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Part Time Wealth Building Trading System - Daily Scalping

  • #1,621
  • May 24, 2007 4:13am May 24, 2007 4:13am
Quoting Spinnaker
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?
it might work but im not sure. In a ranging market, when you know the upper and lower boundaries of the range, the approach is theoretical simple, sell at the upper boundary and buy at the low boundary. To be honest I didnt do this during the range period, because GBP JPY has not very exact limits, but looking back now I understood it might have been a very good strategy for that time... we always learn from past mistakes...
We leave no soldier behind.
  • #1,622
  • May 24, 2007 8:48am May 24, 2007 8:48am
Yeah, and it is really easy to say I should have done 'this' at 'that point' once the pips have passed... [ one of my specialties ! ]

It will be interesting to look into this further and play with parameters to see if it is possible to develop a strategy that actually 'likes' the whipsaw...
Spinnaker Learning....
  • #1,623
  • May 24, 2007 12:16pm May 24, 2007 12:16pm
Quoting Spinnaker
Yeah, and it is really easy to say I should have done 'this' at 'that point' once the pips have passed... [ one of my specialties ! ]

It will be interesting to look into this further and play with parameters to see if it is possible to develop a strategy that actually 'likes' the whipsaw...
Im still searching for a strategy. Now at least we can say we are trending again, so this is a good thing. We can find easier trading opportunities.
We leave no soldier behind.
  • #1,624
  • May 24, 2007 6:08pm May 24, 2007 6:08pm
Yes it has been ugly the last few weeks.
My last 4 weeks of live trading:

  1. -265 pips
  2. -207 pips
  3. -94 pips
  4. +255 (this week so far)

January 2007 to today: +6439 pips.

If you read this thread, you will know the keys to make it work:

  1. it works best on G/Y (I have not personally tested other pairs, nor have I read any success stories with other pairs except maybe G/U)
  2. it only works in a trending market which it hasn't been recently
  3. Money management is the key. Don't be putting alot of money on the line in a ranging market. Put more money in when it is trending.

My settings are SL=-40, no TP, max trades/day=2. Plus, on non-reverse days, I will carryover a profitable trade and open a new position (double down) and reset the SL on both.

  • #1,625
  • May 25, 2007 12:22am May 25, 2007 12:22am
Thanks for the summary update AL - your pip numbers give me further hope for pursuing this system.

Cheers
Spinnaker Learning....
  • #1,626
  • May 25, 2007 12:56am May 25, 2007 12:56am
Your results give me further confirmation that this system is a winner, I've had my first real trades this week and am going well except for a couple of errors on my part.I limit myself to 2 trades each day and am setting TP's of 50 and 60 pips respectively on G/U and G/Y.
I think this system should work in a ranging market provided the entry is looked at in more depth, rather than using the original method.To that end I'm playing around with what's happening on a 5min chart 8-12 hrs before the days close and am choosing the initial trade direction on the basis of the general trend on the 5min chart rather than the previous days overall direction.
The facts are all systems work in trending markets.
  • #1,627
  • May 25, 2007 1:55am May 25, 2007 1:55am
My results are mixed, as I am still testing this strategy on entering at different times.

My results are as follows: ST 40, TP1 60, TP2 100.
Enter at 17.00 EST 13 - 31 March 160 pips
April 123 pips
May 205 so far

Enter at 19.00 EST April 549 pips
May -157 so far.

Also for me it seems that entering at a new opening candle, at 17 EST, is still the best strategy. Now Im testing it together with Daily Fozzy strategy, and will look to enter according to the fozzy signal at the new day open.

These days, to be honest, I didnt trade the strategy as it is, just bought dips, which was the best strategy so far. Made around 200+ pips so far since monday.

If you guys have time, take a look at the fozzy indicator RSI8 combined with EMA 8, it really gives good signals.
We leave no soldier behind.
  • #1,628
  • May 25, 2007 2:25am May 25, 2007 2:25am
Quoting Al_Have1
Yes it has been ugly the last few weeks.
My last 4 weeks of live trading:

  1. -265 pips
  2. -207 pips
  3. -94 pips
  4. +255 (this week so far)

January 2007 to today: +6439 pips.

If you read this thread, you will know the keys to make it work:

  1. it works best on G/Y (I have not personally tested other pairs, nor have I read any success stories with other pairs except maybe G/U)
  2. it only works in a trending market which it hasn't been recently
  3. Money management is the key. Don't be putting alot of money on the line in a ranging market. Put more money in when it is trending.

My settings are SL=-40, no TP, max trades/day=2. Plus, on non-reverse days, I will carryover a profitable trade and open a new position (double down) and reset the SL on both.

what time do you enter recently?
We leave no soldier behind.
  • #1,629
  • May 25, 2007 9:13am May 25, 2007 9:13am
Quoting gagiul
what time do you enter recently?
23:00 GMT except Sun nights at 24:00 (spread too large to trade before 24 on Sun)

Sometimes I will cheat. For example if I am opening a short position and it is moving up to a fib, trendline, etc, I will use a limit order to enter just below the indicator. I keep it simple and don't use anything fancy and I don't chase the news.

