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Part Time Wealth Building Trading System - Daily Scalping

  • #1,121
  • Mar 8, 2007 5:08am Mar 8, 2007 5:08am
Quoting grajo
I don't use EA's but MT4 is free, and lends itself very well to custom scripts and EA's, that's why it has such a popular following here.

You can download it for free from www.strategyBuilderFX.com and also Metaquotes (there may be others).

You can then just use it as a demo/test platform, or actually trade live from it, as it has several brokers that will allow you to trade with them and use MT4.
Many thanks for the above info. It looks a good package and you cannot argue with free!

Maybe someone can help with the interpretation of the candles.

Firstly - for the daily scalping are you looking at hourly candles?

Second - and this may be a stupid question, where are you determinig the daily closing price? Is this the closing price of the 11pm candle? You then compare this with the midnight candles opening price to see the trend? I notice that are fractional differences between them sometimes so a trend is impossible to see. This week I've waited from midnight to find a good trend, but you could spend all night looking for it in a slow day.

thanks for your help!
  • #1,122
  • Mar 8, 2007 6:57am Mar 8, 2007 6:57am
Quoting uktracker
Many thanks for the above info. It looks a good package and you cannot argue with free!

Maybe someone can help with the interpretation of the candles.

Firstly - for the daily scalping are you looking at hourly candles?

Second - and this may be a stupid question, where are you determinig the daily closing price? Is this the closing price of the 11pm candle? You then compare this with the midnight candles opening price to see the trend? I notice that are fractional differences between them sometimes so a trend is impossible to see. This week I've waited from midnight to find a good trend, but you could spend all night looking for it in a slow day.

thanks for your help!
Your "new day" starts depending on where you live (your time frame), and your brokers platform. I live on the east coast US (New England), and my broker's platform starts their new day at 5:00PM EST (because that's when New Zealand opens). So, I will see the new daily candle start to form at 5:01PM.

If the previous days candle (which for me would have just closed a minute earlier at 5:00PM) was up, you go long at that time, if the previuos days candle was down, you go short.

The only twist to this rule is if there were (3) consecutive daily candles all going the same way (e.g. three days up in a row, or three days down in a row), then the odds are that it will go in the opposite direction for that 4th day.

After that, the "fun" begins, and you're either going to go totally mechanical and follow the rules to the "t", or you're going to start to let discretion creep in...And working through those issues is where the REAL challenge starts...
  • #1,123
  • Mar 8, 2007 7:12am Mar 8, 2007 7:12am
I'm not doing extremely well this week, but still on the plus side. Up about 86 pips for the week so far.

Quoting schoe
I don't know if its just me i'm trying the weekly and the daily using the EA on a demo and my account has taken a bit of a beating this week. Trading 0.3 lots its down 2000 dollars from last week.

How is everybody else doing?
  • #1,124
  • Mar 8, 2007 8:04am Mar 8, 2007 8:04am
My results for this weeks are really good...

Trade only GBP/JPY, with TP:

Mon: TP +100 Pips (no SL hit)
Tue: SL -50 ,TP + 150 = +100
Wed: SL -50, TP +150 = +100
Thu: SL-50 , TP + 150 = + 100


so far this week...+ 400 pips.

Regards
  • #1,125
  • Mar 8, 2007 8:21am Mar 8, 2007 8:21am
Quoting toti1972
My results for this weeks are really good...

Trade only GBP/JPY, with TP:

Mon: TP +100 Pips (no SL hit)
Tue: SL -50 ,TP + 150 = +100
Wed: SL -50, TP +150 = +100
Thu: SL-50 , TP + 150 = + 100


so far this week...+ 400 pips.

Regards
Have you changed your target to 150 altogether or do you switch to 150 whenever a SL is hit?

My results for the week so far are as follows:

Mon: +100
Tue: -40+100=+60
Wed: +100
Thu: +100
Regards
  • #1,126
  • Mar 8, 2007 8:52am Mar 8, 2007 8:52am
Quoting howard
Have you changed your target to 150 altogether or do you switch to 150 whenever a SL is hit?

My results for the week so far are as follows:

Mon: +100
Tue: -40+100=+60
Wed: +100
Thu: +100
my initial TP is set to 100 pips.
if I hit SL (-50) then I move my TP to cover that loss, and still target 100 pips profit...so it would be moved to 150 pips
in case I was stopped out again, then my TP would be 200 and so on...(for me that would be enough, just 3 stop outs and I am done for the day.but to understand the point)

this is the first week I am trying this way, and it is doing well so far...

I notice you got just one stop for the week, just to check, I went:

mon: short
tue: short
wed: long
thu: short

what about you? btw i am GBP/JPY

Regards
  • #1,127
  • Mar 8, 2007 8:57am Mar 8, 2007 8:57am
Quoting schoe
I don't know if its just me i'm trying the weekly and the daily using the EA on a demo and my account has taken a bit of a beating this week. Trading 0.3 lots its down 2000 dollars from last week.

How is everybody else doing?
I have been trading the GBP/USD on the daily and I have been hammered this week also. I have been trading this system for five weeks with the pound and have made 21 pips overall. Hope things get better.
  • #1,128
  • Mar 8, 2007 9:02am Mar 8, 2007 9:02am
Quoting toti1972
my initial TP is set to 100 pips.
if I hit SL (-50) then I move my TP to cover that loss, and still target 100 pips profit...so it would be moved to 150 pips
in case I was stopped out again, then my TP would be 200 and so on...(for me that would be enough, just 3 stop outs and I am done for the day.but to understand the point)

this is the first week I am trying this way, and it is doing well so far...

