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Part Time Wealth Building Trading System - Daily Scalping

  • #241
  • Edited 8:03am Feb 12, 2007 7:42am | Edited 8:03am
Quoting howard
Hi TK

On some platforms the daily bars close at 10pm GMT(5pm EST), on some they close at 11pm GMT(6pm EST) and on some at 12pm GMT(7pm EST).

This question is particularly important for the daily scalping method, when you say enter the trade at 00:00 GMT, do you mean specifically at that time of the day or you mean at the open of the daily bar which for some may be at 10pm or 11pm GMT depending on their brokers' servers?

I am aware that there is not much difference most of the time but in exceptional cases like last evening there is a lot difference for GBP/JPY if you entered at 10 pm or 00 GMT

Thanks for clarification
My apologies for the confusion. To keep it simple, lets just say that you enter the market when the daily bar begins. Now, having said that, if you were in a position on Friday which did not hit your TP, then you would carry that position over the weekend into the next trading session. This is exactly what I did with the GBP/JPY trade that I closed out during yesterdays session...

Happy Trading,

Tk
  • #242
  • Feb 12, 2007 7:42am Feb 12, 2007 7:42am
Quoting tkimble
If you are trading the GBP/JPY you should have already hit the 100 PIP LONG TP and now be flat until tomorrow. The LONG was generated based upon Friday's close.

If your weekly profit target is only 50 PIPS, you are now two weeks ahead and it is only Sunday...

Happy Trading,

TK
FXDD also produced 100 pip GBP/JPY win using the Rythm EA on default (+100TP and 50SL) -not a bad start!!
  • #243
  • Feb 12, 2007 7:55am Feb 12, 2007 7:55am
Just completed a second GBP/JPY 100 PIP gain. That is 200 PIPS in two trading trading sessions which puts me 4 weeks ahead of my 50 PIP weekly goal.

Happy Trading,

TK
  • #244
  • Feb 12, 2007 8:04am Feb 12, 2007 8:04am
Quoting petersurrey
FXDD also produced 100 pip GBP/JPY win using the Rythm EA on default (+100TP and 50SL) -not a bad start!!
Excellent trading...

TK
  • #245
  • Feb 12, 2007 8:28am Feb 12, 2007 8:28am
Quoting tkimble
My apologies for the confusion. To keep it simple, lets just say that you enter the market when the daily bar begins. Now, having said that, if you were in a position on Friday which did not hit your TP, then you would carry that position over the weekend into the next trading session. This is exactly what I did with the GBP/JPY trade that I closed out during yesterdays session...

Happy Trading,

Tk
Thanks TK

That makes sense, and entering the trades becomes much easier
Regards
  • #246
  • Feb 12, 2007 8:47am Feb 12, 2007 8:47am
Quoting tkimble
Just completed a second GBP/JPY 100 PIP gain. That is 200 PIPS in two trading trading sessions which puts me 4 weeks ahead of my 50 PIP weekly goal.

Happy Trading,

TK
GBP/JPY is on fire today
  • #247
  • Feb 12, 2007 8:54am Feb 12, 2007 8:54am
Quoting petersurrey
GBP/JPY is on fire today
This breadth of price action is available every day in most markets. You simply have to engage the system...

Happy Trading,

TK
  • #248
  • Feb 12, 2007 9:19am Feb 12, 2007 9:19am
Quoting tkimble
This breadth of price action is available every day in most markets. You simply have to engage the system...

Happy Trading,

TK
OK many thanks TK.
  • #249
  • Feb 12, 2007 12:42pm Feb 12, 2007 12:42pm
Hey Guys...

When is it time to say enough in regards to how many stops you have on the Daily Scalping plan? It seems if you get stopped out after 3 times or so, would be really hard to make up or are you counting on the other days during the week to make up for those stop outs? I know you need to use money mgmt., however just using the rules and you take it to the end of the day, alot of times would be hard to make up, yes?

Any thoughts??

Marc
  • #250
  • Feb 12, 2007 12:46pm Feb 12, 2007 12:46pm
Quoting tkimble
Just completed a second GBP/JPY 100 PIP gain. That is 200 PIPS in two trading trading sessions which puts me 4 weeks ahead of my 50 PIP weekly goal.

