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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,041
  • Feb 12, 2007 3:13pm Feb 12, 2007 3:13pm
i put something similar on daily scalping thread; entries for this week and evolution so far should be like this:
g-u:
- previous week close = 1.9490 (buy stop @ 1.9540, sell stop @ 1.9440)
- buy @ 1.9540 (move sell from 1.9440 to 1.94900); SL hit @ 1.9500; -40 PIPS
- sell @ 1.9490; still open, C @ 1.9475

i don't like to trade g-j with this system.
Nihil Sine Deo.
  • #1,042
  • Feb 12, 2007 3:16pm Feb 12, 2007 3:16pm
Quoting yezbick
Average spread for GBPUSD is 4 pips and GBPJPY is 11 pips...
Lord have mercy. If you're paying that much spread, then you need to change brokers. That's ghetto spreads.

Oanda is 2.8 and 6 for cable and guppy respectively. That saves you a good seven pips right there.
Mr. Trend
  • #1,043
  • Feb 12, 2007 4:18pm Feb 12, 2007 4:18pm
That is not a "GHETTO" spread that's a "HOOD" spread!!!!!!!
  • #1,044
  • Feb 13, 2007 6:17am Feb 13, 2007 6:17am
tough week for the weekly method, at least for me...if I could get an alert when a trade is activated for fxsol, that would allow me to change move my opposite trade entry, and adjust my stops.
CRAIGSLIST BARTERING CHAMPION
  • #1,045
  • Feb 13, 2007 6:31am Feb 13, 2007 6:31am
Quoting hondakorn
tough week for the weekly method, at least for me...if I could get an alert when a trade is activated for fxsol, that would allow me to change move my opposite trade entry, and adjust my stops.
Agreed - still maybe the short will produce something after the US news..
  • #1,046
  • Feb 13, 2007 7:48am Feb 13, 2007 7:48am
Quoting yezbick
I have been giving this some serious thought whether to close or not to close.

If my math adds up not closing has a significant benefit. Average spread for GBPUSD is 4 pips and GBPJPY is 11 pips for a total of 15 pips between the 2.

If we keep the trade running we are ultimately saving 15 pips per day that the market stayed in the same direction. If the market decides to reverse then we will have our stop adjusted at the end of the day to the 40 or 50 depending on the pair being traded. In the long haul 15 pips can add up to hundreds of pips a year.

Just some thoughts on increasing profitability. Any suggestions or thoughts anyone would like to add to this.

yezbick


IMO .... A ....11 pip spread ..... simply put ...... is outrageous! ...... I can buy or sell stocks all day long, for 5 bucks! With 11 pip spread .... thats like sucking up $220.00, from your Profits, for every round trip! This is an outrageous Commission! Yes, the pip spread is a commission, every cent of it, whether we admit it or not! The Forex Commissions are by far the highest commissions for trades ... of any trading in the world! I think it is high time, that we reward only those brokers that have the lower pip spreads. And if we did just that, the spreads would narrow quickly. IMO

2/3 pip spread is more than enough for any of these brokers. I think it is high time .... the spread is eliminated altogether .... and they start charging a reasonable Commision as with Stocks/Futures. The reason this will never happen .... is because .... they then could not tell us .... they have no commissions, and could not deceive and hid their commissions as well as they do now! IMO

Just my 2 cents yezbick .... my advise to you is look for a different broker. IMO
  • #1,047
  • Feb 13, 2007 8:22am Feb 13, 2007 8:22am
I also use fxsol...but i have a demo account with alpari...i set my sound alerts with them...

hope this helps...
  • #1,048
  • Feb 13, 2007 2:26pm Feb 13, 2007 2:26pm
Been stopped out at least two times -80+

Anyone else finding this not a good week?
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,049
  • Feb 13, 2007 2:46pm Feb 13, 2007 2:46pm
Quoting bholiday
I also use fxsol...but i have a demo account with alpari...i set my sound alerts with them...

hope this helps...
thank you kindly!! this has been a tough week....
CRAIGSLIST BARTERING CHAMPION
  • #1,050
  • Feb 13, 2007 5:51pm Feb 13, 2007 5:51pm
PipRage, I like your modification and I use it along with Tkimble system. (Tkimble, I like your too) LOL Thanks goes to both of you!

