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Part Time Wealth Building Trading System - Daily Scalping

  • #521
  • Feb 16, 2007 8:56am Feb 16, 2007 8:56am
Quoting vitalykk
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
I coded SundayCandleExists having in mind that Sunday candle doesn't have to be consider to determine the Monday's trend.
So setting that variable to true , we tell to EA that our broker get the Sunday candle so in order to determine the Monday's trend we tell EA to go back 2 days to check Friday instead to consider the Sunday one.
If set to false the EA will check backward only to the previous day that is still Friday (since Sunday isn't there).
In both case the trend for Monday will be establish looking at Friday candle.
Hope this make sense
  • #522
  • Feb 16, 2007 9:16am Feb 16, 2007 9:16am
I attached it to GBP/USD shortly before the daily bar closed. It should have opened a Sell, but it opened a Buy. I set up a new demo account for this test. It closed for a loss at 8:37 and opened another Buy at 8:38. My broker is 0 GMT. I left everything at default except SL and TP. This test was on Daily Scapling v1.0a.
  • #523
  • Feb 16, 2007 9:31am Feb 16, 2007 9:31am
Quoting skyline
I coded SundayCandleExists having in mind that Sunday candle doesn't have to be consider to determine the Monday's trend.
So setting that variable to true , we tell to EA that our broker get the Sunday candle so in order to determine the Monday's trend we tell EA to go back 2 days to check Friday instead to consider the Sunday one.
If set to false the EA will check backward only to the previous day that is still Friday (since Sunday isn't there).
In both case the trend for Monday will be establish looking at Friday candle.
Hope this make sense

And what about today's open?
  • #524
  • Feb 16, 2007 9:51am Feb 16, 2007 9:51am
OK, I live in EST. My broker's platform starts the day at 5:00PM EST, because that's the start of the day in New Zealand according to them. As a result, I will start to see candles forming and the new day beginning at that time.

So, if I wish to follow the TK Daily and Weekly exactly, should I enter my orders at 5:00PM EST, or wait until 7:00PM EST which would correspond to 00:00 GMT and be in alignment with the TK rules?

This probably doesn't make a whole lot of difference I know, but it's frustrating to see the previuos day end down for example, and want to enter short according to the rules, only to see a green candle when I go to enter. I understand that eventually I should pick up the daily trend anyway, but I'm trying to avoid as many whips and SL's as possible.

Any insight from anyone???
  • #525
  • Feb 16, 2007 9:51am Feb 16, 2007 9:51am
Quoting vitalykk
And what about today's open?
That's strange , looking at code it seems to be correct , the case was this on the sell if :

(CheckTrend(1)=="BEARISH" && CheckTrend(2)=="BULLISH" && CheckTrend(3)=="BEARISH")

Anyway I cannot backtest in strategy tester until this day will end , so I will investigate in next days.
  • #526
  • Feb 16, 2007 9:56am Feb 16, 2007 9:56am
ok skyline, i don't know what happened, but i did it again for the whole week. i'm using MT4 on Metaquotes-Demo server. here are the details:

Strategy Tester Report
Daily Scalping EA v1.0b

 SymbolGBPUSD (Great Britain Pound vs US Dollar) Period1 Hour (H1) 2007.02.12 00:00 - 2007.02.16 00:00 (2007.02.12 - 2007.02.16) ModelEvery tick (based on all available least timeframes with fractal interpolation of every tick)
Parameters: GMT_Shift=1; TakeProfit=0; StopLoss=40; HourToCloseOrders=23; SundayCandleExists=true; Lots=0.1; UseMoneyManagement=false; Risk=2; Slippage=3;

Modeling quality 90.00% (by the way, how can i set this to 100%?)

12 feb:
Sell @ 1.9535; Close @ 1.9462; 73 pips

13 feb:
Buy @ 1.9474; SL Sell @ 1.9434; -40 pips
Sell @ 1.9433; SL Buy @ 1.9473; -40 pips
Buy @ 1.9473; SL Sell @ 1.9459; -14 pips

14 feb:
Buy @ 1.9457; Close @ 1.9630; 173 pips

15 feb:
Buy @ 1.9649; SL Sell @ 1.9609; -40 pips
Buy @ 1.9606; Close @ 1.9510; 96 pips

Total profit so far: 208


Quoting skyline
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 ?
Nihil Sine Deo.
  • #527
  • Feb 16, 2007 10:01am Feb 16, 2007 10:01am
place orders at the start of YOUR daily candle. your broker is probably GMT + 2 and hence the 2 hour difference.




Quoting grajo
OK, I live in EST. My broker's platform starts the day at 5:00PM EST, because that's the start of the day in New Zealand according to them. As a result, I will start to see candles forming and the new day beginning at that time.

