Forex Morning Trade

[iqofgenius]

Just adjust the one you have.

[bizops]

Hi,

 

TSL has a GBP/USD breakout EA that trades the London and NY open. I was wondering if the Morning trade EA will work on the NY open as well?

[FOXY]

Some are using it to trade EUR/USD on NY open. Trade at 11:30 GMT,

[fxeasy5]

Hi,

 

TSL has a GBP/USD breakout EA that trades the London and NY open. I was wondering if the Morning trade EA will work on the NY open as well?

You can choose whatever hour and minute you want it to trade and it will if conditions for the entry are met.

The pair does not matter, it trades all pairs.

[lpsharky]

Hi!

 

Are You sure, that You are using correct timing? As per my timing, monday would have been a NO TRADE situation.

[bizops]

Thanks foxy and fxeasy5, I just wanted to make sure it was able. I guess it would need to be backtested to find out if it's profitable...

[jurne]

lets see today win or lose~

[hedgehog]

lets see today win or lose~

 

jurne, you do know that the time for the signal is now 0630 London and not GMT. And London time is now back 1hr than normal.

[jurne]

i use forex4noobs website market hour clock. London opens at 4pm ( my local time), so i have set the trade time to 230pm (my local time).

[fxeasy5]

jurne, you do know that the time for the signal is now 0630 London and not GMT. And London time is now back 1hr than normal.

London local time = GMT ( only during summer it is GMT+1 ).

London opens at 8am GMT.

Frankfurt opens at 7am GMT.

 

The signal for FMT is 5:30 GMT = 5:30 London since November 3rd.

 

At 5:30am (GMT time) you look at the charting platform and decide if you'll open the trade

(more on the rules later)

More on Forex Market Hours:

http://www.forexmarkethours.com/GMT_hours/02/

[hedgehog]

London local time = GMT ( only during summer it is GMT+1 ).

London opens at 8am GMT.

Frankfurt opens at 7am GMT.

 

The signal for FMT is 5:30 GMT = 5:30 London since November 3rd.

 

More on Forex Market Hours:

http://www.forexmarkethours.com/GMT_hours/02/

 

 

fxeasy5, please read post #142 by joeytrader. A note from the developer's online journal.

 

http://indo-investasi.com/showthread.php/8789-Forex-Morning-Trade?p=111908&viewfull=1#post111908

[jurne]

no signal today~

[fxeasy5]

fxeasy5, please read post #142 by joeytrader. A note from the developer's online journal.

 

http://indo-investasi.com/showthread.php/8789-Forex-Morning-Trade?p=111908&viewfull=1#post111908

hedgehog,

thank you very much for that hint.

I did not read the whole thread and missed it.

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.

 

 

 

The author created confusion in his manual.

Those who missed his "avoiding confusing" entry are now in a long-trade .

Well, I am going to hedge it and see what is the outcome.

[hedgehog]

hedgehog,

thank you very much for that hint.

I did not read the whole thread and missed it.

 

 

The author created confusion in his manual.

Those who missed his "avoiding confusing" entry are now in a long-trade .

Well, I am going to hedge it and see what is the outcome.

 

fxeasy5, no probs. yes i had a FMT EA running at 0530 GMT as a comparison, and that one took a long, which i think was not wise because if you look at the daily charts, there's a double top and two reversal candles. But who knows what can happen!!

 

i think every system has to be robust as markets are forever changing. if the system is not dynamic and is always in constant state, you will end up one day with a big loss as with every other system. so, to me, tweaking it every now and then, is a must. goes without saying.

[joeytrader]

On the topic of trigger time, and ebook update

 

I only just found out that the author gave his ebook an update back in September.

 

Unfortunately I cannot upload the updated ebook here, as it is now blacklisted. Nor is it feasible for me to email or pm everyone here. Apology on that.

 

So I placed both old and new ebooks side-by-side, and scrolled down both to see what are the main differences.

 

The main difference is in the specification of trigger time, I quote the author's own words from the new ebook:

 

Trading time explained

 

As I said, we need to enter the 1 and half hour before London market opens, which means at 6:30 UK time all year round, or 01:30 EST time (summer), respectively 2:30 EST time (winter).

