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Part Time Wealth Building Trading System - Daily Scalping

  • #701
  • Feb 20, 2007 3:58pm Feb 20, 2007 3:58pm
Quoting bholiday
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...

It does, and thanks!!
  • #702
  • Feb 20, 2007 4:00pm Feb 20, 2007 4:00pm
Quoting skyline
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
Wow, how did you get 200 pips on GBP/USD , it didnt move that far today?
  • #703
  • Feb 20, 2007 4:13pm Feb 20, 2007 4:13pm
we are heading into a very excited asian session...We got BOJ interest rate decision which will have high impact on the market and too much volatility is expected from 0000 to 4000 AM or so. This could led us to several stop outs for those who trade GBP/JPY. Anybody thinks it would be convenient to stay out for the next session?

Any comments???
  • #704
  • Feb 20, 2007 4:41pm Feb 20, 2007 4:41pm
Quoting Wings
Wow, how did you get 200 pips on GBP/USD , it didnt move that far today?
I'm sorry maybe i have to go to sleep , I didn't look careful charts lol

here's correct result

GBPUSD : +35
GBPJPY : +121

Total : +156 pips

sorry again
  • #705
  • Feb 20, 2007 4:46pm Feb 20, 2007 4:46pm
Quoting Wings
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.
Excellent read and your are correct from a rules perspective. I am changing my entry position to SHORT. The last three bars have all been up becuase of the opening gap on Sundays bar...

TK
  • #706
  • Feb 20, 2007 5:02pm Feb 20, 2007 5:02pm
Now short GBP/JPY at 234.64 with 40 PIP SL.

TK
  • #707
  • Edited 5:20pm Feb 20, 2007 5:03pm | Edited 5:20pm
just to make sure, the entries for Wednesday (tomorrow) are:
- gbp-usd: buy @ 1.9550
- gbp-jpy: sell @ 234.61
good luck with the news.
Nihil Sine Deo.
  • #708
  • Feb 20, 2007 5:10pm Feb 20, 2007 5:10pm
Quoting Scrat
just to make sure, the entries for Wednesday (tomorrow) are:
- gbp-usd: buy
- gbp-jpy: sell
good luck with the news.
I have gbp-jpy: buy (Friday bear: Monday bull: Tuesday bull: - hence Wednesday third bull candle)

gbp-usd: buy - yes.

I noticed that Tkimble has opened his trade already- which is 23.00 GMT not 0.00 GMT. But I have similar price on gbp-jpy 234.65
  • #709
  • Feb 20, 2007 5:34pm Feb 20, 2007 5:34pm
Quoting JillyB
I have gbp-jpy: buy (Friday bear: Monday bull: Tuesday bull: - hence Wednesday third bull candle)
I think he is taking into consideration sunday's candle....what is the final word when determining the last 3 days trend? count sunday candle or not??? I know we are not counting doji's
CRAIGSLIST BARTERING CHAMPION
  • #710
  • Feb 20, 2007 5:36pm Feb 20, 2007 5:36pm
Quoting hondakorn
I think he is taking into consideration sunday's candle....what is the final word when determining the last 3 days trend? count sunday candle or not??? I know we are not counting doji's
All candles represent market activity regardless of how thin. I use all candles...

TK
  • #711
  • Edited 7:21pm Feb 20, 2007 6:53pm | Edited 7:21pm
welcome to the club...
here's my opinion about it: if we're in a trending market, it shouldn't matter. right? even if we pick the wrong direction, after -40 PIPS we're back on track. if we're in a ranging market... well you know this strategy is not the best choice - so i'm gonna count the sunday candle.

Quoting hondakorn
I think he is taking into consideration sunday's candle....what is the final word when determining the last 3 days trend? count sunday candle or not??? I know we are not counting doji's
Nihil Sine Deo.
  • #712
  • Feb 20, 2007 8:03pm Feb 20, 2007 8:03pm
hi TK,

and thanks for the efforts you have made in this forum.

please could i ask what you mean here a little more. I understand that you are experimenting with taking a 100 TP, however, I don't understand by what criteria you judge to up that to 150.

Regards

-decca

Quoting tkimble
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
  • #713
  • Feb 20, 2007 8:46pm Feb 20, 2007 8:46pm
Quoting decca
hi TK,

and thanks for the efforts you have made in this forum.

please could i ask what you mean here a little more. I understand that you are experimenting with taking a 100 TP, however, I don't understand by what criteria you judge to up that to 150.

Regards

-decca
Certainly I can't answer for him, but in the meantime, I'll give you my understanding of what he means....

He sets a TP at 100. However, if at the end of the day, rather than closing out a profitable trade, just to re-open later in the same direction, if he has not made 100 pips, he keeps the trade open going into the next session (next daily candle) and sets his TP to 150. This way, he keeps the momentum (daily(s) trend) going, and at the same time saves some pips on the spread by not closing and re-entering.

