ForexMorningTrade System

[Tenapenny]

The way I see it from the manual opening is still 06:30 so it is stillnearly half an hour away.

London time is the trigger, the trade kicked in 50 minutes ago. 07.20 in UK right now. Clocks go back an hour in UK next week-end.

 

[Tenapenny]

Hi Everyone,

I bought the EA from Paul also. Seems pretty good so far on EU.

nubchai.....I also had it on GJ and had a good win. I guess we can also experiment on other pairs on Demo and see what happens. G

Who's Paul?

 

[aspex]

London time is the trigger, the trade kicked in 50 minutes ago. 07.20 in UK right now. Clocks go back an hour in UK next week-end.

Thanks, my mistake

 

[joyrider]

London time is the trigger, the trade kicked in 50 minutes ago. 07.20 in UK right now. Clocks go back an hour in UK next week-end.

For FXDD, do I need to readjust the EA trading hour come next weekend? Thanks.

 

[Tenapenny]

For FXDD, do I need to readjust the EA trading hour come next weekend? Thanks.

I would imagine so.

 

[Jon4FX]

Hi Tenapenny,
Meant to say .......... Mark Fric. Sorry about that.

Who's Paul?

 

[Tenapenny]

Hi Tenapenny,
Meant to say .......... Mark Fric. Sorry about that.

No problem. Just thought there was another pirate about.

 

[JWBear]

GU not doing so great at the moment, I traded the GJ off the 9:30 Fxdd candle, took 30 pips. Let's hope we don't get stopped out on GU.

 

[ihelfman]

Time to pray for todays long.

 

[Cobber]

Time to pray for todays long.

Its just the pound being hammered here. Might be a shakeout or stop run at start of London. Lets hope it recovers (and quickly!).

 

[JWBear]

stopped out

 

[trader578]

Oh well, live by the sword, die by the sword.

 

[ihelfman]

Stopped out at 1.57206.

 

[Cobber]

Stopped out at 1.57206.

Yes stopped out. Damn.

Was a bit unsure about going long, given bearish sentiment on the pound and the decent rally during the asian session but decided to stick with the system.

 

[jacquespienaar]

Stopped out - crappy start to the week!!!

 

[Cobber]

This damn thing better not retrace from here. Looks like the brokers know about FMT and are out to get us

 

[bluedancer]

Stopped out - crappy start to the week!!!

I really believe that for trading FMT we need to examine the pre-trade range from 3-5 am GMT before the trade. If it is an up and down range of 20-25 pips FMT is more likely to be good. But if the trading range is 35 or more pips that means FMT, which is a trend following system will be a little more tricky. I closed my trade at +6 pips as we were close to the weekly pivot and price failed to break quickly out of the range I mentioned.

 

[rsteven]

I really believe that for trading FMT we need to examine the pre-trade range from 3-5 am GMT before the trade. If it is an up and down range of 20-25 pips FMT is more likely to be good. But if the trading range is 35 or more pips that means FMT, which is a trend following system will be a little more tricky. I closed my trade at +6 pips as we were close to the weekly pivot and price failed to break quickly out of the range I mentioned.

IMO it's best not to fiddle / reflect on possible changes of FMT after just a loss? The strategy was running exceptionally well last week and has been tested in the long run. Also, there is a filter when we're having large ranges before the entry.

 

[Hawali]

IMO it's best not to fiddle / reflect on possible changes of FMT after just a loss? The strategy was running exceptionally well last week and has been tested in the long run. Also, there is a filter when we're having large ranges before the entry.

I'd agree with that - makes sense to take advantage of past history which is based on actual results - longerterm

 

[Cobber]

I really believe that for trading FMT we need to examine the pre-trade range from 3-5 am GMT before the trade. If it is an up and down range of 20-25 pips FMT is more likely to be good. But if the trading range is 35 or more pips that means FMT, which is a trend following system will be a little more tricky. I closed my trade at +6 pips as we were close to the weekly pivot and price failed to break quickly out of the range I mentioned.

Didnt see the weekly pivot there.

Would be interested to see some analysis on whether this would improve the system eg if there is a pivot in the way or major resistance.

On the other hand resistance is there to be broken, probably over complicates it.

I am going to trade this system as a purely mechanical system without any discretion. The last few yrs of results indicate it will be successful as a mechancial system.

I have seen if failed before 07? Does anyone know why this is the case? Possibly a function of a liquidity shift with more volatility at a different time not 1.5hrs before London open.

By the way if anyone wants to check the trading start time look at forexfactory

On the left hand side you will see London link. Click on it. It will tell you how long until London opens, so daylight saving or not, you will not get it wrong, I have seen a milltion questions about this so hopefully it will help.

Cobber