ForexMorningTrade System

Flourish said:
stopped out at BE. +2 pips.
icon_smile.gif
Click to expand...

Me too at +3 :)
 
A while ago someone mentioned doing a second trade on the reversal as the FMT often hits target or close to and reverses. Does anyone remember who and what came of that idea?

Thanks!
 
blu****cer said:
A while ago someone mentioned doing a second trade on the reversal as the FMT often hits target or close to and reverses. Does anyone remember who and what came of that idea?

Thanks!
Click to expand...

I wouldn't want to bet on that happening. There is a theory I've come across that if the price between midnight and start of London business is always above the 60 or 63 hr EMA it is liable to move upwards by 30 to 100 more pips and vice versa in the case of a downward movement when price is under the EMA. This happens about 6 or 8 times a month.

A test I would like to explore is whether having been stopped out for having taken SL to BE, one could re enter the trade say 15 pips past BE still with a 40 pips SL and maybe still hit TP. That would have worked good yesterday (Tuesday) when there was a temporary peak after news which stopped people out, following which the price carried on in the direction of the 6.30 signal.
 
Surprised to see most of you got no trade today.
I got a sell signal with Fxpro like Flourish.
Result is +25 pips and BE. (I always place two orders.)

Wish full TP tomorrow! ;)
 
Momentum was at 99.6793 so I don't know why there was NO TRADE. It has been a lot tighter than this in the past without a problem.
 
wiseambitions said:
I wouldn't want to bet on that happening. There is a theory I've come across that if the price between midnight and start of London business is always above the 60 or 63 hr EMA it is liable to move upwards by 30 to 100 more pips and vice versa in the case of a downward movement when price is under the EMA. This happens about 6 or 8 times a month.

A test I would like to explore is whether having been stopped out for having taken SL to BE, one could re enter the trade say 15 pips past BE still with a 40 pips SL and maybe still hit TP. That would have worked good yesterday (Tuesday) when there was a temporary peak after news which stopped people out, following which the price carried on in the direction of the 6.30 signal.
Click to expand...

I believe your test is a little more complicated than that. Though you could do the trade routinely, I believe there is more to consider with a trade that is a continuation of the trend once the initial pre London move has already occurred and reversed. It actually is not much different than trading the reversal on the original trade in terms of setting protocol. But the problem I see with it is that to be successful you have to look at more than just the continuation of the trend that was established from NY close to 6:30 gmt. That is what FMT is, it is trend following on the smaller time frame. If you want a trade that grabs the second move after FMT already went and came back to BE, I believe you are looking at a stronger trend, which means you need to look at indicators on a higher time frame.

Yesterday that is what I did, up to 1 hr and 4 hr charts and I took a second sell trade based on the 1 hr chart, not the 15 min, after the announcement, clearly a different trade than FMT.
 
blu****cer said:
A while ago someone mentioned doing a second trade on the reversal as the FMT often hits target or close to and reverses. Does anyone remember who and what came of that idea?

Thanks!
Click to expand...

I did mention a while ago I sometimes trade a retrace using fibs so not sure if someone else trades reverses. Here is an example from today.
 

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Tenapenny said:
I did mention a while ago I sometimes trade a retrace using fibs so not sure if someone else trades reverses. Here is an example from today.
Click to expand...

Forgot to add that I normally put a 60 SMA on the chart though not in this case.
 
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