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Part Time Wealth Building Trading System - Daily Scalping

  • #1,801
  • Jun 18, 2007 9:36pm Jun 18, 2007 9:36pm
Well, I hope u all guys rode this wonderful trend. My approach was as Al_Have stated: rather than enter blindly at 24 GMT, I preferred to enter at a Fib retracement, mostly at 50% and moved my stops below the 24 MA (special thanx to Al_have too). Didnt put any reverse position until now, because doing some easy analysis on USD JPY and GBP USD my guess is that they will continue moving higher, which will send GBP JPY at 248 at least.

Here is my summary:
Friday 15 - entered at breakout at 242.50 (I was already long before that breakout, as I stated in some previous posts, but this is different);
Monday 18 - Moved my stop for the Friday position at 244, below 24 MA, while entering another long at 244.50 (an approximate fib 50 retrace) with stop at 244 as well.
Tuesday 19 - Didnt enter a new position; my buy order is at 245 - another 50 Fib, stop 244.50 for all the opened positions since Friday.

So now I have locked in Im up 200 + BE for Monday position + swap. Currently Im 280+80 = 360 at current price, 245.30.

My opinion is that this trend will continue, inspite of all the reversal danger every1 is talking about. Of course we will see some bigger retracements, but on GY I will prefer to buy rather than sell.

Besides, EY provided even greater profits, for those who rode it since 163. it keeps in hitting all time new highs.
We leave no soldier behind.
  • #1,802
  • Jun 19, 2007 5:55am Jun 19, 2007 5:55am
Yesterday's result: (18th June 2007)

GBP/USD:+69 pips

Result of June so far=+221 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,803
  • Jun 19, 2007 3:09pm Jun 19, 2007 3:09pm
You are going well with your trading ,is it a real account or imaginary i.e real money?
  • #1,804
  • Jun 19, 2007 4:11pm Jun 19, 2007 4:11pm
I just visited this forum for the first time and am trying to understand exactly how your strategy works. I am slowly reviewing all the discussions from the start of this thread, however, I am kindly requesting an outline of your trading strategy. Everything over the last few pages seems to be completely different from initial strategy shared on the first page. Thank you.

Regards
forexnetworth

"Attitude determines Altitude"
  • #1,805
  • Jun 19, 2007 5:37pm Jun 19, 2007 5:37pm
Quoting edge540
You are going well with your trading ,is it a real account or imaginary i.e real money?
I am testing this system on demo. Will start live trading from September.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,806
  • Jun 19, 2007 5:40pm Jun 19, 2007 5:40pm
Quoting forexnetworth
I just visited this forum for the first time and am trying to understand exactly how your strategy works. I am slowly reviewing all the discussions from the start of this thread, however, I am kindly requesting an outline of your trading strategy. Everything over the last few pages seems to be completely different from initial strategy shared on the first page. Thank you.

Regards
forexnetworth

"Attitude determines Altitude"
See the summary in the post 1719 created by Al. Every one has personalised their rules based on the original strategy.

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,807
  • Jun 19, 2007 6:53pm Jun 19, 2007 6:53pm
Today's result: (19th JUne 2007)

GBP/USD: +34 pips

Result of the june so far=+255 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,808
  • Jun 20, 2007 12:40am Jun 20, 2007 12:40am
These 2 days I didnt trade GY, its obviously on a consolidation period, so Im waiting for a breakout either direction. Put some orders above and below the consolidation.
We leave no soldier behind.
  • #1,809
  • Jun 20, 2007 12:41am Jun 20, 2007 12:41am
Quoting moneyquest
Today's result: (19th JUne 2007)

GBP/USD: +34 pips

Result of the june so far=+255 pips

MQ
Well done moneyquest, I like your trading style, slow and steady. Totally different from mine - I go for big profits and big losses, which in the long run might not work, if I dont have a good strategy.
We leave no soldier behind.
  • #1,810
  • Jun 20, 2007 12:57am Jun 20, 2007 12:57am
Why wait until September? You are going so well you just can't not make money! If I sound cynical it is because I am, demo trading doesn't count in my book , it's only good for getting familiar with a trading platform.All your results would have been dramatically different if you had been trading for real.
I'm not trying to discourage you but this thread has got right away from the original system. I believe Tkimble used/uses this system to make money and I have every confidence in it's ability to do so (with modifications to suit individual traders). I think there needs to be more input from traders who are actually using it for real otherwise it's just going to become another academic,hypothetical rave like so many systems on the internet.
  • #1,811
  • Jun 20, 2007 1:33am Jun 20, 2007 1:33am
Quoting edge540
Why wait until September? You are going so well you just can't not make money! If I sound cynical it is because I am, demo trading doesn't count in my book , it's only good for getting familiar with a trading platform.All your results would have been dramatically different if you had been trading for real.
I'm not trying to discourage you but this thread has got right away from the original system. I believe Tkimble used/uses this system to make money and I have every confidence in it's ability to do so (with modifications to suit individual traders). I think there needs to be more input from traders who are actually using it for real otherwise it's just going to become another academic,hypothetical rave like so many systems on the internet.
edge540

