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Part Time Wealth Building Trading System - Daily Scalping

  • #1,941
  • Sep 28, 2007 9:59am Sep 28, 2007 9:59am
i continue the test with 5 pairs, the rule is the same.

Good result for only one pair.....


i'm try to do some little modifications.
Financial Freedom
  • #1,942
  • Nov 21, 2007 4:24am Nov 21, 2007 4:24am
Quoting tkimble
Just an additional thought.

The Daily Scalping system is what I refer to as a "Natural Market Entry" system. On any given trade, you have a 50% chance of being profitable or unprofitable regardless of the system. With this system, you are using that chance at the very beginning of the market action. Rather than not participating in the market during a self imposed 50 or 100 PIP entry straddle, you can particapate immediately with the same entry risk as any other trade.

The great thing about the daily system is you basically eliminate the wait for your 50 - 100 PIP entry straddle to be activitated hence reducing your risk of being stopped out as frequently.

For my trading style the "Natural Market Enty" is great when combined with the weekly charts. The big obvious difference is when you take your profits. Hence, taking small daily profits or one larger weekly profit. Again, do what makes you feel comfortable.

I hope this is understandable...

Happy Trading...

Tkimble


Hi Tkimble,
Your system looks good but Ican't even understand anything cos I m a newbie. pls is there anyhow you or anyone else can help me out with more explanations on this or any other system. I have actually traded and lost some bucks and now I m confused.But i know with people like you in this forum there is hope for. so what do i do ? thanks.
  • #1,943
  • Nov 23, 2007 2:19pm Nov 23, 2007 2:19pm
Quoting andybest
Hi Tkimble,
Your system looks good but Ican't even understand anything cos I m a newbie. pls is there anyhow you or anyone else can help me out with more explanations on this or any other system. I have actu
ally traded and lost some bucks and now I m confused.But i know with people like you in this forum there is hope for. so what do i do ? thanks.

Andy, u are right that this is a great trading system. HOWEVER, if u are new to forex, i would STRONGLY encourage you to go back to the Forum MAin menu, select "Forex Beginner Q&A" and learn the very basics of forex trading. You need to have the understanding to determine for yourself that this is a great trading system. Look at the "information for beginners " thread. You will learn a balanced understanding of forex.

Honestly, there is so much good information on this forum, you will learn everything u need to know...and from people who have already made all the mistakes and are sharing their experience with you.

Good Trading,
Jimno
  • #1,944
  • Nov 30, 2007 7:43pm Nov 30, 2007 7:43pm
how do u deal with 40 pip loss? what to do after 3~5 straight being stopped out? what will u do then ? im not attacking this system but im curious how you can gulp such huge stops
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  • #1,945
  • Dec 15, 2007 8:19am Dec 15, 2007 8:19am
Last week results: GBP/JPY

Dec 10: Buy 226.86 hit SL: 226.36 p/l: -50
Sell 226.36 hit SL: 226.86 p/l: -50
Buy 226.86 Close @ 228.51 p/l: +165
Total: +65 pips

Dec 11: Buy 228.51 hit SL 228.21 p/l: -50
Sell 228.21 close @ 225.38 p/l: +283
Total: +233 pips

Dec 12: Sell 225.37 hit SL 225.85 p/l: -50
Buy 225.85 close @ 229.56 p/l: +371
Total: +321 pips

Dec 13: Buy 229.55 hit SL 229.05 p/l: -50
Sell 229.05 price @ close: 229.05 p/l: 0
Total: -50 pips

Dec 14 Sell 229.05 hit SL 229.55 p/l: -50
Buy 229.55 hit SL 229.05 p/l: -50
Sell 229.05 Close @ 228.50 p/l: +55
Total: -45 pips

