Review - London Forex Rush (Set Time)

**Reviewteam** · 07-28-2009 06:30 AM

LONDON FOREX RUSH (Set Time)

WHAT IT SAYS ON THE WEBSITE

Website : London Forex Rush Website
Cost : $97
Author : Al Russell
Review Date : July 2009

"Only 2 Hours A Day Is Required".

The majority of intra-day traders lose money "because of poor trading timing". "You must have a successful system and you must trade it at the right market timing" and "if you have momentum on your side you can successfully trade Forex in just two hours per day".

The system is based on currencies that move (the GBP pairs) and the time period where these currencies move the most (the 1st 2 hours of the London market).

This system captures "with razor-sharp accuracy those explosive early morning moves" with "no need to stare at the charts all day long", "two hours a day is all you need".

Custom indicators and a template (for MT4) identify all potential opportunities each morning, Directon, Entry and Stop/Target.

There is also a 56 day money back guarantee.

THE PURCHASE

$97 via Clickbank.

THE MATERIAL

A 60 page manual which is very well written. There is also a video, MT4 indicators and an MT4 template supplied.

The first half of the manual does a wonderful job at explaining the theory behind the system which is an early range break-out system operated on GBP currency pairs (GBP/USD, GBP/JPY, GBP/CHF, GBP/CAD, GBP/AUD and GBP/NZD) between the hours of 08:00 and 10:00 (UK local time).

There are about 15 pages on chart set-up and also on the Stop and Exit options, with a recommendation for the aggressive Stop loss and conservative Target options.

With the whole system, including setup, extremely well explained the remainder of the manual concentrates on anomalies, e.g. what if there are a few trades at the same time, what about news, what to do about trailing stops.

Al endorses a maximum risk of 3% of account size per trade and only to take trades with at least a 1:1.5 Risk/Reward.

All in all, one of the best written manuals we have seen in a long time.

THE SYSTEM IN THEORY

Set up is easy, in Meta Trader 4 (we use ODL), as its so well explained in the video and the manual, and the indicators and template are also supplied.

Entry is clear as are Stops and Targets once you have decided on which option to use. We went with the recommended aggressive Stop loss and conservative Target options. There is some room for discretion in the system related to "anomalies" as mentioned above but these are situations that simply cannot be mechanised.

The theoretic timing and effort sounds good too, with just a couple of hours in the morning, 08:00 - 10:00 (UK local time). Some time and effort is also required on some days to manage open trades when for example key news is due out later in the day and/or the US session is about to open.

The system cannot be back-tested as the indicator has a countdown/timer that lasts just 2 hours each day (e.g. it says "Long/Short trade" and gives all the trade details and the 2 hour countdown begins). Once the 2 hours is up the "Long/Short trade" notice and trade details disappear as all orders after this time period are invalid. So, we had to test the system in real-time.

THE SYSTEM IN PRACTICE

We only traded this system on the GBP/USD, GBP/JPY, GBP/CHF and GBP/AUD during July. We didn?t trade a few days due to good weather however we feel we got a decent enough grasp of this system.

Firstly, the system doesn?t actually require 2 hours a day. It's more like 2 minutes a day around 8:00 UK Local time, most days. After identifying a trade(s) there are a few final checks and orders are placed, walk away. Trades are easily identified by a crystal clear indicator (on the MT4 platform). Orders not triggered within 2 hours are pulled so one must either be around to do this or use a broker (we used IG Index) which has a time limit function on its orders. Simple!

The days when more time and effort is required is when news is due out shortly after 08:00 UK Local time which may affect the trade. In this instance, one can simply come back in an hour or so (after the event) and place the necessary orders.

As mentioned above, sometimes action is necessary for open trades when key news is due out later in the day and/or the US session is about to open. We only had one instance during July where we had to intervene.

CAN IT WORK

Over the month, remember we also had some days off, we had 7 trades trigger, so about every other day there was a valid trade. Of these 7 trades, 3 won and 4 lost with a net gain of 110 pips. The average winning trade made around 100 pips. The average Stop loss was around 41 pips so at 3% risk per trade a return of over 6-7% in the month of July, for very little effort.

We really liked this system and based on the effort required and %age return in July it is close to making it into our Systems We Use list. We just want to give it some more time so will continue trading the system through August and then take a view. In the meantime we wanted to get the review out to see if we could get input from others on their experience of this system, hopefully we are not the only ones.

SUPPORT

We never contacted support so cannot comment.

