall this system is decent overall.

back testing should be done carefully due to GMT offset changes 2 times a year. some results wont appease you if you are on DD and that bcos of not considering the proper gmt offsets😀

 

[traderathome]

Well done! I was considering the same time frame. So you are using the 12.45 candle to see if you can enter on the next candle?
I am testing Eur/Jpy before Tokyo opening and I am still comparing the enter candle of 0.15 and 0.45 one (GMT+1). Pretty satisfied but I know it can be better.
I'll keep on testing.

great work so you are almost covering all markets:cheesy:

regards
happy looking trader

 

[Prof8t]

Well done! I was considering the same time frame. So you are using the 12.45 candle to see if you can enter on the next candle?
I am testing Eur/Jpy before Tokyo opening and I am still comparing the enter candle of 0.15 and 0.45 one (GMT+1). Pretty satisfied but I know it can be better.
I'll keep on testing.

Yes, I used the 12:45 candle for entry assessments. What are you current results for Tokyo opening? And let me get this straight... you sre testing two possible entry points?

 

[traderathome]

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.

what if you get killed😆

The search will be on for the next BEST strategy:cheesy:

 

[traderathome]

I think every trader will finally find the trading style that suits him best. I tried many systems and techniques, and I find trading my way the most comfortable for me.

100 pips a month is very good result if it takes you only 5 minutes a day or virtually no time with EA.

I believe my system can be one of the pillars of the traders portfolio. I trade also other systems (not ready to go public, sorry) and I recommend everybody who is serious about trading to spend his time on education, testing and trading, and eventually you'll develop your own trading style and systems.

your strategy is part of my portfolio..and will have a permanent place in it👍

keep up the good work:clap:

 

[traderathome]

i rather play with recommended settings as marc has described. dont wanna mess up this thread and confuse newbies such as me as to which is is best settings.

also marc if there is an option to update the template + EA settings make it as an option instead a must

 

[aagarcia]

i rather play with recommended settings as marc has described. dont wanna mess up this thread and confuse newbies such as me as to which is is best settings.

also marc if there is an option to update the template + EA settings make it as an option instead a must

It was simply to correct a mistake that kept jamming the log files, that was all.

 

[oldie]

I tested the strategy on the NY open with some changes...

I set the indicator time to start right at NY open instead of ahead of it. For my Broker (GMT+1) the setting was 13:00-15:00. S/L and T/P levels were adjusted to 20/20. I also tested the original settings, however I suspected smaller movements in the NY open session. For the 20/20 setup here are the results from 7-30 to 9-1:

13 Wins
6 Losses
5 No Trade

140 pips profit

The original 40/40 setup produced:

11 Wins
8 Losses
5 No Trade

120 pips profit

Something to consider...

Which pair are you testing on the NY Open?

 

[Paris Hilton]

I tested the strategy on the NY open with some changes...

I set the indicator time to start right at NY open instead of ahead of it. For my Broker (GMT+1) the setting was 13:00-15:00. S/L and T/P levels were adjusted to 20/20. I also tested the original settings, however I suspected smaller movements in the NY open session. For the 20/20 setup here are the results from 7-30 to 9-1:

13 Wins
6 Losses
5 No Trade

140 pips profit

The original 40/40 setup produced:

11 Wins
8 Losses
5 No Trade

120 pips profit

Something to consider...

I month is nothing. If someone here can test the EA with strategy tester to go back 3 or 4 years we can get a good back test of both London and NY sessions. If there's someone here that knows how to do that or i will try to learn this weekend. Paris

 

[markfric]

mitchp: the message is caused by indicator, not an EA. Please redownload the manual trading system that includes the indicator and use the new one.

JOHNCO: I increased the number of downloads for everybody who already spent his limit

Please don't use this forum for technical support. If you have any problem, contact me at the support email and I'll solve it.

 

[Fabius]

Yes, I used the 12:45 candle for entry assessments. What are you current results for Tokyo opening? And let me get this straight... you sre testing two possible entry points?

Yes, using two possible entries. I'll keep the forum informed.
My EA has just entered the trade on GBP/USD (sell).
Nice to see it in action 😎 (but put a 20 pips trailing stop).

 

[Fabius]

back testing should be done carefully due to GMT offset changes 2 times a year. some results wont appease you if you are on DD and that bcos of not considering the proper gmt offsets😀

This is very interesting.
I was just wondering if I had to change the offsets in october...
Since now I am setting 7.30-9.30, will I have to use 6.30-8.30 then?

 

[markfric]

This is very interesting.
I was just wondering if I had to change the offsets in october...
Since now I am setting 7.30-9.30, will I have to use 6.30-8.30 then?

we should always enter 1.5 hour before London open, so if your broker changes time you should too.
Some brokers, like Alpari UK keep the time in sync with UK time, so we trade at the same time all year.


As for the NewYork open, the results are interesting. I'll test it on longer data and let you know.

 

[suresh3101]

Hii Mark..

Ur forex morning trade is just amazing!!!
I took a gamble bye placing a 2 sell orders at 1.5440..
I usually place a 30pip take profit..
In 30mins, the price blew through the take profit at 1.5410..

My profit for this trade :
30pips profit at 1.0 lot size = 30 x 10 = 300$
i placed 2 sell orders = 300 x 2 = 600$ in total..

Thats the end of my day!! More than happy!!
ur rockin!!

suresh

 

[Adamup]

Great Day 2 sell orders on separate accounts
Sept. 2nd +40 & +40 = +80 pips total👍

 

[markfric]

very nice trade today 🙂

2nd September - SHORT
Entry: 1.5441
PT: 1.5401
P/L: +40 pips