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Part Time Wealth Building Trading System - Daily Scalping

  • #1,841
  • Jun 21, 2007 12:52am Jun 21, 2007 12:52am
Are you trading a real or imaginary/demo account?
  • #1,842
  • Jun 21, 2007 1:03am Jun 21, 2007 1:03am
i agree that the fib levels might be useful in this case, but they do very much complicated the originally simple approach because it all comes down to guessing again. in any case i would be willing to give it a shot. is there a way to put fib levels into MT4 automatically in a simple way as i don't know that much about fib levels yet. i am just swamped with work right now so i haven't been able to read up on it although i've been meaning to for quite some time. which fib levels are the important ones? sorry i know i have a lot to learn still.
  • #1,843
  • Jun 21, 2007 1:32am Jun 21, 2007 1:32am
Quoting pipbunny
i agree that the fib levels might be useful in this case, but they do very much complicated the originally simple approach because it all comes down to guessing again. in any case i would be willing to give it a shot. is there a way to put fib levels into MT4 automatically in a simple way as i don't know that much about fib levels yet. i am just swamped with work right now so i haven't been able to read up on it although i've been meaning to for quite some time. which fib levels are the important ones? sorry i know i have a lot to learn still.
fib levels are very easy to draw, there is no special method of using them, just spot a wave and pull the fibs from low to high for an upmove, opposite for a down move. Imp levels depend on each currency, GY for example likes to retrace at 50 mostly.

I dont think Fib levels complicate this approach, they are one of the easiest indicators. They help you filter some fake moves and if you dont know at least Fibs, you shouldnt expect to make profits on Forex. Fibs have been used before there was a Personal Computer and an online Forex platform. And guessing is what we all do on Forex, more or less, but having some indicators, experience and a strategy proved to work will only help us ncrease our chances of being right.

This is what Im saying here, if you see your trading is not going as well as you want, do not complain about the strategy or the market, but try to learn a bit more. There is always a lot to learn in Forex University before graduation. Not trying to sound like a forex guru, but at least I learned this in the last few months of losing, and I believe its really important. Learning is the only thing which will help you become more confident in yourself about forex.
We leave no soldier behind.
  • #1,844
  • Jun 21, 2007 1:35am Jun 21, 2007 1:35am
Quoting edge540
Are you trading a real or imaginary/demo account?
im trading real mini 250$ account on IBFX since May. Only during this months I managed to turn my red account into a green one. Hope it will stay like that, however, I know its possible to be successful, thats why i never give up.
We leave no soldier behind.
  • #1,845
  • Jun 21, 2007 2:26am Jun 21, 2007 2:26am
Great advise!!!
  • #1,846
  • Jun 21, 2007 2:52am Jun 21, 2007 2:52am
Good on you,real money sure does change how you think and gives a totally different result to imaginary trading.I think the big attraction of this system was to be able to set it and leave it for the day, so the more conditions we add the more it has to be monitered which kind of compromises it's simplicity.
I'm away for 10 days so won't be trading, good luck on the system for the coming week.
  • #1,847
  • Jun 21, 2007 6:22am Jun 21, 2007 6:22am
Quoting edge540
Good on you,real money sure does change how you think and gives a totally different result to imaginary trading.I think the big attraction of this system was to be able to set it and leave it for the day, so the more conditions we add the more it has to be monitered which kind of compromises it's simplicity.
I'm away for 10 days so won't be trading, good luck on the system for the coming week.
It use to be that way. I used to enter two trades at 24:00 and wake up the next morning at +200. Now I have to work for it. The market is always changing.
  • #1,848
  • Edited 5:44pm Jun 21, 2007 5:15pm | Edited 5:44pm
Today's result: (21st June 2007)

GBP/USD: +3 pips

Result of June so far=+298 pips
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,849
  • Jun 21, 2007 5:55pm Jun 21, 2007 5:55pm
My update for today:
Still have my long from yesterday at 246 opened, tigtened my stop at 245.80, and entered a new long at 246.50, stop 245.80 as well. Currently up 70+ on the first long and 20+ for the second long. Maybe I should move to BE but im afraid of fake downside dips.

Using the Fib Extension levels, my first TP is 247.

Looks like UY is gonna print 124 today. GU broke above the last downtrend line so it looks bullish as well. If UY didnt fall these days, my feeling is that its gonna continue go up, to 125 and even higher. With GU on the bulls, GY is likely to hit 248 earlier than we can imagine.
We leave no soldier behind.
  • #1,850
  • Jun 21, 2007 7:02pm Jun 21, 2007 7:02pm
yeah...
i think the only reason for g-j STILL going up is carry trades. not g-u. and it's been going up for too long now, it has to drop sometimes and i'm gonna ride that mother all the way down.
and as for g-u being bullish now... i'll think about it when i see it above 1.9968, not 1.9950.
i'm short on g-u.

Quoting gagiul
My update for today:
Still have my long from yesterday at 246 opened, tigtened my stop at 245.80, and entered a new long at 246.50, stop 245.80 as well. Currently up 70+ on the first long and 20+ for the second long. Maybe I should move to BE but im afraid of fake downside dips.

