Forex Morning Trade

[saendee]

Hi,

thanx to sharers. great system

does anyone have a version with MM added?

 

jim

EA black listed Edited September 19, 2010 by saendee
black listed

[beorn]

Hi guys,

 

I have a newb question. I was going to test this on Instaforex which is on GMT +2 (I think) and I'm not sure if I should set the time to 5:30 or 7:30.

5.30 seems to give better backtesting results... Is back data normally on GMT time? Sorry if this is a stupid question.

 

Too bad this EA got blacklisted but I hope we can continue to discuss settings and optimization.

 

Thanks,

 

b.

[Guest hftlh]

7:30 if you are using gmt +2 broker.

[joeytrader]

Hi guys,

 

I have a newb question. I was going to test this on Instaforex which is on GMT +2 (I think) and I'm not sure if I should set the time to 5:30 or 7:30.

5.30 seems to give better backtesting results... Is back data normally on GMT time? Sorry if this is a stupid question.

 

Too bad this EA got blacklisted but I hope we can continue to discuss settings and optimization.

 

Thanks,

 

b.

 

No question is ever stupid. Asking questions is one of the fastest way to learn.

 

If your question is on settings for the EA, I cannot help because I do not use EAs in general.

 

If your question is on actual entry time, I always find converting broker time to actual time a bit confusing at times, so I use a widget that shows world clock at many different locations, including for example London. So I simply look at current London time on this clock (although I am in the Pacific). For this system, we want entry at London time 6:30 am.

 

or quoting from the author in one of his own Trading Journal post:

. . . entry time again: to avoid confusion we should define the entry time to 1 and half hour before London open.

 

Hope this helps some.

[Guest james_phuc28]

Hi Joeytrader and others,

 

I am interested in this trading system and EA. I don't mind spending money to buy it, if it is consistently profitable as per what was mentioned on their website.

 

So, I just would like to know from Joeytrader and all users of this EA and even manual trading system, please tell me:

 

1. Win / Loss ratio of this manual trading system and its' EA

 

2. Are the system profitable and the EA does exactly as per the manual trading systems?

 

3. How about the newest version of this EA? Any better functionality is added to make it even more and more profitable consistently and reduce drawdown?

 

4. Which pair does it trade? I think it is Gbpusd, because it is based on London open time. Is it right ? But then, can we use it on Gbpjpy with profits as well?

 

Hope all above questions can be answered in details for my consideration to buy this EA and manual trading system next week.

 

Thanks a lot

James

[beorn]

joey and hftlh, many thanks for your replies.

 

I'm actually on the same time as London, (I live in Portugal) but I did not know this:

 

. . . entry time again: to avoid confusion we should define the entry time to 1 and half hour before London open.

 

But what about backdata time? I have regular backdata from MetaQuotes. Is this at GMT?

 

Thanks,

 

b.

[joeytrader]

Hi Joeytrader and others,

 

I am interested in this trading system and EA. I don't mind spending money to buy it, if it is consistently profitable as per what was mentioned on their website.

 

So, I just would like to know from Joeytrader and all users of this EA and even manual trading system, please tell me:

 

1. Win / Loss ratio of this manual trading system and its' EA

 

2. Are the system profitable and the EA does exactly as per the manual trading systems?

 

3. How about the newest version of this EA? Any better functionality is added to make it even more and more profitable consistently and reduce drawdown?

 

4. Which pair does it trade? I think it is Gbpusd, because it is based on London open time. Is it right ? But then, can we use it on Gbpjpy with profits as well?

 

Hope all above questions can be answered in details for my consideration to buy this EA and manual trading system next week.

