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Part Time Wealth Building Trading System - Daily Scalping

  • #181
  • Feb 8, 2007 11:19am Feb 8, 2007 11:19am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting toti1972
Not a good week for me too...so far
BOE can have turned thing over today though...but we are not supposed to rely on news.
I don't know where those 425 pips came out...
I wonder if this was a typical week on GBP/USD or not...any experienced trader???
Thanks
Checking the weekly chart this looks like an average week...

By my point of view the cable could still go down another 50-100 pips by tomorrow close
  • #182
  • Feb 8, 2007 11:31am Feb 8, 2007 11:31am
Quoting toti1972
Not a good week for me too...so far
BOE can have turned thing over today though...but we are not supposed to rely on news.
I don't know where those 425 pips came out...
I wonder if this was a typical week on GBP/USD or not...any experienced trader???
Thanks
The only thing typical about any week is that you should make a profit. Not all weeks, but most...

TK
  • #183
  • Feb 8, 2007 12:36pm Feb 8, 2007 12:36pm
I'm still a little confused as to what to do when you have 3 days in a row heading the same direction. On the fourth day, you go the opposite. If it does not go the opposite do you try for the opposite again or do you resume with the trend for another 3 day set? Thanks in advance.
Life is too short to have anything but delusional notions about yourself.
  • #184
  • Feb 8, 2007 12:45pm Feb 8, 2007 12:45pm
tk says the chances for the trend to reverse are increasing with the number of days having the same trend... for instance, you have 3 days of uptrend: you should enter with a short on the 4th day. let's assume the 4th day had also an uptrend so now you have 4 days in a row with the same trend, right? start with a short on the 5th day...
and so on.

Quoting hoss
I'm still a little confused as to what to do when you have 3 days in a row heading the same direction. On the fourth day, you go the opposite. If it does not go the opposite do you try for the opposite again or do you resume with the trend for another 3 day set? Thanks in advance.
Nihil Sine Deo.
  • #185
  • Feb 8, 2007 2:42pm Feb 8, 2007 2:42pm
Hey Hoss

It's my understanding that if your 3 day trend is "long", then you enter a "short" the next day. If that "short" is stopped out, then you just enter your "long" and go with the trend the same as you would any other day.

B
  • #186
  • Feb 8, 2007 2:49pm Feb 8, 2007 2:49pm
Quoting Scrat
tk says the chances for the trend to reverse are increasing with the number of days having the same trend... for instance, you have 3 days of uptrend: you should enter with a short on the 4th day. let's assume the 4th day had also an uptrend so now you have 4 days in a row with the same trend, right? start with a short on the 5th day...
and so on.
Yes. Just study the charts. The likelihood of a reversal after three days of the same direction are very much in your favor.

TK
  • #187
  • Feb 8, 2007 3:06pm Feb 8, 2007 3:06pm
Quoting coolshades
the weekly doesnt seem to be having a great week.. has anyone found that the daily is offsettign the weekly losses?
I've been using a 100-TP on my Daily method trades on the GBP/JPY and have been having a great week so far. I'm up 393 through this afternoon.

The Weekly on the same currency was up as much as 200+ last night, and then fell like crazy, and at the moment is currently up 38.

So you can see that in a ranging market, there can be much profit to be had using the Daily system versus just the weekly. In a trending market, both should be profitable.
  • #188
  • Feb 8, 2007 3:11pm Feb 8, 2007 3:11pm
Great results...are you just using a 100 TP on one lot, or are you using multiple lots with TP @ 100 for one and let the other(s) run?

Quoting MillerHighLife
I've been using a 100-TP on my Daily method trades on the GBP/JPY and have been having a great week so far. I'm up 393 through this afternoon.

The Weekly on the same currency was up as much as 200+ last night, and then fell like crazy, and at the moment is currently up 38.

So you can see that in a ranging market, there can be much profit to be had using the Daily system versus just the weekly. In a trending market, both should be profitable.
  • #189
  • Feb 8, 2007 3:19pm Feb 8, 2007 3:19pm
Daily system trades for the past 2 days:

Wednesday: G/U= -5
G/J= +100

Thursday: G/H=+100
G/J=+100

I set a 100 target for each
Regards
  • #190
  • Feb 8, 2007 3:57pm Feb 8, 2007 3:57pm
Quoting nitro4x
Great results...are you just using a 100 TP on one lot, or are you using multiple lots with TP @ 100 for one and let the other(s) run?
I'm trading one lot on the Daily system, and one on the weekly. I'm not trading multiple lots at multiple TP levels like other posters.
  • #191
  • Feb 8, 2007 4:36pm Feb 8, 2007 4:36pm
hi all,
Can anyone please in a nutshell explain the daily system to me?
Thanks,

kingmaker
  • #192
  • Feb 8, 2007 4:38pm Feb 8, 2007 4:38pm
hi all,
On typical day like today, how will you place a gbp/jpy trade?
This will help me undertand the system very well, since we are close to 00:00 GMT.

kingmaker
  • #193
  • Feb 8, 2007 4:43pm Feb 8, 2007 4:43pm
Thanks for clearing that up, guys. You are all very helpful.
Life is too short to have anything but delusional notions about yourself.
  • #194
  • Feb 8, 2007 4:51pm Feb 8, 2007 4:51pm
At 0000gmt...place order on gbp/yen...long or short.

place stop 50 pips away

place opposite order at stop of first order.

