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Part Time Wealth Building Trading System - Daily Scalping

  • #681
  • Feb 20, 2007 11:23am Feb 20, 2007 11:23am
Quoting Al_Have1
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.
Whenever one daily bar fails to produce the 100 PIP TP before crossing over to the next daily bar, I will extend my TP by 50 PIPs on the subsequent daily bar to account for the fact that the crossover from one bar to another bar occured before the 100 PIP TP was achieved before the crossover occured. In this case, I achieved my 100 PIP profit using two bars plus added the 50 PIP extension because the original trade transversed two bars.

Hope this makes sense...

TK
  • #682
  • Feb 20, 2007 11:41am Feb 20, 2007 11:41am
Quoting tkimble
Whenever one daily bar fails to produce the 100 PIP TP before crossing over to the next daily bar, I will extend my TP by 50 PIPs on the subsequent daily bar to account for the fact that the crossover from one bar to another bar occured before the 100 PIP TP was achieved before the crossover occured. In this case, I achieved my 100 PIP profit using two bars plus added the 50 PIP extension because the original trade transversed two bars.

Hope this makes sense...

TK
Hi TK

I'm new to this thread. i tried it on the cable and got stopped out twice so i'm on the sidelines until tonight.

2 quick questions, do you also place a new trade or just extend the current one to 150 pips. Basically you're saying that if you didn't get 100 pips by daily candle close, you leave it and change the take profit to 150 but i'm not sure if you also add another trade.

Also, if you haven't gotten your 100 pips and this was the 3rd bull candle, would you extend it to 150 for the next day or would you close it out and put a sell in?

so to summarize the method, if previous candle is bull, you enter long at mkt price with 40 pip stop and you place a sell stop 40 pips away also with a 40 pip stop.

if you get stopped out the sell will activate with a 40 pip stoploss. If this closes, you have the option of putting on a 3rd trade on for a buy at the original price?

On all your trades, you are now putting a 100 pip profit target.

if 3 candles in a row are bull, then you'd put on a sell at mkt order with 40 pip stop and a buy entry order 40 pips away

I hope my summary is correct.
  • #683
  • Feb 20, 2007 11:58am Feb 20, 2007 11:58am
i'm not sure i'm following this. so you're saying that if your profit has not reached 100 pips, you carry the trade into the next day - IF the next day trend stays the same! - and wait until you reach 100 pips. right?

Quoting tkimble
Whenever one daily bar fails to produce the 100 PIP TP before crossing over to the next daily bar, I will extend my TP by 50 PIPs on the subsequent daily bar to account for the fact that the crossover from one bar to another bar occured before the 100 PIP TP was achieved before the crossover occured. In this case, I achieved my 100 PIP profit using two bars plus added the 50 PIP extension because the original trade transversed two bars.

Hope this makes sense...

TK
Nihil Sine Deo.
  • #684
  • Feb 20, 2007 12:08pm Feb 20, 2007 12:08pm
Quoting Scrat
because yesterday's candle was down and sunday candle was up?



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.
Just goes to show how different methods give different results. I don't take into account the Sunday candle and therefore Monday was the third red, so today was a buy.

Entry on my charts was at 1.9507 at 0.00GMT and the lowest it went today was 1.9478 - so it wasn't stopped out. The price is currently at 1.9547 - so I'm up 40 pips less spread.
  • #685
  • Feb 20, 2007 12:19pm Feb 20, 2007 12:19pm
that's fine. i think i got it now, sunday candle is not to be counted for g-u.
how about g-y? do we take sunday candle into account?

Quoting JillyB
Just goes to show how different methods give different results. I don't take into account the Sunday candle and therefore Monday was the third red, so today was a buy.

Entry on my charts was at 1.9507 at 0.00GMT and the lowest it went today was 1.9478 - so it wasn't stopped out. The price is currently at 1.9547 - so I'm up 40 pips less spread.
Nihil Sine Deo.
  • #686
  • Feb 20, 2007 12:22pm Feb 20, 2007 12:22pm
Quoting Scrat
i'm not sure i'm following this. so you're saying that if your profit has not reached 100 pips, you carry the trade into the next day - IF the next day trend stays the same! - and wait until you reach 100 pips. right?
Yes. Wait for the 100 PIPS but becuase you have crossed over to another bar before achieving the 100 PIP TP on the initial bar, you are provided another 100 PIP opportunity so I expand my TP by only 50 PIPS. So, you are looking for 150 PIPS TP using two bars instead of only 100 PIPS on a single bar. This only happens when the trade has failed to achieve the 100 PIPS on a single bar and you are forced onto a second bar...

TK
  • #687
  • Feb 20, 2007 12:23pm Feb 20, 2007 12:23pm
Quoting Scrat
i'm not sure i'm following this. so you're saying that if your profit has not reached 100 pips, you carry the trade into the next day - IF the next day trend stays the same! - and wait until you reach 100 pips. right?
No, as he mentioned he extends the TP to 150 on the following day from the entry on the previous day.

These are enhancements and variations which we should take down to create a proper Manual for the Method at a later stage when all is finalised, as this is a very profitable system.
Regards
  • #688
  • Feb 20, 2007 12:29pm Feb 20, 2007 12:29pm
Can somebody guide me to the qcock linh
  • #689
  • Feb 20, 2007 12:39pm Feb 20, 2007 12:39pm
Quoting tkimble
Whenever one daily bar fails to produce the 100 PIP TP before crossing over to the next daily bar, I will extend my TP by 50 PIPs on the subsequent daily bar to account for the fact that the crossover from one bar to another bar occured before the 100 PIP TP was achieved before the crossover occured. In this case, I achieved my 100 PIP profit using two bars plus added the 50 PIP extension because the original trade transversed two bars.

Hope this makes sense...

