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Daily Scalping EA - Discussion Thread

  • #201
  • Apr 8, 2007 7:49am Apr 8, 2007 7:49am
maybe you would like to share what are your hedging rules? when do you open the hedging position, when do you close it? when do you close the initial position if the market really goes against it? ... and the rest of the details. thanks
i'm really looking forward to it.

Quoting yezbick
Basically the rules that I have created and appear to work for the "Open-Close Trending system are that you refuse to take a SL. I hedge instead of taking the SL or SAR in this case waiting for the pair to return to a positive position for the trade position that would have lost pips.

I have found that at least in the open close trending the following result happens when I hedge instead of taking the SL and issuing a SAR.

There were 13 bad trades since 12-25-06 that resulted in a loss of 1044 pips total. When I hedge instead of taking the SL. 10 of the 13 bad trades resulted in a 2,030 pip profit or a additional 3000+ pips to be added to the already positive system of 5000 plus pips. This brings a total of 8482 pips in the Open Close trending system in the last 3 months or almost 3000 pips a month. Quite a amazing results.

I have yet to see how this could be put into place on the tKimble Daily but I feel that the results would be astonishing just as they were in the other system. Hopefully, I'll have a chance to get around to it soon and post the results.

Hope this helps,

yezbick
Nihil Sine Deo.
  • #202
  • Apr 8, 2007 9:05am Apr 8, 2007 9:05am
Quoting yezbick
Basically the rules that I have created and appear to work for the "Open-Close Trending system are that you refuse to take a SL. I hedge instead of taking the SL or SAR in this case waiting for the pair to return to a positive position for the trade position that would have lost pips.

I have found that at least in the open close trending the following result happens when I hedge instead of taking the SL and issuing a SAR.

There were 13 bad trades since 12-25-06 that resulted in a loss of 1044 pips total. When I hedge instead of taking the SL. 10 of the 13 bad trades resulted in a 2,030 pip profit or a additional 3000+ pips to be added to the already positive system of 5000 plus pips. This brings a total of 8482 pips in the Open Close trending system in the last 3 months or almost 3000 pips a month. Quite a amazing results.

I have yet to see how this could be put into place on the tKimble Daily but I feel that the results would be astonishing just as they were in the other system. Hopefully, I'll have a chance to get around to it soon and post the results.

Hope this helps,

yezbick
Please give us more explannation as to your hedging strategy, if you dont mind, when do you open the hedge and when do you close the hedge, and how many times do you apply this procedure? Obviously if you keep the hedge on all the time, you will not get any profit or loss.
Regards
  • #203
  • Apr 8, 2007 9:03pm Apr 8, 2007 9:03pm
I should have some time to put together a Hedge strategy for the tKimble Daily system & weekly hedging system on Monday and will post the rules, and results here. I'll also post the rules for the "Open-close trending" hedge system at that time as well.
  • #204
  • Edited 10:15am Apr 9, 2007 9:57am | Edited 10:15am
Quoting yezbick
I should have some time to put together a Hedge strategy for the tKimble Daily system & weekly hedging system on Monday and will post the rules, and results here. I'll also post the rules for the "Open-close trending" hedge system at that time as well.
Thank you Yezbick for bringing hedging into this thread... and sharing your knowledge... and first of all, thank you Skyline for showing up in Spudfyre's space and opening the door for me to your EA... THANKS!

I will be implementing the knowledge you all share, with those of us who are just at the starting line, into my new MT4 soon... will be reporting how that server will deliver on your EA and Yezbick's hedging... again, many thanks!

*** C.E.O. tks for your great offer [pst#185]
  • #205
  • Edited 11:57am Apr 9, 2007 11:46am | Edited 11:57am
Applying the hedging rules to the tKimble daily has been a little more difficult than I originally thought. It will take more time to figure out how to work it feasibly and simply. I am posting the hedging rules below for tKimbles "open-close trending" system. Hopefully they will not confuse to many people as this is a more advanced form of trading the forex.

The most difficult part of this system is keeping track of your positions, espcially if you have more than 1 hedge or hedge plus adjustment running as I have had this past 5 slow days of the GBPJPY.


Open Close Trending Hedge System Rules for GBPJPY

25 period Linear Weighted Moving Average applied to Median price (HL/2) with +50 Level & -50 Level

Basic rules:

1. Take long position when price goes through +50 level.
2. Take short position when price goes through -50 level.

Adjust SL hourly at +50 level if in long position
* example: direction is north SL moved up to 25MA -50 every hour.
Adjust SL hourly at -50 level if in short position
* example: direction is south SL moved up to 25MA +50 every hour.

** Do not adjust SL against your current position.
* example: in current long position and 25MA goes down.

* Close current long position if price goes through -50 level and open short position
* Close current short position if price goes through +50 level and open long position

Hedging rules:

All of the above rules are the same except for the following changes.

1. Only close a current position with the basic rules if your position is in positive or neutral pips.
2. If your position is in negative pips, place an equal size position in the oposite direction at the +/- 50 levels to hedge your current position.

