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Part Time Wealth Building Trading System - Daily Scalping

  • #1,761
  • Jun 14, 2007 9:04am Jun 14, 2007 9:04am
**
Quoting Al_Have1

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


I have been looking at this thread for some time. I was wondering whether 40 PIP stop for GBP/JPY is a bit too small? I was just wondering whether a bigger stop, say 50 pips + spread would be more profitable.

Just a question.
  • #1,762
  • Jun 14, 2007 9:06am Jun 14, 2007 9:06am
actually if you read the thread you will see that a lot of people use SL40 TP50 on GU and SL50 and TP60 on GY.....some plus some without spread
  • #1,763
  • Jun 14, 2007 2:28pm Jun 14, 2007 2:28pm
Hi everyone.

I traded the method since feb, the first 2 months were fantastic, not so the last 2, but overall I managed to remain in positive land, For these days I am not able to trade and I read in the thread the good times are coming back. Can anybody please post result in pips for the las 2 weeks, just to keep some record, my idea is trying to determine the ups and downs of this pair (g/J) to see if at the end of (let's say) six month or a year, the final result shows some profit. I start to think that this method is about to keep losing small while waiting for the high volatility to come, and when it appears, trying to take all the money off the table. It is like if you would have to eat all you can because you wouldn't know when you'll have food again. Definely I think this is a good method, but since I am a newbie, I need to improve my money management method, that is the key. So I got the method, now I need a good money management system (just thinking loudly)
By the way...can anybody tell me the ATR(21) for this pair? I appreciate...

Best regards for all you traders...
  • #1,764
  • Jun 14, 2007 4:32pm Jun 14, 2007 4:32pm
Quoting phil3526
**


I have been looking at this thread for some time. I was wondering whether 40 PIP stop for GBP/JPY is a bit too small? I was just wondering whether a bigger stop, say 50 pips + spread would be more profitable.

Just a question.
Using 50 will subtract 20 pips from your reverse order if entered (10 on 1 + 10 on your 2nd). What I mean is if you are long and it goes down 100 pts, your results are SL40=-40+60=+20; SL50=-50+50=0. Check the average daily range of G/J and it may not be worth the 2nd trade. I have not backtested to see the difference.

Personally, if I was to use 50, I would limit my trades to one per day.
  • #1,765
  • Jun 14, 2007 7:23pm Jun 14, 2007 7:23pm
Today's result: (14th June 2007)

GBP/USD : +29 pips

Net result of June sofar = +195 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,766
  • Jun 15, 2007 5:32pm Jun 15, 2007 5:32pm
Today's result15th June 2007)

GBP/USD: -43 pips

(Short trade stopped out at -50 pips loss and long trade closed at +7 pips at the end of the day.)

Net result: +152 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,767
  • Jun 15, 2007 5:39pm Jun 15, 2007 5:39pm
Hi,

Where is everybody? Partying from their big GBP/Yen win or kicking ass because of early stop out as usual.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,768
  • Jun 15, 2007 10:16pm Jun 15, 2007 10:16pm
Has anyone tried this system on any other pairs besides the ones mentioned?
  • #1,769
  • Jun 15, 2007 10:57pm Jun 15, 2007 10:57pm
I've traded this system, with a few modifications mentioned on this thread,for 4 weeks now for a total profit of 16 pips! Not a great result but it has to be said that I broke a few basic rules and that cost me plenty.I know this is basic stuff but for what it's worth this is what I've learnt in the last 4 weeks.
1.Don't mess with the trade once it has been entered.
2.Don't try and out smart the market and predict what might happen, I will almost guarantee that you will get it wrong.
If I had followed my own words of wisdom I would be 500+ pips better off.
So hopefully I will take my own advice and be more profitable in coming weeks.
  • #1,770
  • Jun 16, 2007 6:33am Jun 16, 2007 6:33am
Quoting edge540
2.Don't try and out smart the market and predict what might happen, I will almost guarantee that you will get it wrong.
If I had followed my own words of wisdom I would be 500+ pips better off.
So hopefully I will take my own advice and be more profitable in coming weeks.
This is one of the most important advices. This is what I did this week - instead of start shorting this GY monster like others, saying it will fall, I kept my longs. Now Im up 200 pips, and I am happy. Look on the daily and 4 charts and trade what you see, not what you think it might happen.
We leave no soldier behind.
  • #1,771
  • Jun 16, 2007 6:34am Jun 16, 2007 6:34am
Quoting Turtle
Has anyone tried this system on any other pairs besides the ones mentioned?
on other pairs it may work, but you should modify it a lot. Current settings work only on GY, and of course, not all the time.
We leave no soldier behind.
  • #1,772
  • Jun 16, 2007 7:36am Jun 16, 2007 7:36am
Quoting gagiul
on other pairs it may work, but you should modify it a lot. Current settings work only on GY, and of course, not all the time.