I notice you got just one stop for the week, just to check, I went:

mon: short
tue: short
wed: long
thu: short

what about you? btw i am GBP/JPY

Regards
Entries exactly as yours, all entries at 22:00 GMT that is when my daily bar closes

Mon:short
Tue:short
Wed:long
Thu:short
Regards
  • #1,129
  • Mar 8, 2007 9:04am Mar 8, 2007 9:04am
Quoting bmcorcoran
I have been trading the GBP/USD on the daily and I have been hammered this week also. I have been trading this system for five weeks with the pound and have made 21 pips overall. Hope things get better.
I can assure you that EAs do not work on this method, as TKimble pointed out in the previous posts this is a hands-on system
Regards
  • #1,130
  • Mar 8, 2007 9:49am Mar 8, 2007 9:49am
Quoting karl
Can you please give your TIME in GMT or EST. thanks. karl
GMT 2300
EST 7:00 pm
  • #1,131
  • Mar 8, 2007 9:57am Mar 8, 2007 9:57am
Quoting toti1972
My results for this weeks are really good...

Trade only GBP/JPY, with TP:

Mon: TP +100 Pips (no SL hit)
Tue: SL -50 ,TP + 150 = +100
Wed: SL -50, TP +150 = +100
Thu: SL-50 , TP + 150 = + 100


so far this week...+ 400 pips.

Regards
What time of day do you get your daily candles? Thanks.
Don Life is expensive, but includes a free trip around the sun.
  • #1,132
  • Mar 8, 2007 10:00am Mar 8, 2007 10:00am
Quoting Yerac
GMT 2300
EST 7:00 pm
Hello Yerac - Hope you dont mind me to correct.
GMT 2300 is 6pm EST (7pm EST is 00.00 GMT)

DW
  • #1,133
  • Mar 8, 2007 10:06am Mar 8, 2007 10:06am
Quoting howard
I can assure you that EAs do not work on this method, as TKimble pointed out in the previous posts this is a hands-on system
I can assure you that an EA does work with this system.

You have to use pairs with high Average Daily Ranges.

This is Rhythm 2.0 on IB F X since March 1.
Attached File(s)
File Type: zip rhythm_3jpy_mar8.zip   2 KB | 564 downloads
Don Life is expensive, but includes a free trip around the sun.
  • #1,134
  • Mar 8, 2007 10:09am Mar 8, 2007 10:09am
Quoting traderone
I can assure you that an EA does work with this system.

You have to use pairs with high Average Daily Ranges.

This is Rhythm 2.0 on IB F X since March 1.
By all means use it please, if it works for you and thanks for the reply
Regards
  • #1,135
  • Mar 8, 2007 10:10am Mar 8, 2007 10:10am
Quoting driftwood
Hello Yerac - Hope you dont mind me to correct.
GMT 2300 is 6pm EST (7pm EST is 00.00 GMT)

DW
Right.

EST is -5 GMT. At least until Daylight Savings Time. If your broker is using GMT then your platform will say 00:00 at midnight GMT which is 7PM EST (GMT -5).
Don Life is expensive, but includes a free trip around the sun.
  • #1,136
  • Mar 8, 2007 10:13am Mar 8, 2007 10:13am
Quoting howard
By all means use it please, if it works for you and thanks for the reply
I am skeptical on EAs also Howard. But I think that the fundamental rules that TKimble has set forth are so good that an EA could possibly work.

We need to analyze and use the pairs with the highest daily movement. I use the ATR for 20 or 30 to help.

That is why I started trading yen pairs last week, and left out the Cable.
Don Life is expensive, but includes a free trip around the sun.
  • #1,137
  • Mar 8, 2007 10:17am Mar 8, 2007 10:17am
Quoting bmcorcoran
I have been trading the GBP/USD on the daily and I have been hammered this week also. I have been trading this system for five weeks with the pound and have made 21 pips overall. Hope things get better.
Guppy ( GBP/JPY) has peformed considerably better than cable recently - maybe worth a try?..or combine the two...
  • #1,138
  • Mar 8, 2007 10:17am Mar 8, 2007 10:17am
Quoting traderone
I am skeptical on EAs also Howard. But I think that the fundamental rules that TKimble has set forth are so good that an EA could possibly work.

We need to analyze and use the pairs with the highest daily movement. I use the ATR for 20 or 30 to help.

That is why I started trading yen pairs last week, and left out the Cable.
Yes rules are, for sure, excellent
Regards
  • #1,139
  • Mar 8, 2007 10:31am Mar 8, 2007 10:31am
Great statement, Don. Is this totally without manual intervention?

Quoting traderone
I can assure you that an EA does work with this system.

You have to use pairs with high Average Daily Ranges.

This is Rhythm 2.0 on IB F X since March 1.
  • #1,140
  • Mar 8, 2007 10:59am Mar 8, 2007 10:59am
Quoting Eureka
Great statement, Don. Is this totally without manual intervention?
No manual intervention. My exit time is set to 16.

I don't want to leave out Skyline. So, here is a statement for 1.0e since around Feb 20. I am trading the Cable and the GBPJPY. This is one of the reasons that I started analyzing other pairs. Cable is down -147 pips while in the same time the GBPJPY is over +500. No intervention here either. Just let it rip on I B F X. Which does daily candles at 7 PM EST.
Attached File(s)
File Type: zip sky_ibfx_mar8.zip   3 KB | 430 downloads
Don Life is expensive, but includes a free trip around the sun.
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