Part Time Wealth Building Trading System - Daily Scalping | Page 79 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

Attachments: Part Time Wealth Building Trading System - Daily Scalping
Exit Attachments

Part Time Wealth Building Trading System - Daily Scalping

  • #1,561
  • Apr 27, 2007 9:17am Apr 27, 2007 9:17am
MQ,
Were you able to backtest any?
  • #1,562
  • Apr 29, 2007 7:14am Apr 29, 2007 7:14am
Well, I will post my system again, maybe it helps the new comers.

Warning: I just tested it on demo, but will start on real from this month. For March, it made only 30 pips. For April though, it made around 629,so its up to you to try it.

Settings: enter at 23 GMT. If previous day is bullish, go long. If 3 days bullish, go short. Stop 40. First Target 60 pips. If target hit and position reversed, you go for Second Target 100 pips (recover the 40 loss and get the daily 60 target). Move stop to BE after +40.

If you feel the trend is strong enough (fundamentals, market sentiment) you can even go for 100 TP in the first place, but be careful, it can reverse completely even when you are +80 in profit.

Also, close parts of the position while in profit, never let all the money on the table.

Hope this helps.
We leave no soldier behind.
  • #1,563
  • Apr 29, 2007 11:03am Apr 29, 2007 11:03am
i don't know if this has already been discussed or not, but i thought it's worth being mentioned: for those that use TP, there is a daily average indicator that you might consider when setting your SL and TP. give it a try and see how it suits you, i'm using it a lot these days because i don't have time to watch the market.
Attached File(s)
File Type: mq4 (TSR) Daily Range.mq4   13 KB | 589 downloads
Nihil Sine Deo.
  • #1,564
  • Apr 29, 2007 3:48pm Apr 29, 2007 3:48pm
Quoting Scrat
i don't know if this has already been discussed or not, but i thought it's worth being mentioned: for those that use TP, there is a daily average indicator that you might consider when setting your SL and TP. give it a try and see how it suits you, i'm using it a lot these days because i don't have time to watch the market.
Thanx Scrat, that indicator is damn useful. I trying to figure out the best way to use it, in order to filter out bad entries.
We leave no soldier behind.
  • #1,565
  • Apr 30, 2007 7:04am Apr 30, 2007 7:04am
i thought so too. here's another one.
as for how to use them, i haven't decided yet... still trying to find the safest and most profitable strategy.
Attached File(s)
File Type: mq4 (TSR) Weekly Range Calculator.mq4   15 KB | 485 downloads
Nihil Sine Deo.
  • #1,566
  • May 1, 2007 12:42pm May 1, 2007 12:42pm
Quoting gagiul
...Settings: enter at 23 GMT. If previous day is bullish, go long. If 3 days bullish, go short. Stop 40. First Target 60 pips. If target hit and position reversed, you go for Second Target 100 pips (recover the 40 loss and get the daily 60 target). Move stop to BE after +40...
Thanks for sharing. I tried this today (went long) and it worked great except I am leaning away from the 3 day reverse rule. I am having a little trouble following a couple of your suggestions. My questions are this:

  1. First (long) target is +60. If it is hit, you reverse immediately (short) at the +60 and set a +100 TP? Or do you leave your original 2nd postion order in place.
  2. When you move the SL to BE at +40, do you also move up your reverse order to the BE entry.

Using the original rules with carryover positions, I was +80 pips for all of April. March was +4221. I like your system in this choppy market. If it starts trending again, I may go back to the original.

  • #1,567
  • May 2, 2007 12:51am May 2, 2007 12:51am
hey Al Have,
Im glad I could help. You are one of the veterans among us. Yes, I also believe this method can work very well, especially if you deviate from the 3 days rule...but until now I didnt found another filter. However, this week has been a loss until now, but Im waiting for recovery.

1. I think you didnt get it right... I put 60 TP for the position I enter exactly at 23 GMT. The 100 TP is for the reverse position, which I put as an order. For example, if the price is at 237.00 at 23 GMT and you enter long immediately, you buy at 237.00, stop 236.60 and TP 237.60. You will also put a short order at 236.60, stop 237.00 and TP 235.60 (TP 100). This way you recover the previous loss and also make the 60 pips target for the day.

2. No, I dont move the reverse order to BE, I just leave it as it was at the beginning.

You are right, for this choppy month, entering at 23 GMT worked best. However, during march, it only provided 20 pips (at least on plus). This is what I have noticed too, that we can switch between systems according to the market situation. The problem is that it takes some time to figure out the market situation, so maybe the best solution would be to use both systems, I mean one that works best during trending month and one that works during choppy months. My hope is that even you use them both, you would still be on plus at the end of the month, as the more profitable one would outcome the loss of the weaker one, or even both would be profitable (as I said entering at 23 GMT during March still came on plus at the end).

Also, I am considering closing half of the position at +40 pips, and letting the other half to run until 60 or even 100 from now on.

