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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,081
  • Feb 15, 2007 1:40pm Feb 15, 2007 1:40pm
Quoting hoss
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.
I set my max trades to #3 just for this reason. I am considering lowering it to just #2. Go look at the charts and see how much money is made after being stopped out #3 times (Daily)
  • #1,082
  • Feb 15, 2007 2:15pm Feb 15, 2007 2:15pm
Good idea!
Life is too short to have anything but delusional notions about yourself.
  • #1,083
  • Feb 15, 2007 3:05pm Feb 15, 2007 3:05pm
Quoting Bad.hair.spray
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
TK suggests 40 SL and entry in same direction as Friday trend -I still use the 50 pip straddle however..
  • #1,084
  • Feb 15, 2007 3:09pm Feb 15, 2007 3:09pm
Quoting locutus
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.

from what ive seen it doesn,t really matter where or when you enter,
just turn your computer on look for a bit of a trend and open a trade,
i cant see any relevance in leaving it untill 0 o clock,
its all pot luck.
by the way are you in the uk? i am
i do like this system though,
thanks tk
  • #1,085
  • Feb 15, 2007 4:01pm Feb 15, 2007 4:01pm
Quoting StrawStock
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”
Here is how I have my settings just not sure how everything should be set for how I want to trade. Here's what I wanted: I wanted that when it opens a trade, it opens with the trend/or last bars, short or long. But I want the EA to be able to open correctly with the trend, without my input. To accomplish this what variables do I need for line one, and two, below? They both had false:

I do not understand the purpose of OverruleDirection.

extern bool OverruleDirection =
extern bool DirectionLong =
extern int EntryTimeHour = 2;
extern int ExitTimeHour = 23; // Set it equal of lower of
extern int MaxTrades = 0; // Set <= 0 to disable
extern bool TrailOnceStop = false;
extern bool TrailingStop = false;


a lessor problem for me is what line 3 should be. I have SBFX Platform and would like my orders open at 8:00 am each day. SBFX GMT-2, and I am in GMT-5 Zone. This is the first time using this EA and it is confusing to me.


Opened a buy ...today then the EA put in a sell and then about 8 pips later wanted to close the sell, which I did not allow. So there is no way this EA is safe [as is] to just let it run. It would kill my account. I have set at 50sl, 120tp. IMO ...

StrawStock, I appreciate if you have some answers for me. Or anyone else that has the answers, I would appreciate your help here. Thanks all!
  • #1,086
  • Feb 15, 2007 4:46pm Feb 15, 2007 4:46pm
Quoting ut2DaMax
Here is how I have my settings just not sure how everything should be set for how I want to trade. Here's what I wanted: I wanted that when it opens a trade, it opens with the trend/or last bars, short or long. But I want the EA to be able to open correctly with the trend, without my input. To accomplish this what variables do I need for line one, and two, below? They both had false:

I do not understand the purpose of OverruleDirection.

extern bool OverruleDirection =
extern bool DirectionLong =
extern int EntryTimeHour = 2;
extern int ExitTimeHour = 23; // Set it equal of lower of
extern int MaxTrades = 0; // Set <= 0 to disable
extern bool TrailOnceStop = false;
extern bool TrailingStop = false;


a lessor problem for me is what line 3 should be. I have SBFX Platform and would like my orders open at 8:00 am each day. SBFX GMT-2, and I am in GMT-5 Zone. This is the first time using this EA and it is confusing to me.


Opened a buy ...today then the EA put in a sell and then about 8 pips later wanted to close the sell, which I did not allow. So there is no way this EA is safe [as is] to just let it run. It would kill my account. I have set at 50sl, 120tp. IMO ...

StrawStock, I appreciate if you have some answers for me. Or anyone else that has the answers, I would appreciate your help here. Thanks all!
Entry and exit times are those used on your brokers platform.

Only use Overrule Direction if you wish to over ride yesterdays trend - so if you wish to go short set Overrule Direction to true and Direction Long to false.

