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Part Time Wealth Building Trading System - Daily Scalping

  • #1,641
  • Jun 3, 2007 7:37pm Jun 3, 2007 7:37pm
Using my modification with a trailing reversal on G/U [ http://www.forexfactory.com/showpost...postcount=1610 ] I have managed +197 since 5-13-07 [+37 , +57 , +103 ].
Last week was my first comparison running G/J beside G/U [G/J SL40 no TP] G/U +103 // G/J +110 pip or $103 G/U to $90.41 G/J.
One more week then I'll look at mods to G/J.
Spinnaker Learning....
  • #1,642
  • Jun 4, 2007 1:47am Jun 4, 2007 1:47am
Quoting Spinnaker
Using my modification with a trailing reversal on G/U [ http://www.forexfactory.com/showpost...postcount=1610 ] I have managed +197 since 5-13-07 [+37 , +57 , +103 ].
Last week was my first comparison running G/J beside G/U [G/J SL40 no TP] G/U +103 // G/J +110 pip or $103 G/U to $90.41 G/J.
One more week then I'll look at mods to G/J.
Last few days provided wonderful long opportunities on GBP JPY. Im entering only long positions, especially on dips. Love this pair now, its really moving and its almost impossible not to make money on it.
We leave no soldier behind.
  • #1,643
  • Jun 4, 2007 7:56am Jun 4, 2007 7:56am
impossible doesn't exist on forex. look at GY right now.....it's dropping so i doubt there'll be money made on it today....however i made 50 pip on GY today
  • #1,644
  • Jun 4, 2007 11:55am Jun 4, 2007 11:55am
NZD/USD, has been trending nicely, so have any of you been using the Daily Scalping Method on that pair? Take a look if you havn't. IMO
  • #1,645
  • Jun 5, 2007 3:43am Jun 5, 2007 3:43am
Quoting pipbunny
impossible doesn't exist on forex. look at GY right now.....it's dropping so i doubt there'll be money made on it today....however i made 50 pip on GY today
the latest safe approach when GY is trending is just to buy dips. Pull down some fibs and you will be amazed how it retraces right to them, then moves back up. Ofcos, you dont enter only looking at the fibs, but they are of great help.

Just closed my long position at 242.80, I believe there will be some retracements coming.
We leave no soldier behind.
  • #1,646
  • Jun 5, 2007 5:54am Jun 5, 2007 5:54am
June Result:
1-06-07 +32 pips
4-06-07 +94 pips

Total so far=126 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,647
  • Jun 5, 2007 7:06am Jun 5, 2007 7:06am
and again a day of losses.....-130 pip today after +90 yesterday......not funny!!!! i just don't believe in this strategy anymore, personalized or not. i think people here who claim they make hundreds of pips with it are just flat out making it up.
  • #1,648
  • Jun 5, 2007 7:50am Jun 5, 2007 7:50am
Quoting pipbunny
and again a day of losses.....-130 pip today after +90 yesterday......not funny!!!! i just don't believe in this strategy anymore, personalized or not. i think people here who claim they make hundreds of pips with it are just flat out making it up.
You are correct that if you follow the original rules in a range market you will lose your shirt. G/Y is showing early signs of trend and will be profitable it it continues.

How did you lose 130 in one day? I limit 2 trades per day at 40 pips each. Today, I did get stopped twice for -87. Every trade will not be a winner. In fact, I have had 6 losing trades in a row multiple times. Thats where money management comes in to play. Your psyche and account need to account for that.

Last three weeks of live trading: -290, +208, +86. This week so far +23 (+55 Monday, +55 Fridays carryover to Monday, -87 Tues). That is no BS!

For what its worth, I think people have better things to do than to study a system and post BS in a blog. If you study the posts, you will find how they have changed their settings to be profitable in an ever changing market (i.e. TP half at +60). The market is always changing and you will have to tweak.

Suggestion: If you don't like this system, find another. There are plenty in this forum. But there is no reason for you to criticize it. I really enjoy bouncing my ideas and getting feedback. It makes me a better trader. I assume thats what you are doing too. I do trade other systems as well to diversify my account. Would you only buy one stock in your IRA?
  • #1,649
  • Jun 5, 2007 8:01am Jun 5, 2007 8:01am
i lost 130 because i trade GU and GY with this system.
and yes, i agree it's all about bouncing ideas and diversifying, but i have observed this system several months now and anyone who is telling me he made hundreds of pips with it during these months is just BSing....sorry to say it that way. i've tried tons of tweaks and TP levels etc. it just is consistently losing money. and NO, i am not the only one to have found this out. i wish it wasn't so but it is. i am just trying to find out why some people still claim it. maybe with different brokers etc. it's different. who knows. that's where the bouncing ideas comes in.

