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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,201
  • Feb 25, 2007 6:52pm Feb 25, 2007 6:52pm
Sorry for the confusion everyone: On post #1189 I mentioned that I had back-tested the original system for 59 weeks and it gave negative results.

This is because I was testing the wrong rules. I didn't have the orders being replaced throughout the week as they get stopped out. I also was not adjusting the orders to be AT Friday's close but 25 pips away.

So I fixed my program, re-tested it and...IT IS PROFITABLE, yay!

Since I have this in a program...I can easily and quickly test slight modifications to the rules to see if there is room for some improvement.

For example: The suggestion I made earler, to use Monday's close as the straddle price...I found out that it does NOT improve the system. So stick with Friday's close.

Once again, sorry if I cause any confusion.

-mathematician
  • #1,202
  • Feb 26, 2007 3:01am Feb 26, 2007 3:01am
Quoting mathematician
Sorry for the confusion everyone: On post #1189 I mentioned that I had back-tested the original system for 59 weeks and it gave negative results.

This is because I was testing the wrong rules. I didn't have the orders being replaced throughout the week as they get stopped out. I also was not adjusting the orders to be AT Friday's close but 25 pips away.

So I fixed my program, re-tested it and...IT IS PROFITABLE, yay!

Since I have this in a program...I can easily and quickly test slight modifications to the rules to see if there is room for some improvement.

For example: The suggestion I made earler, to use Monday's close as the straddle price...I found out that it does NOT improve the system. So stick with Friday's close.

Once again, sorry if I cause any confusion.

-mathematician
Good to hear mathematician,
can u please test the weekly system modified as adopted by some of the system followers

GBP/USD
-straddle the Friday close by 40 pips (instead of 50)
-Stop loss 40 (pips instead of 30)
-move the pending order to break even once the other is triggered
-retain this 40 pips rage till friday
-once you book some 50 pips, move stop to break even.

GBP/JPY
change the straddle pips & stop loss to 50 pips


Thanks
eric
Money: Bad Master, Best Slave
  • #1,203
  • Feb 26, 2007 9:58am Feb 26, 2007 9:58am
Quoting mathematician
Sorry for the confusion everyone: On post #1189 I mentioned that I had back-tested the original system for 59 weeks and it gave negative results.

This is because I was testing the wrong rules. I didn't have the orders being replaced throughout the week as they get stopped out. I also was not adjusting the orders to be AT Friday's close but 25 pips away.

So I fixed my program, re-tested it and...IT IS PROFITABLE, yay!

Since I have this in a program...I can easily and quickly test slight modifications to the rules to see if there is room for some improvement.

For example: The suggestion I made earler, to use Monday's close as the straddle price...I found out that it does NOT improve the system. So stick with Friday's close.

Once again, sorry if I cause any confusion.

-mathematician
Mathematician,

Just a thought, and a request...if you have the time and are so inclined...the daily thread is also getting a lot of play and can be profitable also. You might want to pop over there and share some of your test results as well, using the GY and GU pairs.
  • #1,204
  • Feb 26, 2007 10:14am Feb 26, 2007 10:14am
Quoting mathematician
Sorry for the confusion everyone: On post #1189 I mentioned that I had back-tested the original system for 59 weeks and it gave negative results.

This is because I was testing the wrong rules. I didn't have the orders being replaced throughout the week as they get stopped out. I also was not adjusting the orders to be AT Friday's close but 25 pips away.

So I fixed my program, re-tested it and...IT IS PROFITABLE, yay!

Since I have this in a program...I can easily and quickly test slight modifications to the rules to see if there is room for some improvement.

For example: The suggestion I made earler, to use Monday's close as the straddle price...I found out that it does NOT improve the system. So stick with Friday's close.

Once again, sorry if I cause any confusion.

-mathematician
So what were the overall results?

Thanks.
  • #1,205
  • Feb 26, 2007 5:00pm Feb 26, 2007 5:00pm
Quoting barney
hi,
how are you getting on with the 25sma system
is it profitable
Hi Barnney,

I got stopped out so many times last week on the weekly and daily trades (early in the week) that I had to sit out the week. I will post some results when I use the system this week.

Gratitude,
Retired Mary
  • #1,206
  • Feb 27, 2007 4:48am Feb 27, 2007 4:48am
If guppy carries on a this rate it will hit my 500 pip TP - good to see Rhythm EA behavng itself this week..
  • #1,207
  • Feb 27, 2007 10:10am Feb 27, 2007 10:10am
For those who like trend following systems, I will be posting two new systems using new threads next week.

Glad to see that traders are becoming comfortable with the daily and weekly scalping systems. Also a big thanks to those EA developers...

http://www.forexfactory.com/showpost...&postcount=467

Happy Trading,

TK
  • #1,208
  • Feb 27, 2007 1:14pm Feb 27, 2007 1:14pm
As always, I'll be eager to hear what you have to say, tk.

I'm up 455 on the GBPJPY for the week so far!
  • #1,209
  • Feb 27, 2007 1:57pm Feb 27, 2007 1:57pm
Miller, yup me too! Actually it's up over 500 pips now and I only had one stop out before it really took off.

Now if you had chosen the GBP/USD, you would probably have been stopped out a few times already and price has't really moved one way or the other.

So my next project will be to research ways of chosing which currency pair to trade at the beginning of the week...

-mathematician
  • #1,210
  • Feb 27, 2007 2:27pm Feb 27, 2007 2:27pm
Quoting mathematician
Miller, yup me too! Actually it's up over 500 pips now and I only had one stop out before it really took off.

Now if you had chosen the GBP/USD, you would probably have been stopped out a few times already and price has't really moved one way or the other.

