I don't like the range G/Y is in today and I am certainly not going to enter a trade right in the middle where it could whipsaw if it continues its range. Friday is a Holiday so here is my score for the week:
M: -40, -40, +104 (2 whips at 23:00, tried again at 24:00)
T: +179, +135 (179 was a TP on the carryover from M, 135 was new position, no TP)
Well mine are a little subjective results, as I entered at different hours every day, after watching the G/Y behavior in the first hours after 17 EST open. I mainly wait until I see some signs of overcoming the rangebound levels in these hours and then I enter at the next hour.
M: 100 (I entered at 2 GMT according to previous candle close)
T: 100 (same idea)
W: Short at 234.66 (entered at 5 GMT) - position still open.
I did well for this week, but not having a sound strategy yet, I might be wrong as well next week. However, I dont consider to open new positions until I see a clear breakout under 234 or above 235....
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Joined Mar 2007
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Status: Jacko Trooper
|771 Posts
today was another bad day for this strategy. Especially the BOE event was frustrating - I expected a rate hike and a strong movement. The only good time to enter was at 23 GMT, short, with a 100 TP, which would have been fullfilled during BOE event.
does anyone know if we are to open new trades on Non-Farm fridays?? I don't remember reading anything about this in the thread. Just wondering if I should close my open position by end of day today??
My week results:
I enter at 1:00 GMT, following TK's rules with 50 SL, no TP.
Monday: +105
Tues: -50, +137 (My mistake, I entered with a sell thinking 4 consv up bars )
Wed: carried over to today's
Thur: Currently +52
Fri: Non-Farm, do we enter new trades?
does anyone know if we are to open new trades on Non-Farm fridays?? I don't remember reading anything about this in the thread. Just wondering if I should close my open position by end of day today??
My week results:
I enter at 1:00 GMT, following TK's rules with 50 SL, no TP.
Monday: +105
Tues: -50, +137 (My mistake, I entered with a sell thinking 4 consv up bars )
Wed: carried over to today's
Thur: Currently +52
Fri: Non-Farm, do we enter new trades?
I'm going to start taking everyones advice and stop trading this stratagy on NFP days. I think I am 0 for 4 in the last 4 months. Way too choppy. Hope everyone has a great weekend and hope next week goes well. By the way, are most entering their trades for GBP/JPY at 24:00GMT? Thanks.
there will always be a better time to enter on any given day. you need to either stick with the original, or go back over a decent amount of data and find a time that works for you and any rule changes you may have made to the system.
i notice you say you sold because it looked overbought. this system was meant to be mechanical i believe, if you want to bring more technical and/or fundamental analysis into it, maybe you need to add some more rules and create your own style.
it IS a challenge to stare at a well formed channel, knowing you just went long and it's nearing the top of the channel.. chances are it will reverse and stop you out. but to be truly mechanical, you just let it happen. replace your order.
i think a lot of people need to decide if they are happy to do that, or whether they should be creating their own style, sure, use some of the ideas learnt from this system, and incorporate them into your own. something you are comfortable with. then stick to it... give it time to work before making any adjustments.
Ignored
Needed to underline what you said Ryan. Very well put. I see so many people getting confused because they keep changing and tweeking and optimizing and... then wondering why they lose. TK encourages you to use this as a starting point and then make your own system that works for you. Then clearly document your rules, test it ( i am one who does like to back test because it does work on a statistical basis) to ensure what you are doing will work. And as RYAN sez above...STICK TO IT. Stop changing it. Once you change it, you have to start over for testing and really seeing if you have an edge. That is what you need. When you PERSONALLY have tested it...it will be a factor in bringing confidence when you trade.
Many will look at this system as great when they look at Feb or Mar of 2007. But then take a look at Sep/oct of 2006 and throw it away. Lots of losses...but it still comes out favorable based on my own set of rules and filters. So IMO, this is certainly the basis of an outstanding system.
Hey all, this is my first post on this thread. I have followed this thread for the first 20 or so pages and did some back-testing and it is very interesting. However, in order to gain the maximum pips, I began to think about some things and I know everyone likes to tweek a system to gain the most so I am just like you! Anyway, I wanted to know if anyone had tried this with real trading:
First, in 4-5 months of backtesting, I noticed that more often than not, their would be at least one stop on most days and then, of course, a re-entry. I thought that maybe it would be a little better to not jump in and open a position until a 40 pip movement was seen (I know - similar to a straddle but I will continue). After waiting and trading the reverse with all the same trading rules after that, the pip gain was almost exactly the same in one strongly trending month and almost 3 times higher in a more choppy month. We all know that the TK strategy kicks butt when the days are long and trending but it is not so great on the whipsaw days. If the first stop is waited out, you cut some of the losses and go for safer, even though smaller gains after the reverse trade. The only reason I even thought of it was because of the large number of stopouts that occur very early. Yes, on the long bar days that start off and continue in your favor, you will make 40 less pips but on those choppier days that occur more often than the long bar days, this strategy seems to really make a difference.
