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Part Time Wealth Building Trading System - Daily Scalping

  • #1,001
  • Mar 1, 2007 1:14pm Mar 1, 2007 1:14pm
thanks JillB.
  • #1,002
  • Edited 1:27pm Mar 1, 2007 1:25pm | Edited 1:27pm
Quoting JillyB
I'm still only trading the cable and had three really successful weeks. Today was my first losing trade of the last three weeks. How? Well I've changed the exit strategy. As I tend to be a nervous trader, I've found that I like to bank profits before I leave for work in the morning - so I exit the trade between 8.00am and 8.30am. Ok, so I've missed a couple of 100 pip wins, but I've also bagged smaller profits.

I'm up 361 pips in the last three weeks. I've backtested this theory against the method for holding all day and it does comparably well. As I said you don't get the huge pip profit days, but you do consistently bag 30-40 pips overnight on an average night.

I've found that the best take-profit limit order for overnight is 60 pips (which still gives a risk/reward ratio of 1 to 1.5 - which is acceptable). If I'd had that set the night before last I would have added an additional 27 pips to the total. But still, I'm happy with this.

Thanks for the strategy, Tkimble. I hope you don't mind that I've altered it to suit my own trading style.
JillyB,

Any chance of outlining exactly how you are operating this method,as the difference in performance against bmcorcoran is vast.

What timezone do you exit 8.00 to 8.30

Cheers
  • #1,003
  • Mar 1, 2007 1:36pm Mar 1, 2007 1:36pm
Quoting JillyB
I'm still only trading the cable and had three really successful weeks. Today was my first losing trade of the last three weeks. How? Well I've changed the exit strategy. As I tend to be a nervous trader, I've found that I like to bank profits before I leave for work in the morning - so I exit the trade between 8.00am and 8.30am. Ok, so I've missed a couple of 100 pip wins, but I've also bagged smaller profits.

I'm up 361 pips in the last three weeks. I've backtested this theory against the method for holding all day and it does comparably well. As I said you don't get the huge pip profit days, but you do consistently bag 30-40 pips overnight on an average night.

I've found that the best take-profit limit order for overnight is 60 pips (which
still gives a risk/reward ratio of 1 to 1.5 - which is acceptable). If I'd had that set the night before last I would have added an additional 27 pips to the total. But still, I'm happy with this.

Thanks for the strategy, Tkimble. I hope you don't mind that I've altered it to suit my own trading style.
Nice trading JillyB. - I chek with you plz - you enter on market price at 00.01gmt with 40 stopped loss and 60 targetted profits and still you use the 3 day rule for buy or sell choose? You close trade each day 8 -8.30gmt? Do I have this ok?
Thanks to you

DW
  • #1,004
  • Mar 1, 2007 1:50pm Mar 1, 2007 1:50pm
Quoting FOURX
JillyB,

Any chance of outlining exactly how you are operating this method,as the difference in performance against bmcorcoran is vast.

What timezone do you exit 8.00 to 8.30

Cheers
FourX

My timezone is UK - GMT time.

Driftwood

Yes, I've kept all the other rules the same. If there are three daily candles the same - then I change direction.

The only things I've changed is that :-

  1. I exit the trade between 8.00am and 8.30am GMT.
  2. I have a 60 pip target for profit.
  3. I only place one trade per day.
  4. I don't trade on Non-Farm Payroll days

All the rest is the same as Tkimble's rules for trading the GBP/USD.

Hope this helps

  • #1,005
  • Mar 1, 2007 2:56pm Mar 1, 2007 2:56pm
Quoting JillyB
FourX

My timezone is UK - GMT time.

Driftwood

Yes, I've kept all the other rules the same. If there are three daily candles the same - then I change direction.

The only things I've changed is that :-

  1. I exit the trade between 8.00am and 8.30am GMT.
  2. I have a 60 pip target for profit.
  3. I only place one trade per day.
  4. I don't trade on Non-Farm Payroll days

All the rest is the same as Tkimble's rules for trading the GBP/USD.

Hope this helps


Hi Jilly,

Thanks for your quick reply.

Point 3. Are you saying you don't do SAR.

Also, when you have a reverse day,do you trade the next day in that direction ,even if it crosses the weekend?

cheers
  • #1,006
  • Mar 1, 2007 3:01pm Mar 1, 2007 3:01pm
Quoting JillyB
FourX

My timezone is UK - GMT time.

Driftwood

Yes, I've kept all the other rules the same. If there are three daily candles the same - then I change direction.

The only things I've changed is that :-

  1. I exit the trade between 8.00am and 8.30am GMT.
  2. I have a 60 pip target for profit.
  3. I only place one trade per day.
  4. I don't trade on Non-Farm Payroll days

All the rest is the same as Tkimble's rules for trading the GBP/USD.

