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Part Time Wealth Building Trading System - Daily Scalping

  • #481
  • Feb 15, 2007 3:22pm Feb 15, 2007 3:22pm
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?
Good question. See, normally I would follow system blindly. That's why rules are

But, once I learned, that different brokkers gives different daily candles, due different opening times, this become good question.

If I would know, that on all (or almost all) brokers we are getting say sell signal, I would follow system.

But since with some brokers you will have 'sell' and with some other brokers you will have 'buy', it may become a little more important, to start watching R/S lines and some other things as chart patterns and trendlines for making final decision which way to enter.

But regardless, even if you enter "wrong" if there is strong enough move, you will eventually be in the right trade. This system is self correctional
as long as we have big enough move.

Mario
  • #482
  • Feb 15, 2007 3:22pm Feb 15, 2007 3:22pm
does anyone else have problems on this today? my long got sled and my short got activated, but it isnt in the active order list nor is it tped or sled....
  • #483
  • Feb 15, 2007 3:23pm Feb 15, 2007 3:23pm
after such a huge drop, i would be very interested in knowing which broker gave a buy signal!!!!


Quoting alamanjani
Good question. See, normally I would follow system blindly. That's why rules are

But, once I learned, that different brokkers gives different daily candles, due different opening times, this become good question.

If I would know, that on all (or almost all) brokers we are getting say sell signal, I would follow system.

But since with some brokers you will have 'sell' and with some other brokers you will have 'buy', it may become a little more important, to start watching R/S lines and some other things as chart patterns and trendlines for making final decision which way to enter.

But regardless, even if you enter "wrong" if there is strong enough move, you will eventually be in the right trade. This system is self correctional
as long as we have big enough move.

Mario
  • #484
  • Feb 15, 2007 3:25pm Feb 15, 2007 3:25pm
Yes.... there will have to be quite a move in the next couple of hours to have something besides an initial sell order!
Don Life is expensive, but includes a free trip around the sun.
  • #485
  • Feb 15, 2007 3:26pm Feb 15, 2007 3:26pm
The chart tkimble is using is CET (currently GMT+1). I have checked with the chart he posted for GPYJPY.

One broker using Central European Time is the Swiss company MIG.

Bjorn
  • #486
  • Feb 15, 2007 3:27pm Feb 15, 2007 3:27pm
Ha. wouldn't you know! That's right in between the all the brokers I currently use!
Don Life is expensive, but includes a free trip around the sun.
  • #487
  • Feb 15, 2007 3:34pm Feb 15, 2007 3:34pm
Quoting bjorn
The chart tkimble is using is CET (currently GMT+1). I have checked with the chart he posted for GPYJPY.

One broker using Central European Time is the Swiss company MIG.

Bjorn
Thanks Bjorn, that will do the trick.

-b
  • #488
  • Feb 15, 2007 3:37pm Feb 15, 2007 3:37pm
Quoting coolshades
after such a huge drop, i would be very interested in knowing which broker gave a buy signal!!!!
ROTFLMAO!

Yes, some days there will be no question :

Mario
  • #489
  • Feb 15, 2007 3:39pm Feb 15, 2007 3:39pm
Quoting ksucatfan
These are the rules that were most recently posted:
Yes, I've seen this question, but I must have missed answer/confirmation...

Thank you!

Mario
  • #490
  • Feb 15, 2007 3:43pm Feb 15, 2007 3:43pm
OK, FXDD, +2GMT for today (Feb 15):

EURUSD - three white candles, so today is: Sell
GBPUSD - yesterday white, today black, so: Sell
GBPJPY - yesterday white, today black, so: Sell


Mario
  • #491
  • Feb 15, 2007 4:46pm Feb 15, 2007 4:46pm
Quoting Mr Trend
How is your EA working? Does it reverse correctly and whatnot? Does it have logic to open a position in the opposite direction of the three-day trend?
Yes Daily Scalping v1.0a it's supposed to work as per original Tkimble's rule in #1 post , but you also have the option to check by yourself running it over a pc for 24/7 so you can be sure if it's working fine and report me any kind of errors
  • #492
  • Feb 15, 2007 4:53pm Feb 15, 2007 4:53pm
Quoting bholiday
I recently read that tkimble uses a 50 pip stop (then reverse) for the pound yen and 40 pip stop for the pound dollar...and that is what i have been using...with great success I might add...

Hope this helps...

