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Part Time Wealth Building Trading System - Daily Scalping

  • #1,681
  • Edited 8:45pm Jun 6, 2007 4:32pm | Edited 8:45pm
Quoting edge540
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.
I don't trade TK on cable and haven't tested it or suggested it. However, in your example, I would have been stopped on Thursdays (5/30) short at 1.9800 and in a long position. Carryover to Friday and enter another long at 1.9784 (SL=1.9744). Carry both trades through Monday to 1.9915. Total is 131+115=+246.

Now you need to decide if you believe in the 3 day reverse rule. I don't but would probably TP one of my 2 positions and ride into day 4.

Also, I failed to mention if you are going short and above the MA, there is no reason to wait until it drops to the MA. But, the reason I use the MA is because previous day close=support/resistance. So, 2nd position (if reversed) has a SL right on the prev day close...not good.

Don't think this is the magic mushroom. You will still have losses, but I would like to think it will cut some out.
  • #1,682
  • Jun 6, 2007 7:28pm Jun 6, 2007 7:28pm
Today's result (6th June 2007)

GBP/USD:-4 pips

Result of June so far:+132 pips

Today, the candle closed with perfect doji. I entered long position for Tomorrow as trend is still upward and price is above 25 days MA. I hope that bullish tone on the GBP interest rate will take G/U further high.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,683
  • Jun 6, 2007 8:44pm Jun 6, 2007 8:44pm
I took a trade on 31 May
that I carried over the weekend and hit my target on 4 June for +70 pips.I got stopped out twice however on the 5th and haven't bothered with the cable since.
  • #1,684
  • Jun 7, 2007 3:17am Jun 7, 2007 3:17am
man, seeing the GY today hitting the MA i am really upset that i live in europe and have to sleep at some point. could have made about 200 pip today on GY alone had i been up during the night.

as for the original TK rules on GY and GU.... -100 pip today....got stopped out twice on GY
  • #1,685
  • Jun 7, 2007 3:37am Jun 7, 2007 3:37am
Took a g/j trade today at the open, missed my 60pip TP by about 7pips and then got stopped out. I'd cancelled my entry order for the buy as I was home in front of the computer and thought that the BOE interest rate decision could make things a little hectic today and I was probably right as the reverse trade would now be showing a loss.I am tempted to put an entry order to sell back at the open and try and recover some losses, the theory being that if the rate doesn't go up the the pair could head south again.I have left the cable alone, too risky at the moment.
  • #1,686
  • Jun 7, 2007 3:40am Jun 7, 2007 3:40am
as said, my problem is that i need to sleep at some point and since i am in europe all this happened during the night. so no way for me to cancel the orders. hence the stopping out twice...

for GU i am up +10 at the moment, but you are right, not much movement. that makes it very risky. but i am still playing around and trying what works best if anything. i am liking the entire 24SMA idea though as it would have made tons of pips the past few days had i only been awake.....
  • #1,687
  • Jun 7, 2007 6:48am Jun 7, 2007 6:48am
Would you be so kind as to update your result on GU. If y'all are short, you should be happy right now.
  • #1,688
  • Jun 7, 2007 7:01am Jun 7, 2007 7:01am
yup that's right.....i "only" made my usual 50 pip though because i set a TP of 50. so between GY and GU that leaves me with -50 pip total due to the -100 pip on GY today.....
  • #1,689
  • Jun 7, 2007 8:12am Jun 7, 2007 8:12am
Today's result: (7th JUne 2006)

GBP/USD:
Long position: -50 pips
Short position:+50 pips

Net result=0 pips

Result of JUne so far=+132 pips

There is a strong support at 1.9821 (61.8% Fib of 1.9732-9964). I prefered to close the short trade and nullify 50 pips loss.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,690
  • Jun 7, 2007 8:18am Jun 7, 2007 8:18am
Quoting pipbunny
yup that's right.....i "only" made my usual 50 pip though because i set a TP of 50. so between GY and GU that leaves me with -50 pip total due to the -100 pip on GY today.....
I don't think setting TP to 50 pips is a good idea. This system has %winning ratio of around 55-65% (approx.) only.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,691
  • Jun 7, 2007 9:49am Jun 7, 2007 9:49am
what TP/SL do you suggest???
  • #1,692
  • Jun 7, 2007 1:42pm Jun 7, 2007 1:42pm
Quoting pipbunny
what TP/SL do you suggest???
What I recently start doing is having 2 positions, one for 60 TP and another one left to run until the end.

