Part Time Wealth Building Trading System - Daily Scalping

D_Trader is right about my thoughts.

As for how I rate trading systems, I think it's pretty clear. No?

First of all sorry if this issue has been solved in the thread.The rules say that after three days of consecutive direction the fourth day you have to place the order in the opposite direction,but if the fourth day keeps on going the same direction,what you should do?You have to begin again following the same direction even if it keeps going another three days more before you put the order in the opposite direction.
It is a rethoric question as i guess the answer is yes.But does no make more sense the fifth and sixth day of a same direction to bet on the opposite as the probabilities grow exponentially that is gonna change?
Thanks to whoever can bring a little light to a beginner.

You still start the trade in the other direction. Remember, it's a rolling 3 day period

Hi TK. How is your trading going? Would you recommend using the systems you have traded in the past? Are you still using any of them still after 3 years? Thanks.

has this system failed and doesn't work anymore ?

I don't think any one trades this system. TK disappeared from FF. I used this system for a while when TK was around but it was not making any consistent profit. It was a pretty easy and mechanical system but didn't work (for me at least) for a short period of time, I used.

been using the EA. entry orders are being placed, but the SL and TP numbers have a mind of their own? they're all over the place. help!

My experience has been excellent with this method, you do need a few things before it will yeild consistant pips.

1. Adapt the method to your own style of trading, for example i use the last 5 days trend as opposed to the prescribed 3 day trend analysis. My experience has also tought me to let trades run for as long as possible;

2. supplement this mechanical way of trading with your own method of trading i.e. support ressistance, ma crossoever or what ever... totally random entry if you must.. (you would be surprised of the results!)
personaly i use this method from time to time, to participate in the market i then use shorter term trading methodology (4h or1h) to further participate.

3. practice, practice, practice, practice

After a few years you begin to truly grasp its power and simplicity in my opinion. After reading numerous trading forums articles, trading systems (this being the first) it realy does come down to simple methods. took me a while to realise..

So i guess this post is to thank Tkimble..
Best
RS

another tk daily trade
best
RS

This strategy sounds so simple.
Is anyone still using this ?

Tyrone Kimble is the best educator on the FF and he doesn't have a fancy website,run you tube videos or charge for his wonderfully profitable methods....get on board folks!

I love the simplicity.

It may have been covered already, but one thing I've noticed in preparing to trade this strategy, is that with a fixed stop of 40 pips, the profitability on currency pairs with a low average daily range could be less due to a higher loss to profit ratio.
Therefore, there is a greater probability of success in trading only pairs with a high average daily range. GBPJPY & GBPUSD are looking pretty good, and I may also include EURJPY.

As a reference:

https://offbeatforex.com/forex-avera...y-range-table/

Ok, so I've started with a basket of trades on pairs with low spreads, and held them through NFP.
Some stopped and reversed.
I actually closed all trades a little early, between 2200 and 2300 GMT. Will follow the rules more diligently in future.

Results for 04/02/2022:

AUDUSD +54
EURJPY -24
EURUSD -80
GBPJPY +34
GBPUSD +60
NZDJPY -42
NZDUSD -34
USDCAD +68
USDJPY +19

DAILY TOTAL +55

Had I only held the 3 more volatile pairs GBPJPY, GBPUSD & EURJPY the result would be +70. Will do so from now on.

Started the week positive.

After reading most of the thread, with about 20 pages to go, I'm up to where tkimble is trading only GBPJPY with a 40SL & 100TP.

I've continued with GBPUSD & GBPJPY and am considering simplifying to only GJ.

Results for 07/02/2022:

GBPJPY +23
GBPUSD -1

DAILY TOTAL +22

Cumulative Feb 2022 Total +77

Keeping GBPUSD in the mix has effectively served as a hedge against GBPJPY.
Whether it remains that way is to be seen.

Results for 08/02/2022:

GBPJPY -40+36= -4
GBPUSD +10

DAILY TOTAL +6

Cumulative Weekly Total +28
Cumulative Feb 2022 Total +83

Wild whipsawing had both stops on GBPUSD taken out & one on GBPJPY.

Results for 10/02/2022:

GBPJPY -40 + 100 = +60
GBPUSD -40 -40 = -80

DAILY TOTAL: -20

Cumulative Weekly Total +8
Cumulative Feb 2022 Total +63

Today BOTH pairs stopped out twice.
It's a given that there will be days like this, however it's prompting me to reassess.

From Monday I'll be diversifying somewhat into GBPNZD, GBPAUD, GBPJPY, EURNZD & EURAUD.
According to the above chart, these pairs have the highest Average Daily Range.
Despite a slightly higher spread on some of them, it's a trade off for the bigger daily moves.

My risk management will be 0.1% on each leg. That's a potential total risk of 1% each day across all 5 pairs.

Results for 11/02/2022:

GBPJPY -40-40 = -80
GBPUSD -40-40 = -80

DAILY TOTAL: -160

Cumulative Weekly Total -152
Cumulative Feb 2022 Total -97

OK, so I mis-calculated the conversion of 2400GMT to local time and opened the new positions for the day when the spreads are the WIDEST!
All positions except EURAUD stopped out, on BOTH legs!
So, for the sake of the exercise I've re-entered trades on the said pairs (which I normally wouldn't) and will post the results later.

Given the previous post, it was a shocker of a day.
EURNZD has the wider spread than EURAUD & is highly correlated, so I'll replace it with EURCAD to make up the 5 pairs.
I added EURJPY to the mix for the day.
GJ & EJ both hit their 100pip targets, but not before numerous stop-outs across the board.

Results for 14/02/2022:

EURAUD -40-40 = -80
EURJPY +100
EURNZD -40-40-40 = -120
GBPAUD -40-20-5 = -65
GBPJPY -40+100 = +60
GBPNZD -40+33 = -7

DAILY TOTAL: -112

Cumulative Weekly Total: -112
Cumulative Feb 2022 Total: -209