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Part Time Wealth Building Trading System - Daily Scalping

  • #1,661
  • Jun 5, 2007 3:35pm Jun 5, 2007 3:35pm
I understand you frustration but the other guys are right, either persist with the system or try something else. I had a good first day this week +130 pips on both pairs but blew it all yesterday with two stop outs on each pair. I reversed after 3 bullish candles and got dealt to. I'm not going to reverse after 3 candles the same in the future and see how that works after all the price has no memory of the previous day.
  • #1,662
  • Jun 5, 2007 5:51pm Jun 5, 2007 5:51pm
Quoting Al_Have1
I use MT4. When you drag the MA indicator to your chart, the options will pop up with the preferences for the MA.
Thanks
Spinnaker Learning....
  • #1,663
  • Jun 5, 2007 6:35pm Jun 5, 2007 6:35pm
Today's result (5th June 2007)

GBP/USD:+10 pips

June result so far:+136

After flat May, let's see how June trades work out.

I don't take reverse trade after 3 consecutive bull/bear candle. I don't see any logic behind that. When market trends, it may continously trend weeks or more.

Al, Thanks. Your ribbon indicator helps me lot. I added it to my G/U chart with 100 point deviation level (instead of 150).

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,664
  • Jun 5, 2007 11:51pm Jun 5, 2007 11:51pm
The daily fozzy didnt make the expected short cross, and besides, looking at the 15min chart, there have been only higher highs since the 241.50 dip. So instead of entering short after 3 days up, I decided to enter long at 241.93...currently up 12 pips. If it breaks 242.15 clearly, we are gonna go back to 242.80.
We leave no soldier behind.
  • #1,665
  • Jun 6, 2007 4:31am Jun 6, 2007 4:31am
Quoting gagiul
The daily fozzy didnt make the expected short cross, and besides, looking at the 15min chart, there have been only higher highs since the 241.50 dip. So instead of entering short after 3 days up, I decided to enter long at 241.93...currently up 12 pips. If it breaks 242.15 clearly, we are gonna go back to 242.80.
Looks like the market messed with my thinking. After a clean breakout up to 242.30, it turned back down. Managed to exit at BE, and shorted at 241.80...Ill see what happens.
We leave no soldier behind.
  • #1,666
  • Jun 6, 2007 7:05am Jun 6, 2007 7:05am
I am reluctant to post this because it deviates from TK a little, so don't get mad at me. My goal is to make lots & lots of money. Take a look at what your results would be if you follow the TK rules, except change your entry time to a limit order on a 24 SMA on H1. (You will have to change it every hour until it is hit.) That would eliminate alot of whipsaw action. Again, all other rules (and personalization) apply.

I.E. Today GY opened at 241.81 at 24:00GMT, MA was at 242.25. At 6:00GMT they met at 242.15 to enter a short.

As always, test it before going live.
  • #1,667
  • Jun 6, 2007 7:34am Jun 6, 2007 7:34am
can you elaborate further on that? sounds interesting. since i live in europe i would have to see whether it could be used in a similar fashion at an earlier time......any thoughts on that? still not giving up on the system. sorry for all the negativity yesterday. just a bad day....
  • #1,668
  • Jun 6, 2007 7:46am Jun 6, 2007 7:46am
Quoting pipbunny
can you elaborate further on that? sounds interesting. since i live in europe i would have to see whether it could be used in a similar fashion at an earlier time......any thoughts on that? still not giving up on the system. sorry for all the negativity yesterday. just a bad day....
Sometimes I miss the entry at 24:00 because I am away. So I look for an entry so I can play the TK for the day. My entry tends to be on the MA or on a trendline

All you do is draw a 24 hour Simple Moving Average on your 1 hour charts. Instead of entering at 24:00GMT per TK rules, wait for it to touch the MA, then enter in the direction of the previous day candle. A lot of times, it is on the MA at 24:00GMT.

I have not backtested this. Its just something I use occasionally and I noticed that would be the difference in -87 pips or +90 pips for today so I thought I'd share.
  • #1,669
  • Jun 6, 2007 9:44am Jun 6, 2007 9:44am
Quoting Al_Have1
Sometimes I miss the entry at 24:00 because I am away. So I look for an entry so I can play the TK for the day. My entry tends to be on the MA or on a trendline

All you do is draw a 24 hour Simple Moving Average on your 1 hour charts. Instead of entering at 24:00GMT per TK rules, wait for it to touch the MA, then enter in the direction of the previous day candle. A lot of times, it is on the MA at 24:00GMT.

I have not backtested this. Its just something I use occasionally and I noticed that would be the difference in -87 pips or +90 pips for today so I thought I'd share.
Good day in the end, made 80 pips on the downrun.

Al_Have, I tested your system for may, which we all know has been a crap month, and the results are wonderful. Too busy to test it for other months too, but I like the idea and gonna forward test it directly.

For May, I used 2 lots, 40 pips stop on both, one TP 60, second TP at 100 or if 100 not reached, until the end of the day. Of course, stop is moved to BE for the second lot after first lot is closed at 60 profit.

For first lot, Profit is 410 pips and for second lot is 262. So a total of 672 pips, which is really great.

