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Part Time Wealth Building Trading System - Daily Scalping

  • #101
  • Feb 4, 2007 2:20pm Feb 4, 2007 2:20pm
Both methods are good. tkimble is using both at the same time on the same currency to provide a hedge. It comes down to how much time you have to monitor more than one system. The weekly is more of a relaxed method as you get toward the end of the week as you are moving away from the point of entry (hopefully). Thus, you are not having to keep up with numerous trades. There is more testing done on the weekly on these threads, also. It will also depend on how well you do with drawdowns when you inevitably hit a week where the weekly and the daily lose pips.
Life is too short to have anything but delusional notions about yourself.
  • #102
  • Feb 5, 2007 5:43am Feb 5, 2007 5:43am
I'm just wondering if the same rules apply for the GBPJPY as for the GBPUSD. It looks like it was asked earlier in the thread, but I couldn't find a definitive answer as to how to apply the Daily Scalping method to the GBPJPY.

Is it the same market entry with stops 40 pips away?

Thanks for everyone's contributions to this thread!

B
  • #103
  • Feb 5, 2007 1:00pm Feb 5, 2007 1:00pm
That is my understanding...rules are same on both.
  • #104
  • Feb 5, 2007 1:11pm Feb 5, 2007 1:11pm
Quoting b-rock
I'm just wondering if the same rules apply for the GBPJPY as for the GBPUSD. It looks like it was asked earlier in the thread, but I couldn't find a definitive answer as to how to apply the Daily Scalping method to the GBPJPY.

Is it the same market entry with stops 40 pips away?

Thanks for everyone's contributions to this thread!

B
Great question. More volatile markets may require broader Stop Loss (SLs). I have been experimenting with broader SLs for the markets I trade with good results thusfar. I am currently using the following SLs:

GBP/USD - 40 PIPs
GBP/JPY - 50 PIPs

Congrats to all who are adapting and following the system. You will have challenging weeks like last week but the system will always bounce back as it has thus far today. You will learn more from the losses than you will from the gains. It will keep you humble while simultaneously building the ever important confidence. My defintion of success is confident humility...

Happy Trading,

Tkimble
  • #105
  • Feb 5, 2007 2:17pm Feb 5, 2007 2:17pm
Thanks for the update.
  • #106
  • Feb 5, 2007 2:41pm Feb 5, 2007 2:41pm
Thanks for the update and clarification TK.
  • #107
  • Feb 5, 2007 9:57pm Feb 5, 2007 9:57pm
Quoting tkimble

Congrats to all who are adapting and following the system. You will have challenging weeks like last week but the system will always bounce back as it has thus far today. You will learn more from the losses than you will from the gains. It will keep you humble while simultaneously building the ever important confidence. My defintion of success is confident humility...

Happy Trading,

Tkimble
Thanks TK. Their are some great systems on this forum. What i appreciate about both these is that they aren't so "glitzy". I think some traders, especially those who are new, who think that "more" is better. I believe that so many experienced traders, those who are profitable, and have nothing to prove to anyone will concur that following one system that is simple, proven, and one that can be trade with confidence, over and over is the way to profits. This is one that, imo, one can trade, develop and make a living.

Consider again last week. It was a hard week, but only one week out of the year. The ones before were great, and i sense we may have a good one coming up. Patience. Don't judge a system, or for that sake, start modfing, based on one week.

TK is still developing this and i truly appreciate his time, sharing and encouragement.

Good trading all....

Jim No
  • #108
  • Feb 6, 2007 6:48am Feb 6, 2007 6:48am
Thanks Tkimble for this great system, the only problem I'm having trying to make use of the system is getting a clear definition on how to judge correctly 'the trend of the day'" especially those days which end in almost total reversals from the morning trend but nonetheless are still lower then it started like we had yesterday or last week. for example a day like yesterday which finished lower then it started but as you look at the trend of the day I found it hard to decide upon, because the morning trend was down but in the afternoon it reversed back to more then 80 pips; would you call this a down day in overall, in any case that's what I decided anyhow by using the daily and 4 hour chart and figured it's a down but I was wrong nonetheless, I'd like to get from tkimble some clear set rules on that. Perhaps when in doubt we can use the gppjpy as a hedge doing both in opposite directions.

