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Part Time Wealth Building Trading System - Daily Scalping

  • #161
  • Feb 7, 2007 6:28pm Feb 7, 2007 6:28pm
I may have missed the answer to this somewhere in the thread, but on my charts the daily closed down today (7:00 PM EST Candle), but just barely.

According the the daily rules, technically I should open Thursdays trade going short. But Wednesday was basically a wash with open and close within a few pips (and candle looks like a doji). The previous day (Tuesday) closed up, and tomorrow is a big BOE announcement.

Any thoughts.....? Stick to the rules ver batim and open Thursday's daily tonight by going short, or would anyone have a reason to open long??

Any feedback on this? Thanks.
  • #162
  • Feb 7, 2007 6:50pm Feb 7, 2007 6:50pm
I have been following this trend for quite sometimes, and I am convinced that this system works. I did make some modifications to what TK originally posted...I choose to go with the trailing stops.

This might be a silly question, but believe me I need to ask this...can you recommend me a broker that can execute a trailing stop??? I have been checking on brokers, and either the platform is too complicated or...just not robust enough.

Ahead of time, thanks for taking the time guys...and Thanks TK!
  • #163
  • Feb 7, 2007 8:59pm Feb 7, 2007 8:59pm
technically, you should go with a short trade. if your guts tell you something else, go with it; even if you pick the wrong entry, you'll pick up the trend later... and hopefully it'll be enough to compensate for the SL.
as for the BOE... it shouldn't matter if you follow this system. you'll pick up the trend anyway.

Quoting grajo
I may have missed the answer to this somewhere in the thread, but on my charts the daily closed down today (7:00 PM EST Candle), but just barely.

According the the daily rules, technically I should open Thursdays trade going short. But Wednesday was basically a wash with open and close within a few pips (and candle looks like a doji). The previous day (Tuesday) closed up, and tomorrow is a big BOE announcement.

Any thoughts.....? Stick to the rules ver batim and open Thursday's daily tonight by going short, or would anyone have a reason to open long??

Any feedback on this? Thanks.
Nihil Sine Deo.
  • #164
  • Feb 7, 2007 9:17pm Feb 7, 2007 9:17pm
Quoting Scrat
technically, you should go with a short trade. if your guts tell you something else, go with it; even if you pick the wrong entry, you'll pick up the trend later... and hopefully it'll be enough to compensate for the SL.
as for the BOE... it shouldn't matter if you follow this system. you'll pick up the trend anyway.

Thanks Scrat, I guess you're right!
  • #165
  • Feb 7, 2007 9:19pm Feb 7, 2007 9:19pm
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
There is a bug in the EA. When you look at the report, whenever you hit the SL, the EA doesn't immediately reverse the position. The next entry is way off...
Mr. Trend
  • #166
  • Feb 7, 2007 9:34pm Feb 7, 2007 9:34pm
Quoting tidra650
I have been following this trend for quite sometimes, and I am convinced that this system works. I did make some modifications to what TK originally posted...I choose to go with the trailing stops.

This might be a silly question, but believe me I need to ask this...can you recommend me a broker that can execute a trailing stop??? I have been checking on brokers, and either the platform is too complicated or...just not robust enough.

Ahead of time, thanks for taking the time guys...and Thanks TK!

Hi, I have a demo (new) acct with FX Sol. Pretty nice platform and they have trailing stops. However, I will tell you that in the first week of using them I've had several trades executed with (1-6) pips in slippage, and this was IMO during non-volatile trading times (no major news).

However, when I asked them, they said my trades were in fact during news releases and referred me to their "fast market policy". Other brokers may play this game too, I'm not sure. Bottom line...nice platform, everything you need, trailing stops, but there is slippage.
  • #167
  • Feb 7, 2007 10:21pm Feb 7, 2007 10:21pm
I dont see an error. The difference in price i see is from closing at 2300 and a new order at 0000. It is profitable with the simple rules.
This is cable for 2006. 2111 pips for the year which isnt bad, but I have a single moving average EA that does better. HEY, thats a thought for trend determination. Add an xpMA and go with it. Skyline, if you wanna do that for a future revision, ask and I will post the ea based on xpMA. Back to the subject. It made most of its money from sept till jan1. a trending market.

Bars in test 15798
Ticks modelled 1563243
Modelling quality 90.00%
Initial deposit 10000.00
Total net profit 21117.46
Gross profit 121728.37
Gross loss -100610.91
Profit factor 1.21
Expected payoff 47.24
Absolute drawdown 2372.45
Maximal drawdown 11132.62 (59.34%)
Relative drawdown 59.34% (11132.62)
Total trades 447
Short positions (won %) 220 (35.91%)
Long positions (won %) 227 (40.97%)
Profit trades (% of total) 172 (38.48%)
Loss trades (% of total) 275 (61.52%)
Largest
profit trade 2820.55
loss trade -400.80
Average
profit trade 707.72
loss trade -365.86
Maximum
consecutive wins (profit in money) 7 (4311.08)
consecutive losses (loss in money) 12 (-4309.98)
Maximal
consecutive profit (count of wins) 4810.01 (4)
consecutive loss (count of losses) -4309.98 (12)
Average
consecutive wins 2
consecutive losses 2



In order to get this EA to make more, and adapt to different styles, it has to have some more MM. A breakeven, A trail, and TP levels for multiple lots to start. Also we as traders can make a better decision on which way to enter based on price action, support resistance, whatever, where the EA cant. Could you add a bool and weekly code as well? Daily true/weekly false. Most of the code is there, just need to change the timeframes?
The other problem to overcome is whipsaw, but if I knew how to stay out of that, I would have the holy grail.
Attached Image
  • #168
  • Feb 8, 2007 1:52am Feb 8, 2007 1:52am
Quoting Scrat
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.

