ForexTime Frames

[dctommy]

DO NOT trade MTP with shorter timeframes than 1 hour....

YOU WILL almost always be on the wrong side of the market.....

Forex is very volatile

[Steve Griffiths]

Agreed............ good advice.

Most of our professional FOREX traders using longer time frames - for example 60 and 240 minutes.

Steve

[jswin]

Just wondering if some of the more experienced Forex traders could give me some advice. I have not begun trading with MTPredictor yet but I am interested in EOD trading. Can anyone tell me how often a trade would be signalled per Forex pair on the daily charts?
Thanks.

[dctommy]

In response to the EOD forex pairs: My backtesting Forex EOD
with MTP shows that you do not often get many valid setups.
This could of course be due to the timeframe I tested on, but it
was Jan - Oct 05. Also you MUST have a directional or
momentum filter to confirm the setups if you want to be successful.

Approx 2-3 per week, and they are often not pairs I would trade...
ie...not the majors and have high pip spreads.


dctommy:cool:

[pbb]

Using daily bars you should not expect to get lots of set-ups, maybe 1 or 2 a year per pair. It takes time to build a nice wave count!
Don't be afraid of losing trades, specially in those longer timeframes you'll often just need 1 good trade to make the difference.
I use intraday timeframes and need 1 out of 4 trades to winn to be break even.
What I have seen from daily charts, I guess there is no big difference with intraday charts. It only takes longer in time!
Focus on the major pairs and their crosses, the spreads are not to big here. Pip-spreads are important, but less important when trading longer timeframes. Or just include the spread to the risk% you want to trade.

[nqcruiser]

I agreed that even with trading based on trendline breaks and divergence, u get more signals on 15 or 30 minute timeframes than on the hourly. Since mtp gives trading signals, I would welcome Tony and Steven to post wins or losses in pips from mtp on either the euro or the gbpusd. That makes it possible for would be customers to evaluate the no of trades in a specific timeframe per week and compare those trades to their own risk profiles. I have read the online info and MTP core is risk to reward trades, meaning even if u get more trades, with more losses in lower timeframe - u can still break even or turn profitable after a month.

See that trader who tripped $5000 to $15,000 in 3 months.