Entry time hour should be 6am if your SBFX platform is GMT-2 and you wish to enter trades at 8am GMT.
  • #1,087
  • Feb 15, 2007 8:19pm Feb 15, 2007 8:19pm
Here is latest Rhythm EA. A fix was made by Michal. The EA was closing orders at 00:00 automatically. This should fix any problems when using it to trade weekly or when you open trades late in the day like 22, 23 or 24, It should now stay in a trade until PT or Time exit is used and executed.
If you do enter orders before 00:00 and you are using “OverruleDirection” = False the EA will trade in the previous days trend not the current day your on. EA determines trend from open 00:00 to 23:00 close ( positive=long negative= short) If the current day is down and the previous day was up the EA will place a Buy for next trade. You will have to override OverruleDirection = True
and use DirectionLong =True/ False to change this.
Attached File(s)
File Type: mq4 Rhythm v.2.mq4   11 KB | 2,138 downloads
  • #1,088
  • Feb 15, 2007 10:39pm Feb 15, 2007 10:39pm
Quoting StrawStock
Here is latest Rhythm EA. A fix was made by Michal. The EA was closing orders at 00:00 automatically. This should fix any problems when using it to trade weekly or when you open trades late in the day like 22, 23 or 24, It should now stay in a trade until PT or Time exit is used and executed.
If you do enter orders before 00:00 and you are using “OverruleDirection” = False the EA will trade in the previous days trend not the current day your on. EA determines trend from open 00:00 to 23:00 close ( positive=long negative= short) If the current day is down and the previous day was up the EA will place a Buy for next trade. You will have to override OverruleDirection = True
and use DirectionLong =True/ False to change this.
Would you please explain which charts to put this on & why? For example: I read somewhere that it needs to be on a 1 hr chart to trade daily. Is that true? What about weekly?

Many thanks for all your hard work on this!
  • #1,089
  • Edited 11:35pm Feb 15, 2007 11:33pm | Edited 11:35pm
I'm currently running Rhythm (first version) on a demo account across many pairs. I read earlier in the forum that the EA is an always-in-trade-kind of program. What is the "EntryTime Hour" variable used for then? When I applied it to my charts, new trades were executed at 5 GMT; but the EntryTime hour was set to 0. What's going on here? And the question above me sounds pretty important too. Somebody answer that one!

And thanks to Tkimble for the method! It looks to be EXTRA SPICY!!
  • #1,090
  • Feb 16, 2007 12:13am Feb 16, 2007 12:13am
Quoting StrawStock
Here is latest Rhythm EA. A fix was made by Michal. The EA was closing orders at 00:00 automatically. This should fix any problems when using it to trade weekly or when you open trades late in the day like 22, 23 or 24, It should now stay in a trade until PT or Time exit is used and executed.
If you do enter orders before 00:00 and you are using “OverruleDirection” = False the EA will trade in the previous days trend not the current day your on. EA determines trend from open 00:00 to 23:00 close ( positive=long negative= short) If the current day is down and the previous day was up the EA will place a Buy for next trade. You will have to override OverruleDirection = True
and use DirectionLong =True/ False to change this.

My Rhythm EA does not work either and I have the latest ... here is what I am using and it does not work! I have had all loses at that.

Copy, and Paste corected for SBFX:
////////////////////////////////////////////////////////////
extern bool OverruleDirection = false;
extern bool DirectionLong = false;
extern int EntryTimeHour = 2;
extern int ExitTimeHour = 23; // Set it equal of lower of

extern int MaxTrades = 0; // Set <= 0 to disable
extern bool TrailOnceStop = false;
extern bool TrailingStop = false;
extern double Lots = 0.1;
extern int StopLoss = 50;
extern int TakeProfit = 120;
extern int Magic = 1000;
///////////////////////////////////////////////////////////////
Copy, and Paste above CODE corected for SBFX:



StrawStock can you or SOMEONE that has experience with time Zones Please copy - correct and re-past, the correct settings, in a post, so I have the settings correct for StradetedgybuilderFX SBFX Platform?

they use GMT+2 time

This is the first time for me to have to deal with time zones with an EA and I just need a little help with this ...


Do I use this as code for SBFX:

EntryTime Hour = 00:00;
ExitTime Hour= 23:00;

Or this as code for SBFX:

EntryTime Hour = 0;
ExitTime Hour = 23;

I do not know code so I do not know which is correct never mind correct for SBFX Demo Platform. I would just like to be able to Demo this to see how it works this week. Thanks whoever out there can help


Thanks very much!



  • #1,091
  • Feb 16, 2007 1:12am Feb 16, 2007 1:12am
For those keeping to the original weekly method for cable, like myself, its been a bad week. Stopped out five times for a loss of approx. 150 pips and currently not in any trade.
These are the weeks where MM is crucial if you are sticking purely to the original method that TK posted on message #1 for the GBP/USD. Hope we are rewarded over the next few weeks.
  • #1,092
  • Feb 16, 2007 2:25am Feb 16, 2007 2:25am
I also using original and got stop out 6 times already. And was experience slipage, so it was not 210 pips but actually 230 pips down(my spread 5pips). Bad week. Eventially we should win all those loses back. Just got to stick with the method.
Quoting JeremyA
For those keeping to the original weekly method for cable, like myself, its been a bad week. Stopped out five times for a loss of approx. 150 pips and currently not in any trade.
These are the weeks where MM is crucial if you are sticking purely to the original method that TK posted on message #1 for the GBP/USD. Hope we are rewarded over the next few weeks.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #1,093
  • Feb 16, 2007 3:11am Feb 16, 2007 3:11am
I use also the original and got stop 5 times this week.

