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Part Time Wealth Building Trading System - Daily Scalping

  • #1,141
  • Mar 8, 2007 11:07am Mar 8, 2007 11:07am
Thanks, Don. I'm going to try your exit time and the pairs you're trading.I'm gong to ditch GBPUSD. It's really not doing well. I'm using IB FX as well. And I agree, I think this system is perfect for and EA. It's a simple system.



Quoting traderone
No manual intervention. My exit time is set to 16.

I don't want to leave out Skyline. So, here is a statement for 1.0e since around Feb 20. I am trading the Cable and the GBPJPY. This is one of the reasons that I started analyzing other pairs. Cable is down -147 pips while in the same time the GBPJPY is over +500. No intervention here either. Just let it rip on I B F X. Which does daily candles at 7 PM EST.
  • #1,142
  • Mar 8, 2007 11:07am Mar 8, 2007 11:07am
Quoting petersurrey
Guppy ( GBP/JPY) has peformed considerably better than cable recently - maybe worth a try?..or combine the two...
Thank you for the advice, I will try it.
  • #1,143
  • Mar 8, 2007 11:13am Mar 8, 2007 11:13am
Quoting Eureka
Thanks, Don. I'm going to try your exit time and the pairs you're trading.I'm gong to ditch GBPUSD. It's really not doing well. I'm using IB FX as well. And I agree, I think this system is perfect for and EA. It's a simple system.
I hesitate to abandon the Cable completely, because we all know it will have a couple of months where it marches 1000 pips in one direction. But for right now, I am using the ATR on the MT4 platform, setting on 20. I get rid of the line by setting the color the same as the background and just look at the number given. (This is on the daily chart). Looks like right now EURJPY has more daily range than Cable. And that helps for this system.
Don Life is expensive, but includes a free trip around the sun.
  • #1,144
  • Mar 8, 2007 11:21am Mar 8, 2007 11:21am
Yeah, I guess we need to put it on the back burner for now.

Quoting traderone
I hesitate to abandon the Cable completely, because we all know it will have a couple of months where it marches 1000 pips in one direction. But for right now, I am using the ATR on the MT4 platform, setting on 20. I get rid of the line by setting the color the same as the background and just look at the number given. (This is on the daily chart). Looks like right now EURJPY has more daily range than Cable. And that helps for this system.
  • #1,145
  • Mar 8, 2007 11:23am Mar 8, 2007 11:23am
If I remember right, Kimble is not trading the pound now. Only Guppy.

Quoting traderone
I hesitate to abandon the Cable completely, because we all know it will have a couple of months where it marches 1000 pips in one direction. But for right now, I am using the ATR on the MT4 platform, setting on 20. I get rid of the line by setting the color the same as the background and just look at the number given. (This is on the daily chart). Looks like right now EURJPY has more daily range than Cable. And that helps for this system.
  • #1,146
  • Mar 8, 2007 11:23am Mar 8, 2007 11:23am
Quoting traderone
What time of day do you get your daily candles? Thanks.

daily candle opens at 6pm EST for me.

Regards
  • #1,147
  • Mar 8, 2007 11:24am Mar 8, 2007 11:24am
I think you are right.

TKimble is one smart guy.
Don Life is expensive, but includes a free trip around the sun.
  • #1,148
  • Mar 8, 2007 11:26am Mar 8, 2007 11:26am
He sure is and he's been really quiet lately. I always look forward to his posts.
Quoting traderone
I think you are right.

TKimble is one smart guy.
  • #1,149
  • Mar 8, 2007 11:27am Mar 8, 2007 11:27am
Quoting traderone
I hesitate to abandon the Cable completely, because we all know it will have a couple of months where it marches 1000 pips in one direction. But for right now, I am using the ATR on the MT4 platform, setting on 20. I get rid of the line by setting the color the same as the background and just look at the number given. (This is on the daily chart). Looks like right now EURJPY has more daily range than Cable. And that helps for this system.
please forgive my ignorance but, can you explain the ATR indicator? you can send me a PM if you consider this not relevant for the thread.

Thanks
  • #1,150
  • Mar 8, 2007 11:36am Mar 8, 2007 11:36am
Quoting traderone
I hesitate to abandon the Cable completely, because we all know it will have a couple of months where it marches 1000 pips in one direction. But for right now, I am using the ATR on the MT4 platform, setting on 20. I get rid of the line by setting the color the same as the background and just look at the number given. (This is on the daily chart). Looks like right now EURJPY has more daily range than Cable. And that helps for this system.
Hi, Tradeone,

Would you mind share your knowledge a little bit for newbie
on how to use the ATR ???

What is 20 and/or 30 stand for ?

Thanks in Advance,

Renefx
  • #1,151
  • Mar 8, 2007 11:46am Mar 8, 2007 11:46am
Is there anywhwere on this thread which shows simple step by step instructions how to set up skylines' EA and be able to adapt TP and lot sizes etc.etc. I have looked through the help topics but to no avail, I am using MT4 Alpari UK demo platform.
Thanks
  • #1,152
  • Mar 8, 2007 11:48am Mar 8, 2007 11:48am
First of all the ATR indicator comes with MT4.

That is the platform I use the most. (I have 13 running right now on my trading machine, from three different brokers. Both live and demo. Sometimes I have to pour water over this old AMD machine to cool it off! JUst kidding)

Anyway, ATR can be attached to the chart like any of the other indicators and it opens in it's own window. It tells the average range of the time period you attach it to. I like the daily. You can set how many bars the average is figured on. I like a period of 20. This will give you a number for the Average Daily Range of that pair for the last 20 days.