So my next project will be to research ways of chosing which currency pair to trade at the beginning of the week...

-mathematician
Congrats to all who chose the right pairs...I for one did not...and good luck on your research to find the right pairs, I will be looking forward to seeing that.
  • #1,211
  • Feb 27, 2007 2:51pm Feb 27, 2007 2:51pm
  •  Trader#0000
  • | Status: Unregistered Trader
We had news about the Yen thats why it moved so much. I don't think you could predict it the previous week. But since GBP/JPY is volatile enough I guess you should trade it...
  • #1,212
  • Feb 27, 2007 3:14pm Feb 27, 2007 3:14pm
Quoting ForexDude2
We had news about the Yen thats why it moved so much. I don't think you could predict it the previous week. But since GBP/JPY is volatile enough I guess you should trade it...
Yeah, I would not be surprised if I can't find any sort of leading indicators that will help determine the currency pair that is likely to make a big move...for exactly that reason: the reaction to economic news can be very unexpected.

However fundamental traders who follow the news and know when it is due will try to forecast the new price and will price that information into the market. So perhaps this initial price action before the news will provide clues.

However I, for one, am not at all interested in looking at the fundamentals...that would open up a whole new can of worms and complicate things for me. So I will try to find some purely technical/quantitative method. We'll see if anything works...

One idea (although I personally don't want to do this either) is to simply trade both GBP/USD and GBP/JPY simultaneously each week...if the past couple weeks are a common occurance, then usually at least one of the pairs will make a big move (hopefully more than offsetting any drawdown in the other).
  • #1,213
  • Feb 27, 2007 11:57pm Feb 27, 2007 11:57pm
Quoting mathematician
One idea (although I personally don't want to do this either) is to simply trade both GBP/USD and GBP/JPY simultaneously each week...if the past couple weeks are a common occurance, then usually at least one of the pairs will make a big move (hopefully more than offsetting any drawdown in the other).
I traded both for a time not wanting to miss any move, but because of the correlation between the two felt that i had to reduce my risk exposure so i split my positions. I ALWAYS seemed to make more money on the GB Y so for now i have put everything there. That works for me best. Will be looking for some other system on another time frame to effectively trade the GBP.


Good trading to all//
JIm no
  • #1,214
  • Feb 28, 2007 1:49am Feb 28, 2007 1:49am
Quoting james275
I traded both for a time not wanting to miss any move, but because of the correlation between the two felt that i had to reduce my risk exposure so i split my positions. I ALWAYS seemed to make more money on the GB Y so for now i have put everything there. That works for me best. Will be looking for some other system on another time frame to effectively trade the GBP.


Good trading to all//
JIm no
Kewl, thanks for the useful experience. Guess it makes sense...it is the most volatile common currency pair out there.
  • #1,215
  • Feb 28, 2007 9:39am Feb 28, 2007 9:39am
Hi everyone,

I have been reading this and the daily scalping thread for a few weeks now and i want to test the EAs but i have a question.

Do you have a list of instructions for the variables for the Rythm v2 EA.

In particular what does the magic number stand for, what do i have to set it to?

Keep up the good work tkimble and the others.

Andy
  • #1,216
  • Feb 28, 2007 10:47am Feb 28, 2007 10:47am
Quoting else
Hi everyone,

I have been reading this and the daily scalping thread for a few weeks now and i want to test the EAs but i have a question.

Do you have a list of instructions for the variables for the Rythm v2 EA.

In particular what does the magic number stand for, what do i have to set it to?

Keep up the good work tkimble and the others.

Andy
Set entry and exit times to 0 to ensure that the trade doesn't close out at 00.00.

Magic number is something which identifies this experts trades against other GBP/JPY trades on the same platform -set it to anything you like ie 1234.

Suggest stop loss, 40; no trailoncestop (SAR) as this can mean getting stopped out of a great trade on volatile news release days - but use your own discretion..

overule direction and direction long both false..
  • #1,217
  • Mar 1, 2007 3:21am Mar 1, 2007 3:21am
Quoting petersurrey
Set entry and exit times to 0 to ensure that the trade doesn't close out at 00.00.
To read all Rhythm requirements, please open it in text editor and read the header.

To disable closing trades you must:
1. Set time frame to 1 hour;
2. Set entry hour to X;
3. Set exit hour to X-1.

This is because as for Rhythm requiremts, closing time is set to open of the next bar after a bar on close hour. This is as it was ordered.
  • #1,218
  • Mar 1, 2007 4:07am Mar 1, 2007 4:07am
Can you please announce the position of the last version of Rythm EA.Thanks- karl
  • #1,219
  • Mar 1, 2007 4:53am Mar 1, 2007 4:53am
Quoting aktur
To read all Rhythm requirements, please open it in text editor and read the header.

To disable closing trades you must:
1. Set time frame to 1 hour;
2. Set entry hour to X;
3. Set exit hour to X-1.

This is because as for Rhythm requiremts, closing time is set to open of the next bar after a bar on close hour. This is as it was ordered.
Hi Aktur

When you say set to X, do you mean "X" or an integer between 0 and 23?

Thanks in advance.

All the best
  • #1,220
  • Mar 1, 2007 5:01am Mar 1, 2007 5:01am
Quoting aktur
To read all Rhythm requirements, please open it in text editor and read the header.

To disable closing trades you must:
1. Set time frame to 1 hour;
2. Set entry hour to X;
3. Set exit hour to X-1.

This is because as for Rhythm requiremts, closing time is set to open of the next bar after a bar on close hour. This is as it was ordered.
Strange, I have mine set to 0,0 and it doesn't close out trades...but the time frame is set to 4 hours..

..will the above not simply close out a trade at 22.00 hour, say, and open a new trade at 22.00 hour..
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