Part Time Wealth Building Trading System - Daily Scalping | Page 86 | 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

  • #1,701
  • Jun 7, 2007 4:18pm Jun 7, 2007 4:18pm
Quoting pipbunny
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
Based on my trading log since April 2007, I think restricting TP is not good idea. Anyway I didn't mean any offence my friend. If you are comfortable with your rule, stick to it. I don't want to change your rule. I was just trying to share my view. If you have log for your trades using 50 pips TP, please share it. May be I will learn something.

I am not trading live this method. Will test this on demo for six month and then decide whethere to trade it or not. I am not looking for big profit, only 100 pips a month is enough for me. This method has 190 pips maximum drawdown so far (based on my rule). Considering 4 time maximum drawdown (worst case), it can have 800 pips drawdown. Risking 800 pips and still earning 1200 pips per year is not a bad idea.

Result so far:

April 360 pips
May -5 pips
June 134 pips (so far)

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,702
  • Jun 7, 2007 6:35pm Jun 7, 2007 6:35pm
I think I mentioned this in a previous post but I just wanted to emphasize that if you are going long and 24:00 price is below the MA, there is no reason to wait for the EA to open your position...and of coarse, vise versa.
  • #1,703
  • Jun 8, 2007 1:58am Jun 8, 2007 1:58am
no offense taken. i just wanted to know what your opinion that TP isn't a good idea was based on. because to my experience GU rarely ever makes more than that so why not lock in the profit you can get and restrict the losses....

also how can you have a maximum drawdown of 180 pip or so if you set a SL as you mentioned. you said you set a SL but no TP, right. just interested.


@al
yup, trading that way even allows a few more trades per day in many cases because you can enter again once the MA gets hit. if you look back it works the majority of the time
  • #1,704
  • Jun 8, 2007 2:04am Jun 8, 2007 2:04am
do you always trade in direction of the previous day when the MA is hit? or do you reverse after 3 days or by some other logic?
  • #1,705
  • Jun 8, 2007 3:05am Jun 8, 2007 3:05am
Quoting pipbunny
do you always trade in direction of the previous day when the MA is hit? or do you reverse after 3 days or by some other logic?
Today I entered long on Tk, and got luckily 60 pips on the retracement up. 239.10 buy, exit 239.70. Then I shorted again at 239.70 when I saw the jump off the 38 % level, and added at 238.80. Again, did my profits for the whole week, and got out at 237.80, which was a 38% of a wider up wave. Fibs I think are the key to filtering out bad trades.
We leave no soldier behind.
  • #1,706
  • Jun 8, 2007 3:07am Jun 8, 2007 3:07am
Quoting gagiul
Today I entered long on Tk, and got luckily 60 pips on the retracement up. 239.10 buy, exit 239.70. Then I shorted again at 239.70 when I saw the jump off the 38 % level, and added at 238.80. Again, did my profits for the whole week, and got out at 237.80, which was a 38% of a wider up wave. Fibs I think are the key to filtering out bad trades.
sorry forgot my chart again. These were indeed 2 wonderful days. In my opinion, if it goes below 237.88, which is actually doing now, we might see a short term downtrend.
Attached Image (click to enlarge)
Click to Enlarge Name: fr.jpg Size: 181 KB
We leave no soldier behind.
  • #1,707
  • Jun 8, 2007 3:25am Jun 8, 2007 3:25am
I agree, very good day!! +120 on GY, -40 on GU but one trade on GU still open at +53 currently.....

lets hope we're getting closer to consistent moneymaking on forex. i myself am trading 3 different strats right now on 7 different pairs and i think i am slowly getting somewhere even with lots of throwbacks.

may the pips be with us!
  • #1,708
  • Jun 8, 2007 3:40am Jun 8, 2007 3:40am
Im glad u r doing ok recently. However, I dont get too excited about these days, there were just special Have to use a strategy that is consistent for normal times.

I really think that Tkimble for Gu doesnt work. I recommend you this one for GU, it works for me very well. Easy to setup and forget.

http://www.forexfactory.com/showthread.php?t=18353

What strategies are you using? Im using daily fozzy besides Tk modified Al_have version of Daily scalping and the above one for GU.
This week im in green for about 200 pips Still have a lot to recover, but as you said, we might be onto something now. The idea is to never give up, just practice, learn, practice, learn...
We leave no soldier behind.
  • #1,709
  • Jun 8, 2007 3:53am Jun 8, 2007 3:53am
of course these days are special.....am thinking about using only the SMA method on GU to eliminate bad trades......we'll see. still playing around. i also have a ton to recover. not even funny!

i already looked at the other strategy for GU yesterday, but i am not sure i am entirely confident about using it. too many indicators etc. i am more about keeping it very simple. i will have a closer look at it over the weekend though i promise.

