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Part Time Wealth Building Trading System - Daily Scalping

  • #461
  • Feb 15, 2007 10:42am Feb 15, 2007 10:42am
Quoting mikeh3855
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.
Tell us more about your experience with it. ARe you running it on GBPUSD and GBPJPY? Anything we should know about the settings? Thanks for any help.
Don Life is expensive, but includes a free trip around the sun.
  • #462
  • Feb 15, 2007 10:49am Feb 15, 2007 10:49am
As promised, here is what the demo account would have done had everyone just let it ride last night until at least now. +701 pips -195 = 511.

the 4 other currencies I am trying are as follows.

Usd/Cad 21
Usd/Sek 80
Eur/Sek 80
Usd/Nok -96

On my live account I took 123 pips profit for the day and the demo which was same entry as the live account, I would have made 426 pips without the 4 new currencies. It seems that over time, the stop losses and reverse orders will end up making you more money. This was even with all the news announcements that happened last night and this morning. From what I am seing, just follow the system! It Works!! However, if you are happy with your profit you have taken, then don't be upset with what you missed. This is just meant to be an example of what the system can do for you if you follow it to a T.

Just my 2 pips worth.
  • #463
  • Feb 15, 2007 11:17am Feb 15, 2007 11:17am
Quoting coolshades
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
Because if a specific GMT time = the 'accepted close' for everyone, then if the difference of today's 'accepted close' is > than yesterday's 'accepted close' = an UP ARROW for everyone. Not a bullish candle on some charts and a bearish one on others. It should put everyone on the same page as far as going long or short at 24:00 GMT.
Hope this helps to explain my thinking.
  • #464
  • Feb 15, 2007 11:28am Feb 15, 2007 11:28am
I'm running it on GBP/USD only and using it for the Daily System. It is set for GMT and I use IBFX so I just leave the time shift setting alone. There are fewer variables but I think it is fine for following TK's rules as he has set them forth for us. Look at a couple of posts previous, let the system do what it is designed to do. Don't panic, let it play out. I have not experienced any hang ups with this EA. It is running very nicely.
  • #465
  • Feb 15, 2007 11:34am Feb 15, 2007 11:34am
this is how it works.

the close and open for any candle for you, on whatever forex broker in the world you use is 24.00 GMT +/- local time zone and +/- time zone of broker's server.

to give an example: FXDD's servers give a feed of GMT +2. if you are in the UK, and use FXDD then that means your daily candle closes at 22.00 hrs and new one opens at 22.00 hrs.

if you are in New York, and use FXDD then, for you candle open and close will be 5 pm EST.

i suspect if you use FXDD in NY and i use FXDD in UK, then candle open and close prices should be the same. obviously mine will open and close 22.00 gmt and yours will open and close 5 pm est.


if you use another broker, then obviously prices and times will be differently. generally if there is a strong upward or downward trend, then candles on all brokers should close in the same direction.

there will be discrepancy of candle direction only in the case where the open and close prices are a very few pips apart. and that discrepancy is caused by differing prices offered by different brokers.



Quoting drayco
Because if a specific GMT time = the 'accepted close' for everyone, then if the difference of today's 'accepted close' is > than yesterday's 'accepted close' = an UP ARROW for everyone. Not a bullish candle on some charts and a bearish one on others. It should put everyone on the same page as far as going long or short at 24:00 GMT.
Hope this helps to explain my thinking.
  • #466
  • Feb 15, 2007 11:35am Feb 15, 2007 11:35am
I guess you attach it to the H1 charts even though it trades from the Daily, right? I think that's what I read.

