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Part Time Wealth Building Trading System - Daily Scalping

  • #281
  • Feb 13, 2007 8:41am Feb 13, 2007 8:41am
Quoting petersurrey
Likewise have a 100TP and 50SL today after FXDD entered long first trade using Rhythm .. +150 for the week so far on just the GBP/JPY
Rhythm doesn't seem to work correctly. It doesn't reverse your position. I noticed that yesterday. Let me know if you see the same thing.
Mr. Trend
  • #282
  • Feb 13, 2007 8:49am Feb 13, 2007 8:49am
Hi Mr. Trend,

i have an error with rhythm too. When it must open the reserve pos., nothing happen.

After that i can not go in the EA options, just hanging.

I look then in the Expert tab and see an error like this:

ORDER DOES NOT APPEAR ON SERVER.

I don`t know, and on the source i find nothing wrong. I ask thge author but have no answer this time.

Cheers
Mobsie
  • #283
  • Feb 13, 2007 8:52am Feb 13, 2007 8:52am
Quoting Mr Trend
We've got some serious issues with what each of us is seeing on the chart then, because here's GBPJPY for the week:

11-Feb b 238.14 237.64 -50
12-Feb s 237.64 237.14 50
12-Feb b 237.11 236.55 -56
12-Feb s 236.55 237.05 -50
13-Feb b 237.05 236.55 -50
13-Feb s 236.55

I'm not trying to be a pain... seriously. I'm just really confused how you're getting a 300 pip week out of the above.

And, when I go back through these charts, even if I set 100 pip TPs, it still wouldn't hit my TP before reversing, so...

this was my order on GBP/JPY las night at first candle...

GBP/JPY sell 237.10 TP 236.10 sl: 237.60

I woke up today with 100 PIPS on the bag... I am out for today till 0000 GMT on this

Hope this helps
  • #284
  • Feb 13, 2007 9:04am Feb 13, 2007 9:04am
Quoting Mr Trend
Rhythm doesn't seem to work correctly. It doesn't reverse your position. I noticed that yesterday. Let me know if you see the same thing.
Rhythm is not working correctly. I see that if I had manually entered a sell on the G/Y I would have also made 100 pips today.
  • #285
  • Feb 13, 2007 9:07am Feb 13, 2007 9:07am
Quoting Mobsie
Hi Mr. Trend,

i have an error with rhythm too. When it must open the reserve pos., nothing happen.

After that i can not go in the EA options, just hanging.

I look then in the Expert tab and see an error like this:

ORDER DOES NOT APPEAR ON SERVER.

I don`t know, and on the source i find nothing wrong. I ask thge author but have no answer this time.

Cheers
Mobsie
I get the same error I'm afraid...
Liberate me ex inferis
  • #286
  • Feb 13, 2007 9:12am Feb 13, 2007 9:12am
Me, too.

Quoting Ronyn76
I get the same error I'm afraid...
  • #287
  • Feb 13, 2007 9:24am Feb 13, 2007 9:24am
Quoting Mr Trend
Rhythm doesn't seem to work correctly. It doesn't reverse your position. I noticed that yesterday. Let me know if you see the same thing.
Works fine for me on the GBPJPY FXDD platform..out of interest I did try it with the GBPUSD as well and even with different magic numbers it threw up some odd trades so I closed the GBP down again and all is well again..
  • #288
  • Feb 13, 2007 9:37am Feb 13, 2007 9:37am
Quoting toti1972
this was my order on GBP/JPY las night at first candle...

GBP/JPY sell 237.10 TP 236.10 sl: 237.60

I woke up today with 100 PIPS on the bag... I am out for today till 0000 GMT on this

Hope this helps
Excellent trading. Continue to polish your skills...

TK
  • #289
  • Feb 13, 2007 9:47am Feb 13, 2007 9:47am
Quoting Mr Trend
We've got some serious issues with what each of us is seeing on the chart then, because here's GBPJPY for the week:

11-Feb b 238.14 237.64 -50
12-Feb s 237.64 237.14 50
12-Feb b 237.11 236.55 -56
12-Feb s 236.55 237.05 -50
13-Feb b 237.05 236.55 -50
13-Feb s 236.55

I'm not trying to be a pain... seriously. I'm just really confused how you're getting a 300 pip week out of the above.

