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Part Time Wealth Building Trading System - Daily Scalping

  • #1,281
  • Mar 13, 2007 1:25pm Mar 13, 2007 1:25pm
I can see your points here "Bad Hair".

Yes, I see some comments which puzzle me and make me wonder if anybody is paying attention! There are no EA slot machines here!

I do both types of trading actually. Manual and EA.

In fact I probably use EAs like a manual trader, deciding when the market is right to use them etc.

This TKimble method is one of the best breakout strategies I've seen. It seems to lend itself very well to both manual trading and EA trading.

But whether manual or automated, all trading requires much study, testing, understanding and hard work. We should all realize that!
Don Life is expensive, but includes a free trip around the sun.
  • #1,282
  • Mar 13, 2007 2:14pm Mar 13, 2007 2:14pm
Possible cure for the Monday Blues. Trade the TP system talked about here. Providing they are set properly.

You should be able to receive a nice profit on ranging days when the system just doesn't want to trend for the week yet. Actually this would be a good solution to the GBPUSD that has been ranging for weeks now. There is still room for profit on all ranging markets. Just have to adapt to the mood of the market.

Starting next Monday I'll trade the TP tkimble and start the daily and weekly on Tuesday 0:00 GMT. Should make for a very profitable week.

Just some additional thoughts.

yezbick
  • #1,283
  • Mar 13, 2007 2:44pm Mar 13, 2007 2:44pm
Quoting yezbick
Possible cure for the Monday Blues. Trade the TP system talked about here. Providing they are set properly.

You should be able to receive a nice profit on ranging days when the system just doesn't want to trend for the week yet. Actually this would be a good solution to the GBPUSD that has been ranging for weeks now. There is still room for profit on all ranging markets. Just have to adapt to the mood of the market.

Starting next Monday I'll trade the TP tkimble and start the daily and weekly on Tuesday 0:00 GMT. Should make for a very profitable week.

Just some additional thoughts.

yezbick

Hi Yezbick,

What do you mean by the 'TP tkimble' system?
What system is that?

thx for your help!

R.
  • #1,284
  • Edited 3:39pm Mar 13, 2007 3:13pm | Edited 3:39pm
Quoting rancliff
Hi Yezbick,

What do you mean by the 'TP tkimble' system?
What system is that?

thx for your help!

R.

tKimble has been using at times a take profit instead of letting system run for an entire day. He has mentioned it in past posts. I don't think he has publicized it much as a separate system so I may be stepping beyond my bounds calling it the TP tKimble system. It is a spin off the daily system and also has many variations that people have added to it.

As I recall someone else brought up the idea and Skyline wrote an EA about it with the help of some others. It is not as profitable as the basic daily system, but it will work well in the ranging markets. Just choose your take profit point well and you end up positive.

To explain it in a nutshell, start your trade at 0:00 GMT the same as the daily with a stop and reverse at your stop loss point. The only change is you select a take profit point of 100 pips (as an example) and when the trade gets to the take profit point you have selected it closes your trade for the day.

hope this helps.

yezbick

I have attached a indicator that can help with finding SL's and daily averages. You can also use it for finding the best TP for the pair of your choice. I can take no credit for the indicator it was found on forexfactory.
Attached File(s)
File Type: ex4 #(T_S_R)-Daily Range Calculator .ex4   19 KB | 435 downloads
File Type: mq4 #(T_S_R)-Daily Range Calculator .mq4   14 KB | 488 downloads
  • #1,285
  • Mar 13, 2007 3:50pm Mar 13, 2007 3:50pm
Hi,

next day we go short again ?
It will then the third day with down trend.

Cheers
Mobsie
  • #1,286
  • Mar 13, 2007 4:16pm Mar 13, 2007 4:16pm
Wow! 400 pips since Sunday night...and hopefully still going.

Thanks TK. Hope to see you back on the board regularly.
  • #1,287
  • Mar 13, 2007 4:17pm Mar 13, 2007 4:17pm
TK,

I and I'm sure many others, are anxiously waiting for the (2) new systems. I know you've already started the thread for them and shared with us that "they'll be coming", but.....I CAN'T WAIT!!!

Thanks
  • #1,288
  • Mar 13, 2007 5:08pm Mar 13, 2007 5:08pm
Quoting grajo
TK,

I and I'm sure many others, are anxiously waiting for the (2) new systems. I know you've already started the thread for them and shared with us that "they'll be coming", but.....I CAN'T WAIT!!!

Thanks
I am also looking forward to the new systems.


Thanks,

Tim
  • #1,289
  • Mar 13, 2007 6:34pm Mar 13, 2007 6:34pm
Hello everyone. I have been gone for quite awhile but have been reading this thread religiously. I have seen a lot of discussion about EA's. I have been trying quite a few since October of last year. At one time, a particulare EA took a $1000 account and turned it into a $30,000 account in a month and a half. Pretty impressive huh? Well that $30,000 account went bust in one day. EA's could possibly make life easier and less stressful for us....... if market conditions never changed. Every EA I have tried has ended up failing at some point in time. Lets not get so wrapped up in an automated trading system do do our work for us, that we forget the best program for trading is between our ears. Real trading is what we do and not some program. I was so wrapped up in EA's at one point I never "learned" how to trade. Since I have abandoned the idea of an EA trading for me, I have learned more about trading than I knew existed. I hope we don't forget the fact that a program cannot take into account varying market conditions that it was not programed to differetiate against. And as we ALL know, the market is ALWAYS changing. I am not saying there will never be an EA that can consistantly make money and change with the market, but until there is one that does this and has proven itself for over a year..... I'm doing it the old fasioned way! Good luck to everyone and Good Trading!!!
  • #1,290
  • Mar 13, 2007 6:40pm Mar 13, 2007 6:40pm
Well im sorry some people dont understand the value of a good EA. They are just like any other automated process that takes place across the globe in any factory/ manufacturer, even the local drive through car wash. They DO also adapt nicely to the market, if you tell it to. My version is based off ATR values and adapts daily, taking out the math. That doesnt mean I dont look at economic events and keep an eye on the market. It is just impossible to watch 24 hours a day, and I have hired cheap labor to do it for me.