Hope this helps

Yes it does - thanks to you. I was not clear if you placed trade at market close 22.01gmt or 00.01gmt - now you have made clear

DW
  • #1,007
  • Mar 1, 2007 3:39pm Mar 1, 2007 3:39pm
Quoting FOURX
Hi Jilly,

Thanks for your quick reply.

Point 3. Are you saying you don't do SAR.

Also, when you have a reverse day,do you trade the next day in that direction ,even if it crosses the weekend?

cheers
Hi FourX

Yes, that's right - no SAR. Just the one trade.

Yes, you're also right about the change in direction over the weekend. Even if it's across a weekend I will change direction the next trading day. (I don't count any Sunday candles in what I do though - only Monday to Friday.)
  • #1,008
  • Mar 1, 2007 4:20pm Mar 1, 2007 4:20pm
Quoting JillyB
Hi FourX

Yes, that's right - no SAR. Just the one trade.

Yes, you're also right about the change in direction over the weekend. Even if it's across a weekend I will change direction the next trading day. (I don't count any Sunday candles in what I do though - only Monday to Friday.)
Hello JillyB - I sorry I forget to ask what charts and feed you use plz? You will be sell today?

Thanks to you,
DW
  • #1,009
  • Mar 1, 2007 4:49pm Mar 1, 2007 4:49pm
Quoting driftwood
Hello JillyB - I sorry I forget to ask what charts and feed you use plz? You will be sell today?

Thanks to you,
DW
I trade with CMC and use their charts. At the moment it does look as if it will be a sell trade at midnight GMT.
  • #1,010
  • Mar 1, 2007 5:20pm Mar 1, 2007 5:20pm
Quoting JillyB
I trade with CMC and use their charts. At the moment it does look as if it will be a sell trade at midnight GMT.
  • #1,011
  • Mar 1, 2007 9:22pm Mar 1, 2007 9:22pm
I havent had a whole lot of time to work on this lately except let the EA run on a demo account and tweak the settings for other pairs. I am having a problem with it closing all my orders at 1700. It never closes them all, and my guess would be that it is timing out trying to close 6 orders at the same time.

Skyline, maybe you would have some input on that. Maybe a sleep/resend. I am using the 1.0ETEST I modified several posts back. Nothing is showing errors in my journal so I may have just messed up the code. I have been experimenting with TP also. I have been looking at somewhere around 90% ADR. I figure if you can capture that then you cant ask for much more.
  • #1,012
  • Mar 1, 2007 9:39pm Mar 1, 2007 9:39pm
Quoting JillyB
FourX

My timezone is UK - GMT time.

Driftwood

Yes, I've kept all the other rules the same. If there are three daily candles the same - then I change direction.

The only things I've changed is that :-

  1. I exit the trade between 8.00am and 8.30am GMT.
  2. I have a 60 pip target for profit.
  3. I only place one trade per day.
  4. I don't trade on Non-Farm Payroll days

All the rest is the same as Tkimble's rules for trading the GBP/USD.

Hope this helps

Hi Jilly,
Great work making pips on Cable recently -- the whipsawing has been a challenge.

I may be a little slow, but I thought you mentioned many posts ago that you determined that 15:30 GMT was the best time to exit -- but in this post you are exiting at 8:30 GMT because you are going to work. If that is correct, then London is just beginning to open and you have really just been in the Asian market if you entered at 0:00 GMT per tk's rules.

Did I understand this correctly?

Thanks, Jim
  • #1,013
  • Mar 1, 2007 9:41pm Mar 1, 2007 9:41pm
Have you considered using either the Rhythm or Daily Scalp EA? Or do you want to have the "feel for the market" like tk?

Thanks, Jim
  • #1,014
  • Mar 2, 2007 2:26am Mar 2, 2007 2:26am
Quoting pipcollector
Hi Jilly,
Great work making pips on Cable recently -- the whipsawing has been a challenge.

I may be a little slow, but I thought you mentioned many posts ago that you determined that 15:30 GMT was the best time to exit -- but in this post you are exiting at 8:30 GMT because you are going to work. If that is correct, then London is just beginning to open and you have really just been in the Asian market if you entered at 0:00 GMT per tk's rules.

Did I understand this correctly?

Thanks, Jim
Hi Jim,

Yes, you're quite right I did say that. I it was my intention to leave the trade on while I went to work. However, I'm a bit of a coward sometimes and when I look at my account in the morning before I go to work and see that I'm up 30 or 40 pips, I just couldn't let it go and had to bank the pips before I left.

It's my own fault for being a cowardly trader.

But then I started to notice, that by doing this I was actually making more pips than the buy/sell and hold till 15.30GMT or 23.00GMT (whichever one you do.)

Yes, you don't get the massive wins that come with the London movement and I will miss +100 pip targets. But equally you don't get the massive drawdowns that they system can give. In short, doing this gives more consistent - but smaller - profits.

I'm the sort of trader that finds large drawdowns very hard to deal with, so this system seems to suit me better. It still has losing trades, but there are fewer of them - which makes the figures stack up better.