And, when I go back through these charts, even if I set 100 pip TPs, it still wouldn't hit my TP before reversing, so...
No problem. This is why I am detailing and to a limited extent, forecasting my trades in an effort to mentor/coach/encourage trading activities to whatever extent it makes sense to others.

As of now I am flat in the GBP/JPY market and SHORT the GBP/USD market with a 64 PIP gain.

I will be taking a Short position in the G -J market at 2400 GMT with a strong chance that I will be reversed since there has been two straight down days.

I will place a 40 Stop and Reverse (SAR) from my G - J SHORT entry point today at 2400 GMT.

This will definitely be my next trade...

I will keep posting my results as I have been doing this week simply for edification.

Feel free ask questions as we go along. I can assure you that these results are real. Other people are likewise enjoying these results...

Happy Trading,

TK
  • #290
  • Edited 10:05am Feb 13, 2007 9:52am | Edited 10:05am
Quoting tkimble
No problem. This is why I am detailing and to a limited extent, forecasting my trades in an effort to mentor/coach/encourage trading activities to whatever extent it makes sense to others.

As of now I am flat in the GBP/JPY market and SHORT the GBP/USD market with a 64 PIP gain.

I will be taking a Short position in the G -J market at 2400 GMT with a strong chance that I will be reversed since there has been two straight down days.

I will place a 40 Stop and Reverse (SAR) from my G - J SHORT entry point today at 2400 GMT.

This will definitely be my next trade...

I will keep posting my results as I have been doing this week simply for edification.

Happy Trading,

TK
Thanks TK. I think I found the problem. However, you state we're in two down days, but the bar on the 9th is down as well. That makes it third. So you would enter a buy today at 2400.

On the 9th, on MT from MIG, I show an Open of 237.26 and a Close of 237.20.
Mr. Trend
  • #291
  • Feb 13, 2007 9:52am Feb 13, 2007 9:52am
Quoting petersurrey
Likewise have a 100TP and 50SL today after FXDD entered long first trade using Rhythm .. +150 for the week so far on just the GBP/JPY
What is RHYTHM???

TK
  • #292
  • Feb 13, 2007 9:54am Feb 13, 2007 9:54am
Quoting Mr Trend
Thanks TK. I think I found the problem. However, you state we're in two down days, but the bar on the 9th is down as well. That makes it third. So you would enter a buy today at 2400.

On the 9th, on MT from Interbank, I show an Open of 237.26 and a Close of 237.20.
My G-J chart is only showing the 12th and 13th as consecutive down days. Friday was slightly up an almost break even. I reverse positions when I the market has had three consecutive days in the same direction...

TK
  • #293
  • Feb 13, 2007 10:00am Feb 13, 2007 10:00am
Quoting tkimble
My G-J chart is only showing the 12th and 13th as consecutive down days. Friday was slightly up an almost break even. I reverse positions when I the market has had three consecutive days in the same direction...

TK
That's where I thought the discrepency was... at least for the last day or two.

So you went long GBPUSD yesterday, correct? Since we were in three bars down.

Also, FYI, Rhythm is the EA that was developed by (I think) Skyline... or he had an outside firm do it for him. It's for automating this daily strategy.

Only problem is it seems to not work correctly on InterbankFX...
Mr. Trend
  • #294
  • Feb 13, 2007 10:05am Feb 13, 2007 10:05am
Rhythm is an EA posted on page 62, post#920, of your Weekly Scalping Method thread. A document explaining how to set the variables is there also. It seems that there are some problems with it however. I know that in another thread dealing with breakouts, folks using ea's developed there would remove the EA from the chart at days end and put it back on for the new trading day, kind of refreshing it. If this would help here for those having trouble with Rhythm I'm not sure. I also received the error message as described above with it and "refreshing" it helped.
  • #295
  • Feb 13, 2007 10:09am Feb 13, 2007 10:09am
i have grossed 200 pips on the gbpjpy for today with two stop outs.. thats because i trade the daily on 2 brokers. so net profit is 100 pips.

