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Part Time Wealth Building Trading System - Daily Scalping

  • #1,881
  • Jun 22, 2007 11:37am Jun 22, 2007 11:37am
Quoting Al_Have1
How do you know? Do you have level II? Would you be so kind to share a link? That tool would be useful.
u r funny. Sorry for the late reply, but dont worry im not insider. Here is a very good website with real time news : http://masterforex.co.uk/Html/FXStation/FXToolz.html

Just press on the Live Market commentary on the left side.
We leave no soldier behind.
  • #1,882
  • Jun 22, 2007 3:39pm Jun 22, 2007 3:39pm
+130 on GY today.....yay!!!
  • #1,883
  • Jun 25, 2007 5:57am Jun 25, 2007 5:57am
Result of 22nd JUne 2007

GBP/USD: -20 pips

Long trade stopped out for -40 pips. Reverse trade earned back half of the loss.

Total result of the June so far=+278 pips
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,884
  • Jun 25, 2007 6:02am Jun 25, 2007 6:02am
- 60 on GY.....GU is still going at -12

eurusd got stopped out twice for -40 pip total using a slightly modified strat

so bad day today
  • #1,885
  • Jun 25, 2007 7:03am Jun 25, 2007 7:03am
Quoting tkimble
Daily trading rule are as follows:

1. Create daily chart on any pair

2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. 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)

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)

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.

4. Use 40 PIP stops on all orders.

5. Close between 2300 and 2400.

6. Repeat trade rules at 2400 GMT.

No straddling the price entry. Enter market immediately with 40 PIP reversal companion order...

Happy Trading,

Tkimble
Can you please explain me more I do not understand which GMT time I am in melbourne victoria.

Thanks
  • #1,886
  • Jun 25, 2007 5:50pm Jun 25, 2007 5:50pm
Quoting amin
Can you please explain me more I do not understand which GMT time I am in melbourne victoria.

Thanks
There is only one GMT time, man - the one in Greenwich. If you are in Melbourne, your time should be GMT + 10 hours.
We leave no soldier behind.
  • #1,887
  • Jun 25, 2007 8:00pm Jun 25, 2007 8:00pm
Today's result (25th June 2007)

GBP/USD: -18 pips
REsult of the June so far=+260 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,888
  • Jun 25, 2007 10:48pm Jun 25, 2007 10:48pm
Hi all, I've been back-testing and forward testing TK system but with a little change: at 40 pips move stop to BE and reverse order to BE also. TP is 100 pips. I open orders at 23:00gmt and carry over positions to next day. The open time will make a huge difference to the results. I back-tested with the 3 day reverse rule (which was still profitable) but with current market conditions for GBP/JPY it doesn't seem a great idea (just follow the trend). I only trade this with GBP/JPY and 2 trades max per day. So far since the 7th of January 3850 pips. My greatest difficulty is simply following the rules exactly. Great to see this thread is still alive and Good on ya TK
  • #1,889
  • Jun 26, 2007 4:23am Jun 26, 2007 4:23am
Quoting lyricus
Hi all, I've been back-testing and forward testing TK system but with a little change: at 40 pips move stop to BE and reverse order to BE also. TP is 100 pips. I open orders at 23:00gmt and carry over positions to next day. The open time will make a huge difference to the results. I back-tested with the 3 day reverse rule (which was still profitable) but with current market conditions for GBP/JPY it doesn't seem a great idea (just follow the trend). I only trade this with GBP/JPY and 2 trades max per day. So far since the 7th of January 3850 pips. My greatest difficulty is simply following the rules exactly. Great to see this thread is still alive and Good on ya TK
You got a few points here, Lyricus. Its true that reverse rule doesnt work in a strong trend like we saw in the recent days, however, usually after 3 days up there will be a bearish day. The idea can be modified like this: after 3 up days, sell, and if the day will still be up, next day you buy, and you do like this until the first down day.
Yeah, we are thankful to Tkimble at least for giving us a frame for a possible strategy on GY - however I am really curios why he stopped posting completely on this forum.