Thanks, I appreciate the reply.
  • #1,773
  • Jun 18, 2007 3:09am Jun 18, 2007 3:09am
it seems that no matter what combination of setting i try the system pretty much breaks even. it doesnt lose much but doesn't win much either. i still don't understand how people are making bunches of money on it. maybe i'm just too stupid, but i really tried all kinds of things.....and no, this is not the only system i am trading but i really put a lot of hope in it. it just doesnt seem to do any better than breaking even in the long run.
  • #1,774
  • Jun 18, 2007 6:03am Jun 18, 2007 6:03am
Quoting pipbunny
it seems that no matter what combination of setting i try the system pretty much breaks even. it doesnt lose much but doesn't win much either. i still don't understand how people are making bunches of money on it. maybe i'm just too stupid, but i really tried all kinds of things.....and no, this is not the only system i am trading but i really put a lot of hope in it. it just doesnt seem to do any better than breaking even in the long run.
Since 12th June, GBP/YEN is trending upside for +450 pips and you didn't win those trades. That means something wrong. Analyse this. First of all, you should start the trade at 00:00 GMT. Don'e reverse the trade after 3 consecutive one-sided bar. Look at G/Y chart. Trending continuously for last 6 days. And also Remove 50 pips TP.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,775
  • Jun 18, 2007 6:25am Jun 18, 2007 6:25am
Yes the pair has gained those pips since 12 June but the trades I took didn't realise that amount.
1.11/6 buy 239.65, SL 50, close 12/6 241.52 187 pips.
2.12/6 buy 240.23, SL 50, close 13/6 240.13 -10 pips.
3.No trade taken on the 13/6 due to news releases, I wasn't prepared to guess the outcome.The previous days candle was down/red on my charts which is a sell so I would have been stopped out anyway.
4. I didn't take any trade today,I'd rather wait for the market to settle after the large move at the end of last week.
All trades entered at 1700 EST in the direction of the previous days candle,SL 50, no TP,only one trade each day.
One final thing,you need to allow for the spread in your stoploss or you can get stopped prematurely.
  • #1,776
  • Jun 18, 2007 6:25am Jun 18, 2007 6:25am
[quote=moneyquest;1469168]Since 12th June, GBP/YEN is trending upside for +450 pips and you didn't win those trades. That means something wrong. Analyse this. First of all, you should start the trade at 00:00 GMT. Don'e reverse the trade after 3 consecutive one-sided bar. Look at G/Y chart. Trending continuously for last 6 days. And also Remove 50 pips TP.

MQ[/quot

How important is the 00.00GMT deadline ? My daily candle closes at 10,00pm GMT.

Thanks
  • #1,777
  • Jun 18, 2007 6:46am Jun 18, 2007 6:46am
[quote=bundubill;1469187]
Quoting moneyquest
Since 12th June, GBP/YEN is trending upside for +450 pips and you didn't win those trades. That means something wrong. Analyse this. First of all, you should start the trade at 00:00 GMT. Don'e reverse the trade after 3 consecutive one-sided bar. Look at G/Y chart. Trending continuously for last 6 days. And also Remove 50 pips TP.

MQ[/quot

How important is the 00.00GMT deadline ? My daily candle closes at 10,00pm GMT.

Thanks
I am using interbankfx. I live in Canada and i enter the trade around 8 pm EST.

I think it is the time when Asian market opens. I think what ever time we use, we should stick to them without fail.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,778
  • Jun 18, 2007 6:55am Jun 18, 2007 6:55am
Quoting edge540
Yes the pair has gained those pips since 12 June but the trades I took didn't realise that amount.
1.11/6 buy 239.65, SL 50, close 12/6 241.52 187 pips.
2.12/6 buy 240.23, SL 50, close 13/6 240.13 -10 pips.
3.No trade taken on the 13/6 due to news releases, I wasn't prepared to guess the outcome.The previous days candle was down/red on my charts which is a sell so I would have been stopped out anyway.
4. I didn't take any trade today,I'd rather wait for the market to settle after the large move at the end of last week.
All trades entered at 1700 EST in the direction of the previous days candle,SL 50, no TP,only one trade each day.
One final thing,you need to allow for the spread in your stoploss or you can get stopped prematurely.
That's why. You tried to outsmart the market. ON 13th June, Even if you entered short trade, you would have won the trade at the end of day. Total move on that day was 200 pips. Did you trade on 14th and 15th?????

When market is pretty well trending, you guys try to be smart. Actually no one knows where price is going. I have subscribed to Kathy and Boris (Wellknown FX analyst on dailyfx) trade signal (Free for one month) and found that their last 6 months result is worst than mine.

As far as I understand, this system breakeven (or little loss) when market is side way and profitable when it starts trending.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,779
  • Jun 18, 2007 7:12am Jun 18, 2007 7:12am
I have manually backtested this sytem from from 1/6/06 to date and it is most impressive. Criteria used was open trade in direction of previous day candle @ 00:00 GMT. Stop and reverse @ 50 pips + spread. Limit to two trades per day.

No of trades 374
No of wins 173
% wins 46.26
No of loosers in a row 12
No of winners in a row 7
Max DD 524
Nett profit +6270

Thanx to TK for this sytem. If you stick to the rule and keep it as simple as it is you wil be profitable.

Regards

Eben
  • #1,780
  • Jun 18, 2007 7:16am Jun 18, 2007 7:16am
i should have mentioned that i trade both GU and GY and the total results even out.
moneyquest i like your approach. at least you keep it real....those who made +450 pip, good for you, but you definitely didn't trade by this system. and this thread is meant for talking about this system. sorry, but this system did not realize +450 pip last week.

and yes, i believe i will figure out a way to make this profitable, but so far no luck with consistently being profitable. and to those with the 450 pip profit...just wait until it evens out.....don't worry, it will. because there'll be a losing streak for you as well. if nothing else i'm sure about that.
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