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Part Time Wealth Building Trading System - Daily Scalping

  • #821
  • Feb 23, 2007 6:19am Feb 23, 2007 6:19am
Quoting Scrat
lol... so i'm not the only one who went big just when things started to mess around...
I started two weeks ago and it's been one loss after another. Almost all trades were with GBPUSD and a few of them had a stop loss set that in hindsight, was probably too close. Just a very bad two weeks. I'm still staying positive though. This system works well and I just need to stick to it. If GBPJPY closes with another bullish candle, that will be 5 or 6 daily bullish candles in a row. I think a decent correction would be in order and if so (praying like there's no tomorrow!), I want to ride that mother all the way down!
  • #822
  • Feb 23, 2007 6:31am Feb 23, 2007 6:31am
man your last words really made my day!!! i laughed my brains out...
don't want to disappoint you, but don't bet on it. by the way it acted these two weeks, the "correction" would be up not down. just kidding. anything can happen, right?
gee, look at g-u... what do you know, finally decided to take off. yeah...

Quoting G550
I started two weeks ago and it's been one loss after another. Almost all trades were with GBPUSD and a few of them had a stop loss set that in hindsight, was probably too close. Just a very bad two weeks. I'm still staying positive though. This system works well and I just need to stick to it. If GBPJPY closes with another bullish candle, that will be 5 or 6 daily bullish candles in a row. I think a decent correction would be in order and if so (praying like there's no tomorrow!), I want to ride that mother all the way down!
Nihil Sine Deo.
  • #823
  • Feb 23, 2007 6:46am Feb 23, 2007 6:46am
Quoting G550
I started two weeks ago and it's been one loss after another. ....
This week was not good for me (GBPUSD). However, last week which was my first week on this system, was excellent.
  • #824
  • Feb 23, 2007 6:46am Feb 23, 2007 6:46am
Quoting Scrat
man your last words really made my day!!! i laughed my brains out...
don't want to disappoint you, but don't bet on it. by the way it acted these two weeks, the "correction" would be up not down. just kidding. anything can happen, right?
gee, look at g-u... what do you know, finally decided to take off. yeah...
I'm not betting on anything that's for sure. But I read an article somewhere, maybe DailyFx where they talked about mounting daily candles in the same direction. I think it can go either way at this point, but I think if you look at any currency pair, you would be hard pressed to find upwards of six or seven daily candles in a row. Not that it hasn't happened, but it does not happen that frequently.

Either way, this system caters to both sides of the market so it doesn't matter. I just need a win, dammit!
  • #825
  • Feb 23, 2007 6:52am Feb 23, 2007 6:52am
Question for anyone using FX Sol...

Is there possibly a way to use the "Hedge" function on the GTS platform and incorporate it into the Daily Method in a way that would make sense?

Maybe I don't fully understand this functionality, but I was just wondering out loud for those who may be familiar with it. Thanks.
  • #826
  • Feb 23, 2007 7:07am Feb 23, 2007 7:07am
The hedge function just means you are opening a long and short position at the same time...for example...if you are long and hit hedge...it will open a short position in the same currency.. I don't see any application for this this funciton in this system.

On the other hand...the CAR (close and reverse) function...I have used several times...let's say i enter short on the pound yen...which i did yesterdday....and after thinking about it...i decided i would rather be long...so while i was in profit going short...i closed and reversed...opening a long...

I have used it a couple of times...

But the most powerful thing i have found so far to make this system work for me...is found in post 623 .
  • #827
  • Feb 23, 2007 7:15am Feb 23, 2007 7:15am
Quoting bholiday
The hedge function just means you are opening a long and short position at the same time...for example...if you are long and hit hedge...it will open a short position in the same currency.. I don't see any application for this this funciton in this system.

On the other hand...the CAR (close and reverse) function...I have used several times...let's say i enter short on the pound yen...which i did yesterdday....and after thinking about it...i decided i would rather be long...so while i was in profit going short...i closed and reversed...opening a long...

