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Part Time Wealth Building Trading System - Daily Scalping

  • #781
  • Feb 22, 2007 8:51am Feb 22, 2007 8:51am
Quoting bholiday
I just don't understand how you guys are getting stopped out so much...and down so many pips...

Are you moving stops to breakeven after 40 pips?

Have you tried the ideas in post 623? With this approach...after 6 stops outs...you still profit?

I went short on the pound yen yesterday...had my alarm go off when it moved 40 pips in my favor...my trailing stop of 40 had reset my stop to BE...I felt it might retrace so took my profits...reset my buy entry at my new stop...got filled again going up...had my stop moved to break even again when it moved 40+ pips up...

So worst case scenario...could have had two breakeven stop outs (if both stopped out)...but i took partial profits so my account is up...
I do the same thing, however, I do not take partial profits.
Life is too short to have anything but delusional notions about yourself.
  • #782
  • Feb 22, 2007 8:51am Feb 22, 2007 8:51am
Quoting bholiday
I just don't understand how you guys are getting stopped out so much...and down so many pips...

Are you moving stops to breakeven after 40 pips?

Have you tried the ideas in post 623? With this approach...after 6 stops outs...you still profit?

I went short on the pound yen yesterday...had my alarm go off when it moved 40 pips in my favor...my trailing stop of 40 had reset my stop to BE...I felt it might retrace so took my profits...reset my buy entry at my new stop...got filled again going up...had my stop moved to break even again when it moved 40+ pips up...

So worst case scenario...could have had two breakeven stop outs (if both stopped out)...but i took partial profits so my account is up...
Holiday, what broker do you use? Are you using an EA?
  • #783
  • Feb 22, 2007 8:56am Feb 22, 2007 8:56am
IF i were awake i would have taken +40 pips and then out for the day...
well i have to consider a couple of things and the most important would be to set a lower TP. and maybe change my sleep hours.
i'm trying to find the best way to handle these ranging periods...

Quoting bholiday
I just don't understand how you guys are getting stopped out so much...and down so many pips...

Are you moving stops to breakeven after 40 pips?

Have you tried the ideas in post 623? With this approach...after 6 stops outs...you still profit?

I went short on the pound yen yesterday...had my alarm go off when it moved 40 pips in my favor...my trailing stop of 40 had reset my stop to BE...I felt it might retrace so took my profits...reset my buy entry at my new stop...got filled again going up...had my stop moved to break even again when it moved 40+ pips up...

So worst case scenario...could have had two breakeven stop outs (if both stopped out)...but i took partial profits so my account is up...
Nihil Sine Deo.
  • #784
  • Feb 22, 2007 9:15am Feb 22, 2007 9:15am
My broker allows me to trail stops...so i trail by 40...that way...even if i am not awake my stop gets moved to break even at 40...

My broker is fxsol....

I don't use the ea.

Quoting hondakorn
I will try that strategy with an alarm to manually move my stop to be...i will try alertfx and see if that helps me out....alot of my losses happen over night but once im in profit I will just have to wake up and change it....
  • #785
  • Edited 9:56am Feb 22, 2007 9:29am | Edited 9:56am
Quoting skyline
Finally Daily Scalping EA v1.0e running on 2 pairs GBPUSD & GBPJPY seems to work nicely even if the result since now are not so good.
My settings are :

GMT_Shift=0
TakeProfit=200
StopLoss=40
HourToCloseOrders=17
SundayCandleExists= true
Lots=0
UseMoneyManagement=true
Risk=10
Slippage=3
MaxLossesTradesPerDay=2

20/2 : +156 pips
21/2 : -160 pips

Total : -4 pips

Today EA opened 2 sell orders at 00 am GBPUSD @ 1.9536 and GBPJPY @ 236.28
Broker used for forward testing : FastbrokersFX (gmt 00 aligned)
Thanks for your hard work sky!
I am running an optimization on your EA and it should be done sometime next week. So far, the results are encouraging. I chose to keep the TP at 100 so it wouldn't take too long. Preliminary results show a SL of 50 to be more profitable with a shift of +1 (on IBFX). Another key is the Max losses at 2, which is what you are using too.
If you feel like working on it some more, I would suggest the following tweaks:

  1. Reversal Days (TK recommends 3, I would like to test others including 0, which would reverse everyday and 100 which should never reverse). See where I am going with this? Zero, might be a good hedge against whipsaws with a small TP [+20?]
  2. Move SL x pips after y pip move (not a trailing, just a move). Purpose: to move to break even after a 40 pip move like people are discussing.
  3. Somehow have the ability to stay in a play overnight if you are still trending (and subject to #1). In other words, if today's "now" price is higher than "open" price, and you are long, don't close order at closing time. And when new day begins, modify TP & SL to reflect new open price.

I know this is asking a lot. I like your EA! Great work!

  • #786
  • Feb 22, 2007 9:30am Feb 22, 2007 9:30am
Quoting bholiday
My broker allows me to trail stops...so i trail by 40...that way...even if i am not awake my stop gets moved to break even at 40...

My broker is fxsol....

I don't use the ea.
im fxsol also....a b/e is better than a loss...I always overlook the simple stuff....haha
CRAIGSLIST BARTERING CHAMPION
  • #787
  • Edited 9:58am Feb 22, 2007 9:38am | Edited 9:58am
In order to view this document you will need to right click on it and then select save target as to your computer. It is based in excel.

Thanks again tKimble for introducing your system to forexfactory.

yezbick
Attached File(s)
File Type: xml tkimble weekly daily share report.xml   57 KB | 817 downloads
  • #788
  • Feb 22, 2007 10:03am Feb 22, 2007 10:03am
Quoting yezbick
In order to view this document you will need to right click on it and then select save target as to your computer. It is based in excel.

Thanks again tKimble for introducing your system to forexfactory.

yezbick
CHA.....CHING!!!!!!!!!!!

Thanks for sharing!!!
(also had to change the .xml to .xls to view)
  • #789
  • Feb 22, 2007 10:03am Feb 22, 2007 10:03am
Quoting bholiday
My broker allows me to trail stops...so i trail by 40...that way...even if i am not awake my stop gets moved to break even at 40...

My broker is fxsol....

I don't use the ea.
I'm using MGForex and I think I'm going to switch to InterbankFX. I currently have no trailing stop ability and I think their order entry platform is kinda weird. I actually think that I am losing money by staying with them because I can't set up the trades the way I want!
  • #790
  • Feb 22, 2007 10:31am Feb 22, 2007 10:31am
Took 100 PIP profit after sustaining two 40 PIP losses. Up 102 PIPS for the week thusfar. Flat at this time until 2400 GMT. Remember, my goal is only 50 PIPS weekly but 100 is just fine...

TK
  • #791
  • Feb 22, 2007 10:50am Feb 22, 2007 10:50am
  •  Trader#0000
  • | Status: Unregistered Trader
I haven't read this whole thread (focusing mainly on the weekly) so please point me at the right direction (post no.) if this has been discussed before.

Anyone figured from backtesting the max losses you encountered in a row? I'm not speaking about drawdown, just the maximum losers one after the other.

Thanks
  • #792
  • Feb 22, 2007 10:53am Feb 22, 2007 10:53am
Quoting tkimble
Took 100 PIP profit after sustaining two 40 PIP losses. Up 102 PIPS for the week thusfar. Flat at this time until 2400 GMT. Remember, my goal is only 50 PIPS weekly but 100 is just fine...

TK
Great trading from the master

TP100 appears to have worked well for the daily system this week..
  • #793
  • Feb 22, 2007 11:34am Feb 22, 2007 11:34am
I posted a very simple and very profitable trending system that I use in conjunction with the daily system at the following location:

http://www.forexfactory.com/showpost...postcount=1140

This should really appeal to the strict trend followers...

