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Part Time Wealth Building Trading System - Daily Scalping

  • #441
  • Feb 15, 2007 6:43am Feb 15, 2007 6:43am
Quoting b-rock
I'm just wondering how you were able to be stopped out and still profit your 100 pips (net 50 pips) when the entire GBBJPY candle from 24:00 GMT is only 103 pips in total. Wouldn't that mean that your SL would only have been 3 pips?

Just trying to understand here.

-b
I am currently showing a price GBP/JPY range of 237.07 and 234.83 on the daily chart from 00:00 GMT till now. I keep reading posts that indicate differing price actions movements. I cannot explain why some are seeing differing data but this can be a very big problem. I use MT4.
  • #442
  • Feb 15, 2007 8:50am Feb 15, 2007 8:50am
Me and my friend were doing some comparison of MT4 brokers data feeds and we found that for example MIG had completely different last 5 daily candles compared to Interbank FX or GFT Forex. That might explain that phenomena.
"All good things come to those who wait..."
  • #443
  • Feb 15, 2007 9:21am Feb 15, 2007 9:21am
TK,
Would it be correct to simply write down the price at 24:00GMT each day and keep a list of these to determine daily beginning direction? Or is there a different time your charts open and close daily bars and you are then waiting to place your trades at 24:00GMT? If so, what time do your charts open and close daily bars?
  • #444
  • Feb 15, 2007 9:34am Feb 15, 2007 9:34am
Quoting tkimble
I am currently showing a price GBP/JPY range of 237.07 and 234.83 on the daily chart from 00:00 GMT till now. I keep reading posts that indicate differing price actions movements. I cannot explain why some are seeing differing data but this can be a very big problem. I use MT4.
Would it be a good idea to suggest that everyone quotes GMT times with data? Brokers all vary with FXDD and IBFX being +2GMT Oanda GMT etc ...
  • #445
  • Feb 15, 2007 9:37am Feb 15, 2007 9:37am
yes, that's what i'm doing now. although i'm not sure if it really helps, because this is a system that follows the trend so in the long term you should have the same results.
you can do it, but then you'll have too many things to look at... and it's getting complicated.


Quoting drayco
TK,
Would it be correct to simply write down the price at 24:00GMT each day and keep a list of these to determine daily beginning direction? Or is there a different time your charts open and close daily bars and you are then waiting to place your trades at 24:00GMT? If so, what time do your charts open and close daily bars?
Nihil Sine Deo.
  • #446
  • Feb 15, 2007 10:28am Feb 15, 2007 10:28am
Attached is a copy of the GBP/JPY chart that I am using. Is this what everyone else is trading from?

TK
Attached File(s)
File Type: pdf GBPJPY,Daily.pdf   21 KB | 838 downloads
  • #447
  • Feb 15, 2007 10:51am Feb 15, 2007 10:51am
Quoting tkimble
Took the 100 PIPs from the GBP/JPY and out. Short at 236.57 out at 235.57. That was very quick. The funny part is I do not know why and do not care. To me, this is the most attractive part of this particular system...


are you using the Rhythm EA then or still manual trades? I was also wondering if you are doing best on the Daily or Weekly? Thanks for the Methods!
  • #448
  • Feb 15, 2007 11:03am Feb 15, 2007 11:03am
Well I used the Rhythm EA last night on 6 pairs and woke up to -185 pips total. I have lost on two of the last 3 days. Down over 212 pips. The trades where whipsawed to death. I used the trailing stop setting and think maybe I should turn it off. What are others using?
  • #449
  • Feb 15, 2007 11:06am Feb 15, 2007 11:06am
I just opened it on GBP/JPY and it indicated a buy .... so I thought its about time for a Reverse and went long ... already up. Just hope the EA knows more than I do about direction .... LOL ... I may get clipped for waiting till noon to open a trade LOL ...


GBP/JPY is a Tricky Beast .... anyway to trade .... other than with this Method. IMO
  • #450
  • Feb 15, 2007 11:18am Feb 15, 2007 11:18am
Quoting ut2DaMax
I just opened it on GBP/JPY and it indicated a buy .... so I thought its about time for a Reverse and went long ... already up. Just hope the EA knows more than I do about direction .... LOL ... I may get clipped for waiting till noon to open a trade LOL ...


GBP/JPY is a Tricky Beast .... anyway to trade .... other than with this Method. IMO
There should not be any "Buys" at this stage of todays trading. The last GBP/JPY trade was at 0050 GMT and it was a reversal from the previous LONG. Now you should be SHORT from 236.66 in the GBP/JPY market. This trade is currently yielding a 330 PIP profit.

