FOREX Morning trade-Back Tests

Hello, since my last update, I just traded Morning Trade system is two times for the simple reason that I was quite busy at work and I could not manage to wake up early. Well I lost my few crafts also my other shopping cart system.

With my two shops, a trade completed break even and the other I closed trading at 30 pips of profit. Basically I closed trading at a very strong opposition (R2 Pivot Point) and it was my goal when I opened the trade.The system proposes 40 pip profit, but there is no perfect system – does not search the. for all systems, you must use other technical analysis methods.

Notice how the price reversed at S3 Pivot Line. FOREX-morning trading-pivotPivots is well-respected strong resistance/support lines as my is always is at these levels – always.So when I opened the trade, I knew that I focus for 30 pips instead of 40, believe it or not, the price that hit the line S2 and sent back fairly quickly. That is why I love the pivots!

Anyway back to Forex Morning trading.I did a manual back testing since January 11th 2010, and this is the astounding results; I did not check pivot points. I followed only system blindly – which means to comply with the rules of 40 pips of profit targets, 40 pips of halting the loss as proposed.I even took care of all the great press releases that you should know, you need to stay on the market.

If probably have I followed pivot levels and at least you where aware of all the important press releases, probably I would have increased profits, but I just followed the rules that the system to the letter as a complete beginner, but I made a rule is added and it saved me some pips. when I'm 30 pip profit move my stop loss to break even.There were many professions which reaches 30-35-mark, an end to fuel and rally back; there are also trades which reached 30 pip mark, reverse, I had to stop at break even, and then shoot.

But move the stop loss to break even when you reach 28 – 30 pips, is more secure and proven to save me some
pips. later, I also tell you how I intend to trade the system live.

The results after the system's rules blindly except that I move the stop loss to break even at 30 pip profit.

January 11 2010: 120 pips
February: 160
March: 280
April: 120
May: 80
June: 440
July: 160
August: 240

Total Pips: 1600-Read

The results which in any way tampered with; If I recall correctly, but I will be corrected, april/May, when Europe was under the spotlight with Greece serious financial crises.System was still out of the profit!

As you can see it is a great simple system with good results.Just try it because you have nothing to lose and win $ $ $ instead.

How I intend to trade in the system.
1) conform to the system rules of entry
2) Open two stores of can say 0.5-0.5 each or 1 a lot about your broker support scaling out – the lot size depends on your money management lead not more than 2% per trade!
3) at 30 pips of profit,
a. close 1 trade at 30 pip profit or scale out half of your position on your broken supports scaling
b. for the remaining trade or the remaining half of the trade, move the stop loss to breakeven
c. also set a trailing stop of 35 pips on the remaining trade or the remaining half of the trade

Paragraph 3 (c) either use trailing stop or use pivot levels for your see. This is your personal choice and your trading experience.

A few tips that can help you.
If the price is S3 or R3 or near any of these pivot levels, not using trailing stops but only close the whole trade of 30 pip profit or on S3 or R3 levels; the likelihood is that the price will reverse the S3 or R3 so you lose your profit.

Not only aim at 30-40 pips blindly even if the system is profitable on the same; But I am sure that using technical analysis skills you will increase profits; therefore, always stay on the look out for strong resistance/support lines as daily trend lines, pivot points, or something you are familiar with.

Again, do not enter a trade if you are close to strong resistance/support points, you know that the price may turn on these levels, and this is a known fact in forex trading; it is so to say that you do not specify a trade when a strong resistance/support is close. no trading system are above the law, so just stay out of the trade or instead take the reverse!

Also not trade when large press releases that will affect the currency pair to trade will be released that day or even when you trade in system!, it Remains only sleep is not worth the risk.

HAPPY TRADING. don't hesitate to leave a comment if you need any help.

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Forex trading-the only cool Morning

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I just came across a manual trading system - Forex Morning Trading System and to be honest with you I am in love with such systems. Why? Let me tell you why.

Large moves happen in the morning - Europe

This is a well know fact that when Europe is waking up, large moves happen nearly every morning in the market namely in the GBP currency. Why? London is the largest trading exchange in Europe, but apart from London, there are also other strong economic countries like Germany and Switzerland. These start their working day in just around the same time (1 hour difference) so large financial institutions like banks, government, fund managers and large corporations effect their required transactions during this time. A lot more happens but this is just to give you an idea.

