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Part Time Wealth Building Trading System - Daily Scalping

  • #641
  • Feb 19, 2007 8:54am Feb 19, 2007 8:54am
Quoting Eureka
I am having problems with the Rythm EA. After the latest back tests and conclusions reached as to the best settings, I decided to get the EA ready for testing starting tonight.

I d/l what I think is the latest version on post # 1087 and used the settings below, except I used 0 as my entry time because my broker is IBFX. I attached the EA at 9:25 am and 1 minute later, the EA activated. It did not wait until 0 GMT to start.

I then went to the author's website and d/l the version posted there and did the same thing. The EA activated immediately.

Is anyone else having this problem??

I'm also having this problem. Another problem I'm having is if you change your time to a lower timeframe the EA cancels your order and SAR's from there.

Does anyone know how to set this up for a weekly system? Original notes show placing exit point at 0 which appears to work if you have your time frame based on D1 instead of H1.

Otherwise I'm very impressed with versions 1 and 2.

yezbick
  • #642
  • Feb 19, 2007 9:12am Feb 19, 2007 9:12am
Quoting vitalykk
Hello Skyline,

1. I would like to use TP, but after the TP hits EA immediately opens revers
order...

Yes I know , but i think this is correct because this Daily method opens consecutive trades until closing time. Infact an order is supposed to be closed in two ways : by SL or by closing time not by TP. As I said early I'd like to code this EA exactly as per tkimble's rule in the first stage, after finish this then we can code some good variation


2. The question about the CheckTrend(int DaysShift) doji logics in case of
DaysShift = 1 candle is doji:

- DaysShift = 1 -> DaysShift++ -> return day's(2) trend -> OK
- DaysShift = 2 -> return day's(2) trend -> Wrong! Must return days's(3) trend
- DaysShift = 3 ->return day's(3) trend -> Wrong! Must return days's(4) trend

Or I'm wrong?

No you're right I see the error just few minutes ago , I think I will recode whole CheckTrend function to fix error

Thanks

Vitalykk
Thx
  • #643
  • Feb 19, 2007 9:29am Feb 19, 2007 9:29am
am having mixed thoughts about this. if i had entered new orders for the monday candle for gbpjpy and gbpusd, i wld have been + 150 pips now, instead of 3 stop outs.. no more carrying over for me..
  • #644
  • Feb 19, 2007 9:30am Feb 19, 2007 9:30am
Quoting yezbick
I'm also having this problem. Another problem I'm having is if you change your time to a lower timeframe the EA cancels your order and SAR's from there.

Does anyone know how to set this up for a weekly system? Original notes show placing exit point at 0 which appears to work if you have your time frame based on D1 instead of H1.

Otherwise I'm very impressed with versions 1 and 2.

yezbick
It is correct that Rhythm EA does not wait for a new session in order to activate. If it restarts, then it chcecks if it is in active session or not. Then, looking on orders on trading server it decides what to do. This is the only way to protect you against PC restarts and dropped connections. If EA would need to wait for a session begin, and it would lose connection with trading server just for few ticks when session starts, it would need to wait for another session to open, because the EA cannot possibly know, if this was caused by connections problems or restart.

Changing time frame is the same as restarting the whole system. However, I don't understand your problem. Can you describe it with more details. Probably with screen shot and log file from experts/logs directory.
  • #645
  • Feb 19, 2007 10:00am Feb 19, 2007 10:00am
Originally Posted by Eureka http://www.forexfactory.com/images/buttons/viewpost.gif
I am having problems with the Rythm EA. After the latest back tests and conclusions reached as to the best settings, I decided to get the EA ready for testing starting tonight.

I d/l what I think is the latest version on post # 1087 and used the settings below, except I used 0 as my entry time because my broker is IBFX. I attached the EA at 9:25 am and 1 minute later, the EA activated. It did not wait until 0 GMT to start.

I then went to the author's website and d/l the version posted there and did the same thing. The EA activated immediately.

Is anyone else having this problem??

//////////////////////////////////////////////////////////////

Having these problems of opening before 02:00 too ....
//////////////////////////////////////////////////////////////
and then Rythm closing positions most of the time before it should.
The biggest problem I have with this EA:
Rhythm Closes Positions all the time, before it is supposed to!
//////////////////////////////////////////////////////////////

I dare not let it run fully automated or I will have negative closes & loses. Just started testing it though but I have had a lot of problems with it. I use moneytec=gmt+2. ..... it needs more work on the Coding ..... IMO
  • #646
  • Feb 19, 2007 10:06am Feb 19, 2007 10:06am
Hi CEO,

Good to see you did those backtests and optimization runs on the Daily Scalping EA.
I’m a bit busy at the moment and away from home a lot this month otherwise I would have helped you out there..

