ForexMorningTrade System

[trader578]

By eye

Hi Gil,
I took your advice, and visually scanned the backtests for Mondays. Here are the GBPUSD Monday results this year for FMT 40tp, 40sl, 24BE, 0 trail:

Jan24 -40
Feb15 BE
Mar1 +40
Mar29 +40
Apr26 BE
May3 BE
Aug9 -40
Aug16 BE
Aug30 BE
Sept6 -40
Sept20 -40

Maybe it is not worth trading on Mondays? Also, as a side note, while looking closely at the backtests results for this year, I noticed there were zero trades between May6 and July15. Does anyone have this gap in their data while backtesting this year?

 

[GilR]

Daily pivot acted as a very strong resistance once the price passed through it.
And now I notice that there were three inside bars in a row: very compressed pattern that eventually exploded (but in the wrong direction)

The round number at 1.5700 gave its point of view as well...

Thanks for revealing the system with indicators:idea:

 

[GilR]

Hi Gil,
I took your advice, and visually scanned the backtests for Mondays. Here are the GBPUSD Monday results this year for FMT 40tp, 40sl, 24BE, 0 trail:

Jan24 -40
Feb15 BE
Mar1 +40
Mar29 +40
Apr26 BE
May3 BE
Aug9 -40
Aug16 BE
Aug30 BE
Sept6 -40
Sept20 -40

Maybe it is not worth trading on Mondays? Also, as a side note, while looking closely at the backtests results for this year, I noticed there were zero trades between May6 and July15. Does anyone have this gap in their data while backtesting this year?

I think it important to look at the Monday chart from the open, because many times it bears no relevance to the Friday close.

Most scalpers dont trade mondays and are wary about fridays

Gil

 

[GilR]

Hi Gil,
Also, as a side note, while looking closely at the backtests results for this year, I noticed there were zero trades between May6 and July15. Does anyone have this gap in their data while backtesting this year?

Did you try downloading from hstory centre under tools?

 

[Maxmerlin]

Stopped out

It's all because of my ex fiancée!

I underline the word ex

 

[Fabius]

Thanks for revealing the system with indicators:idea:

There is no system at all: just taking note of some particular price levels.
Unfortunately I often clearly see things when the game is over and it's too late...

 

[bluedancer]

There is no system at all: just taking note of some particular price levels.
Unfortunately I often clearly see things when the game is over and it's too late...

This is why I look at a few weekly previews, the one I posted earlier and also http://vladimirribakov.com/ Just to see what the technical outlook is. Having a heads up can be helpful on days like today, but yes they can also be wrong for the specific system we are trading too.

 

[JRJ]

Another question for UK traders, do you use a broker or spreadbet? I am guessing that using a broker and putting on minilots generates taxable profit whereas with spreadbetting there is no tax to pay? Are there other advantages to using a broker?
Thanks
J

 

[Fabius]

Hi Gil,
I took your advice, and visually scanned the backtests for Mondays. Here are the GBPUSD Monday results this year for FMT 40tp, 40sl, 24BE, 0 trail:

Jan24 -40
Feb15 BE
Mar1 +40
Mar29 +40
Apr26 BE
May3 BE
Aug9 -40
Aug16 BE
Aug30 BE
Sept6 -40
Sept20 -40

Maybe it is not worth trading on Mondays? Also, as a side note, while looking closely at the backtests results for this year, I noticed there were zero trades between May6 and July15. Does anyone have this gap in their data while backtesting this year?

And September 13th?
Entry long at 1.5418 and TP hit at 1.5458
It was +40

 

[Fabius]

This is why I look at a few weekly previews, the one I posted earlier and also http://vladimirribakov.com/ Just to see what the technical outlook is. Having a heads up can be helpful on days like today, but yes they can also be wrong for the specific system we are trading too.

Thank you for the tip.
I know Ribakov and his sRs Trend Rider System.
Not bad, but the thing I found amusing was that the indicators he said he built with a lot of efforts, time and costs, I discovered that it is just a normal RSI (14) with a dottet look

 

[JRJ]

finally up and running. many thanks for sharing understanding and use of the system here. It looks good (enough - not the holy grail, which is much more elusive).
Many thanks to Marc
J

 

[Fabius]

See how price reacted at pivot levels.
How can it be possible saying that they are useless?
I think pivots can be a strong tool to be added to anyone's paraphernalia without taking anything from whatever system.

It's like going in a battle having the map of the territory you are about to fight in, but still using you own weapons :smart:

 

[Forex3]

I discovered that it is just a normal RSI (14) with a dottet look

And cpy of a free one of tsd forum

 

[GilR]

See how price reacted at pivot levels.
How can it be possible saying that they are useless?
I think pivots can be a strong tool to be added to anyone's paraphernalia without taking anything from whatever system.

It's like going in a battle having the map of the territory you are about to fight in, but still using you own weapons :smart:

I was referring to the template layout.

Anyway looking at your pivots, when the first bar closed beneath the daily pivot, should you have been lookng for an exit point if one is going to place importance on them?

Why watch the pips go thru the floor no matter what the system is when your indicator is telling you to get out?

Just like the large gap today was a red flag to me

Gil

 

[Tenapenny]

See how price reacted at pivot levels.
How can it be possible saying that they are useless?
I think pivots can be a strong tool to be added to anyone's paraphernalia without taking anything from whatever system.

It's like going in a battle having the map of the territory you are about to fight in, but still using you own weapons :smart:

Fabius, There's too much info on your charts that give away the system. Not really fair on those that have paid out. Can you edit or delete the charts you have so far put up?

 

[GilR]

Fabius, There's too much info on your charts that give away the system. Not really fair on those that have paid out. Can you edit or delete the charts you have so far put up?

Ditto -- that is what I meant

 

[Tenapenny]

Fabius, There's too much info on your charts that give away the system. Not really fair on those that have paid out. Can you edit or delete the charts you have so far put up?

The other post as well please mate.

 

[Fabius]

Ditto -- that is what I meant

Sorry, I didn't realized it
Sometimes I am pretty dumb

To answer you last question, I am still studying pivots and the way to handle them.
This time I decided to stick to the rules no matter what, since a couple of times I decided to close with a little profit or a small loss when I saw the price turning back and both times the trade hit the TP leaving me with nothing or few in my hand.
One of the first times I used FMT I closed in advance because of the bounce on a pivot point and on the sma200 as well.

From now on, I'll try to be more aware of the trading enviroment even though I'll try to stick to the rules.

 

[GilR]

Sorry, I didn't realized it
Sometimes I am pretty dumb

To answer you last question, I am still studying pivots and the way to handle them.
This time I decided to stick to the rules no matter what, since a couple of times I decided to close with a little profit or a small loss when I saw the price turning back and both times the trade hit the TP leaving me with nothing or few in my hand.
One of the first times I used FMT I closed in advance because of the bounce on a pivot point and on the sma200 as well.

From now on, I'll try to be more aware of the trading enviroment even though I'll try to stick to the rules.

Do you have an indicator to show you the pivots? If so is it a free one??? pretty please

 

[Fabius]

Do you have an indicator to show you the pivots? If so is it a free one??? pretty please

Well... I don't know...
It took a lot of efforts, researches and costs to have it...
Just like the Vladimir's one

Here you are

Put both into indicators folder.
Tip: once you have displayed the indicator on the chart, go into its Input setups and change the first line (the line that takes into consideration even sunday's data) from true to false.