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Part Time Wealth Building Trading System - Daily Scalping

  • #1,021
  • Edited 11:00am Mar 4, 2007 10:43am | Edited 11:00am
yeap... it was. i got 200 pips on g-j at the beginning of the week and then i only focused on g-u; tough decision for me. anyway, i learned a valuable lesson about patience.
but still, 200 pips are very good for a week. at 5% used margin, it means a net profit of 10% of your total account - not too bad at all.
looking forward to next week.

Quoting G550
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.
Nihil Sine Deo.
  • #1,022
  • Mar 4, 2007 11:27am Mar 4, 2007 11:27am
Hi all.

Please correct me if I'm wrong as I'm sure someone will.

For this system would the trades be for Monday:


G/U Long after 3 days down
U/C Short after 1 day down
G/J Short after 2 days down
E/U Long after 1 day up
U/J Short after 2 days down
A/U Short after 2 days down

Cheers
  • #1,023
  • Mar 4, 2007 2:58pm Mar 4, 2007 2:58pm
Quoting FOURX
Hi all.

Please correct me if I'm wrong as I'm sure someone will.

For this system would the trades be for Monday:


G/U Long after 3 days down
U/C Short after 1 day down
G/J Short after 2 days down
E/U Long after 1 day up
U/J Short after 2 days down
A/U Short after 2 days down

Cheers
As far as the GBP/USD goes, I have Wednesday as a bull candle (this is how different time zones and data feeds can give differing results) which means I should still go short tomorrow (Monday) at midnight GMT.

However the price is now resting on an up trendline on the daily chart which goes back to March 2006. This is the third touch of it.

There is also a bullish divergence on the RSI on a 4 hr chart - which also signals caution. (I also trade the Fozzy method - as Coolshades will know and I find the RSI setting used there gives excellent divergence signals as well).

Therefore FourX, I think your premise of going long on the GBP/USD may be correct. However for me it would be against the Tkimble trading rules and be a discretionary trade - which I'm not happy with. Therefore I might stand aside.
  • #1,024
  • Mar 4, 2007 5:56pm Mar 4, 2007 5:56pm
I set a take profit at 150 pips for GBPJPY and it was hit already! Geez, what a great start already!
  • #1,025
  • Mar 4, 2007 6:04pm Mar 4, 2007 6:04pm
+248 for me...this has to be a good sign of things to come haha
CRAIGSLIST BARTERING CHAMPION
  • #1,026
  • Mar 4, 2007 6:12pm Mar 4, 2007 6:12pm
Quoting skyline
Thx a lot Alamanjani ! I'm glad that you find useful this little EA
Well I think those 2 changes could be coded in the EA without change the meaning of the original rules since are some basic common routines that every EA should get in. So I think in next version v1.0f I will add them and you will test if EA will work fine eheheh

Skyline, don't get mad, but I was wrong about trailing stop and exit break even at xy pips.

I forgot, this is SAR system. So when you get stopped out with trailing stop on some pullback, you automatically enter in opposite direction since this is SAR. What mean, if you have nice day as last few days, with big move, you may actually leave a lot if not most of pips on the table when you should pocket a nice gain.

So, your EA as is now is already perfect and in my opinion don't need any additional stops.

Those stops would work only, if you would enter, trade only one trade. Then of course you want to protect your gain.

Just out of curiosity.... If I would enter MaxLossesTradesPerDay=0 would then EA trade only one trade and stop after it, regardless of gain/loss?

Man, GBP.JPY down 330 pips while I'm writing this! I'm gonna take a profit lol
  • #1,027
  • Mar 4, 2007 6:19pm Mar 4, 2007 6:19pm
Quoting alamanjani
Man, GBP.JPY down 330 pips while I'm writing this! I'm gonna take a profit lol
I exited at 390 pips. wau! Tkimble and Skyline, thank you!
  • #1,028
  • Mar 4, 2007 6:25pm Mar 4, 2007 6:25pm
Quoting alamanjani
I exited at 390 pips. wau! Tkimble and Skyline, thank you!

Me too. +377 and out till tomorrow evening, not a bad hour and a half on a Sunday evening EST.

I'm not using EA, just flying manually.

I missed out on last weeks 400+ pip day by TP at 100. Learned my lesson!
  • #1,029
  • Mar 4, 2007 6:33pm Mar 4, 2007 6:33pm
Quoting grajo
I'm not using EA, just flying manually.

I missed out on last weeks 400+ pip day by TP at 100. Learned my lesson!
I'm using EA as most of the time I will not be able to watch the market.

I'm trying both ways :-) One EA with TP=100 and another without. So I actually averaged today 245. This is live account (but micro lol)

On demo account I placed 5 EA's with TP=60, TP=80, TP=120, TP=180 and no TP. This demo account averaged around 400 pips last week.