Thanks Tkimble...it's almost too good to be true...
A 50 pip SL and if it's hit, you place an order in the opposite direction? In order for that to work, stop-outs would have to be rare. How many times are you stopped out per day? Thanks.
  • #493
  • Feb 15, 2007 4:54pm Feb 15, 2007 4:54pm
Quoting alamanjani
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
Hi Mario,
thx a lot for you words , I really like to help other users over this forum as far as I can
Speaking about Daily Scalping EA I think I will leave as is so that it will follow the original rules, otherwise I had to code a zilion different version since I received a lot of suggestion by pm/email/forum on how to improve it and I really have no time to do all that work even if I like so much to do that
In this way I can save my few spare time to focus on coding a Weekly Scalping EA based on the Daily Scalping EA engine that seems to be quite robust. Again this EA will follow the original rules , so please don't ask me for further changes because actually I cannot do that....maybe in future when I will be milionaire with this methods
  • #494
  • Feb 15, 2007 6:20pm Feb 15, 2007 6:20pm
Quoting grajo
Mr. Trend, That brings up a couple of questions I have if you don't mind...

I am on the East Coast US (EST). So...

#1. Am I correct in thinking that 2400 GMT is 7:00PM EST?? Then if so, why does my Sunday evening candle start to open and move well before 7:00PM?
I thought the start of the week wasn't until 2400 GMT.

#2 Also I'm confused as to what people mean by 00:00 GMT. Is that the same as 2400 (midnight my time)

Thanks if you could set me straight.
Midnight GMT is 7:00 pm EST. I'm not sure about the rest of that question but a trading day is 24 hours from 00:00 to 00:00. The time you see a bar open and close would depend on your broker's server time. My broker is 8 hours ahead of me so maybe you're not accounting for the time difference correctly.
00:00 means midnight. Personally, I don't think it makes sense to say or write 2400, because if you can say that, then what would 10 mins past midnight be? 2410? It's a 24 hour clock starting at 00:00:00 and going until 23:59:59. 10 mins past midnight is written correctly as 00:10.
  • #495
  • Feb 15, 2007 6:30pm Feb 15, 2007 6:30pm
Those are Tkimbles rules not mine...but since i use kind of a martingale approach...i am not that worried about stop outs...
  • #496
  • Feb 15, 2007 6:43pm Feb 15, 2007 6:43pm
Quoting skyline
Hi Mario,
thx a lot for you words , I really like to help other users over this forum as far as I can
Speaking about Daily Scalping EA I think I will leave as is so that it will follow the original rules, otherwise I had to code a zilion different version since I received a lot of suggestion by pm/email/forum on how to improve it and I really have no time to do all that work even if I like so much to do that
In this way I can save my few spare time to focus on coding a Weekly Scalping EA based on the Daily Scalping EA engine that seems to be quite robust. Again this EA will follow the original rules , so please don't ask me for further changes because actually I cannot do that....maybe in future when I will be milionaire with this methods
Hi Skyline, thanks for the EA.

I placed it on both GBPUSD and GBPJPY on IBFX. It opened a trade for GBPJPY but nothing for the GBPUSD. Does the EA only work for one pair per account? Just wondering. I had changed the magic number so they weren't the same. thanks for any advice.
Don Life is expensive, but includes a free trip around the sun.
  • #497
  • Feb 15, 2007 6:55pm Feb 15, 2007 6:55pm
Well my first GBPJPY order was a sell, which was correct. It was stopped out after half an hour at the SL setting, and then instead of reversing and placing a buy, it placed another sell. I don't think it should work quite that way.
Don Life is expensive, but includes a free trip around the sun.
  • #498
  • Feb 15, 2007 7:20pm Feb 15, 2007 7:20pm
Quoting skyline
Speaking about Daily Scalping EA I think I will leave as is so that it will follow the original rules, otherwise I had to code a zilion different version...
Yes, you are right, makes sense. And thank you for working on weekly version.

May I ask something for weekly version, that have nothing to do with funcionality and rules, but only one small cosmetic addition.

Can you please add option, that we can enter comment and it would be shown in the comment of every trade.

That way, trader can enter some short notes, like, what settings he/she changed (say TP=150), and when you are later glancing over past trades, you can easy see, compare results.

Since you are still working on it and since this shouldn't be more than few minutes of work, but makes EA friendlier I decided to ask.

Thank you,
Mario
  • #499
  • Feb 15, 2007 9:12pm Feb 15, 2007 9:12pm
Someone posted that it might help to stay out during part of the Asian session because there's lots of whipsaws then. I forget exactly what he said. I think it was the first few hours that had lots of whipsaws. Is that correct? Anybody agree with this idea? When does the Asian session start? Thanks.
  • #500
  • Feb 15, 2007 9:47pm Feb 15, 2007 9:47pm
does anybody encountered more than 2 SL been hit per day?how often is it?
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