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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,401
  • Oct 17, 2007 11:32am Oct 17, 2007 11:32am
Quoting bullrock
Look. It is difficult to tell what is best in the long term SAR or not SAR. In one currency it works in another doesnt. One concept that might help is that you stick with the interest rate positive direction. ALWAYS. So if you have been stopped out. You put the entry back where it was originally...
Say you only long EJ, or UC and so on.
.
  • #1,402
  • Oct 17, 2007 11:34am Oct 17, 2007 11:34am
Quoting Cmartin371
I hear ya man! Bull, if your 100SL is hit do you SAR from that point? I got stopped out on G/Y and G/U so far this week with 100SL. Both were long entries from the 50/60 pip straddle. I noticed that once it hit my SL for both it shot right back up so I am glad I did not take the SAR at this point. My U/Y short hit my 25% target for 1st lot but retraced. Stops were moved to BE, not sure where it stands right now. E/U long is stuck in a 50 pip range, but on the negative side for me and my U/CHF was negative when I left for work this morning.

I will definitely take some of the recent advice here for next week, but MM will primarily stay the same.
The other thing is BE has the same problem as SAR. I dont think that BE helps in the long term. At least that is what my calculations sjows. I am in the process backtesting this strategy on the hourly timeframes I will be able to tel more later.
.
  • #1,403
  • Oct 17, 2007 11:39am Oct 17, 2007 11:39am
Quoting bullrock
Say you only long EJ, or UC and so on.

Sure.....could throw in Jacko's A-H as well. I'm not really worried about SAR I was just curious. Anything can be managed with good MM. I do like your non-correlation suggestion and skipping the straddle ideas.
  • #1,404
  • Oct 17, 2007 11:44am Oct 17, 2007 11:44am
Quoting Cmartin371
Sure.....could throw in Jacko's A-H as well. I'm not really worried about SAR I was just curious. Anything can be managed with good MM. I do like your non-correlation suggestion and skipping the straddle ideas.
The channel should stay. The reason is because in case of the CHF it does make difference, but no straddle. The SAR has its positive sides. But I thnk I would limit the number of reversals to 2.
.
  • #1,405
  • Oct 26, 2007 6:30pm Oct 26, 2007 6:30pm
Quoting bullrock
I can prove with calculations that the indicators, no matter which one, are no better than a sophiticated random number generator. If you use three then you have three of them. Less than 40% probability. Down to this the long term success lies in diversisifcation and actually money and position management. Often the money = position....
You are wrong!

There are some custom indicators which if you have the balls to follow it to the tee, then it is not like random entry, rather exit and mm is the problem.

I do not mean they are grail indicators, but better than 50%. Draw down or stop loss cannot be avoided which is part of trading, that is why I wrote you need balls: to trade.
  • #1,406
  • Oct 29, 2007 12:48pm Oct 29, 2007 12:48pm
Hi folks,
Lately, I've been staying away from Cable and trading this system on some other pairs. Last week, for example, I traded Aussie on it and made 275 pips for the week. It was trending while other pairs were ranging.

This week, I'm again trading Aussie as well as EUR/USD and will see how that goes. But I'm not firm on my criteria for choosing a pair or two for the week. I am trying to stay away from ranging pairs, and looking for those that seem ready to trend. This isn't an exact science to me, yet. Any pointers / opinions about this?

Still on demo, so my "275 pips" are all virtual. Which is fine!
Disregard all prognostications.
  • #1,407
  • Oct 29, 2007 1:01pm Oct 29, 2007 1:01pm
Quoting Pidgeon
Hi folks,
Lately, I've been staying away from Cable and trading this system on some other pairs. Last week, for example, I traded Aussie on it and made 275 pips for the week. It was trending while other pairs were ranging.

This week, I'm again trading Aussie as well as EUR/USD and will see how that goes. But I'm not firm on my criteria for choosing a pair or two for the week. I am trying to stay away from ranging pairs, and looking for those that seem ready to trend. This isn't an exact science to me, yet. Any pointers / opinions about this?

Still on demo, so my "275 pips" are all virtual. Which is fine!
Hi Pidgeon, The big guns are struggling with this. You cannot predict which pair will range or trend next week. You can try though. I am applyoing the same strategy to 10+ currencies that have low spread and relatively high ATR. If I shoot like that some of them will trend for sure. But you are right cable was ranging since long weeks now and it has such tendency for months historically. Hope this helps.
.
  • #1,408
  • Oct 29, 2007 1:07pm Oct 29, 2007 1:07pm
Quoting manz66
You are wrong!

There are some custom indicators which if you have the balls to follow it to the tee, then it is not like random entry, rather exit and mm is the problem.

