Ronald Raygun's Trading Journal

What do you mean by "bail out"?

I change the lot size at the end of the day. So at most, I lose only 20%

As for a position in profit, I close it at 23:00GMT.

Sorry, by "bail out" I meant exit....
Everyday, you will close a position that's in profit at 23:00GMT, but I do not understand what you mean by change the lot size at the end if day. Does this mean you will close part of a losing position or something?

My money management risks only 5% at any one time. That means that each trade is sized so that I lose 5% if I get stopped out before the move to breakeven.

Everything win or lose is closed at 23:00GMT, between 23:00GMT and 00:00GMT, I get the account balance, re-enter it into my money management spreadsheet, and use that new value in the EA.

Ronald

Can you tell me how the Rhythm works, that is, what indicators you are using and settings? I just want to see how the EA makes a trade even though there may be other things which it takes into consideration. I like to see things visually also...

It's tkimble's daily scalping system with a few tweaks to suit my trading style.

http://www.forexfactory.com/showthread.php?t=13507

Here are the rules that Rhythm trades by:

1. Find a volatile chart. GBPJPY is a good example
2. Look at the previous day's bar. If the price went up, place a buy order at 00:00GMT. If the price went down, place a sell order at 00:00GMT. For example, if Monday went up, then I buy Tuesday.
3. Place a stop and reverse order 40 pips away from the initial order. (Sell if Buy and vice versa). Note: Stop and Reverse means that the initial order is stopped out, an opposite order is placed.
4. Close the trade at 23:00GMT.
5. If the trade moves into 40 pips profit, move the stop and reverse to breakeven.
6. If there were four stop-outs on a day, stop trading and resume at 00:00GMT

There are no indicators, news reports, or other considerations other than the price action.

Judging by your post count, I expect that you are smart enough to follow this description and not lazy so as to expect everyone else to feed you the answers. Everything you're looking for is in that link posted above. Do read it, you might find the answers to some other questions there. Also, if you have any objections to the way I do things, do tell me, and include a remedy. I absolutely hate people who complain about and point out faults in other people's systems and offer no solution to the "problem"

Ronald

Thanks for the information, I did not realize it was based upon Tkimble's thread. I must say, this EA is exceptional compared to other strategies which also trade based upon the prior day's bar. The other EAs which I have tested could not even compare to yours in forward testing even those other systems are traded live by the posters.

Keep up the good work....

ET

Raygun

The EA seems to have a bug, but I am not sure if that's how it works. Initially I had been testing with a maximum of two trades, but now I have set it up for six. The first trade got stopped out [a loss], it immediately than triggered a reversal trade which is fine. The second trade got stopped out [a loss], but the third trade did not come in until 1.5 HRS later.


By the way, the EA is attached to a DAILY chart which should not make a difference.

Check the journal. Look when the order was placed, NOT WHEN IT WAS FILLED. In my demo accounts, the broker takes a long time to fill an order. In the real accounts, it's almost instantaneous.

Thanks, the journal was very helpful....

Hi Ronald,

I'm sorry for bumping this old thread of yours, but I don't have private messaging privileges yet. I'd like to thank you for contributing your strategy. I have just started to demo trade and this is one of the first strategies I will be applying and testing. If there is anything you need help with please tell me and I'd be glad to help you.

Thank you for your complements xenyen.

I'm sure you're familiar with the release of an updated version of my EA with a breakeven feature. Could you please add that to your trading arsenal and report back on whether or not it's working? That would be great.

Actually I'm using the Rhythm v.2 that you posted in this thread a while back. Doesn't its "TrailingStop Once" variable act like a breakeven feature, moving the stop loss up to break-even once 40 pips has been gained?

Yes, however, I'm not the original programmer behind Rhythmv2. I only modified it.

Oh so you've since changed your EA for this strategy? Sorry, I'm very new to this forum and haven't seen it.

Could you please post a link to it? I'd be happy to test it out.

Look in this thread: http://www.forexfactory.com/showthre...63635&page=324

Search for the EA. OzFx_MethodV2. I coded that one, and I need help making sure it works.

If you could please redirect your future posts to that thread I'd be most grateful.

Ronald, I've followed your posts largely on the ozfx thread. But what is the most successful EA that you are using?

Thanks for all the superb contributions at ozfx.

@ RR which timefrime is recommended for the rhythmv2 ? i cant found the answer in the description in the EA. And how can i adjust the right time ? i use alpari, which are gmt+2.

thank you for the help

sten

rhythm is best used for the D1 chart.

As for the time adjustment, if you're +2 then I believe you subtract 2 from whatever time you intend to use.

To be frank, I never really worried about the time adjustment.

@ RR, thx for the info, i read in the ozfx thread that you use the rhythm EA and in kimble's thread there is an EA which you have made ? (Part Time Wealth Building.mq4) - which on would you prefer to follow the daily strategy of kimble ?

I follow daily scalping. It's no big deal.