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Part Time Wealth Building Trading System - Daily Scalping

  • #501
  • Feb 15, 2007 10:12pm Feb 15, 2007 10:12pm
i had some problems with oanda a couple of hours ago, when i placed my orders. it stopped responding and took me quite a while until i set everything in place.
Quoting coolshades
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....
Nihil Sine Deo.
  • #502
  • Feb 15, 2007 10:14pm Feb 15, 2007 10:14pm
Quoting locutus
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.
There are whipsaws. My suggestion would be not to second guess the system that is working. Disclipline & money management are the keys to success.
However, you may want to test some hedging to profit on the whips. IE open opposite direction with a +20 TP. Or play the hourlies as TK hinted at early on. I think the Daily system was originally designed to hedge the weekly. But it is more profitable and it appears that most people are just focusing on the Daily. Hourlies could hedge the Daily if you don't like to sleep.

From SFO Mag. I think Dec 06 issue but I'm not sure. (Sorry, I'm too lazy to convert to GMT for you.)

Market Hours (EST)
Asian Session 7pm- 4am
Euro Session 2am-12pm
US Session 8am- 5pm

Euro-US 8am-12pm
Euro-Asia 2am- 4am


Percentage Share of Total Turnover
UK 31%
US 19%
Japan 8%
Singapore 5%
Germany 5%
Hong Kong 4%
Austrailia 3%
Swizerland 3%
78%


Hope this helps.

--Al
  • #503
  • Feb 15, 2007 11:48pm Feb 15, 2007 11:48pm
Can anybody confirm: Yesterday close 232.64on GBP/JPY; therefore sell at 232.64 with SAR at 233.14?
In one of the posts I saw something of 21 pips either side? Can anyone clarify if weekly was changed to these numbers?
I think all of us that is new to the threads get totally confused with the experienced guys that run away with the chopping and changing, suggestions etc. Can someone recap the exact daily and weekly trading method as where it stands today as per TKimble for all the newbies with or without EA`s. This would be nice for the start of the new week. Also suggest where we can find these systems that could execute these EA`s? I use FXCM an do a SAR by entering two buy or sell orders to cancel the previous order. Any suggestions are welcome. I am sure there is a lot of traders that got lost in this very valuable thread, due to lack of knowledge and experience. Thanks to all contributing and the patience, especially TK!
  • #504
  • Feb 16, 2007 12:54am Feb 16, 2007 12:54am
same here.

Quoting alamanjani
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
  • #505
  • Feb 16, 2007 1:05am Feb 16, 2007 1:05am
alaman, i think this system will work very well with those pairs whose daily ATR is 100 pips and more.. i havent done any back testing and dont intend to do. i will place live orders on a ridiculous lot size and see what happens.

in any case sbetz is covering quite a few pairs.

Quoting alamanjani
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
  • #506
  • Feb 16, 2007 3:53am Feb 16, 2007 3:53am
Quoting RSA
Can anybody confirm: Yesterday close 232.64on GBP/JPY; therefore sell at 232.64 with SAR at 233.14?
In one of the posts I saw something of 21 pips either side? Can anyone clarify if weekly was changed to these numbers?
I think all of us that is new to the threads get totally confused with the experienced guys that run away with the chopping and changing, suggestions etc. Can someone recap the exact daily and weekly trading method as where it stands today as per TKimble for all the newbies with or without EA`s. This would be nice for the start of the new week. Also suggest where we can find these systems that could execute these EA`s? I use FXCM an do a SAR by entering two buy or sell orders to cancel the previous order. Any suggestions are welcome. I am sure there is a lot of traders that got lost in this very valuable thread, due to lack of knowledge and experience. Thanks to all contributing and the patience, especially TK!


1-Establish the direction of the opening trade:

a-if the previous daily bar was green go long on the open of the new bar
b-if the previous daily bar was red go short on the open of the new bar
c-if the three previous daily bars were all green go short and if the three previous daily bars were all red go long on the open of the new bar

2-Place stop and reverse orders at 50 pips away for GBP/JPY and 40 pips away for GBP/USD

3-If the reverse order was triggered and the position was changed to the opposite direction repeat rule number 2, that is place stop and reverse orders once again as above

4-Close the position towards the end of the daily bar OR as some traders do, place a 100 pips target for all positions whether the initial one or the reversed ones

As far as I am aware the rules for the weekly method are the same as the daily, apart from the target where the position should be carried to the end of the week

ON FXCM you cannot use EAs, what you are doing is correct, EAs are for MT4 platforms however TK does not recomment it.
Regards
  • #507
  • Feb 16, 2007 4:03am Feb 16, 2007 4:03am
Quoting traderone
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.
That's strange Traderone , EA is supposed to work with all pairs for the same account using different MagicNumber for each pair. Anyway in short minutes I will post new v1.0b where I place a routine that handle automatically the MagicNumber so users haven't to change the number.
  • #508
  • Feb 16, 2007 4:05am Feb 16, 2007 4:05am
Quoting traderone
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.
Could you post a screenshot of your chart about that wrong trade ? Did you get some error on journal tab ?

thx
  • #509
  • Feb 16, 2007 4:55am Feb 16, 2007 4:55am
Quoting locutus
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.
That was me.