I do not mean they are grail indicators, but better than 50%. Draw down or stop loss cannot be avoided which is part of trading, that is why I wrote you need balls: to trade.
Hi there. Read my post again. Then read it again. I havent mentioned entry or exit. I was refering too the whole of the trade. You have mentioned yourself the exit and MM. Have a nice day....

Indicators do not work, not for me at least. 2 1/2 years and several thousand dollars (low leverage and 1% risk) shows that. Since I've switched my philioshpy I am profitable.
.
  • #1,409
  • Oct 29, 2007 1:34pm Oct 29, 2007 1:34pm
Quoting bullrock
Hi Pidgeon, The big guns are struggling with this. You cannot predict which pair will range or trend next week. You can try though. I am applyoing the same strategy to 10+ currencies that have low spread and relatively high ATR. If I shoot like that some of them will trend for sure. But you are right cable was ranging since long weeks now and it has such tendency for months historically. Hope this helps.
Bull,

Did you decide to do the buy and sell stop straddle 50 pips from open? Or are you still entering at the open with 100s/L
  • #1,410
  • Oct 29, 2007 3:48pm Oct 29, 2007 3:48pm
Quoting Cmartin371
Bull,

Did you decide to do the buy and sell stop straddle 50 pips from open? Or are you still entering at the open with 100s/L
This is a great battle between me and me. It depends on the currency but I would say the safest way is to use a channel added/substracted from the close and use the other say as SL and/or SAR. I would not straddle or move the other side to the close. You know what I mean.
.
  • #1,411
  • Oct 29, 2007 8:06pm Oct 29, 2007 8:06pm
Quoting Pidgeon
Hi folks,
Lately, I've been staying away from Cable and trading this system on some other pairs. Last week, for example, I traded Aussie on it and made 275 pips for the week. It was trending while other pairs were ranging.

This week, I'm again trading Aussie as well as EUR/USD and will see how that goes. But I'm not firm on my criteria for choosing a pair or two for the week. I am trying to stay away from ranging pairs, and looking for those that seem ready to trend. This isn't an exact science to me, yet. Any pointers / opinions about this?

Still on demo, so my "275 pips" are all virtual. Which is fine!

More than 6 months demoing this method leads me to a conclusion that for this sys to be profitable your selected pair (whichever it is) must show an ATR (21) over 180 at least (the higher, the better, off course) Less than that and we would be in troubles. So I think we would need to jump to the pair who indicates that range and not to stick with the same (even though GBP/JPY is more likely to show this range, than others)
If we want to keep trading the same pair no matter what, I think what we would need to do is to reduce/adjust the straddle let's say to 30 or 20 pips instead of 40 to 50. depending upon the ATR of such a pair, but I have not a sharp math on how to determine this variation.
Hope this helps.
Regards.
  • #1,412
  • Oct 30, 2007 8:23am Oct 30, 2007 8:23am
Quoting toti1972
More than 6 months demoing this method leads me to a conclusion that for this sys to be profitable your selected pair (whichever it is) must show an ATR (21) over 180 at least (the higher, the better, off course) Less than that and we would be in troubles. So I think we would need to jump to the pair who indicates that range and not to stick with the same (even though GBP/JPY is more likely to show this range, than others)
If we want to keep trading the same pair no matter what, I think what we would need to do is to reduce/adjust the straddle let's say to 30 or 20 pips instead of 40 to 50. depending upon the ATR of such a pair, but I have not a sharp math on how to determine this variation.
Hope this helps.
Regards.
hi what do you mean 180 or more?? i though ATR always give a 0.xxxx??
  • #1,413
  • Oct 31, 2007 8:58am Oct 31, 2007 8:58am
Toti,
Thanks, its good to hear from someone who has been at this a while longer than I have. I was also thinking that ATR might play a role in choosing pairs. Synwind, I believe the 180 is #pips for ATR(21) for the pair you are interested in, using a weekly chart. So, I'm going to go back and look at the ATR values for the weeks that I was successful. Which btw, I'm not doing well this week, Euro went up and down and I was stopped out - but I think my stops were too tight. If you are trading guppy on this system this week then all is well (doh!)
Disregard all prognostications.
  • #1,414
  • Oct 31, 2007 7:14pm Oct 31, 2007 7:14pm
TK, i donīt know how to tell you how much i love this system, i been working with it, since a long time ago, sticking to the rules, and it is just making me money, no moore fighting with the indicators, if the 95% of the traders lose so WHY use the same tools as they, the trick is using some methods that only a small porcent of the traders use, i just close 5 minutes a go(i know is just weednesday and there are two days left but i prefer to exit now with this profit), more than 700 PIPS!!!!!,in both pairs(GBP/USD, GBP/JPY), thatīs right my friend, i spent a few thousands dollars in systems, and i just find out that some body named TK share a method that works for free, TK JUST KEEP UP THE GOOD WORK, God bless you for help me to be free, just sitting at home making some couple thousands a week, THANKS AGAIN.
  • #1,415
  • Nov 1, 2007 3:04am Nov 1, 2007 3:04am
Quoting Pidgeon
Toti,
Thanks, its good to hear from someone who has been at this a while longer than I have. I was also thinking that ATR might play a role in choosing pairs. Synwind, I believe the 180 is #pips for ATR(21) for the pair you are interested in, using a weekly chart. So, I'm going to go back and look at the ATR values for the weeks that I was successful. Which btw, I'm not doing well this week, Euro went up and down and I was stopped out - but I think my stops were too tight. If you are trading guppy on this system this week then all is well (doh!)

