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Part Time Wealth Building Trading System - Daily Scalping
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Jan 22, 2007 10:18am
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Part Time Wealth Building Trading System - Daily Scalping
Daily trading rule are as follows:
1. Create daily chart on any pair
2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open)
2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry)
3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order.
4. Use 40 PIP stops on all orders.
5. Close between 2300 and 2400.
6. Repeat trade rules at 2400 GMT.
No straddling the price entry. Enter market immediately with 40 PIP reversal companion order...
Happy Trading,
Tkimble
Last edited by tkimble, Jan 22, 2007 10:54am
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Jan 22, 2007 10:47am
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Daily Candles
I have started experimenting with this concept about a month ago and got some interesting facts on Eur.I believe that the market is event driven and these events are reacted on by traders wich is psycologically driven to either buy or sell.( If this sound strange English is not my first language).
By just looking at the Eur you will notice that if Monday/ Tuesday the same then Wednesday normally reverse. Also nearly 60% of bull/bear candle continue the following day in the same direction. This is on the Eur
Wich pair are you referring to?
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Jan 22, 2007 10:51am
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Ah, the Daily strategy makes its appearance after much anticipation!
Have you backtested this one, tk? If so, how did it fare in win % and overall pip P/L?
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Jan 22, 2007 10:55am
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Quote:
Originally Posted by Ebenst
I have started experimenting with this concept about a month ago and got some interesting facts on Eur.I believe that the market is event driven and these events are reacted on by traders wich is psycologically driven to either buy or sell.( If this sound strange English is not my first language).
By just looking at the Eur you will notice that if Monday/ Tuesday the same then Wednesday normally reverse. Also nearly 60% of bull/bear candle continue the following day in the same direction. This is on the Eur
Wich pair are you referring to?
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This system works in all markets but results will differ according to market volatility... |
Jan 22, 2007 10:57am
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Quote:
Originally Posted by MillerHighLife
Ah, the Daily strategy makes its appearance after much anticipation!
Have you backtested this one, tk? If so, how did it fare in win % and overall pip P/L?
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No. I very seldom backtest, only paper trade new systems. I do not publish my results. Make it your own experience...
Tkimble |
Jan 22, 2007 12:06pm
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Member
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I agree observe and then trade as works best
Quote:
Originally Posted by tkimble
No. I very seldom backtest, only paper trade new systems. I do not publish my results. Make it your own experience...
Tkimble
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for you. Amazing Methods that we can work and re-work until they work for us. I am still paper trading and observing how these pairs do with this Method, weekly,daily. Live observance beats any backtesting. Although with backtesting you can narrow down the pairs and Methods that work the best. And yet until you observe results live ... it is not as real and as sure.tkimble I know you have this down and are making a BUNCH A CASH on your other methods! LOL .... Thanks for sharing! IMO
__________________
Thanks,
MAX .... ut2DaMax
/////////////////////////////////////////////////////////////////////
I trade like a mechanical Robot  without any emotions! Just got cloned x-3, for twice the pips, with all this free time ... LOL
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Jan 22, 2007 1:12pm
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Well Said
Quote:
Originally Posted by ut2DaMax
for you. Amazing Methods that we can work and re-work until they work for us. I am still paper trading and observing how these pairs do with this Method, weekly,daily. Live observance beats any backtesting. Although with backtesting you can narrow down the pairs and Methods that work the best. And yet until you observe results live ... it is not as real and as sure.tkimble I know you have this down and are making a BUNCH A CASH on your other methods! LOL .... Thanks for sharing! IMO
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From my perspective, one month of paper trading is more valuable then all the back testing in the world.
Happy Trading,
Tkimble |
Jan 22, 2007 1:56pm
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Use 40 PIP stops on all orders?
did you use the system on cable? because 40 pip stop on every pair sounds a bit strange because of different volatilities!
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Jan 22, 2007 2:15pm
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Quote:
Originally Posted by FXfreak
did you use the system on cable? because 40 pip stop on every pair sounds a bit strange because of different volatilities!
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Pardon my ignorance but I do not know what cable is? I use FXCM for all my trades with the assumption that Cable is an equivalent trading platform...
Tkimble |
Jan 22, 2007 2:28pm
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cable is sterling gbp/usd pair
cable is sterling gbp/usd pair
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Jan 22, 2007 2:33pm
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Cable
Cable=GBP/USD
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Jan 22, 2007 2:33pm
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cable is your favorite pair, the gbp/usd. it is called cable because back in the days, to trade this pair, the orders were transmitted literally through the transatlantic cable buried under the oceans to the Uk.
Quote:
Originally Posted by tkimble
Pardon my ignorance but I do not know what cable is? I use FXCM for all my trades with the assumption that Cable is an equivalent trading platform...
Tkimble
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Jan 22, 2007 2:38pm
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Quote:
Originally Posted by gtketum
cable is your favorite pair, the gbp/usd. it is called cable because back in the days, to trade this pair, the orders were transmitted literally through the transatlantic cable buried under the oceans to the Uk.
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Ah. Thank you. Do not understand why people speak in such cryptic terms. I like things very simple.
But, while we are on the subject did you know that those under sea cables were actually tapped by American submarines during WWII and I am sure today for intelligence purposes? Just some trivia...
Happy Trading,
Tkimble |
Jan 22, 2007 2:53pm
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Tkimble,
Does the "3 days trend" stretch along forever,or is it only for the Mon-Fri period?What I mean - If we have wed,thur and fri bullish,do we place sell on mon and +40 buy,or we count the 3-day trend only from mondays,so we place buy(or sell) according only to the friday bar?
Thanks!
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Jan 22, 2007 2:57pm
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Quote:
Originally Posted by g_roussev
Tkimble,
Does the "3 days trend" stretch along forever,or is it only for the Mon-Fri period?What I mean - If we have wed,thur and fri bullish,do we place sell on mon and +40 buy,or we count the 3-day trend only from mondays,so we place buy(or sell) according only to the friday bar?
Thanks!
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No. I used Monday, Tuesday and Wednesday as an example. Can be any three day trend...
Tkimble |
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