Happy Trading,

TK
TK
Are you using a 50 pip sl for the GBPJPY? If so didn't you get stopped out on Friday? My charts show that the price went up 58 pips from the open of the daily candle at 0.00GMT.

Also I asked a question on an earlier post about how you trade a doji when it appears on the daily chart. Any thoughts?

Jilly
  • #251
  • Feb 12, 2007 1:29pm Feb 12, 2007 1:29pm
Quoting JillyB
TK
Are you using a 50 pip sl for the GBPJPY? If so didn't you get stopped out on Friday? My charts show that the price went up 58 pips from the open of the daily candle at 0.00GMT.

Also I asked a question on an earlier post about how you trade a doji when it appears on the daily chart. Any thoughts?

Jilly

On doji days I have found that a trailing SAR is ideal. Last night GU went up 30 pips and then dropped 100 plus pips. The trailing SAR gave me an extra 30 pips that I wouldn't have had other wise.

As for the exact amount for the trailing SAR I have been using the standard SL of 40 for GBPUSD and 50 for GBPJPY. I might be adjusting this number I'll have to wait and see how well it runs. In order to use this you have to be running an EA. I'm currently using Rhythm posted on the weekly scalping method. It appears to be working fine.

My overall account is up 6.46% over Fridays close as I'm typing this. Last week it went up 202.94% over the week before using a manual version of the above.

yezbick
  • #252
  • Feb 12, 2007 1:52pm Feb 12, 2007 1:52pm
Quoting JillyB
TK
Are you using a 50 pip sl for the GBPJPY? If so didn't you get stopped out on Friday? My charts show that the price went up 58 pips from the open of the daily candle at 0.00GMT.

Also I asked a question on an earlier post about how you trade a doji when it appears on the daily chart. Any thoughts?

Jilly
I am not interested in the Candle Stick trading systems and therefore do not get involved with Candle Stick techno speak. There are certainly correlations to this system and the Candle Stick approach but I do not try to predict future price movements with Candle Stick formations. I have tinkered with Candle Stick trading in the past but was not successful.

-------------------------------------------------------------------------

Took my profit from the Thursday short position which led me into Friday. Reversed my position on Friday to LONG when price closed slightly (2 PIPs on my screen) above Thursday's close. Held position through yesterdays strong upward open and again took the 100 PIP profit. Took another GBP/JPY 100 PIP profit this morning after sustaining a loss on the GBP/JPY reversal. Again, I am experimenting with the 100 PIP Profit Target.

Was stopped out once on Friday.

TK
  • #253
  • Feb 12, 2007 2:22pm Feb 12, 2007 2:22pm
Quoting tkimble
I am not interested in the Candle Stick trading systems and therefore do not get involved with Candle Stick techno speak. There are certainly correlations to this system and the Candle Stick approach but I do not try to predict future price movements with Candle Stick formations. I have tinkered with Candle Stick trading in the past but was not successful.

-------------------------------------------------------------------------

Took my profit from the Thursday short position which led me into Friday. Reversed my position on Friday to LONG when price closed slightly (2 PIPs on my screen) above Thursday's close. Held position through yesterdays strong upward open and again took the 100 PIP profit. Took another GBP/JPY 100 PIP profit this morning after sustaining a loss on the GBP/JPY reversal. Again, I am experimenting with the 100 PIP Profit Target.

Was stopped out once on Friday.

TK
I think you misunderstand me, I am not asking in the vein of trying to predict price movement using candlesticks, only trying to understand how you would trade your system when this scenario happens.

I was only asking as a doji represents an open and close that are the same, therefore it is neither a bull or bear bar/candle. Seeing as your system takes the previous days bar/candle and trades in the same direction, my question was - how do you trade when the previous candle open/close are the same? Do you trade the same as the day before this one, or stay out altogether?
  • #254
  • Feb 12, 2007 2:53pm Feb 12, 2007 2:53pm
after i got stopped 3 times, i thought about writing down what (should have) happened this Monday on daily scalping:
g-u:
- open @ 1.9518, previous day trend = down; SELL
- sell @ 1.9518; SL hit @ 1.9558
- buy @ 1.8558; SL hit @ 1.9518
- sell @ 1.9518; TP @ 1.9443
total profit: -5 PIPS

g-j:
- open @ 238.19, previous day trend = down; SELL
- sell @ 238.19; TP hit @ 237.94
total profit: 125 PIPS

120 PIPS net for today (not my result).
anyone else had a similar result for today' scalping?

p.s. maybe it would be a good thing to post daily entries and trades setup for the next day.
Nihil Sine Deo.
  • #255
  • Feb 12, 2007 3:12pm Feb 12, 2007 3:12pm
GBP/JPY Friday's bar on my chart was green, this means trend up and today's trade was Buy.