For example...enter long...sl 50...place short order at stop loss going short...also 50 pip sl...

Either close it at 0000gmt tomorrow...or take profit at your comfort level...some of us place a take profit at 100 pips...

hope this helps
  • #195
  • Feb 8, 2007 5:12pm Feb 8, 2007 5:12pm
thanks bholiday.

kingmaker
  • #196
  • Feb 8, 2007 5:12pm Feb 8, 2007 5:12pm
thank you for your response "SKYLINE"
  • #197
  • Feb 8, 2007 6:28pm Feb 8, 2007 6:28pm
Quoting skyline
Yes CEO I was playing too with an SMA to check if it could be a good trendsetter, so I'd like to code a little modification with xpMA Could you share your MA settings please? Then I will add to the basic v1.0a all necessary MM that are really useful for us
For the cable I have found around a 50 period hull catches most of the direction.Step period of 3 and I have edited this line of code to confirm on entry(the last 1 was originally a 0 but you know what that means)
PHP Code
signal = iCustom(NULL,0,"xpMA",TimeFrame,MA_Period,MA_Type,MA_Applied,T3MA_VolumeFactor,JMA_Phase,Step_Period,false,3,1);
But those tests were for just that simple MA doing all the work. It may be entirely different for this system. We need to be going in the right direction at 0000. The jurik MA is a faster reactor as is a t3ma, so those could be possibilities. I will attach the EA along with the link to pick up the xpMA package.

xpma Description
http://www.xpworx.com/XP%20Moving%20...20Settings.htm
Download
http://www.xpworx.com/mql4/indicators/xpMA.zip

Some of you have a look into what would best determine the trend on a 1H chart mmmmmmk.

xpMAEA attached
Attached File(s)
File Type: mq4 xpMaEA.mq4   8 KB | 564 downloads
  • #198
  • Feb 8, 2007 6:59pm Feb 8, 2007 6:59pm
Hi All,

First many thanks to tkimble for sharing his system. I'm still observing and looking at ways to make it more applicable for my life stile and personality. Many thanks to everyone else willing to share their experience to make the world of trading even more exiting.

I just wanted to mention an easy way to place SAR (stop and reverse orders) used in the Daily system. If your first entry order is 1 LOT then place a Stop order for 2 LOTS (in the oposite direction of the first one). As soon as that order gets hit you'll be automatically in the trade with 1 LOT in the opposite direction. As that order gets hit place another Stop order for 2 LOTS in the opposite direction and so on until you Close the trade with 1(one) Lot. This way you'd save on order entries and commissions that may add up to some real money that you'd rather keep (I'm with IB and I pay $2.5 per order (no matter the size), mind you the platform offers all kinds of order types and the spread is one of the best out there).

I hope what I said makes sense and can be helpful to the newer traders that don't know about that way of placing Stop and Reverse orders.

Many thanks again and keep up the good work!

Greg
  • #199
  • Feb 8, 2007 9:27pm Feb 8, 2007 9:27pm
Skyline, and others. There is also another EA posted in the other thread here...
http://www.forexfactory.com/showthre...=11937&page=62

Post 920.

Just letting you all know. Possibly a collaborative effort to both ea's.
  • #200
  • Feb 8, 2007 9:58pm Feb 8, 2007 9:58pm
Quoting GregFF
Hi All,

First many thanks to tkimble for sharing his system. I'm still observing and looking at ways to make it more applicable for my life stile and personality. Many thanks to everyone else willing to share their experience to make the world of trading even more exiting.

I just wanted to mention an easy way to place SAR (stop and reverse orders) used in the Daily system. If your first entry order is 1 LOT then place a Stop order for 2 LOTS (in the oposite direction of the first one). As soon as that order gets hit you'll be automatically in the trade with 1 LOT in the opposite direction. As that order gets hit place another Stop order for 2 LOTS in the opposite direction and so on until you Close the trade with 1(one) Lot. This way you'd save on order entries and commissions that may add up to some real money that you'd rather keep (I'm with IB and I pay $2.5 per order (no matter the size), mind you the platform offers all kinds of order types and the spread is one of the best out there).

I hope what I said makes sense and can be helpful to the newer traders that don't know about that way of placing Stop and Reverse orders.

Many thanks again and keep up the good work!

Greg

Good suggestion, but for anyone trading with an MT4 broker, or any other broker that offers hedging, make sure you don't use this technique, otherwise you'll end up with a bunch of open orders in both directions!
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