I will sometimes use this to exit. Today, I TPed at +100 on my short because it bounced off the 38.2 fib on h4. This was also the 100 fib on the last drop on May 10 (dbl strong support). If I would have stayed in, I would have been stopped once for -47 and currently +0 on the SAR. If I don't have a good exit, I will move my SL to breakeven at +80 or so.

It's a good system but you will need to bastardize it to be profitable in a ranging market. In a trending market, you enter your trades blindly, go to bed and wake up with a nice profit.
  • #1,630
  • May 25, 2007 1:42pm May 25, 2007 1:42pm
I got this idea from TKimble's ribbon method and Yezbick's open/close trend method. Thanks guys for your contributions!

On a G/Y daily chart add a 25 day Linear Weighed Moving Average on the close. On the levels tab, add +150 and -150. Done.

On your chart, if G/Y is consistantly opening & closing within the ribbon, it is ranging. Find another method to trade during this time.

If G/Y is consistantly opening & closing above or below the ribbon, it is trending...GAME ON!!!

Ignore the dips into the ribbon. It is still a trend. You are looking for consistant candle bodies inside or outside the ribbon.

BTW: it popped out of the ribbon 2 days ago. Lets see if it stays there for a while.
  • #1,631
  • May 27, 2007 4:18pm May 27, 2007 4:18pm
This system looks promising. Agree with Al. It works better in Trendy days.

My result:
April 360 pips
May 83 pips (So far)

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,632
  • May 29, 2007 11:07pm May 29, 2007 11:07pm
This type of system is profitable but with any system the trader must maintain discipline and stick to it. The drawdowns can be tough but reducing lot size and following your money management rules you'll be fine. A big thanks to tkimble.
  • #1,633
  • May 31, 2007 4:27pm May 31, 2007 4:27pm
My result of month of May:
Net profit/loss=-5 pips
No of winning trades =11
No. of losing trades=11
Drawdown this month=165 pips

Result of April:
Net profit/loss=+360 pips
No of winning trades=14
No. of losing trades=6
Drawdown of month=190 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,634
  • Jun 1, 2007 1:46pm Jun 1, 2007 1:46pm
any gains on GU???? GY seems to be doing okay for me right now but GU is almost always losses with entry at 21GMT (often times it's two losses a day).......anyone else observing that?
  • #1,635
  • Jun 1, 2007 4:06pm Jun 1, 2007 4:06pm
I've had the same experience for the last two weeks,the GBP/USD has been responsible for an overall loss of about $110. If I'd just traded GBP/JPY I would be up 242 pips using a TP60, SL50 strategy with only two trades each day.
I've looked on various forums for other daily chart stategies and this is by far the best,although I think you need to personalise it just as Tkimble says.A big thanks to Tkimble as his/her systems are the result of a large amount of work and not some curve fitting exercise that I think a large number of other systems are.
  • #1,636
  • Jun 2, 2007 2:57am Jun 2, 2007 2:57am
@edge..thanks for the reply. do you continue trading GU assuming it'll get better? or do you just trade GY right now? i am at an overall loss due to GU but cannot detect a pattern, so i am not sure yet how to personalize....

and of course tkimble needs to be thanked (which i have done repeatedly in other posts already) for his generous sharing of strategies. thanks again!
  • #1,637
  • Jun 2, 2007 4:43pm Jun 2, 2007 4:43pm
I couldn't close a GBP/USD posistion at the end of the week because my platform wouldn't open!!!! So I've had to hold it over the weekend (22 pips up) and had intended not trading GBP/USD next week.Due to the frequency that I've been stopped and reversed on the cable in the last 3weeks I'm going to try a modified stradle technique (found on FF),basically set entry orders 20 pips either side of the open with a 20 pip SL and 20 pip TP.
  • #1,638
  • Jun 2, 2007 4:50pm Jun 2, 2007 4:50pm
thats not a bad idea. i tried something similar once and it worked for a while but in the end i think i didnt get the details right. are you going to use this as a daily strat on GU? entering at around 21GMT as with the other one? i'd be willing to try as well and compare results if we can agree on the details.
  • #1,639
  • Jun 2, 2007 6:12pm Jun 2, 2007 6:12pm
I've just gone back 3 weeks and manually tested this idea and it's not much better, just the losses are less. I mentioned in a previous post that looking at 5 min charts could help and to that end I've found that if you enter a posistion at 1700 EST, on the cable,in the general direction of the previous 5-6 hrs you eliminate most of the losers.I know it's pretty subjective but I'm a more hands on sort of trader and it suits me to use a technique like this. This system is all about price action and if some pattern can be exploited in another time frame the I say "use it to your advantage".
  • #1,640
  • Jun 2, 2007 11:09pm Jun 2, 2007 11:09pm
After more than 3 weeks of ranging in very little range, GBP/USD has very high probability of breakout (Hopefully upside). I will hang on to the GU trades.

Longer the ranging market, more valid the breakout.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
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