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Part Time Wealth Building Trading System - Daily Scalping

  • #801
  • Feb 22, 2007 2:20pm Feb 22, 2007 2:20pm
Quoting bjorn
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

I used the basic system no straddle with a 40 point SL for both GBPUSD and GBPJPY. I did not run this with a take profit or adjust the SL it in any way. This also includes 3 candles in one direction then switch to opposite as in original rules and close was at 0:00 GMT.

yezbick
  • #802
  • Feb 22, 2007 2:21pm Feb 22, 2007 2:21pm
Tk has stated that he is using the pound yen because of its increased volatility which equals to more profit potential...pound can also work...but hasn't moved too much lately...


Quoting Ronyn76
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?
  • #803
  • Feb 22, 2007 2:51pm Feb 22, 2007 2:51pm
Great information Yezbick (sorry about getting your name wrong)...this has convinced me to do both the pound dollar and pound yen simultaneously...

Also...would it be difficult to run this same test on these currencies with the current rules...take profit at 100 and moving stop to break even...etc...

It would be great to see which is actually the most profitable approach...not that i'm greedy or anything....

Actually...i lost a quarter of a million in forex last year...so would be happy to get some of that back....

Thanks again...

Quoting yezbick
I used the basic system no straddle with a 40 point SL for both GBPUSD and GBPJPY. I did not run this with a take profit or adjust the SL it in any way. This also includes 3 candles in one direction then switch to opposite as in original rules and close was at 0:00 GMT.

yezbick
  • #804
  • Edited 3:22pm Feb 22, 2007 3:02pm | Edited 3:22pm
dollars?

Quoting bholiday
Actually...i lost a quarter of a million in forex last year...so would be happy to get some of that back....

Thanks again...
actually it's been 5 days up (and if you count sunday candle, 6 days in a row). definitely a short.
except that i have a gut feeling there's still some place for a long, about 50-60 pips, to ~ 238.50. that would be just enough to trigger 2 SL if you go with a short...

Quoting G550
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.
Nihil Sine Deo.
  • #805
  • Feb 22, 2007 3:11pm Feb 22, 2007 3:11pm
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 started this week cashing 100 pips GPB/JPY with no stop out on tuesday...I don't feel comfortable to manage this week's market conditions due to my short experience, and on the other hand, I am more than happy having reached 50 pips beyond my weekly goal (50 pips) so I decided to stay out for the rest of the week watching the price action closely from outside,
and completely relaxed, and carry those 100 pips to the weekend to spend them with my family.
It is a satisfactory experience...
  • #806
  • Feb 22, 2007 3:12pm Feb 22, 2007 3:12pm
Dollars...most of it in one day...

it's a long story...

Quoting Scrat
dollars?
  • #807
  • Feb 22, 2007 3:17pm Feb 22, 2007 3:17pm
Quoting hondakorn
im fxsol also....a b/e is better than a loss...I always overlook the simple stuff....haha

honda and bholiday,

This is exaclty why I posted my question - for help and input. Thanks, and you know the sad part??? I too use FX Sol but have not taken advantage of their trailing stop feature.

DUH!!! I guess this is a perfect time and situation (my complaint on many whips and losses) to see if learning how to utilize that feature and finding a way to incorporate it into TK's Daily Method might help eliminate some of those whips.

Thanks
  • #808
  • Feb 22, 2007 3:20pm Feb 22, 2007 3:20pm
So are we short GBPJPY for the daily entry? I know the rules say after three in a row, reverse. But we've had four in a row. Are we going up or down?

Thanks and sorry for posting this twice in a short time span. I'm trying to get the order in before I have to leave and do stuff.
  • #809
  • Feb 22, 2007 3:27pm Feb 22, 2007 3:27pm
doesn't seem a long story to me. anyway, sorry to hear that.

Quoting bholiday
Dollars...most of it in one day...

it's a long story...
Nihil Sine Deo.
  • #810
  • Feb 22, 2007 5:21pm Feb 22, 2007 5:21pm
Quoting Al_Have1
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!

