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Part Time Wealth Building Trading System - Daily Scalping

  • #1,321
  • Mar 16, 2007 8:59am Mar 16, 2007 8:59am
Quoting james275
This is an absolutely fabulous system. I've adapted and adjusted the system of what works for me. I have also been trading a channel system. THere are a couple of things i do which really helps the performance, and like CEO i'm also up signficantly over the past 2 weeks. Very positive this week as well.

Couple of things i do, take 1/2 position at a TP of 120 pips. Bring Stop to Break even. Will do only 3 trades in a day, expect if there is a quick loss on the first couple of bars, i will go to 4 a day.

Put in your order ( i do mine at 23 GMT) with stops, TP, and the Reversal order as well all at the same time. Often that is the only thing that needs to be done until the next day.

Good trading...

Jim No

Jim,

So what you're saying is that you set your initial SL to 40, as per the rules, and then don't do anything until and unless it hits +120, at which time you will take half off, and move the other half to BE, which was your original entry price??

So no TP's until +120, no trailing stops, or lock-ins along the way to the +120?

The reason I'm asking is that I have noticed that during the New Zealand and Asian sessions (which starts at 5:00PM EST for me), the GY pair will often move +40-70 pips or so, and then reverse and hit my stop. So you're not taking some of that off until/unless it hits your +120?

Thanks for the clarification. I always learn a lot from your posts.
  • #1,322
  • Mar 16, 2007 9:42am Mar 16, 2007 9:42am
Could someone who has been trading this live for awhile, and keeping good records, please tell me if it could put the odds more in our favor to wait for 1 or 2 SAR before initial entry?
  • #1,323
  • Mar 16, 2007 10:54am Mar 16, 2007 10:54am
Does anybody know of a good broker that has alarms for GBP/JPY? I have used alertfx.com for months and I really like it because it sends a text message to my phone BUT GBP/JPY is not one of the pairs you can use on the alarm.

Quoting bholiday
You need to set up a system to wake you up when you hit your stops....so you can enter a new order...or use an ea....

Set up a demo account with some mt4 broker and use their alarms for free...at least thats how i do it.
  • #1,324
  • Mar 16, 2007 11:05am Mar 16, 2007 11:05am
Quoting Yerac
Does anybody know of a good broker that has alarms for GBP/JPY? I have used alertfx.com for months and I really like it because it sends a text message to my phone BUT GBP/JPY is not one of the pairs you can use on the alarm.

I think FX Sol might be able to that via SMS, nice platform, lots can easily be split via multiple stops, TP's, and trailings which is really nice for the TK Daily Method, but 9 pip spread on G/J is the only drawback.
  • #1,325
  • Mar 16, 2007 12:21pm Mar 16, 2007 12:21pm
Quoting grajo
Jim,

So what you're saying is that you set your initial SL to 40, as per the rules, and then don't do anything until and unless it hits +120, at which time you will take half off, and move the other half to BE, which was your original entry price??

So no TP's until +120, no trailing stops, or lock-ins along the way to the +120?

The reason I'm asking is that I have noticed that during the New Zealand and Asian sessions (which starts at 5:00PM EST for me), the GY pair will often move +40-70 pips or so, and then reverse and hit my stop. So you're not taking some of that off until/unless it hits your +120?

Thanks for the clarification. I always learn a lot from your posts.
Well i am glad to help as i can. You have it right. That is what i do. HOWEVER, i am not a blind mechanical trader. For example, i look real hard at support and resistance levels and see where the TP is in relation to those. if there is an obvious stong S/R level before the 120 is hit, i may, lower it. But usually the 120 TP is hit before a significant s/r is hit. Actually, there is more profit not using TP's, from my back and forward testing, but somehow i feel better having the TP in place...so i use it for now.

I look hard at the charts. If i see a potential flat day, i may pass on trading that day.

Good trading,

Jim No
  • #1,326
  • Mar 16, 2007 2:12pm Mar 16, 2007 2:12pm
Quoting james275
Well i am glad to help as i can. You have it right. That is what i do. HOWEVER, i am not a blind mechanical trader. For example, i look real hard at support and resistance levels and see where the TP is in relation to those. if there is an obvious stong S/R level before the 120 is hit, i may, lower it. But usually the 120 TP is hit before a significant s/r is hit. Actually, there is more profit not using TP's, from my back and forward testing, but somehow i feel better having the TP in place...so i use it for now.