This is prime example of why I do not like backtesting and equally dislike automated trading. Always trade manually to maintain control...

TK
  • #451
  • Feb 15, 2007 11:21am Feb 15, 2007 11:21am
i just called InterbankFX. they told me they are on GMT time....not GMT+2. It seems TK and others are entering their trades at 22:00GMT? at least that's the way it appears on my charts? for instance...it sounds like TK and others were in the trade before the G-J made the huge drop at 00GMT?
  • #452
  • Feb 15, 2007 11:23am Feb 15, 2007 11:23am
Well I have also been running the EA and it also opened a Buy on G/J. since it had already taken a profit for today, it should have opened no more trades until 0:00.

Obviously, it's still not working right.
  • #453
  • Feb 15, 2007 11:28am Feb 15, 2007 11:28am
I knew it was a bad idea .... if it was 8:00 I would have had a chance. I admire you for doing this all manual .... i would prefer trading with the EA if it pans out ....


For all:
I was wondering for other traders where they are having sucess with Rhythm how you have your settings? I left everything on default settings on mine. I had been busy a few days .. and wanted to try testing this EA tomarrow.
  • #454
  • Feb 15, 2007 11:28am Feb 15, 2007 11:28am
Tk please could you give a summary of your pip gains for the weekly using the daily and the weekly methods.

Many thanks for your overwhelming help with the systems
  • #455
  • Feb 15, 2007 11:37am Feb 15, 2007 11:37am
I don't know why everybody is ignoring the perfectly good(as far as I can tell) EA provided by Skyline on page 9, post#135.
  • #456
  • Feb 15, 2007 11:44am Feb 15, 2007 11:44am
TK,
Would you please post the closing prices you used for the end of each daily bar from your charts this week? I would like to see if i can find similar prices on any of my charts and at check the time. Thanks in advance.
  • #457
  • Feb 15, 2007 11:44am Feb 15, 2007 11:44am
TK,

Could you please give the name of the MT4 broker that you are using? That way we could all at least be on the same timezone when it comes to entering trades, without the present discrepancy and confusion.

Also, I'm wondering why you entered yesterdays trade on the GBPJPY as a short when on the chart that you posted today, it shows that the previous candle was a "buy" candle. According to your rules, you should have gone "long".

Thanks,
-b
  • #458
  • Feb 15, 2007 12:00pm Feb 15, 2007 12:00pm
Quoting b-rock
TK,

Could you please give the name of the MT4 broker that you are using? That way we could all at least be on the same timezone when it comes to entering trades, without the present discrepancy and confusion.

Also, I'm wondering why you entered yesterdays trade on the GBPJPY as a short when on the chart that you posted today, it shows that the previous candle was a "buy" candle. According to your rules, you should have gone "long".

Thanks,
-b
This is exactly why i keep asking about simply writing down the close at a specific GMT time so we are all trading with similar entires. We do not need charts at all for this. Simply a closing price compared to the the last closing prices and compare to the last two closing prices to see if three in a row.
I understand entering at 24:00GMT, but is that also the time we record the close? Or is it another time?
  • #459
  • Feb 15, 2007 12:32pm Feb 15, 2007 12:32pm
b-rock,drayco,

maybe i am a little thick here, but how does it matter at exactly what price tk enters? essentially on your own platform the following should be worked out

- what is previous candle trend
- whether previous 3 candles are in same direction or not
- what time does a new candle open. Believe me whatever time the candle opens on ANY broker, it WILL correspond to 24.00 GMT after factoring in the local time zone you are in.
- place order at market

forex being so competitive, i am reasonably sure every forex broker offers prices within less than +/- 10 pips of one another.

a newbie's 2 cents
  • #460
  • Feb 15, 2007 12:38pm Feb 15, 2007 12:38pm
Quoting b-rock
TK,

Could you please give the name of the MT4 broker that you are using? That way we could all at least be on the same timezone when it comes to entering trades, without the present discrepancy and confusion.

Also, I'm wondering why you entered yesterdays trade on the GBPJPY as a short when on the chart that you posted today, it shows that the previous candle was a "buy" candle. According to your rules, you should have gone "long".

Thanks,
-b
I was long, got stopped at -40, went short TP +100. I think TK did the same. As for the charts, he mentioned the stop+short on a previous post at 00:50. My chart (alpari/MT4) shows the drop at 00:50 but I think it was 23:50 GMT. I'm not sure anymore. MT4 doesn't show the time zone.

--Al
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