ForexMorningTrade System

[Deatil]

The China interest rate increase was not and is never announced via a schedule. China raises rates when the feel like it. There was speculation China would raise rates in the coming days and usually they do it on holidays or sometimes on weekends. This week is Chinese new years so they did it on a Chinese holiday. You will never see in Forex Factory scheduled Interest Decisions for China.


Jeff

Post 5820 http://www.trade2win.com/boards/trading-journals/101770-forexmorningtrade-journal-728.html

&

Post 5829 http://www.trade2win.com/boards/trading-journals/101770-forexmorningtrade-journal-729.html

 

[PipZombie]

The China interest rate increase was not and is never announced via a schedule. China raises rates when the feel like it. There was speculation China would raise rates in the coming days and usually they do it on holidays or sometimes on weekends. This week is Chinese new years so they did it on a Chinese holiday. You will never see in Forex Factory scheduled Interest Decisions for China.


Jeff

Good info. I agree. The point in forex is that we are dealing with world events that can happen on a scheduled or unscheduled basis. That is what we hope our TP and SL are for. Do the same thing everyday and in the long run it should pay out. We are trading with the trend or mini trend at the time FMT enters the market we are hoping that the trend continues in our favor. We had a good 4 win streak, lets hope there are more of them.

 

[trader578]

I notice you wrote back on 26 Jan, on Post 5794 you stopped using FMT, http://www.trade2win.com/boards/trading-journals/101770-forexmorningtrade-journal-725.html

What made you change your mind in just a little over 10 days? or are you just on demo, trying to find the 'sweet spot" again through more back testing?

FMT is one of the best trading systems that I know of so it was hard for me to give up on it completely. I was looking for at least one profitable week before I went back live, and I think we got that last week. Hopefully the poor Dec-Jan stretch is behind us now. I don't know if we'll ever find the sweet spot with backtesting because it keeps changing. I am going back to the original FMT settings, and I am going to try to stick with them for as long as possible. 40tp 40sl 24be
BTW, Deatil thanks for your China post. You said yourself that this China news"started to take shape at that start of 2009 till now. "
This suggests that FMT was profitable inspite of this news in 2009 and 2010. So nothing has really changed in 2011... or has it?
Cheers

 

[jonesrp]

Fmt went pear shaped in the last weeks of December and the first week of January...hardly an unusual event for a forex system at that time of the year. And I don`t think it was anything to do with our Chinese brothers. Just don`t trade that time of the year, it`s not compulsory and I wonder if Mark Fric actually did...good luck to him for publishing the negative results anyway. And beware the Mongolian Non Farm Payroll News which ,as we all know, comes out on the third week of August,every Leap Year .

 

[wiseambitions]

A very borderline long signal today

On the bearish side (if you think such factors have any meaning)
40 SMA on 15min chart is flat since 04.00 GMT and also current price for GU is below the 63 hour EMA

Anyway we're following rules and templates and EAs

 

[JOHNCO]

long signal, no trade.

 

[wiseambitions]

The 06.45 GMT signal for anyone who is not following usual FMT suggested entry time is no trade, I don't feel comfortable about this one, we have pivot point around 1.6075

 

[Flourish]

I entered a long trade on GU and only hope for the best.

 

[RedGuerrilla]

'Live' Accounts:

FMT 4.2, FXSolutions, dealing desk, Long/Loss, 1.6150, 1.6110, -40.0 pips
My stats since 11-08-2010: 14 No Trades, 17 Break Evens, 18 Losses, 17 Profits, Total: -146.0 pips
Pips include slippage, using EA standard settings: 40 SL, 20 BE, 35 TP

FMT 4.2, IBFX, non-dealing desk, Long/Loss, 1.61492, 1.61091, -40.1 pips
My stats since 01-04-2010: 7 No Trades, 6 Break Evens, 6 Loss, 7 Profits, Total: -4.1 pips
Pips include slippage, using EA standard settings: 40 SL, 20 BE, 35 TP



Demo Accounts:

FMT 4.2, non-dealing desk brokers, 5:Long/Loss
PFG Best, 1.61485, 1.61064, -42.1
FOREX.com, 1.61486, 1.61067, -41.6
FXCM, 1.61522, 1.61111, -41.1
Alpari(US), 1.61485, 1.61068, -41.7
FXDD, 1.61494, 1.61093, -40.1



Testing new tweaked settings, based on back testing. For more details, see Post #5659, page 708:

FMT 4.2 EA, GBPUSD M15 Chart, UK time zone.
Using PFG Best Demo Account, Settings: SL=40, TP=30, BE=20, BE+5 pips
6:15 start, buy trade, 1.61434, 1.61027, hit TP= -40.7 pips ... :-(
My stats since 01-20-2011: Total: +52.3 pips



Testing other systems, subject to back testing.
Lost my back testing system, and I don't have time right now to get it back.