Another thing I have noticed: almost every day at 8 GMT, around London opening, the traders buy the GY pair, so it goes up. I noticed this while backtesting the scalping method and wondering why all my short positions got stopped out during that time. I backtested it since 14 March and the outcome was around 1000 pips until April 30. The idea is to buy exactly at 8 GMT, stop 40, aim for 100 or 60 pips. The 1000 pips were taken using 100 TP, but also if u go for 60 only should be good. You should also move your stop to BE at +40. This can also be used as a filter, i.e. try to close your short positions before 8 GMT...

I hope this helps too. I have great confidence in this method, and I hope it will be profitable for May too, as I will start trading it for real...

Quoting Al_Have1
Thanks for sharing. I tried this today (went long) and it worked great except I am leaning away from the 3 day reverse rule. I am having a little trouble following a couple of your suggestions. My questions are this:

  1. First (long) target is +60. If it is hit, you reverse immediately (short) at the +60 and set a +100 TP? Or do you leave your original 2nd postion order in place.
  2. When you move the SL to BE at +40, do you also move up your reverse order to the BE entry.

Using the original rules with carryover positions, I was +80 pips for all of April. March was +4221. I like your system in this choppy market. If it starts trending again, I may go back to the original.

We leave no soldier behind.
  • #1,568
  • May 3, 2007 9:56am May 3, 2007 9:56am
Is everyone using this method or a form of this method everyday or if it looks like a slow day do you stay out? or a slow week? I have been usung the original method for about three months and just started staying out on days were the news looks to be slow and it seems to be cutting back on my stop outs. Anyone have any thoughts? Thanks
  • #1,569
  • May 3, 2007 5:49pm May 3, 2007 5:49pm
You have some contradictory statements here. What I got out of it is:
1. Go long at 08:00 GMT
2. TP=60 to 100
3. SL=40
4. BE once up 40 pips.
5. Close at what time? You said 08:00 GMT so this contradicts #1 above.

Mike

Quoting gagiul

Another thing I have noticed: almost every day at 8 GMT, around London opening, the traders buy the GY pair, so it goes up. I noticed this while backtesting the scalping method and wondering why all my short positions got stopped out during that time. I backtested it since 14 March and the outcome was around 1000 pips until April 30. The idea is to buy exactly at 8 GMT, stop 40, aim for 100 or 60 pips. The 1000 pips were taken using 100 TP, but also if u go for 60 only should be good. You should also move your stop to BE at +40. This can also be used as a filter, i.e. try to close your short positions before 8 GMT...
  • #1,570
  • May 3, 2007 5:54pm May 3, 2007 5:54pm
close your sell trades at 8:00 GMT.
  • #1,571
  • May 18, 2007 1:40pm May 18, 2007 1:40pm
How are you all still doing with the tk Method. How about a nice update on those of you that use the Daily? How are you doing with the Method? Thanks
  • #1,572
  • May 18, 2007 1:52pm May 18, 2007 1:52pm
the method doesn't work at all anymore. lost a bunch of money lately....lots of time both trades close out with a loss and on the trades that dont close almost no profit is made unless you lock it in with a TP of 60....but even then often times you get less cause it never hits the 60.
  • #1,573
  • May 18, 2007 4:12pm May 18, 2007 4:12pm
I've read this thread thoroughly several times in the last month and started demoing the system this week and am very pleased with the results.The only changes I've made are those that I found on this thread i.e only two trades per day,TP50 GBP/USD andTP60 GBP/JPY,SL 40 and 50 respectively with a TP of 100 on the second trade.
From Tuesday until today eight initial trades and three stop and reverses,seven profits and four losses for a net of $1627.67 USD.
I live in NZ and this system is very convenient from a time point of view,a new day is at 9am NZST and the markets have just closed for the week ie 9am Saturday morning.Trading shorter time frames has been difficult due to most of the action being whilst I am asleep so this method is ideal.Last night, for example, I got stopped and reversed on the GBP/JPY but hit my 100 pip target so woke up to a net $427 on this pair.
I'm going to go live next week on a mini account.
Cheers.
  • #1,574
  • May 18, 2007 4:29pm May 18, 2007 4:29pm
could you post the exact way you do this and the GMT time when you enter please....because this is really curious.....like i said for the few weeks that i've been doing this it's just terrible results and the way this thread has been abandoned seems to indicate a similar sentiment. i've also heard from others who've lost lots of money with this system....so i really wonder why results seem to differ by thousands of dollars/ hundreds of pips
  • #1,575
  • May 18, 2007 10:23pm May 18, 2007 10:23pm
Here are all my trades,I entered within an hour or so of the close for the day and exited when my profit target was reached or I was stopped out or the day was near it's end.Times are EST which is GMT-5hrs.
1.GBP/JPY 15/05 00:40 HRS Buy 238.36 closed 15/05 15:21 HRS +38 PIPS.
2.GBP/USD 15/05 01:03 HRS Sell 1.9796 closed 15/05 06:25 HRS +46 PIPS.
Both these trades were entered late but this worked against me in terms of my return.
3.GBP/JPY 15/05 16:31 HRS Buy 238.66 closed 16/05 10:05 HRS +60 PIPS.
4.GBP/USD 15/05 16:36 HRS Buy 1.9852 stopped out -40 PIPS.
5.GBP/USD Entry order Sell 1.9812 (16/05 07:38 HRS) closed 16/05 16:29 HRS
+46 PIPS.
6.GBP/JPY 16/05 16:36 HRS Sell 238.77 stopped out -50 PIPS.
7.GBP/JPY Entry order Buy 239.27 closed 17/05 16:06 HRS +30 PIPS.
8.GBP/USD 16/05 16:43 HRS Sell 1.9767 closed 17/05 16:01 HRS +20 PIPS.
9.GBP/USD 17/05 16:21 HRS Sell 1.9742 closed 18/05 16:35 HRS -11 PIPS.
10.GBP/JPY 17/05 16:23 HRS Buy 239.60 stopped out -50 PIPS.
11. GBP/JPY Entry order Sell 239.10 (18/05 05:12 HRS) hit target 18/05 06:59 HRS +100 PIPS.
  • #1,576
  • May 19, 2007 12:03am May 19, 2007 12:03am
Would you mind giving your exact entry and exit rules?