 

Beside the addition of the above quote, plus the necessary changes to all reference of starting time, trust me, as far as I can tell, all other wordings and pictures are practically identical between the newer ebook and the old original one.

 

So as long as you are aware the trigger time is now based on London time, and you have the original ebook, you are set.

 

Edit: My most sincere apology to fxeasy5 or anyone else who may have entered the trades early this week, if it was because I have not posted the correction to trigger time early and clear enough.

Edited November 3, 2010 by joeytrader

[fxeasy5]

@joeytrader

no problems here.

I was lucky today. The wrong trade did not hit SL but price reversed and finally hit TP.

 

This Forex Morning Trade is nothing else than gambling.

 

If price went up or down for a certain amount of time before the entry-decision is made,

we place our bet on red (= short) or black (=long) and walk away from the roulette table, hoping

that our bet will be profitable.

 

Ok, ok, some will say "not gambling, but statistics = high probability".

 

Did you run a backtest ?

Did you run it with correct starting time ( during wintertime 1 hour later than during summertime ) ?

Is this thing profitable ?

 

Some would say that the past does not match the future.

If it has been profitable for 3 years or whatever, that could change tomorrow - or am I wrong ?

 

Anyway, the author sold it and those who bought it hope that they will be lucky in the future with it.

Good luck to all who use this strategy.

[⭐ Ormazd]

This strategy using the indicators. And gambling doesn't have such probability rate. Plus if you are saying, that it is a gambling, that every breakout strategy is gambling. Overall it is how you look at it. It works for now. It is fine with me.

[indo37]

Did you run a backtest ?

Did you run it with correct starting time ( during wintertime 1 hour later than during summertime ) ?

Is this thing profitable ?

 

Yeah, yeaah, yeah! ANd before you ask: 90% mdell 700% p.a.

 

Would be better checked with oanda data via amibroker, as all used indicators are standard nad logic quite simple!!

 

But all this will change: I now trade REAL money - normally every strategy then gets killed!!

 

indo37

[bizops]

I think this EA would have a higher win rate if it had some filters to trade in the direction of the 1hr and 4hr trend only.

[jurne]

Long trade initiated

[jurne]

GU took profit 40pips in Long trade today

[joeytrader]

GU took profit 40pips in Long trade today

 

Hi jurne, glad you pocketed 40 pips from FMT today.

 

But just want to make sure that everyone should be aware that, at least officially, the author has changed take profit target from 40 pips to 35 pips starting 1st of November.

 

I posted that changes back in post #174, but for everyone's convenience, here is the relevant section again:

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

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.

 

Edit: But of course, every trader should decide for himself/herself what tp and sl he/she feels most comfortable.

 

Edit 2: Interestingly, checking the author's own trade results, even the author himself does not follow his own rules precisely. For example, today Thursday, he should have either break-even at zero pip, or profit of 35 pips. But instead he is recording a win of 39 pips. Is he still targeting 40 pips even though he is telling us to go only for 35 pips?

Edited November 4, 2010 by joeytrader

[PIPHORE]

Edit 2: Interesting, checking the author's own trade results, even the author himself does not follow his own rules precisely. For example, today Thursday, he should have either break-even at zero pip, or profit of 35 pips. But instead he is recording a win of 39 pips. Is he still targeting 40 pips even though he is telling us to go only for 35 pips?

 

interesting.... with new setting I'm exited the trade at BE today. I suspect the author still use old setting. Makes me wonder why change the setting if the old one just fine... why fix if it ain't broken? I think I better stick with old setting from now on unless this setting is unprofitable.

[hedgehog]

interesting.... with new setting I'm exited the trade at BE today. I suspect the author still use old setting. Makes me wonder why change the setting if the old one just fine... why fix if it ain't broken? I think I better stick with old setting from now on unless this setting is unprofitable.

 

How did you break even when Cable was pushing all the way up? It went down by less than 20 pips before heading upwards, hitting 40 pips before taking a break and then zoom all the way up to 1.62 level.

[PIPHORE]

How did you break even when Cable was pushing all the way up? It went down by less than 20 pips before heading upwards, hitting 40 pips before taking a break and then zoom all the way up to 1.62 level.

 

I entered the trade at 1.6122 (same with the author) the market moved up to 1.6143 which move stop to BE level then it reversed down stop out at BE before continuing move upward.