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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,061
  • Feb 14, 2007 11:49am Feb 14, 2007 11:49am
Put it on a daily chart for grins. TP 100. I would demo first for sure.
Don Life is expensive, but includes a free trip around the sun.
  • #1,062
  • Edited 4:13pm Feb 14, 2007 4:01pm | Edited 4:13pm
I tried entering this morning on the 08:00 bar after the uptrend was clear. I had a 30 pip stop and was stopped out. Do I just need to use a bigger sl or is there a way to pick the best time to enter? Thanks.
  • #1,063
  • Feb 14, 2007 4:18pm Feb 14, 2007 4:18pm
Quoting G550
What do you mean you did the opposite? For example, a Buy Stop would have been placed at 9550 (let's assume this was Fridays close) and a Sell Stop at 9510. If Buy is executed, then 9510 becomes the position at which you would liquidate or close out your position, right? So what would the short order look like? What are the differences between a Buy/Sell Stop and Buy/Sell Limit? I know it's a rookie question, but I want to be clear. The broker I'm using has a slightly different platform than what I was expecting.

Thanks!!
The MT4 help has a very good explanation of the different orders. Help Topics...Contents tab...Trading...Order Types.
  • #1,064
  • Feb 14, 2007 4:26pm Feb 14, 2007 4:26pm
Quoting ForexDude2
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
No, it will open an order at the entry time you have set. If you want to use it for weekly than don’t set a time exit or profit target until Friday. It should manage stop and reverse orders all week until you set one of these variables. I have not tested the weekly yet but this is how it’s suppose to work. If you set it in the middle of the week (Wed) it will open orders Wed.
  • #1,065
  • Feb 14, 2007 4:52pm Feb 14, 2007 4:52pm
Quoting alamanjani
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
Rhythm does not reverse orders after 3 Bars +/-. I left this up to the trader to decide if he wants to do this or not. I figured some people might want to reverse orders earlier or even later than 3 days. I myself don’t use “Overrule Direction” I always set it to True and I decide daily what direction I am going to take with “Direction Long: =True/False”

There is no Best “entry time hour” or exit time hour I usually enter on 00:00 Fxdd and my exit is 16:00 or 17:00 sometimes it’s better than 23:00 sometimes its not. I usually trade with 2 lots 1 with PT and 1 with time exit. I do set Max trades to 3 and am still
testing many different variables.

EA trading is new to me and testing is time consuming but if you can not watch the computer all the time then an EA is a necessity.
  • #1,066
  • Feb 14, 2007 5:03pm Feb 14, 2007 5:03pm
Strawstock - When I turn on the rhythm ea it opens a trade right then. Shouldn't wait till 00:00 GMT?

Tim
  • #1,067
  • Edited 8:56pm Feb 14, 2007 7:37pm | Edited 8:56pm
If you want to close orders at the end of the week, the best time is during the 12:00 pm bar on Friday. That's still a 4 hour window, but it's something. Don't wait until the end of the day - the 20:00 bar.
  • #1,068
  • Feb 14, 2007 10:39pm Feb 14, 2007 10:39pm
Quoting tim4kaye
Strawstock - When I turn on the rhythm ea it opens a trade right then. Shouldn't wait till 00:00 GMT?

Tim
On current settings it's always in the game.

If you run the EA before 0 GMT it will buy according to the previous days candle.
  • #1,069
  • Feb 15, 2007 3:46am Feb 15, 2007 3:46am
Locked in 150 pips from the last long (trading 2 lots) position and moving stops up in 50 pip increments - makes it +40 for the week -not strictly to the rules but nice to have the pips.. 290 over 2 weeks total..max daily closed drawdown 30 pips.
  • #1,070
  • Feb 15, 2007 3:54am Feb 15, 2007 3:54am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting StrawStock
No, it will open an order at the entry time you have set. If you want to use it for weekly than don’t set a time exit or profit target until Friday. It should manage stop and reverse orders all week until you set one of these variables. I have not tested the weekly yet but this is how it’s suppose to work. If you set it in the middle of the week (Wed) it will open orders Wed.
Oh you mean I still have to have an entry time !=0. Ok, thanks.
  • #1,071
  • Feb 15, 2007 9:26am Feb 15, 2007 9:26am
Looking at the weekly GBP/JPY chart it appears those who are trading it should have about 300 pips for just 2 trades so far this week...?
  • #1,072
  • Feb 15, 2007 10:16am Feb 15, 2007 10:16am
Quoting petersurrey
Looking at the weekly GBP/JPY chart it appears those who are trading it should have about 300 pips for just 2 trades so far this week...?
350 PIPS as we speak. This works very nicely when used with the Weekly/Daily tandem...

TK
  • #1,073
  • Feb 15, 2007 10:30am Feb 15, 2007 10:30am
  •  Trader#0000
  • | Status: Unregistered Trader
I'm finding that if trading the G/U then EUR/JPY may be a better option safety wise (diversification). I'm speaking about the weekly method only. If trading GBP/JPY then USD/CHF may be overall safer. Any opinions?
  • #1,074
  • Feb 15, 2007 10:39am Feb 15, 2007 10:39am
I got whipsawed to death last night when the news came out on the GBP/JPY. 6 stop outs, so I got out. So, I am not enjoying this run of pips. This was on the daily.
Life is too short to have anything but delusional notions about yourself.
  • #1,075
  • Feb 15, 2007 10:41am Feb 15, 2007 10:41am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting petersurrey
Looking at the weekly GBP/JPY chart it appears those who are trading it should have about 300 pips for just 2 trades so far this week...?
Yeah, I had 1 stopout. First week trading G/J. I'm up 330 on that.

Cable isn't doing so great this week.
  • #1,076
  • Feb 15, 2007 10:57am Feb 15, 2007 10:57am
Quoting tkimble
350 PIPS as we speak. This works very nicely when used with the Weekly/Daily tandem...

TK
Agreed and really highlights the power of the system(s)..
  • #1,077
  • Feb 15, 2007 11:30am Feb 15, 2007 11:30am
I assume the EA is coded to operate on tkimble's initial algorithm?

For manual trading, how are you guys monitoring those entry signals? Sometimes it is simply too fast! I am not in front of computers all the time?
  • #1,078
  • Feb 15, 2007 12:17pm Feb 15, 2007 12:17pm
TK, since you have stated your results with the GBP/JPY, mind telling us how you stand so far with the GBP/USD?
  • #1,079
  • Feb 15, 2007 12:17pm Feb 15, 2007 12:17pm
Wow...I m new to the "Factory"....and the wealth of knowledge you find here is more than what any one will ever get in a course on Forex trading costing a small fortune...

Hats off to TK for this wonderful thread (and the Daily as well)...you are truly a decent person for sharing this system....

A quick question if I may; ( and I know the answer is probably some where in the thread I just haven't found it even after the first 40 or so pages...my apologies for that)....

But if one is using the GBP/JPY would u still use the 50 pip entry and 30sl or a higher figure?

Many thanks
  • #1,080
  • Feb 15, 2007 1:02pm Feb 15, 2007 1:02pm
I would also like to express my gratitude to you, tkimlble, for sharing these systems with us. You are very kind and generous.

I bought my software in March 06 and started live trading in November 06. I paper traded, read books and tried to learn whatever I could but no matter what I thought I knew I seem to always make the wrong choice. I have done nothing but recycle the same few hundred dollars which is currently in the down cycle. I have been paper trading the weekly and daily systems and see real potential for making money.

Thanks also to all of you out there for your insightful input. I am learning more from all of you than what I have learned from my books.

Every moment is as it is and thats all there is.

MaryTheresa
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