Just had a few thoughts about how people would be able to adjust the settings you found (or they find themselves) using Alpari data with optimization runs in there *forward* tests.

I just talked to Alpari and they confirmed they are on GMT +1 indeed.

As a result of this, if you use GMT_Shift=0 in backtesting, the EA would presume the 0:00 time of the Alpari data = 0:00 GMT which is actually 23:00 GMT!

In a way it doesn’t matter during backtesting (as long as you find the best settings) but, because of this difference in data, once applied to a MT4 for *forward trading* the GMT_Shift should be adjusted accordingly and not just ‘HourToCloseOrders’). Only adjusting the ‘HourToCloseOrders’ wouldn’t adjust the starting time.


So my thought was:
With using GMT_Shift=0 in Alpari backtest, the start is actually GMT -1 so therefore when applying your settings to a chart in live trading, GMT_SHIFT has to be adjusted with the normal GMT correction - 1 hour.

Example:
-if your broker is GMT +2, you would have to set the GMT_SHIFT at 2 - 1 = +1
-if your broker is GMT +0, you would have to set the GMT_SHIFT at 0 - 1 = -1
In both example you’ll see the starting time will be 23:00 GMT (as found during backtesting).

Normally one wouldn’t have to adjust the GMT_SHIFT in this strange way but in this case I’m convinced you have to, to make sure the settings found with Alpari data will be converted correctly into any other broker for forward/live use.

Hope I’m correct here…Would be interested to get other people’s views on this please. Been around in Forex for quite a while now but this GMT correction is still the most difficult thing!!!


PS:
CEO, could you be so kind to post your variation with the option to ‘BreakEvenAfterPips=40’ you mentioned in post 586, please?

Cheers!

Vince
  • #647
  • Feb 19, 2007 10:24am Feb 19, 2007 10:24am
Quoting skyline
Hello Skyline,

1. I would like to use TP, but after the TP hits EA immediately opens revers
order...

Yes I know , but i think this is correct because this Daily method opens consecutive trades until closing time. Infact an order is supposed to be closed in two ways : by SL or by closing time not by TP. As I said early I'd like to code this EA exactly as per tkimble's rule in the first stage, after finish this then we can code some good variation
No. You mis-understood. TK does not enter a new trade on a TP. He sits out until his next entry on the following day. And he certainly does not reverse on a TP. He does not go against the trend or momentum. Your EA will smoke once you make this adjustment.
  • #648
  • Feb 19, 2007 10:30am Feb 19, 2007 10:30am
Hi, guys!

I would like to ask you what is your experience trading this method with Interbank FX. Also, is there any easy way to Stop & Reverse since they have the hedging?

Thanks.

LostFX
"All good things come to those who wait..."
  • #649
  • Feb 19, 2007 11:03am Feb 19, 2007 11:03am
Quoting Al_Have1
No. You mis-understood. TK does not enter a new trade on a TP. He sits out until his next entry on the following day. And he certainly does not reverse on a TP. He does not go against the trend or momentum. Your EA will smoke once you make this adjustment.
May be I missed some changes to the first post discussed later but looking over there there's no evidence of using TP :

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

Anyway that's not a problem , if TP is foreseen than I will try to code that in EA
  • #650
  • Edited 11:21am Feb 19, 2007 11:18am | Edited 11:21am
Hope this will be latest changes for long time

Here's changelog :

// 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
// v1.0c (17 Feb 2007) : Added routine TotalOrders to count only active order related to current EA (Thanks to Vitalykk)
// Added routine OrdersLossInDay to control losses in the same day. Users have the option to change how much loss trade they want setting external variable MaxLossesTradesPerDay.
// v1.0d (19 Feb 2007) : Fixed bug that prevent , when an order was not dispatched, to open reverse trade correctly.
// Handled the case of doji candle that EA now will ignore to determine the trend situation from last 3 candles.
// v1.0e (19 Feb 2007) : Fixed bug on CheckTrend for doji candle routine (Thanks to Vitalykk)
// Added function OrdersTakeProfit to avoid EA enter again the market until next day.


Download link : http://www.divshare.com/download/141223-14f

(attachment seems not working anymore )
  • #651
  • Feb 19, 2007 11:32am Feb 19, 2007 11:32am
Quoting skyline
May be I missed some changes to the first post discussed later but looking over there there's no evidence of using TP...