I backtested the method and got about 1000 pips drawdown at the beginning of 2005. I am not saying we will get this kind of drawdown now, just saying the worst case of the backtest.


Quoting Andy12
I also using original and got stop out 6 times already. And was experience slipage, so it was not 210 pips but actually 230 pips down(my spread 5pips). Bad week. Eventially we should win all those loses back. Just got to stick with the method.
  • #1,094
  • Feb 16, 2007 6:32am Feb 16, 2007 6:32am
  •  Trader#0000
  • | Status: Unregistered Trader
I've chosen to stay out of Cable from yesterday. Too much choppiness. BUT, the Pound/Yen did save the week for me.

Expect high volatility on P/Y next week also. Especially if BOJ hikes rates...
  • #1,095
  • Feb 16, 2007 6:35am Feb 16, 2007 6:35am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting hgus490
I use also the original and got stop 5 times this week.

I backtested the method and got about 1000 pips drawdown at the beginning of 2005. I am not saying we will get this kind of drawdown now, just saying the worst case of the backtest.
How did you backtest?
  • #1,096
  • Feb 16, 2007 7:45am Feb 16, 2007 7:45am
Quoting ForexDude2
How did you backtest?
I did manul backtest with Alpari 15 min data. Spread 3 pips

2004 about +1500 pips
2005 about 0 pips
2006 about +3000 pips

Use the rules om page 1.

I am aware that at some big news, the price may have gap. I didn´t consider that at the backtest, just assume that I can stop at 30 pips and reverse at 50 pips. Otherwise, it may cost a few hundred pips more. 2005 was not a good year for this method and 2006 was a very good year.
  • #1,097
  • Feb 16, 2007 7:56am Feb 16, 2007 7:56am
Quoting Al_Have1
Would you please explain which charts to put this on & why? For example: I read somewhere that it needs to be on a 1 hr chart to trade daily. Is that true? What about weekly?

Many thanks for all your hard work on this!
It can be attached to any timeframe or chart. It does open or close on hourly thou. If I was trading it for weekly I would attach it to a 4hr chart sometime Sunday b4 00:00 Monday,,,You can have it open your order hourly
anytime between 0 and 23 make sure you set a stop just dont set a time-exit or PT if you want it to trade until Friday.
Sometime Friday you would set a PT or exit time to close it. Of course you can set these variables earlier and get out when ever you want during the week.
  • #1,098
  • Edited 8:27am Feb 16, 2007 8:13am | Edited 8:27am
I did manual backtest and not once and for 2006 I got only +1969 (my spread was 5)
I sould check 2005 this is not good if it was 0 pips, especially with spread 3. It is almost imposible to not give up on this strategy if you got 0 profit in the end of the year.

Quoting hgus490
I did manul backtest with Alpari 15 min data. Spread 3 pips

2004 about +1500 pips
2005 about 0 pips
2006 about +3000 pips

Use the rules om page 1.

I am aware that at some big news, the price may have gap. I didn´t consider that at the backtest, just assume that I can stop at 30 pips and reverse at 50 pips. Otherwise, it may cost a few hundred pips more. 2005 was not a good year for this method and 2006 was a very good year.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #1,099
  • Feb 16, 2007 8:34am Feb 16, 2007 8:34am
Quoting StrawStock
It can be attached to any timeframe or chart. It does open or close on hourly thou. If I was trading it for weekly I would attach it to a 4hr chart sometime Sunday b4 00:00 Monday,,,You can have it open your order hourly
anytime between 0 and 23 make sure you set a stop just dont set a time-exit or PT if you want it to trade until Friday.
Sometime Friday you would set a PT or exit time to close it. Of course you can set these variables earlier and get out when ever you want during the week.
Thanks Strawstock for all your work with the EA this week.

I also agree with your earlier comments to limit the number of trades per day and per week so that whipsawing doesn't reduce the overall profitablity. As we found this week with the JPY it only takes 2-3 trades to find the right direction of the longer term trend. I may set the daily EA to 2 and weekly to 3 and leave it at that...
  • #1,100
  • Feb 16, 2007 8:37am Feb 16, 2007 8:37am
Re: the above -I am also going to continue to manually trade the 2 lot ( TP1 @50, SL to B/E TP2 @100) system which has produced 290 pips in 2 weeks with minimal drawdown and compare with the EA..
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