At least, that's my understanding....
  • #714
  • Feb 20, 2007 9:07pm Feb 20, 2007 9:07pm
and here's my understanding:

... if TP has not been hit @ 100 pips, the trade is kept open into the next session (next daily candle) and the new TP is 100 pips more on top of the current profit/price...

Quoting grajo
Certainly I can't answer for him, but in the meantime, I'll give you my understanding of what he means....

He sets a TP at 100. However, if at the end of the day, rather than closing out a profitable trade, just to re-open later in the same direction, if he has not made 100 pips, he keeps the trade open going into the next session (next daily candle) and sets his TP to 150. This way, he keeps the momentum (daily(s) trend) going, and at the same time saves some pips on the spread by not closing and re-entering.

At least, that's my understanding....
Nihil Sine Deo.
  • #715
  • Feb 20, 2007 9:09pm Feb 20, 2007 9:09pm
Quoting grajo
Certainly I can't answer for him, but in the meantime, I'll give you my understanding of what he means....

He sets a TP at 100. However, if at the end of the day, rather than closing out a profitable trade, just to re-open later in the same direction, if he has not made 100 pips, he keeps the trade open going into the next session (next daily candle) and sets his TP to 150. This way, he keeps the momentum (daily(s) trend) going, and at the same time saves some pips on the spread by not closing and re-entering.

At least, that's my understanding....
That is correct...

TK
  • #716
  • Feb 20, 2007 9:10pm Feb 20, 2007 9:10pm
...

interesting...

saving the spread would make sense, however if this action is in lieu of instigating a new trade, effectively the trade becomes the next days trade and would effectively have a TP in the range of 51 - 149 for the day. if you closed out and re-entered according to my interpretation of the system as discussed, the TP, if you so decided to set one, would probably be set to a predetermined level i.e. 100.

That said, I am only speculating as to what TK is experimenting with ;D

In order to keep the system consistent would it perhaps be more appropriate to simply set a SL 40 pips away from the days close and adjust the TP to 100 pips from the days close, without closing and reentering hence saving the spread? (assuming that you want to open in the same direction as you were prior to close)

hmmm

-decca


Quoting grajo
Certainly I can't answer for him, but in the meantime, I'll give you my understanding of what he means....

He sets a TP at 100. However, if at the end of the day, rather than closing out a profitable trade, just to re-open later in the same direction, if he has not made 100 pips, he keeps the trade open going into the next session (next daily candle) and sets his TP to 150. This way, he keeps the momentum (daily(s) trend) going, and at the same time saves some pips on the spread by not closing and re-entering.

At least, that's my understanding....
  • #717
  • Feb 20, 2007 9:13pm Feb 20, 2007 9:13pm
TK,
Are you limiting the number of losing trades per day? Thanks in advance.
  • #718
  • Feb 20, 2007 9:18pm Feb 20, 2007 9:18pm
sorry ... assuming a SL of 40 that could mean a TP somewhere in the range of 51-189 for the day ..

Quoting decca
...

.. effectively the trade becomes the next days trade and would effectively have a TP in the range of 51 - 149 for the day. ...
-decca
  • #719
  • Feb 20, 2007 9:54pm Feb 20, 2007 9:54pm
Quoting decca
...

interesting...

saving the spread would make sense, however if this action is in lieu of instigating a new trade, effectively the trade becomes the next days trade and would effectively have a TP in the range of 51 - 149 for the day. if you closed out and re-entered according to my interpretation of the system as discussed, the TP, if you so decided to set one, would probably be set to a predetermined level i.e. 100.

That said, I am only speculating as to what TK is experimenting with ;D

In order to keep the system consistent would it perhaps be more appropriate to simply set a SL 40 pips away from the days close and adjust the TP to 100 pips from the days close, without closing and reentering hence saving the spread? (assuming that you want to open in the same direction as you were prior to close)

hmmm

-decca
I think you certainly could do that - not a bad idea. One thing that TK says over and over is to "make this your own" - He's sharing some of the things he's working on and trying out as well as providing some feedback where and when he can.

And I think alot of people are trying to do just that (make it their own), including what I believe is a growing group automating via EA. But you know what? Sometimes these things take on a life of their own for while (and that can be a good thing), but then all of a sudden after all the backtesting, EA's, fine tuning etc., someone realizes that the very original method, with a few minor modifications, may be all we really needed in the first place!!! K.I.S.??
  • #720
  • Edited 1:16am Feb 21, 2007 1:00am | Edited 1:16am
long for me too. i dont have a sunday candle on fxdd. friday candle was short.

have got stopped out twice now and my third entry did not happen since i was with hypnos and cldnt enter it.. so now waiting for the price to trigger my original long or short order. i think those who entered short are probably having a good run.

it all pans out evenly in the long run so no worries.



Quoting JillyB
I have gbp-jpy: buy (Friday bear: Monday bull: Tuesday bull: - hence Wednesday third bull candle)

gbp-usd: buy - yes.

I noticed that Tkimble has opened his trade already- which is 23.00 GMT not 0.00 GMT. But I have similar price on gbp-jpy 234.65
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