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Part Time Wealth Building Trading System - Daily Scalping

  • #1,981
  • Jun 5, 2008 3:44pm Jun 5, 2008 3:44pm
Quoting Ronald Raygun
It's in the attachments link of the Weekly strategy if I remember properly.

But before you check, click on the little paperclip at the top of this page, that's a link to all the attachments ever posted on this thread.
Many thanks Ron, obliged.
I'll donate the first mil to charity!
So make sure it's an exciting one, 'cos it's the only one you get!
  • #1,982
  • Jun 7, 2008 11:03am Jun 7, 2008 11:03am
Hi
first of all thankyou so much tk to share this system with us.
I would like to ask if any of you are trading it successfully, I tried to backtest by using EZ from skyline and just in 10 days(jan1 to Jan10) its already runing 15% in negative..
am i doing something wrong, please advice.
Stella
  • #1,983
  • Jun 7, 2008 11:13am Jun 7, 2008 11:13am
You're not doing anything wrong in executing the system.

What I think you fail to understand is where this system works. This system works well during days with a defined direction, and minimal whipsaw.

The best case scenario I think would be GBPJPY during November 3-27, 2007. Study that section well, and understand why this system would work well there.
  • #1,984
  • Jun 7, 2008 11:15am Jun 7, 2008 11:15am
hi
i couldnt find rythm EA on paper clip, could you please post that again or direct me to exact post number where it is attached.
regards
stella
  • #1,985
  • Jun 7, 2008 11:15am Jun 7, 2008 11:15am
It's in Tkimble's weekly scalping thread.
  • #1,986
  • Jun 7, 2008 11:17am Jun 7, 2008 11:17am
hi
thnx for reply, could you please tell me how to identify which is the most suitable period for any given pair.
regards
stella

p.s. ea i used for back testing was named daily sclaping EA , i dont know if rythmEa is same.
  • #1,987
  • Jun 7, 2008 11:17am Jun 7, 2008 11:17am
hi
the one in weekly thread also work for daily ?
regards
stella
  • #1,988
  • Jun 7, 2008 11:28am Jun 7, 2008 11:28am
Quoting stella_effah
hi
thnx for reply, could you please tell me how to identify which is the most suitable period for any given pair.
regards
stella

p.s. ea i used for back testing was named daily sclaping EA , i dont know if rythmEa is same.
I already told you: Distinct direction with little whipsaw.

Rhythm EA is what I use. Dailyscalping has some quirks I personally don't like.

The Rhythm EA in weekly scalping doesn't necessarily work for weekly scalping. It was meant for daily scalping.
  • #1,989
  • Jun 7, 2008 11:29am Jun 7, 2008 11:29am
hi
thnx fr reply im backtesting it now
regards
stella
  • #1,990
  • Jun 8, 2008 1:45pm Jun 8, 2008 1:45pm
So does everybody employing this strategy on a consistent basis want to share the settings that are producing profitable results (e.g. SL, TP, exit hour, TS, etc)? How about pairs that work best with his strategy? I kknow RR has mentioned he likes to use the absolute most volatile pairs with a very large daily range. What's been working for the rest of you? Are you entering manually and letting the EA manage the trade for you or is it a fully automatic effort?

Peronally, I'm still working on finding a systematic, manual entry that is built around the parameters inherent in this SAR EA. If that proves successful, then maybe that criteria can be incorporated into the extisting Rhythm EA. I'm just trying to squeeze more out of this strategy.

So what's working for you?
  • #1,991
  • Jun 10, 2008 4:29am Jun 10, 2008 4:29am
is somebody here still have the ea created by skyline (dailyscalping) - latest version(version h if i not mistaken) - i lost it due to hard disk formatting.
  • #1,992
  • Jun 23, 2008 8:52am Jun 23, 2008 8:52am
Quoting bujal38
is somebody here still have the ea created by skyline (dailyscalping) - latest version(version h if i not mistaken) - i lost it due to hard disk formatting.
over here mate:

http://www.forexfactory.com/showthread.php?t=21280
  • #1,993
  • Dec 26, 2008 8:56pm Dec 26, 2008 8:56pm
Quoting lostfx
Tkimble, if first order is BUY and 40 pips stoploss is hit, it automatically opens a SELL order with 40 pips buy stoploss, correct? If that buy stoploss is triggered, would that mean that we reverse a trade again, or just wait for the next day to open a brand new trade at 2400GMT and accept 80 pips (+ spread) loss?