FMT 4.2 EA, GBPUSD M15 Chart, UK time zone.
Using PFG Best Demo Account, Settings: SL=40, TP=30, BE=20, BE+5 pips
13:15 start, Sell trade, 1.60668, 1.60362, hit TP= +30.6.0 pips ...
My stats since 02-01-2011: Total: -62.4pips

FMT 4.2 EA, EURUSD M15 Chart, UK time zone.
Using PFG Best Demo Account, Settings: SL=40, TP=30, BE=20, BE+5 pips
13:15 start, sell trade, 1.36363, 1.36413, hit BE= +5.0 pips ...
My stats since 02-01-2011: Total: +61.0 pips

FMT 4.2 EA, EURUSD/USDCHF M15 Chart, UK time zone.
Using PFG Best Demo Account, Settings: SL=20, TP=7, BE=0
23:00 start, EURUSD, 1.36278, 1.36210, hit TP= +6.8 pips
23:00 start, USDCHF, no trade, 0.0
Total for both trades: +6.8 pips ...
My stats since 02-03-2011: Total: +17.19 pips

 

[wiseambitions]

This definitely is a Lonnnnnng trade

Those who set to B/E or plus a few pips have probably got stopped out

the rest of us wonder where this will take us

good luck to all

 

[Deatil]

This definitely is a Lonnnnnng trade

Those who set to B/E or plus a few pips have probably got stopped out

the rest of us wonder where this will take us

good luck to all

Trade balance not in the trades favor, but those still long at least have their stops in the 1.6039 area, which is at least below the Asian session low rejection.

Those using the 65 pip stop , IF hit will put us well below yesterday’s low of 1.6026 and should open the downside to more losses.

Time 4:37 NYT

 

[Deatil]

This definitely is a Lonnnnnng trade

Those who set to B/E or plus a few pips have probably got stopped out

the rest of us wonder where this will take us

good luck to all

Need to clear the rejection pullback from yesterday's drop before we see more upside moves.

 

[wiseambitions]

Need to clear the rejection pullback from yesterday's drop before we see more upside moves.

Thanks for that interesting analysis. I also believed there to be resistance around 1.6100 for the same reason. We'll see

 

[Deatil]

Thanks for that interesting analysis. I also believed there to be resistance around 1.6100 for the same reason. We'll see

Maybe in the picture its hard to tell, I should have made a price point, but if you look at all 3 points they all are at 1.61017 or 1.6102 just to keep it simple.

So yes , you are seeing the same .

 

[chrisheath]

Hi all, if you look at the 1 hr chart, theres been a distinct drop for the last few days. Is This a repeat?
Chris

 

[jshear]

Maybe in the picture its hard to tell, I should have made a price point, but if you look at all 3 points they all are at 1.61017 or 1.6102 just to keep it simple.

So yes , you are seeing the same .

Deatil: Nice analysis my friend!! Hope your doing well !!

PS Nice fatwick candles on your chart Don't be a stranger!!


Jeff

 

[Deatil]

Hi all, if you look at the 1 hr chart, theres been a distinct drop for the last few days. Is This a repeat?
Chris

You have asked a very simple question, BUT one that has a very complex answer. At the tip of the iceberg you need to start by looking at if the Eur/Usd and the Gbp/USD are in correlation with each other, or are the two moving in opposite direction.

That will be your first cue if any move has any real life to it. The next question should be which one of these two pairs is leading the other.

As I mention before its complex and beyond the simple set and forget trading most follow here with FMT.

 

[Deatil]

Deatil: Nice analysis my friend!! Hope your doing well !!

PS Nice fatwick candles on your chart Don't be a stranger!!


Jeff

In DR my friend, back state side at end of month. See you then

 

[jshear]

In DR my friend, back state side at end of month. See you then

Enjoy DR lucky you speak to you when you get back hope you had a nice Christmas and New Years!!:clap:



Jeff

 

[sasquatch317]

Hi Guys, I contacted a few of you for feedback, thanks very much for your inputs. I have bought the system now and am going through the manual. Hope to make a start tomorrow.

Any tips that will speed up/smoothen my beginning will be gmuch appreciated ! Look forward to be a regular contributor to the post going forward