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Part Time Wealth Building Trading System - Daily Scalping

  • #141
  • Feb 7, 2007 5:01am Feb 7, 2007 5:01am
Quoting howard
Hi Skyline

If we add take profit of 100 to the input, the position would be closed either at 100 TP or at 23:00 whichever comes first, is this correct?
yes it's correct
  • #142
  • Feb 7, 2007 5:02am Feb 7, 2007 5:02am
Quoting tkimble
WOW. Tremendous effort on your behalf. Much appreciated...

TK
Thx you Tkimble for sharing with FF community your trading methods
  • #143
  • Feb 7, 2007 5:06am Feb 7, 2007 5:06am
Quoting skyline
yes it's correct
Thanks a lot skyline

One more question, my daily bars close at 22:00 GMT, does the EA still open and close the trades at 00:00 and 23:00 GMT respectively?
Regards
  • #144
  • Feb 7, 2007 5:10am Feb 7, 2007 5:10am
[quote=howard;210072]
Quoting tkimble
Have generate approximately 375 PIPS in the last three days using the daily scalping system in the GBP/JPY market. This is a nice rebound and recapture from losses sustained during last weeks choppy markets.

Hope everybody trading the daily system is likewise enjoying the systems performance...

Happy Trading,

TK[/quote

Hi TK

Are you using SAR50 or 40 for GJ in your own trades?
I am assuming that the SAR50 means stop and reverse. On the daily and weekly system, I use no mathematical indicators because I like the simplicity. I simply follow the previous trends as indicated by the daily/weekly price bars that appear on the graphs.

TK
  • #145
  • Feb 7, 2007 5:16am Feb 7, 2007 5:16am
Many thanks to Tkimble and Skyline,


You two guys are doing a great job and are helping and giving illusions and hope to many people.
No amount of thanks would be enough.
Keep doing well, we'll keep on our part, that is trying your systems and humbly discuss possible improvements.
No matter what system we finally pick up and better suits each trader style, you share your effort with us, no rewards asked, and that is too much these days.
Aside of these particular system, we learn lot of thinks and concepts about FX markets which at least for me (a 1 year rookie) is a very valuable treasure.
Congratulations and Thanks

Just wanted you to know...


  • #146
  • Feb 7, 2007 5:19am Feb 7, 2007 5:19am
[quote=tkimble;210084]
Quoting howard

I am assuming that the SAR50 means stop and reverse. On the daily and weekly system, I use no mathematical indicators because I like the simplicity. I simply follow the previous trends as indicated by the daily/weekly price bars that appear on the graphs.

TK
I did not mean the indicator SAR , I meant if you are using a 40 pip stop or a 50 pip stop for GBP/JPY in your trades which if hit, you reverse the position at the same time, this action constitutes a SAR.

I know the glory of this method lies in the fact that no indicators are involved, and thank you very much for sharing it with us.
Regards
  • #147
  • Edited 6:06am Feb 7, 2007 5:22am | Edited 6:06am
Quoting howard
Thanks a lot skyline

One more question, my daily bars close at 22:00 GMT, does the EA still open and close the trades at 00:00 and 23:00 GMT respectively?
Ops I forgot to consider the difference between broker time since my broker is gmt aligned
Ok I will add a variable GMT_Shift so that user will input Broker's gmt shift thus EA will open order at 00:00 GMT and close order at 23 GMT

Edit : v1.0a with gmt_shift variable added here http://www.forexfactory.com/showpost...&postcount=135
  • #148
  • Feb 7, 2007 6:28am Feb 7, 2007 6:28am
I recently read that tkimble uses a 50 pip stop (then reverse) for the pound yen and 40 pip stop for the pound dollar...and that is what i have been using...with great success I might add...

Hope this helps...

Thanks Tkimble...it's almost too good to be true...
  • #149
  • Feb 7, 2007 6:37am Feb 7, 2007 6:37am
Quoting bholiday
I recently read that tkimble uses a 50 pip stop (then reverse) for the pound yen and 40 pip stop for the pound dollar...and that is what i have been using...with great success I might add...

Hope this helps...

Thanks Tkimble...it's almost too good to be true...

Thanks for clarifying
Regards
  • #150
  • Feb 7, 2007 7:16am Feb 7, 2007 7:16am
The GBP/USD is suffering today on the daily model. I have been stopped out twice and I am down 20 pips as we speak.
  • #151
  • Feb 7, 2007 8:04am Feb 7, 2007 8:04am
weird, i had an entry at 1.9710 and haven't been stopped yet although it was pretty close 2 times.