and yes, there is plenty of other systems, but i have yet to discover one that actually works. ever thought about why even professional traders don't make much more than 40-50% A YEAR!!!! (not a month). and that's using other peoples money and having tons of better options.
  • #1,650
  • Edited 9:05am Jun 5, 2007 8:42am | Edited 9:05am
Quoting pipbunny
i lost 130 because i trade GU and GY with this system.
and yes, i agree it's all about bouncing ideas and diversifying, but i have observed this system several months now and anyone who is telling me he made hundreds of pips with it during these months is just BSing....sorry to say it that way. i've tried tons of tweaks and TP levels etc. it just is consistently losing money. and NO, i am not the only one to have found this out. i wish it wasn't so but it is. i am just trying to find out why some people still claim it. maybe with different brokers etc. it's different. who knows. that's where the bouncing ideas comes in.

and yes, there is plenty of other systems, but i have yet to discover one that actually works. ever thought about why even professional traders don't make much more than 40-50% A YEAR!!!! (not a month). and that's using other peoples money and having tons of better options.
I backtested this back to Jan 2005. What I found was there were times of large losing streaks and times of HUGE winning streaks. It is obvious that trending=money, ranging=losses, everyone knows that by now. But I have been banging my head against a wall trying to identify range vs trend. The closest I have come is http://www.forexfactory.com/showpost...postcount=1630
I am starting to use this to rule out bad trades...or at least limit my exposure when I think the trade is risky. Let me know if you have any ideas to make it better.
  • #1,651
  • Jun 5, 2007 11:35am Jun 5, 2007 11:35am
Al_Have1;
What charting software do you use? I don't have the 'levels' and 'tabs' you mention on mine.
[fingers crossed - hoping it's a free or cheap one]
also wouldn't mind seeing a 'snapshot' of your 'ribbon' that you base it on.
Thanks.

PipBunny - I'm sorry that you have been losing, it is your choice [and right] to voice your opinion; I understand you wanting to warn folks off and 'protect' them form the 'pip' pain you have experienced. Everyone can have slightly [or radically] different experiences, but anyone diving into ANY 'system' without testing it for themselves first, deserves a little 'pain' [not implying you in any way]. You have said you peice, made your point, lets not beat a dead horse by berating a system, without positive input.
If you still want to investigate this System, look at your trades, try to figure out [post-mortem] what could you have changed to make it work [if anything], post your findings, help us all to imporve - maybe one person will see a single idea in your findings, add it to theirs and help to improve and evolve the 'system' for us all. Posting sour grapes doesn't help anyone.
Spinnaker Learning....
  • #1,652
  • Jun 5, 2007 12:30pm Jun 5, 2007 12:30pm
agreed, but that said posting the claim to hundreds of positive pips a month doesn't help anyone either if other people with the same parameters just lose. it doesn't make any sense and doesn't add up.
i am still stuck on this system because i want to know exactly why some people claim huge gains and on what grounds. i so far, no matter how i changed the parameters, have found no way it works. it appears to be an exact gamble which pretty much breaks even in the end. so one could as well turn the initially set parameters around and trade sell after an up candle and vice versa. i might actually try that cause from what i've manually backtested it doesn't make a dang bit of a difference....
  • #1,653
  • Jun 5, 2007 12:40pm Jun 5, 2007 12:40pm
Quoting Spinnaker
Al_Have1;
What charting software do you use? I don't have the 'levels' and 'tabs' you mention on mine.
[fingers crossed - hoping it's a free or cheap one]
also wouldn't mind seeing a 'snapshot' of your 'ribbon' that you base it on.
Thanks.
I use MT4. When you drag the MA indicator to your chart, the options will pop up with the preferences for the MA.
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  • #1,654
  • Jun 5, 2007 12:45pm Jun 5, 2007 12:45pm
you might be onto something with the ribbon. seems like there'd be very few days to trade though. also according to this today would have probably been a trade day? or no? seems like it would have counted as not ranging. or how strict do you judge the candles? if very strict the last trading opportunities would have been back in april, correct??
  • #1,655
  • Jun 5, 2007 1:00pm Jun 5, 2007 1:00pm
Quoting pipbunny
agreed, but that said posting the claim to hundreds of positive pips a month doesn't help anyone either if other people with the same parameters just lose. it doesn't make any sense and doesn't add up.
i am still stuck on this system because i want to know exactly why some people claim huge gains and on what grounds. i so far, no matter how i changed the parameters, have found no way it works. it appears to be an exact gamble which pretty much breaks even in the end. so one could as well turn the initially set parameters around and trade sell after an up candle and vice versa. i might actually try that cause from what i've manually backtested it doesn't make a dang bit of a difference....
I think the main reason for which some people win and others lose on this system is that everybody trades it differently. Everyone makes up his mind about a trade, and also uses different other indicators to help him decide.
For example, today should have been a sell for GY on this system. Open price at 242.47 at 17EST. I would normally enter a sell with a stop of 40 pips, at 242.87. I was sure today is gonna be a down day, after all the strong movement in the last days, so I entered short but with a wider stop, at 243.10. I just had the feel that it will shoot a little higher before retracement. There was resistance at 242.90, so putting my stop above was a good idea. In the beginning didnt work out well, but after all the crazy guys of G8 spoke tonite, I made 80 pips in one hour.

