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Part Time Wealth Building Trading System - Daily Scalping

  • #881
  • Feb 26, 2007 8:42am Feb 26, 2007 8:42am
Quoting Scrat
if you were following tk's rules, you should have already entered about 15 hours ago.
i don't think it's a good idea to enter g-u at this moment, still not clear where it's heading. maybe later.
If you want to look at S/R levels as an aside to TK's system, 9650 upwards to 9680 would be the initial targets. Beyond that, 9750 is very strong. On the bottom side, breaking below 9600 might suggest 9550 would be the next target. Although as it has a tendency to do so, a spike downward/upward followed by a reversal is quite possible. And then it will just sit around comfortably in a range, pissing everyone off along the way.

Just my opinion...
  • #882
  • Feb 26, 2007 8:51am Feb 26, 2007 8:51am
Hi everyone
My question is this
I want to split my order in half , 1 half tp @ 50 , 1 half let no tp . But I want to trade 1 mini lot only .
How can I split one mini lot ? (I am using ifbx )
Thanks in advance for your help
  • #883
  • Feb 26, 2007 10:37am Feb 26, 2007 10:37am
if g/j closes at where it is now say 236.72-81,tuesday it should be long or short according to Tk,somebody pls help
  • #884
  • Feb 26, 2007 11:07am Feb 26, 2007 11:07am
Quoting manya42
Hi everyone
My question is this
I want to split my order in half , 1 half tp @ 50 , 1 half let no tp . But I want to trade 1 mini lot only .
How can I split one mini lot ? (I am using ifbx )
Thanks in advance for your help
short answer is you can't - Oanda offer trades with as little as $1 though...
  • #885
  • Feb 26, 2007 11:10am Feb 26, 2007 11:10am
Good day for locking in those profits; straddle @ 50 and 100 using the daily scalping expert..
  • #886
  • Feb 26, 2007 11:36am Feb 26, 2007 11:36am
Quoting sanjaysingh21k
if g/j closes at where it is now say 236.72-81,tuesday it should be long or short according to Tk,somebody pls help
I believe it would be a short entry. But double check the daily candles. Basically, you go in the direction of the previous day. IF, however, there have been three days in a row with the same candle (i.e, bullish or bearish candle), you are supposed to enter in reverse. So if today closes at those levels you established, and today was the third day in a row that it closed lower than the open (bearish candle), then you would place a buy @ market for tomorrow. Although I think today will only be the second bearish daily candle.
  • #887
  • Feb 26, 2007 11:39am Feb 26, 2007 11:39am
Quoting manya42
Hi everyone
My question is this
I want to split my order in half , 1 half tp @ 50 , 1 half let no tp . But I want to trade 1 mini lot only .
How can I split one mini lot ? (I am using ifbx )
Thanks in advance for your help
Have you tried to right-click on your order in the terminal, and then change the volume from 1.00 to 0.50. Then hit "Close". I think that will work for you.
  • #888
  • Feb 26, 2007 12:09pm Feb 26, 2007 12:09pm
Thanks B-ROCK .
It is working
  • #889
  • Feb 26, 2007 12:44pm Feb 26, 2007 12:44pm
Hi:

After all what is the final SAR for the GBPJPY pair 40 or 50 pips ?

Thanks
Yankey
  • #890
  • Feb 26, 2007 1:03pm Feb 26, 2007 1:03pm
Quoting Yakovzvi
Hi:

After all what is the final SAR for the GBPJPY pair 40 or 50 pips ?

Thanks
Yankey
Per the original rules, it is 40 pips. However some have modified it to 50 pips. In the end, it's up to you. If you are comfortable with 50, that might be a better idea simply because of the volatility of the pair.
  • #891
  • Feb 26, 2007 1:04pm Feb 26, 2007 1:04pm
Quoting G550
Per the original rules, it is 40 pips. However some have modified it to 50 pips. In the end, it's up to you. If you are comfortable with 50, that might be a better idea simply because of the volatility of the pair.