But I have one quick question if you don't mind. (PipRage) You mentioned, that you reenter original position once.

When do you reenter it, after you get stopped out, or only if you 'hit' the opposite trade?

Here, on picture, you can see current situation. Purple line is Sell Stop, and Aqua line is Buy Stop.

So position was entered on sell side and also already stopped out

Would you now set Sell Stop inmediatelly after you got stopped out, or you would wait until Buy Stop is triggered?


Thank you in advance!

Btw, do you still use the same numbers or did you change anything in your modification?

Mario
Attached Image
  • #1,051
  • Feb 13, 2007 6:47pm Feb 13, 2007 6:47pm
StrawStock,

First, thank you for EA you gave to us. Sleeping will not be problem any more LOL

You said, you are using it with FXDD. What settings do you use for:

- EntryTimeHour and
- ExitTimeHour?

You said, to watch for bugs, so...

Today I got error and I see on the other thread, several others also got it: "Order does not appear on the server"

I was running Rhytm on two pairs, EUR.USD and GBP.USD, with different magic numbers, just to be sure (FXDD Demo) I didn't use any other EA or indicator on a whole account.

EA worked well on EUR, but on GBP I was getting upper error msg and order wasn't executed.


One more quick question. Rhythm EA always takes possition in the direction of the last daily candle, correct? Does not reverse order after three same days, right? Just asking to be sure.

If so, no biggie, it can be set manually. And maybe later down the road someone can add this.

All in all, thank you for this EA, now I can work, sleep and still use this great Tkimble strategy!


Mario
  • #1,052
  • Feb 14, 2007 3:17am Feb 14, 2007 3:17am
So far this week -stopped out of the short with 2 lots = -80 and -110 for the week, + 140 overall for 2 weeks..may review the 2 lot method as it does leave you very exposed with the whips..still very early days though with this..
  • #1,053
  • Feb 14, 2007 4:52am Feb 14, 2007 4:52am
New long @ 9542 on GBP interest rate news - now lets have a good run
  • #1,054
  • Feb 14, 2007 7:30am Feb 14, 2007 7:30am
Fixed version of Rhythm EA (Alert orders not appear on server).
Attached File(s)
File Type: mq4 Rhythm.mq4   11 KB | 586 downloads
  • #1,055
  • Feb 14, 2007 7:50am Feb 14, 2007 7:50am
Quoting aktur
Fixed version of Rhythm EA (Alert orders not appear on server).
thanks for sharing it.what is the best setting ?
  • #1,056
  • Feb 14, 2007 8:03am Feb 14, 2007 8:03am
+70 on cable and +30 guppy woot!! its about time!!! Maybe we should change entry rules based on news calendars for the week...
CRAIGSLIST BARTERING CHAMPION
  • #1,057
  • Feb 14, 2007 8:35am Feb 14, 2007 8:35am
Maybe someone already answered this but... and if you simply missed signals?

This week we had that... the stop and (where I should have) re-entry signals came too fast (I was actually having brakfast!)... When I saw... too late!
  • #1,058
  • Feb 14, 2007 9:18am Feb 14, 2007 9:18am
about time we got some movement!! +128 for the cable, +50 for guppy TAKE THAT MON/TUE WHIPSAWS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
CRAIGSLIST BARTERING CHAMPION
  • #1,059
  • Feb 14, 2007 9:22am Feb 14, 2007 9:22am
Quoting aktur
Fixed version of Rhythm EA (Alert orders not appear on server).
Sorry guys, this version is with a glith too. Here is correct one.
Attached File(s)
File Type: mq4 Rhythm.mq4   11 KB | 741 downloads
  • #1,060
  • Feb 14, 2007 10:05am Feb 14, 2007 10:05am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting aktur
Sorry guys, this version is with a glith too. Here is correct one.
I've attached it today, middle of the week, I suppose it will start trading on Monday? I'm trying it out for a weekly system.

Thanks
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