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Part Time Wealth Building Trading System - Daily Scalping

  • #721
  • Feb 21, 2007 2:36am Feb 21, 2007 2:36am
Quoting coolshades
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.
Long has seemed to work for me this morning - i didn't get stopped out (about 7 pips off) and I bagged 28 pips at just after 8.00GMT, let it pull back and now I'm in again. Let's see what happens.
  • #722
  • Feb 21, 2007 2:39am Feb 21, 2007 2:39am
Ea ?
Sar?
Tp?
  • #723
  • Feb 21, 2007 2:55am Feb 21, 2007 2:55am
now I've seen it all.
TRADE FOR SWAP
  • #724
  • Feb 21, 2007 2:58am Feb 21, 2007 2:58am
Quoting sanjaysingh21k
Ea ?
Sar?
Tp?
EA: Expert Advisor - automated trading programme used with MT4 platforms
SAR: Stop and reverse postion
TP: Take profit.

Last nights( GMT) trading is a classic example of how EA's can pay off - we had a near 100 pip GPY gain on the long trade before being whipped back to SAR at B/E, then another near 100 pip short gain before being whipped back for a SAR at B/E again to continue the long postion which now stands at +100 pips....
  • #725
  • Feb 21, 2007 4:35am Feb 21, 2007 4:35am
reason is difference in entry prices offered by diff brokers. methinks you entered at 234.61/65 or thereabouts, i entered at 234.71.. so you got your 100 pips since the high it reached was 234.70 or so.. 1 pip away from my tp target..


i enter my orders at 22.00 gmt on oanda, tho the oanda candle starts at 00.00. if i had entered at 00.00 i wld have got an entry price of 234.75..


Quoting JillyB
Long has seemed to work for me this morning - i didn't get stopped out (about 7 pips off) and I bagged 28 pips at just after 8.00GMT, let it pull back and now I'm in again. Let's see what happens.
  • #726
  • Feb 21, 2007 4:38am Feb 21, 2007 4:38am
Quoting cgldsmth
now I've seen it all.
????????
  • #727
  • Feb 21, 2007 6:05am Feb 21, 2007 6:05am
Quoting drayco
TK,
Are you limiting the number of losing trades per day? Thanks in advance.
No. I had three SLs during this bar and finally captured the 100 PIP TP on the final trade. Two of the three SLs were 20 PIPS and the third was 40 PIPS totaling 80 PIPS. Net result is up 20 PIPS.

What happened last night represents the height of volatitility but the system manage to eek out a 20 PIP profit but it was a constant battle.

One idea that will limit the SL losses is to move the SL from 40 PIPS to 20 PIPS after you have achieved a 50 PIP gain providing you are using 100 PIP TPs.

Another idea for the newbee's is to drop the TP to 50 PIPS. All of my trades last night offered me at least 50 PIPS before reversing...

TK
  • #728
  • Feb 21, 2007 6:13am Feb 21, 2007 6:13am
Quoting sanjaysingh21k
Ea ?
Sar?
Tp?
EA = Expert Advisor
SAR = Stop and Reverse
TP = Take Profit
  • #729
  • Feb 21, 2007 6:42am Feb 21, 2007 6:42am
Quoting cgldsmth
now I've seen it all.
It does not get much more fun than that...

TK
  • #730
  • Feb 21, 2007 7:56am Feb 21, 2007 7:56am
Quoting tkimble
No. I had three SLs during this bar and finally captured the 100 PIP TP on the final trade. Two of the three SLs were 20 PIPS and the third was 40 PIPS totaling 80 PIPS. Net result is up 20 PIPS.

What happened last night represents the height of volatitility but the system manage to eek out a 20 PIP profit but it was a constant battle.

One idea that will limit the SL losses is to move the SL from 40 PIPS to 20 PIPS after you have achieved a 50 PIP gain providing you are using 100 PIP TPs.

Another idea for the newbee's is to drop the TP to 50 PIPS. All of my trades last night offered me at least 50 PIPS before reversing...

TK
If you move the SL as suggested, would you also move your reverse entry to the new SL?
  • #731
  • Feb 21, 2007 7:59am Feb 21, 2007 7:59am
Quoting Al_Have1
If you move the SL as suggested, would you also move your reverse entry to the new SL?
Do not know if I understand your question but all entries would remain the same...

TK
  • #732
  • Feb 21, 2007 8:03am Feb 21, 2007 8:03am
Last nights market is a perfect example why in my opinion, all the backtesting and EAs in the world could never substitute the emotional highs and lows of actual trading. It is within these emotional highs and lows that a trader really finds out what kind of trader they are.

Last nights battle, while not common, was a real challenge and offered exceptional profit opportunities. It represented the true quintessence of scalping...