Anyone tried this or some version of it? Any feedback is appreciated. I have not yet begun real trading because I am still trying to learn every little bit. I also would keep my eye on obvious support and resistance levels instead of trading against them just for the sake of trading every day but that is just me. Thanks!
Brett
Hey all, this is my first post on this thread. I have followed this thread for the first 20 or so pages and did some back-testing and it is very interesting. However, in order to gain the maximum pips, I began to think about some things and I know everyone likes to tweek a system to gain the most so I am just like you! Anyway, I wanted to know if anyone had tried this with real trading:
First, in 4-5 months of backtesting, I noticed that more often than not, their would be at least one stop on most days and then, of course, a re-entry. I thought that maybe it would be a little better to not jump in and open a position until a 40 pip movement was seen (I know - similar to a straddle but I will continue). After waiting and trading the reverse with all the same trading rules after that, the pip gain was almost exactly the same in one strongly trending month and almost 3 times higher in a more choppy month. We all know that the TK strategy kicks butt when the days are long and trending but it is not so great on the whipsaw days. If the first stop is waited out, you cut some of the losses and go for safer, even though smaller gains after the reverse trade. The only reason I even thought of it was because of the large number of stopouts that occur very early. Yes, on the long bar days that start off and continue in your favor, you will make 40 less pips but on those choppier days that occur more often than the long bar days, this strategy seems to really make a difference.
Anyone tried this or some version of it? Any feedback is appreciated. I have not yet begun real trading because I am still trying to learn every little bit. I also would keep my eye on obvious support and resistance levels instead of trading against them just for the sake of trading every day but that is just me. Thanks!
Brett
Ignored
Yes Brett, I have been thinking of this exact same thing. I agree with Jim's post above wholeheartedly, in that if you tweak and change to your liking (as TK encourages if you are so inclined) then you need to be aware of the fact that you have to develop some rules for those changes.
But you took my recent thoughts exactly...recognizing that the GY pair often moves 40 pips or so everynight and then reverses at least once if not twice, you can decide to trail and lock in on the original few moves, or consider doing what you suggested and wait until the first 40 pip whip or two happens and then enter, keeping the open of the original daily candle as your guide.
And you're right, you may miss out on the large single direction moves, but only by the first 40-80 pips or so, but you may make up for it on the many more days that it whips.
Personally, I think you may be on to something here, as long as the GY pair behaves the way it has....
Yes Brett, I have been thinking of this exact same thing. I agree with Jim's post above wholeheartedly, in that if you tweak and change to your liking (as TK encourages if you are so inclined) then you need to be aware of the fact that you have to develop some rules for those changes.
But you took my recent thoughts exactly...recognizing that the GY pair often moves 40 pips or so everynight and then reverses at least once if not twice, you can decide to trail and lock in on the original few moves, or consider doing what you suggested and wait until the first 40 pip whip or two happens and then enter, keeping the open of the original daily candle as your guide.
And you're right, you may miss out on the large single direction moves, but only by the first 40-80 pips or so, but you may make up for it on the many more days that it whips.
Personally, I think you may be on to something here, as long as the GY pair behaves the way it has....
Ignored
Yes, the whole thing is that we have to protect ourselves a little bit from the God-awful whips. If you were to wait for the 40 pip move, would you wait for it to reverse all the way back to the opening price before jumping on board or would you simply go in the direction of the 40 pip opening direction? I know the rules are to place the buy/sell at the opening price but...just thinking.
Greetings, has anyone written an EA for this method yet? If so, can someone point me to the right page or post number for it? I have an amazing money management spreadsheet that I would like to use with it. Thank you.
Yes, the whole thing is that we have to protect ourselves a little bit from the God-awful whips. If you were to wait for the 40 pip move, would you wait for it to reverse all the way back to the opening price before jumping on board or would you simply go in the direction of the 40 pip opening direction? I know the rules are to place the buy/sell at the opening price but...just thinking.
brett
Ignored
I guess if one were to consider adapting the rules the way we have discussed, there are several options... You certainly could wait out the the first whip let it reverse (if it does at all, and as we have discussed, it USUALLY does, at least once if not twice) all the way back to either the open and then get in, or wherever the original SAR would have been (your choice).
I also like the idea of some sort of trailing stop after the first whip.
Greetings, has anyone written an EA for this method yet? If so, can someone point me to the right page or post number for it? I have an amazing money management spreadsheet that I would like to use with it. Thank you.
