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Part Time Wealth Building Trading System - Daily Scalping

  • #61
  • Jan 25, 2007 12:34pm Jan 25, 2007 12:34pm
Quoting wcalem
I've been following all the TKimble threads since they started and just wanted to get some clarity on the daily scalping...

1. Is the 40 pip SL trailing?
2. How do you define the trend? Higher/lower close, above/below some moving avg, ...?

Sorry if these have been discussed, I missed it if they were.

Thanks!!!!
No. Stop loss is static, not trailing.

Follow the previous days market action. If the previous day was up, go long, if the previous days action was down, go short. Reverse when you get three consecutive days of up or down price action...

Tkimble
  • #62
  • Jan 25, 2007 6:17pm Jan 25, 2007 6:17pm
One question that, as far as I can see, has got unaswered is the follwing:

For how long do you keep putting up a trade in the opposite direction if the initiated trade hits a S/L? (Obviously, atleast, 1 time. But if S/L is hit again, do we continue or call it a day?)
  • #63
  • Jan 25, 2007 6:54pm Jan 25, 2007 6:54pm
you continue for the day,
alternatively stop at your comfort level/money management level
  • #64
  • Jan 26, 2007 4:53am Jan 26, 2007 4:53am
Ok. If it's profitale to continue I see no point what so ever to stop trading that day. Thanks for the answer
  • #65
  • Jan 27, 2007 5:48am Jan 27, 2007 5:48am
  •  Trader#0000
  • | Status: Unregistered Trader
tkimble,

In your excel file there is a weekly profits sheet. Are those the profits from using both the daily and weekly system on GBP/USD or just the weekly?

Thanks!
  • #66
  • Edited 8:11am Jan 27, 2007 6:16am | Edited 8:11am
  •  Trader#0000
  • | Status: Unregistered Trader
Also for better hedging maybe we should wait for 2 days of upwards or downwards movement to reverse. The weekly order should have enough profit by then. Or even use the profit as a guide:

Lets say the weekly order is up by 200pips (a buy order) then on the daily enter with a sell. This way we would secure the 200pips but also limit our selfs profit wise. The good thing is we could gain more pips if the trend continues upwards by having that buy order in 40 pips away...

Any thoughts on this?

P.S1: On another note, on a chopy week both systems would give 2xlosses. But how often does this happen?
P.S2: With the right set of EAs this can go down to H4 timeframe. I think lower TF has too much noise for it to work.
  • #67
  • Jan 27, 2007 8:25pm Jan 27, 2007 8:25pm
tkimble,
in a previous post you mentioned you run the daily and weekly in tandem.
from your experience, would you trade the one pair on both, or one pair on weekly and a different pair on daily?
thanks
ryan
  • #68
  • Jan 27, 2007 8:37pm Jan 27, 2007 8:37pm
Quoting vitalykk
We need EA on this strategy. Anybody experienced programmer...?
just tell me what u need and i'll mq4 it
  • #69
  • Jan 28, 2007 1:14am Jan 28, 2007 1:14am
Quoting don perry
just tell me what u need and i'll mq4 it
See post #1
http://www.forexfactory.com/showthread.php?t=13507
  • #70
  • Jan 28, 2007 10:34am Jan 28, 2007 10:34am
Did anyone try the daily scalping method last week?

If so, can you share your results and observations with us?
  • #71
  • Jan 28, 2007 8:51pm Jan 28, 2007 8:51pm
Quoting bholiday
Did anyone try the daily scalping method last week?

If so, can you share your results and observations with us?

I am working on developing a system that trades the weekly system and the daily system. I find that the 2 compliment each other or even "super charge" each other. My initial risk is on Monday when i enter both systems. One thing i don't do is wait the 50 pips initially for the weekly, but rather use the Daily system. It seems like it works better for me.

GBP/USD

Last week the daily brought 203 pips. One trade per day except for Thursday where there were 3 trades. The weekly result was 208 pips for me for 2 trades. Note after the price goes in my direction, i have a different way of reversing that again, works for me.

RIsk initially is split, but as the weekly went in my direction, i could increase the risk of the daily but i usually keep it at 2 or 3 % tops. I don't want any more than 4 % total risked at any time.


Good trading all,

Jim No
  • #72
  • Jan 28, 2007 9:39pm Jan 28, 2007 9:39pm
I have enjoyed your posts James...I hope you will keep us updated on your discoveries and observations...by the way...did anyone ever tell you you look like Johnny Depp?

Keep up the good pipping! Sounds like it is working great for you.

Ps Are you only trading the pound dollar, or are you trading pound yen also?

Pss What time are you entering on monday?
  • #73
  • Jan 28, 2007 11:13pm Jan 28, 2007 11:13pm
Quoting bholiday
I have enjoyed your posts James...I hope you will keep us updated on your discoveries and observations...by the way...did anyone ever tell you you look like Johnny Depp?

Keep up the good pipping! Sounds like it is working great for you.

Ps Are you only trading the pound dollar, or are you trading pound yen also?