Different brokers, different servers and different daily closes, that is the problem
Regards
  • #256
  • Feb 12, 2007 3:16pm Feb 12, 2007 3:16pm
Quoting Scrat
after i got stopped 3 times, i thought about writing down what (should have) happened this Monday on daily scalping:
g-u:
- open @ 1.9518, previous day trend = down; SELL
- sell @ 1.9518; SL hit @ 1.9558
- buy @ 1.8558; SL hit @ 1.9518
- sell @ 1.9518; TP @ 1.9443
total profit: -5 PIPS

g-j:
- open @ 238.19, previous day trend = down; SELL
- sell @ 238.19; TP hit @ 237.94
total profit: 125 PIPS

120 PIPS net for today (not my result).
anyone else had a similar result for today' scalping?

p.s. maybe it would be a good thing to post daily entries and trades setup for the next day.
I think I need to clarify a point:

because i entered the market both G-U and G-J in the opposite direccion than you...
My first monday trade is based on sunday candle/bar...which in both cases was up...then my entry was "Buy" on both...
What do you base your monday entries, on sunday bar, on friday's, or the result of both?
Based on my understanding of this procedure, I was stopped out on both -40 (g-u) and -50 (g-j)
Today I caught 100 PIPS on G-J...which was all for today on that pair.
and now I am a few PIPS up on cable...
Please help me get this point straight...
Thank you in advance...
  • #257
  • Feb 12, 2007 3:20pm Feb 12, 2007 3:20pm
Quoting JillyB
I think you misunderstand me, I am not asking in the vein of trying to predict price movement using candlesticks, only trying to understand how you would trade your system when this scenario happens.

I was only asking as a doji represents an open and close that are the same, therefore it is neither a bull or bear bar/candle. Seeing as your system takes the previous days bar/candle and trades in the same direction, my question was - how do you trade when the previous candle open/close are the same? Do you trade the same as the day before this one, or stay out altogether?
Jill... this system is basically a coin toss system anyway, so it doesn't matter. With this system, you're just looking for that good volatility to bring you a lot of pips when you're right and you cut your losses when you're not. That's why this system, as it is now, would fail miserably on less volatile pairs -- which is pretty much anything other than Guppy or Cable...

I have yet to see a day where you don't lose AT LEAST once, so that just proves it's a coin toss. Which is fine -- so long that volatility stays the same on these pairs. But as soon as that changes (anyone remember EUR in the early days?), this system will be untradable.
Mr. Trend
  • #258
  • Feb 12, 2007 3:22pm Feb 12, 2007 3:22pm
Quoting howard
GBP/JPY Friday's bar on my chart was green, this means trend up and today's trade was Buy.

Different brokers, different servers and different daily closes, that is the problem
Exactly. However, this system might perform a little bit better on currency futures since they do move in tandem and everyone sees the same prices.
Mr. Trend
  • #259
  • Feb 12, 2007 4:18pm Feb 12, 2007 4:18pm
Quoting Mr Trend
Exactly. However, this system might perform a little bit better on currency futures since they do move in tandem and everyone sees the same prices.
There ARE futures contracts for GBP/USD on Globex, but NONE for GBP/JPY, unfortunately.
Regards
  • #260
  • Feb 12, 2007 4:22pm Feb 12, 2007 4:22pm
Quoting JillyB
I think you misunderstand me, I am not asking in the vein of trying to predict price movement using candlesticks, only trying to understand how you would trade your system when this scenario happens.

I was only asking as a doji represents an open and close that are the same, therefore it is neither a bull or bear bar/candle. Seeing as your system takes the previous days bar/candle and trades in the same direction, my question was - how do you trade when the previous candle open/close are the same? Do you trade the same as the day before this one, or stay out altogether?

I would go in the direction of the bar prior to the doji, TK has not mentioned anything on this so far.
Regards
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