ForexMorningTrade System

[Tenapenny]

Anyone here tried this out at all? http://forexsb.com/wiki/start

 

[bluedancer]

I've backtested recently with the latest version on 40tp and 40SL from year 2008 to 2010 and it seems to be more profitable without BE. Alpari can only generate backtesting results with 90% modelling quality. I have yet to backtest with oanda tick data as it is very time consuming.

I've backtested with Alpari and the history always seems to be incomplete, not that I have mismatched errors, but whole months of data are missed, as it does not make sense that there would be no trades for a whole month. I downloaded history over and over to make sure it was complete, but it did not fix it and I ended up with missing data on my chart. Now I will save all my stuff and download a new Mt4 platform to see if I get better results.

 

[eddie69]

i think it is manipulation from brokers today i removed my sl and ended up with a win and there is something weird in my chart two long bear candles paralell to each other.

 

[jonesrp]

Just got home from work...plus 32. I`ve checked out Smart markets Spread betting (Mt4 ) and have a demo chart up. Their spread is 2 pips, my live account at Latitude Fx NZ has 4 pips as the spread on GU. All the other main pairs seem the same so I don`t know why my local broker charges so much on just the one pair. Strange...

 

[Tenapenny]

Just got home from work...plus 32. I`ve checked out Smart markets Spread betting (Mt4 ) and have a demo chart up. Their spread is 2 pips, my live account at Latitude Fx NZ has 4 pips as the spread on GU. All the other main pairs seem the same so I don`t know why my local broker charges so much on just the one pair. Strange...

Because they can.

 

[nubchai]

Ok FXDD live FMT - 40 pips
TK EA BE (I added BE with no aditional pips. If I had left this with no BE it would have been a winner with +32. I'm basing this on that setupon demo which was the only winner I had last night)

One thing I'm noticing is if you took entries with 1/2 hour earlier I think these latest FMT losses would have been wins.

Sandy

 

[ihelfman]

That's a good question. today a 42 pip SL would have given me a 40 pip win! I was a little slow on my analysis today and did not catch on quick enough so I let the EA do it, otherwise I would have opened that stop by an extra 10 pips. It is not an easy call since who wants a bigger loss? It looks like a few people are using 44 pip stops since slippage is happening and also some brokers have wider spreads.

Also we have to realize that the ideal trade time actually varies and we use a set trade time. Today the ideal trade would have been an hour earlier, which would have given us a lower stop and a win. Some days the ideal entry is later, but this can only be seen in hindsight! which is too bad!

My next step is to possibly adjust the sl and tp for what shows as an ideal entry time.

Today was a red alert news day. Unless you have a crystal ball, it would have been a huge gamble to go into the release with a large SL. News was bullish, so with hindsight it no SL was the right move today. But going into the release, it you could only guess what to do.

 

[tkbieber]

tkbieber.......I wonder how this would work running it 24 hours? I am going to try things on a demo and maybe more than 1 pair on small lots. Thanks

Well, I don't know. I have done quite a bit of back-tests and found this time frame to be the most beneficial. Let us know what you find forward testing.

 

[tkbieber]

tkbieber

Did you modified your Stop loss? I see today's Nov 18 trade, you enter at the same price as others at 1.59318 at 6:30 am London time .But your EA that you modified exceed the "hard" 40 pip stop loss by 3 to 4 pips ( 43 to 44 pips instead of the 40)

I'm glad you noticed. Yes, I use a 40 pip SL but I add 4 pips for the broker spread. The spread can kill you if you don't add it. Great example, last night where EA was safe by a spread.

FMT was safe by 2 pips and the Extended version was safe by 12 pips. View Results :clap:

 

[Deatil]

Today was a red alert news day. Unless you have a crystal ball, it would have been a huge gamble to go into the release with a large SL. News was bullish, so with hindsight it no SL was the right move today. But going into the release, it you could only guess what to do.

The reversal happen right at the London Open and dropped to about 1.5888. The Asian session Low was at 1.5886, were it bounced off and reversed back up to hit the T/P at 9:00 am London time at 1.5972. So the pending news at 9:30 am London time( retail sales)would have had no effect on what happen today.

This was a rare case with many people getting in at 1.5932 with stops at 1.5892. In these type of case with the Asian low only 6 pips away it would have been a judgment call for anyone wanting to use a 45 pip stop instead of 40. Like I said a rare event today.

