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Part Time Wealth Building Trading System - Daily Scalping

  • #661
  • Feb 19, 2007 5:15pm Feb 19, 2007 5:15pm
Quoting bjorn
TKimble,

Thanks for sharing this system. I really like the simplicity of the daily and weekly system.

Regarding the Stop Loss, do you use 40 PIPS including spread or 40 pips + spread for GBPUSD and GBPJPY?

Bjorn
Only trading the GBP/JPY market.

TK
  • #662
  • Feb 19, 2007 6:45pm Feb 19, 2007 6:45pm
TK,
Are you not trading the GBP/USD anymore? If not why?
  • #663
  • Feb 19, 2007 9:47pm Feb 19, 2007 9:47pm
Quoting bmcorcoran
TK,
Are you not trading the GBP/USD anymore? If not why?
The GBP/JPY is more volatile and focusing on one market is more profitable for my style of trading...

TK
  • #664
  • Feb 19, 2007 9:50pm Feb 19, 2007 9:50pm
Took the 100 PIP for 72 net GBP/JPY PIPS so far this week. Waiting for next trade...

TK
  • #665
  • Feb 19, 2007 10:19pm Feb 19, 2007 10:19pm
tkimble,

Do you add the spread to your 40 points for SL? Example in the current trade I show GBPJPY buy at 233.40 would you place your SL at 233.00 or at 233.00 plus spread. In my case the with spead I would place a stop of 232.89 if I was to include my spread of 11 points for the GBPJPY.

Thanks again for your input and all your help.

yezbick
  • #666
  • Feb 20, 2007 12:10am Feb 20, 2007 12:10am
I just wanted to let you all know that all of my prior backtesting may or may not be right. I updated my testing install of MT4 from build 200 to 202 today. I grabbed skylines new version EA and wanted to run it through some TP settings. My results were WAY off. I figured it was something in the new version of EA so i checked that, didn't see anything, so I tried the old version, results way off also. At this point i cant figure out what changed, but comparing the trade results, they are off by 4 pips, spread. You wouldn't think this is a big deal, just up the numbers by 4 and all would be well, well it ain't.

I need to run some other EA's to see if they all react this way. If so it is definitely something with MT4 new build. I cant imagine what else it would be. Anyway, I just wanted to inform everyone if you are basing your trades off that information, take it as you will for now. TK's method as presented hasn't changed and you would be as safe as you were originally with it. I will inform you all of my new findings.
  • #667
  • Feb 20, 2007 2:32am Feb 20, 2007 2:32am
Quoting C.E.O.
I just wanted to let you all know that all of my prior backtesting may or may not be right. I updated my testing install of MT4 from build 200 to 202 today. I grabbed skylines new version EA and wanted to run it through some TP settings. My results were WAY off. I figured it was something in the new version of EA so i checked that, didn't see anything, so I tried the old version, results way off also. At this point i cant figure out what changed, but comparing the trade results, they are off by 4 pips, spread. You wouldn't think this is a big deal, just up the numbers by 4 and all would be well, well it ain't.

I need to run some other EA's to see if they all react this way. If so it is definitely something with MT4 new build. I cant imagine what else it would be. Anyway, I just wanted to inform everyone if you are basing your trades off that information, take it as you will for now. TK's method as presented hasn't changed and you would be as safe as you were originally with it. I will inform you all of my new findings.
CEO

I looked at the figures you had produced for max 2 trades per day and compared them with mine, which I done via manual backtesting. They were quite close - about 100 pips or so adrift - but that could be explained by you exiting the trade at 17.00 GMT and me exiting at 19.00 GMT.

From this I would say that it was something to do with MT4 - otherwise our results wouldn't have been so close.
  • #668
  • Edited 6:07am Feb 20, 2007 5:47am | Edited 6:07am
2 stops for g-u today... i'm out until tomorrow
looks like it's another choppy week.
Nihil Sine Deo.
  • #669
  • Feb 20, 2007 7:06am Feb 20, 2007 7:06am
[quote=Scrat;222649]2 stops for g-u today... i'm out until tomorrow
looks like it's another choppy week.[/quot


Same here. I have been stopped 3 times simce Sunday open (3X 40 pips). think I'll stay flat on GU till tonight at least and see what the charts look like.

Better luck today with GY up 90 or so and moved stop to +50.
  • #670
  • Feb 20, 2007 7:29am Feb 20, 2007 7:29am
Took another 50 PIP profit on the current bar. This is a total of 150 PIPS in the first two days with one SL. Total take equals 110 PIPs.

I have attached the current chart that I am trading from.

Will not enter new trade until 2400 GMT...