I have used it a couple of times...

But the most powerful thing i have found so far to make this system work for me...is found in post 623 .

Thanks for the reply and input. One more Q if you don't mind...then what do traders uses the hedge function for?? I know what it means - long and short at the same time, I just don't quite understand how you use it to trade currencies and why it would be beneficial.
  • #828
  • Feb 23, 2007 7:46am Feb 23, 2007 7:46am
Quoting SHR
This week was not good for me (GBPUSD). However, last week which was my first week on this system, was excellent.
What pair were you trading last week, GBPUSD or GBPJPY or both?
  • #829
  • Feb 23, 2007 8:10am Feb 23, 2007 8:10am
Don't like do TA with this system, however, I am taking my +63 pips and running. It brings me even for the week, and I'll take it considering the choppiness this week. EUR/USD is stalled at R2 anyway. I watch it with the Pound for correlations.
Life is too short to have anything but delusional notions about yourself.
  • #830
  • Feb 23, 2007 8:13am Feb 23, 2007 8:13am
Quoting bholiday
The hedge function just means you are opening a long and short position at the same time...for example...if you are long and hit hedge...it will open a short position in the same currency.. I don't see any application for this this funciton in this system.

On the other hand...the CAR (close and reverse) function...I have used several times...let's say i enter short on the pound yen...which i did yesterdday....and after thinking about it...i decided i would rather be long...so while i was in profit going short...i closed and reversed...opening a long...

I have used it a couple of times...

But the most powerful thing i have found so far to make this system work for me...is found in post 623 .
Sent you a PM.
  • #831
  • Edited 9:23am Feb 23, 2007 9:02am | Edited 9:23am
Quoting G550
What pair were you trading last week, GBPUSD or GBPJPY or both?
Last week only GBPUSD and I got 215 pips (demo account). I use T/P=40, since I do not sit at the computer all day.
  • #832
  • Feb 23, 2007 10:57am Feb 23, 2007 10:57am
are you sure that reversing position at b/e of trail would be a wise choice? because i've seen a lot of situations when the price retraced to 0/trail and then went back into the same direction.
maybe stay out will be a better choice.

Quoting C.E.O.

NOTE:
Anytime a BE or TRAIL is hit it will REVERSE POSITIONS!

I have some ideas on how to modify it to say whether to reverse, or stay out. This would also apply to a TP. If it was hit you would have the option to stay out, continue with trend or reverse. At this time it is all conceptual and i have no idea if it will work so dont count on it. Skyline would be MUCH better at doing this. I would also appreciate any coders to verify my code is correct, it works but seems SLOW.

Here are the trail options...

//TrailingStopType =1,2,3
//1 (default) to start trailing at 1*TrailingStop profit,
//2 To start trail immediately
//3 To limit by high/low of n:th prior candle

//TrailingStop
//For type 1 and 2, this would be your standard trail behind price by X
//For type 3 this will be the number of candles back to use as your stoploss


In my testing, any type of trail hinders performance, but someone may find better parameters.


Nihil Sine Deo.
  • #833
  • Feb 23, 2007 1:19pm Feb 23, 2007 1:19pm
I had also posted this on weekly system, which appeal most to me....

I would like to hear about the pairs tested... Which seems to be more profitable?

I think difersifying is a safer way to trade the system.
  • #834
  • Feb 23, 2007 1:54pm Feb 23, 2007 1:54pm
gbp-usd and gbp-jpy. the more volatile the pair is, the more chances for this system to be profitable. and let's not forget the most important thing: you need a trending market.

Quoting --Id--
I had also posted this on weekly system, which appeal most to me....

I would like to hear about the pairs tested... Which seems to be more profitable?

I think difersifying is a safer way to trade the system.
Nihil Sine Deo.
  • #835
  • Feb 23, 2007 8:09pm Feb 23, 2007 8:09pm
just want to register my apprication to all who has contributed to this system

i have been following this tread for 2-3 weeks already... the system look good and i have done some demo trade and some real one. Result has been positive. Thanks Tkimble and the rest who make the small modification to make the system to work better.