 

Thanks a lot

James

 

 

I consider myself still in a testing phase with this system, so by no means am I any expert with this system. I will attempt to answer some of your questions only from my limited perspective:

 

1. win/loss ratio: my experience with similar systems have shown me that, they tend to go through stretch of good and bad patches. Currently, this system is going through a couple of almost flawless weeks. (Since I was out of trading for a good stretch during this time, I may be wrong, but I think except for several no-trade days, this system has been hitting profit target just about every day it signaled a trade over the last 2 weeks.) But even in the author's own results from past history, I recall seeing somewhere that he also had cases of 3 (or more?) consecutive losing days.

 

2. profitability: same as answer to 1 above. However, you can see from the author's own result page:

http://www.forexmorningtrade.com/results/

that even he had some losing months over the last 2 years. So do not expect a miracle system. But if past history is reliable, then it has been profitable so far.

 

Unfortunately, I do not have enough experience or personal data points to give more concrete numbers to answer your first 2 questions.

 

3. EA: sorry, I do not use EAs in general, perhaps others can help answer this question for you.

 

4. Currency pair: officially, it uses GBPUSD. No official results or analysis for other pairs. But it may be worth testing on our own, if you are inclined.

 

Not sure how helpful my answers were. Hopefully, others who are also using this can chip in.

 

Also, although I can no longer post the link. If your internet searching skill is good enough, you can try to find the author's own trading journal in another forum. It seems to have attracted quite a active following, with already over 140 pages of posts within 1 month since starting. Browsing through their posts may give you a better idea if this system is what you want.

 

Edit:James, I have sent you a pm, please check before your purchase, I have some supplemental notes you may find useful.

Edited September 20, 2010 by joeytrader

[joeytrader]

joey and hftlh, many thanks for your replies.

 

I'm actually on the same time as London, (I live in Portugal) but I did not know this:

 

 

 

But what about backdata time? I have regular backdata from MetaQuotes. Is this at GMT?

 

Thanks,

 

b.

 

I am not familiar with this topic. But I always assumed that each broker may have a different GMT off-set as its own broker time. And its backdata will follow that broker's particular time set-up. (I am not even beginning to get into the confusion of figuring out between winter and summer time due to daylight saving changes)

 

I am sure many forum friends here more experienced with this topic can help out.

[Guest master9357]

joey i´m portuguese too.......

[joeytrader]

joey i´m portuguese too.......

 

Great, then you and beorn should be already on the same time zone as London. So figuring out the entry time for you should be easy. 1 and a half hour before London open should be 6:30 am for you in the morning your local time.

[hedgehog]

Thread deleted again? OMG. No wonder I was not getting any notifications :-)

[Zoki]

Today LONG SIGNAL => 40 pip loss ......

[Make-a-million]

Today LONG SIGNAL => 40 pip loss ......

 

There was a Gap. Never trade until it is close.

[Guest master9357]

Great, then you and beorn should be already on the same time zone as London. So figuring out the entry time for you should be easy. 1 and a half hour before London open should be 6:30 am for you in the morning your local time.

 

No Joey should be 5:30 am...

[Guest master9357]

Today LONG SIGNAL => 40 pip loss ......

 

I don´t loss 40 pip´s today and any cent with morning trade because i´m only buy or sell in breakout of last resistence so, no breakout no trade and today it´s no trade........

[joeytrader]

No Joey should be 5:30 am...

 

As I said before, converting international times have always confused me. But I thought London forex market opens at 8:00 am London time. So "one and and half hour before" that would be 6:30 am London time. And I assumed from beorn's Post #31 that London and Protugal are on the same time zone. That's why I thought your local time would be 6:30 am start too.

 

But you should know your local time far better than I do. So just use the correct time as you can best determine it.

 

Oh, and good filter to use by looking at previous support/resistance before entering trade.

 

Cheers.

Edited September 20, 2010 by joeytrader

[Guest hftlh]

a lost trade today.

[Guest master9357]

As I said before, converting international times have always confused me. But I thought London forex market opens at 8:00 am London time. So "one and and half hour before" that would be 6:30 am London time. And I assumed from beorn's Post #31 that London and Protugal are on the same time zone. That's why I thought your local time would be 6:30 am start too.