Quoting mikeh3855
I'm running it on GBP/USD only and using it for the Daily System. It is set for GMT and I use IBFX so I just leave the time shift setting alone. There are fewer variables but I think it is fine for following TK's rules as he has set them forth for us. Look at a couple of posts previous, let the system do what it is designed to do. Don't panic, let it play out. I have not experienced any hang ups with this EA. It is running very nicely.
  • #467
  • Feb 15, 2007 11:47am Feb 15, 2007 11:47am
Quoting coolshades
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
The problem Coolshades, is that when learning a new system, I don't want to mess around with figuring out issues such as time of entry and candle trends, instead of focusing on the task at hand. If I am doing the same thing as everyone else, it is much easier to compare and thus become confident in this, without worrying about whether or not I am executing things properly.

Also, contrary to what you have stated, "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...." is INCORRECT. This is THE problem here! Different MT4 brokers open new candles at different times of the day for "daily candles". This is where the confusion is coming from!!! If I'm using NorthFinance, a new "daily" candle actually opens at 22:00 GMT, whereas if I'm using Velocity, a new candle opens at 24:00 GMT.

And this is why we end up with discrepancies such as on Jan.25th where the daily candle on North Finance is red, but on Velocity it is green. This is a problem.

That's why myself and drayco are requesting what we are requesting.

-b
  • #468
  • Feb 15, 2007 12:00pm Feb 15, 2007 12:00pm
We can just ask TKimble what time his broker uses.

IBFX and Velocity are GMT. So their daily candles close/open at 00:00 GMT. That is 7 PM Eastern Daylight Time (New York)

Brokers such as FXDD are GMT+2. So their candles open/close at 22:00 GMT which translates to 5 PM Eastern Daylight time (New York).

I use platforms from all these brokers and yes, some days it does make a difference what color the previous day candle is. So, it could affect the initial trade direction.

All you have to do is e-mail or call your broker and ask what server time they use, if you have any doubts.
Don Life is expensive, but includes a free trip around the sun.
  • #469
  • Feb 15, 2007 12:12pm Feb 15, 2007 12:12pm
Quoting mikeh3855
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.
Thank you! Somehow I thought we only have one EA. I will now run both for a while.

Thanks,
Mario
  • #470
  • Feb 15, 2007 12:25pm Feb 15, 2007 12:25pm
Eureka,
You must attach it to the 1 hour chart. It's for the Daily System, not for the Daily Charts. I think Skyline specifically mentions in his post that it must be attached to the hourly chart so it will recognize the start time.
  • #471
  • Feb 15, 2007 12:27pm Feb 15, 2007 12:27pm
see my reply to drayco.
btw i am a learner too

Quoting b-rock
The problem Coolshades, is that when learning a new system, I don't want to mess around with figuring out issues such as time of entry and candle trends, instead of focusing on the task at hand. If I am doing the same thing as everyone else, it is much easier to compare and thus become confident in this, without worrying about whether or not I am executing things properly.

Also, contrary to what you have stated, "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...." is INCORRECT. This is THE problem here! Different MT4 brokers open new candles at different times of the day for "daily candles". This is where the confusion is coming from!!! If I'm using NorthFinance, a new "daily" candle actually opens at 22:00 GMT, whereas if I'm using Velocity, a new candle opens at 24:00 GMT.

And this is why we end up with discrepancies such as on Jan.25th where the daily candle on North Finance is red, but on Velocity it is green. This is a problem.

That's why myself and drayco are requesting what we are requesting.

-b
  • #472
  • Feb 15, 2007 12:27pm Feb 15, 2007 12:27pm
Thanks. I'll do that and see how it performs.

Quoting mikeh3855
Eureka,
You must attach it to the 1 hour chart. It's for the Daily System, not for the Daily Charts. I think Skyline specifically mentions in his post that it must be attached to the hourly chart so it will recognize the start time.
  • #473
  • Edited 1:11pm Feb 15, 2007 12:28pm | Edited 1:11pm
Quoting aktur
It is fixed in the latest version. However, there is probably another glitch when open hour > close hour. It does not go correctlo through midnight. I'll fix it soon and post it.
OK, didn't know if you were aware of it. Looks like on your web site is already another new version - can you please add version number so we don't need to download it and compare file size just to see if version is updated?