...Anyway that's not a problem , if TP is foreseen than I will try to code that in EA
Yes, it has gotten confusing. There are lots of posts to sort through. Try posts 411-413.
The only changes I've read from TK on the original are the 100 pip TP (and out for the day), and I think he was testing a 50 pip SL on G/Y, but he might be using 40 again. I don't know for sure.
  • #652
  • Feb 19, 2007 11:52am Feb 19, 2007 11:52am
I also use 50 for weekly ... but daily 40sl ....................and it depends on which pair also .... Daily for GBP/JPU use 50sl also ... I think to each its own there .... it is adjustable ..... imo
  • #653
  • Feb 19, 2007 11:55am Feb 19, 2007 11:55am
Quoting C.E.O.
I have tried to explain my position more than once why I backtest. I have also tried to explain why things are more profitable when they are. I hope people are reading everything I post and not just looking at the numbers and ignoring the rest. I believe there arent many changes to the system. It is utilizing the move to BE from the weekly system. That had a dramatic effect on the results. I KNOW you understand the closing time, and explained to others why in the post. I also stated that you would do better trading this manually IF you understand the markets. I am not trying to step on your toes here TK just trying to help make a good system better. I would rather see all the newbies trade this than some BS system with a folder full of superindicators.
Quote
You wont learn shit from a bunch of colored bars and lines and arrows.
Concentrate on the price action, throw on some trendlines, some fibs. Learn why what is happening IS happening.
LOL, Pretty funny but true...

TK
  • #654
  • Feb 19, 2007 12:14pm Feb 19, 2007 12:14pm
Quoting coolshades
am having mixed thoughts about this. if i had entered new orders for the monday candle for gbpjpy and gbpusd, i wld have been + 150 pips now, instead of 3 stop outs.. no more carrying over for me..
I take it you carried over a short trade on the GBP/USD from Friday then? Why didn't you just reset your stop-loss and profit target (if you use one) to suit Monday's opening price. This way you could still carry the trade over, but wouldn't have got stopped out.

Just a thought.
  • #655
  • Feb 19, 2007 12:14pm Feb 19, 2007 12:14pm
Attached is a current copy of the GBP/JPY chart from MT4. I am currently LONG after having been reversed twice today. Broke even on my long trade from Friday and lost 40 PIPS on the short trade from this morning. Currently LONG GBP/JPY from 232.96, up 71 PIPS as of this time...

TK
Attached File(s)
File Type: pdf GBPJPY,Daily.pdf   21 KB | 569 downloads
  • #656
  • Feb 19, 2007 12:34pm Feb 19, 2007 12:34pm
yes. that was a too late 'duh!' moment for me.



Quoting JillyB
I take it you carried over a short trade on the GBP/USD from Friday then? Why didn't you just reset your stop-loss and profit target (if you use one) to suit Monday's opening price. This way you could still carry the trade over, but wouldn't have got stopped out.

Just a thought.
  • #657
  • Feb 19, 2007 1:12pm Feb 19, 2007 1:12pm
Quoting aktur
It is correct that Rhythm EA does not wait for a new session in order to activate. If it restarts, then it chcecks if it is in active session or not. Then, looking on orders on trading server it decides what to do. This is the only way to protect you against PC restarts and dropped connections. If EA would need to wait for a session begin, and it would lose connection with trading server just for few ticks when session starts, it would need to wait for another session to open, because the EA cannot possibly know, if this was caused by connections problems or restart.

Changing time frame is the same as restarting the whole system. However, I don't understand your problem. Can you describe it with more details. Probably with screen shot and log file from experts/logs directory.
I understand now. Thank you for your help and all the effort you put into creating the EA.

yezbick
  • #658
  • Feb 19, 2007 4:00pm Feb 19, 2007 4:00pm
Quoting tkimble
Attached is a current copy of the GBP/JPY chart from MT4. I am currently LONG after having been reversed twice today. Broke even on my long trade from Friday and lost 40 PIPS on the short trade from this morning. Currently LONG GBP/JPY from 232.96, up 71 PIPS as of this time...

TK
TKimble,

Thanks for sharing this system. I really like the simplicity of the daily and weekly system.

Regarding the Stop Loss, do you use 40 PIPS including spread or 40 pips + spread for GBPUSD and GBPJPY?

Bjorn
  • #659
  • Feb 19, 2007 4:22pm Feb 19, 2007 4:22pm
Are you now officially using a 40 pips stop loss on pound yen? In a couple of posts you have alluded to that, but the rules say 50...

Please clarify....
  • #660
  • Feb 19, 2007 5:14pm Feb 19, 2007 5:14pm
Quoting bholiday
Are you now officially using a 40 pips stop loss on pound yen? In a couple of posts you have alluded to that, but the rules say 50...

Please clarify....
Using 40 PIP Stops in the GBP/JPY market...

TK
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