Followed original strategy 100% verbatim.
Weekly profit +137 pips, - 3x30pip stops = +47pips.
Weekly profit +137 pips, - 3x30pip stops = +47pips.
1M & 5M Scalping System (Scalping Paradise) 21 replies
A switch: from part time trading to full time trading 8 replies
A system that works for a part time trader with minimum screen time 16 replies
Dear Full time/Part time Traders – Thanks for your time and help 7 replies
Part Time Wealth Building System - "High-Low Trending" 9 replies
DislikedFollowed orginal strategy 100% verbatim.
Weekly profit +137 pips, - 3x30pip stops = +47pips.Ignored
DislikedWas that trading only one pair? If so I assume it was gbp/usd correct?
I would really like to discuss trading this over 3-4 pairs. Which pairs are most suitable? Again, it's not only finding the least correlated pairs, but also about finding pairs that have trading patterns which will work with this method.
I'm more interested in this because I'll be able to risk larger portions of my account without increased risk or drawdown. Let's get the ball rolling. MattIgnored
DislikedWell said. I concur. This is why the daily scalping system was developed. You do stand a better chance of profiting within the 100 PIP straddle if you choose a direction from the opening bell. I was only doing this with the daily system but will complement it with the weekly system beginning this week.
Happy Trading,
TkimbleIgnored
DislikedCongrats on your success, and courage to follow the original method verbatim. Hopefully this was in a live account.
Permanentjuan, i also would like to find additional pairs to reduce the risk by diversifying. I am thinking the eur yen might be a good option. It is less volitile than gbp yen, but still moves.Ignored
DislikedI would take those results as a good sign. Look at how ridiculous this week was trade wise. This week might as well have been as bad as a doji considering the large upper shadow even though the week closed down. Very volatile.
You said you stuck to the rules 100%. Does this also mean you didn't at least move your SL to B/E once you were up by 100+ pips? I think doing so might be wise. Keeping 100 pips from price to your SL is still plenty of room and you could have increased your profits by about 60-75% if you had prevented just one trade from going +100 to -30 before ending it. Just some things to consider. MattIgnored
DislikedThanks Matt, I hadn't considered the BE stoploss move. It indeed would have given me another +30pips.
It was hard to see my early week long order hit over 120pips and then retrace to -30 SL, so the BE modification would have been wise.Ignored
DislikedMy first post! I've been lurking for a couple of weeks. After not trading for two years (a veeery long story involving divorce and going back to my day job), I went live with this system last week, but bailed out on Tuesday with 97 pips. Next week I'll stick with it!
TK - Thanks for your unselfishness.
permanentjaun - an alternate to your thoughts above:
Why not leave it running on Friday night with a 50 pip SAR? If that gets breached then put the other (reverse) order in, as per TK's original system, at Friday's closing price.Ignored
DislikedJust for backtesting sake and to get a GENERAL idea of this method I used an old EA I had to simply straddle the price by 30 with a trail of 70, then a BE and lock 5 of 40. When you got stopped out It immediately straddled the price again by 30.
Here are the results, reports and EA. This EA IS NOT per the rules. Just something to play with SL,TP,Trail and straddle settings until something better comes along.
To sum it up, about 2000 pips for 2006(90%MQAlpari1HR TF), but lots of settings to play with.Ignored