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Part Time Wealth Building Trading System - Daily Scalping

  • #1,161
  • Mar 8, 2007 12:57pm Mar 8, 2007 12:57pm
Very good information, Don. Thanks. This just might help to make a great system even greater. Ho often would you suggest re-evaluating the pairs to trade? Weekly or daily?

Quoting traderone
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!
  • #1,162
  • Mar 8, 2007 1:18pm Mar 8, 2007 1:18pm
Quoting Eureka
Very good information, Don. Thanks. This just might help to make a great system even greater. Ho often would you suggest re-evaluating the pairs to trade? Weekly or daily?

I am comparing several of the most common pairs every Friday so I can get my ducks in a row so to speak for the next week.

Really though, maybe we should just triple our lots on GBPJPY, cut out all the others, and let it rip!
Don Life is expensive, but includes a free trip around the sun.
  • #1,163
  • Mar 8, 2007 1:28pm Mar 8, 2007 1:28pm
Maybe so. LOL That's probably what Kimble is doing and he's probably making so many pips he doesn't have time to post to the board!

Quoting traderone
I am comparing several of the most common pairs every Friday so I can get my ducks in a row so to speak for the next week.

Really though, maybe we should just triple our lots on GBPJPY, cut out all the others, and let it rip!
  • #1,164
  • Mar 8, 2007 2:27pm Mar 8, 2007 2:27pm
Hello,

thanks again for tk.

One question if you trade GBPYEN how are the rules for tommorows first order short or long ?

Thanks
Mobsie
  • #1,165
  • Mar 8, 2007 2:47pm Mar 8, 2007 2:47pm
Quoting driftwood
Hello Yerac - Hope you dont mind me to correct.
GMT 2300 is 6pm EST (7pm EST is 00.00 GMT)

DW
Sorry,

00.00 GMT
7pm EST
  • #1,166
  • Edited 4:30pm Mar 8, 2007 2:59pm | Edited 4:30pm
Quoting Mobsie
Hello,

thanks again for tk.

One question if you trade GBPYEN how are the rules for tommorows first order short or long ?

Thanks
Mobsie
Long.


After 6 months of trading the cable, I have also abandoned it for the time being. This is my first week only trading th Guppy (GBP/JPY) with a 1200 pip profit. I just following the rules and did not set any TP.
  • #1,167
  • Mar 8, 2007 3:05pm Mar 8, 2007 3:05pm
Those results are great. So, when do you close your trades?

Quoting Yerac
Long.


After 6 months of trading the cable, I have also abandoned it for the time being. This is my first week only trading th Guppy (GBP/JPY) with a 1200 pip profit. I just following the rules and did not setting any TP.
  • #1,168
  • Mar 8, 2007 3:40pm Mar 8, 2007 3:40pm
For the GBP/JPY, WHAT stop loss are you using? the same 40 pips??
thanks
  • #1,169
  • Edited 4:19pm Mar 8, 2007 3:53pm | Edited 4:19pm
I let it run, the only thing I have done different is after I am up 150 pips, I place a 150 trailing stop, then at 7:00pm eastern (next day) place a 40 stop below the current price point.

Sunday-300 pip profit, hit a TP (I did not place a TP after this trade)
Monday- 450 pips closed at 6:00 EST
Tues-230 pips closed at 7:00 EST
Wed -up 220 right now with a stop to take me out if I hit 150 pips up
  • #1,170
  • Mar 8, 2007 3:53pm Mar 8, 2007 3:53pm
Quoting leeroy brown
For the GBP/JPY, WHAT stop loss are you using? the same 40 pips??
thanks
Yes, 40 pips
  • #1,171
  • Mar 8, 2007 4:17pm Mar 8, 2007 4:17pm
Congratulations! Those are some serious pips.

Quoting Yerac
I let it run, the only thing I have done different is after I am up 150 pips, I place a 150 trailing stop, then at 7:00pm eastern place a 40 stop below the current price point.

Sunday-300 pip profit, hit a TP (I did not place a TP after this trade)
Monday- 450 pips closed at 6:00 EST
Tues-230 pips closed at 7:00 EST
Wed -up 220 right now with a stop to take me out if I hit 150 pips up
  • #1,172
  • Mar 8, 2007 4:55pm Mar 8, 2007 4:55pm
Hi,

one more question Yerac and other. How manage you the SL and reserval?

