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Attachments: Part Time Wealth Building Trading System - Daily Scalping
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Part Time Wealth Building Trading System - Daily Scalping

  • #341
  • Feb 14, 2007 3:28am Feb 14, 2007 3:28am
Quoting Mr Trend
Michal: The first problem is that it's not taking the opposite trend order when we get three consecutive red or green bars in a row... today's trade should've been GBP/USD LONG.

See attached GIF along with relevant logs.
Yes, you are right. It does not do that because it was not given in the requirements of the customer. Please read the header file of the EA, where you can find description of all functionality. Reversing after 3 bars was not part of it.
  • #342
  • Feb 14, 2007 4:55am Feb 14, 2007 4:55am
Very whippy day today with 3 JPY stops so far - one decent win can quickly rectify things though... about b/e for the week again..
  • #343
  • Feb 14, 2007 5:01am Feb 14, 2007 5:01am
same here. as of now got stopped twice. wasnt able to place entry orders again
so currently buy and stop around yesterday's candle open price
gbpusd is faring better!

Quoting petersurrey
Very whippy day today with 3 JPY stops so far - one decent win can quickly rectify things though... about b/e for the week again..
  • #344
  • Edited 6:37am Feb 14, 2007 6:08am | Edited 6:37am
same here. i'm glad i wasn't awake to place another reverse order, i would have been stopped 3 times. i think i'll stop trading g-j, it's eating up almost everything i made on g-u.

Quoting coolshades
same here. as of now got stopped twice. wasnt able to place entry orders again
so currently buy and stop around yesterday's candle open price
gbpusd is faring better!
Nihil Sine Deo.
  • #345
  • Feb 14, 2007 6:11am Feb 14, 2007 6:11am
RHYTHM I had Rhythym set up to close at 0700 EST this morning. I had the setting at 14 for the close time. I use Interbankfx so I believe they are set at GMT. The 0700 candle opened and the trade did not close. I gave it five minutes and nothing. That seems to be the only problem I see with Rhythm. It is takeing reverse orders properly etc. Thank you.
  • #346
  • Feb 14, 2007 6:48am Feb 14, 2007 6:48am
Choppy beginning to the GBP/JPY market resulted in three SL being hit. Have caught the following trend and just cashed out with 100 PIP PT from an entry of 236.00 even which also recaptured almost all of my losses.

GBP/USD fortunately not as choppy. Currentlly long at 1.9488 which is a 30 PIP SAR from yesterdays close of 1.9458 on MT4...

Happy Trading,

Tkimble
  • #347
  • Feb 14, 2007 7:13am Feb 14, 2007 7:13am
Quoting mikeh3855
RHYTHM I had Rhythym set up to close at 0700 EST this morning. I had the setting at 14 for the close time. I use Interbankfx so I believe they are set at GMT. The 0700 candle opened and the trade did not close. I gave it five minutes and nothing. That seems to be the only problem I see with Rhythm. It is takeing reverse orders properly etc. Thank you.
This is correct according to Alan specifications. From the Rhythm header:

Quote
ExitTime Hour: = 00:00 thru 23:00 Exit will execute on the Open of the preceding bar from exit hour chosen
Example: exit set for 17:00 exit will execute on the open of the 18:00 bar.
Therefore, when you attach EA to a 5 min chart, close will be at 0705 (open of the next candle after 0700 candle).

However, there was a bug in the EA which I fixed this morning. A new version can be downloaded from my web site.
  • #348
  • Feb 14, 2007 7:16am Feb 14, 2007 7:16am
Only been looking at the system for a few days but now I know why I've avoided the Asian session in the past.

Too choppy and too many stop losses hit.

The market doesn't give a real direction until 7 or 8 GMT.

Don't think I'll miss much by putting my orders in at that time still using yesterdays candle as a reference and with the benefit of seeing what's happened so far that day.

Is the problem most of you aren't awake at 8 GMT and 0 GMT suits more or is there a benefit for being in so long I haven't grasped?
  • #349
  • Feb 14, 2007 8:05am Feb 14, 2007 8:05am
Got 110 Pips on GBPUSD ! Thank you Tkimbe!
  • #350
  • Feb 14, 2007 9:19am Feb 14, 2007 9:19am
tkimble, I want to thank you from the bottom of my heart for sharing this system. I am a new trader ans was desperatly searching for a system that would work for me. I was on the verge of giving up until I ran across this thread. I have been trying it for over a week now on a demo account with good success. Yesturday I took it live and mad over 400 pips last night alone. I want to thank you for your genrosity in sharing this with everyone. You have restored my faith in Forex as a viable source of income especially that it can be lucrative even for the newbie. Thanks again.
  • #351
  • Feb 14, 2007 9:48am Feb 14, 2007 9:48am
Quoting TheBigPicture
We must have had similar trades, at 04:31 i was stopped out at -84 pips on my 40 pip S/L!

Just curious, are you entering your trades at 22:00 Eastern or 00 GMT?
I try to enter them as close to 2400 GMT as possible, which I believe is 7:00pm EST. I think that particular trade, I entered around 8:30-9:00.

I wish there was a way to avoid slippage, but I guess "slip" happens.

The only way to avoid it is to be trading in the right direction.