I would be really glad if someone else can test it for April or March.
We leave no soldier behind.
  • #1,670
  • Jun 6, 2007 10:23am Jun 6, 2007 10:23am

Found this strategy on this link: http://www.forexfactory.com/showthread.php?t=18353

It uses some interesting levels you can plot on the 1h chart together with the 24 sma, for limit orders for example. Gonna test them and see how we can mix them together in a better strategy.

We leave no soldier behind.
  • #1,671
  • Jun 6, 2007 10:42am Jun 6, 2007 10:42am
Quoting gagiul

Found this strategy on this link: http://www.forexfactory.com/showthread.php?t=18353



It uses some interesting levels you can plot on the 1h chart together with the 24 sma, for limit orders for example. Gonna test them and see how we can mix them together in a better strategy.

Sounds great! I typically use fibs for exits and haven't used them too much for entry. I am interested in what you find.
  • #1,672
  • Jun 6, 2007 10:46am Jun 6, 2007 10:46am
does anyone have an idea whether one can use the 25 RMA sensible to trade earlier than 24GMT? or does it always just meet after that point....?
  • #1,673
  • Jun 6, 2007 11:01am Jun 6, 2007 11:01am
Quoting pipbunny
does anyone have an idea whether one can use the 25 RMA sensible to trade earlier than 24GMT? or does it always just meet after that point....?
I haven't tried it but I would suggest backtesting & forward testing. Pick a time you feel comfortable (you may want to start on a regional market opening... There seems to be extra movement there.) and wait for the EA. It may be difficult to use previous day candle if you are starting mid-day. Maybe go 9am to 9am (arbitrary time) and see if it was up or down. Or just follow the trend on the EA.
  • #1,674
  • Jun 6, 2007 12:54pm Jun 6, 2007 12:54pm
Quoting Al_Have1
I am reluctant to post this because it deviates from TK a little, so don't get mad at me. My goal is to make lots & lots of money. Take a look at what your results would be if you follow the TK rules, except change your entry time to a limit order on a 24 SMA on H1. (You will have to change it every hour until it is hit.) That would eliminate alot of whipsaw action. Again, all other rules (and personalization) apply.

I.E. Today GY opened at 241.81 at 24:00GMT, MA was at 242.25. At 6:00GMT they met at 242.15 to enter a short.

As always, test it before going live.

what do you apply the SMA to? close, open, high, low....etc????? i have to type that in MT4 if i want to add the SMA to my chart. your reply would be much appreciated. thanks!!!

i just used the 24 SMA with the open level for now and it appears that it can be applied regardless to the time....that would be super. i have to take some more time tomorrow and look at it even further backwards. but do you actually use the open????
  • #1,675
  • Jun 6, 2007 1:06pm Jun 6, 2007 1:06pm
Quoting pipbunny
what do you mean by "you will have to change it every hour until it is hit". how do you change the entry time and why every hour? don't you just wait until the MA is touched and then enter manually? cause i can't type in a time on a limit order. only a value.
also what do you apply the SMA to? close, open, high, low....etc????? i have to type that in MT4 if i want to add the SMA to my chart. your reply would be much appreciated. thanks!!!
I use close but there is only a couple pips difference between them so it shouldn't matter.
You can do it manually as a market order. Or you can set a Buy (or sell) order at the price the MA is at so you don't miss it while you are grabbing a sandwich. Since the MA price changes with every new hourly candle, you will have to change the entry price to the new MA price every hour until it is hit. See my example in my previous post and try to follow it on your chart.

This is not a mechanical method. You don't have to be exact.
  • #1,676
  • Jun 6, 2007 1:29pm Jun 6, 2007 1:29pm
thanks for the reply. i already figured out what you meant by changing it hourly which is why i edited that part out of my post. me editing it and you replying must have overlapped. thanks anyway though.

i will keep an eye on it as it really appears to be quite independent of the time you use it at as the MA is continuously updated anyway and you have to wait for it to hit it. so if the MA is hit during the day in europe i will try to demo it and see whether that works just as well as when it is hit during the night.
  • #1,677
  • Jun 6, 2007 2:35pm Jun 6, 2007 2:35pm
what TP/SL do you use? the same is for tkimbles system???
i am thinking it needs a slightly wider range. any thoughts???
  • #1,678
  • Jun 6, 2007 3:23pm Jun 6, 2007 3:23pm
Interesting idea, I'm having no problem making money on the G/Y using the original system rules with a profit target of 60 pips, the cable on the other hand has just cost me money consistently so I've stopped trading it for the moment.I applied a 24sma of the close on a 1hr cable chart as you suggested and looked at the last 10 days but the MA is never near the price when profitable trades need to be taken and when the MA is hit by the price bars the market was often in a range e.g look at yesterday.
  • #1,679
  • Edited 4:15pm Jun 6, 2007 3:40pm | Edited 4:15pm
i dont agree, the past two days would have been very profitable if one would have entered when the MA was hit if applied on GY of course

i on the other hand do have problems making money on both the GU and the GY
  • #1,680
  • Jun 6, 2007 4:31pm Jun 6, 2007 4:31pm
i just checked, on GU one could have made almost 200 pip if one had entered when the MA was hit on 1st of June and let it run until a few days later......no idea why you have such different results edge
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