Thanks

P.S. Sorry about my English
  • #109
  • Feb 6, 2007 7:00am Feb 6, 2007 7:00am
I'm following with great attention this daily and weekly method for its simplicity and I'd like to code an EA for both methods
But I need a little clarification about re-entering the trade for the daily scalping.
Let's suppose that at 00 am I open a sell then price go up and hit 40 pips SL , so that a new buy will be triggered. What about price will go down again and hit 40 SL ?? Another sell should be opened ? Or when two losses are hit (one for buy and one for sell) in a day then no more orders will be in place until new day ?

thx

Skyline
  • #110
  • Feb 6, 2007 7:09am Feb 6, 2007 7:09am
skyline
i believe you continue to place orders until the end of day at which time you close the trade out (say half an hour before close) and prepare to start new days trading at new open.

dav12028
i am uncertain if this is how tkimble determines day's trend but i use [if close > open = long // if close < open = short], simple, easy to determine, even if by one or two pips, i stick to it, save bringing guesswork into it. i haven't had the pleasure of a open = close day yet, if i do i will go with the trend leading up to the close (last few hours of trading day).

hope this helps
  • #111
  • Feb 6, 2007 7:46am Feb 6, 2007 7:46am
Skyline, you have 2 prices: the entry and the sl. When your sl is hit it become your new entry and your first entry become your sl (you stradlle). You switch those 2 same prices until the daily close at 00h00 gmt or friday 00h00 gmt for the weekly system, and this even if your sl is hit 100 times.
Rien ne sert de courir il faut partir à point.
  • #112
  • Feb 6, 2007 8:07am Feb 6, 2007 8:07am
Quoting flytox
Skyline, you have 2 prices: the entry and the sl. When your sl is hit it become your new entry and your first entry become your sl (you stradlle). You switch those 2 same prices until the daily close at 00h00 gmt or friday 00h00 gmt for the weekly system, and this even if your sl is hit 100 times.
Ok perfect guys thx for clarification
  • #113
  • Feb 6, 2007 8:28am Feb 6, 2007 8:28am
Quoting dav12028
Thanks Tkimble for this great system, the only problem I'm having trying to make use of the system is getting a clear definition on how to judge correctly 'the trend of the day'" especially those days which end in almost total reversals from the morning trend but nonetheless are still lower then it started like we had yesterday or last week. for example a day like yesterday which finished lower then it started but as you look at the trend of the day I found it hard to decide upon, because the morning trend was down but in the afternoon it reversed back to more then 80 pips; would you call this a down day in overall, in any case that's what I decided anyhow by using the daily and 4 hour chart and figured it's a down but I was wrong nonetheless, I'd like to get from tkimble some clear set rules on that. Perhaps when in doubt we can use the gppjpy as a hedge doing both in opposite directions.

Thanks

P.S. Sorry about my English


Skyline ............Coding an EA for both Systems ...... Can't wait to try them! This will really make this a SNAP to work!
  • #114
  • Feb 6, 2007 8:35am Feb 6, 2007 8:35am
a query on this system. can u use it mid week? or have to start using it from the start of the week?
  • #115
  • Feb 6, 2007 9:04am Feb 6, 2007 9:04am
Quoting coolshades
a query on this system. can u use it mid week? or have to start using it from the start of the week?
Cool - This system starts (and ends) new everyday at 00:00 GMT, so you have a new trade each day. I like the daily system best.

Tim
  • #116
  • Feb 6, 2007 9:46am Feb 6, 2007 9:46am
Quoting skyline
I'm following with great attention this daily and weekly method for its simplicity and I'd like to code an EA for both methods
But I need a little clarification about re-entering the trade for the daily scalping.
Let's suppose that at 00 am I open a sell then price go up and hit 40 pips SL , so that a new buy will be triggered. What about price will go down again and hit 40 SL ?? Another sell should be opened ? Or when two losses are hit (one for buy and one for sell) in a day then no more orders will be in place until new day ?

thx

Skyline
Skyline,
In both system we need to re-enter again and again until the end of the day (in daily) or 1/2 an hour before the close on fridays (on weekly)
Please note that in weekly method we are now using 21 pips each side from the sunday's close (not friday) that is a 42 pips straddle, and prices keep the same (that means we do not move to closing price the other side of the trade)
On daily, we enter immediatly following day before tendency, short if went down, long if went up, but if we got 3 consecutives day the same tendency, on 4th day we enter the opposite direccion.
Hope this helps

Thank you very much for your efforts. We all really appreciate it.

