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Part Time Wealth Building Trading System - Daily Scalping

  • #21
  • Jan 22, 2007 5:04pm Jan 22, 2007 5:04pm
Have you considered this 'natural market entry' for the weekly system? The thought was running through my head when reading the weekly thread. Questions such as, why do we use sundays closing price? Does the straddle really put us in the correct direction of the week more than just entering and doing a SAR method. I think systems like this are profitable because they don't have a TP, but set a time to get out rather than hoping to make 1000 pips this week. Variable exit points I guess. Your thoughts/opinion?
  • #22
  • Jan 22, 2007 6:10pm Jan 22, 2007 6:10pm
Quoting tkimble
News does not make the markets, the markets make the news.

I ignore the news completely becuase all news will immediately be translated into price action. I like simplicity.

Why read the news and try to anticipate how thousands of other traders are going to respond to the news? From my vantage point, this is insanity and cannot logically sustain a profitable trading career. But again, that is my approach. Others may think differently.

So, in essence, I focus on the news through immediate price actions but I do not listen to or read anything about the markets. Have you ever met a trader, read the writings of a trader or tried to base your trading on chasing the news? For me, it is impossibly complicated and results in more questions than answers. This violates everything about simplicity that is important to my trading style...

Happy Trading,

Tkimble
Fantastic tkimble,

ask you, is there any TP for this daily scalping? Since it's more volatile and it will go up and down. Because in a week time, we can see 50 pips up then down then go up all the way again. But on daily, not many times that there would be a reversal of 40 pips if it go one way up then down again.

I like daily scalp, will try it out nonetheless. Thanks!
  • #23
  • Jan 22, 2007 8:41pm Jan 22, 2007 8:41pm
Quoting maria77
Fantastic tkimble,

ask you, is there any TP for this daily scalping? Since it's more volatile and it will go up and down. Because in a week time, we can see 50 pips up then down then go up all the way again. But on daily, not many times that there would be a reversal of 40 pips if it go one way up then down again.

I like daily scalp, will try it out nonetheless. Thanks!
I do not use a TP for any of my trading. Not my style. Like with the weekly system, let it run...

Tkimble
  • #24
  • Jan 22, 2007 8:52pm Jan 22, 2007 8:52pm
Quoting permanentjaun
Have you considered this 'natural market entry' for the weekly system? The thought was running through my head when reading the weekly thread. Questions such as, why do we use sundays closing price? Does the straddle really put us in the correct direction of the week more than just entering and doing a SAR method. I think systems like this are profitable because they don't have a TP, but set a time to get out rather than hoping to make 1000 pips this week. Variable exit points I guess. Your thoughts/opinion?
I agree with this sentiment. Actually, you could trade without even using a chart. The chart does nothing more than provide our eyes with graphical queues which enable us to visualize the system to some extent. It allows us to see the price ranges that either validate or unvalidate the profitablity of a trading sytem.

It would be just as easy to simply use only the prices by trading the open, either long or short, using 40 PIP market entry ranges and 40 - 50 PIP stops and market reversal orders. I actually executed a trade like this today. So far I am up 110 PIPs and have not been stopped out yet. One trade does not make a system but I like to experiment.

Happy Trading,

Tkimble
  • #25
  • Jan 22, 2007 9:21pm Jan 22, 2007 9:21pm
Tkimble, if first order is BUY and 40 pips stoploss is hit, it automatically opens a SELL order with 40 pips buy stoploss, correct? If that buy stoploss is triggered, would that mean that we reverse a trade again, or just wait for the next day to open a brand new trade at 2400GMT and accept 80 pips (+ spread) loss?

Thanks,

LostFX
"All good things come to those who wait..."
  • #26
  • Jan 22, 2007 9:32pm Jan 22, 2007 9:32pm
I'm trying to understand this daily method..based upon Tkimble's post in the daily thread, he stated the daily method would be similar to the weekly method, just with tighter entries. The entries for the daily method is to just buy or sell based upon the previous day, whether it was long or short. Where is the tighter entry?

Maybe, I'm not getting it, but if someone can explain, I would appreciate it..

Thanks..

Marc
  • #27
  • Jan 22, 2007 9:34pm Jan 22, 2007 9:34pm
Quoting marcf
I'm trying to understand this daily method..based upon Tkimble's post in the daily thread, he stated the daily method would be similar to the weekly method, just with tighter entries. The entries for the daily method is to just buy or sell based upon the previous day, whether it was long or short. Where is the tighter entry?

Maybe, I'm not getting it, but if someone can explain, I would appreciate it..

Thanks..

Marc
Sorry for the confusion. The "tighter entries" means entering at the open. No 100 or whatever PIP entry straddle...

Tkimble
  • #28
  • Jan 22, 2007 9:52pm Jan 22, 2007 9:52pm
Ok, thanks for the explanation...

Quoting tkimble
Sorry for the confusion. The "tighter entries" means entering at the open. No 100 or whatever PIP entry straddle...