 

But you should know your local time far better than I do. So just use the correct time as you can best determine it.

 

Oh, and good filter to use by looking at previous support/resistance before entering trade.

 

Cheers.

 

Joey my local time to morning trade start, it´s 530h am GMT has you can see in morning trade manual, but my mt4 time it´s 730h am it´s my setup to my indicator so i have it in +2 GMT.....

 

regards

[beorn]

master,

 

If you also live in continental Portugal then we are in the same time as London, which is GMT +1 due to DST, so joey is right, the correct time to enter the market is 6.30 am local time.

 

However, Instaforex, the broker where I'm demoing this, seems to be on GMT +3, so I need to adjust accordingly.

 

Cheers,

 

b.

Edited September 20, 2010 by beorn

[Freddie]

Mark Fric, pusher of this system is now pushing Automated Pips - coming out soon.

 

This EA is sooooooo good that I can see it defeating the Forex system because all the 'little' people will win such a lot of money...

[Guest master9357]

master,

 

If you also live in continental Portugal then we are in the same time as London, which is GMT +1 due to DST, so joey is right, the correct time to enter the market is 6.30 am local time.

 

However, Instaforex, the broker where I'm demoing this, seems to be on GMT +3, so I need to adjust accordingly.

 

Cheers,

 

sorry, i´m wrong... it´s 630h am + 3 gmt

 

Thanks Beorn and Joey

[iltc2001]

Just use this if you guys have problems finding out your local time at 5:30 gmt

 

http://www.timeanddate.com/worldclock/fixedtime.html?day=20&month=9&year=2010&hour=5&min=30&sec=0&p1=0

[joeytrader]

Interesting Read from the author

 

Mark Fric, pusher of this system is now pushing Automated Pips - coming out soon.

 

This EA is sooooooo good that I can see it defeating the Forex system because all the 'little' people will win such a lot of money...

 

Although not directly related to this thread, I too had received email from MF promoting this Automated Pips, then I received this very interesting email today from Mark F, slamming the very same product he previously promoted:

 

Hi ,

 

yesterday I've sent you an email about AutomatedPips.

I received some replies back and a question if I really

believe this EA hype.

 

Actually, I'm very reserved against automatic trading systems.

The few that really work are very hard to find.

 

We have to be very careful with any EA, and I admit I personally

trade only my own robots because I know exactly what they are doing.

But not everybody is a programmer to be able to do that.

 

 

I learned about AutomatedPips from a friend, and I thought

it might be interesting, because they are showing live proof

for 5 years!

I checked the results and they passed my quick test of a good EA -

it was not a scalping system, and the results seemed to be consistent

on the first look.

 

Unfortunately, just recently I learned an interesting thing about them.

 

Their statements are from MB Trading broker, but after a research

we'll find out that MB Trading did not actually have MetaTrader platform

back in 2006, so the statements on the website are indeed FAKE.

They are not live account statements.

 

For this reason I DON'T RECOMMEND this EA.

 

 

Also, I'd like to apologize for wasting your time with a product

I didn't know first hand.

 

 

Best regards,

 

Mark Fric

 

 

lol,

 

I am of two minds about this episode myself: (1) should I respect the man because he is honest about making a mistake? or (2) should I lump him in with the rest of the "untrustworthy affiliate-marketers-promoters" whom we see too many of in our email boxes?

Edited September 21, 2010 by joeytrader

[Freddie]

or (2) should I lump him in with the rest of the "untrustworthy affiliate-marketers-promoters" ?

Without a doubt 2

Today I had an email from FOREX REVIEW BOARD...the honest appraisers of systems (yeah!). They were still pushing it!

Another of...the rest of the "untrustworthy affiliate-marketers-promoters"

 

2.....2......2...

[mandiki]

hie Freddie

it seems many people are pushing automated pips but the funny thing is that the statements on the website are using MB trading broker since 2006 but back them MB trading did not use metatrader so the statements are fake.