Take a look at the hourly candles from yesterday on the GBP/JPY and the GBP/USD and see for yourself .The trend for the day doesn't kick in until around 9 GMT.

The British are notorious for fading the first bar so say enter at 9 GMT to be safe and avoid some Asian whipsaws.

Not bringing in any nasty indicators to this zen system.Just good old fashioned natural volume.

Just an alternative for those sick of all the whipsaws.
  • #510
  • Feb 16, 2007 4:58am Feb 16, 2007 4:58am
retro, any back test on this or observation alone?

Quoting retro
That was me.

Take a look at the hourly candles from yesterday on the GBP/JPY and the GBP/USD and see for yourself .The trend for the day doesn't kick in until around 9 GMT.

The British are notorious for fading the first bar so say enter at 9 GMT to be safe and avoid some Asian whipsaws.

Not bringing in any nasty indicators to this zen system.Just good old fashioned natural volume.

Just an alternative for those sick of all the whipsaws.
  • #511
  • Edited 5:31am Feb 16, 2007 5:10am | Edited 5:31am
Added latest version with routine for MagicNumber and some comments added on chart (hope useful)

// LOG CHANGES
// v1.0 (07 Feb 2007) : Start Project
// v1.0a (07 Feb 2007) : Add GMT_Shift variable
// v1.0b (16 Feb 2007) : Added MagicNumber routine based on pair and timeframe

As usual please report bugs here

Thx
Attached File(s)
File Type: zip Daily Scalping EA v1.0b.zip   11 KB | 503 downloads
  • #512
  • Feb 16, 2007 5:26am Feb 16, 2007 5:26am
Hello skyline,

thanks for the new version. The magicnumber stuff helps very much.

Best regards
Mobsie
  • #513
  • Feb 16, 2007 6:13am Feb 16, 2007 6:13am
Thank you Skyline for the great job
Regards
  • #514
  • Feb 16, 2007 6:48am Feb 16, 2007 6:48am
thanks for the EA, skyline. i ran it on the strategy tester on MT4 and i got some catastrophic results so i thought to pick a day and compare my manual results with those strategy tester results. and here are the results for february 15th:

my trades:
- open @ 1.9640;
- buy @ 1.9634, SL sell @ 1.9594; -40PIPS
- sell @ 1.9594, close @ 1.9510; +84 PIPS
net: 44 PIPS

EA trades from the strategy tester:
- buy @ 1.9634, SL sell @ 1.9594; -40 PIPS
- sell @ 1.9581 (?), SL buy @ 1.9621; - 40 PIPS
- buy @ 1.9662 (???), SL sell @ 1.9622; -40 PIPS
- sell @ 1.9620, close @ 1.9513; +107 PIPS
net: -13 PIPS

pretty big difference. and i'm sure there are some other days when trades are going crazy like this one.
i'm not saying this EA is acting weird, because this was NOT live trading but automated backtesting. still, i don't see any reason why results should be different?
anyone has any idea about what's going on? if the EA is correct, then it must be that strategy tester going crazy...


Quoting skyline
Added latest version with routine for MagicNumber and some comments added on chart (hope useful)

// LOG CHANGES
// v1.0 (07 Feb 2007) : Start Project
// v1.0a (07 Feb 2007) : Add GMT_Shift variable
// v1.0b (16 Feb 2007) : Added MagicNumber routine based on pair and timeframe

As usual please report bugs here

Thx
Nihil Sine Deo.
  • #515
  • Feb 16, 2007 6:53am Feb 16, 2007 6:53am
Skyline,
thank you very much for your exellent EA.
One problem I found in it is that in OpenOrderMidnight function
you check number of all open orders in account:

if ( Total < 1 && Hour()==MathMod(24+GMT_Shift,24) && DayOfWeek()>=1 && DayOfWeek()<=5 )

and in case there are open orders in your account (weekly or others...) the
EA does not open new order on next day opening.