Pss What time are you entering on monday?
Johnny is the one that gives me signals....

I really am keeping it simple. I have my own system, that is similiar to TKimbles original one, and that has drawn me to his way of trading. His weekly and Daily systems are so simple, and from back and forward testing them so profitable, i think they are all you need.

I trade the weekly and daily system together on both GBP $$ and the GBP Yen. I still am tuning the entry and stop sizes for the GBP / yen.

I enter both the weekly and daily trades at 0 GMT (sunday afternoon for me on the pacific coast). THe price action on the 4 hr and Daily is my guide on trend.

Good trading...

Jim No
  • #74
  • Jan 29, 2007 1:45am Jan 29, 2007 1:45am
So you are using the 40 pip stop once you enter at Gmt 0000 for the Weekly and Daily entry starting on Sunday?

I am west coast also...have you seen yourself at Disneyland yet?

Your posts are very helpful...thanks again
  • #75
  • Jan 29, 2007 11:39am Jan 29, 2007 11:39am
Quoting ryanmel
tkimble,
in a previous post you mentioned you run the daily and weekly in tandem.
from your experience, would you trade the one pair on both, or one pair on weekly and a different pair on daily?
thanks
ryan
I trade the daily and weekly on the same pair. Otherwise, you loose the hedging affect. Does not matter what market, but both must be in same market.

Happy Trading,

Tkimble
  • #76
  • Jan 29, 2007 7:22pm Jan 29, 2007 7:22pm
Has anybody tested the optimal stop loss level for the GBP/USD for the daily scalping method?

Tkimble says to use 40, which i am using, but there is probably an optimal stop loss level that could be found through back testing, or using EA.

Just looking to optimize the system.

By the way, in order to reduce draw down, i start with only one mini lot for the first two orders. I then move to 2 mini lots if they are both stopped out, all the way up to 6 which is my upper limit (until my account grows).

I won't make as much when i am right, but i won't lose as much when i am not. When i am right, it will be on increased lots, helping to offset my losses.

I like this system, and hoping for some feedback from those of you testing it out.
  • #77
  • Jan 29, 2007 10:11pm Jan 29, 2007 10:11pm
Quoting bholiday
So you are using the 40 pip stop once you enter at Gmt 0000 for the Weekly and Daily entry starting on Sunday?

I am west coast also...have you seen yourself at Disneyland yet?

Your posts are very helpful...thanks again
I'll be down there this week most likely so i'll take a look and see if someone is pirating my patented look....

Yes, i use the 40 pip Stop on both Weekly and Daily entrys as a guide, HOWEVER, i will adjust if i believe that there is a strong support or resistance level that would lower my risk. As an example on the GBP/Yen, there was a clear ledge at the 237.97 level that was preceded by a spike down and back up (Joe Ross teaches this ) that told me that this was probably pretty secure so i put my stop just below that which was a bit under the normal 40 pip stop. Normally would just use 40 pips as TK suggests.

That does bring a question i wanted to ask you TK. The weekly stop amount has been 30 pips (for GBP/ USD). I have been using 40 for both systems for simplicity. In trading both systems in tandem do you use different stop levels (30 for weekly and 40 for daily), or the same??

thanks.

Jim no.
  • #78
  • Jan 29, 2007 11:23pm Jan 29, 2007 11:23pm
Quoting james275
I'll be down there this week most likely so i'll take a look and see if someone is pirating my patented look....

Yes, i use the 40 pip Stop on both Weekly and Daily entrys as a guide, HOWEVER, i will adjust if i believe that there is a strong support or resistance level that would lower my risk. As an example on the GBP/Yen, there was a clear ledge at the 237.97 level that was preceded by a spike down and back up (Joe Ross teaches this ) that told me that this was probably pretty secure so i put my stop just below that which was a bit under the normal 40 pip stop. Normally would just use 40 pips as TK suggests.

That does bring a question i wanted to ask you TK. The weekly stop amount has been 30 pips (for GBP/ USD). I have been using 40 for both systems for simplicity. In trading both systems in tandem do you use different stop levels (30 for weekly and 40 for daily), or the same??

thanks.

Jim no.
I use the same stops for both...

Tkimble
  • #79
  • Jan 30, 2007 2:07am Jan 30, 2007 2:07am
tk

in reading your last few posts, could i ask, have you now got a revised set of rules for your weekly/daily systems? or are you simply testing at the moment?

you mentioned that you use same stops on both systems (30 or 40?)
the weekly you are now using immediate entry instead of 100 pip straddle (is this permanent?)

it would be good to hear your opinions/observations on these new changes that you are applying compared to your original system.

ryan
  • #80
  • Edited 3:28am Jan 30, 2007 3:16am | Edited 3:28am
Quoting tkimble
From my perspective, one month of paper trading is more valuable then all the back testing in the world.

Happy Trading,

Tkimble
A man after my own heart...but not in that gay way. (Political correctness can eat sh*t and die)

Though it must be said that your "lessons" have finally elevated me to that pulpit of trading that I've been trying to achieve for the past few years. So hats off to you and your teaching!
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