So, if I wish to follow the TK Daily and Weekly exactly, should I enter my orders at 5:00PM EST, or wait until 7:00PM EST which would correspond to 00:00 GMT and be in alignment with the TK rules?

This probably doesn't make a whole lot of difference I know, but it's frustrating to see the previuos day end down for example, and want to enter short according to the rules, only to see a green candle when I go to enter. I understand that eventually I should pick up the daily trend anyway, but I'm trying to avoid as many whips and SL's as possible.

Any insight from anyone???
  • #528
  • Feb 16, 2007 10:20am Feb 16, 2007 10:20am
Quoting Scrat
ok skyline, i don't know what happened, but i did it again for the whole week. i'm using MT4 on Metaquotes-Demo server. here are the details:

Strategy Tester Report
Daily Scalping EA v1.0b

 SymbolGBPUSD (Great Britain Pound vs US Dollar) Period1 Hour (H1) 2007.02.12 00:00 - 2007.02.16 00:00 (2007.02.12 - 2007.02.16) ModelEvery tick (based on all available least timeframes with fractal interpolation of every tick)
Parameters: GMT_Shift=1; TakeProfit=0; StopLoss=40; HourToCloseOrders=23; SundayCandleExists=true; Lots=0.1; UseMoneyManagement=false; Risk=2; Slippage=3;

Modeling quality 90.00% (by the way, how can i set this to 100%?)

12 feb:
Sell @ 1.9535; Close @ 1.9462; 73 pips

13 feb:
Buy @ 1.9474; SL Sell @ 1.9434; -40 pips
Sell @ 1.9433; SL Buy @ 1.9473; -40 pips
Buy @ 1.9473; SL Sell @ 1.9459; -14 pips

14 feb:
Buy @ 1.9457; Close @ 1.9630; 173 pips

15 feb:
Buy @ 1.9649; SL Sell @ 1.9609; -40 pips
Buy @ 1.9606; Close @ 1.9510; 96 pips

Total profit so far: 208



I'm sorry Scrat but I cannot find that strange behaviour when I test it so I'm not able to find an error and fix it
FYI max modelling quality is 90% , you cannot reach never 100%
  • #529
  • Feb 16, 2007 10:40am Feb 16, 2007 10:40am
nevermind, it was probably me and my settings...

Quoting skyline
I'm sorry Scrat but I cannot find that strange behaviour when I test it so I'm not able to find an error and fix it
FYI max modelling quality is 90% , you cannot reach never 100%
Nihil Sine Deo.
  • #530
  • Feb 16, 2007 10:47am Feb 16, 2007 10:47am
What appears fairly obvious, looking at the daily charts, for both the GBP and JPY this week is that you have to let the winning trades run for the whole day and not take profits at set targets with this system. Yesterdays GBP/JPY run proves that just one day can affect the whole week dramatically..and cost 400 pips by taking early profits..
  • #531
  • Feb 16, 2007 11:08am Feb 16, 2007 11:08am
Quoting grajo
OK, I live in EST. My broker's platform starts the day at 5:00PM EST, because that's the start of the day in New Zealand according to them. As a result, I will start to see candles forming and the new day beginning at that time.

So, if I wish to follow the TK Daily and Weekly exactly, should I enter my orders at 5:00PM EST, or wait until 7:00PM EST which would correspond to 00:00 GMT and be in alignment with the TK rules?

This probably doesn't make a whole lot of difference I know, but it's frustrating to see the previuos day end down for example, and want to enter short according to the rules, only to see a green candle when I go to enter. I understand that eventually I should pick up the daily trend anyway, but I'm trying to avoid as many whips and SL's as possible.

Any insight from anyone???
TK post #347 shows a chart. In post #485 bjorn pointed out that it is CET. Another MT4 dealer that uses CET and offers free demos that do not expire is Alpari. This should match you up exactly with TK.
  • #532
  • Feb 16, 2007 11:10am Feb 16, 2007 11:10am
Quoting tkimble
Daily trading rule are as follows:

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)

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.

5. Close between 2300 and 2400.

6. Repeat trade rules at 2400 GMT.

No straddling the price entry. Enter market immediately with 40 PIP reversal companion order...

Happy Trading,

Tkimble

At 2400 GMT, let's say you enter market long with 40 PIP S/L
If this stops out and immediately the sell Entry order would kick in. Now, if this also stops out, meaning price comes back to opening price, we obviously lost on both ends. Do we again repeat the cycle during the same day or wait for the next candle to open

May be this has already been asked and answered in this huge chain of conversation. Appreciate anyone' s input or pointing to a relavant quote.

