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Part Time Wealth Building Trading System - Daily Scalping

  • #1,221
  • Mar 12, 2007 8:23am Mar 12, 2007 8:23am
Quoting howard
Did anybody take any positions today and what were the results?
Two losses and out for the day.


Tim
  • #1,222
  • Mar 12, 2007 8:29am Mar 12, 2007 8:29am
Quoting howard
Did anybody take any positions today and what were the results?
two losses on gbpjpy (no more trade for today) = -80 pips
one loss on gbpusd = -40 pips
still in with a sell order on gbpusd until 17 gmt
  • #1,223
  • Mar 12, 2007 8:39am Mar 12, 2007 8:39am
It seems as if it has been a losing day for every body; however had we carried on reversing, all losses would have been covered by the recent fall
Regards
  • #1,224
  • Mar 12, 2007 8:40am Mar 12, 2007 8:40am
3 stops on guppy but current short trade + 235 - moved stop to cover losses so B/E at worst today..
  • #1,225
  • Mar 12, 2007 8:43am Mar 12, 2007 8:43am
Quoting petersurrey
3 stops on guppy but current short trade + 235 - moved stop to cover losses so B/E at worst today..
That is great
Regards
  • #1,226
  • Mar 12, 2007 9:28am Mar 12, 2007 9:28am
Quoting petersurrey
3 stops on guppy but current short trade + 235 - moved stop to cover losses so B/E at worst today..
Peter

Me too!

I hesitated last night, knowing that it would gap up. I went for it anyway and loaded rhythm (SAR 40, move SL once). Been stopped four times, but now plus 270.

I have my PDA with MT4 Mobile, so after four stop outs I phoned my wife to shut down EA on my PC (can't do it from PDA). She said that I must keep the faith and that I should stick with it! So I did. Women eh!

I have actually just placed opposing buy stop to make me break even if it gets hit.

I'm in Shere, where are you?
  • #1,227
  • Mar 12, 2007 9:38am Mar 12, 2007 9:38am
three stops out last night on Guppy...
Everytime I got stopped out, I move my TP 50 pips to cover the loss and still target 100 pips per day...
so after 3 stop outs, moved my TP to 250 pips, which was finally hit at 225.95...
Amazing!!!!
100 daily pips goal reached 6th day in a row...
mission accomplished for today...

Regards.
  • #1,228
  • Mar 12, 2007 10:00am Mar 12, 2007 10:00am
Quoting sledgehammer
Peter

Me too!

I hesitated last night, knowing that it would gap up. I went for it anyway and loaded rhythm (SAR 40, move SL once). Been stopped four times, but now plus 270.

I have my PDA with MT4 Mobile, so after four stop outs I phoned my wife to shut down EA on my PC (can't do it from PDA). She said that I must keep the faith and that I should stick with it! So I did. Women eh!

I have actually just placed opposing buy stop to make me break even if it gets hit.

I'm in Shere, where are you?
It's all about controlling greed and fear which the Daily EA helps with..but be prepared for those days when things don't turn around..remember CEO backtests found in favour of 4 or more trades per day producing more profit overall but the drawdowns will be greater..

I was very near Shere - beautiful area - I'm now on the midlands
  • #1,229
  • Mar 12, 2007 10:01am Mar 12, 2007 10:01am
Quoting toti1972
three stops out last night on Guppy...
Everytime I got stopped out, I move my TP 50 pips to cover the loss and still target 100 pips per day...
so after 3 stop outs, moved my TP to 250 pips, which was finally hit at 225.95...
Amazing!!!!
100 daily pips goal reached 6th day in a row...
mission accomplished for today...

Regards.
Classic example as tk would say of adapting the system to suit your trading style...great trading!
  • #1,230
  • Mar 12, 2007 10:18am Mar 12, 2007 10:18am
Quoting petersurrey
It's all about controlling greed and fear which the Daily EA helps with..but be prepared for those days when things don't turn around..remember CEO backtests found in favour of 4 or more trades per day producing more profit overall but the drawdowns will be greater..

I was very near Shere - beautiful area - I'm now on the midlands

I've only just started this EA stuff. An early observation is that I'm finding it more relaxing than manual trading.

All the best
  • #1,231
  • Mar 12, 2007 10:39am Mar 12, 2007 10:39am
Greetings Folks,

Quick question....whats the Reverse pip number u use on the GBP/CHF?
  • #1,232
  • Mar 12, 2007 10:51am Mar 12, 2007 10:51am
Quoting toti1972
three stops out last night on Guppy...
Everytime I got stopped out, I move my TP 50 pips to cover the loss and still target 100 pips per day...
so after 3 stop outs, moved my TP to 250 pips, which was finally hit at 225.95...
Amazing!!!!
100 daily pips goal reached 6th day in a row...
mission accomplished for today...