I adree with you on demo trading. I have read somewhere an article about the negatives of demo trading. Since then i only backtest an idea and then trade it live on micro account with 1c lots. This way you do not lose a lot if the system doesn't work.

Eben
Eben
  • #1,812
  • Jun 20, 2007 1:45am Jun 20, 2007 1:45am
You are onto it,every thing changes with real money!As for backtesting I agree with you, test an idea, new system etc but no amount of back testing is going to ensure your method works in the FUTURE. The facts are price will go up or down and that's where it begins and ends so daily chart trading price action as in this method makes a lot of sense to me.
  • #1,813
  • Jun 20, 2007 1:47am Jun 20, 2007 1:47am
i completely agree. maybe that's why everyone here claims they have these wonderful profits, because they are only demo trading. i have been trading live for a few months now and the best i can do is to break even (give or take a few pips).....
  • #1,814
  • Jun 20, 2007 2:16am Jun 20, 2007 2:16am
I have started live trading on micro account today. Most probably not the best time because gj is due for a correction. I went long @ 245.37 spread incl. Like moneyquest i will try and post the daily results for comparison.
I am also goiing to test gu and will do the same

Eben
  • #1,815
  • Jun 20, 2007 2:22am Jun 20, 2007 2:22am
Just got stopped out @ 244.78 and i am now short from this price

Eben
  • #1,816
  • Jun 20, 2007 3:36am Jun 20, 2007 3:36am
Result for 20 June

Buy @ 245.37 -59
Sell @ 244.78 -59

Total so far -118

Eben
  • #1,817
  • Jun 20, 2007 4:02am Jun 20, 2007 4:02am
I've found the reverse trade usually ends up a loss so I restrict myself to one trade per day.I also was stopped out on the GBP/JPY but took a 43pip profit out of the GBP/USD today which was a trade rolled over from yesterday.I actually closed the GBP/USD trade early due to the fundamental news releases.
  • #1,818
  • Jun 20, 2007 4:09am Jun 20, 2007 4:09am
I will compare the 1 trade a day with my test results and report back here. I am still testing gu but yes it has been trending nicely since last Friday.
  • #1,819
  • Jun 20, 2007 4:43am Jun 20, 2007 4:43am
Quoting edge540
I've found the reverse trade usually ends up a loss so I restrict myself to one trade per day.I also was stopped out on the GBP/JPY but took a 43pip profit out of the GBP/USD today which was a trade rolled over from yesterday.I actually closed the GBP/USD trade early due to the fundamental news releases.
Great point! I have been playing with the idea of having 1st stop at -40, 2nd stop at -50 or so because previous day close is also support/resistance, especially if it is a high or a low. That is right where the reverse stop is supposed to go. I can't count the times it hits the SL on a SAR and bounces back. I have not backtested this. I do not have time right now.

As far as 1 trade v 2, I backtested: 2007 (to date) and 2006, the 2nd trade is profitable. 2005 it was not.

...Also, I did get stopped today too on GJ. There will be days like this (BOE minutes announcement) but I knew it was coming. All you have to do is read the forum & look at the calendar. Non farm payroll days will get ya too. A good time to reduce position. GU did great!
  • #1,820
  • Jun 20, 2007 4:50am Jun 20, 2007 4:50am
edge 540

I only compared from 1/6/06 to 1/1/07 and it is quite apparent that the second trade makes a big diff.

Results 2 trades

No of trades 238
No of wins 121
% wins 50.84
Loosers in row 12
Winners in row 7
Max DD 524
Nett P/L 3689

Result 1 trade a day

No of trades 167
No of wins 79
% wins 47.31
Loosers in row 11
Winners in row 7
Max DD 400
Nett P/L 2088

As you will see the drawdown doesn't differ that much, but there is a 1600 pip difference in your profit. Hope this helped.

Eben
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