But we should always look to make sure were the over night support is at. But with that in mind we should also bare in mind if we had over night support higher above our stop loss there would be no need to let the full 40 pip stop get hit.

Maybe some of this is beyond this thread but those of you who have traded for some time will understand my comments.

Also let not forget that the reversal on the GBP/USD happen as the EUR/USD spiked up on the news that Ireland would accept “10’s of Billions of Eur’s “ from the EU bail out package , as this news hit the wire and the Eur spiked it also dragged the GBP up with it at the same time.

 

[hammy66]

FMT today for me:

GU triggered a 'long' trade, hit SL=40 pips

EU,NYopen did not trade- 'No Trade' signal.

I hear some of you saying they raise the SL to something higher than 40 with or without spread but where do you draw the line ? Ok , it might work today but tomorrow you get hit with 40+ loss ? IMO, the system is working fine with SL=40, so why 'guess' at something better ?? Leave it alone, let it go !!....collect your money !

cheers !

 

[Deatil]

FMT today for me:

GU triggered a 'long' trade, hit SL=40 pips

EU,NYopen did not trade- 'No Trade' signal.

I hear some of you saying they raise the SL to something higher than 40 with or without spread but where do you draw the line ? Ok , it might work today but tomorrow you get hit with 40+ loss ? IMO, the system is working fine with SL=40, so why 'guess' at something better ?? Leave it alone, let it go !!....collect your money !

cheers !

This was a rare case with many people getting in at 1.5932 with stops at 1.5892. In these type of case with the Asian low only 6 pips away it would have been a judgment call for anyone wanting to use a 45 pip stop instead of 40. Like I said a rare event today.

 

[Deatil]

I'm glad you noticed. Yes, I use a 40 pip SL but I add 4 pips for the broker spread. The spread can kill you if you don't add it. Great example, last night where EA was safe by a spread.

FMT was safe by 2 pips and the Extended version was safe by 12 pips. View Results :clap:

I do not think this had anything to do with the spread and everything to do with the Asian session support so close to the 40 pip FMT Stop lose.

But thank you for your reply. Best of Luck.

PS: I like the fact that you put your money were your mouth is and show a public record showing your trades.

Wish all these 'after the fact" traders, you know the ones the sell system claim "I made this and made that" with no proof . maybe they will learn from Mark.

 

[MHK]

Todays trade retested first the yesterday`s high and reversed to retest Asian session low.

This is not an unusual behaviour.

Adjusting trades or SL of a profitable system is a good technique for the experienced manual trader.

That todays trade was stopped out with -2 pips was just a blip in the total records and any conclusions from that should be taken with a grain of salt.
MHK

 

[tkbieber]

I do not think this had anything to do with the spread and everything to do with the Asian session support so close to the 40 pip FMT Stop lose.

But thank you for your reply. Best of Luck.

PS: I like the fact that you put your money were your mouth is and show a public record showing your trades.

Wish all these 'after the fact" traders, you know the ones the sell system claim "I made this and made that" with no proof . maybe they will learn from Mark.

That is correct, the support line was very close to the 40 pip ST. This has happened a few times before and my point is that if you just look at the bars, yes, market didn't reach the 40 pip sl but when you add 4 or 5 pips from your broker, now your buy line is 4 or 5 pips further away form your SL and if you don't add it, now you will have a loss which is what did happen last night for me. By adding my 4 pips that my broker takes away as soon as a trade is triggered, it saved the trade for a win.

Yes, really all that matters for me is forward testing/trading. That shows me and everyone if the EA works or not.

 

[pipette2010]

Hello, for those who run the EA on 2 orders, do you open 2 charts on the same MT4 platform or do you open 2 instances of MT4, and do you have to change the magic number? Thanks.

 

[JWBear]

Hello, for those who run the EA on 2 orders, do you open 2 charts on the same MT4 platform or do you open 2 instances of MT4, and do you have to change the magic number? Thanks.

Same platform, same broker, two charts with a different magic number.

 

[40pips]

I've put same EA on two same charts and changed magic numbers. Today was burned but as i reduced risk settings, the loss was not so significant.

 

[ttmax]

what numbers do you have to change it to, any number you want ?????/




QUOTE=40pips;1327642]I've put same EA on two same charts and changed magic numbers. Today was burned but as i reduced risk settings, the loss was not so significant.[/QUOTE]

 

[40pips]

I just changed last number.