CONCLUSION

PRO's
? Sound principles.
? Two minutes a day (most days).
? 95% mechanical.
? Profitable (albeit over a short period of time).
CON's
? We couldn't come up with any during our limited exposure.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

**mark64** · 08-05-2009 08:07 PM

Hi

I recently purchased this system. Its very close to a breakout system I have traded for the last 18 months although the time frame used here is 1 hour rather than the 15 minute chart I have been used to.

My first impressions are that the materials are comprehensive, and the system easy to set up.

The methodology is based on the "Big Ben" theory which many traders (myself included) find easy to trade particularly with a full time job. I also wholly agree with the sentiments expressed by the seller in terms of the benefits of a mechanical system over and above discretionary systems- at least from my own experience the ability to repeat the same process day in day out, win or lose is the key- or at least one of them!

I purchased it because its close to a system I currently use- the use of the template and built in Indicators make it easier to read and follow which easily justified the modest cost.

I use Alpari so am looking to trade GBP/JPY, GBP/USD and GBP/CHF.

Mark

**Reviewteam** · 08-06-2009 07:03 AM

Hi Mark,

Thanks for the input with which we pretty much agree. Appreciate hearing your feedback after running with it for a month or so. For the little effort required (usually 2 minutes a day), if we can emulate July's results (in August) we will seriously consider adding this to "Systems We Use". We will of course post our findings.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

**Apswift1467** · 08-12-2009 11:58 AM

Hi Mark,

Hope it 's OK to ask. How are you doing with this? I am very interested in this system as it fits perfectly with my available time with a full time job. I have viewed the website but couldn't find any trading records.

Anybody, Are there any other sytems out there that can be used before 7am?

Tony

**Reviewteam** · 08-12-2009 12:33 PM

Not sure without doing a detailed check what other systems can be operated before 07:00 (assume you mean GMT). However, if you use the Search facility above and then Tag search - Select "Set Time" or "Set Times" and it should bring up those systems/services which are operated at either a Set time or times throughout the day, rather than Intra-day. E.g. London Rush has a tag "Set Time" as it is operated once a day at a set time.

Hope that helps a little.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

**Reviewteam** · 08-26-2009 04:17 PM

Since the 14th August we have tried 3 times to contact support and have had no response, not a particularly encouraging sign!

We wonder has anyone else experienced the issue we had on Friday 14th August.

There was a Long signal that morning and about 20 minutes later the signal had disappeared. Now, we have been treating this system as a Set & Forget, so put the orders in with a time limit of 10:00 am and pretty much forget about it until later. The signal did come back again about 30 minutes after this but this is still an issue in our minds.

We hope someone else has some view on this and its not just us going mad.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

**Reviewteam** · 08-31-2009 05:48 PM

This is a system that almost made it to our "Systems We Use" list (and still might) but we can't quite justify adding it at present.

The reason for this is that we have had no response on the outstanding issue of re-painting (see above) which although we have only witnessed once, is still a "bug".

In the meantime, we will trade it and we will post our trades on an end of month basis in the anticipation of receiving a response one day. We will also monitor to determine if the issue is really an issue and if we decide it is not then we will promote it to our "Systems We Use" list (with the caveat of "this" bug) and maintain a real-time journal.

For now the system will retain it's "Consider It" rating. The journal of all our trades from July-August can be found here.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

**BillyL** · 09-29-2009 12:38 PM

I can't even get the system to work, having trouble downloading the template file - any advice ?

I've also tried to contact the support regarding this and have heard nothing.

**Reviewteam** · 09-29-2009 01:10 PM

Hi Billy,

We assume you have an MT4 account, if not, there are many out there, we use ODL Securities, mainly because their Customer service and spreads are as good as any.

Anyway, if you go to page 31 of the manual you will find all the instructions you should need, including a useful video.

Re: Support, you'll be lucky! We have never had a response from them, ever! Its one thing that put us off this system initially, but at present as the system holds up well and we don't really need the support we continue to use it.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

**Reviewteam** · 09-30-2009 11:55 AM

Although we still have an outstanding issue with London Forex Rush (we never receive a reply from support) it has not stopped (one of) us using the system for 3 months now, our journal is here.

We have now decided to accept the outstanding issue (a re-painting issue which we have still only witnessed once). As the system is performing (and had been for over 3 months now) and requires minimal effort we (one of us) will continue to trade this system so we have finally decided to add it to our "Systems We Use" list. We will continue to update the journal mentioned above on a monthly basis.

If you are already trading this system your input and comment on our journal is much appreciated.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com