Yup, you are right what I meant is that the ATR(21) must show a variation in pips higher than 180 daily. less than that disregard that pair and look for another one. As everybody knows the more likely pair to fit this is Guppy.

Synwind sorry for the confusion, hope I am clear enough now.

I am happy for this thread to become active again, I also like to tell you that for me TK's daily is also a powerful method. I you guys still did not take a look at it, my humble advice is for you to go ahead and give it a try. Lets keep this thread updated with our weekly results.
Best wishes...
  • #1,416
  • Nov 1, 2007 3:32am Nov 1, 2007 3:32am
Quoting Alvaro
TK, i donīt know how to tell you how much i love this system, i been working with it, since a long time ago, sticking to the rules, and it is just making me money, no moore fighting with the indicators, if the 95% of the traders lose so WHY use the same tools as they, the trick is using some methods that only a small porcent of the traders use, i just close 5 minutes a go(i know is just weednesday and there are two days left but i prefer to exit now with this profit), more than 700 PIPS!!!!!,in both pairs(GBP/USD, GBP/JPY), thatīs right my friend, i spent a few thousands dollars in systems, and i just find out that some body named TK share a method that works for free, TK JUST KEEP UP THE GOOD WORK, God bless you for help me to be free, just sitting at home making some couple thousands a week, THANKS AGAIN.
Hi Alvaro,

do you stick with the original rules from post #1 ?
  • #1,417
  • Nov 1, 2007 3:49am Nov 1, 2007 3:49am
so works best on gbp/usd and gbp/jpy ?

so potential loss still limited by 30 pip SL ?
  • #1,418
  • Nov 1, 2007 9:24am Nov 1, 2007 9:24am
Yes, im always with the rules, no matter if i got stopped out 2,3 or even 4 times, i just keep going with the entrys as many times as needed, because if the 5 entry goes in the direction, then that one will pay for the losses, or at least will give you a small loss, say 30 pips or so, so if you loose 3 times then you have -90 pips and lets say the 4 entry goes with you and give you say +100, that make you 10, that is nothing compared to the winning weeks, because this is all about forex, in this bussines we need a system or strategy that must meet two requirements, first it have to give you moore winning trades that losses(this method does), and second wen we win it has to give you moore and i mind a lot moore of pips that wen you loose(thismethod does), i use both g/y, g/u.
  • #1,419
  • Nov 1, 2007 11:28am Nov 1, 2007 11:28am
I like the idea of not having to watch 5 min charts as my day job does not allow me to!

It also seems that some people are modifying rules as to SAR, SL, how many re-entries, etc. Would love to know how people are doing with modified rules compared to the rules on the first page.

I need to start from the beginning of the thread and work through the posts but has anyone looked at say waiting until Tuesday for order entry? Any significant differences?

Also I see posts where people seem to be using G/U & G/J the most, what other pairs trade well? I'm assuming one should do non-correlated pairs?

Thanks.
Scott
Still haven't found what I'm looking for...
  • #1,420
  • Nov 1, 2007 2:17pm Nov 1, 2007 2:17pm
Here's a look at the ATR(21) for some pairs recently....of course your mileage may vary depending on your broker, but should be close.

GBP/JPY - 662 pips Wow!!!
EUR/JPY - 421 pips Still smokin!
USD/JPY - 259 pips Not bad
GBP/USD - 297 pips Gee, i thought it would be higher
EUR/USD - 201 pips only 200?!? for shame!!

As you can see, Guppy seems to rule the roost with this system.
And this week alone, Guppy has brought some 470 pips. This figure will probably change with the NFP release tomorrow, but we really don't care do we, because its already a good week.
Disregard all prognostications.
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