For me, i trade usually one day per week (due to busy with office work).. and has 2 TP.. like many here.. 1 at 50pips and another at 100pips. But will usually close after about 24hrs regards. I think because i only trade one day per week.. i properly has miss out in many of the draw down experience by others. lucky : BUT also many time miss out more profits. That is ok with me.. cos as long has profit.. small or big does not matter. KEY IS MUST MAKE PROFIT.
  • #836
  • Feb 23, 2007 8:31pm Feb 23, 2007 8:31pm
Hi, I am fairly new to all of this, and I was wondering if anyone could tell me how to set a SAR. Also, can anyone please explain how to take off only PART of your lot at your S/L, T/P so the rest of the lot can run? When I asked my "coach", he said it was easier to just enter with two (or more) lots and set different S/L and T/P points for each lot.

Thanx in advance!
  • #837
  • Feb 23, 2007 8:35pm Feb 23, 2007 8:35pm
Quoting --Id--
I had also posted this on weekly system, which appeal most to me....

I would like to hear about the pairs tested... Which seems to be more profitable?

I think diversifying is a safer way to trade the system.

Scrat is correct. Trend & volitility are key when choosing a pair. Others can be profitable too but you may want to adjust your SLs & TPs. You can't expect a 100 pip TP if it is expected to move 30 pips. See below (from SFO mag):

Average Daily Range (pips)

GBP/JPY 148
GBP/USD 142
EUR/CAD 125
EUR/AUD 122
GBP/CHF 117
USD/CHF 117
EUR/USD 101
EUR/JPY 99
USD/JPY 99
USD/CAD 92
AUD/JPY 73
NZD/USD 72
AUD/USD 67
CHF/JPY 67
EUR/CHF 47
EUR/GBP 34


Remember, the markets are always dynamic.
  • #838
  • Feb 24, 2007 1:52am Feb 24, 2007 1:52am
Quoting SynWind
just want to register my apprication to all who has contributed to this system

i have been following this tread for 2-3 weeks already... the system look good and i have done some demo trade and some real one. Result has been positive. Thanks Tkimble and the rest who make the small modification to make the system to work better.

For me, i trade usually one day per week (due to busy with office work).. and has 2 TP.. like many here.. 1 at 50pips and another at 100pips. But will usually close after about 24hrs regards. I think because i only trade one day per week.. i properly has miss out in many of the draw down experience by others. lucky : BUT also many time miss out more profits. That is ok with me.. cos as long has profit.. small or big does not matter. KEY IS MUST MAKE PROFIT.
I totally agree and also think this is the best way to profit longer term - get a quick return by locking in early profit, reduce market exposure and don't let the losing trades take all your profit..
  • #839
  • Edited 3:41am Feb 24, 2007 3:18am | Edited 3:41am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting yezbick
In order to view this document you will need to right click on it and then select save target as to your computer. It is based in excel.

Thanks again tKimble for introducing your system to forexfactory.

yezbick
Edit: Sorry, found the answer. Thanks.
  • #840
  • Edited 6:03am Feb 24, 2007 5:01am | Edited 6:03am
  •  Trader#0000
  • | Status: Unregistered Trader
I've been looking at different money management approaches (thanks bholiday for bringing it up) and by looking at yezbick's sheet I think its a good idea to double up after a loosing week especially for the daily method. This would take advantage of the higher probability that volatility will pick up after a low volatility/ranging week. Plus you don't have to go to extremes like the martingale method (which also seems to work with TK's trading if you have enough in your account).

But, we would need a lot more backtesting to be sure. Looks like a valid method though and I'll forward test it on a demo.

There is also this option: http://www.forexfactory.com/showpost...5&postcount=48
http://www.forexfactory.com/showpost...6&postcount=52

Any comments welcomed.

Have a nice weekend.

PS: Could anyone following the original rules (with no TP or max losses) post their results for this week? Thanks
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