** Treat any hedge positions the same as you would with all other positions in the above rules.
example: North bound hedge position goes positive and is still positive when the market reverses direction south below the -50 level. (only closing your north bound hedge position if your hedge position is + or neutral when your price goes below the -50 level as stated it the hedging rules above). You would close the hedge position at this time.

*** Always have pending hedge in place to protect your current position if it goes against you.

*** Don't place SL on your current position until it is in a positive territory. Protect your winnings.

Adjustment on lot size rules:
** If you are using a flat % of your balance (ex. 2%) then adjust your positions when the price by adding additional lot size when the price goes through the +/-50 level.
  • #206
  • Apr 9, 2007 12:32pm Apr 9, 2007 12:32pm
I have started another thread to get input from the rest of the forum regarding the open-close trending system. I'll be placing updates, charts, and examples at the following location.

http://forexfactory.com/showthread.php?t=23718
  • #207
  • Apr 9, 2007 8:38pm Apr 9, 2007 8:38pm
I've been giving serious thought in the development of a daily hedging strategy and I'm striking out. Hopefully those who have some experience will be able to give insight into this perplexing problem.

Here are the issues I have come across with.

1. The daily system is set up to close once a day and start back up at a pshycological level (0:00 gmt) How do you create a hedge that can cover for only 1 day. Hedging is generally longer term.

2. Also the daily system because it is daily allows you to use daily compounding for return. If you stop the closure at the end of the day you loose the daily compounding feature.

3. If you let the daily run for greater than 24 hours it looses a lot of the features that are built into it. The big one that perplexes me is when to open and close the hedge. There is no definate position except for time that gives location to hedge.

4. The sheer simpleness of the daily system has no indicators to show the general direction except for the previous days direction. Some type of indicator will need to be placed in order to tell you when you should hedge (ranging times) and when you should not hedge (trending times). Opening at 0:00 gmt and closing at 23:00 doesn't give you a direction to work from.

** That said after several hours of thought - at least off and on thinking. These are the issues I have come across in the development of a hedging strategy for the tKimble Daily.

Hopefully someone will be able to shed some light on the above issues and assist with a solution.

yezbick
  • #208
  • Apr 9, 2007 11:24pm Apr 9, 2007 11:24pm
I dont know exactally what you are trying to achieve with the hedge. Are you referring to the hedge as in a hedge fund, collecting interest and all or are you just protecting a loosing position until the trend developes. If it is the latter, you might as well just straddle the price by 40 instead of placing a hedge, if for nothing more than to save one spread cost. There is no "ranging indicator" or lots of us would be rich my friend. I have been toying with an ATR value less than x says no trade day but it is hard to come up with a dynamic number from a dynamic number and when you say no trade, thats the day it breaks out

BTW, just about got the wish list done on the EA except carry trades from day to day, thats a toughie. Post it in a day or two.
  • #209
  • Apr 10, 2007 4:21am Apr 10, 2007 4:21am
I've been watching ATR for filtering trade/no trade days. I haven't done any backtesting but a value of 130 and up for G/J might be a decent filter.
  • #210
  • Apr 10, 2007 4:32am Apr 10, 2007 4:32am
yezbick,

What I'm testing is fairly simple. I enter a hedged position immediately (instead of a single buy or sell) and I wait for a break-out. While in range I take 0 losses (not exactly cause I loose the spread). My risk is when a new range develops (false break-out) about 50 pips above the entry price. But this should be only 1 day as the next day your orders are set within the new range. If this proves to be true I plan to increase the lots as soon as a new range develops, hoping for a true break-out.

Maybe a new thread should be started about this.

Let me know if something is unclear.
  • #211
  • Apr 10, 2007 9:11am Apr 10, 2007 9:11am
Quoting Scientist
yezbick,

What I'm testing is fairly simple. I enter a hedged position immediately (instead of a single buy or sell) and I wait for a break-out. While in range I take 0 losses (not exactly cause I loose the spread). My risk is when a new range develops (false break-out) about 50 pips above the entry price. But this should be only 1 day as the next day your orders are set within the new range. If this proves to be true I plan to increase the lots as soon as a new range develops, hoping for a true break-out.

Maybe a new thread should be started about this.

Let me know if something is unclear.
So if I understand you correctly at 0:00 gmt you open 2 positions of equal size in opposite directions (hedge set up) with a 50 pip SL for each of the positions. Could this also be achieved with a 100 pip straddle +/- 50 from the start price?

I read something on this that DailyFx posted http://forexfactory.com/showthread.php?t=22633

They shed more light on hedging on their website http://www.fxcm.com/hedging.jsp

They also point out the benefit of using the ATR that you mentioned. The ATR idea does intrigue me as a possible solution to being out of the market when the pair is ranging.

