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Part Time Wealth Building Trading System - Daily Scalping

  • #741
  • Feb 21, 2007 11:32am Feb 21, 2007 11:32am
Quoting fxnewbie 71
TK,one more question pls...do u use any indicator to confirm your entry? thanks....
No. I simply enter at 2400 GMT providing I have achieved the TP on the previous bar. If not, then I simply allow the trade to cross-over to the next bar and expand the TP by 50 PIPS...

TK
  • #742
  • Feb 21, 2007 11:37am Feb 21, 2007 11:37am
isn't the caveat here that by your rules the next bar should have the same entry.. ie : if current long and the next bar, by rules also denote a long, then carry over trade and expand tp.

however if rules state next bar entry is short, would you close and reenter short but with a tp of 150? or with a tp of 100?



Quoting tkimble
No. I simply enter at 2400 GMT providing I have achieved the TP on the previous bar. If not, then I simply allow the trade to cross-over to the next bar and expand the TP by 50 PIPS...

TK
  • #743
  • Feb 21, 2007 11:49am Feb 21, 2007 11:49am
Quoting coolshades
isn't the caveat here that by your rules the next bar should have the same entry.. ie : if current long and the next bar, by rules also denote a long, then carry over trade and expand tp.

however if rules state next bar entry is short, would you close and reenter short but with a tp of 150? or with a tp of 100?

Initial TPs are always 100 PIPs. Would re-enter with 100 PIP TP..

TK
  • #744
  • Feb 21, 2007 1:40pm Feb 21, 2007 1:40pm
take a look. This might be a good pair for tomarrow Daily ..... IMO
  • #745
  • Feb 21, 2007 1:43pm Feb 21, 2007 1:43pm
entries for Thursday (tomorrow) seem to be:
- for gbp-jpy: obviously, short
- for gbp-usd: so far short; however, if the day closes @ or above 1.9557, the entry should be long.
SAR @ -40 PIPS; TP @ 50 PIPS (i don't feel like taking too much chances with this choppy market).
anyone doing something else?
Nihil Sine Deo.
  • #746
  • Feb 21, 2007 1:47pm Feb 21, 2007 1:47pm
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

@ 50 PIP profit ... adjust stops to 20 PIPS and let it ride ....... tk ... I like this addition to the Daily!



skyline, can the EA be adjusted, for the daily, to reflect this? I think for the EA ... this would be a great adjustment!
  • #747
  • Feb 21, 2007 2:10pm Feb 21, 2007 2:10pm
I also think this would be a great addition to the EA.

Quoting ut2DaMax
@ 50 PIP profit ... adjust stops to 20 PIPS and let it ride ....... tk ... I like this addition to the Daily!



skyline, can the EA be adjusted, for the daily, to reflect this? I think for the EA ... this would be a great adjustment!
  • #748
  • Feb 21, 2007 2:38pm Feb 21, 2007 2:38pm
Quoting Eureka
I also think this would be a great addition to the EA.
Want to be clear. The inital SL is 40 PIPS. Only adjust to 20 PIPs after you have achieved a 50 PIP gain with a 100 PIP TP. Or, you set a 50 PIP TP which would drastically reduce your exposure to the market...

TK
  • #749
  • Feb 21, 2007 2:38pm Feb 21, 2007 2:38pm
Quoting Scrat
entries for Thursday (tomorrow) seem to be:
- for gbp-jpy: obviously, short
- for gbp-usd: so far short; however, if the day closes @ or above 1.9557, the entry should be long.
SAR @ -40 PIPS; TP @ 50 PIPS (i don't feel like taking too much chances with this choppy market).
anyone doing something else?
I trade GBP/JPY only as TK pointed out and TP of 100
Regards
  • #750
  • Feb 21, 2007 2:45pm Feb 21, 2007 2:45pm
Yes. That's the way I understood it. Thanks for clarifying it.


