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Part Time Wealth Building Trading System - Daily Scalping

  • #1,961
  • Mar 1, 2008 5:57am Mar 1, 2008 5:57am
Quoting 07nioe
Hello,

Thank you for this system. As I go to bed al little bit earlier than 24:00 GMT, I would like to know if it is possible to set up the trades already at 21:00 GMT. Or is it crucial for the performance of the system to open positions at 24:00 GMT.

Thank you for your answer.

Greetings from Germany, 07nioe
Just keep it consistent.

I am using a variation of this system with excellent results.

Regards
BR
.
  • #1,962
  • Mar 1, 2008 11:42am Mar 1, 2008 11:42am
Quoting Roets
This might become profitable EA. Think about it..
Dude..... This is a NO SPAM ZONE.....
Same Whore .... Different Dress
  • #1,963
  • Mar 4, 2008 11:40pm Mar 4, 2008 11:40pm
Been a while since I've been here. What happened to tkimble? I see he hasn't posted in a couple months.
  • #1,964
  • Mar 5, 2008 1:05am Mar 5, 2008 1:05am
Disappeared, it looks like the name Tyrone Kimble (supposedly his real name) doesn't seem to exist, but that's the result of a very cheap Google search.
  • #1,965
  • Mar 12, 2008 7:56pm Mar 12, 2008 7:56pm
most probably he is busy making money on the markets....
  • #1,966
  • Mar 13, 2008 4:58pm Mar 13, 2008 4:58pm
Quoting Ronald Raygun
There is an EA out for this strategy...look for Rhythmv2.mq4
Hi Ronald,

Please explain what the settings Magic and TrailOnceStop mean in Rhythmv2.mq4.

Thanks,
Biniam
  • #1,967
  • Mar 13, 2008 5:49pm Mar 13, 2008 5:49pm
Quoting Biniam
Hi Ronald,

Please explain what the settings Magic and TrailOnceStop mean in Rhythmv2.mq4.

Thanks,
Biniam

Magic Number is the specific identification number that an EA uses so it can identify which trades to manage. Use this only when running multiple EAs on an account, and make sure each Ea has a unique one.

TrailOnceStop is the breakeven function. If the price reaches that amount, then it will move the stop loss to breakeven.
  • #1,968
  • Mar 13, 2008 6:37pm Mar 13, 2008 6:37pm
Quoting Ronald Raygun
Magic Number is the specific identification number that an EA uses so it can identify which trades to manage. Use this only when running multiple EAs on an account, and make sure each Ea has a unique one.

TrailOnceStop is the breakeven function. If the price reaches that amount, then it will move the stop loss to breakeven.
I appreciate your prompt response. Using Alpari platform, the EA has me in a trade AUD USD. However, the other five majors did not trigger. Is this due to Magic #, they were all default?

How does the Trailing Stop work? I like FXCM's platform one. When price moves Y amount in my favor, the stop loss is moved up by that amount. As opposed to moving the stop loss every pip price moves in my favor. One use is if I have a stop loss of -50 pips but only want to move it once price has moved +100 pips, making the new stop loss at +50 pips.

Could I use this EA as a breakeven EA? make all other setting 0 and have a stop loss of x amount and TrailOneStop with the same X amount?

Biniam
  • #1,969
  • Mar 13, 2008 9:56pm Mar 13, 2008 9:56pm
Most likely
Trailing stop is pip for pip. What you want I think is a stepped trailing stop. No, this EA doesn't have it.

You could use this as a breakeven EA. But there's something better. Search the forum for the "Swiss Army EA"
  • #1,970
  • May 28, 2008 3:08am May 28, 2008 3:08am
Hi,

Im new to this. First of all, thx to TKimble for this Thread .
I have question about Market open at 24:00 GMT+0, my local time is GMT+7 so i just added 7 Hours(7:00 AM), am i rite?

I trade live with weekly and daily scalping since monday. Weekly methods made some pips and floating positive. Daily methods not so good atm. I have bad exp this morning with calculating Stoploss, ended up with few pips loss trading Cable . And i play only 4 pairs with less Spread. Its not easy to manually trade with daily methods. And im not feeling comfort with EA. So i made a 3 script, to open order daily and weekly.

Daily Buy: open buy, and open sell stop.
Daily Sell: open sel, and open buystop.
WeeklyTrade: open buystop, and open sellstop.

All i want is to use this methods originally like TK said. I can attach here if anybody wants.
Sorry for bad english.


byens
  • #1,971
  • May 28, 2008 6:31am May 28, 2008 6:31am
As long as the stop losses equal the stop orders, you're fine.
  • #1,972
  • May 29, 2008 3:48am May 29, 2008 3:48am
Quoting Ronald Raygun
As long as the stop losses equal the stop orders, you're fine.

Hi RR

1.i am trying out your Rhythm EA on just gbpjpy and have changed the stop to 50...is that ok?

2......also in magic numbers i have 361...why would that be? shall i change it to 123 or does it not matter?

