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Forex Morning Trade


kdjon

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On end of daylight savings for London this year, this is from my post #74:

 

London daylight saving time will end on Sunday October 31, 2010.

 

see here:

http://www.timeanddate.com/worldclock/clockchange.html?n=136

 

So that means, on the first trading day in November, Monday 1 November, depending on your broker's practice of setting its broker's time, you may need to be careful of the starting time for the system.

 

For the first day in November, if in doubt, just check the world clock (you can google it) to be sure what time it is in London.

 

Edit: For your convenience, if you are still struggling, go to this page on your trading day:

http://www.timeanddate.com/worldclock/city.html?n=136

And you can tell instantly the current time at London at the moment. And you only need to make sure your trade trigger time is at 6:30 am London time that day.

Edited by joeytrader
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28-10-2010 Long trigger in Cable also. I took half off at +20pips. Stoploss set to breakeven. Reason for taking half off is to take some profits off the table, momentum seems to be slowing down. Trailing the rest for gravy.

 

Monday Loss, Tues win, Wed win, Thurs half off at +20, trailing the rest for gravy.

 

4 days with signal using this system.

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Morning (in Europe) I have just started to use this amazing system. EA shows no trade with my broker, but momentum become just below 100, can someone explain why no trade ? Thanks

 

There is no trade today because at 0630 London, the Momentum (60) reading was above 100 level and the CCI (60) was below the zero level.

 

A good thing too as there are a lot of red flag news today especially US GDP.

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no trade today. Mon loss, Tues win, Wed win, Thurs took half off, Fri no trade.

 

Jurne, if you do a percentage win/loss calculation, I think this could be one heck of a method. Although yesterday's trade was not that great because you'd be stopped out by less than 10 pips, Cable did go for a huge run thereafter, over 150 pips from the bottom!!

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This method very simple and straightforward. I will continue testing it in my live micro account for a month. Maybe we can discuss what are the filters we can use to increase its profitability.

 

jurne: as it is a simple and straightforward method, I think it should be left as it is. Granted it is not a holy grail, and I can assure you that you will never find one. And adding more filters to it will only make life difficult. Use as it is. I believe you are looking for 100% win rate, which I don't think you will ever find. The FMT is as good as it gets.

 

Focus instead on money management.

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yes.. agree.. I never search for 100% winning system, as I think there is none! if there are such things, they would have come out long time ago.. I will go for system with consistent increase, it can be 5% in a month, or 20% in month.. this is far better than hitting stoploss that is 50% of your account.. I think the latest version of FMT included some TS.. that may be the 'filter' u are looking for.. cheers.
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Hello there, my computer hard disk is dead :(. I have to rebuild my ET4 again, and I lost this EA too.

Please let me know where I can download this again or PM please..

 

 

I really recommend everybody to make a (online) backup including ET4 related files (template, indicators), I used all my documents and some downloaded files but I did not include ET4 files. This isn't disaster but really annoying + time consuming.

 

Have a good Sunday ! :)

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Can i ask for results of those on here that are try this system out. days profit, days loss, no trades, total etc..thanks

 

Hi kraven, at least for the official method, I have found the author's record to be relatively honest. In fact, there were a few trades where I got out at break-even, when the author decided to record a loss. You can find it here:

http://[email protected]/trading-journal/

(change "@" to "a")

 

Depending on broker, of course, everyone will have cases of slightly different price feed that may lead to slightly different results (i.e. price just missing tp, or sl, or break even, before changing direction). However, I assume in the long run such variations in results should even out.

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I wonder, "if don't follow the system then why we need a system"..........sometimes the system is right sometimes the system is wrong. but the market is always right. So this phrase is applicable or not ?
All that is necessary for evil to triumph is for good men/women to do nothing. Sharing is caring
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A system is a system. A method is a method. It is not foolproof that's for sure.

 

If you are able and have the 'instinct' and am able to have a feel as to how the markets are going, why not use it?

 

Now, if there was a system that has artificial intelligence programmed with the instincts of the best traders in the world, we won't need any traders anymore. If you stop to wonder, why do banks like Deutsche and UBS employ thousands of traders, it will answer your question.

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Some updates from the author

 

The author has made some updated changes to the system.

 

Here are the relevant ones quoted in his own words:

 

-----------------------------------------------

3. Expert Advisor (robot) Settings Updates

-----------------------------------------------

 

I made some more tests during the October and I found out that we'd

be better off by trading with slightly smaller Profit target.

 

MY NEW RECOMMEND SETTINGS are:

 

StopLossPips = 40

ProfitTargetPips = 35

BreakEvenAtPipsProfit = 20

TrailingStopPips = 0

 

I'm going to use these settings from today.

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