Quoting tkimble
Want to be clear. The inital SL is 40 PIPS. Only adjust to 20 PIPs after you have achieved a 50 PIP gain with a 100 PIP TP. Or, you set a 50 PIP TP which would drastically reduce your exposure to the market...

TK
  • #751
  • Feb 21, 2007 3:01pm Feb 21, 2007 3:01pm
for gbpjpy. monday candle was short by a few pips

Quoting howard
I trade GBP/JPY only as TK pointed out and TP of 100
  • #752
  • Feb 21, 2007 3:13pm Feb 21, 2007 3:13pm
Quoting tkimble
Want to be clear. The inital SL is 40 PIPS. Only adjust to 20 PIPs after you have achieved a 50 PIP gain with a 100 PIP TP. Or, you set a 50 PIP TP which would drastically reduce your exposure to the market...

TK
If you are simply taking profit at 50, and your first entry for the day reaches 50, would you be done for the day (like with the TP100 approach)? Or would you keep entering new trades until you reach 100? Or would you take all trades until 23:00GMT? Or would you set a limit to the number of entries per day? Or ???......Thanks in advance.
  • #753
  • Feb 21, 2007 4:27pm Feb 21, 2007 4:27pm
to open new position according to TK`s daily scalping
  • #754
  • Feb 21, 2007 4:30pm Feb 21, 2007 4:30pm
Quoting coolshades
for gbpjpy. monday candle was short by a few pips
Monday's close was much higher than Friday's close in spite of the fact that the bar itself was in red by a few pips, therefore Monday was in fact an up-day; this was caused due to gap up.

On the platforms with Sunday bar , Monday is clearly a green bar.
Regards
  • #755
  • Edited 5:44pm Feb 21, 2007 5:15pm | Edited 5:44pm
Quoting sanjaysingh21k
to open new position according to TK`s daily scalping
according to dailyfx.com and fxsol it is (5pm est)....short g-y 236.21
CRAIGSLIST BARTERING CHAMPION
  • #756
  • Edited 7:57pm Feb 21, 2007 7:11pm | Edited 7:57pm
my trades for Thursday:
- g-j: short @ 236.26; SL @ -50 (possibly -55), TP @ 100; this SL is only for today, as -40 would be in 236.66 area (which i think is a bit sensitive, and might be a reverse point...) so -50 seems more appropriate and i'm even thinking of a -55 PIPS SL.
- g-u: short @ 1.9528; SL @ -40, TP @ 40-50 (this pair has acted quite choppy lately so any kind of profit is welcome here)
Nihil Sine Deo.
  • #757
  • Feb 21, 2007 7:15pm Feb 21, 2007 7:15pm
Quoting drayco
If you are simply taking profit at 50, and your first entry for the day reaches 50, would you be done for the day (like with the TP100 approach)? Or would you keep entering new trades until you reach 100? Or would you take all trades until 23:00GMT? Or would you set a limit to the number of entries per day? Or ???......Thanks in advance.
Once you achieve the TP, you are done until the next bar...

TK
  • #758
  • Feb 21, 2007 7:21pm Feb 21, 2007 7:21pm
pls help someone to suggest, according to TK`s risk management model how many lots should be traded per $1000.
  • #759
  • Feb 21, 2007 7:23pm Feb 21, 2007 7:23pm
Quoting sanjaysingh21k
pls help someone to suggest, according to TK`s risk management model how many lots should be traded per $1000.
Start with one micro lot. Risk only 2-3% per trade. For example, if you have $5000 in your account, risk only $50 - 150 per trade which equates to 1 - 3 micro lots...

TK
  • #760
  • Feb 21, 2007 7:42pm Feb 21, 2007 7:42pm
thanks TK

I have started to follow your system since last week only, i could not get any profit. i traded GBP/USD, but still i am happy, since last two years i am trading forex, every pip down or up used to increase my heartbeat, i lost a lot in these two years,but since last week heart beat is normal and i hope i may earn now

Thank you very very very much
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