Thank you very much.
  • #892
  • Feb 26, 2007 1:22pm Feb 26, 2007 1:22pm
TK is using 40
Regards
  • #893
  • Edited 2:29pm Feb 26, 2007 1:36pm | Edited 2:29pm
just a quick note: judging by the results so far, tomorrow's trades would start with a short for both g-u and g-y. i'm not trading g-u until i see a trend starting - probably tomorrow after the news.
anyway, i'll be back later on with the actual trades.
Nihil Sine Deo.
  • #894
  • Feb 26, 2007 2:39pm Feb 26, 2007 2:39pm
Quoting Scrat
trades for Monday:
- g-u: long @ 1.9635, SL @ -40 pips, TP @ +50 pips (i have a hunch it won't pass beyond 1.9700, if even go there - FOR NOW). i will NOT place a reverse at SL, because 1.9595 seems to be a delicate area. just wait for more clues before placing a short or a long around 1.9595.
- g-y: short @ 237.65, SL @ -50 pips, TP @ +100 pips

don,t understand the above my last candle on gu was down (for a short trade)
and gy candle was up for a long ??

or were you going strictly on the previous days trend (for the whole day)
  • #895
  • Feb 26, 2007 2:49pm Feb 26, 2007 2:49pm
Quoting Scrat
just a quick note: judging by the results so far, tomorrow's trades would start with a short for both g-u and g-y. i'm not trading g-u until i see a trend starting - probably tomorrow after the news.
anyway, i'll be back later on with the actual trades.
how nacn you tell what tommorows trades are allready??

thanks
gary

oh thanks to scrat as well i forgot to sign out.
  • #896
  • Feb 26, 2007 3:48pm Feb 26, 2007 3:48pm
Quoting barney
how nacn you tell what tommorows trades are allready??

thanks
gary

oh thanks to scrat as well i forgot to sign out.
Barney-

The trades for tomorrow are actually today. You look at the last daily candle. Depending on your platform, this can range from 3pm EST - 7pm EST, or thereabouts. Let's say your platform registers a close on todays daily candle at 5pm EST. What was the direction? Was it bearish or bullish? If bullish, then you enter a market order to go long, or to buy. If it was a bearish candle, then you enter a market order to sell. And don't forget your SAR (stop and reverse) orders which are 40 pips away.

For example, my broker closes the days candle at 3pm. Since I knew before the close that GBPJPY had lost a lot since the open (a bearish day), I would be entering a short or sell order upon my next entry into the market, which would be right after 3pm in my case. Although I usually wait until 5pm or so, just my preference as I think 3pm is a bit early.

Hope this helps.
  • #897
  • Edited 6:32pm Feb 26, 2007 6:20pm | Edited 6:32pm
the trades for tomorrow (Tuesday):
- g-y: short @ 236.98, SL = -50pips, TP = +100pips
- g-u: short @ 1.9629, SL = -40pips, TP = +40pips (again, i'm not trading g-u because it is still within a tight range; i'm going to watch it closely over the night because i don't want to miss the next ride). i don't recommend trading this pair, yet. maybe tomorrow.
if you're asking yourself why short on g-u (because yesterday candle was a doji)... well it's just what i think about the next move. you might as well go with a long if you're willing to take the risk of trading such a ranging pair.
good luck.
Nihil Sine Deo.
  • #898
  • Feb 26, 2007 6:24pm Feb 26, 2007 6:24pm
Quoting Scrat
the trades for tomorrow (Tuesday):
- g-y: short @ 236.98, SL = -50pips, TP = +100pips
- g-u: short @ 1.9629, SL = -40pips, TP = +50pips (again, i'm not trading g-u because it is still within a tight range; i'm going to watch it closely over the night because i don't want to miss the next ride). i don't recommend trading this pair, yet. maybe tomorrow.
good luck.
Hey Scrat, just to confirm as after reading your post I want to make sure. When do you enter the trades for the next day? I want to make sure I didn't post incorrect info. Thanks.
  • #899
  • Feb 26, 2007 6:42pm Feb 26, 2007 6:42pm
sometime between 23-24 gmt.

Quoting G550
Hey Scrat, just to confirm as after reading your post I want to make sure. When do you enter the trades for the next day? I want to make sure I didn't post incorrect info. Thanks.
Nihil Sine Deo.
  • #900
  • Feb 26, 2007 7:09pm Feb 26, 2007 7:09pm
Quoting barney
how nacn you tell what tommorows trades are allready??

thanks
gary

oh thanks to scrat as well i forgot to sign out.
See Scrat's last post. Entry is between 23-24 GMT. Which is 6 -7 pm EST.
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