Part Time Wealth Building Trading System - Daily Scalping | Page 81 | 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

  • #1,601
  • May 22, 2007 11:19am May 22, 2007 11:19am
Thanks Toti1972.

I like this system so far due to my work schedule. I work nights [thus sleep days] some other 'plans' I felt like I was always missing the big move [or needlessly getting stopped out if I wasn't able to watch it 24/7.

Being Pacific coast works out real well - I get up at 4 PM [2 hrs after Market open] place my entry - off to work. Then I do a mid-way [actually more like 2/3] check when I get back home in the morning getting the kids ready for school 6-8AM - make any adjustments [place new stop if it reversed, tighten on profits if it didn't]. Go to sleep, get up at 4 PM close and start again.

I'm trying a slight variation on what I have been reading here [but that IS the point to personilize it]. I'm one week into live testing, I'll let you know how it goes later.
Spinnaker Learning....
  • #1,602
  • Edited 9:30pm May 22, 2007 1:33pm | Edited 9:30pm
Quoting Spinnaker
Thanks Toti1972.

I like this system so far due to my work schedule. I work nights [thus sleep days] some other 'plans' I felt like I was always missing the big move [or needlessly getting stopped out if I wasn't able to watch it 24/7.

Being Pacific coast works out real well - I get up at 4 PM [2 hrs after Market open] place my entry - off to work. Then I do a mid-way [actually more like 2/3] check when I get back home in the morning getting the kids ready for school 6-8AM - make any adjustments [place new stop if it reversed, tighten on profits if it didn't]. Go to sleep, get up at 4 PM close and start again.

I'm trying a slight variation on what I have been reading here [but that IS the point to personilize it]. I'm one week into live testing, I'll let you know how it goes later.
To be honest with you, it is not the best time for this method, I am demoing since february, and feb / march / and let's say up to mid april was wonderful but now i am struggling to find the way to fit this method with current market conditions. (always g/y) May be your hourly setting does it better, would be interesting to hear your results...Also we might work on a different pair, i wonder which one is the most volatile this days...
Best wishes
  • #1,603
  • May 22, 2007 3:54pm May 22, 2007 3:54pm
Quoting toti1972
To be honest with you, it is not the best time for this method, I am demoing since february, and feb / march / and let's say up to mid april was wonderful but now i am struggling to find the way to fit this method with current market conditions. (always g/y) May be your hourly setting does it better, would be interesting to hear your results...Also we can work on a different pair, i wonder which one is the more volatile this days...
Best wishes
Take a look at the Canadian pairs. They have been trending for a couple of weeks now. Although today was different, it appeared to be ranging.

To find the best pairs that are not ranging you will have to look for pairs that don't correlate very well to the GBPJPY.

You can look at the following site for information on correlation.

http://www.mataf.net/en/analysis-cor...etVsMarket.htm

Personally this is one of the best systems I've used, but you need to be selective when using it, especially lately. It will pick back up, but the GBPJPY will have to probably break either 241 area or the 233 area to become a viable system again.

Hope this helps.

Hope you find the pips your looking for.
  • #1,604
  • May 23, 2007 12:42am May 23, 2007 12:42am
@yezbick
hi, i checked but have you noticed that you are contradicting yourself? you say the cad is quite good right now for the system, yet almost all the cad pairs correlate very much with the GY right now....

@edge
i noticed that you said you base your entry on the open of the new candle, but you open at very different times and often before 17 EST, so how can you base the entry on the open of the new candle when this candle does not even exists yet?
  • #1,605
  • May 23, 2007 1:29am May 23, 2007 1:29am
I open my posistions within an hour of the close ,usually, and if you check last weeks trades there was very little difference between what I am doing and what would have happened if I'd waited for the daily candle to actually close.In the general scheme of things I don't think a few pips discrepancy really matters if you are hitting 40-50 pip targets on a regular basis.That is the challange,and I am not having successful trades so far this week.
I have so far been 100% unsuccessful in trading FX,I've lost real money over the last 6mths but in doing so have learnt a lot and now realise there is more to this game than religiously following a system in a completely mechanical sense.
If you aren't trading with real money I doubt that you will ever learn this business as the emotional aspects, I think, are more important than anything else."You are never more alive than when you are close to death" Dracula.
In other words you need to put something on the line and look at the big picture rather than sweat the small inconsistencies!
  • #1,606
  • May 23, 2007 2:22am May 23, 2007 2:22am
i've been trading live for half a year now, so i know about the emotional effects.
i just also learned, that sometimes very small things make or break a trade, so i firmly believe in figuring out any inconsistencies so they can be confirmed or ruled out as reasons for different performance. that said i did have a successful trade yesterday with the daily system.....
  • #1,607
  • May 23, 2007 3:18am May 23, 2007 3:18am
Good one,can you give the trade details please as I went backwards on both pairs yesterday.
  • #1,608
  • May 23, 2007 7:02am May 23, 2007 7:02am
today i reversed twice on GU but again won on GY

