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Part Time Wealth Building Trading System - Daily Scalping

  • #561
  • Feb 17, 2007 4:30am Feb 17, 2007 4:30am
have carried over my shorts to next week. gbpjpy is actually a long on fxdd, but not by much, just by 4 pips or so.

yesterday wasnt a very volatile day for both was it? 2 stopouts on gbpjpy and no tp target hit.. atleast for me.
  • #562
  • Feb 17, 2007 5:09am Feb 17, 2007 5:09am
Quoting coolshades
have carried over my shorts to next week. gbpjpy is actually a long on fxdd, but not by much, just by 4 pips or so.

yesterday wasnt a very volatile day for both was it? 2 stopouts on gbpjpy and no tp target hit.. atleast for me.
agreed shorts into next week - that massive weekly down candle on the GBP/JPY looks like it may continue..

I'm going to limit day entries to 2 and weekly to 3 using the EA..
  • #563
  • Feb 17, 2007 6:47am Feb 17, 2007 6:47am
Hello skyline,

thanks for new version. i will it test also complete next week, and report here.

Cheers and nice weekend.

Mobsie
  • #564
  • Feb 17, 2007 8:54am Feb 17, 2007 8:54am
Quoting petersurrey
Wings the 7-8 GMT session can be incredibly choppy for the GBP -often 30 pip swings before the normal trend resumes..
Thats why the Stop Losses are 40 pips no ? I imagined that this would work best with GBP/USD rather than G/Y. As for entering the trades, I would either enter as if I had been following the rules since 00:00 GMT ... or maybe enter at a breakout of the highs or lows from 00:00 to 08:00 GMT. I'll test it and let you know how it goes. This strategy will hopefully reduce whipsaw losses.
  • #565
  • Feb 17, 2007 9:48am Feb 17, 2007 9:48am
Quoting bholiday
Yes...that is what i am doing...(as stated in at least two previous posts), but i use the stop loses that tkimble recommends...

Why do you think a wider stop loss would be an advantage?...if anything it seems a smaller one might be better especially with a martingale approach...but i am open to new ideas...
I would think that two reversals at 70 pips would be better than 4-5 reversals at 50 especially since I would be doubling my lots at every reversal until I hit my TP. I think it would just reduce drawdown on my account. I also think that you would most likely catch the trend when it reverses rather than just normal market noise.
If you can't find it or buy it, build it.
  • #566
  • Feb 17, 2007 10:00am Feb 17, 2007 10:00am
i just finished a strategy tester with MT4 for the last 2 versions, 1b and 1c. see the results in the attached pdfs. slightly different results for each EA, and quite a surprise: see the results of this system for the last year.
Attached File(s)
File Type: pdf 2006 1b.pdf   183 KB | 748 downloads
File Type: pdf 2006 1c.pdf   182 KB | 775 downloads
File Type: pdf 2007 1b.pdf   36 KB | 761 downloads
File Type: pdf 2007 1c.pdf   36 KB | 654 downloads
Nihil Sine Deo.
  • #567
  • Feb 17, 2007 10:11am Feb 17, 2007 10:11am
Appreciate your efforts here...but unless i am misreading your results...it doesn't look like this is a winning strategy...at least with the paramaters you have set up with the ea...

I don't have a lot of experience reading these test results...but doesn't seem very encouraging...
  • #568
  • Feb 17, 2007 10:22am Feb 17, 2007 10:22am
Skyline, Thanks again for your hard work. Your EA ROCKS!
If you have some free time, is there any way to add the following to your code:

  1. User input for a reversal after x trending days (default of 3).
  2. True/False to stay in the trade (not close it) if the trend continues. In other words, you are long and know you will be long tomorrow because today is an uptrend (and not the x number of trending days from #1), stay long. However, the SL & TPs need to change based on the new day's open.

  • #569
  • Feb 17, 2007 10:37am Feb 17, 2007 10:37am
yeap... doesn't seem like it. maybe my parameters are not right? or maybe the EA doesn't function as it should. i'll have to do a manual check.

Quoting bholiday
Appreciate your efforts here...but unless i am misreading your results...it doesn't look like this is a winning strategy...at least with the paramaters you have set up with the ea...

I don't have a lot of experience reading these test results...but doesn't seem very encouraging...
Nihil Sine Deo.
  • #570
  • Feb 17, 2007 10:47am Feb 17, 2007 10:47am
Quoting Scrat
yeap... doesn't seem like it. maybe my parameters are not right? or maybe the EA doesn't function as it should. i'll have to do a manual check.
I did a test from 2005 jan to dec.. my 10,000 demo went to almost 0. Am I doing the right thing of the EA?
Attached File(s)
File Type: zip StrategyTester.zip   26 KB | 393 downloads
  • #571
  • Feb 17, 2007 11:27am Feb 17, 2007 11:27am
If you are using Alpari data on 1H timeframe. There is no 2300 bar on fridays, and there is no sunday candle. These could change results. I have added a 3 day reverse or not and currently testing that. I also added a BE and trail, but the way the EA is coded it automatically reverses when these are hit. I am trying to get my head around how to leave the reverse entry where it is if one is hit, but I think that would mean adding pending orders....I think. Stay tuned.....
  • #572
  • Feb 17, 2007 11:28am Feb 17, 2007 11:28am
It is not suprpse for people who did backtest.
Unfortunately Tk ignoring the fact that this strategy which perform so great in the last couple month is actually lossing strategy in the long run(daily strategy). Weekly works. Daily don't.
I sent PM to Tk a month ago after I did backtest with similar results like you, and he suprisingly to me ignore it. He don't like backtesting for some reason.
I did manual backtest, so it make it even more prove that this strategy losing in the long run.
Quoting Scrat
i just finished a strategy tester with MT4 for the last 2 versions, 1b and 1c. see the results in the attached pdfs. slightly different results for each EA, and quite a surprise: see the results of this system for the last year.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #573
  • Feb 17, 2007 11:30am Feb 17, 2007 11:30am
Quoting maria77
I did a test from 2005 jan to dec.. my 10,000 demo went to almost 0. Am I doing the right thing of the EA?
Use every tick, control points are almost useless. Also see above.
  • #574
  • Feb 17, 2007 11:52am Feb 17, 2007 11:52am
Initial results on the three day reverse do not make much difference in profit, but do help with drawdown and smooth it out a little.