Good luck to all in your trading, and especially thank you TK for one hell of a method.
  • #1,291
  • Mar 13, 2007 6:53pm Mar 13, 2007 6:53pm
This has been a very good week. I have been using the Rhythm v2 EA for management of my account.

I to believe that you can't trust EA's completely, but if you adjust your strategy to what is going on in the market you will end up strong. Using an EA to assist you with your trades is not wrong. The EA should be an assistant to your plan or use of a system.

Hope everyone's day went well and lots of pips were made.

yezbick
  • #1,292
  • Mar 13, 2007 7:14pm Mar 13, 2007 7:14pm
are you guys mainly trading the GBPJPY with this strategy? so around 50 pips stoploss?
  • #1,293
  • Edited 11:23pm Mar 13, 2007 9:15pm | Edited 11:23pm
out until tomorrow night, both stops hit on the guppy. hasen't been a bad run so far, but hope the guppy doesn't start channeling like the GBP/USD has. Just switched to the guppy last week from the GPB/USD and hope it goes a little better. Looks like everyone has been doing great with this system, thanks tk.
  • #1,294
  • Mar 13, 2007 9:41pm Mar 13, 2007 9:41pm
The new trending system can be found at this link>>>>>>

http://www.forexfactory.com/showpost...00&postcount=4

This is by far my most profitable system...

Happy Trading,

TK
  • #1,295
  • Mar 14, 2007 2:31am Mar 14, 2007 2:31am
Hi everybody

how this ATR is calculated,i have $5000 in my account, how many maximum mini lots should i trade at one time. Is it related to ATR
  • #1,296
  • Mar 14, 2007 2:39am Mar 14, 2007 2:39am
Hello,

i will say goodby. I have tried all to use the system for me. I ask people for her setting.

But nothing work for me. I use only 0.1 Lots but stop out so often then this dosn`t help.

I think now the Forex is only for People with money. I read here in this thread people write 400 pips since sunday, and i only lose. Thats very hard and not for me.

This night i try an bigger Stoplose with 50 Pips, and also 4 times stop lose hit. Now i have not enough reserve to try again.

But this Forum is one of the best i ever see, people here are very helpfull and work much. Because of this i will say thank you.

Best regards
Mobsie
  • #1,297
  • Mar 14, 2007 4:38am Mar 14, 2007 4:38am
Quoting Mobsie
Hello,

i will say goodby. I have tried all to use the system for me. I ask people for her setting.

But nothing work for me. I use only 0.1 Lots but stop out so often then this dosn`t help.

I think now the Forex is only for People with money. I read here in this thread people write 400 pips since sunday, and i only lose. Thats very hard and not for me.

This night i try an bigger Stoplose with 50 Pips, and also 4 times stop lose hit. Now i have not enough reserve to try again.

But this Forum is one of the best i ever see, people here are very helpfull and work much. Because of this i will say thank you.

Best regards
Mobsie
which currency are you talking about, If GBP/JPY, it was stopped out only two times.
  • #1,298
  • Mar 14, 2007 5:03am Mar 14, 2007 5:03am
Hello,

yes i trade GBP/JPY and i stop out 4 times.

Maybe i understand nothing and do the system wrong. When i have do all wrong then i know whats happen.

Here are my trades:

00:01 SELL 223.89 SL 224.40 TP 222.00 HIT : 1:25
01:25 BUY 224.40 SL 223.90 TP 226.40 HIT : 3:03
03:03 SELL 223.90 SL 224.40 TP 0 HIT : 4:51
04:51 BUY 224.40 SL 223.90 TP 0 HIT : 5:54


This is what i do and what happens. This happens the last three days.

Mobsie
  • #1,299
  • Mar 14, 2007 5:44am Mar 14, 2007 5:44am
Quoting Mobsie
Hello,

yes i trade GBP/JPY and i stop out 4 times.

Maybe i understand nothing and do the system wrong. When i have do all wrong then i know whats happen.

Here are my trades:

00:01 SELL 223.89 SL 224.40 TP 222.00 HIT : 1:25
01:25 BUY 224.40 SL 223.90 TP 226.40 HIT : 3:03
03:03 SELL 223.90 SL 224.40 TP 0 HIT : 4:51
04:51 BUY 224.40 SL 223.90 TP 0 HIT : 5:54


This is what i do and what happens. This happens the last three days.

Mobsie

I've got the same on FXDD - but still about breakeven for the week after todays losses for guppy - you can't have the +200 pip days without the odd multiple stop out days unfortunately.
  • #1,300
  • Mar 14, 2007 6:00am Mar 14, 2007 6:00am
Hi petersurrey,

then you say i don`t make an big mistake.

Mobsie
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