You just have to gain experience, use your personal guess also, not only trade mechanically the system.

Also, what Al_Have said about diversifying your investment is vital. Just realized that recently, after seeing the huge downtrend in USD CAD. I hated myself for trading GY in those ugly May days, while other people made a lot of EASY money just shorting USD CAD every day. Now its a little late to short USD CAD, I guess, but Im glad I made some money there too. Dont rely only on one system, and dont expect every day to be a winner on it. Make the total win/loss at the end of the month, not after a few days, and then you can see if the system works or not.
We leave no soldier behind.
  • #1,656
  • Edited 1:27pm Jun 5, 2007 1:06pm | Edited 1:27pm
Quoting pipbunny
you might be onto something with the ribbon. seems like there'd be very few days to trade though. also according to this today would have probably been a trade day? or no? seems like it would have counted as not ranging. or how strict do you judge the candles? if very strict the last trading opportunities would have been back in april, correct??
Mr Bunny. Take a look at this chart and see what you did differently. My trading style and social life did not allow me to capture all the pips but it was still a winning week for me.

On the "no trade days", I still trade, just limit my exposure. I am still experimenting. Take a look at Oct 06 and you can erase a lot of losses. Yes, pre-April. I had losing weeks from Apr 6-May 18. So the ribbon isn't perfect, but could be another tool to use. I am not strict with it.
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  • #1,657
  • Jun 5, 2007 1:06pm Jun 5, 2007 1:06pm
well the initial reason for tkimble to post this system was that it was absolutely mechanical and i believe he and others have stated to trade it that day.
anyway i did enter a sell on GY but with the usual stop out. anything else would be pure gambling on a whim.....i did get stopped out twice though on GY and lost as many pips as you made so i guess your whim worked out today. good job....but like i said its just guess work and guess work usually gets you in trouble in the long run
  • #1,658
  • Jun 5, 2007 1:28pm Jun 5, 2007 1:28pm
Quoting pipbunny
agreed, but that said posting the claim to hundreds of positive pips a month doesn't help anyone either if other people with the same parameters just lose. it doesn't make any sense and doesn't add up.
i am still stuck on this system because i want to know exactly why some people claim huge gains and on what grounds. i so far, no matter how i changed the parameters, have found no way it works. it appears to be an exact gamble which pretty much breaks even in the end. so one could as well turn the initially set parameters around and trade sell after an up candle and vice versa. i might actually try that cause from what i've manually backtested it doesn't make a dang bit of a difference....
Lol, recently you have been only bringing negative input here. Dont wanna be rude, but I really dont understand why do you still stick with this system if you dont like it and dont believe in it and doesnt bring you profits...there are so many others here. For example take a look at Daily Fozzy, thats really a good one.
We leave no soldier behind.
  • #1,659
  • Jun 5, 2007 1:50pm Jun 5, 2007 1:50pm
Quoting gagiul
Lol, recently you have been only bringing negative input here. Dont wanna be rude, but I really dont understand why do you still stick with this system if you dont like it and dont believe in it and doesnt bring you profits...there are so many others here. For example take a look at Daily Fozzy, thats really a good one.
I like Fozzy too. I trade multiple pairs but when I see fozzy and TK line up on GY, I get really excited!!!
  • #1,660
  • Jun 5, 2007 2:42pm Jun 5, 2007 2:42pm
Quoting Al_Have1
I like Fozzy too. I trade multiple pairs but when I see fozzy and TK line up on GY, I get really excited!!!
yeah same for me. For example today, I mean when the next daily candle opens... Both Daily Fozzy and Tk strategy scream for a short. The problem is where to put stops, so I guess I will go with the Fozzy ATR Stop method, so probably around 85 pips....
We leave no soldier behind.
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