Furthermore, just before Europe wakes up the market is pretty slow since only Tokyo and Sydney are trading. During this time, volume is low since Europe is sleeping while the US market is about to close when Sydney opens its market. When Tokyo opens, the US is preparing to sleep and Europe is fast asleep.

So what happens is when Europe wakes up, it is like there is a spike in the market. Look at some of the following charts and see what I mean. You may also open your trading platform and see for yourself.

Forex-Market-Move

Forex-Market-Move

Notice how the price was slow during the night and then started to move strongly. The candles marked with the Purple Line is the 9.00AM Alpari UK Broker Time

How about we try and capture some profits during this time? In fact there are a number of trading strategies based on what I have just described. In fact I use one myself every single day, or when I manage to wake up so to speak.

False Moves

So we know the idea but the question is – in which direction will the market go? Up or Down or Sideways? Yes we make money if the market moves up or down. If it is going to stay sideways we will not make any money and we need to stay away, hence no trade.

Fake-Move

And this is why there are a lot of trading systems based on this fundamental idea – the London Market. All try to find an accurate way of predicting where the market will go.

I have read a number of strategies and most of them are successful in the long run, and they will remain successful because we know why the markets behave this way. As long as Tokyo / Sydney do not change their trading time, these systems will remain profitable no doubt. Will Sydney / Tokyo change their trading time? No way if they don’t decide to trade during the night!

So, the key is to predict the direction of the market for at least the next few hours. There will be many false moves, you think that the market will go that way, it will go that way for 20 pips and then it changes direction in no time. This is where most systems fail.

Notice how the price goes down and then moves up strongly for the rest of the day. The candle marked with the Purple Line is the 9.00AM Alpari UK Broker Time

Forex Morning Trade System

Yes I purchased the system as soon as it went out for sale, just a few hours ago. I am always intrigued about the way how the system triggers the entry signal to take the trade – that is how the system predicts to buy, sell or just stay away for today. Sometimes I ask for a refund just few minutes later. If the system is based on channels, trend lines or anything similar, these system gives you a lot of false moves.

By Forex Morning Trade I got impressed – honestly. It is a totally different approach. Where most systems are based on the 7.00AM – 9.00AM time period, this one is slightly different and it also used two indicators which I never thought of using.

Back Testing the System

I read through the manual, understood the system (it is quite easy to understand) and what’s next? Simply do some back testing! I opened my trading platform and tested the system through August 2010 which it wasn’t a good month to trade anyway.

The system came out with 160 pips profit as of today.

I didn’t try July because the results are in the book from 12th July to 23rd July, illustrated with chart proofs so you can confirm with your trading platform. I never saw this in any book that I have purchased. But in this book that comes with the system which is well written and well explained with ample examples and screen shots, you can compare and hence back test the system yourself.

The book explains why the trade was taken or not taken by explaining the system rules accordingly.

In this period (12th July to 23rd July) the system earned 200 pips from 10 trades. In fact it lost only one trade. 200 pips in 11 days is quite good indeed!

The system also survived the difficult month of August with a profit so far of 160 pips.

An indicator which tells you what to do!

The system is easy to implement, however that’s not all. The system also comes with an indicator that simply tells you when to Buy, Sell or Stay Out. So all you need to do is simply be on your computer at the right time explained in the system, see what the indicator is telling you and enter the trade.

Then set the recommended Stop losses and Profit Targets and you may as well go back to sleep or go to work.

It is that simple – trust me

Risk to Reward Ratio

Unlike many trading systems with large stop loss and small profit targets, the system comes in with 1 : 1 reward ratio. From the few testing which I have carried out, it proved to have a strike rate of over 75%. so it is definitely a winning system.

What’s in the System

The system comes with

• A free indicator which tells you Buy / Sell or Stay Out. Then you just enter the trade!

• MetaTrader 4 Template, just load into your platform and your indicators are set up.

If you use any other platform, just use the other two indicators listed in the manual and plug them into your trading platform.

• The manual well laid out and well written explains clearly the trading system with clear cut examples with dates so you can compare them to your trading platform charts.

• There is also a 60 days money back guarantee, so do not worry on refunds.

Highly Recommended

From my observation which is not mentioned in the book, I would highly recommend to stay away from the market when there are major trading news on the GBP. In fact in August two trades went bad because there where major news releases happening in the morning. If I was trading live, it would have been a no trade day for me.

Having said all this, I would highly recommend you buy the system and test it yourself.

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