I look hard at the charts. If i see a potential flat day, i may pass on trading that day.

Good trading,

Jim No
I am going to start taking this advice, I was hammered this week on the GBP/JPY. This was the first week I trsded it with this system. I traded GBP/USD for the last 5 weeks and just about broke even over that period so I decided to try the G/J and so far it has been a bad move. How do you know if a day is going to be flat? I have been trading this system every day except sundays for the past 6 weeks. Do you recommend trading the sunday? Seems to have been very chopy over the past weeks.

thanks
  • #1,327
  • Mar 16, 2007 3:19pm Mar 16, 2007 3:19pm
A Doji on a daily chart means a strong reversal possibility. It would be wise to go opposite and not in the direction of the previous bar or so.

Quoting howard
I would go in the direction of the bar prior to the doji, TK has not mentioned anything on this so far.
  • #1,328
  • Mar 16, 2007 4:52pm Mar 16, 2007 4:52pm
Quoting james275
This is an absolutely fabulous system. I've adapted and adjusted the system of what works for me. I have also been trading a channel system. THere are a couple of things i do which really helps the performance, and like CEO i'm also up signficantly over the past 2 weeks. Very positive this week as well.

Couple of things i do, take 1/2 position at a TP of 120 pips. Bring Stop to Break even. Will do only 3 trades in a day, expect if there is a quick loss on the first couple of bars, i will go to 4 a day.

Put in your order ( i do mine at 23 GMT) with stops, TP, and the Reversal order as well all at the same time. Often that is the only thing that needs to be done until the next day.

Good trading...

Jim No
You're right James, this is a fabulous system. I've taken it and adapted it to my style of trading and over the last two weeks I'm up 205 pips on the Cable. Over the last 4 weeks I'm up 406 pips - and so on.

I've adapted it in a slightly different way in that I take my profits at around 8am - or just before. I have a 40 pip stop-loss, 100 pip target (though this is rarely hit in overnight trading) and I don't trade on Non-Farm Payroll day (too whippy). I don't get the huge profits that are available, but then again I don't get stopped out as much and take a consistent but smaller profit.

Without Tkimble bringing this method to the forum I would never have found a trading style that suited me so well.
  • #1,329
  • Mar 16, 2007 5:23pm Mar 16, 2007 5:23pm
Hi JillyB

You take profits at 8am. But what time zone is that?

I think I would also do better if I did that. I anm Central USA.
Don Life is expensive, but includes a free trip around the sun.
  • #1,330
  • Mar 16, 2007 6:07pm Mar 16, 2007 6:07pm
Quoting james275
Well i am glad to help as i can. You have it right. That is what i do. HOWEVER, i am not a blind mechanical trader. For example, i look real hard at support and resistance levels and see where the TP is in relation to those. if there is an obvious stong S/R level before the 120 is hit, i may, lower it. But usually the 120 TP is hit before a significant s/r is hit. Actually, there is more profit not using TP's, from my back and forward testing, but somehow i feel better having the TP in place...so i use it for now.

I look hard at the charts. If i see a potential flat day, i may pass on trading that day.

Good trading,

Jim No


Thanks Jim - pretty good insight and thought plan.
  • #1,331
  • Mar 16, 2007 6:24pm Mar 16, 2007 6:24pm
Quoting bmcorcoran
I am going to start taking this advice, I was hammered this week on the GBP/JPY. This was the first week I trsded it with this system. I traded GBP/USD for the last 5 weeks and just about broke even over that period so I decided to try the G/J and so far it has been a bad move. How do you know if a day is going to be flat? I have been trading this system every day except sundays for the past 6 weeks. Do you recommend trading the sunday? Seems to have been very chopy over the past weeks.

thanks
You know, it's funny. I definately hear you on the G/U, and this week was not very good for me on the GJ either, but much of it was due to stupid mistakes on my part. But last week, I had over 1000 pips on the GJ with this method, and no doubt there are people here who did way more.