Thanks a ton.
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #533
  • Feb 16, 2007 11:11am Feb 16, 2007 11:11am
Quoting petersurrey
What appears fairly obvious, looking at the daily charts, for both the GBP and JPY this week is that you have to let the winning trades run for the whole day and not take profits at set targets with this system. Yesterdays GBP/JPY run proves that just one day can affect the whole week dramatically..and cost 400 pips by taking early profits..
Very true. But, how many +100TPs will you miss by letting it ride? Actually, I have found a +200TP to be more profitable on GY & GU.

400 is very rare. And if you got in at 00:00, you would have 3 stops to get there (still a nice run though). Some got in at 23:00 because that is where their charts start and had 1 stop before the first big drop.

I have been backtesting the EAs on this system and it is very difficult to find a losing strategy. So, it is all about optimizing profits, which is a very nice problem to have.
  • #534
  • Feb 16, 2007 11:25am Feb 16, 2007 11:25am
Quoting TradeStar
At 2400 GMT, let's say you enter market long with 40 PIP S/L
If this stops out and immediately the sell Entry order would kick in. Now, if this also stops out, meaning price comes back to opening price, we obviously lost on both ends. Do we again repeat the cycle during the same day or wait for the next candle to open

May be this has already been asked and answered in this huge chain of conversation. Appreciate anyone' s input or pointing to a relavant quote.

Thanks a ton.
I am limiting the losses to 2 max. per day - but it up to each trader to decide where they draw the line...
  • #535
  • Feb 16, 2007 11:26am Feb 16, 2007 11:26am
Quoting Al_Have1
Very true. But, how many +100TPs will you miss by letting it ride? Actually, I have found a +200TP to be more profitable on GY & GU.

400 is very rare. And if you got in at 00:00, you would have 3 stops to get there (still a nice run though). Some got in at 23:00 because that is where their charts start and had 1 stop before the first big drop.

I have been backtesting the EAs on this system and it is very difficult to find a losing strategy. So, it is all about optimizing profits, which is a very nice problem to have.
Thanks Al -I agree and am finding the same with the weekly system...
  • #536
  • Feb 16, 2007 11:27am Feb 16, 2007 11:27am
Quoting skyline
That's strange , looking at code it seems to be correct , the case was this on the sell if :

(CheckTrend(1)=="BEARISH" && CheckTrend(2)=="BULLISH" && CheckTrend(3)=="BEARISH")

Anyway I cannot backtest in strategy tester until this day will end , so I will investigate in next days.
Actually in Alpari the candle of 13.02.2007 is dodj (open = close) and
CheckTrend returns "BULLISH". So the situation is
"BULLISH","BULLISH","BEARISH" and if you look at EA source I marked in bold

// Controlla BUY Order
if (
(CheckTrend(1)=="BULLISH" && CheckTrend(2)=="BEARISH" && CheckTrend(3)=="BULLISH") ||
(CheckTrend(1)=="BULLISH" && CheckTrend(2)=="BULLISH" && CheckTrend(3)=="BEARISH") ||
 (CheckTrend(1)=="BULLISH" && CheckTrend(2)=="BEARISH" && CheckTrend(3)=="BEARISH") ||
(CheckTrend(1)=="BEARISH" && CheckTrend(2)=="BEARISH" && CheckTrend(3)=="BEARISH")
)
{


the EA issued BUY order.
We need to check the logics here...

Vitalykk
  • #537
  • Feb 16, 2007 12:06pm Feb 16, 2007 12:06pm
OK. Now approching the end of the week. I will be holding a weekending postion which is currently short (GBP/JPY) over the weekend. Current price is very close to breakeven from yesterdays daily bar close.

Hope everybody is seeing the same thing...

TK
  • #538
  • Feb 16, 2007 12:14pm Feb 16, 2007 12:14pm
This is what my current chart looks like...

TK
Attached File(s)
File Type: pdf GBPJPY,Daily.pdf   21 KB | 681 downloads
  • #539
  • Feb 16, 2007 12:19pm Feb 16, 2007 12:19pm
I think the timeframes that we enter and exit our trades is incredibly important to the success of this system. Personally I am going to try out exiting at 22 GMT because this is when the New York session closes. And then opening at 7 - 8 GMT the next day to bypass most of the chop-chop that happens in the asian session.
  • #540
  • Feb 16, 2007 12:42pm Feb 16, 2007 12:42pm
Quoting Wings
I think the timeframes that we enter and exit our trades is incredibly important to the success of this system. Personally I am going to try out exiting at 22 GMT because this is when the New York session closes. And then opening at 7 - 8 GMT the next day to bypass most of the chop-chop that happens in the asian session.
Becomes interesting for me since during that period I experiment only losses, except just 1 day...but I'd like to know what direccion are you going to take...Based on day before's trend no matter where the market is heading at the time of entry, or you are going to see what direccion the market is trending at the specific entry time? thanks for any advice here

Regards
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