here's the details for yesterday and today

times are in GMT

21:17 buy GY price 239.50 TP 240.10 15:40

20:55 buy GY price 240.09 TP 240.69 09:28


thinking about not trading GU anymore since it got stopped out three times between today and yesterday and made for a loss of 120 pip total, while GY made for a 120 pip gain
  • #1,609
  • May 23, 2007 9:55am May 23, 2007 9:55am
Quoting pipbunny
wow, 15 pip hmm....that's quite a bit. any way we could check how different our used feeds are? screenshot or the like of a defined period???
Well it could be spread difference? It could also be if your charting is plotting from the Bid or Ask prices. [I know mine is plotting from the Bid, fine when aiming for a trend one direction but throws off the visual going the other way] ?
For me my Broker and my charting are in sync - so that's good.
Spinnaker Learning....
  • #1,610
  • Edited 4:37pm May 23, 2007 11:16am | Edited 4:37pm
Quoting toti1972
To be honest with you, it is not the best time for this method, I am demoing since february, and feb / march / and let's say up to mid april was wonderful but now i am struggling to find the way to fit this method with current market conditions. (always g/y) May be your hourly setting does it better, would be interesting to hear your results...Also we might work on a different pair, i wonder which one is the most volatile this days...
Best wishes
Hmm. Based on some of the comments I'm seeing, maybe I should post my 'plan' sooner than later.

Daily Scalping - Spinnaker Mod - GBP/USD

- Enter market on original TKimble plan [based on previous days bar same direction - reverse on 3rd day same] at 16:00 +/- PST [02:00 GMT] - for no other reason than that is what works for me.

- Set a 55 pip trailing reverse [a trailing stop for twice the lots of initial entry; this automatically reverses your position when triggered]

- At 06:00 +/- PST [14:00 GMT] check the trade and adjust accordingly:
- If reverse has been triggered;
- set new 40 pip Trailing Stop on new direction
- If still on original position;
- tighten Trailing stop to 40 pip and lower to original lot size.

- At 16:00 next day close position, enjoy profits/mourn losses.

- Start process again.


Results so far
This is only the start of my second week demoing with this plan [I managed to destroy my initial $2k live account down to $174 with another plan - so I know the emotion of loss - and why I'm looking to remove the emotion from the process]
Week of 5/13-18; Did not start until Monday 14th
14th: Enter Sell at 1.97860
Reversed Buy at 1.98050 -19 pip
Buy at 1.98055
Close Sell at 1.98550 +49.5 pip

15th: Enter Buy at 1.98600
Reversed Sell at 1.98180 -42 pip
Sell at 1.98169
Close Buy at 1.97750 +41.9 pip

16th: Enter Sell at 1.97691
Close Buy at 1.97540 +15.1 pip [no reversal for day]

17th: Enter Sell at 1.9747
Reversed Buy at 1.9750 -3 pip
Buy at 1.97505
Close Sell at 1.9745 -5.5 pip
+37 pip for week [withing TKimble specs]

Week of 5/20-25;
20th: Enter Buy at 1.97510
Reversed Sell at 1.96980 -53 pip
Sell at 1.96710
Close Buy at 1.97120 -14.9 pip

21st Enter Buy at 1.97120
Close Sell at 1.97420 +29.5 pip [no reversal on day]

22nd: Enter Buy at 1.97470
no reversal tightened trailing stop and have locked in 105 pips as I type.
Close Sell at 1.98520 +105 pip
Spinnaker Learning....
  • #1,611
  • May 23, 2007 11:20am May 23, 2007 11:20am
i don't understand the trailing reversal. i don't think my platform gives me this option (MT4)
  • #1,612
  • May 23, 2007 12:20pm May 23, 2007 12:20pm
Quoting pipbunny
i don't understand the trailing reversal. i don't think my platform gives me this option (MT4)
It's my term for placing a Trailing Stop for twice the lots you enter the initial trade with.
Eg:
I buy one (1) lot of G/U at 1.9800, I place a Trailing Stop at 55 pips away [1.9745] to sell two (2) lots.
With a Trailing Stop, as the price rises so does the Stop [Price rises to 1.9805, Trailing Stop moves to 1.9750] if the price then drops back to 1.9795, the Stop remains at 1.9805.
The Trailing Stop always moves in the direction of the 'profitable' trade, but never moves away. So if at one point the price were to move to 1.9860, the stop would have moved to 1.9805 [55 pips away] and then reverses and drops to 1.9750, your stop would be triggered and you would exit the trade at 1.9805.

With my scenario - or what I call a Trailing Reversal, if I 'Buy' one lot I set the stop to 'Sell' two lots, so as it is triggered it performs the act of closing the initial position and entering me into a 'Sell' position with the one extra lot.
If my Money Management dictated that I enter with 3 lots, I would set my Trailing Stop at 6 lots [3 to close out my initial position, and 3 to immediately enter a new position in the reverse direction] taking advantage of the new market trend.