TK
  • #794
  • Feb 22, 2007 11:49am Feb 22, 2007 11:49am
I've been watching this thread for a while now without really posting anything. I just just wanted to send my thanks to tkimble for this wonderful system.

Being a beginner in the forex business(since oct 06) I've been experimenting with a lot of different systems, indicators etc. Needless to say I've lost quite a bit of money during that journey but also learned some things. One of the most important things would be to try sticking with the rules and be patient. At an early stage i really had problems dealing with a drawndown, I could even decide that a system was no good after the first loss. Your system is indicator free which makes it a lot easier to keep focus without misinterpreting those silly lagging indicators.

I like the simple approach to trading so once again thank you!

Just a question for you and the rest of the guys: Do you prefer trading the GPB/JPY instead of the Cable?. I get the impression that a greater part of the thread visitors prefer this or am I just seeing things?
Liberate me ex inferis
  • #795
  • Feb 22, 2007 12:03pm Feb 22, 2007 12:03pm
Quoting skyline
Finally Daily Scalping EA v1.0e running on 2 pairs GBPUSD & GBPJPY seems to work nicely even if the result since now are not so good.
My settings are :

GMT_Shift=0
TakeProfit=200
StopLoss=40
HourToCloseOrders=17
SundayCandleExists= true
Lots=0
UseMoneyManagement=true
Risk=10
Slippage=3
MaxLossesTradesPerDay=2

20/2 : +156 pips
21/2 : -160 pips

Total : -4 pips

Today EA opened 2 sell orders at 00 am GBPUSD @ 1.9536 and GBPJPY @ 236.28
Broker used for forward testing : FastbrokersFX (gmt 00 aligned)
---------------------------------------------------------------
Can you repost your ea? The link does not work anymore. Thanks.
  • #796
  • Feb 22, 2007 12:14pm Feb 22, 2007 12:14pm
Quoting tkimble
Took 100 PIP profit after sustaining two 40 PIP losses. Up 102 PIPS for the week thusfar. Flat at this time until 2400 GMT. Remember, my goal is only 50 PIPS weekly but 100 is just fine...

TK
I would be out for the week then! The market is choppy this week.
Don Life is expensive, but includes a free trip around the sun.
  • #797
  • Feb 22, 2007 12:17pm Feb 22, 2007 12:17pm
TK,

Is this a modification of the original system (Nov 06) which used 50 SMA and RSI < or > 50?



Quoting tkimble
I posted a very simple and very profitable trending system that I use in conjunction with the daily system at the following location:

http://www.forexfactory.com/showpost...postcount=1140

This should really appeal to the strict trend followers...

TK
  • #798
  • Feb 22, 2007 1:12pm Feb 22, 2007 1:12pm
i noticed that, too. here's the file.

Quoting greatlakes
---------------------------------------------------------------
Can you repost your ea? The link does not work anymore. Thanks.
Attached File(s)
File Type: zip Daily_Scalping_EA_v1.0e.zip   14 KB | 551 downloads
Nihil Sine Deo.
  • #799
  • Feb 22, 2007 2:02pm Feb 22, 2007 2:02pm
Quoting yezbick
In order to view this document you will need to right click on it and then select save target as to your computer. It is based in excel.

Thanks again tKimble for introducing your system to forexfactory.

yezbick
Would be great if you could post which rules you used for the backtesting.
Did you move SL, or always keep it at 40 pips from entry. Did you use a 100 pip daily Target, og did you close at the end of the day etc.

Thanks, Bjorn
  • #800
  • Feb 22, 2007 2:14pm Feb 22, 2007 2:14pm
GBP/JPY has had four daily "up" candles in a row. Is the next entry a short at market price with a 40 pip SAR? What time do you usually enter? I know I've heard something like, when your trading platform shows a new candle, but that varies. My platform closes out the day at 3pm est.

Thanks.
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