Quoting tim4kaye
The GBP/USD is suffering today on the daily model. I have been stopped out twice and I am down 20 pips as we speak.
Nihil Sine Deo.
  • #152
  • Feb 7, 2007 8:46am Feb 7, 2007 8:46am
I was not in the trade but as I see GBP/USD should not have hit the stop as yet, on the other hand GBP/JPY has had a good run.
Regards
  • #153
  • Feb 7, 2007 9:23am Feb 7, 2007 9:23am
I was stopped out twice in LONDON last night, now I am long from 1.9713, going 15 pips down so far...
  • #154
  • Feb 7, 2007 11:57am Feb 7, 2007 11:57am
I have done backtesting on the EA for several Pairs and found it to lose most every time. When doing manual backtesting on paper the Daily system seems to make a very nice profit most of the time. Is there something I am doing wrong or does the EA need to be tweaked somehow?
  • #155
  • Feb 7, 2007 1:00pm Feb 7, 2007 1:00pm
Quoting Scrat
weird, i had an entry at 1.9710 and haven't been stopped yet although it was pretty close 2 times.

I agree, scrat, I had an entry at 1.9712 & over night & early this morning was nearly stopped out. Being new I got nervous & took notice of resistance at
1.9722. Just to see what would happen I set a limit of 1.9732 after watching it range all night & morning. It hit 1.9733. 30 pips for the day on GBP/USD.
As its been said the GBP/JPY has been good the last 3 days .
This system is still what I would like to call reliable.
  • #156
  • Feb 7, 2007 1:07pm Feb 7, 2007 1:07pm
Quoting sbetz
I have done backtesting on the EA for several Pairs and found it to lose most every time. When doing manual backtesting on paper the Daily system seems to make a very nice profit most of the time. Is there something I am doing wrong or does the EA need to be tweaked somehow?
I also see this , I backtested with EA from Nov 2006 until today and profit was only few pips on gbpusd. This EA need to be tested deeply and compare with manual backtest , if you get also manual backtest for past months it will be really useful if you could compare it with EA backtest so that we can find if there is some bug in the EA core.

Thx
  • #157
  • Edited 1:37pm Feb 7, 2007 1:23pm | Edited 1:37pm
yeap, that's what i usually do when i use daily scalping: set my TP next to the nearest support/resistance. it works most of the times and i'm in profit - which is what really matters for me, not how much i would have done if i have left the trade open... forex is all about risk management, not about potential big profits. but that's just me.

Quoting rustyjeff
I agree, scrat, I had an entry at 1.9712 & over night & early this morning was nearly stopped out. Being new I got nervous & took notice of resistance at
1.9722. Just to see what would happen I set a limit of 1.9732 after watching it range all night & morning. It hit 1.9733. 30 pips for the day on GBP/USD.
As its been said the GBP/JPY has been good the last 3 days .
This system is still what I would like to call reliable.
i was very happy when i ran into this thread; this system brings me about 50-100 PIPS/week more than i use to make.
thanks tk!!!
Nihil Sine Deo.
  • #158
  • Feb 7, 2007 1:33pm Feb 7, 2007 1:33pm
so it's not just me. i had the same results, but i thought i didn't know how to use an EA. i'm not sure i've seen entry points rules?
well, i'll stick to my manual trading for a bit.

Quoting skyline
I also see this , I backtested with EA from Nov 2006 until today and profit was only few pips on gbpusd. This EA need to be tested deeply and compare with manual backtest , if you get also manual backtest for past months it will be really useful if you could compare it with EA backtest so that we can find if there is some bug in the EA core.

Thx
Nihil Sine Deo.
  • #159
  • Feb 7, 2007 2:43pm Feb 7, 2007 2:43pm
Original Post
Daily Scalping EA v1.0a
Here first basic version for Tkimble's Daily Scalping method.
External variable are selfexplaining , user only have to check if it's broker get the Sunday candle in the daily chart and set flag accordingly so that EA will ignore this tiny candle.

happy test

TimeFrame : H1 (Otherwise EA doesn't close orders when due)
Attached Files
I am a first time member but I have been reading the posts and am now in two weekly (tkimble) trades. Both are profitable. Thanks to all for good and sound advice. My problem is that I can't open this file in windows. Any suggestions?

Thanks
Newbee
  • #160
  • Edited 2:57pm Feb 7, 2007 2:56pm | Edited 2:57pm
Quoting NewbeeMary
Original Post
Daily Scalping EA v1.0a
Here first basic version for Tkimble's Daily Scalping method.
External variable are selfexplaining , user only have to check if it's broker get the Sunday candle in the daily chart and set flag accordingly so that EA will ignore this tiny candle.

happy test

TimeFrame : H1 (Otherwise EA doesn't close orders when due)
Attached Files
I am a first time member but I have been reading the posts and am now in two weekly (tkimble) trades. Both are profitable. Thanks to all for good and sound advice. My problem is that I can't open this file in windows. Any suggestions?

Thanks
Newbee

You need to drop this file into the expert advisor folder in the Meta trader program. Just double click on My computer, go to C: drive, Program Files, MetaTrader and then experts. Just drag and drop it. You will not be able to open this file with windows. Then restart your Program.

Hope this helps!
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