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Part Time Wealth Building Trading System - Daily Scalping

  • #941
  • Feb 27, 2007 3:10pm Feb 27, 2007 3:10pm
Wow after picking up my son at school. I came back to find the following. My account is up 202% today.

EURCAD = 130
EURJPY = 310
GBPCHF = 267
GBPJPY = 584
GBPUSD = -30
USDJPY = 280

What a day. Truly an amazing day.

thanks again tKimble.

yezbick
  • #942
  • Feb 27, 2007 3:15pm Feb 27, 2007 3:15pm
Quoting richy
congratz yezbick

however i think that it's a bit inappropriate to apply a fixed 40 pip SAR for all pairs. For instance GBP/JPY has the daily moving range much bigger than USD/JPY so 40 pip distance may be too big for USD/JPY or too tight for others like GBP/JPY.

i'm gonna do a test with ATR/4 SAR...
Thank you for the input. What is the best way to determine the SAR for a given pair? I am enjoying the diversification of my growth and would like to be as precise as possible.

Can you explain the ATR/4 SAR?
  • #943
  • Feb 27, 2007 3:19pm Feb 27, 2007 3:19pm
Quoting tkimble
I concur with your observation in that today is indeed a rare day but, without the system, chances are that traders would not have been capable of enjoying such outlandish profits. The point to be made is that the system prepares you to profit from whatever volatility exists at any given time and that is the best that can be expected.

Always be prepared to take what that market offers. Today is an exceptional offering...

Happy Trading,

Tkimble
I agree 100% with you, In my short experience, as you say, I saw rallies like this one and in the best case I kept out without even get 15 pips just watching as a frustrated espectator, but most of the times I entered the wrong way which is far worse , now I am working a system that put me in the right direction, and I thank you and all the people who contribute here.

BTW, what about the second part of my post, are going long or short for tomorrow?

Thanks
  • #944
  • Feb 27, 2007 3:26pm Feb 27, 2007 3:26pm
Quoting traderone
Great results Yezbick....

Do you somehow limit the number of daily trades? What is your closing hour on the EA? Thanks for any advice.

I have been using the following settings in Rhythm v.2

Overrule Direction = False
Direction Long False = False
EntryTimeHour = 0
ExitTimeHour = 0
MaxTrades = 6
TrailOnceStop = False
TrailStop = False
StopLoss = 40
TakeProfit = 0


I like to adjust the SL at the end of the day to be able to keep the spread and not repay it so I have set the software to not exit the market. I have not been adjusting the weekly trades SL.

The above setting was for the GBPJPY I have adjusted the rest of the pairs that I am running this on to 5 MaxTrades for the week.
  • #945
  • Feb 27, 2007 3:26pm Feb 27, 2007 3:26pm
Quoting yezbick
Wow after picking up my son at school. I came back to find the following. My account is up 202% today.

EURCAD = 130
EURJPY = 310
GBPCHF = 267
GBPJPY = 584
GBPUSD = -30
USDJPY = 280

What a day. Truly an amazing day.

thanks again tKimble.

yezbick
WOW, every time you go out and then come back you find your acc up by 500 pips, if I were you, I would be thinking on spend the night in the park...
I am just kidding...congratulations...and thank for posting your results

Regards
  • #946
  • Feb 27, 2007 3:28pm Feb 27, 2007 3:28pm
Quoting yezbick
Thank you for the input. What is the best way to determine the SAR for a given pair? I am enjoying the diversification of my growth and would like to be as precise as possible.

Can you explain the ATR/4 SAR?

This is my contribution to this method.Look at this thead on StrategyBuilder Fx http://www.strategybuilderfx.com/showthread.php?t=17300 Attach the daily range indicator to give the daily range of any given pair then divide by 4 for the best stop and reverse.

The method described is very similar to TK'S system but may actually work better with less whipsaws as it is more dynamic as it takes into account the daily range changes and enters from the high or the low. I will let the back testers test it and hopefully post the results.
  • #947
  • Feb 27, 2007 3:31pm Feb 27, 2007 3:31pm
Quoting schoe
This is my contribution to this method.Look at this thead on StrategyBuilder Fx http://www.strategybuilderfx.com/showthread.php?t=17300 Attach the daily range indicator to give the daily range of any given pair then divide by 4 for the best stop and reverse.

The method described is very similar to TK'S system but may actually work better with less whipsaws as it is more dynamic as it takes into account the daily range changes and enters from the high or the low. I will let the back testers test it and hopefully post the results.
looking forward to seeing your results. Thanks for the info.

yezbick
  • #948
  • Feb 27, 2007 3:40pm Feb 27, 2007 3:40pm
I can't find a link in the past messages...
  • #949
  • Feb 27, 2007 3:46pm Feb 27, 2007 3:46pm
salvabalza,

Quoting salvabalza
I can't find a link in the past messages...

The link your looking for is found in the weekly system. I have enclosed it below.

http://forexfactory.com/showpost.php...postcount=1087

hope this helps.

yezbick
  • #950
  • Feb 27, 2007 4:03pm Feb 27, 2007 4:03pm
Quoting schoe
This is my contribution to this method.Look at this thead on StrategyBuilder Fx http://www.strategybuilderfx.com/showthread.php?t=17300 Attach the daily range indicator to give the daily range of any given pair then divide by 4 for the best stop and reverse.