TK
Thanks for sharing! A couple of more questions:

  1. What would you do to the TP if you are still in on the 3rd bar? Move another 50 for 200 total?
  2. If you get a TP of 100 on bar (day) one, do you start over with a +100 or +50 TP on bar 2?

Thanks again for your great insight. It is finally all coming together for me.

  • #690
  • Feb 20, 2007 12:44pm Feb 20, 2007 12:44pm
Quoting Al_Have1
Thanks for sharing! A couple of more questions:

  1. What would you do to the TP if you are still in on the 3rd bar? Move another 50 for 200 total?
  2. If you get a TP of 100 on bar (day) one, do you start over with a +100 or +50 TP on bar 2?

Thanks again for your great insight. It is finally all coming together for me.

Question 1:
Yes for the third bar (questions 1) but this is a very unlikely scenario.

Question 2:
Anytime you achieve the 100 TP on the first bar, exit the market. Only re-enter the market at 2400 or 0001 GMT consistent with the rules of this system with a fresh 100 PIP TP.

TK
  • #691
  • Feb 20, 2007 12:49pm Feb 20, 2007 12:49pm
Barring a dramatic drop in the current GBP/JPY market I will be entering a LONG position at 2400 GMT. This is a risky trade becuase the market has already endured two consecutive rising bars and a correction is due.

I have attached the chart that I currently see.

Happy Trading...

TK
Attached File(s)
File Type: pdf GBPJPY,Daily.pdf   21 KB | 814 downloads
  • #692
  • Feb 20, 2007 1:07pm Feb 20, 2007 1:07pm
so in this case (g-y) do you count sunday candle? tomorrow would be the 3rd or the 4th day in a row with an up trend?

Quoting tkimble
Barring a dramatic drop in the current GBP/JPY market I will be entering a LONG position at 2400 GMT. This is a risky trade becuase the market has already endured two consecutive rising bars and a correction is due.

I have attached the chart that I currently see.

Happy Trading...

TK
Nihil Sine Deo.
  • #693
  • Feb 20, 2007 1:17pm Feb 20, 2007 1:17pm
Quoting grajo
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.
I will re-enter if i get stopped out because it is as if i never entered (at least to my account) it is a free ride. I then reverse the position.

If i take profit...i am done til start of next day.

If you saw my money management post...i don't even count a stop to breakeven in the equation... it is like it never happened...

Hope this makes sense...
  • #694
  • Feb 20, 2007 1:24pm Feb 20, 2007 1:24pm
Quoting tkimble
Question 1:
Yes for the third bar (questions 1) but this is a very unlikely scenario.

Question 2:
Anytime you achieve the 100 TP on the first bar, exit the market. Only re-enter the market at 2400 or 0001 GMT consistent with the rules of this system with a fresh 100 PIP TP.

TK

TK....are you now typically exiting your entire position at the TP, or just a portion and let the rest go until the end of the day?

THanks...

Jim No
  • #695
  • Edited 2:12pm Feb 20, 2007 1:55pm | Edited 2:12pm
It seems you are focusing primarily on the daily scalping method with the pound yen now...Do you still do the weekly method?

It's amazing how this method has been evolving since first introduced...that's the power of multiple minds...

Thanks for your strategies tk...
  • #696
  • Feb 20, 2007 2:11pm Feb 20, 2007 2:11pm
Quoting james275
TK....are you now typically exiting your entire position at the TP, or just a portion and let the rest go until the end of the day?

THanks...

Jim No
I have been experimenting with exiting at 100 PIP TP per daily bar unless a cross-over to second bar occurs which then raises my TP to 150 PIPs which is what happened yesterday and today.

TK
  • #697
  • Edited 2:44pm Feb 20, 2007 2:17pm | Edited 2:44pm
Quoting bholiday
It seems you are focusing primarily on the daily scalping method with the pound yen now...Do you still do the weekly method?

It's amazing how this method has been evolving since first introduced...that's the power of multiple minds...

Thanks for your strategies tk...
Great question. I acutally trade several proprietary systems in several markets which compliment the Weekly and Daily system that I have previewed at this site. I also use both the weekly and daily systems in tantum with each other. This provides the hedging effect that minimizes my drawdowns.

Yes, I have transitioned almost completely into the GBP/JPY becuase my trading style craves volatility. I also maintain a more sedate trend following system in the GBP/USD market. Again, very simple and steady.

I am also constantly tinkering with new ideas. Sometimes I think it is a curse becuase I find it difficult to stop thinking about trading strategies. It can be burdensome at times becuase really good systems are challenging to create. You only really need one system that equals your trading style. This is perhaps the greatest challenge to traders. Trying to search through all the systems that are available to find the one that best meets your personal trading style...

TK
  • #698
  • Feb 20, 2007 3:33pm Feb 20, 2007 3:33pm
I have posted a variant of my proprietary trend following system at the following locaton: http://www.forexfactory.com/showpost...postcount=1140.

This is a very reliable trend following system and should attract the true "Trendies" as I admit to be one of. This posting was inspired but a person who stated that she was retired. Cannot think of a better way to provide retirement income to a retired person...

Happy Trading,

TK
  • #699
  • Feb 20, 2007 3:52pm Feb 20, 2007 3:52pm
Ok started demo forward test today on GBPUSD and GBPJPY with Daily Scalping EA v1.0e , TP = 200 , ClosingTime = 17 , SL = 40 for both pairs.

Result :
GBPUSD = 200 pips
GBPJPY = 200 pips

Total = 400 pips

Not so bad as start
  • #700
  • Feb 20, 2007 3:57pm Feb 20, 2007 3:57pm
I'm going short on GBP/JPY , even though the sunday candle is a bear candle, it still closes ABOVE the friday candle.. to which I don't really understnad the logic of going short.
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