Corect me if i'm wrong but why does many people want to use an EA.
Doesnt that take all the fun out of it. Is'nt 425 pips so far for the week ok...
Am I missing something. And some of that time is spent asleep..
Well done TK.....
  • #169
  • Feb 8, 2007 2:01am Feb 8, 2007 2:01am
Quoting rustyjeff
Corect me if i'm wrong but why does many people want to use an EA.
Doesnt that take all the fun out of it. Is'nt 425 pips so far for the week ok...
Am I missing something. And some of that time is spent asleep..
Well done TK.....

Wow that is fantastic!

An EA frees up your time, and makes money on its own. You can still trade live without the EA. It's the factor of multification. Some see it and some won't. You as one can only do so much, while the EA helps on it's own time.
  • #170
  • Feb 8, 2007 4:08am Feb 8, 2007 4:08am
Quoting rustyjeff
Corect me if i'm wrong but why does many people want to use an EA.
Doesnt that take all the fun out of it. Is'nt 425 pips so far for the week ok...
Am I missing something. And some of that time is spent asleep..
Well done TK.....
..are those 425 pips for both GBP/JPY and GBP/USD using the basic tk system?
  • #171
  • Feb 8, 2007 6:38am Feb 8, 2007 6:38am
i don't have that much time every day to watch the market because i have a day job. i also sleep during the european session... so an automated system that would set up entries would be a blessing for me.
as for the fun part, yes, you're absolutely right but unfortunately i can't have fun every day. maybe i will in the near future (thanks to tk' strategies that seem to grow my account at an incredible rate!).

Quoting rustyjeff
Corect me if i'm wrong but why does many people want to use an EA.
Doesnt that take all the fun out of it. Is'nt 425 pips so far for the week ok...
Am I missing something. And some of that time is spent asleep..
Well done TK.....
Nihil Sine Deo.
  • #172
  • Feb 8, 2007 6:49am Feb 8, 2007 6:49am
what does "EA" stand for? thanxs
  • #173
  • Feb 8, 2007 6:54am Feb 8, 2007 6:54am
the weekly doesnt seem to be having a great week.. has anyone found that the daily is offsettign the weekly losses?
  • #174
  • Feb 8, 2007 8:22am Feb 8, 2007 8:22am
Weekly method will work in trending markets, daily will catch the daily move.

Since currencies tend to range more than trend, I think the daily will end up being more profitable in the long run...

But that is just my opinion...not based on backtesting or anything.
  • #175
  • Feb 8, 2007 8:24am Feb 8, 2007 8:24am
The daily is getting beat up as well. Someone mentioned 425 pips? I don't know where that's coming from when you count the whipsaws. GBPUSD has had 6 losses of 40 each in a row. That's 240 pips.
Mr. Trend
  • #176
  • Feb 8, 2007 8:46am Feb 8, 2007 8:46am
Quoting Mr Trend
The daily is getting beat up as well. Someone mentioned 425 pips? I don't know where that's coming from when you count the whipsaws. GBPUSD has had 6 losses of 40 each in a row. That's 240 pips.
I am being slammed this week too. I thought it was just me on the losing side.
  • #177
  • Feb 8, 2007 8:59am Feb 8, 2007 8:59am
Quoting C.E.O.
I dont see an error. The difference in price i see is from closing at 2300 and a new order at 0000. It is profitable with the simple rules.
This is cable for 2006. 2111 pips for the year which isnt bad, but I have a single moving average EA that does better. HEY, thats a thought for trend determination. Add an xpMA and go with it. Skyline, if you wanna do that for a future revision, ask and I will post the ea based on xpMA. Back to the subject. It made most of its money from sept till jan1. a trending market.
Yes CEO I was playing too with an SMA to check if it could be a good trendsetter, so I'd like to code a little modification with xpMA Could you share your MA settings please? Then I will add to the basic v1.0a all necessary MM that are really useful for us
  • #178
  • Feb 8, 2007 9:21am Feb 8, 2007 9:21am
Quoting tim4kaye
I am being slammed this week too. I thought it was just me on the losing side.
Not a good week for me too...so far
BOE can have turned thing over today though...but we are not supposed to rely on news.
I don't know where those 425 pips came out...
I wonder if this was a typical week on GBP/USD or not...any experienced trader???
Thanks
  • #179
  • Feb 8, 2007 11:01am Feb 8, 2007 11:01am
Quoting monikroc
what does "EA" stand for? thanxs
I would also like to know what "EA" stands for
  • #180
  • Feb 8, 2007 11:07am Feb 8, 2007 11:07am
Quoting NewbeeMary
I would also like to know what "EA" stands for
Expert Advisor
To let metatrader plaftorm to manage orders fully automatically coding a program with mql language
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