Overall it appears to produce around about the same amount of pips as the buy/sell and hold till the close system - just in a slightly different way.

Oh, forgot to add that I use CMC to trade with so I can't use the EA's.
  • #1,015
  • Edited 4:30am Mar 2, 2007 3:54am | Edited 4:30am
No doubt this has been a fantastic week for tk system followers with their various adaptions..

Generally I think the less restrained the system the better it will perform ..for example I am trading GBP/GPY with an EA SAR at B/E after +40 which today was whipped back for 2 early losses around London open time. Without that I would still in a nice short trade with the rest of the weeks trades remaining largely unaffected...so next week I may allow the system more slack and hopefully avoid the London open choppy action...
  • #1,016
  • Mar 2, 2007 6:36am Mar 2, 2007 6:36am
probably the best week so far since I switched to the daily and only traded the cable...anyone up +900 pips on guppy?? Im not but just wondering.....im +300
CRAIGSLIST BARTERING CHAMPION
  • #1,017
  • Mar 2, 2007 8:10am Mar 2, 2007 8:10am
Quoting skyline
You can use the same EA over the same pair with different timeframe since the magic number is unique and calculated for each pair and timeframe. So at the end you will have the EA running for example with GBPUSD on H1 and GBPUSD on M30 (that it should works fine too over that timeframe).
Anyway i never tried directly what you want to do , so pls try and report if it's work as I'm guessing.

P.S. : Looking more deeply how is working EA should work fine with all timeframe (not only in H1 timeframe as I stated on EA), but I didn't checked yet, if someone could check for me it will be great
HI,

I tried setting Ea on 2 graph with different TF and it works fine. It opens 2 orders with diff Magic number.
I just have a strange behavior today on Gbpjpy. At 00:01 it open a SELL order on 30M and a BUY order on the 1H. It worked fine for Gbpusd with 2 SELL.
Any explaination ?
I joined statement and screen

Thanks

Thierry
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  • #1,018
  • Mar 2, 2007 8:13am Mar 2, 2007 8:13am
Quoting hondakorn
probably the best week so far since I switched to the daily and only traded the cable...anyone up +900 pips on guppy?? Im not but just wondering.....im +300
My first full week on the daily with only GBPJPY as well. I have collected just over 200 pips. I had my take profit set to 100 this morning and that was hit around 5am. Shortly thereafter, it dropped significantly. Oh well...I'm up 200 for the week. I should be happy about that! And I am!!
  • #1,019
  • Mar 3, 2007 8:58am Mar 3, 2007 8:58am
Quoting G550
My first full week on the daily with only GBPJPY as well. I have collected just over 200 pips. I had my take profit set to 100 this morning and that was hit around 5am. Shortly thereafter, it dropped significantly. Oh well...I'm up 200 for the week. I should be happy about that! And I am!!
Same here. 217 pips for the week on the GJ. Certainly could have had 400 on Tuesday Daily, and 1000 on the weekly, but I'm happy with the 217.

I have begun to do some slight modifications to the daily similar to JillyB's post above, and also to take advantage of my brokers trailing stop feature. I do have MT4 also but do not use EA's.

I have begun to move to BE after 40 pips and then if it keeps moving to use some sort of trailing stop as well as a 100 TP. This certainly has cost me the big huge moves but, but if you go back to TK's spread sheet and look at what 150 pips a week (give or take) can do, just cutting down on a few whips and taking 40 or 50 here and there during the week can get you there as well. A little more discretion maybe than simply being totally mechanical with the daily rules, but it works. More than one way to skin a cat I guess.
  • #1,020
  • Mar 4, 2007 10:01am Mar 4, 2007 10:01am
Quoting grajo
Same here. 217 pips for the week on the GJ. Certainly could have had 400 on Tuesday Daily, and 1000 on the weekly, but I'm happy with the 217.

I have begun to do some slight modifications to the daily similar to JillyB's post above, and also to take advantage of my brokers trailing stop feature. I do have MT4 also but do not use EA's.

I have begun to move to BE after 40 pips and then if it keeps moving to use some sort of trailing stop as well as a 100 TP. This certainly has cost me the big huge moves but, but if you go back to TK's spread sheet and look at what 150 pips a week (give or take) can do, just cutting down on a few whips and taking 40 or 50 here and there during the week can get you there as well. A little more discretion maybe than simply being totally mechanical with the daily rules, but it works. More than one way to skin a cat I guess.
It's tough to watch a weekly total of 1000 pips go by as you only collect 200 or so, but 200 is very, very good! And just like you said, 150 pips a week adds up big time. I think the biggest thing for me is that my acct is so small at the moment that a 200 pip gain does not amount to much. Percentage wise, it's outstanding. In terms of dollars, not too much. But as the acct grows and grows, I think 50-100 pips will be quite nice.

Those big weeks will come back again and hopefully we'll be able to take advantage of that.
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