Week 4 - Monday 24th October 2011 to Friday 28th October 2011

Welcome to week 4 for my use of and review of the Forex ATM-FX System.

This system has been performing better than I had imagined and showing good profits by trading mornings only. Although I have not mentioned any afternoon trading in my previous posts, just looking back on the charts would have yielded even more profits.

Monday morning sees 5 medium impact news items to be released effecting the EURO at 8.00am, 8.30am, 9.00am and 10.00am with one for the GBP at 9.05am.

The overnight market traded to the upside for approx 60 pips at its peak and around 40 when I came on board at 6.00am.

There was sideways trading for about an hour with no clear signal of a trade. The rise then continued around 7.00am, there was a signal to BUY, but I chose to ignore it as prices had already risen overnight so I awaited for a turnaround to the downside.

This came at 7.45am. My entry was 1.5965 and my stop at the recent high of 1.6000 so my risk is 35 pips.

Recent notable lows of 1.5956, 1.5948 and 1.5939 were noted and as a news item was due at 9.05am, I will assess the situation closer to that time.

My entry was hit on the 8.15am bar and traded down to my 1st level at 8.35am. As 9.05 was approaching, my 2nd level was hit at 8.50am which is where I closed the trade as the number 50 is a notable support / resistance level. It got to a low of 1.5941 before finding some support at news time.

I managed to scalp for a 14 pips profit, so a decent start to the week.




















Tuesday morning sees a medium impact news item for the EURO at 7.00am and 2 high impact ones for the GBP at 9.30am and 9.45am.


The overnight market had a trading range of approx 30 pips and the price at 6.00am when I came on board was similar to yesterdays close so I will wait for a suitable signal in any direction.


The 1st signal for the ATM-FX system came at 7.00am to BUY. My entry was close to 1.6000 at 1.5990 and my stop at 1.5967 so my risk is 23 pips. Scalp levels were 1.6000 obviously and 1.6007 as that was a high on the overnight trading session.


I was a bit uncertain whether to take this trade as it was very close to 1.6000. But for this exercise I decided to take it and it proved to be the wrong decision as my entry was hit on the 7.15am bar and retraced to take my stop out for a loss of 23 pips.


Another setup to BUY at 8.00am came with my entry calculated at 1.5986 and my stop at 1.5963, again for a risk of 23 pips.


My entry was triggered on the 8.20am bar and reaches a high of 1.6022 at 9.00am before retracing.


I had scalped at around 1.6000 and as the market was moving quickly in my favour at the time, I came away with a 16 pips profit and called it a day with the 2 news items not far away.


Minus 7 pips for the day is not a disaster, so after 2 days this week I am PLUS 7 pips.




















Wednesday sees a high impact news item for the EURO all day so I decide not to trade the ATM-FX system today.

Week 3 - Monday 17th October 2011 to Friday 21st October 2011

Welcome to week 3 of my review of the Forex ATM-FX system.


With no news items in the way this morning, I notice that the overnight session has seen a fall of over 50 pips, so I hope for a reversal of this and wait for a suitable signal to the upside.


My first setup is at 6.05am to BUY. My entry is at 1.5804 with my stop set at a recent low of 1.5785 for a 19 points risk.


I notice the early morning high of 1.5839 as a suitable profit target.


My entry is just hit on the 6.30am bar and immediately retraces and just passes through my stop for a loss of 19 pips.


Another setup occurs at 7.10am to BUY. Very similar to my first trade with the same entry point, but my stop is 1 pip lower at 1.5784 for a 20 points risk. The profit target remains the same.


My entry is hit on the 7.20am bar and rises to 1.5819 before retracing back to my entry level and climbing again. It reaches 1.5830 so I move my stop to break even. It retraces again, but nowhere near my stop before finding more support to pass through my profit target and finding resistance around the 1.5850 level.


A great trade, just a shame the first one was just taken out. 