We should probably start a new thread so we don't confuse the Daily EA people following this thread. We can post our findings back here to be potentially added to the EA.
  • #212
  • Apr 10, 2007 11:31am Apr 10, 2007 11:31am
Everyone interested in hedging and/or ATR please visit: http://forexfactory.com/showthread.php?t=23839
  • #213
  • Apr 10, 2007 6:42pm Apr 10, 2007 6:42pm
I have this EA running now on 4 different pairs, and this is my first day using it.

Can you tell me if it is set up and running correctly when it says,

midnight order: not assigned
next trade: none

I do have the smiley face so I believe it is set to run, but the above 2 comments make me wonder.

I am using ifbx so it should open a trade at 9:00 PM Eastern time (00GMT) I believe.

Thank you.

Mike
  • #214
  • Apr 11, 2007 8:17am Apr 11, 2007 8:17am
I downloaded the daily scalping EA file. How do I use it/apply it? Thank you
  • #215
  • Apr 11, 2007 5:41pm Apr 11, 2007 5:41pm
Quoting FXPhenom
I downloaded the daily scalping EA file. How do I use it/apply it? Thank you
Please refer to this tutorial on how to use EA with metatrader
http://www.pipinion.com/factory/experts.htm

Skyline
  • #216
  • Apr 11, 2007 5:42pm Apr 11, 2007 5:42pm
Quoting mikejody
I have this EA running now on 4 different pairs, and this is my first day using it.

Can you tell me if it is set up and running correctly when it says,

midnight order: not assigned
next trade: none

I do have the smiley face so I believe it is set to run, but the above 2 comments make me wonder.

I am using ifbx so it should open a trade at 9:00 PM Eastern time (00GMT) I believe.

Thank you.

Mike
Yes Mike the comments are right and the EA is working properly...maybe I have to choose some meaningful comments
  • #217
  • Apr 12, 2007 6:52pm Apr 12, 2007 6:52pm
Quoting skyline
Live Result from 5 March 2007 : +655 Pips (40 trades)
Sky, would you please post your settings you used to achieve your pips. Also, please be specific on time zone.

Thanks!
  • #218
  • Edited 10:36pm Apr 12, 2007 10:22pm | Edited 10:36pm
File Removed Due To An Error Found, Will Post Later>>>>>
  • #219
  • Apr 13, 2007 1:46am Apr 13, 2007 1:46am
Quoting Al_Have1
Sky, would you please post your settings you used to achieve your pips. Also, please be specific on time zone.

Thanks!
I'm sorry I cannot post them it's a military secret , if I post here then I have to kill all of you......eheheh joke

Ok seriously here's my settings using v1.0h1 :

GMT_Shift = 2;
TakeProfit = 200;
StopLoss = 40;
HourToCloseOrders = 17;
SundayCandleExists = true;
Lots = 0.01;
UseMoneyManagement = false;
Risk = 0;
Slippage = 3;
MaxLossesTradesPerDay = 2;
TrailingStop = 0;

Regarding the GMT_Shift I still don't understand why this cause a lot of pain to the users, for me it really simple to set it whatever broker I'm using.
Just pick the time in the navigation bar and check how much hour is different referred to GMT time , then put that value into the GMT_Shift variable, that's all.
Since I'm using Fastbrokers for my demo and live test and they are GMT+2 aligned then I use GMT_Shift = 2 as you can see.Infact my order are opened at 2:00 AM that's 00 AM GMT. It's simple

cya,
Skyline
  • #220
  • Apr 13, 2007 11:54am Apr 13, 2007 11:54am
Quoting skyline
I'm sorry I cannot post them it's a military secret , if I post here then I have to kill all of you......eheheh joke

Ok seriously here's my settings using v1.0h1 :

GMT_Shift = 2;
TakeProfit = 200;
StopLoss = 40;
HourToCloseOrders = 17;
SundayCandleExists = true;
Lots = 0.01;
UseMoneyManagement = false;
Risk = 0;
Slippage = 3;
MaxLossesTradesPerDay = 2;
TrailingStop = 0;

Regarding the GMT_Shift I still don't understand why this cause a lot of pain to the users, for me it really simple to set it whatever broker I'm using.
Just pick the time in the navigation bar and check how much hour is different referred to GMT time , then put that value into the GMT_Shift variable, that's all.
Since I'm using Fastbrokers for my demo and live test and they are GMT+2 aligned then I use GMT_Shift = 2 as you can see.Infact my order are opened at 2:00 AM that's 00 AM GMT. It's simple

cya,
Skyline
OK, I'm trying to backtest this particular EA (BTW, thanks for the coding guys) and I'm trying to figure out the offset for the hours. I'm on the East coast but InterbankFX is in Salt Lake City Utah.

UTC/GMT OffsetStandard time zone:UTC/GMT -7 hours
Daylight saving time:+1 hour
Current time zone offset:UTC/GMT -6 hours
Time zone abbreviation: MDT - Mountain Daylight Time

Now, when I enter -6 in the offset I get no results for the strategy tester. When I enter 6 in the offset I get results. Which is correct?
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