Total/Week: +524 pips
  • #1,946
  • Dec 16, 2007 4:25pm Dec 16, 2007 4:25pm
Is there an EA for IBFX for this system? Thanks.
  • #1,947
  • Dec 17, 2007 12:41pm Dec 17, 2007 12:41pm
Which EA is the MOST current? Results anyone? Thanks.
  • #1,948
  • Dec 17, 2007 1:21pm Dec 17, 2007 1:21pm
Quoting toti1972
Last week results: GBP/JPY

Dec 10: Buy 226.86 hit SL: 226.36 p/l: -50
Sell 226.36 hit SL: 226.86 p/l: -50
Buy 226.86 Close @ 228.51 p/l: +165
Total: +65 pips

Dec 11: Buy 228.51 hit SL 228.21 p/l: -50
Sell 228.21 close @ 225.38 p/l: +283
Total: +233 pips

Dec 12: Sell 225.37 hit SL 225.85 p/l: -50
Buy 225.85 close @ 229.56 p/l: +371
Total: +321 pips

Dec 13: Buy 229.55 hit SL 229.05 p/l: -50
Sell 229.05 price @ close: 229.05 p/l: 0
Total: -50 pips

Dec 14 Sell 229.05 hit SL 229.55 p/l: -50
Buy 229.55 hit SL 229.05 p/l: -50
Sell 229.05 Close @ 228.50 p/l: +55
Total: -45 pips

Total/Week: +524 pips
I thot u were suppose to let this run for a week or u have just decided to take profits at 50pips move?
  • #1,949
  • Dec 17, 2007 10:23pm Dec 17, 2007 10:23pm
I made an EA for a variation of this, and it made over 7,000 pips (GBPJPY) in 2007, but -9000 pips from 2005-2006....

You are dependent on huge trends up and down to do well....

Am interested in seeing how people are doing with the unmodified version.
  • #1,950
  • Dec 28, 2007 11:21am Dec 28, 2007 11:21am
daily scalping kills me in sideways tight markets. I'm thinking of using a bollinger squeeze to help filter it out. Problem is that it's a lagging indicator and we may miss our opportunity.

Has anyone looked into predicting whether or not a day will have large range? That may be a better method to use. News trading comes to mind, but how could you turn that into an EA?
  • #1,951
  • Jan 5, 2008 2:06am Jan 5, 2008 2:06am
Hi there guys, i been working with TKIMBLES strategys, weekly scalping and daily, both are great.
Couple months a go i began working with casinos also and i found some great methods, but in casinos we have have some problems(tables limits, etc), forex is diferent cause we dont have that, so i put one method in gbp/jpy, it is the martingala method, it is so simple /and very old), just double the position every time i have a lose, i been doing this for about 12 weeks and i have very good results(but every thing in this market its about money management), so if you have a mini account use micro lots.
This can be used with any system that have a clear entry and exit signals, i also use it with high and lows(nicotinas method).
  • #1,952
  • Jan 5, 2008 7:39am Jan 5, 2008 7:39am
martingale methods only work in sideways markets. If they are in a serious trend, like the sudden rise of EUR/USD since August, they will fail miserably and blow up your account. I've lost at least 500k in demo accounts trying to get this strategy to work. But hey, if you think you found the solution go for it. Start up a new thread and let the other traders here improve it.
  • #1,953
  • Jan 5, 2008 6:59pm Jan 5, 2008 6:59pm
Hi TKIMBLE

As I am a baby regarding Forex trading, I would like to thank you so much for starting this thread.

Your system seems so easy!!!!

I'm still reading through the thread so as to understand everything and to learn from all those who are contributing.

Thank you for sharing this information with everyone.

Keep up the good work.

Regards

Ozzibob
  • #1,954
  • Jan 28, 2008 6:44pm Jan 28, 2008 6:44pm
HI from another West.Aust. Newbie who is just entering the Forex market. I have read the 3 threads on Weekly,Daily & Trendhugging & at this stage prefer the Daily as I cannot come to grips with the charts! My ? is Rule 2 as per these instructions "Place Buy or Sell market order at open". Does this mean AT Market Open & if so you would have to be watching the screen to be able to place other orders 40 or 50 pips away, whilst the weekly xl workshheet says enter last price & then provides enter prices for both Buy & Sell 40 pips away from that the last market price. If you place order prior to opening then I presume you choose the last price any time after closing Sat. midday up to Sun. 2400 GMT & set up orders accordingly.
Will greatly appreciate help on this.