I scalped for a 33 pips profit after the spread and minus 19 on the first trade, so overall another profit of 14 pips on the day.


I settled for that and called it a day so another great start to the week with this system.




















Tuesday sees 2 high impact news items at 9.30am for the GBP and 10.00am for the EURO.


On the overnight market the pound has traded to the upside by approx 80 pips, so I will wait for a suitable signal for a reversal to the downside.


I get my first signal at 7.00am to SELL. My entry is calculated at 1.5792 and my stop at 1.5822, so my risk is 30 pips which I am comfortable with on a 5 minutes chart.


I note a suitable scalp level at 1.5771 as this found support a couple of times earlier this morning.


My entry was triggered on the 7.20am bar and reached my limit on the 8.05am bar. It continued going lower and as expected found some support at 1.5750. I could have moved my stop to break even and scalped a few more, but overall I am happy with 19 pips profit after the spread and decided to call it a day.


This is going great guns at the moment and another successful day for the Forex ATM-FX System and long may it continue.


After 2 days this week, my profits stand at PLUS 33 pips.






















Wednesday morning sees a medium impact news item for the EURO at 9.00am and a high impact one for the GBP at 9.30am.


My first call to action for the Forex ATM-FX System was to notice that the market climbed approx 50 pips on the overnight market so I waited for a suitable reversal signal to the downside.


This signal came at 7.15am to SELL. My entry was calculated at 1.5749 and my stop at 1.5778 for a risk of 29 pips.


A notable support level was 1.5725 so that was my target. My entry hit on the 7.40am bar and reached a low of 1.5738 before retracing and keeping in the red upto 9.00am. I had to make a decision here. The EURO news wasn't much of a concern, if it had been a high impact one I probably would have closed the trade. The one at 9.30am most certainly was. I had 9.15am in mind to get out if need be.


At 9.15 I was at break even point, but all the indicators were in my favour. I gave it another 5 minutes and scalped at 9.20am for a 8 pips profit after the spread.


It continued to fall to a low of 1.5711 when the news came out and at 9.40am started to retrace. I would have hit my original target if I had let the trade run, but it could have so easily gone the other way.


So overall, better than it looked at one point. I was MINUS 18 pips at one point, so to come out with a small profit is fine with me.


After 3 days this week, my profits stand at PLUS 41 pips.




















Thursday sees a medium impact news item for the EURO at 7.00am, which I am not to concerced about. If it had been a high impact one then I would have traded around it and a high impact one for the GBP at 9.30am which I am concerned about.


The overnight market saw a fall in prices of approx 45 pips and kept falling upto 7.00am, so I will look for a suitable signal for a reversal to the upside.


My first signal today for the Forex ATM-FX System came at 7.15am to BUY. My entry was calculated at 1.5725 and my stop at the recent low of 1.5696 so my risk is 29 pips.


A notable profit target was 1.5746 as this level met resistance a couple of times earlier in the morning.


My entry was hit straight away and immediately retraced. I was in a losing position for most of the time with this trade before it finally took my stop out on the 8.25am bar.


I got another signal to BUY almost straight away on the 8.30am, so with a high impact news item due out in an hour, I had to be careful with this trade. My entry was slightly higher than my first trade at 1.5728 and my stop at the recent low of 1.5692 so my risk is 36 pips. My profit target remained the same as resistance is to be expected around the numbers 50 and 00 and I would make a decision what to do next at 9.15 at the latest, if I was still in the trade.


This trade hovered around my entry point most of the time and I closed it at 9.15am for a loss of 1 pip and called it a day.


So, my biggest loss for any single day so far with the ATM-FX System of 30 pips. Still winning overall though.


Missed out on 3 great trades in the afternoon.


After 4 days this week, my profits stand at PLUS 11 pips.




















Friday morning sees 3 news items to be released. The first a medium impact one for the EURO at 8.40am which I am not to concerned about. The other two are high impact ones at 9.00am for the EURO and 9.30am for the GBP which I am concerned about and will trade around this if need be.