Regards.

I'm impressed. That's not only good trading as Peter said, it's courageous! I was stopped out last night 3 times as well and then decided to call it a day and wait until tonight (of course only then to see it take off this AM).

But last week netted me 1,038 for the week, so I'm not unhappy - just still trying to fine tune things to my liking and trading style.
  • #1,233
  • Mar 12, 2007 10:58am Mar 12, 2007 10:58am
Funny thing too last night and today that I noticed on the G/J...

I was just messing around and for the heck of it placed a Fibo on there with my candles. And if (??) I drew it right, it hit the 50% retracement almost exactly before it headed south for good.


Certainly not the way this method is supposed to work (no indicators etc.), but interesting none the less.
  • #1,234
  • Mar 12, 2007 11:05am Mar 12, 2007 11:05am
Quoting Bad.hair.spray
Greetings Folks,

Quick question....whats the Reverse pip number u use on the GBP/CHF?
40
  • #1,235
  • Mar 12, 2007 11:17am Mar 12, 2007 11:17am
Hi, Thanks to peter and Grajo,

I know last week I could have taken more pips by just let it run... but I am looking to set a standard procedure to fit differents market conditions. I mean, if guppy runs 500 pips in one day, I'll only catch 100 pips, but I guess it would be days when it just runs 101 pips or so, and then I'll take all of them too...
I also consider a good add to this system using ATR indicator as a method to determine which pair is more suitable (thanks to Traderone here)...maybe it is more profitable to switch pairs according to this instead of trade the same pair (GBP/JPY) all year long...
it is just a thought...
I think I''ll trade this way for 3 or 4 month and I hope we face different behavior by guppy to see how this system works...
I'm quite hopeful with this method, let's see what happen in the weeks to come...

Regards
  • #1,236
  • Mar 12, 2007 12:06pm Mar 12, 2007 12:06pm
Quoting Bad.hair.spray
Greetings Folks,

Quick question....whats the Reverse pip number u use on the GBP/CHF?
I've been using a SAR of 36 pips for the GBPCHF and it appears to be working fine.
  • #1,237
  • Mar 12, 2007 12:09pm Mar 12, 2007 12:09pm
I swicthed today the GBPUSD to GBPCHF since it's daily ATR (20 days back) is currently higher at around 190 and GBPUSD is only on around 120.

My results for today are:
GBPJPY: 3 losses (40 pips each) + 1 win (Target 100 Pips)
GBPCHF: 1 Loss (40 pips) + 1 win (Target of 80 Pips)
Total: -120+100-40+80= +20 pips
  • #1,238
  • Edited 7:51pm Mar 12, 2007 1:04pm | Edited 7:51pm
My alpari was down...so i didn't enter last night...but if I had...my money management approach would have worked beautifully...

I have been toying with the idea of being a little more agressive and doubling lots faster than outlined in post 623...


For example first trade 1 mini...second trade two minis...third trade three minis...

I still like the idea of increasing lots after stops because it takes less of a move to recoup the losses from previous stop outs...and end in profit...

Quoting howard
Hi bholiday

Are you still using your MM rules for reverses as you explained before, if yes how was your performance today?
  • #1,239
  • Mar 12, 2007 1:05pm Mar 12, 2007 1:05pm
Hello,

my first REAL day with the system and i use GBPJPY.

And is was a very hard test. My phone ring in the night on the first stop.

At the end after 3 stops i want to finish, but then i say he one more stop its now not a problem.

And the last trade was my winnig trade with more then 100 pips netto.

thats great. Thanks TK

One question, i have the problem to understand the rules for the first trade . Yesterday i start long but short will be better.

How are you going this night long or short ?

Cheers
Mobsie
  • #1,240
  • Mar 12, 2007 1:15pm Mar 12, 2007 1:15pm
Quoting grajo
Funny thing too last night and today that I noticed on the G/J...

I was just messing around and for the heck of it placed a Fibo on there with my candles. And if (??) I drew it right, it hit the 50% retracement almost exactly before it headed south for good.


Certainly not the way this method is supposed to work (no indicators etc.), but interesting none the less.
You're not alone on the fib stuff, grajo. I think you'll find that this pair has reacted to fib lines. Given that fibs are known to many traders, it doesn't seem uncommon to see prices navigate to these levels. It's certainly worth keeping an eye on if you want to add a little bit more discretion than the original system.
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