And I just hit a nice 100 TP on the GBP/JPY about an hour ago before it reversed.
  • #352
  • Feb 14, 2007 9:51am Feb 14, 2007 9:51am
Quoting sbetz
tkimble, I want to thank you from the bottom of my heart for sharing this system. I am a new trader ans was desperatly searching for a system that would work for me. I was on the verge of giving up until I ran across this thread. I have been trying it for over a week now on a demo account with good success. Yesturday I took it live and mad over 400 pips last night alone. I want to thank you for your genrosity in sharing this with everyone. You have restored my faith in Forex as a viable source of income especially that it can be lucrative even for the newbie. Thanks again.
400!?! Where'd you squeeze 400 pips out in one night?
  • #353
  • Feb 14, 2007 9:56am Feb 14, 2007 9:56am
Quoting MillerHighLife
400!?! Where'd you squeeze 400 pips out in one night?

I traded the Usd/Jpy, Usd/chf, Gbp/Usd, Eur/Usd, Gbp/Jpy and Eur/Jpy. I am really pleased with the performance. I even got stopped out of the Gbp/Jpy and the Eur/Jpy and still made 400. This system really works!
  • #354
  • Feb 14, 2007 10:00am Feb 14, 2007 10:00am
Ah...multiple pairs.

Are you having any difficulty managing all those different currencies?
  • #355
  • Feb 14, 2007 10:02am Feb 14, 2007 10:02am
That is the beauty of this system. You have almost no maintinance. Unless of course you get stopped out multiple times. You just enter the trades, place your stops and pending orders and set back and enjoy.
  • #356
  • Feb 14, 2007 10:42am Feb 14, 2007 10:42am
What are you doing with your stops after getting the first 50 pip gain? Do you move it to breakeven? What about if you are using 2 lots and take profit on 1 lot at 50 pips? Do you move stop on second lot to breakeven or leave it at the original -40 or -50 stop?

I traded this method last night in a demo account for the first time. My charting showed 4 down candles so I went long...which ended up working out great. I was long 2 lots on both GU and GJ and took profit at 50 pips on both currencies. On GU, I actually took the conservative and moved breakeven to +50 on the second lot so it got stopped at +50. Not bad...both lots at +50. Had I left the stop at breakeven, I would have participated in the additional move up.

On GJ, I moved stop to +15 on second lot and was stopped out. In looking this morning, had I left the stop at -50 on the second lot, I would have participated in the additional move up.

Not at all unhappy with +165 (+50+50+50+15) on first trades, but just wondering what others are doing with their stops after making first 50 pips.
  • #357
  • Feb 14, 2007 10:47am Feb 14, 2007 10:47am
Quoting ksucatfan
What are you doing with your stops after getting the first 50 pip gain? Do you move it to breakeven? What about if you are using 2 lots and take profit on 1 lot at 50 pips? Do you move stop on second lot to breakeven or leave it at the original -40 or -50 stop?

I traded this method last night in a demo account for the first time. My charting showed 4 down candles so I went long...which ended up working out great. I was long 2 lots on both GU and GJ and took profit at 50 pips on both currencies. On GU, I actually took the conservative and moved breakeven to +50 on the second lot so it got stopped at +50. Not bad...both lots at +50. Had I left the stop at breakeven, I would have participated in the additional move up.

On GJ, I moved stop to +15 on second lot and was stopped out. In looking this morning, had I left the stop at -50 on the second lot, I would have participated in the additional move up.

Not at all unhappy with +165 (+50+50+50+15) on first trades, but just wondering what others are doing with their stops after making first 50 pips.
Yes, the same TP1@50 SL to b/e; TP2 around 100 or greater..SL 40 GBP 50 JPY.
  • #358
  • Feb 14, 2007 10:53am Feb 14, 2007 10:53am
Quoting sbetz
That is the beauty of this system. You have almost no maintinance. Unless of course you get stopped out multiple times. You just enter the trades, place your stops and pending orders and set back and enjoy.

sbetz,

I too am a new trader and have been demo trading this and the weekly system, but only on the GU daily and weekly and occasionally the GY daily.

I have a hard enough time managing just these two pairs, never mind and more.

I think it's great you had a good night (great night!!!!)

Please keep us all aprised as to how the next few weeks go for you. You will have our attention, I promise.
  • #359
  • Feb 14, 2007 10:56am Feb 14, 2007 10:56am
Quoting sbetz
tkimble, I want to thank you from the bottom of my heart for sharing this system. I am a new trader ans was desperatly searching for a system that would work for me. I was on the verge of giving up until I ran across this thread. I have been trying it for over a week now on a demo account with good success. Yesturday I took it live and mad over 400 pips last night alone. I want to thank you for your genrosity in sharing this with everyone. You have restored my faith in Forex as a viable source of income especially that it can be lucrative even for the newbie. Thanks again.
My objective is to share with the hopes of improving the lifes of others. Polish your skills and this system will change your life. I can personally attest to this...

Happy Trading,

Tkimble
  • #360
  • Feb 14, 2007 10:59am Feb 14, 2007 10:59am
Quoting sbetz
I traded the Usd/Jpy, Usd/chf, Gbp/Usd, Eur/Usd, Gbp/Jpy and Eur/Jpy. I am really pleased with the performance. I even got stopped out of the Gbp/Jpy and the Eur/Jpy and still made 400. This system really works!
This is a great example of a broad deployment of this system. Covering six markets in one trading session is excellent. This result also underscores that this system can work in any market. Keep going...

Happy Trading,

Tkimble
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