Did that clear it up?
Spinnaker Learning....
  • #1,613
  • May 23, 2007 12:35pm May 23, 2007 12:35pm
yes, thanks. that's kind of what i had figured anyway. i know what a trailing stop is, but i don't have the option to automatically attach a new order to it. the only thing my trailing stop will do is move with the price and close the initial order. it will not open another order automatically for me. or am i missing some function on MT4 that I am not aware of?

thanks
  • #1,614
  • May 23, 2007 12:58pm May 23, 2007 12:58pm
Quoting pipbunny
yes, thanks. that's kind of what i had figured anyway. i know what a trailing stop is, but i don't have the option to automatically attach a new order to it. the only thing my trailing stop will do is move with the price and close the initial order. it will not open another order automatically for me. or am i missing some function on MT4 that I am not aware of?

thanks
I'm not sure about MT4 - I use Forex.com's ForexTrader it allows me to specify the number of lots to use in the Trailing Stop, not linking another order just specifying how many lots to activate when triggered.
Spinnaker Learning....
  • #1,615
  • Edited 2:59pm May 23, 2007 2:39pm | Edited 2:59pm
First reading - with my experience in forex, this system seamed too simplistic - but then again, I am too experience as I said. I have seen some very simple systems that did work.
So what I did was to program this system in MQL4 (special programming language for trading) and automatically back tested it on data from January 2000.

Unless there was something I was missing - this system is consistently loosing money on all major pairs and crosses.
  • #1,616
  • May 23, 2007 3:43pm May 23, 2007 3:43pm
very interesting haggais
because i've made similar experiences the past couple of months. so i don't understand why people on here say that they make thousands of pips with it a year.
i really want to hear some more experiences on this, especially from people who've traded this live (as it's been pointed out there are some problems with backtesting daily systems, because they don't take all the movements during the day into account).

please everyone write their experiences. i really don't get why some people say they make lots of money with this.
  • #1,617
  • May 23, 2007 6:17pm May 23, 2007 6:17pm
I have used the system for about three months and right know after todays move on the G/Y I am at about break even. As many people have said, this system works best in trending market conditions, if you use it daily in a flat market it will eat you up, learned that the hard way. March was a great month and a lot of pips were made, then the market went flat for the most part and I gave back most of my march earnings. I have noticed that in flat markets it is best to trade this system when there are major news anouncements, if you are going to trade it at all. I would also like to hear from the people who have been consistantly making pips on this system both when it is trending and ranging.
  • #1,618
  • May 23, 2007 9:40pm May 23, 2007 9:40pm
I hope everyone made some profits yesterday. I entered as usual at 23 GMT around 240.10 and I rode it all the way up to 241.80 (Monthly resistance), so I can say I recovered almost all the losses for May now.

Recently Im starting to think about using Tkimbles strategy combined with daily fib levels and checking on the daily the current trend...for example if I believe a retracement is in place after an uptrend, I sell, but if there is no sign of retracement on daily or 4h chart, I buy, even if the previous 3 days were up.
We leave no soldier behind.
  • #1,619
  • May 23, 2007 9:48pm May 23, 2007 9:48pm
Quoting bmcorcoran
I have used the system for about three months and right know after todays move on the G/Y I am at about break even. As many people have said, this system works best in trending market conditions, if you use it daily in a flat market it will eat you up, learned that the hard way. March was a great month and a lot of pips were made, then the market went flat for the most part and I gave back most of my march earnings. I have noticed that in flat markets it is best to trade this system when there are major news anouncements, if you are going to trade it at all. I would also like to hear from the people who have been consistantly making pips on this system both when it is trending and ranging.
This is what I said before too. GBP JPY has been ranging for almost 2 months, and it was damn obvious. The last days were really painful. This system is for trending conditions, and that is why you need a little brain to realize that you cant use this system when the daily range of GBP JPY is 70 pips a day, and you aim for 100 pips, according to the system. Lol. You shouldnt follow the system blindly, but use your brain and make some adjustments. I havent used it until Tuesday, when it gave the first signs of strengthening towards 240...

Thats why I dont agree with Haggais, and I dont believe in automatic backtesting. When we trade as humans, we use our mind and make different decisions according to circumstances. You dont trade it blindly. For example in 2006 October and November, average daily was around 50 pips, so also there, you wouldnt have applied this system.
We leave no soldier behind.
  • #1,620
  • May 23, 2007 10:45pm May 23, 2007 10:45pm
Quoting gagiul
When we trade as humans, we use our mind and make different decisions according to circumstances.
Hear, Hear.
I'm just new to this trade - but I'm wondering if setting a smaller reversal Stop would capture more profit in a ranging situation?
Spinnaker Learning....
0 traders viewing now