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Part Time Wealth Building Trading System - Daily Scalping

  • #401
  • Feb 14, 2007 4:57pm Feb 14, 2007 4:57pm
I am trying this system on 4 new pairs and I will keep you apprised on how it goes. The new Pairs are as follows.

Usd/Cad
Usd/Sek
Usd/Nok
Eur/Sek

I am trying these on demo only for now. The exotic pairs I am trying because of thier HUGE daily range. Usually between 300-600 pips per day. They do however have a 50 pip spread upon entry.
  • #402
  • Feb 14, 2007 5:12pm Feb 14, 2007 5:12pm
Hey ksucatfan, nice to see someone else in here likes the Kansas State Wildcats!
  • #403
  • Edited 5:52pm Feb 14, 2007 5:35pm | Edited 5:52pm
Quoting JillyB
Hi TK,

Thanks for sharing this system. It really does seem to work in the long term - from the testing I've done. Yes, you do get weeks where you have -200 pip losses, but the weeks where you have +200 or +300 pip gains outweigh them, but you have to get used to the fact that there will be losing days (and weeks for that matter).

As I mentioned in an earlier post the testing I've done is to exit the trade at 19.00 and this averages 70 pips per week (excellent - if you ask me!). This can be increased by 5 pips per week by not trading at all on Non-Farm Payroll day; and by a further 5 pips per week by exiting the trades at 15.30GMT as opposed to 19.00 GMT. It also assumes a take profit target of 100 pips net (103 pip actual target with spread).

Although, someone (sorry I forget your name) did mention that it didn't work as well in the first six months of 2006, as it did in the second six months, the data I've now got access to would suggest that it's a fairly constant system. The average only varied from 70.25 pips to 71.64 pips for 6 months compared to 12 months.

The testing I've done has assumed a maximum of 2 trades per day - if you're stopped out after that, then that's it for the day.

The tests have also included a 3 pip spread in all the figures - as that's what I have with my broker. (Anything different would alter the figures, for the better or not.)

I, for one, am really pleased with the system. Thanks for sharing this TK.
First, BIG Thanks to TK for sharing the system an your approach to trading! It’s extremely helpful!

On the system:
I had been looking at applying the daily system to the E/U pair (and any other pair for that matter) and it seams that as TK mentioned it would work as long as you adjust the S/L according to the volatility of the specific pair. I’d like to share my thoughts and not recommending any changes of the original system, but just to get a feedback from you guys/girls on my approach. Please comment if you don't mind.

The Asian session being the least volatile creates usually a range (20-30 pips). I just place 2 entry orders above and bellow the box (5pm-12pm EST) Min/Max price +/- 3to5 pips. From what I observed waiting for the Asian session and straddle it saves SOME reentering. I use a spreadsheet for easy entry of the numbers (copy and paste). I enter 2 sets of orders that are enough for 2 reentering and if I get stopped twice I don’t continue (I’m sleeping at that time). As per JillyB’s back testing it seams to be fine. The good thing is that once you enter the orders it’s all taken care. So I enter the orders @ 24:00 EST and go to sleep. When I wake up at around 8:00 am EST I check the results. If a target has been hit on the long side, just remove the short entry order (or vice versa) and enjoy the day. Worst case scenario you get stopped twice then I’m out for the day. Well if you decide to trade the news at 8:30am it’s a different story… My point is if you want to semi automated and use PT check the spread sheet below and how the orders are entered. Using the spreadsheet resonates with TK’s visual approach to order management. You can modify the spreadsheet to fit the pair you're trading. Please tell me if you see any problems with that approach that I might’ve overlooked. I’d really appreciated.

The whole thing above may sound very confusing. I’m sorry I didn’t do a good job explaining it well.

Greg
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File Type: zip Daily Straddle-1.zip   2 KB | 500 downloads
  • #404
  • Feb 14, 2007 5:39pm Feb 14, 2007 5:39pm
Quoting lostfx
Jilly B, why are you exiting normally at 19:00GMT, where Tkimble suggest to exit around 23:00 GMT and open new trade at 00:00GMT? Didn't you mean EST time (like 19:00 EST and modify that to 15:30 EST)?
No I mean GMT time - I live in the Channel Islands, so I'm on the same time as the UK. I work during the day so I'm not at home to trade until gone 18.00 GMT, so 19.00 seemed to be an ideal time to exit the trades. From a general overview there doesn't seem to be much in it, whether you exit at 19.00 or leave it on until 23.00 GMT.
  • #405
  • Feb 14, 2007 5:46pm Feb 14, 2007 5:46pm
Greetings to everyone.

Thanks JillyB.

How about it? Lets all use GMT when discussing time.

It only makes sense. It certainly avoids confusion and questioning re posts.

Once you figure out how your time relates to GMT then it will be easier to put in the GMT time. Of course there will be a slight change in the US in March for daylight savings time. But all the more fun for that.

Time again, Lou
  • #406
  • Feb 14, 2007 6:11pm Feb 14, 2007 6:11pm
Quoting Lou
Greetings to everyone.

Thanks JillyB.

How about it? Lets all use GMT when discussing time.

It only makes sense. It certainly avoids confusion and questioning re posts.

Once you figure out how your time relates to GMT then it will be easier to put in the GMT time. Of course there will be a slight change in the US in March for daylight savings time. But all the more fun for that.