just a note. I am consistently getting positive results over the long haul. I dont know if you guys are just testing a month or what. I have used skylines and rythm with similar results on MANY backtests. There are bad months during ranging periods but 2000-2500 pips a year in the end.
Attached File(s)
File Type: zip Dailyscalpreports.zip   55 KB | 509 downloads
  • #575
  • Feb 17, 2007 11:59am Feb 17, 2007 11:59am
Really
If someone else said this I won't belive it, but you probably did many backtests.
OK I have to redo my backtest and see what I will get now.
Just one question, did you change something in rules from TK original daily system? If you changed what exactly?
Andry
Quoting C.E.O.
Initial results on the three day reverse do not make much difference in profit, but do help with drawdown and smooth it out a little.

just a note. I am consistently getting positive results over the long haul. I dont know if you guys are just testing a month or what. I have used skylines and rythm with similar results on MANY backtests. There are bad months during ranging periods but 2000-2500 pips a year in the end.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #576
  • Feb 17, 2007 12:07pm Feb 17, 2007 12:07pm
Quoting maria77
I did a test from 2005 jan to dec.. my 10,000 demo went to almost 0. Am I doing the right thing of the EA?
Again, all what is important right now is: does EA places the same orders as manual method? If yes, EA works as should, regardless of loss/profit generated.

So next few weeks of forward testing will give us answer. Use EA and trade manually and compare trades. If different, then EA need some more work.

Once we know, that EA places orders as should - it's all about method - is it profitable only latelly or it will give a profit for the longer term? Again, forwardtesting will give an answer, not MT4's backtesting.

(I also don't trust MT4 backtest... too many times EA's perform different betwen back and forward testing)

Mario
  • #577
  • Feb 17, 2007 12:15pm Feb 17, 2007 12:15pm
Quoting C.E.O.
Initial results on the three day reverse do not make much difference in profit, but do help with drawdown and smooth it out a little.
Good to know, thank you! This is what I was hopping for. It is necessary that there is not much of a difference if we want this method to be profitable.

Why? Since different brokers are using different opening hours, daily candles are different for different brokers.

So while you will have buy I may have sell. So it is important, that method shows good results even if you enter in the 'wrong' direction.

Thanks for your results.

Mario
  • #578
  • Feb 17, 2007 12:29pm Feb 17, 2007 12:29pm
Quoting skyline
Exactly , I don't know how Tkimble handle the doji candle , is doji a bullish or bearish candle ?
I asked Tkimble this on a previous post and the answer was to ignore the doji and use the previous candle to it as the indicator. So if the previous candle to the doji was bearish you would sell (as long as it wasn't the third bearish candle - in which case you would buy).

Hope this makes sense.
  • #579
  • Feb 17, 2007 12:43pm Feb 17, 2007 12:43pm
since initial entries have a crucial importance, i wonder if there's any way to code for deciding a buy or a sell using MACD or/and RSI (on the daily graph) and not only with previous day trend. i know these are not tk's rules, but if it's profitable in any way why not use it?
Nihil Sine Deo.
  • #580
  • Feb 17, 2007 1:58pm Feb 17, 2007 1:58pm
Quoting Scrat
since initial entries have a crucial importance...
Are you takling about direction of initial entries? If so, looks like you are not right. (see bellow)

Are you talking about one or two hours delay based on different broker's data? Again, looks like method works so far.

Explanation.: We (different traders) are using different brokers, so we are trading with different signals. So far we are profitable on average - but true - on short time sample. This negate your upper statement.

So in these cases I don't see that initial entries have a cruical importance. Bottom line is similar. You may get one aditional whipsaw. But then again, some other day, you may get one less if market doesn't follow original Tkimble's rules : while you entered in the 'wrong' direction. So in the end there shouldn't be too much of a difference.

Only (long enough) forward testing will give us answers.

Quoting Scrat
... i wonder if there's any way to code for deciding a buy or a sell using MACD or/and RSI (on the daily graph) and not only with previous day trend. i know these are not tk's rules, but if it's profitable in any way why not use it?
" i know these are not tk's rules, but if it's profitable in any way why not use it? " - how you know, that these 'new' rules are more profitable than original Tkimble method?

Sounds to me, that your are using few asumptions, guesses, to come to decision, let's try something different. Why trying to fix what is not broke (yet) ?!? Why not just give a try to original method as it generates pips so far. When stops, then let's go to the drawing board.

Beside, skyline already answered this. He don't want 15 different EA's floating here around. There is enough work with one already. This thread is for this particular method.

Option would be, to start different thread with your idea/modification and see if it works.

Why not, we may get two different strategies that works...

Mario
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