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
  • #1,955
  • Jan 28, 2008 7:25pm Jan 28, 2008 7:25pm
The idea is to get in as early as possible. You don't need to be EXACTLY at the market open, but it certainly doesn't hurt. If you are having trouble getting online on the open of a new day, to to the weekly scalping thread and search for an attachment called Rhythm.v2 That should help you with your daily scalping needs. You can set it to open trades for you and then you can manually close your trades at certain TPs, or at 23:00 GMT
  • #1,956
  • Jan 28, 2008 7:54pm Jan 28, 2008 7:54pm
Hi Ronald Raygun: Many thanks for your reply. Many of the threads posted here carry info. for use with the Metrader platform which allows for EA trading but which I have found is not easily available in WA & certainly not with my brokers ( not than I am locked into using them). The Rythm system falls into this area as well I understand. Oldie
  • #1,957
  • Jan 29, 2008 6:43am Jan 29, 2008 6:43am
Hi fresian: Your rules are extremely well set out but I have 1 question in the Entry section. Is the Entry Buy or Sell price the market price you have obtained from the charts @ 00:00GMT or that price plus the 40 or 50 pips whichever is the case. I look forward to your reply - Thanks Oldie
Quoting fresian
I'm a bit late to the party here but have been following and would have to agree with traderone and yezbick.

I have been tracking daily trades for a month with a few slight mods along the way. I'm doing max 2 trades per day. I've kept a track of results in this excel spreadsheet which also has the rules I've used.

While you can't draw too many conclusions in a month, so far:

- the GBPCHF isn't profitable (to date)
- the GBPUSD has been about breakeven
- and as everyone knows, the GBPJPY continues to be profitable.

Part way through I went from a TP of 100 pips on the GBPJPY to a split order, 1st TP of 100pips, the second left to run. So far (only about 2 weeks) there's not too much in it....can't really say one way is better than the other.

For what it is worth, my concern longer term would be that the GBPJPY has been the only real profitable one (using these rules) and at the moment it is way above it's typical daily ATR. So the risk is that it will end up like the others if the volatility dies down.

But for now the GBPJPY is certainly doing well, so thanks TKimble for sharing and good luck to those trading it. I will keep tracking it for now and can post an update down the track for those interested.

Cheers...
  • #1,958
  • Feb 12, 2008 12:32am Feb 12, 2008 12:32am
I've already test this system on GBP/USD with its original method from Jan 14 08- Feb 8 08 and the result are:

Jan
14, sell -40, buy -40
15, sell -40, buy +36
16, buy -40, sell -40
17, buy +78
18, sell +151
21 sell +131
22 sell -40, buy +137
23 buy -40, sell -40
24 sell -40, buy +154
25 buy +65
28 buy -40, sell -40
29 buy +52
30 buy -40, sell -40
31 sell -40, buy -40
Feb
1 buy -40, sell +173
4 sell -40, buy +48
5 buy -40, sell +52
6 sell +37
7 sell +180
8 buy +29

Total in pips= +603
  • #1,959
  • Feb 22, 2008 8:07am Feb 22, 2008 8:07am
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
Hello,

Thank you for this system. As I go to bed al little bit earlier than 24:00 GMT, I would like to know if it is possible to set up the trades already at 21:00 GMT. Or is it crucial for the performance of the system to open positions at 24:00 GMT.

Thank you for your answer.

Greetings from Germany, 07nioe
  • #1,960
  • Feb 22, 2008 9:46am Feb 22, 2008 9:46am
There is an EA out for this strategy...look for Rhythmv2.mq4
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