The overnight market showed a range of approx 50 pips, but the days opening price is very close to the current price when I came on board at 6.00am with sideways trading basically for the last couple of hours so I will wait for a suitable signal in any direction.


The first signal of the day for the Forex ATM-FX System arrives at 7.15am to SELL. 


My entry is worked out at 1.5798 with a stop at 1.5824 so my risk is 26 pips.


A notable low on the overnight market is 1.5774 so this will be my scalp level.


My trade is triggered on the 7.30am bar and reached its target on the 8.00am bar. It got to a low of 1.5760 before finding some support again.


I decided to call it a day at that point, I was happy with that. A 22 pips profit and a good end to the week.


My profit for the week is therefore PLUS 33 pips.


So after 3 weeks of trading the Forex ATM-FX System, my current profit is PLUS 181 pips.


I am very impressed with it so far.


Hope for the same again next week.

Week 2 - Monday 10th October 2011 to Friday 14th October 2011

Hello and welcome to week 2 for my review of the atm-fx system.


Monday is a holiday in the USA, but as their sessions start in the afternoon UK time, I decide to carry on as normal.


No news items for the GBP or USD today, but there are 2 medium impact ones on the EURO.


Monday morning has seen a price rise of approx 80 pips on the overnight market so ideally I am looking for a reversal.


I get my first signal at 6.15am to SELL. My entry is set at 1.5609, my stop at the recent high of 1.5624, so a risk of 15 pips. I am slightly uncomfortable with this trade for 2 reasons. The initial risk is too low for my liking, I prefer around the 20-35 mark on a 5 minute time frame and second the entry point is very close to a notable support level of 1.5600.


I take the trade for the purpose of this exercise and notice recent lows as profit targets. A notable one is 1.5587 which proved to be a support / resistance level previous and would give about 20 points in profit.


The trade triggered on the 6.45am bar and just as I feared, found resistance at 1.5600 before retracing and wiping my stop out, only just. So a loss of 15 points on that trade.


I get another signal to SELL at 7.25am. My entry is exactly the same at 1.5609 and my stop is 1 pip more at 1.5625, so my risk is 16 points this time, still a bit to low for my liking.


I take the trade and aim for 1.5587 again. With the EURO news at 7.45am, I should maybe wait till 8.00am or just after before entering. I enter just after 8.00am with the price being drawn to the 1.5600 like a magnet before finally reaching my target on the 8.25am bar. It reached a low of 1.5582 before retracing yet so my profit target level proved to be a support / resistance level.


Anyway I scalped for 21 pips after the spread to put me 6 points up on the day.


There is a set up to BUY at 8.50am, but I chose to ignore this as the risk is too much as far as I am concerned at over 40 points. Unfortunate really as it would have made even more profits.


Overall a small win on the day and hope for better tomorrow.


















The first things to note on Tuesday morning are the 2 high impact news items due to be released at 8.30am for the EURO and 9.30am for the GBP. So I need to be careful around these times.


The pound has traded down on the overnight session for approx 50 pips, so I am looking for a reversal to the upside.


The first signal is at 6.10am to BUY. My entry point is at 1.5637 and my stop at the recent low of 1.5613. So my risk is 24 points. A most notable target level of 1.5654 is noted as this has proved to be a resistance level on 3 occasions already. So I target that and 1.5650 as my scalp level.


It takes a while, but my entry is hit at 7.05am and reaches a peak of 1.5645 before retracing to near my stop. It finds support again and hits my target on the 8.15am bar, so I scalp as a news item is due shortly.


I feel I got lucky with this trade. After nearly hitting my stop, the market turned to the upside at 8.00am and kept rising. The indicators were all in my favour though and the scalp came at the right time.


I left it at that for today. There didn't seem any point in looking for another trade with the 2 news items due soon.


So another good day with this system. 13 points profit and 6 yesterday making it 19 for the week so far.


