Part Time Wealth Building Trading System - Daily Scalping

Quoting coolshades

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and what do you place the stops at?

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Quoting coolshades

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and what happens when u get stopped out?

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Quoting MillerHighLife

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I've been using a 100-pip TP on my daily trades this week and things have gone quite well. I've already had two 100+ pip trades closed out, with only one stopout so far (this morning).

I'm up about 180pips for the week, and it's only Tuesday!

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Quoting dav12028

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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

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Quoting tkimble

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The system has regained market alignment this week and hopefully will continue to attract the PIPS. Great trading and system following. I cannot think of any way to simplify the system accept to make it automatic but that would take the fun away...

TK

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Quoting marcf

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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

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Quoting coolshades

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.

"when you're stopped out, the trade is automatically reversed because that's how you set up the system at the beginning (see rule #3). as for how many times you should keep doing this, depends on your risk management."

this is the point i am not clear of. when i get stopped out, the reverse order should automatically get trigerred shouldnt it, cause the reverse order value = stop order value. so once this happens, i again place a reverse order now (which would be in the same direction as the order that got stopped, but at the 40pip limit or whatever the limit is.. have i got that right?

thanks

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Quoting skyline

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I agree with you Tkimble but keep in mind that there's a lot of part-time traders (like me) that cannot look over the pc to check continuosly the chart or have to wake up in the middle of the night to open the trade at 00 gmt due to different time zone, so I think an EA will come in help even if as you said take the fun away

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Quoting skyline

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I agree with you Tkimble but keep in mind that there's a lot of part-time traders (like me) that cannot look over the pc to check continuosly the chart or have to wake up in the middle of the night to open the trade at 00 gmt due to different time zone, so I think an EA will come in help even if as you said take the fun away

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Quoting skyline

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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?

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Quoting alamanjani

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Skyline, yes, you are correct, new sell should be opened. See, the idea is, that you stay in the market until trend is established and then you ride a wave The same idea is used for daily scalping so you are keep reentering there too.

I'm so happy to hear, that you are working on EA. I like these systems so much, but I have hard time trading them, since most of the action happen when I'm sleeping and I'm missing reentry, usually the important one

Can I ask you one more favor. When coding EA, can you do it on the way, that there can be used different inputs? Say, input could be either one: open or close, from daily or weekly chart.

Why? Look, here on this thread, were mentioned several modifications, that some traders are using them. Piprage, Justin... That way, we could use different settings and different systems all with the same EA. If it is possible and if it wouldn't complicate coding too much.

What I'm hoping for is, that I can choose one of upper mentioned inputs and Nr. of straddle pips and then would EA place straddle orders and keep replace them.

Even manually entry buy and sell stops would do, if EA would then keep reenter positions at the same points.

That way you can try and test just about any straddle breakout strategy. :-)

Maybe this will complicate EA and your work too much. If so, forget it

Thank you for your work, will help us a lot!

Mario

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Quoting skyline

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My idea is to develop in little step and test togheter the proper functionality of EAs. Thus I'm thinking to start to release in few minutes the basic Daily Scalping EA as per original rule by Tkimble so that we can check togheter if the engine is working fine , then when we are sure that first step is complete , we can proceed to further improvement

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Quoting skyline

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Here first basic version for Tkimble's Daily Scalping method.
External variable are selfexplaining , user only have to check if it's broker get the Sunday candle in the daily chart and set flag accordingly so that EA will ignore this tiny candle.

happy test

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