Forex Morning Trade

[DominoFX]

@DominoFX

 

Did you do the test with you move the stop loss to break even at 24 pips in profit?

 

With which broker did you do the test? Try a comparison with other brokers as well! Maybe that's why I have better results than the author? How about a test with ODL?

 

By the way do you have ANY strategy which gives you positive results for any back or forward testing? That would make me really curious.

 

1. I tested it with the default settings, and it moves the SL to break even after 24 pips.

2. Alpari UK

3. I am not sure what do you want to know but I use Megadroid (a purchased one) live for 15 months and it doubled my account.

[bankroll]

3. I mean Megadroid gave you positive results when you backtested it on any time period?

 

By Megadroid do you mean this one? Impressive.

http://www.forexpeacearmy.com/public/review/forex-megadroid.com

[jurne]

Long GU trade activated. waiting to see TP or SL hit.

[jurne]

stop loss hit today 25-10-2010

[jurne]

will try again. tomorrow, if anyone still trade this system. lets discuss here. : )

[linkrink]

my FMT trade also hit sl today.

 

stop loss hit today 25-10-2010

[hedgehog]

stop loss hit today 25-10-2010

 

I took profits at 20 pips. And immediately opened a short GBPJPY.

 

I was wondering if anyone could modify the EA's codes to do a:

 

1) 2 lots simultaneous entry.

2) 1 lot to close at +20 pips.

3) Move 2nd lot S/L to BE at +20 pips.

4) Trail stop 2nd lot.

[torito1]

my forex morning trade got me loss today.....10/25/10

[jurne]

26/10/2010 - entered Long in GBPUSD today based on FMT. I manually entered the trade. Wow, already taken profit 40pips as i am typing this. :) those trading this using EA, do u use VPS?

[hedgehog]

26/10/2010 - entered Long in GBPUSD today based on FMT. I manually entered the trade. Wow, already taken profit 40pips as i am typing this. :) those trading this using EA, do u use VPS?

 

I don't. My broadband is up 24/7 with very little interruptions. I let the EA enter the trade and manually adjust it thereafter by discretion.

 

But then this is not my main strategy, so it's just pocket money as long as it works :)

Edited October 26, 2010 by hedgehog

[jurne]

I don't. My broadband is up 24/7 with very little interruptions. I let the EA enter the trade and manually adjust it thereafter by discretion.

 

But then this is not my main strategy, so it's just pocket money as long as it works :)

 

Thanks :) i trade this during my lunch hour :)

[Diesel 10]

Having a problem with the EA. It took profits today at 3 pips even though I have it set as follows on 5 digit MBT Metatrader broker:

 

StopLossPips 400

ProfitTargetPips 800

BreakEvenAtPipsProfit 240

TrailingStopPips 400

Lots 10.0

 

any idea what I'm doing wrong? The previous day it also took profit at 3pips, but I know what the problem was then as I had it set to 40-80-24-40 on 5 digit broker. I thought by increasing to 400-800-240-400, that would solve the problem. Do I have to start over? Expert Advisor is on and smiling... Maybe I have to reload the 5 digit set and save again???

[jwcoffee88]

Having a problem with the EA. It took profits today at 3 pips even though I have it set as follows on 5 digit MBT Metatrader broker:

 

StopLossPips 400

ProfitTargetPips 800

BreakEvenAtPipsProfit 240

TrailingStopPips 400

Lots 10.0

 

any idea what I'm doing wrong? The previous day it also took profit at 3pips, but I know what the problem was then as I had it set to 40-80-24-40 on 5 digit broker. I thought by increasing to 400-800-240-400, that would solve the problem. Do I have to start over? Expert Advisor is on and smiling... Maybe I have to reload the 5 digit set and save again???

 

Your profit target of 80 pips is too high. The vendor recommends a profit target of 40 pips. What happened today is that after the trade triggered, it did shoot up and pass the 40 pip target. However, at 3:45 am GMT, it retraced to near the entry price. Your trailing stop of 40 pips moved your stop loss to break even once it hit +40 pips and moved up 3 more pips as the price moved up. Then when it retraced at 3:45 am, it came down and hit your stop loss.

 

If you'd set your profit target to 40 pips, you would have bagged 40 pips instead of 3.

[jurne]

this is a no brainer System. I will test this system for 1 month. Currently breakeven, Monday Loss, Tuesday Win.