See how tomorrow goes.


















Wednesday sees a high impact news item at 9.30am so I need to be aware of this.


Not much has happened on the overnight market with a range of approx 20 pips overall so I look for a signal in any direction and the first one is to BUY bang on 6.00am. I chose to ignore this as the risk was only going to be about 13 points which I feel is too low.


I had to wait a while, but the next one came at 7.50am again to BUY. My entry is set for 1.5617 with a stop at the recent low of 1.5579. My risk is 38 points, slightly higher than I prefer, but I hope to be in a position to move my stop should I go into profit.


After an hour of sideways trading, my entry is hit on the 8.55am bar. All the indicators are in sync with one another, so with the news due at 9.30am, I will see if I can ride this for 20 minutes or so and then make a decision on what to do.


I notice my entry is higher than todays high, so I look back to yesterdays and notice 1.5652 as a resistance / support level on a couple of occasions. I aim for 1.5650 as a worthwhile profit target.


My target is hit on the 9.15am bar so I scalped. I could have moved my stop to break even and therefore give me a free trade, with the news due in case it continued in my favour.


The price continued to rise to a peak of 1.5785 around 11.00am. This would have been my dream trade. All the indicators showed a move to the upside, I could have kept adjusting my stop and therefore guaranteeing a profit should the price reverse and take me out.


At face value I am gutted really as I could have made upto 150 pips profit on this.


Still, I made 34 after the spread which is great, so I called it a day.


53 pips up on the week and see what happens tomorrow.




















Thursday morning sees 2 medium impact news items at 9.00am for the EURO and 9.30am for the GBP.


Mainly sideways trading on the overnight market with a 30 pips range approx, so I wait for a suitable signal in any direction. 


The first suitable one came at 8.55am which I decided was too close to the news items, so I didn't take it even though it would have made more profits.


I decided to call it a day, so NO TRADE for today.






















Friday morning sees 2 medium impact news items at 10.00am for the EURO and the G20 meetings ALL DAY for all currencies, so hopefully there should be some good trading opportunities.


The overnight market showed a trading range of approx 30 pips, so I wait for the first suitable signal in any direction.


The first one comes at 6.25am to BUY. My entry is at 1.5755 and my stop at a recent low of 1.5734 for a 21 points risk.


The days high is just above my entry point, so I look back to yesterday's high of 1.5785 as a suitable profit target.


My entry is triggered straight away on the 6.30am bar and reaches a high of 1.5779 before retracing and climbing again through my scalp level. It continued rising and found resistance at a notable level of 1.5800 before retracing back down to my original entry point. 


Overall a great trade. I settled for that today. There was an opportunity after that to the downside, but I chose to ignore it.


27 pips profit after the spread brings an end to my 2nd week of using the ATM FX system and a profit of 80 pips for the week.


After 2 weeks my profits are PLUS 148 pips.


Is this too good to be true?


It is going exceptionally well at the moment and long may it continue.


See you next week.

Week 1 - Monday 3rd October 2011 to Friday 7th October 2011

Hello and welcome to my review and results blog for the atm-fx forex system for Monday 3rd October 2011.

Plenty to report today and an encouraging start to operations.

My time for trading this system is from 6.00am to 10.00am which may be extended if I am in a trade.

My minimum stakes are 50p per point initially.

The first port of call was to check for any news items and there was only 1 high impact item at 9.30am, which had a dramatic effect on the market.

I traded the GBP/USD currency pair and having traded down in the overnight market, a reversal trade was highlighted at 6.30am. I set my entry and stop points and it came to a risk of 26 points x 50p = £13.

I highlighted previous high points of support and resistance and used these as profit targets. I entered the trade to BUY @ 1.5516. My stop was set @ 1.5490. The profit targets were noted at 1.5524, 1.5528 and 1.5540.