Tkimble
  • #29
  • Edited Jan 23, 2007 10:16am Jan 22, 2007 10:06pm | Edited Jan 23, 2007 10:16am
The problem with that type of trading is how long do you allow market to move before calling it quits; both for stop loss and take profit. This is what grid trading tries to accomplish in a sense. One solution that comes to mind is to entry a trade with a 30 pip SL just like your system with a SAR. Let it run with no TP. Only look at it week by week. When a new week opens set a new straddle. If price triggers a trade in the opposite direction of you're current trade then stop and reverse. If price continues in your direction then you can either leave the trade open as is or also add to it. The problem I see is we get several stop outs in a week before the big trade and therefore the open trade from the previous week could be closed for no reason.

Quoting tkimble
"I agree with this sentiment. Actually, you could trade without even using a chart. The chart does nothing more than provide our eyes with graphical queues which enable us to visualize the system to some extent. It allows us to see the price ranges that either validate or unvalidate the profitablity of a trading sytem.

It would be just as easy to simply use only the prices by trading the open, either long or short, using 40 PIP market entry ranges and 40 - 50 PIP stops and market reversal orders. I actually executed a trade like this today. So far I am up 110 PIPs and have not been stopped out yet. One trade does not make a system but I like to experiment."
  • #30
  • Jan 22, 2007 10:08pm Jan 22, 2007 10:08pm
Quoting tkimble
Sorry for the confusion. The "tighter entries" means entering at the open. No 100 or whatever PIP entry straddle...

Tkimble

It's also tighter entries because you immediately SAR when stopped out. There is no waiting for a reverse signal.
  • #31
  • Jan 23, 2007 12:53am Jan 23, 2007 12:53am
i just went over this month so far on EUR/USD and GBP/USD and again, what a simple, great system.
for me the EUR/USD has come up near break even, the GBP/USD has come up with a hefty profit. worst day in my paper trade was 16/1 where it whipsawed and i was stopped out 4 times, followed by a small profit at close.

thanks again for your generosity tkimble in sharing simple, solid systems for us to learn from.
  • #32
  • Jan 23, 2007 5:59am Jan 23, 2007 5:59am
How many times are you taking this daily trade? If you get stopped out once, do you go back in?

Any help?

Thanks..
  • #33
  • Jan 23, 2007 6:57am Jan 23, 2007 6:57am
i kept going back in until close. most trades was 5 in a day (only once). mostly 1 or 2 a day. for me anyway. that was for January so far.
  • #34
  • Jan 23, 2007 9:01am Jan 23, 2007 9:01am
Quoting marcf
How many times are you taking this daily trade? If you get stopped out once, do you go back in?

Any help?

Thanks..
Following the daily system will result in constant market participation. The stops and reversals are equal. Hence, the stop is placed at 40 PIPs and the reversal is likewise placed at 40 PIPs. When the stop is activated, the reversal is simultaneously activated.

Should always be enjoying the price action...

Happy Trading,

Tkimble
  • #35
  • Jan 23, 2007 9:23am Jan 23, 2007 9:23am
So, once your stop is hit turn around and go the opposite direction? Please explain, thanks...

Marc

Quoting tkimble
Following the daily system will result in constant market participation. The stops and reversals are equal. Hence, the stop is placed at 40 PIPs and the reversal is likewise placed at 40 PIPs. When the stop is activated, the reversal is simultaneously activated.

Should always be enjoying the price action...

Happy Trading,

Tkimble
  • #36
  • Jan 23, 2007 10:20am Jan 23, 2007 10:20am
Correct! You should have an order pending in the opposite direction so if your stop hits the corresponding order would be placed...

Lux
MT4 EA, Indicator and Alert Coder Since 2006
  • #37
  • Jan 23, 2007 10:27am Jan 23, 2007 10:27am
Thanks Tkimble - this method was obviously much anticipated! Thanks for sharing!
  • #38
  • Jan 23, 2007 11:39am Jan 23, 2007 11:39am
Tikimble thanks for sharing your ideas. You are very smart man and generous too. It is not easy to make a proftable system in Forex.
Is anyone tried to backtest this daily system?
I think it will show how it can performe and it will be interesting make a compereson to a weekly system.

Andrey
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #39
  • Jan 23, 2007 3:03pm Jan 23, 2007 3:03pm
TK,
great system! How long have you been using it and which system do you like better, daily or weekly scalping. You also say to place your trade between 23-24:00GMT, I live in the central time zone so is that between 5-6:00pm
thanks
  • #40
  • Jan 23, 2007 3:44pm Jan 23, 2007 3:44pm
Quoting marcf
So, once your stop is hit turn around and go the opposite direction? Please explain, thanks...

Marc
The Stops and automatic market re-entry are placed at the same price. For example, if your stop is at 1.4590, your reversal re-entry should likewise be placed at 1.4590.

Happy Trading,

Tkimble
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