I live in GMT+1 (Germany) so i can easy place my first entry at 00:00.

The first SL Reserval i can place with an Pending Order Right?

I have write an Indicator where i input the SL and then i it send an email and SMS to me. I think i MUST stand up in the night when there is an SL hit because my pending order are taken but then i must place the next pending order right ?

Sorry for my bad english i hope you understand what i try to ask.

Thanks
Mosbie
  • #1,173
  • Edited 7:12pm Mar 8, 2007 6:13pm | Edited 7:12pm
Quoting Mobsie
Hi,

one more question Yerac and other. How manage you the SL and reserval?

I live in GMT+1 (Germany) so i can easy place my first entry at 00:00.

The first SL Reserval i can place with an Pending Order Right?

I have write an Indicator where i input the SL and then i it send an email and SMS to me. I think i MUST stand up in the night when there is an SL hit because my pending order are taken but then i must place the next pending order right ?

Sorry for my bad english i hope you understand what i try to ask.

Thanks
Mosbie
I Get in right at 00:00 GMT, place my stop loss at 40, place an order to go the opposite direction at my stop loss price point with a 40 pip stop. Then I leave it alone and I don't look at in for at least an hour, I let it do its business. Then if I am up 80 or more pips I bring up my stop loss to break even, then I change it to a 150 trailing stop after I am up 150 pips. Hope that helps.

Happy trading
  • #1,174
  • Mar 8, 2007 7:59pm Mar 8, 2007 7:59pm
Does anybody know if the US non-farm payroll (news) affects the movement of the guppy (GBP/JPY) at all?
  • #1,175
  • Mar 8, 2007 8:33pm Mar 8, 2007 8:33pm
Quoting Yerac
Does anybody know if the US non-farm payroll (news) affects the movement of the guppy (GBP/JPY) at all?
I would fully expect it. It depends on how GBPUSD reacts. But it only seems logical that if GBPUSD moves, Guppy will have to move too.
  • #1,176
  • Mar 8, 2007 10:45pm Mar 8, 2007 10:45pm
Quoting G550
I would fully expect it. It depends on how GBPUSD reacts. But it only seems logical that if GBPUSD moves, Guppy will have to move too.
Not really. If it's $-, then GBPUSD will go up, and USDJPY will go down, and $+ is exact opposite, so that's basically a cancellation. You'll get some movement, but nothing spectacular...
Mr. Trend
  • #1,177
  • Mar 9, 2007 3:22am Mar 9, 2007 3:22am
Vers. 1.0.f
Switched to the newest version. Did not work anymore. Connection to broker was not interrupted. All the other version are working. Any hint to solve the problem. Is it necessary to have the ea running before 17:00 when the old orders are closed, to start new orders? Thanks. karl
  • #1,178
  • Mar 9, 2007 3:25am Mar 9, 2007 3:25am
Quoting Yerac
Does anybody know if the US non-farm payroll (news) affects the movement of the guppy (GBP/JPY) at all?
Yes it does.
  • #1,179
  • Mar 9, 2007 3:29am Mar 9, 2007 3:29am
Quoting traderone
I am skeptical on EAs also Howard. But I think that the fundamental rules that TKimble has set forth are so good that an EA could possibly work.

We need to analyze and use the pairs with the highest daily movement. I use the ATR for 20 or 30 to help.

That is why I started trading yen pairs last week, and left out the Cable.
It would be quite easy to add ATR to Rhythm and display it in the comment. With enough interest from group I can do it.
  • #1,180
  • Mar 9, 2007 4:34am Mar 9, 2007 4:34am
Quoting karl
Vers. 1.0.f
Switched to the newest version. Did not work anymore. Connection to broker was not interrupted. All the other version are working. Any hint to solve the problem. Is it necessary to have the ea running before 17:00 when the old orders are closed, to start new orders? Thanks. karl
Hi karl,
version 1.0f is working fine as far as I can see.
Close all your active orders, put the EA on chart , activate it before 00 GMT and see your orders opened. If it still doesn't work then copy-paste here your expert tab report, so we can check if there's some error.

cya,
Skyline
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