Time again, Lou
I second the motion...

TK
  • #407
  • Feb 14, 2007 6:17pm Feb 14, 2007 6:17pm
long. i was ok on g-u, but got stopped 2 times on g-y.
speaking of which... wth is going on with g-y right now???? it's going down like crazy! more than 100pips in less than 5 min... i hope it's not just some bloody whipsaw... just when i thought i might give it a try and started again.

Quoting howard
Hi Scrat

Did you go long or short on the open this morning?
Nihil Sine Deo.
  • #408
  • Feb 14, 2007 6:20pm Feb 14, 2007 6:20pm
Quoting Scrat
long. i was ok on g-u, but got stopped 2 times on g-y.
speaking of which... wth is going on with g-y right now???? it's going down like crazy! more than 100pips in less than 5 min... i hope it's not just some bloody whipsaw... just when i thought i might give it a try and started again.
Japanese GDP just came out better than expected.
  • #409
  • Edited 7:56pm Feb 14, 2007 7:34pm | Edited 7:56pm
alrighty, looks like g-y is set to ruin everything no matter what i do. i go long... g-y goes short. i go short... g-y goes long. 2 SL a day EVERY DAY are just enough to make me grumpy lol.
i think i'm not gonna trade this pair anymore; it's just freaking frustrating, everytime i set my trades i seem to get into a slippage! ONLY when i trade g-y... the other days are going just perfect... i hate it.
Nihil Sine Deo.
  • #410
  • Feb 14, 2007 8:19pm Feb 14, 2007 8:19pm
I got stopped out on the gbp/jpy and the eur/jpy for a loss on both. They have however gone the opposite direction enough to give a small profit so far. The other currencies I am in are giving me a nice profit so far. I am in the profit for a net of 135 pips so far.
  • #411
  • Edited 8:49pm Feb 14, 2007 8:38pm | Edited 8:49pm
Took the 100 PIPs from the GBP/JPY and out. Short at 236.57 out at 235.57. That was very quick. The funny part is I do not know why and do not care. To me, this is the most attractive part of this particular system...
  • #412
  • Feb 14, 2007 8:56pm Feb 14, 2007 8:56pm
Quoting tkimble
Took the 100 PIPs from the GBP/JPY and out. Short at 236.57 out at 235.57. That was very quick. The funny part is I do not know why and do not care. To me, this is the most attractive part of this particular system...
TK, Thanks so much for all your work on this. It is much appreciated.

So, are you done for the day on GY? or is your buy order still in at 236.97?

--Al
  • #413
  • Feb 14, 2007 9:01pm Feb 14, 2007 9:01pm
Quoting Al_Have1
TK, Thanks so much for all your work on this. It is much appreciated.

So, are you done for the day on GY? or is your buy order still in at 236.97?

--Al
No, I am done with this market until 2400 GMT. Bulls make money, bears make money and pigs get slaughtered...

TK
  • #414
  • Feb 14, 2007 9:28pm Feb 14, 2007 9:28pm
Quoting sbetz
Hey ksucatfan, nice to see someone else in here likes the Kansas State Wildcats!
Sbetz,
Did you go to K-State? How did you come to like the Cats?
  • #415
  • Feb 14, 2007 9:52pm Feb 14, 2007 9:52pm
yes, i opened at 236.33, with a long (previous day was UP). got stopped at -50 PIPS and after that, nothing.

Quoting tkimble
Took the 100 PIPs from the GBP/JPY and out. Short at 236.57 out at 235.57. That was very quick. The funny part is I do not know why and do not care. To me, this is the most attractive part of this particular system...
Nihil Sine Deo.
  • #416
  • Feb 14, 2007 9:55pm Feb 14, 2007 9:55pm
Quoting ksucatfan
Sbetz,
Did you go to K-State? How did you come to like the Cats?

I lived in Manhatten for a few years. My brother graduated from there. I went to Fort Hays State. I am just a huge fan of K-State.
  • #417
  • Feb 14, 2007 10:00pm Feb 14, 2007 10:00pm
you were in at 236.57 short. did you get in before 00GMT? i was wondering cause my charts bars for 0GMT didn't actually reach that high. i'm wondering if i got in too late or my time is off?
  • #418
  • Feb 14, 2007 10:04pm Feb 14, 2007 10:04pm
Quoting sbetz
I lived in Manhatten for a few years. My brother graduated from there. I went to Fort Hays State. I am just a huge fan of K-State.
Sbetz,
I grew up in Manhattan and went on to K-State. Lived in Kansas City for the last 20 years. Do you still live in the area?
  • #419
  • Feb 14, 2007 10:09pm Feb 14, 2007 10:09pm
Quoting ksucatfan
Sbetz,
I grew up in Manhattan and went on to K-State. Lived in Kansas City for the last 20 years. Do you still live in the area?
I live back on the farm I grew up on. It is between Dodge City and Hays.
  • #420
  • Edited 10:32pm Feb 14, 2007 10:18pm | Edited 10:32pm
Quoting tahoemnts
you were in at 236.57 short. did you get in before 00GMT? i was wondering cause my charts bars for 0GMT didn't actually reach that high. i'm wondering if i got in too late or my time is off?
My actual entry time was 0050 GMT. I should qualify that I entered this trade on a reversal so total take on this trade is 60 PIPs...

TK
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