@al...do you always trade in direction of the previous day when you use the 24SMA strat or do you switch direction after 3 days or by some other logic?
  • #1,710
  • Jun 8, 2007 4:10am Jun 8, 2007 4:10am
any idea why there is no more posts to the daily open fib strat??? because someone asked for mods on the EA but they never happened......so i am wondering whether people abandoned this....
  • #1,711
  • Jun 8, 2007 4:31am Jun 8, 2007 4:31am
Quoting pipbunny
any idea why there is no more posts to the daily open fib strat??? because someone asked for mods on the EA but they never happened......so i am wondering whether people abandoned this....
Probably people just use it as it is and no need for further questions. The strategy is too simple to try to change it. And besides, what more can you discuss about it. Just implement it and use it. I tested it for may and seems good. Yesterday and today it brought me good pips.
We leave no soldier behind.
  • #1,712
  • Jun 8, 2007 4:36am Jun 8, 2007 4:36am
yeah but there's an EA attached which automatically executes the trades. and some modifications had to be made to that but noone ever did. so i was wondering about that.
  • #1,713
  • Jun 8, 2007 5:30am Jun 8, 2007 5:30am
any thoughts on why GU and GY behave contradictory now? they are moving in opposite directions.
  • #1,714
  • Jun 8, 2007 5:44am Jun 8, 2007 5:44am
The Yen is showing it's weakness, I think, as opposed to the pound showing strength and the dollar is also stronger against the pound.Now if I could only profit from this great wisdom!
  • #1,715
  • Jun 8, 2007 5:57am Jun 8, 2007 5:57am
Quoting pipbunny
no offense taken. i just wanted to know what your opinion that TP isn't a good idea was based on. because to my experience GU rarely ever makes more than that so why not lock in the profit you can get and restrict the losses....

also how can you have a maximum drawdown of 180 pip or so if you set a SL as you mentioned. you said you set a SL but no TP, right. just interested.


@al
yup, trading that way even allows a few more trades per day in many cases because you can enter again once the MA gets hit. if you look back it works the majority of the time
Yes, I don't set TP but SL. Drawdown is not one day loss but reduction in capital due to consecutive losses until it makes another equity high. I hope you know this. Since April 2007, I log my trades and I have got 190 pips drawdown (max).

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,716
  • Jun 8, 2007 6:18am Jun 8, 2007 6:18am
sorry. my bad yes.....i was doing two things at the same time. i should focus....i personally have had a bigger drawdown on GU. definitely!
  • #1,717
  • Jun 8, 2007 10:18am Jun 8, 2007 10:18am
Quoting pipbunny
any thoughts on why GU and GY behave contradictory now? they are moving in opposite directions.
The recent up move in Gy was because of the UY strength. Gu stabilized around 1.9650. I think its just a retracement before another push back down....
We leave no soldier behind.
  • #1,718
  • Jun 8, 2007 10:28am Jun 8, 2007 10:28am
can someone post a recap of the updated rules?
thanks.
Nihil Sine Deo.
  • #1,719
  • Jun 8, 2007 2:08pm Jun 8, 2007 2:08pm
Quoting Scrat
can someone post a recap of the updated rules?
thanks.
Hello Scrat. I haven't seen you in the TK forum for some time. The rules haven't changed. However, a lot of us have personalized it. From page 1:

Daily trading rule are as follows:

1. Create daily chart on any pair (GY ONLY)

1a. YOU MAY NOT WANT TO TRADE (OR LIMIT YOUR EXPOSURE) IF IT IS RANGING INSIDE THE RIBBON I DESCRIBED IN A PREVIOUS POST

2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT (or 23:00). Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open) OR WAIT UNTIL IT HITS THE 24 SMA ON H1

2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry) (+SPREAD)

3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order. OR IGNORE THIS RULE

4. Use 40 PIP stops on all orders. (+SPREAD)

5. Close between 2300 and 2400. OR IF +40 PIPS, CARRYOVER TO NEXT DAY AND OPEN A NEW ORDER (DOUBLE DOWN). MOVE SL ON CARRYOVER TO NEW SL. There is no reason to close if you ignore #3.

6. Repeat trade rules at 2400 GMT. (OR 23:00)

7. YOU MAY WANT TO TP. SOME TAKE HALF AT +60 & LET THE REST RIDE. SOME TAKE ALL AT +100 OR +120...OR NOT...

8. CONSIDER MAX TRADES PER DAY=2

It has become less mechanical.
  • #1,720
  • Jun 8, 2007 6:08pm Jun 8, 2007 6:08pm
Today's result (8th JUne 2007)

GBP/USD:+99 pips

Result for the June so far:+233 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
0 traders viewing now