TK
Attached File(s)
File Type: pdf GBPJPY,Daily.pdf   21 KB | 585 downloads
  • #671
  • Feb 20, 2007 7:30am Feb 20, 2007 7:30am
I just packed my first 100 PIPS of the week on g-y a few minutes ago...since I was off on monday...
On the other hand, I was stopped out 2 times on G-U and heading for the 3rd which would let me out for today...
I am just trying both pairs to determine which one is more suitable for this system...
This is my 3rd week...
first week : profit 167 PIPS only g-u
Last week wasn't a good one, because the long g-y rally just allowed me to catch 100 pips since I used TP and was not enough to get even.
Let's see what happend this week...

Regards.
  • #672
  • Feb 20, 2007 8:20am Feb 20, 2007 8:20am
Quoting tkimble
Took another 50 PIP profit on the current bar. This is a total of 150 PIPS in the first two days with one SL. Total take equals 110 PIPs.

I have attached the current chart that I am trading from.

Will not enter new trade until 2400 GMT...

TK
TK, please explain your strategy for this. I mis-understood and thought you closed out your whole position at +100. Are you pulling some off at +100 and more at +150. Do you still have some open? How much of your lot do you pull out at 100? 150? From above, you keep the same SL?

In other words, please explain your exit strategy on a TP.
  • #673
  • Feb 20, 2007 8:22am Feb 20, 2007 8:22am
I have been stopped out a few times also...but i have been moving my stop to breakeven at 40 and taking profits early...so i have been making money on the pound...once you move to breakeven...it is a free ride...so if you stop out...its like you never entered...hope you are using this strategy also....
  • #674
  • Feb 20, 2007 8:42am Feb 20, 2007 8:42am
how can i move to b/e... when my trade opened, the market went into the other direction... here's what happened for me today on g-u:
- sell @ 1.9508, SL hit @ 1.9548 (high for the day was 1.9549, pretty cool huh?)
- buy @ 1.9548, SL hit @ 1.9508... and i'm out for today.

Quoting bholiday
I have been stopped out a few times also...but i have been moving my stop to breakeven at 40 and taking profits early...so i have been making money on the pound...once you move to breakeven...it is a free ride...so if you stop out...its like you never entered...hope you are using this strategy also....
Nihil Sine Deo.
  • #675
  • Feb 20, 2007 8:56am Feb 20, 2007 8:56am
why did you start the day with a sell, should have been a buy. Monday open 1.9502, monday close 1.9512, up trend, plase buy order.
  • #676
  • Feb 20, 2007 9:11am Feb 20, 2007 9:11am
because yesterday's candle was down and sunday candle was up?

Quoting bmcorcoran
why did you start the day with a sell, should have been a buy. Monday open 1.9502, monday close 1.9512, up trend, plase buy order.
ok, maybe it would be better if someone could post the prospective trades for the next day, let's say around 22,30-23 GMT? we should have plenty of time to talk about that until 0,00 GMT when we have to place the trades.
Nihil Sine Deo.
  • #677
  • Feb 20, 2007 9:19am Feb 20, 2007 9:19am
scrat, bm is right by my charts too. on fxdd the entry for the day shd have been long. on fxdd last 3 candles are down and hence a reverse order.

btw i too plan to follow sensei and trade only the gbpjpy now.. too many orders with too many pairs = recipe for disaster.

Quoting bmcorcoran
why did you start the day with a sell, should have

been a buy. Monday open 1.9502, monday close 1.9512, up trend, plase buy order.
  • #678
  • Feb 20, 2007 9:25am Feb 20, 2007 9:25am
Quoting bholiday
I have been stopped out a few times also...but i have been moving my stop to breakeven at 40 and taking profits early...so i have been making money on the pound...once you move to breakeven...it is a free ride...so if you stop out...its like you never entered...hope you are using this strategy also....

Bholiday,

Question for you... if you move to BE, or even to TP somewhere, when either one of them is hit, are you staying in and reversing, are are you getting out for the day?

BTW, locked in 100 on GY so far today and still running.
  • #679
  • Edited 11:13am Feb 20, 2007 10:57am | Edited 11:13am
what are your last 3 down candles? thursday, friday, and monday? yes, all of them are down. and yes, i was supposed to buy IF sunday candle wouldn't have been UP - i thought sunday broke the down row...
could someone help me with this?

Quoting coolshades
scrat, bm is right by my charts too. on fxdd the entry for the day shd have been long. on fxdd last 3 candles are down and hence a reverse order.

btw i too plan to follow sensei and trade only the gbpjpy now.. too many orders with too many pairs = recipe for disaster.
Nihil Sine Deo.
  • #680
  • Feb 20, 2007 11:08am Feb 20, 2007 11:08am
I think the consensus opinion is to ignore the little Sunday candle. It only appears for me on IBFX and not of course FXDD.
Don Life is expensive, but includes a free trip around the sun.
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