The method described is very similar to TK'S system but may actually work better with less whipsaws as it is more dynamic as it takes into account the daily range changes and enters from the high or the low. I will let the back testers test it and hopefully post the results.
I have yet to read all of the thread you mentioned. But I'm intrigued and will have to get through it over the next couple of days.

One question though. You mentioned dividing by 4 for the best SAR. Are you dividing the Average Day Range that is listed on the indicator?

Thanks for your help. This indicator looks like it will be very helpful.

yezbick
  • #951
  • Feb 27, 2007 4:10pm Feb 27, 2007 4:10pm
Quoting salvabalza
I can't find a link in the past messages...

http://forexfactory.com/showthread.php?t=11937&page=71
  • #952
  • Feb 27, 2007 5:04pm Feb 27, 2007 5:04pm
Quoting schoe
This is my contribution to this method.Look at this thead on StrategyBuilder Fx http://www.strategybuilderfx.com/showthread.php?t=17300 Attach the daily range indicator to give the daily range of any given pair then divide by 4 for the best stop and reverse.

The method described is very similar to TK'S system but may actually work better with less whipsaws as it is more dynamic as it takes into account the daily range changes and enters from the high or the low. I will let the back testers test it and hopefully post the results.
I think the beauty with tk's system is that it is solely price action based and doesn't involve any other indicators as so many other duff systems do..

To avoid whipsaws you can take smaller profits..
  • #953
  • Feb 27, 2007 5:11pm Feb 27, 2007 5:11pm
Apparently, rhythm ver2 does not account for the three day rule on switching directions. Is this correct? It just opened and stopped out on a sell on GBPJPY, and the past three days had been sells so today should have been a buy.

I'm using FXDD so we have already gotten our daily candle.

Meanwhile the EA by Skyline seems to have handled the opening trade according to the TK rule.

There are good ways to override Rhythm but I did not realize it in time.

I really like things about both of these EAs. I think they are well behaved and effective. I just have to learn all their requirements!
Don Life is expensive, but includes a free trip around the sun.
  • #954
  • Feb 27, 2007 5:14pm Feb 27, 2007 5:14pm
my trades for Wednesday:
- g-y: long, buy @ 232.23, SL = -50, TP = 100. today was is the 3rd day down and after such a price drop, long seems to be the right choice (although this pair is so unpredictable and it can drop even more...)
- g-u: short, sell @ 1.9640, SL = -40. g-u might probably be a better choice than g-y.
Nihil Sine Deo.
  • #955
  • Feb 27, 2007 6:47pm Feb 27, 2007 6:47pm
up +100 for g-y long :-)
CRAIGSLIST BARTERING CHAMPION
  • #956
  • Feb 27, 2007 10:00pm Feb 27, 2007 10:00pm
Quoting traderone
I really like things about both of these EAs. I think they are well behaved and effective. I just have to learn all their requirements!
Skyline's EA is great! It follow Tkimble's rules.

With:

- trailing stop and
- 'set break even after so many pips in the profit'

...would be perfect, since you could try and set many different combinations based on the market condition. But these aren't original Tkimble's rules, that is true. Anyway, I love Skyline's EA.

Rhytm EA don't switch trend automatically but this is not the problem. Sometimes you want to change direction after one day if move is big, for example, sometimes you want to stay in the same trend longer time, so option, to set trade direction manually is not bad idea. Perfect would be if you can have both, EA enter orders based on Tkimbles rule, but you can override them manually if you wish.

BUT - Rhytm EA is useless as it is, since it does not place order next day after target profit gets hit. Now, if you are home everyday and you can restart MT4 every time before new daily candle start, then is OK. But if you are away for a whole week you can't use it - it will not do it's job, every day, to place new order.

Since someone paid for EA it should be corrected so it could be useful. Programmer said, this was not part of the deal. I don't believe, the guy who ordered and paid it, he would agree to this condition if he would know for it. There was clearly misunderstanding. It happens.

This is good lesson for me. I can see myself in the same position. I will some day need EA, I will pay, there will be misunderstanding and I will get answer, pay more if you wish, that EA will work.

When I will need programmer to put my idea into code, I will do good research first, what programmer did in the past and how he treated his customers. I don't want to get stuck with non operating EA after I would already paid for it.

These forums, can be good promotion for programmers. But can be opposite too.

If I would be programmer I wouldn't mind invest extra hour or two, if there would be some misunderstanding, since this could attract more potential customers.

Enuf said...

GBP.JPY performed great last two days with daily strategy!
  • #957
  • Feb 27, 2007 11:08pm Feb 27, 2007 11:08pm
Quoting alamanjani
Skyline's EA is great! It follow Tkimble's rules.

With:

- trailing stop and
- 'set break even after so many pips in the profit'

...would be perfect, since you could try and set many different combinations based on the market condition. But these aren't original Tkimble's rules, that is true. Anyway, I love Skyline's EA.