Please, can you clarify if we need to put it on Daily or 5min or any other time frame chart. (Once you mentioned 5 min in one post as example for something else, so now I'm not sure)

And lasty, for broker with GMT+2 is this:

EntryTimeHour = 22
ExitTimeHour = 21

...correct?

Thank you,

Mario
  • #474
  • Feb 15, 2007 1:00pm Feb 15, 2007 1:00pm
Quoting skyline
This EA need to be tested deeply and compare with manual backtest
Hi, Skyline, first, thank you for your EA!

This backtest profit/loss doesn't really matter IMHO. What is important is, if EA have the same results than manual results while forward testing. So you know, using this EA you do follow this method as you would with manual trading. If this is true and there is a loss, then method wasn't profitable at that time and EA is perfect.

Did you try runing several instances on the same pair (the same account)? Did you notice any problems, and interference? (of course using different magic numbers)

That way, one could run original Tkimble settings while also trying some other ideas, modifications...

I have one suggestion if you don't mind adding few more lines of code into EA

With this kind of method we, traders, usually can't make decision, should we let trade run, or should we set Take Profit. Good compromise is, to have two orders, one with and one without take profit...

So, I thought, if you would add one more option into input: '1/2 Profit Target' so half is sold at Take Profit and half is left for a potential run.

You can get the same, by running two EA's; one with set Profit Target and another without. But I thought would be cool, to have this in the EA if possible and if wouldn't require too much additional work.

Anyway, thank you for sharing your work! I will try your EA today for the first time. I somehow thought there is only Rhythm EA and you are part of it.

Thank you,

Mario
  • #475
  • Feb 15, 2007 1:04pm Feb 15, 2007 1:04pm
I know the system says to go short tonight, but is anyone else concerned about going short when GJ is down over 400+...nearly 450... pips in just the last 24 hours. Can we get another 50-100 out of this move?

I'll probably go with the system. Just seeing what others are thinking.
  • #476
  • Feb 15, 2007 1:07pm Feb 15, 2007 1:07pm
Few rules evolved since first post. And JPY was added. Would someone (who know for sure) post currect rules since I'm not sure any more what they are.

Do they all pair now have take profit or only JPY or none?

Hate to bother Tkimble, since he is bussy already enought, so if someone else would be so kind and post the current rules please.


Thank you in advance!

Mario
  • #477
  • Feb 15, 2007 1:12pm Feb 15, 2007 1:12pm
These are the rules that were most recently posted:


Quoting Mr Trend
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.
  • #478
  • Feb 15, 2007 1:17pm Feb 15, 2007 1:17pm
Hello,

May I ask how many times within the day you reenter the market after being stopped out? Im backtesting the strategy and found that you could get up to 6 SLs hit in a single day...

So how many reentries do you guys make?

-Mikhail
  • #479
  • Feb 15, 2007 1:19pm Feb 15, 2007 1:19pm
Quoting mikhaildgreat
Hello,

May I ask how many times within the day you reenter the market after being stopped out? Im backtesting the strategy and found that you could get up to 6 SLs hit in a single day...

So how many reentries do you guys make?

-Mikhail
My understanding is you keep reentering until you hit profit target.
  • #480
  • Feb 15, 2007 1:21pm Feb 15, 2007 1:21pm
yes. that's why i don't think i'll trade this pair tomorrow. g-u should be enough.
anyway, if you go with the system, even if you pick the wrong direction at the beginning, there is a great chance you'll end up in profit if you stick to it.
your decision.

Quoting ksucatfan
I know the system says to go short tonight, but is anyone else concerned about going short when GJ is down over 400+...nearly 450... pips in just the last 24 hours. Can we get another 50-100 out of this move?

I'll probably go with the system. Just seeing what others are thinking.
Nihil Sine Deo.
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