Using the Fib Extension levels, my first TP is 247.

Looks like UY is gonna print 124 today. GU broke above the last downtrend line so it looks bullish as well. If UY didnt fall these days, my feeling is that its gonna continue go up, to 125 and even higher. With GU on the bulls, GY is likely to hit 248 earlier than we can imagine.
Nihil Sine Deo.
  • #1,851
  • Jun 21, 2007 7:08pm Jun 21, 2007 7:08pm
Quoting Scrat
yeah...
i think the only reason for g-j STILL going up is carry trades. not g-u. and it's been going up for too long now, it has to drop sometimes and i'm gonna ride that mother all the way down.
and as for g-u being bullish now... i'll think about it when i see it above 1.9968, not 1.9950.
i'm short on g-u.
Of course the main reason is carry trades and this is gonna be for a long time. But the fact that GY keeps rising increases the danger of a very sharp reversal. Yet no signs have been given, hence I continue going long. When it will start to fall, I will exit with a loss, probably 50-80 pips, but this is nothing compared to all the profits I've made since the start of this last uptrend.

Update: just closed my yesterday long at 246.80 - 80 pips profit. Will let the new one go and move my stop at BE at 247.

Im also short on GU since 1.9910, stop 1.9950.
We leave no soldier behind.
  • #1,852
  • Jun 21, 2007 8:53pm Jun 21, 2007 8:53pm
here's what i do: i trail my position at the low of the previous h4 candle/bar: if i see a close below that low, i'm out.

Quoting gagiul
Of course the main reason is carry trades and this is gonna be for a long time. But the fact that GY keeps rising increases the danger of a very sharp reversal. Yet no signs have been given, hence I continue going long. When it will start to fall, I will exit with a loss, probably 50-80 pips, but this is nothing compared to all the profits I've made since the start of this last uptrend.

Update: just closed my yesterday long at 246.80 - 80 pips profit. Will let the new one go and move my stop at BE at 247.

Im also short on GU since 1.9910, stop 1.9950.
Nihil Sine Deo.
  • #1,853
  • Jun 21, 2007 10:06pm Jun 21, 2007 10:06pm
Quoting Scrat
here's what i do: i trail my position at the low of the previous h4 candle/bar: if i see a close below that low, i'm out.
thanx a lot for the hint. I started trading with Daily Fozzy recently and trailing on the 4h candle might seem a good idea. I will backtest it and see how it works.
We leave no soldier behind.
  • #1,854
  • Jun 21, 2007 10:25pm Jun 21, 2007 10:25pm
Result for 21 June 2007

+32

Live trading total for June -86
  • #1,855
  • Jun 22, 2007 12:32am Jun 22, 2007 12:32am
Damn, this GY pair is unstoppable. Im 90% sure it will reach 250 before we see the expected retracement. Currently up 100 pips. Moved stop to 247.

Lost 40 on GU. Damn pair, I decided some time ago not to trade it because its worse than GY in my opinion, it makes really ugly moves without much sense to me. Will keep it as an index for GY from now on.
We leave no soldier behind.
  • #1,856
  • Jun 22, 2007 12:35am Jun 22, 2007 12:35am
+64 on GY from a previous trade and up +126 on the second GY trade.
- 40 on GU from last night

i wonder when the retracement will hit. i'm tempted every night to go short instead of long but so far i haven't
  • #1,857
  • Jun 22, 2007 1:08am Jun 22, 2007 1:08am
Quoting pipbunny
+64 on GY from a previous trade and up +126 on the second GY trade.
- 40 on GU from last night

i wonder when the retracement will hit. i'm tempted every night to go short instead of long but so far i haven't
i didnt put any reversal short trades these days except during BOE minutes, and hopefully it didnt get hit. These days the easy and best approach is to only enter long. Dont worry about the retracement, everybody talks about it, but in the mean time GY and EY keep on making new highs. Instead of staying on the sidelines and wait for the the desired reversal, better keep on Buying. 250 on the lines. We wont even notice when 250 will be hit. This is a trade like in the books, thats why i want to take full advantage from it, and prepare myself for the ugly ranges which will surely come someday. never forget May
We leave no soldier behind.
  • #1,858
  • Jun 22, 2007 1:17am Jun 22, 2007 1:17am
maybe once it gets past 248 one should consider TP and reversal orders so one can ride the reversal when it hits??? any thoughts on that?
  • #1,859
  • Jun 22, 2007 2:03am Jun 22, 2007 2:03am
i just calculated my pips for june so far.....-50 pip on GU and GY combined....not too great but i will modify some more....

how do you guys record your pips? i had to punch them in a calculator for each position because i also trade other strategies, so to isolate this strategy i had to do everything by hand.
  • #1,860
  • Jun 22, 2007 2:15am Jun 22, 2007 2:15am
set up an excel spreadsheet... one worksheet for each strategy

that's how mine are done

example columns

Entry
Stop
Exit
Pips
Equity Balance
yada yada
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