Rhytm EA don't switch trend automatically but this is not the problem. Sometimes you want to change direction after one day if move is big, for example, sometimes you want to stay in the same trend longer time, so option, to set trade direction manually is not bad idea. Perfect would be if you can have both, EA enter orders based on Tkimbles rule, but you can override them manually if you wish.

BUT - Rhytm EA is useless as it is, since it does not place order next day after target profit gets hit. Now, if you are home everyday and you can restart MT4 every time before new daily candle start, then is OK. But if you are away for a whole week you can't use it - it will not do it's job, every day, to place new order.

Since someone paid for EA it should be corrected so it could be useful. Programmer said, this was not part of the deal. I don't believe, the guy who ordered and paid it, he would agree to this condition if he would know for it. There was clearly misunderstanding. It happens.

This is good lesson for me. I can see myself in the same position. I will some day need EA, I will pay, there will be misunderstanding and I will get answer, pay more if you wish, that EA will work.

When I will need programmer to put my idea into code, I will do good research first, what programmer did in the past and how he treated his customers. I don't want to get stuck with non operating EA after I would already paid for it.

These forums, can be good promotion for programmers. But can be opposite too.

If I would be programmer I wouldn't mind invest extra hour or two, if there would be some misunderstanding, since this could attract more potential customers.

Enuf said...

GBP.JPY performed great last two days with daily strategy!
I am somewhat disturbed and dissapointed to learn that programmers are being compensated for what I thought was a free and open forum where ideas get exchanged and the value is created by deploying the ideas.

I want to go on record and say that it was not my intent and I strongly believe that nobody should be receiving any financial reward for supporting any of the ideas that are being presented at this site. I strongly encourage anybody thinking of paying a programmer to develop an EA to rethink this idea. Programmers deserve to be compensated, just not through a vehicle that is suppose to promote free and unencumbered ideas.

My reasons are very simple. Good traders do not rely upon automated trading to enjoy their deserved gains. They embrace the market and become part of the market. If you are looking for an easy way out buy relying solely on EAs, then you should change your career.

TK
  • #958
  • Feb 27, 2007 11:14pm Feb 27, 2007 11:14pm
Quoting alamanjani
Skyline's EA is great! It follow Tkimble's rules.

With:

- trailing stop and
- 'set break even after so many pips in the profit'

...would be perfect, since you could try and set many different combinations based on the market condition. But these aren't original Tkimble's rules, that is true. Anyway, I love Skyline's EA.

!
I agree everything you stated.

Skyline, would you consider adding those two features to your already excellent EA?

Thanks.

Andy L
  • #959
  • Feb 27, 2007 11:49pm Feb 27, 2007 11:49pm
This week has been great. Looking back there have been other weeks that have also been extremely profitable. Remember last week or the week before? They weren't so great. Still profitable, but with stop outs. Some of us may have been ready to ditch the whole system. Disappointment, and off we go changing the system because a couple of days goes south. Flowing with the market is learning to take what it gives you, or if you lose will take from you. You will win and you will lose. Learn to let that happen without reaction. Your stops and rules will protect you.

This tested system is known to be profitable, but also will have losers. When the days come when you are stopped out 3 times come, remember this week. Remember in the long run you will profit very handsomely.

Two days. Two trades. If you used TK's system TP's , you would be up over 400 pips. Right now I am taking profit on 1/2 of my position and letting the lest go.

I would encourage you to trade this system the same way (what works for you) every day. Day in and day out. Trade this everyday, when you lose, trade the next day. When you win, trade the next day. Use your established MM, adhere to YOUR rules and be consistent.

You will be profitable.

TK, what a great contribution you have given us. It is our responsibility to form it in one documentable system that we use, and then trade it.

Great trading to you all....

Jim No
  • #960
  • Feb 28, 2007 12:26am Feb 28, 2007 12:26am
I agree what we talk about that,before.I think now market the good move we can see all the currency make confirm to us for do it something in market en can get big profit...
first,we saw cable in last day price stag in 1.9591 but i thing now we take chance to sell cable bcause target in 1.9500

good nice trade

Quoting james275
This week has been great. Looking back there have been other weeks that have also been extremely profitable. Remember last week or the week before? They weren't so great. Still profitable, but with stop outs. Some of us may have been ready to ditch the whole system. Disappointment, and off we go changing the system because a couple of days goes south. Flowing with the market is learning to take what it gives you, or if you lose will take from you. You will win and you will lose. Learn to let that happen without reaction. Your stops and rules will protect you.

This tested system is known to be profitable, but also will have losers. When the days come when you are stopped out 3 times come, remember this week. Remember in the long run you will profit very handsomely.

Two days. Two trades. If you used TK's system TP's , you would be up over 400 pips. Right now I am taking profit on 1/2 of my position and letting the lest go.

I would encourage you to trade this system the same way (what works for you) every day. Day in and day out. Trade this everyday, when you lose, trade the next day. When you win, trade the next day. Use your established MM, adhere to YOUR rules and be consistent.

You will be profitable.

TK, what a great contribution you have given us. It is our responsibility to form it in one documentable system that we use, and then trade it.

Great trading to you all....

Jim No
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