After a bit of sideways trading the move up began. My first 2 profit targets were not really enough to scalp although I did move my stop up a bit to reduce the risk rightly or wrongly. The 1.5540 was worth aiming for and moving my stop all the time. I decided to exit at that point for a 21 points profit after the spread. It peaked at 1.5545 before retracing back to my entry point and then climbing again to a peak of 1.5581.

Was I upset, on the face of it yes, but during the trade I had kept moving my stop to close to break even and the retracement would have ended my trade for no profit or loss before climbing again.

If I had kept my initial stop as it was, it was never in danger until the high impact news item at 9.30am would have wiped it out.

You had to be there to witness it.

If I was still in the trade, the sensible thing to do would be to move the stop to break even or a bit in profit in case the news item went against me. My entry at 1.5516 to a peak of 1.5581 was a profit in excess of 60 points so I could have moved my stop to say 30 in profit in case the worst happened.

It did. At 9.25am the high of 1.5581 fell to a low of 1.5483 in a matter of minutes, nearly 100 points.

So overall I was glad with a 21 points profit.

An encouraging start and see what tomorrow brings.












Tuesday morning and the first thing to note is that a high impact news item is due at 9.30am.


I get my first suitable signal to SELL at 8.00am and set my entry point at 1.5443, all this is in line with the net trap system - see my other blog review for that. My stop is set at a recent high of 1.5466 so my risk is 23 points or £11.50 at 50p per point.


I note recent support and resistance levels of 1.5427 and 1.5425. The first level was reached then retraced, at which point I was kicking myself for not taking the profit, then the second level was reached, at which point I scalped for 16 points profit after the spread. With the news item approaching, rightly or wrongly I bailed out.


I didn't move my stops on this occasion, but with the benefit of hindsight, I could have remained in the trade as the price kept falling upto 9.30am with a low of 1.5377.


Not to worry though, I'm happy with 16 points and added to yesterdays 21, I am 37 up after 2 days = £18.50.


Hope for the same again tomorrow.














Wednesday morning sees another high impact news item due out at 9.30am so I need to make sure I am out of a trade near that time.


I get my first suitable signal to SELL at 7.05am at 1.5433. My stop is set at a recent high of 1.5452 so my risk is 19 points. Notable recent lows of 1.5423, 1.5420 and 1.5411 are targeted as profit targets but only got slightly into profit before retracing and taking my stop out for a loss of 19 points. Not a good start.


Another SELL trade was noted at 8.05am with an entry point of 1.5430 and a stop at the recent high of 1.5456. So very similar to my first trade.


I used the same lows as profit targets, but was also aware of the upcoming news item so I hoped to be out of this trade ideally no later than 9.00am. 


After alot of sideways movement, 1.5420 was hit on the 8.45am bar and hitting a low of 1.5414. I exited the trade for a 10 points profit before it retraced again and would have taken my stop out had I continued.


Not a great scalp, but it proved to be the right call at the right time so I ended the day with a loss of 9 points. It was a bit of a choppy morning looking back on the charts, but there's no great damage done.


So overall after 3 days and 4 trades I am showing a profit of 28 points = £14.


See how tomorrow goes.
















Thursday morning sees a high impact news item due out at 8.00am, earlier than normal, so I will trade around this.


My first suitable signal was at 7.15am, which I chose to ignore even though it went on to make over 20 points profit aided by the news at 8.00am.


Another setup at 8.55am to BUY. As the days high of 1.5476 was during the early hours, I set that as a suitable and worthwhile profit target as my entry point was 1.5456, my stop at 1.5425, as that was a recent low which had found some support.


So my risk is 31 points. As there is no news at 9.30am today, I take the trade and my target was reached on the 9.20am bar where I scalped for a 20 points profit. I could have let it ride and move my stop to break even or into profit as the price kept rising. It peaked at 1.5502 around 10.00am so I decided to call it a day with a 20 points profit.


So after 4 days I am showing a profit of 48 points.


Very pleased with that and hope for the same tomorrow.




