Did anyone get short these days? I did since yesterday on EUR JPY and CHF JPY besides GBP JPY and Im again very happy. There wasnt much connection wit this strategy however, but because I felt there will be a retracement coming into yen pairs, I sold them and now Im enjoying the sound of positive pips in my account. Looks like today Europe decided to sell the hell out of the yen pairs - 100 pips in a few hours.
We leave no soldier behind.
  • #1,890
  • Jun 26, 2007 4:29am Jun 26, 2007 4:29am
of course i went short....after all the yesterday was a bearish candle, so i followed the strategy and sold......i hope everyone else did as well....i wonder whether it will keep going or whether i should move my stop closer and where to....
  • #1,891
  • Jun 26, 2007 4:53am Jun 26, 2007 4:53am
the idea is to never let ur profits on the table. Lock in as much as u can. I sold at 247.50, now i moved my stop at 246.50. If the bearish sentiment is maintained, should go further down so just keep your sells opened for now (but move your stop into positive territory if possible), I think we will see more bearish days this week.
We leave no soldier behind.
  • #1,892
  • Jun 26, 2007 5:06am Jun 26, 2007 5:06am
i did move the stops to positive territory a while ago....i was at +170 and + 130 for GY but now it's back down to +120 and +80......my stops are at 246.40 for now, but i am afraid to lose the profit i have right now. looks like its going up now....
  • #1,893
  • Jun 26, 2007 5:52am Jun 26, 2007 5:52am
Quoting pipbunny
i did move the stops to positive territory a while ago....i was at +170 and + 130 for GY but now it's back down to +120 and +80......my stops are at 246.40 for now, but i am afraid to lose the profit i have right now. looks like its going up now....
of course its your decision here. I feel the same...man, I wanna grab those almost 200 pips I have now, but the up move is nothing more than a retracement, I believe. Pull the Fibs for the move down and see until where it goes. It may go up till 246.40 and still be ok, after that it can fall further. in a few days, I see it at least at 244...
Again, my opinion, dont count on me. Ill leave my positions open however.
We leave no soldier behind.
  • #1,894
  • Jun 26, 2007 5:54am Jun 26, 2007 5:54am
yeah thats kinda what i am thinking. i used the high of the 4 hour candle to decide on my SL.....still have problems with the fibs. i know they are basic but somehow i just cant figure it out to work for me properly.
so i use the 4 hour candle instead
  • #1,895
  • Jun 26, 2007 7:02am Jun 26, 2007 7:02am
its not looking good!!!! wish i would have locked in my profits.....right now it's almost at the SL and keeps going up......damn.....
  • #1,896
  • Jun 26, 2007 7:42am Jun 26, 2007 7:42am
Quoting pipbunny
its not looking good!!!! wish i would have locked in my profits.....right now it's almost at the SL and keeps going up......damn.....
Look at the pull-backs as selling opportunities not a reversal of the trend. Use your indicators and trust them. Don't try to second guess what you see.
  • #1,897
  • Jun 26, 2007 7:50am Jun 26, 2007 7:50am
well i don't have any indicators that would pick up the pullbacks on this scale really. they are too unpredictable if you ask me. according to my strategy and the SMA it will still continue to fall and the pullbacks should not go too far up. or so the theory....
  • #1,898
  • Jun 26, 2007 8:19am Jun 26, 2007 8:19am
Quoting pipbunny
well i don't have any indicators that would pick up the pullbacks on this scale really. they are too unpredictable if you ask me. according to my strategy and the SMA it will still continue to fall and the pullbacks should not go too far up. or so the theory....
we will see about that tomorrow. 246.50 is important. While it is still below it, Im holding my shorts and will add to them tomorrow. Fib levels are your indicators for the pullbacks. Try to learn them and dont get scared.
We leave no soldier behind.
  • #1,899
  • Jun 26, 2007 11:11am Jun 26, 2007 11:11am
looks like the price bumped up above 246.50. Damn, lost good amount of my profits. Really curios what its gonna do from now. It moved 150 pips from the bottom
We leave no soldier behind.
  • #1,900
  • Jun 26, 2007 11:13am Jun 26, 2007 11:13am
lost pretty much all my profit. should have followed my gut feeling and locked in the 200 pip this morning. now i have no idea where it will go. could have really used those pips. still barely in the positives for june
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