I will run this demo setup for several months to see how it does.
  • #1,030
  • Mar 4, 2007 6:52pm Mar 4, 2007 6:52pm
well, it seems the gbp/jpy has hit some support at the 222.70 which coincidentally is a Fib level (this pair seems to live by Fibonacci)...

was this our retracement or will it continue, i don't mind either way.

the next support i see south is 217.16(ish)
  • #1,031
  • Mar 4, 2007 7:25pm Mar 4, 2007 7:25pm
Quoting grajo
I missed out on last weeks 400+ pip day by TP at 100. Learned my lesson!
I clearly haven't yet!! Ahh...another day of kicking myself in the arse!
  • #1,032
  • Mar 4, 2007 7:30pm Mar 4, 2007 7:30pm
Quoting grajo
Me too. +377 and out till tomorrow evening, not a bad hour and a half on a Sunday evening EST.

I'm not using EA, just flying manually.

I missed out on last weeks 400+ pip day by TP at 100. Learned my lesson!
Don't learn a lesson. Fear & greed are your enemies. Look at the charts. How often do the pairs move like this?

You made a smart move and you will make money while others complain during whips.

However, you can always do both. Split your lot. Lot 1, TP at 100, Lot 2 at +100, Move SL to +50 and let it ride... <--Mr. Greed talkin
  • #1,033
  • Mar 4, 2007 7:35pm Mar 4, 2007 7:35pm
See this link...

http://www.forexfactory.com/showpost...postcount=1248

TK...
  • #1,034
  • Mar 4, 2007 8:15pm Mar 4, 2007 8:15pm
Quoting ryanmel
well, it seems the gbp/jpy has hit some support at the 222.70 which coincidentally is a Fib level (this pair seems to live by Fibonacci)...

the next support i see south is 217.16(ish)

Yes, August and September 2006 low. I also have one support at 220. Based on chart and also round number But I'm still learning, so this 220 is so-so

About Fib's, where did you start, where is bottom point? (i can find top lol)
  • #1,035
  • Mar 4, 2007 9:25pm Mar 4, 2007 9:25pm
alamanjani

you could go with the lowest low which is 189.51 from January 2005, that gives 38.2% as 221.63. i think this is the proper way to do it.

i went with the low in late July 2005 of 192.63 as that's where i have my trend line drawn from which gave me the 222.82 to be exact.
the only reason i drew the trend line from there is that it touches the line at more points then the previous low. this is just my method, and drawing trend lines has many theories.

although the two sums are over 100 pips apart, in the grand scheme of things they are both close enough to each other. you would need to zoom in further than a daily to start looking for more accuracy using price action.

again... my opinion only. this probably doesn't belong in the daily scalp thread either sorry...
  • #1,036
  • Mar 5, 2007 3:47am Mar 5, 2007 3:47am
Quoting alamanjani
Skyline, don't get mad, but I was wrong about trailing stop and exit break even at xy pips.

I forgot, this is SAR system. So when you get stopped out with trailing stop on some pullback, you automatically enter in opposite direction since this is SAR. What mean, if you have nice day as last few days, with big move, you may actually leave a lot if not most of pips on the table when you should pocket a nice gain.

So, your EA as is now is already perfect and in my opinion don't need any additional stops.

Those stops would work only, if you would enter, trade only one trade. Then of course you want to protect your gain.

Just out of curiosity.... If I would enter MaxLossesTradesPerDay=0 would then EA trade only one trade and stop after it, regardless of gain/loss?

Man, GBP.JPY down 330 pips while I'm writing this! I'm gonna take a profit lol
Ok there's no problem Alamanjani since I didn't modify the EA yet
If you put MaxLossesTradesPerDay , the EA should prevent to enter any order, because to get 0 losses in a day you have to have no trade in the day
To limit to only 1 trade (tp or sl hit) you have to put it to 1.

cya,
Skyline
  • #1,037
  • Mar 5, 2007 5:24am Mar 5, 2007 5:24am
Quoting skyline
Ok there's no problem Alamanjani since I didn't modify the EA yet
If you put MaxLossesTradesPerDay , the EA should prevent to enter any order, because to get 0 losses in a day you have to have no trade in the day
To limit to only 1 trade (tp or sl hit) you have to put it to 1.

cya,
Skyline
Hi Skyline

Is "e" the latest version at the moment?
Regards
  • #1,038
  • Mar 5, 2007 5:27am Mar 5, 2007 5:27am
Quoting howard
Hi Skyline

Is "e" the latest version at the moment?
yes it is

cya,
Skyline
  • #1,039
  • Mar 5, 2007 8:10am Mar 5, 2007 8:10am
Quoting howard
Hi Skyline

Is "e" the latest version at the moment?
Can somebody tell me where i can find that to EA to play around with?
regards
Ronny
Liberate me ex inferis
  • #1,040
  • Mar 5, 2007 8:20am Mar 5, 2007 8:20am
Quoting Ronyn76
Can somebody tell me where i can find that to EA to play around with?
regards
Ronny

See post 650
Regards
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