3. last question.....does the EA not recognise the 3 consecutive days rule? it triggered a long in gbpjpy today (which has been stopped) but the 3 previous days were up days so it should have been a short.

thanks for your help and hope your studies are going well
cheers
kim
  • #1,973
  • May 29, 2008 6:31am May 29, 2008 6:31am
Quoting kimmy
Hi RR

1.i am trying out your Rhythm EA on just gbpjpy and have changed the stop to 50...is that ok?

2......also in magic numbers i have 361...why would that be? shall i change it to 123 or does it not matter?

3. last question.....does the EA not recognise the 3 consecutive days rule? it triggered a long in gbpjpy today (which has been stopped) but the 3 previous days were up days so it should have been a short.

thanks for your help and hope your studies are going well
cheers
kim

  1. It's ok if you think it will work. I personally use 40 for GBPJPY.
  2. 361 is a considerably more random number than 123, and thus less likely to interfere with other EAs. The number itself doesn't matter unless you have multiple EAs. Then you need separate numbers to prevent the various EAs from managing each other's trades.
  3. Not to my knowledge, I saw some code in there but it doesn't seem to be taking effect. That's why there is the "Override" part.

Note: Rhythm is not a perfect EA. Do not try to use this for 100% automated trading. Only use this to manage your trades while you are away. Just like how you won't leave your iron on if you're leaving the house, you don't leave an active EA alone for very long.

  • #1,974
  • May 29, 2008 7:57am May 29, 2008 7:57am
Quoting Ronald Raygun

  1. It's ok if you think it will work. I personally use 40 for GBPJPY.
  2. 361 is a considerably more random number than 123, and thus less likely to interfere with other EAs. The number itself doesn't matter unless you have multiple EAs. Then you need separate numbers to prevent the various EAs from managing each other's trades.
  3. Not to my knowledge, I saw some code in there but it doesn't seem to be taking effect. That's why there is the "Override" part.

Note: Rhythm is not a perfect EA. Do not try to use this for 100% automated trading. Only use this to manage your trades while you are away. Just like how you won't leave your iron on if you're leaving the house, you don't leave an active EA alone for very long.


Thanks RR......my apologies ..........i thought that you were the author of the EA.
Thanks for your replies. I see that you are using it too and i take on board what you say about it not being 100% reliable......i am very happy to manage the trades it was actually just wanting to use it to trigger them as it would be around 1am for me and as i start around 530am the trade would be unmonitored for only a short time and at a very quiet time of the market. maybe when i see that it has been 3 consecutive days i will need to place them myself on those nights.

cheers
kim
  • #1,975
  • May 29, 2008 8:36am May 29, 2008 8:36am
Quoting kimmy
Thanks RR......my apologies ..........i thought that you were the author of the EA.
Thanks for your replies. I see that you are using it too and i take on board what you say about it not being 100% reliable......i am very happy to manage the trades it was actually just wanting to use it to trigger them as it would be around 1am for me and as i start around 530am the trade would be unmonitored for only a short time and at a very quiet time of the market. maybe when i see that it has been 3 consecutive days i will need to place them myself on those nights.

cheers
kim
Just change the override. It's easy to set-and-forget.
  • #1,976
  • May 29, 2008 10:51am May 29, 2008 10:51am
Quoting Ronald Raygun
Just change the override. It's easy to set-and-forget.

ok ........so if i set it to false what does it do? automatically go opposite direction? or wait for me to tell it?
  • #1,977
  • May 29, 2008 11:11am May 29, 2008 11:11am
I believe the parameter is "OverrideLong"

That means that if set to "true" the EA will take a long trade to start the day.
  • #1,978
  • Jun 5, 2008 12:49pm Jun 5, 2008 12:49pm
Anyone has probed this method with the opening price at 1:00 ESt or 6:00 GMT?.

I mean 2h before London opens, if in that case the candle is green we open "buy", the opposite if the candle is sell, and of course as tkimble says the 40 pips opposite trade.

I think that in this case we are following the trend of that particular day, the unique problem could be that the trend was changing to the opposite side, but in this case we have another trade to be opened there.

As you know many times some pairs go short in Asia session and then they go long after London session, thatīs what I want to avoid being focussed in London session and some hours of NY session (until 18:00 GMT when I would close the trade).
  • #1,979
  • Jun 5, 2008 3:26pm Jun 5, 2008 3:26pm
Quoting Ronald Raygun
Magic Number is the specific identification number that an EA uses so it can identify which trades to manage. Use this only when running multiple EAs on an account, and make sure each Ea has a unique one.

TrailOnceStop is the breakeven function. If the price reaches that amount, then it will move the stop loss to breakeven.
I'm going crosseyed looking for the Rhythmv2 EA, anyone know what page its on?
So make sure it's an exciting one, 'cos it's the only one you get!
  • #1,980
  • Jun 5, 2008 3:37pm Jun 5, 2008 3:37pm
It's in the attachments link of the Weekly strategy if I remember properly.

But before you check, click on the little paperclip at the top of this page, that's a link to all the attachments ever posted on this thread.
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