currently i am +40 pips on the GBPUSD but i have had 2 stop outs so GU is bound to be a loss maker today. i am still in the red for the daily for the week, since yesterday i had a few stopouts on both pairs.

i trade the fxdd charts on oanda and gft and on the fxdd charts as of 4 pm gmt,gbpjpy will be short for tomorrow and long for gbpusd. the gbpusd is showing 4 candles short for the last 4 days and hence tomorrow will be long.

wld be keen to know other peoples experience
  • #296
  • Feb 13, 2007 10:37am Feb 13, 2007 10:37am
Quoting coolshades
i have grossed 200 pips on the gbpjpy for today with two stop outs.. thats because i trade the daily on 2 brokers. so net profit is 100 pips.

currently i am +40 pips on the GBPUSD but i have had 2 stop outs so GU is bound to be a loss maker today. i am still in the red for the daily for the week, since yesterday i had a few stopouts on both pairs.

i trade the fxdd charts on oanda and gft and on the fxdd charts as of 4 pm gmt,gbpjpy will be short for tomorrow and long for gbpusd. the gbpusd is showing 4 candles short for the last 4 days and hence tomorrow will be long.

wld be keen to know other peoples experience
..same with me for FXDD/GBPJPY -one stop out and one win today -net +50, 150 for the week..
  • #297
  • Feb 13, 2007 10:41am Feb 13, 2007 10:41am
TK, let me know if any of this is incorrect:

Trading Rules:

1. Create daily chart on any pair.

2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open)

2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry) Note: For GBPJPY, place opposite side trade 50 PIPS away.

3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order.

4. Use 40 PIP stops on all orders. Note: For GBPJPY, place 50 PIP stop.

5. Set a Profit Target of 100 pips.

6. If PT is not hit, close between 2300 and 2400.

6. Repeat trade rules at 2400 GMT.

No straddling the price entry.
Mr. Trend
  • #298
  • Feb 13, 2007 10:44am Feb 13, 2007 10:44am
Quoting mikeh3855
Rhythm is an EA posted on page 62, post#920, of your Weekly Scalping Method thread. A document explaining how to set the variables is there also. It seems that there are some problems with it however. I know that in another thread dealing with breakouts, folks using ea's developed there would remove the EA from the chart at days end and put it back on for the new trading day, kind of refreshing it. If this would help here for those having trouble with Rhythm I'm not sure. I also received the error message as described above with it and "refreshing" it helped.

I know nothing about EA. Just found out the meaning of EA not to long ago. My questions .... can EA be used on any platform or does it have to be on MT4? is EA somtimes referred to as "black box"? does it put your trades on automaticaly if so, isn't that kind of risky?

I guess I just don't understand the purpose of and EA can some one enlighten me?
  • #299
  • Feb 13, 2007 10:54am Feb 13, 2007 10:54am
Quoting Carolyn
I know nothing about EA. Just found out the meaning of EA not to long ago. My questions .... can EA be used on any platform or does it have to be on MT4? is EA somtimes referred to as "black box"? does it put your trades on automaticaly if so, isn't that kind of risky?

I guess I just don't understand the purpose of and EA can some one enlighten me?
EA's have to be used with MT3/4 complient brokers such as IBFX or FXDD.

Yes they are just metaquotes based software code (software code written specifically for MT4 trading platforms) which places trades as instructed by the programmer - so that when you have a very simply defined strategy such as the tk daily you can just leave it to get on with the job...

The Rhythm EA places a stop loss and TP simultaneously so you can make it somewhat safer...BUT any break in your PC and the MT4 brokers platform will mean further instructions are ignored -such as a reversal for example...
  • #300
  • Feb 13, 2007 10:58am Feb 13, 2007 10:58am
Quoting Mr Trend
That's where I thought the discrepency was... at least for the last day or two.

So you went long GBPUSD yesterday, correct? Since we were in three bars down.

Also, FYI, Rhythm is the EA that was developed by (I think) Skyline... or he had an outside firm do it for him. It's for automating this daily strategy.

Only problem is it seems to not work correctly on InterbankFX...
No Mr.Trend I only coded the EA about Daily method that you can find over this thread
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