Hey all, I am a little (actually a lot) embarrassed to ask this about the Daily Scalp EA but here goes. I found the thread and I copied and pasted the first portion of the EA below. My broker is FXDD. Where exactly does the code begin in the EA below? It looks like the beginning of the code is general information and that possible the EA begins where it says:
//+------------------------------------------------------------------+ //| expert start function | //+------------------------------------------------------------------+
...however I may be way off! Obviously I have never used an EA before and hopefully I can use it in Demo mode for awhile. Thanks for any help I can get!
Brett
//+-----------------------------------------------------------------------------+
//| Daily Scalping v1.0h.mq4 |
//| Skyline 2007 |
//| |
//+-----------------------------------------------------------------------------+
#property copyright "Skyline 2007"
#property link ""
#include <stdlib.mqh>
// v1.0 (07 Feb 2007) : Start Project
// v1.0a (07 Feb 2007) : Add GMT_Shift variable
// v1.0b (16 Feb 2007) : Added MagicNumber routine based on pair and timeframe
// v1.0c (17 Feb 2007) : Added routine TotalOrders to count only active order related to current EA (Thanks to Vitalykk)
// Added routine OrdersLossInDay to control losses in the same day. Users have the option to change how much loss trade they want setting external variable MaxLossesTradesPerDay.
// v1.0d (19 Feb 2007) : Fixed bug that prevent , when an order was not dispatched, to open reverse trade correctly.
// Handled the case of doji candle that EA now will ignore to determine the trend situation from last 3 candles.
// v1.0e (19 Feb 2007) : Fixed bug on CheckTrend for doji candle routine (Thanks to Vitalykk)
// Added function OrdersTakeProfit to avoid EA enter again the market until next day.
// v1.0f (07 Mar 2007) : Midnight order will be opened until 00:01
// v1.0g (09 Mar 2007) : Removed v1.0f limit about order opening.Introducing FirstOrderDone to handle the first order.
// v1.0h (20 Mar 2007) : Fixed error on SL and added comment in case of error opening order to better debug EA.
// Add global variables MidnightOrderOpened, TradeStatus to avoid losing variable values if recompile after EA is on chart.
// Add TrailingStop routine, if =0 Trailing is disable otherwise it will trail using TrailingStop pips.
//---- Definizione parametri esterni
extern double GMT_Shift = 1;
extern int TakeProfit = 200;
extern int StopLoss = 40;
extern int HourToCloseOrders = 17;
extern bool SundayCandleExists = true;
extern double Lots = 0.1;
extern bool UseMoneyManagement = true;
extern int Risk = 10;
extern int Slippage = 3;
extern int MaxLossesTradesPerDay = 2;
extern int TrailingStop = 0;
//extern bool UseATR_for_TP = false;
//extern bool UseATR_for_SL = false;
//extern double PercentageATR_for_TP = 10;
//extern double PercentageATR_for_SL = 10;
//----- Definizione parametri interni
// Definition Global Variable
// MidnightOrderOpened = 0 not assigned (first EA run), =1 order still to be opened, =2 order already opened
// TradeStatus = 0 Trades disabled , = 1 Open only Buy orders , = 2 Open only Sell orders
int MagicNumber;
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
int start()
{
string TradeMode,Temp;
// Calcola dimensione Lot in base all'Equity
if (UseMoneyManagement==true) Lots = CalcolaLot(Risk);
// Calcola MagicNumber a seconda della coppia e timeframe
MagicNumber = MagicFromSymbol();
// Gestione variabile globale
GlobalVariable();
// Attiva ordine alle 00:00 GMT
OpenOrderMidnight(Lots);
// Controlla ordini chiusi in perdita
OrdersLossInDay();
// Controlla se TP è stato raggiunto
OrdersTakeProfit();
// Attiva ordini successivi
OpenNextOrders(Lots);
// Chiude ordini allo scadere di HourToCloseOrders
CloseAllOrders(HourToCloseOrders);
// Effettua il TrailingStop
TrailingStop();
// Commenti
if (GlobalVariableGet("TradeStatus_"+MagicNumber) == 0) {TradeMode = "NONE";}
if (GlobalVariableGet("TradeStatus_"+MagicNumber) == 1) {TradeMode = "BUY";}
if (GlobalVariableGet("TradeStatus_"+MagicNumber) == 2) {TradeMode = "SELL";}
if (GlobalVariableGet("MidnightOrderOpened_"+MagicNumber) == 0) {Temp = "NOT ASSIGNED";}
if (GlobalVariableGet("MidnightOrderOpened_"+MagicNumber) == 1) {Temp = "TO BE OPENED";}
if (GlobalVariableGet("MidnightOrderOpened_"+MagicNumber) == 2) {Temp = "ALREADY OPENED";}
Part Time Wealth Building Trading System - Daily Scalping