Quoting edge540
Here are all my trades,I entered within an hour or so of the close for the day and exited when my profit target was reached or I was stopped out or the day was near it's end.Times are EST which is GMT-5hrs.
1.GBP/JPY 15/05 00:40 HRS Buy 238.36 closed 15/05 15:21 HRS +38 PIPS.
2.GBP/USD 15/05 01:03 HRS Sell 1.9796 closed 15/05 06:25 HRS +46 PIPS.
Both these trades were entered late but this worked against me in terms of my return.
3.GBP/JPY 15/05 16:31 HRS Buy 238.66 closed 16/05 10:05 HRS +60 PIPS.
4.GBP/USD 15/05 16:36 HRS Buy 1.9852 stopped out -40 PIPS.
5.GBP/USD Entry order Sell 1.9812 (16/05 07:38 HRS) closed 16/05 16:29 HRS
+46 PIPS.
6.GBP/JPY 16/05 16:36 HRS Sell 238.77 stopped out -50 PIPS.
7.GBP/JPY Entry order Buy 239.27 closed 17/05 16:06 HRS +30 PIPS.
8.GBP/USD 16/05 16:43 HRS Sell 1.9767 closed 17/05 16:01 HRS +20 PIPS.
9.GBP/USD 17/05 16:21 HRS Sell 1.9742 closed 18/05 16:35 HRS -11 PIPS.
10.GBP/JPY 17/05 16:23 HRS Buy 239.60 stopped out -50 PIPS.
11. GBP/JPY Entry order Sell 239.10 (18/05 05:12 HRS) hit target 18/05 06:59 HRS +100 PIPS.
  • #1,577
  • May 19, 2007 3:03am May 19, 2007 3:03am
it seems like you entered at very different times all the time and those time aren't near the close of the day if they are given in EST (=GMT-5 hours)....some of your entries are around 0:00 EST which would be 5am GMT and some are around 16:00 EST which would be 21 GMT.....this does not make sense to me. could you please elaborate, cause right now those entries seem rather random.
thank you.
  • #1,578
  • May 19, 2007 3:22am May 19, 2007 3:22am
The first two trades should probably be disregarded as I entered much later than I should have but all the rest were within an hour or so of the daily candle close at 1700HRS EST, which is 9AM here in NZ.I entered the market each day by buying at the market price, I found there is very little price movement at that time of the day so entering or exiting at precisely 1700 HRS EST is pointless and inconvenient. Obviously the entry orders are placed at the same time.I either exit the market when the profit targets are achieved or I close the posistion just before I'm ready to open new positions .I hope this is clear,I'm doing exactly as the original rules say with the exception of setting profit targets and limiting my trades to a maximum of two per pair per day.
Cheers.
  • #1,579
  • May 19, 2007 3:59am May 19, 2007 3:59am
so you BUY at around 22 GMT??? or do you mean you buy OR sell according to the original candle pattern rules?
i still don't understand why almost all my trades are losers although i follow the same rules and you guys seem to be making tons of money....curious curious
  • #1,580
  • May 19, 2007 5:34am May 19, 2007 5:34am
Correct,2200HRS GMT is 1700HRS EST or 0900HRS NZST which is the close of the New York session.It's real convenient having a daily candle close and a new one open at this time of the day in NZ as I can finish and start trades before venturing out into the real world.
My next trades will be placed around this time at the open of a new daily candle on Sunday 20 May (9am Monday 21/05 NZST), Hope this is clear.
2 traders viewing now