Thanks,

LostFX
I'm interested in the answer to this as well
  • #1,994
  • Dec 26, 2008 9:36pm Dec 26, 2008 9:36pm
Hi all,

thank you tkimble for sharing this system.

I've been testing the weekly scalping system and now I did test the daily for 2008.

The results are about 3000 pips less per year than the weekly provides.

However, the way I tested the weekly it would require to open and reopen orders at any sl taken. This means that one would have to check ever now and then on how the price has moved.

The daily scalping system offers the advantage of one time during the day maintenance, at 24.00 gmt.

To determine the direction of the trade to take at 24.00 I use the 50sma, like this I don't get a headache over short/long decisions.
sl is 40 pips. if sl is hit, the order opens for the opposite direction, also with a sl of 40 pips.

If price whipsaws the maximum daily loss is -80 pips.

The backtest results are attatched.

Thanks again.

Best Regards
Attached Image(s) (click to enlarge)
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Attached Image
  • #1,995
  • Dec 29, 2008 1:53pm Dec 29, 2008 1:53pm
Quoting tkimble
From my perspective, one month of paper trading is more valuable then all the back testing in the world.

Happy Trading,

Tkimble
Disagree
you need to have some statistical data on the system

If the system does not work as EA it's crap
that's my opinion
  • #1,996
  • Jan 4, 2009 1:40pm Jan 4, 2009 1:40pm
Hi,

I've found out on backtests for 2008 that if going long and short at the same time the daily system would become more profitable and even safer to trade.

Give it a try.

Regards
  • #1,997
  • Mar 4, 2009 7:31pm Mar 4, 2009 7:31pm
I entered buy 1.2642 stop loss 1.2602 and sell limit 1.2682 stop loss 1.2722 at GMT today. Price moved hit my 1.2602 stop loss and I'm down 40 pips in only 1 hour after opening the trade. Now price at 1.2610.

Any advice?
  • #1,998
  • Mar 4, 2009 7:49pm Mar 4, 2009 7:49pm
You're following the system properly.

Are you sure the system isn't outdated?
  • #1,999
  • Mar 4, 2009 9:40pm Mar 4, 2009 9:40pm
Hi Ronald,

Appreciate your reply.
Not quite sure of your question whether I'm sure the system isn't outdated. Do you mean that it lost its edge?

There are several possibilities:

Expected Trend: Up
Entry: [buy_at_p + 40S/L] and [sell_limit_at_p+40 + 40S/L]

Scenario1: price goes down 40 hit S/L (result: -40 pips)
price then goes up sell_limit becomes market order, price goes up further hit the upper S/L (result: -40 pips)
Total loss: -80 pips

Scenario2: price goes up sell_limit becomes market order, doesn't matter where price goes afterward, result is 40 pips
Total profit: 40 pips

Scenario3: in between 2 scenarios above

Thus max profit: 40 pips
max loss: -80 pips

I don't know the probability of profit vs loss

The question is if one expect market is going up, why don't just open buy order without the sell_limit?

I am interested with How (You) Rate Trading Systems , as I want to dedicate my time going forward with systematic and disciplined trading.
Would highly appreciate any help that I can get

Sincerely, Andi
  • #2,000
  • Mar 5, 2009 12:37am Mar 5, 2009 12:37am
I think Ronald is referring to the fact that current market conditions on the gbp/jpy aren't suitable for this kind of strategy... if the gbp/jpy breaks above current resistance around 142.31 with strong movement, that could be an invitation to use the system.

Personally I'm tinkering with the strategy's criteria in order pinpoint suitable market conditions in which it can trade...
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