[jwcoffee88]

Hi All,

 

Do you know if we need to do any trade time adjustment starting this Sunday? As you know, the EA is set to trade at 5:30 am GMT. That is equal to 6:30 am BST in London currently. I believe this Sunday, the UK will fall back 1 hour and it'll have the same time as GMT. Do we set the trade time now to 4:30 GMT?

[joeytrader]

Having a problem with the EA. It took profits today at 3 pips even though I have it set as follows on 5 digit MBT Metatrader broker:

 

StopLossPips 400

ProfitTargetPips 800

BreakEvenAtPipsProfit 240

TrailingStopPips 400

Lots 10.0

 

any idea what I'm doing wrong? The previous day it also took profit at 3pips, but I know what the problem was then as I had it set to 40-80-24-40 on 5 digit broker. I thought by increasing to 400-800-240-400, that would solve the problem. Do I have to start over? Expert Advisor is on and smiling... Maybe I have to reload the 5 digit set and save again???

 

Hi Diesel 10,

In addition to what jwcoffee88 already pointed out about the take profit target, the author is now also recommending to turn off the trailing stop. Here is what the author recommends as settings, in his own words:

 

I RECOMMEND changing the EA settings so that the trailing

stop is disabled.

 

The new parameters I recommend to use are:

 

StopLossPips = 40

ProfitTargetPips = 40

BreakEvenAtPipsProfit = 24

TrailingStopPips = 0

 

We just switched off the trailing stop and set PT to the correct value.

[joeytrader]

Hi All,

 

Do you know if we need to do any trade time adjustment starting this Sunday? As you know, the EA is set to trade at 5:30 am GMT. That is equal to 6:30 am BST in London currently. I believe this Sunday, the UK will fall back 1 hour and it'll have the same time as GMT. Do we set the trade time now to 4:30 GMT?

 

According to an update on the author's online trade journal, the official trigger time is now 6:30 am London time (so no longer based on GMT time), or in the author's own words:

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

[jurne]

thanks for the entry time heads up. I use forex4noobs Forex Session Time Clock to know which market opens at what time. If anyone has a better tool, maybe he can share with us..

[hedgehog]

Having a problem with the EA. It took profits today at 3 pips even though I have it set as follows on 5 digit MBT Metatrader broker:

 

StopLossPips 400

ProfitTargetPips 800

BreakEvenAtPipsProfit 240

TrailingStopPips 400

Lots 10.0

 

any idea what I'm doing wrong? The previous day it also took profit at 3pips, but I know what the problem was then as I had it set to 40-80-24-40 on 5 digit broker. I thought by increasing to 400-800-240-400, that would solve the problem. Do I have to start over? Expert Advisor is on and smiling... Maybe I have to reload the 5 digit set and save again???

 

My EA does not have all that input especially that BE and TSL. Which version of the EA is this and where can I get it? Thanks.

[jurne]

27-10-2010 Sell activated in GBP/USD. waiting to see whether it hit SL or TP. :P

[jurne]

27-10-2010 Sell GBP/USD, hit TP 39pips. Monday loss, Tuesday win, Wed win. :) so far so good this system.

[hedgehog]

According to an update on the author's online trade journal, the official trigger time is now 6:30 am London time (so no longer based on GMT time), or in the author's own words:

 

The change in entry time did a lot of good today. If the previous 0530 GMT was followed, you would have made the 40 TP as well, but at 0630 London, entry was at pullback on M15 chart. Thanks joeytrader.

[jurne]

i am following the 530 GMT time strategy. do i need to do adjustment? my broker is ibfx.

[metin]

The change in entry time did a lot of good today. If the previous 0530 GMT was followed, you would have made the 40 TP as well, but at 0630 London, entry was at pullback on M15 chart. Thanks joeytrader.

 

As far as I know, London Time is GMT+1 (BST) at the moment. So, London time 06.30 a.m. means GMT 05.30 a.m. Correct me please, if I'm mistaken.

 

Regards,

[jurne]

As far as I know, London Time is GMT+1 (BST) at the moment. So, London time 06.30 a.m. means GMT 05.30 a.m. Correct me please, if I'm mistaken.

 

Regards,

 

I think u r correct. Today i entered the trade at GMT530. The author mentioned this strategy is for pre London open which is one and a half hours before London open. The change in Daylight Saving Time will take effect on the first Sunday of November, so meaning after 7th November 2010, all trades have to be triggered at GMT0630. Am i correct?