I ignore the line graph by setting the line color to the same color as my background, which makes it disappear, and resize the window so that only the number (average) shows. Doesn't take up much space and is nice info to have handy.

You will see a funny number like 0.0151 on GBPCHF. That means the daily range is 151

On yen pairs the number is somewhat different. Something like 2.6523 on the GBPJPY. That is 265 daily range. Now thats a range we can REALLY trade!
Don Life is expensive, but includes a free trip around the sun.
  • #1,153
  • Mar 8, 2007 11:49am Mar 8, 2007 11:49am
Quoting traderone
I think you are right.

TKimble is one smart guy.
I certainly agreed with you.

Could someone help me on this GMT Time confusion:

My Country is GMT + 8
My Demo Broker (Server, North Finance) is 6 hours late compare
to my Country time, Hence I assume it's GMT + 2
Question: What's the right time in my country to assume as GMT 0 ???

Sorry for being new to forex.

Thanks,

Renefx
  • #1,154
  • Mar 8, 2007 11:57am Mar 8, 2007 11:57am
When it's 8 AM on your clock it is Midnight 00:00 GMT.

However, it is 2 am according to your broker.
Don Life is expensive, but includes a free trip around the sun.
  • #1,155
  • Mar 8, 2007 12:14pm Mar 8, 2007 12:14pm
Quoting traderone
First of all the ATR indicator comes with MT4.

That is the platform I use the most. (I have 13 running right now on my trading machine, from three different brokers. Both live and demo. Sometimes I have to pour water over this old AMD machine to cool it off! JUst kidding)

Anyway, ATR can be attached to the chart like any of the other indicators and it opens in it's own window. It tells the average range of the time period you attach it to. I like the daily. You can set how many bars the average is figured on. I like a period of 20. This will give you a number for the Average Daily Range of that pair for the last 20 days.

I ignore the line graph by setting the line color to the same color as my background, which makes it disappear, and resize the window so that only the number (average) shows. Doesn't take up much space and is nice info to have handy.

You will see a funny number like 0.0151 on GBPCHF. That means the daily range is 151

On yen pairs the number is somewhat different. Something like 2.6523 on the GBPJPY. That is 265 daily range. Now thats a range we can REALLY trade!
Thanks for your quick reply,

I've come out to 151 gbp/chf and gbp/jpy 265 daily range,
But still don't know what to do next or what it's uses ?

I know you're too busy maintaining 13 platform both on demo and live.
If u intend to reply me, please don't hurry, take your time.
I can wait on your convenient and free time.

God Bless,

Renefx
  • #1,156
  • Mar 8, 2007 12:21pm Mar 8, 2007 12:21pm
Quoting traderone
When it's 8 AM on your clock it is Midnight 00:00 GMT.

However, it is 2 am according to your broker.
.

Thank you for saving me from this long time confusion.

Renefx
  • #1,157
  • Mar 8, 2007 12:23pm Mar 8, 2007 12:23pm
Quoting traderone
First of all the ATR indicator comes with MT4.

That is the platform I use the most. (I have 13 running right now on my trading machine, from three different brokers. Both live and demo. Sometimes I have to pour water over this old AMD machine to cool it off! JUst kidding)

Anyway, ATR can be attached to the chart like any of the other indicators and it opens in it's own window. It tells the average range of the time period you attach it to. I like the daily. You can set how many bars the average is figured on. I like a period of 20. This will give you a number for the Average Daily Range of that pair for the last 20 days.

I ignore the line graph by setting the line color to the same color as my background, which makes it disappear, and resize the window so that only the number (average) shows. Doesn't take up much space and is nice info to have handy.

You will see a funny number like 0.0151 on GBPCHF. That means the daily range is 151

On yen pairs the number is somewhat different. Something like 2.6523 on the GBPJPY. That is 265 daily range. Now thats a range we can REALLY trade!
TO, In your opinion, what daily range do you use as a minimum requirement to enter a trade using TKs method?
  • #1,158
  • Mar 8, 2007 12:33pm Mar 8, 2007 12:33pm
Quoting Al_Have1
TO, In your opinion, what daily range do you use as a minimum requirement to enter a trade using TKs method?
TO,
So ATR is useful for Entry?

Other Trader use atr as an Exit point.
Ex: 151 daily range multyply by 70% is 105.7
Hope this help. But still don't know more about ATR.

Goodday,

Renefx
  • #1,159
  • Mar 8, 2007 12:45pm Mar 8, 2007 12:45pm
Quoting Al_Have1
TO, In your opinion, what daily range do you use as a minimum requirement to enter a trade using TKs method?
Last week I picked the highest three I found of the common pairs. They were all yen based. I could have picked the GBPCHF because it is over 150 daily range.

I haven't really set a minimum but I think that around 125 and up could be OK.
EURJPY is over 140 and doing OK.

GBPJPY is really hot right now though with a ATR of over 350 for the past 10 days!
Don Life is expensive, but includes a free trip around the sun.
  • #1,160
  • Mar 8, 2007 12:48pm Mar 8, 2007 12:48pm
Quoting Renefx
TO,
So ATR is useful for Entry?

Other Trader use atr as an Exit point.
Ex: 151 daily range multyply by 70% is 105.7
Hope this help. But still don't know more about ATR.

Goodday,

Renefx
Please read the rules for the daily method. ATR has NOTHING to do with entry or exit or 70% times anything. I simply use the NUMBER that ATR gives me on either the 10 or 20 setting, in order to do a comparison of different pairs. Simply to identify pairs which may be good for trading the TKimble style of daily trading. I think the higher the number, the more favorable the pair is for trading.
Don Life is expensive, but includes a free trip around the sun.
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