  • #117
  • Feb 6, 2007 9:57am Feb 6, 2007 9:57am
Quoting toti1972
Skyline,
In both system we need to re-enter again and again until the end of the day (in daily) or 1/2 an hour before the close on fridays (on weekly)
Please note that in weekly method we are now using 21 pips each side from the sunday's close (not friday) that is a 42 pips straddle, and prices keep the same (that means we do not move to closing price the other side of the trade)
On daily, we enter immediatly following day before tendency, short if went down, long if went up, but if we got 3 consecutives day the same tendency, on 4th day we enter the opposite direccion.
Hope this helps

Thank you very much for your efforts. We all really appreciate it.

Thx Toti
It would be great if someone (tkimble? eheheh) could reorganize both methods with syntethic rules in a pdf or better to open a a separated thread so that EA programmers could start a project to develop the best EAs based on tkimble weekly and daily scalping.
I think working all togheter we could achieve this goal in lesser time
  • #118
  • Edited 11:41am Feb 6, 2007 10:43am | Edited 11:41am
Daily trading rules:

1. Create daily chart on any pair (* usually GBP-USD or GBP-JPY).

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).
*If you don't know how to determine the previous day trend, use this:
[if close > open = long // if close < open = short].
*If you feel that this entry method is not accurate enough for you, use MACD or RSI or another indicator that you prefer.

3. 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). If you trade GBP-JPY, you may want to consider a 50 PIPS SL.

4. 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.
* Also see the comment above from no.1 about how to determine your entry. And also keep in mind that the more days with the same trend, the greater the chance for a trend change next day.

5. Use 40 PIP stops on all orders (50 PIPS on GBP-JPY).

6. Close between 2300 and 2400.
* Sometimes you may consider to take a certain profit, it's completely up to you how you read the market signals.

7. Repeat trade rules at 2400 GMT.

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

Happy Trading,

Tkimble
COPYRIGHT
Nihil Sine Deo.
  • #119
  • Feb 6, 2007 11:15am Feb 6, 2007 11:15am
Hi Toti:

Can you tell me in which post we changed the Weekly Entries to a 21 pip straddle and going on the Sunday close? Just don't remember that being changed at this point.

Thanks...

Marc

Quoting toti1972
Skyline,
In both system we need to re-enter again and again until the end of the day (in daily) or 1/2 an hour before the close on fridays (on weekly)
Please note that in weekly method we are now using 21 pips each side from the sunday's close (not friday) that is a 42 pips straddle, and prices keep the same (that means we do not move to closing price the other side of the trade)
On daily, we enter immediatly following day before tendency, short if went down, long if went up, but if we got 3 consecutives day the same tendency, on 4th day we enter the opposite direccion.
Hope this helps

Thank you very much for your efforts. We all really appreciate it.

  • #120
  • Feb 6, 2007 11:20am Feb 6, 2007 11:20am
and what do you place the stops at? and what happens when u get stopped out?


Quoting Scrat
Daily trading rules:

1. Create daily chart on any pair (* usually GBP-USD or GBP-JPY).

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).
*If you don't know how to determine the previous day trend, use this:
[if close > open = long // if close < open = short].
*If you feel that this entry method is not accurate enough for you, use MACD or RSI or another indicator that you prefer.

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). If you trade GBP-JPY, you may want to consider a 50 PIPS SL.

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.
* Also see the comment above from no.1 about how to determine your entry. And also keep in mind that the more days with the same trend, the greater the chance for a trend change next day.

4. Use 40 PIP stops on all orders (50 PIPS on GBP-JPY).

5. Close between 2300 and 2400.
* Sometimes you may consider to take a certain profit, it's completely up to you how you read the market signals.

6. Repeat trade rules at 2400 GMT.

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

Happy Trading,

Tkimble
COPYRIGHT
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