I think you can add before this "if" ollowing:

int cnt;
int Total = 0; // instead of int Total = OrdersTotal();
for(cnt=0;cnt<OrdersTotal();cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if (OrderMagicNumber()==MagicNumber)
Total ++;
} // if (OrderMagicNumber()==MagicNumber)

Please check it and let us know is it really the issue?
Sorry for my english...

Regards
Vitalykk
  • #516
  • Feb 16, 2007 7:23am Feb 16, 2007 7:23am
Quoting Scrat
thanks for the EA, skyline. i ran it on the strategy tester on MT4 and i got some catastrophic results so i thought to pick a day and compare my manual results with those strategy tester results. and here are the results for february 15th:

my trades:
- open @ 1.9640;
- buy @ 1.9634, SL sell @ 1.9594; -40PIPS
- sell @ 1.9594, close @ 1.9510; +84 PIPS
net: 44 PIPS

EA trades from the strategy tester:
- buy @ 1.9634, SL sell @ 1.9594; -40 PIPS
- sell @ 1.9581 (?), SL buy @ 1.9621; - 40 PIPS
- buy @ 1.9662 (???), SL sell @ 1.9622; -40 PIPS
- sell @ 1.9620, close @ 1.9513; +107 PIPS
net: -13 PIPS

pretty big difference. and i'm sure there are some other days when trades are going crazy like this one.
i'm not saying this EA is acting weird, because this was NOT live trading but automated backtesting. still, i don't see any reason why results should be different?
anyone has any idea about what's going on? if the EA is correct, then it must be that strategy tester going crazy...
What you are experience is really strange Scrat, I tried to backtest in visual mode (Fastbrokers data) for 15 Feb and results are like your manual trade 1 buy (-40 pips) 1 sell (+95 pips) total for that day = +55 pips

http://img226.imageshack.us/img226/9...feb2007ap8.jpg

Are you sure that you backtested with H1 timeframe ? Did you setting correctly the GMT_Shift ?
  • #517
  • Edited 7:37am Feb 16, 2007 7:26am | Edited 7:37am
Quoting vitalykk
Skyline,
thank you very much for your exellent EA.
One problem I found in it is that in OpenOrderMidnight function
you check number of all open orders in account:

if ( Total < 1 && Hour()==MathMod(24+GMT_Shift,24) && DayOfWeek()>=1 && DayOfWeek()<=5 )

and in case there are open orders in your account (weekly or others...) the
EA does not open new order on next day opening.

I think you can add before this "if" ollowing:

int cnt;
int Total = 0; // instead of int Total = OrdersTotal();
for(cnt=0;cnt<OrdersTotal();cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if (OrderMagicNumber()==MagicNumber)
Total ++;
} // if (OrderMagicNumber()==MagicNumber)

Please check it and let us know is it really the issue?
Sorry for my english...

Regards
Vitalykk
Yes Vitalykk you're completely right !! I didn't think that user can use more than 1 EA over the same account , I will fix it soon to reflect this.
Thanks a lot ...and please continue to debug code to check if there's other possible errors , because I'm here to learn as much as I can to code in the best way with mql

Edit : I found there is several other point in code where there's that error so I will add a function TotalOrders() to do that
  • #518
  • Feb 16, 2007 7:37am Feb 16, 2007 7:37am
Quoting locutus
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.

Locutus,

Thanks for the reply. I see 24:00 GMT and 00:00 GMT used interchangeably, and just wanted to make sure that they both meant midnight GMT which is 7:00PM EST. So thanks again.

My broker is FX Sol which is also based in EST (New Jersey I believe), so I'm still confused as to why the candles for the next day start to show up on my charts earlier than 7:00 EST. When I go to set up my TK Weekly and Daily trades at 7:00 EST, the candles are already moving, hence my confusion.

I guess the best thing is just to ask my broker. Thanks again
  • #519
  • Feb 16, 2007 8:39am Feb 16, 2007 8:39am
Skyline,
Please explain the CheckTrend functionality in case of
SundayCandleExists = true (default).
For example todays cable open order must be sell, but in fact
EA opens buy order...
Seems if SundayCandleExists = false it will work according to TK strategy.

Thanks alot for your efforts to share with us your EA

Vitalykk
  • #520
  • Feb 16, 2007 8:56am Feb 16, 2007 8:56am
Quoting skyline
Could you post a screenshot of your chart about that wrong trade ? Did you get some error on journal tab ?

thx
There were no errors in log.

I think I know what happened. The EA made a sell, which was correct, and on the very first bar was stopped out -40. Since the opening bar is still open (within the days first hour) it opened another trade in the correct direction for the opening bar. Just my thought anyway. by the way, oddly enough, that trade worked anyway!
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