TK
  • #733
  • Feb 21, 2007 8:12am Feb 21, 2007 8:12am
Quoting tkimble
No. I had three SLs during this bar and finally captured the 100 PIP TP on the final trade. Two of the three SLs were 20 PIPS and the third was 40 PIPS totaling 80 PIPS. Net result is up 20 PIPS.

What happened last night represents the height of volatitility but the system manage to eek out a 20 PIP profit but it was a constant battle.

One idea that will limit the SL losses is to move the SL from 40 PIPS to 20 PIPS after you have achieved a 50 PIP gain providing you are using 100 PIP TPs.

Another idea for the newbee's is to drop the TP to 50 PIPS. All of my trades last night offered me at least 50 PIPS before reversing...

TK
hi TK,i am not a expert ,can u tell me when to use a 20 pips stop or 40 pips or even 50 pips stop?? what determine the no of pips sto p to be used? thanks...
  • #734
  • Feb 21, 2007 8:15am Feb 21, 2007 8:15am
i was lucky i had my entries & exits set. boy am i glad i'm taking profits lol!

Quoting tkimble
Last nights market is a perfect example why in my opinion, all the backtesting and EAs in the world could never substitute the emotional highs and lows of actual trading. It is within these emotional highs and lows that a trader really finds out what kind of trader they are.

Last nights battle, while not common, was a real challenge and offered exceptional profit opportunities. It represented the true quintessence of scalping...

TK
Nihil Sine Deo.
  • #735
  • Feb 21, 2007 8:33am Feb 21, 2007 8:33am
If you can get through these last few days or weeks with a small profit or even a small drawdown, your patience will be rewarded greatly. At least that is what I keep telling myself!
Life is too short to have anything but delusional notions about yourself.
  • #736
  • Feb 21, 2007 8:42am Feb 21, 2007 8:42am
Quoting tkimble
No. I had three SLs during this bar and finally captured the 100 PIP TP on the final trade. Two of the three SLs were 20 PIPS and the third was 40 PIPS totaling 80 PIPS. Net result is up 20 PIPS.

What happened last night represents the height of volatitility but the system manage to eek out a 20 PIP profit but it was a constant battle.

One idea that will limit the SL losses is to move the SL from 40 PIPS to 20 PIPS after you have achieved a 50 PIP gain providing you are using 100 PIP TPs.

Another idea for the newbee's is to drop the TP to 50 PIPS. All of my trades last night offered me at least 50 PIPS before reversing...

TK
how do u know when to set what no of pips TK? by looking at the charts or...??
  • #737
  • Edited 9:19am Feb 21, 2007 9:04am | Edited 9:19am
Quoting tkimble
Do not know if I understand your question but all entries would remain the same...

TK
Sorry, I should have been more clear. What I mean is this:

  1. You open a position at 00:00GMT with a TP of +100, SL of -40
  2. You set a SAR order to execute if the SL is hit at -40
  3. The first order (#1) moves +50 so you move your SL from -40 to -20

My question is: Do you move the entry price for #2 to the new SL (#3), so you are always in the market? Or do you keep the original entry for #2?

  • #738
  • Feb 21, 2007 9:24am Feb 21, 2007 9:24am
Quoting fxnewbie 71
hi TK,i am not a expert ,can u tell me when to use a 20 pips stop or 40 pips or even 50 pips stop?? what determine the no of pips sto p to be used? thanks...
All of my initial SLs are set to 40 PIPS. If the trade accumulates a 50 PIP profit, then adjust your stops to 20 PIPS and let it ride. I use a 100 PIP TP but you can do very well with the 50 PIP TP. For example, a 50 PIP TP per day using only 1 lot equates to $1,000 daily profit. This is a very realistic objective.

These are all personal preferences...

TK
  • #739
  • Feb 21, 2007 9:36am Feb 21, 2007 9:36am
Quoting tkimble
All of my initial SLs are set to 40 PIPS. If the trade accumulates a 50 PIP profit, then adjust your stops to 20 PIPS and let it ride. I use a 100 PIP TP but you can do very well with the 50 PIP TP. For example, a 50 PIP TP per day using only 1 lot equates to $1,000 daily profit. This is a very realistic objective.

These are all personal preferences...

TK
thanks TK!
  • #740
  • Feb 21, 2007 9:38am Feb 21, 2007 9:38am
Quoting tkimble
All of my initial SLs are set to 40 PIPS. If the trade accumulates a 50 PIP profit, then adjust your stops to 20 PIPS and let it ride. I use a 100 PIP TP but you can do very well with the 50 PIP TP. For example, a 50 PIP TP per day using only 1 lot equates to $1,000 daily profit. This is a very realistic objective.

These are all personal preferences...

TK
TK,one more question pls...do u use any indicator to confirm your entry? thanks....
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