Thx Al_Have1
Keep us update on your finding about optimized parameters that you will find.
About changes that you are speaking about , as I said I'd like for now to leave the EA as much possible near to the original rules due to my lack time to code it. Anyway your input are really interesting me , maybe in future (I don't know when) I can apply those changes
  • #811
  • Feb 22, 2007 5:27pm Feb 22, 2007 5:27pm
Quoting Scrat
i noticed that, too. here's the file.
Ohh that's strange, the file is still on divshare and it was downloaded 190 times
Anyway thx Scrat for reposting it
  • #812
  • Feb 22, 2007 7:47pm Feb 22, 2007 7:47pm
and as usual, trades for Friday:
- g-y: short @ 237.66, SL @ 238.06; then long @ 238.06...
- g-u: not trading today, because it is still ranging. it should have been a long @ 1.9561, SL @ 1.9521 (the way i see this pair, it can go as low as 1.9500 or as high as 1.9590 today - it's still inside that triangle...). if you think you're lucky, pick one direction and then pray; if i were to chose, i would go short towards 1.9500...
Nihil Sine Deo.
  • #813
  • Edited 8:23pm Feb 22, 2007 7:53pm | Edited 8:23pm
For a crappy week I am only down 63 pips on the GU so far. Not bad. Can't wait for the trending weeks to come. I am using the natural entry, 40 pip stop, and moving reversal orders/stops to BE once I am up 40 pips. Limit 2 losses per day and BE's don't count. Not making any money, but not really losing much either considering how choppy it is.
Life is too short to have anything but delusional notions about yourself.
  • #814
  • Feb 22, 2007 8:21pm Feb 22, 2007 8:21pm
Been busy but here is my modified version of 1.0E Named 1.0ETEST

DO NOT USE THIS LIVE WITHOUT TESTING!!!!!!

I am a code hack at best, but I did manage to add a BE A trailing stop of three kinds and a variable of days to reverse from 0-5

NOTE:
Anytime a BE or TRAIL is hit it will REVERSE POSITIONS!

I have some ideas on how to modify it to say whether to reverse, or stay out. This would also apply to a TP. If it was hit you would have the option to stay out, continue with trend or reverse. At this time it is all conceptual and i have no idea if it will work so dont count on it. Skyline would be MUCH better at doing this. I would also appreciate any coders to verify my code is correct, it works but seems SLOW.

Here are the trail options...

//TrailingStopType =1,2,3
//1 (default) to start trailing at 1*TrailingStop profit,
//2 To start trail immediately
//3 To limit by high/low of n:th prior candle

//TrailingStop
//For type 1 and 2, this would be your standard trail behind price by X
//For type 3 this will be the number of candles back to use as your stoploss


In my testing, any type of trail hinders performance, but someone may find better parameters.


AGAIN:
DO NOT USE THIS LIVE WITHOUT TESTING!
I have done a few quick runs with the final code and it appears to work. If all is well, i will leave it to skyline to change version numbers. Also I hope you dont get upset about this Skyline. I dont really like using others code for public release, but i cant write a full EA yet.

Anyway, here it is....
Attached File(s)
File Type: mq4 Daily Scalping EA v1.0eTEST.mq4   20 KB | 493 downloads
  • #815
  • Feb 22, 2007 8:46pm Feb 22, 2007 8:46pm
Appreciate you efforts...
  • #816
  • Feb 22, 2007 11:10pm Feb 22, 2007 11:10pm
Thanks CEO....for trying with the EA!

I tested it and it did open an order!

Now is to see how it acts.

Much appreciated ... for all your hard work for us!

Hopefully skyline gets the time to inspect the settings.
  • #817
  • Edited 7:00am Feb 23, 2007 6:46am | Edited 7:00am
this week was crappy and today is really the worst day... just look at the range: g-u 75, g-y 68. already stopped once on g-y...
Nihil Sine Deo.
  • #818
  • Feb 23, 2007 6:55am Feb 23, 2007 6:55am
Quoting Scrat
this week was crappy and today is really the worst day...
x2

Hopefully, next week will be better.
  • #819
  • Feb 23, 2007 7:11am Feb 23, 2007 7:11am
Quoting Scrat
this week was crappy and today is really the worst day... just look at the range: g-u 75, g-y 68. already stopped once on g-y...
I picked the wrong week to start this madness! Tell me it gets better...a lot better!
  • #820
  • Feb 23, 2007 7:22am Feb 23, 2007 7:22am
lol... so i'm not the only one who went big just when things started to mess around...

Quoting G550
I picked the wrong week to start this madness! Tell me it gets better...a lot better!
Nihil Sine Deo.
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