Friday sees another high impact news item due out at 9.30am so I will trade around this if applicable.


My first suitable signal is at 7.05am to BUY. My entry is 1.5453 with my stop at a recent low of 1.5431. So my risk is 22 points.


A recent high of 1.5462 was noted and 1.5473 was the high of the early morning session. I aimed for the latter and 20 pips profit. My entry was triggered on the 7.30am bar and hit my target level twice before retracing and breaking through on the 7.45am bar to a high of 1.5498 before retracing again back to my profit target and climbing again to a high of 1.5553.


If I had held my nerve, I could have moved my stop in line with the price rising to at least break even, as all the indicators highlighted a continued rise.


Not to worry though, delighted with the 20 pips profit and a great way to finish the week. That will do for today.


Total profits after 1 week = 68 pips.


See you next week.

ATM-FX Forex System Review

Hello and welcome to my review and results blog for the ATM-FX Forex System.

My name is Darrell Harmsworth and my aim with this blog is to give you an honest and unbiased review of the above product.

The system is / was available from Canonbury Publishing with a purchase price of £147 after a discount if purchased before a certain date. The product came with a 45 days money back guarantee and copies were limited to approx a few hundred if my memory serves me right.

My own personal opinion on this, is that 45 days simply isn't long enough to see any system in its true light. Purchasers may get lucky in that period and win or unlucky and lose. If the latter occurs, then I would presume there would be many returns and Canonbury dishing out lots of refunds.

To my mind, you would need a minimum of 6 months and ideally 12 to get a true reflection of its worth and I cannot envisage any publishing company doing that, anyway that's for another day.

I have seen and read comments made of this system on forums etc with mixed reviews. I have not found anyone who is prepared to give it a fair trial though as I intend to do. Most of the comments are based on short term results, good or bad.

I aim to test this for a full 12 months minimum and beyond if it all goes well to give it a fair run for its money. Starting the first Monday in October which will be the 3rd, my own daily results will be posted here, so please make a note of this and keep checking back to this blog.

One very important point to note, I am not an affiliate for this product and there are no links anywhere on my blog to purchase it, so as I have nothing to gain, you can be 100% confident that my review and results will be on my own reflections and interpretation of the rules of the system.

There will be links added in due course for related products and services which may be of interest to you.

Right on to the manual / system itself.

I read through the 55 pages manual very carefully in just over 2 hours and got it straight away. It seemed so straight forward so I read it again in case I missed something. I watched the enclosed CD as well a couple of times which gives trade examples.

I found it very easy to follow and set my charts and indicators up with ease. You are taken through each step one at a time from opening your account with IGIndex, the preferred one, to setting up the charts. Any currency pair can be used, but to get the best out of this system it requires the Advanced Charting Package which IGIndex have. There is a charge of £30 for this, but if you place 2 or more trades per month with them it is free. There are several indicators to set up, but all are clearly shown with diagrams. 

The system operates Monday to Friday every week excluding bank holidays and the best trading hours for us in the UK is 6.00am to 10.00am and 1.00pm to 4.00pm.

Although I find the trade set ups fairly easy to find, some people may be confused by this as to what to look for. When a set up is found, the calculations for entry and stop loss are straight forward enough, but profit targets require a bit of thought and study of past support and resistance levels to determine when to exit a trade. This is a scalping system by the way.


You need to be aware of news items and details are given of a free website which have this information.


There is a members website with a dedicated help team if required.

Overall, I found the rules crystal clear. The setting up of the charts and indicators are easy to follow. The author Keith Cotterill and his team are only an email away if help is needed which I didn't require.

Just before I sign off, I tinkered with the idea of trading with a demo account, but found that some are not in real time so for the purpose of this exercise, I will trade using real money to minimum stakes. Also, I will only be trading the morning session - 4 hours is plenty enough.

See how I get on!

Please feel free to leave any comments if you have come across this or any other forex system. I will also be reviewing the Forex Net Trap system along side this.