Today is another example of using Discretion. I dont wanna seem the lucky and experienced trader who gives lessons to others, coz Im not.
I entered short as stated at 24 MA, but got stopped out on the up move. Luckily I didnt put a reverse buy order, because right after going short I
pulled the fibs from the top to yesterday low on the chart, and I realized there would be some retracement before another downmove. So I waited for the price to retrace at 50-61. After seeing it going up, I put another short order at the 24 MA. Wasnt smart enough to sell at 61-50 level though, but thats ok, because look what it did after This was the best day for a long time on GY, felt like February days. Banked 100 pips on one lot and 200 pips on the second, at 239 exit.

However, in my opinion, the up move we saw today shows again that entering at the day candle open is not reliable anymore, because of the fake moves, so I really thank to Al_Have for introducing the 24 MA.

Also, there is a very interesting strategy I read for the cable. Backtested it for a month and it works really nice. For GY doesnt work, cauz it moves more wild, but for GU you can consider this method instead of Tkimble's.

http://www.forexfactory.com/showthread.php?t=18353
We leave no soldier behind.
  • #1,693
  • Jun 7, 2007 1:44pm Jun 7, 2007 1:44pm

I forgot to upload the chart.

Attached Image (click to enlarge)
Click to Enlarge Name: 34.jpg Size: 50 KB
We leave no soldier behind.
  • #1,694
  • Jun 7, 2007 1:48pm Jun 7, 2007 1:48pm
when you entered short the first time what SL did you use??? i think the SL and TP needs to be set more widely for the 24MA strategy

also the 50 TP question for the poster before you was for GU not GY.....and putting 60 TO on GU would be way too much....even 50 is too much these days as it rarely moves that much
  • #1,695
  • Jun 7, 2007 1:50pm Jun 7, 2007 1:50pm
Quoting pipbunny
when you entered short the first time what SL did you use??? i think the SL and TP needs to be set more widely for the 24MA strategy

also the 50 TP question for the poster before you was for GU not GY.....and putting 60 TO on GU would be way too much....even 50 is too much these days as it rarely moves that much
I dont trade this on GU, coz it doesnt move much. However, a 50 TP is achievable, according to the daily range. I started using 50 pips on GY as a stop, and 60 TP for 1lot and 2nd lot no TP, like Al_Have.

However, today after BOE rate decision and seeing it dropped like a rock, of cos I wasnt that stupid to leave TP at 60...
We leave no soldier behind.
  • #1,696
  • Jun 7, 2007 1:54pm Jun 7, 2007 1:54pm
as for GU lately 50 TP was way too much....it rarely ever made that much.

well today is a different story. GY had already stopped out twice on TKs strategy before it hit the MA.....i missed it hitting the MA cause i had appointments.....but i caught it for +50 pip worth later on.
  • #1,697
  • Jun 7, 2007 1:59pm Jun 7, 2007 1:59pm
Quoting pipbunny
as for GU lately 50 TP was way too much....it rarely ever made that much.

well today is a different story. GY had already stopped out twice on TKs strategy before it hit the MA.....i missed it hitting the MA cause i had appointments.....but i caught it for +50 pip worth later on.
Yeah, this is maybe the worst part of using 24 MA - having to adjust it every hour...
We leave no soldier behind.
  • #1,698
  • Jun 7, 2007 3:33pm Jun 7, 2007 3:33pm
Quoting pipbunny
what TP/SL do you suggest???
I am using 50 pips SL if trading with the trend and 40 pips if trading against the trend. I don't use TP at all. Just close the trade at the end of the day. No more than 2 trade per day.

Today, I deviate from my discipline and paid almost 50 pips because price moved further down. I would have booked 50 pips profit even after the 1st loss.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,699
  • Jun 7, 2007 3:39pm Jun 7, 2007 3:39pm
well no TP on GU is not a good strategy either because very rarely does it make more than 50 anyway.....more often than not it hits the 50 and towards the end of the day goes to less than that again.....so i don't understand why you think my TP and SL is a bad strategy with only 55% win ratio
  • #1,700
  • Jun 7, 2007 3:47pm Jun 7, 2007 3:47pm
Didn't trade the cable yesterday! But did well on the g/j, got stopped out initially and didn't reverse the posistion as per the rules due to uncertainty.I watched the market for a while and decided to use "Jacko's anti hedging strategy".Later in the day I put a sell stop order in at the days open and it worked out well,2 lots got 60pip TP and the 3rd I let run with a 30pip trailing stop and woke up this morning (NZ) with a nice 170pip profit on the last lot. I'm up 210pips for the week so I think I won't trade today and let things settle until next week.I've got to tell myself not to be greedy and not to over trade, remember this, if you want to catch a monkey you enter the jungle very quietly.
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