Personally, I have found that Sunday evening is not always as bad as people might think. Sure, sometimes it can get choppy but if you think it's going to, and your weren't really thinking about trading it anyway, try setting a trailing stop for 40 pips or so, and see what happens. You just might be surprised and find that it might get you a good start to the week sometimes. If it throws you out once then so be it, wait a day.

I am starting to understand on the GJ pair what people mean when they say you can develop a "feel" for a certain currency pair and its "Rythym". Despite getting whipped to death many times on this pair and method, there have been just as many times when the start of the session behaves particularly redundant, as in my post to Jim. It often goes back and forth, down and up for a little while (without hitting my stop, or maybe just once), then heads off somewhere between 40 and 70 pips, and then reverses all the way back to your stop. It does this often enough for me (at least recently) that it's not surprising. Where I'm getting killed most often is in the overnight. It then seems to start to behave again right around the US open. Not always does it do these things, but enough to make me become more familiar with the pair.
  • #1,332
  • Mar 16, 2007 8:07pm Mar 16, 2007 8:07pm
Quoting grajo
You know, it's funny. I definately hear you on the G/U, and this week was not very good for me on the GJ either, but much of it was due to stupid mistakes on my part. But last week, I had over 1000 pips on the GJ with this method, and no doubt there are people here who did way more.

Personally, I have found that Sunday evening is not always as bad as people might think. Sure, sometimes it can get choppy but if you think it's going to, and your weren't really thinking about trading it anyway, try setting a trailing stop for 40 pips or so, and see what happens. You just might be surprised and find that it might get you a good start to the week sometimes. If it throws you out once then so be it, wait a day.

I am starting to understand on the GJ pair what people mean when they say you can develop a "feel" for a certain currency pair and its "Rythym". Despite getting whipped to death many times on this pair and method, there have been just as many times when the start of the session behaves particularly redundant, as in my post to Jim. It often goes back and forth, down and up for a little while (without hitting my stop, or maybe just once), then heads off somewhere between 40 and 70 pips, and then reverses all the way back to your stop. It does this often enough for me (at least recently) that it's not surprising. Where I'm getting killed most often is in the overnight. It then seems to start to behave again right around the US open. Not always does it do these things, but enough to make me become more familiar with the pair.
I noticed this too, especially Sun pm, and I am thinking of taking this on by setting a long entry at 24:00 GMT -50 pips and short at +50 pips. Kind of a reverse strattle. Disadvantage is if I SAR, it will be 100 pips from the open which doesn't leave as much room to grow. Also, there will be days where it doesn't open and trend nicely.
...But it might beat getting whipped 2-3x per day for a week.

Anyone tried this?
  • #1,333
  • Mar 17, 2007 5:04am Mar 17, 2007 5:04am
Quoting Stuartesque
A Doji on a daily chart means a strong reversal possibility. It would be wise to go opposite and not in the direction of the previous bar or so.

Rules of this method call for a reversal only if there are three candles present in one direction.

If you are using candlestick formations that is another method, further a doji represents indecision it needs a following confirmation bar to show the direction.
Regards
  • #1,334
  • Mar 17, 2007 6:02pm Mar 17, 2007 6:02pm
my results for this week:
GBPJPY: +200 Pips
GBPCHF: +270 Pips
I use a 40 pips stop on both with a porfit target of 120 on GBPJPY and 100 on GBPCHF

Overall results using this strategy in the last 22 trading days: +1591 Pips.

Thank you TK for introducing this fantastic simple strategy!

R.
  • #1,335
  • Mar 17, 2007 6:08pm Mar 17, 2007 6:08pm
Quoting bmcorcoran
I am going to start taking this advice, I was hammered this week on the GBP/JPY. This was the first week I trsded it with this system. I traded GBP/USD for the last 5 weeks and just about broke even over that period so I decided to try the G/J and so far it has been a bad move. How do you know if a day is going to be flat? I have been trading this system every day except sundays for the past 6 weeks. Do you recommend trading the sunday? Seems to have been very chopy over the past weeks.

thanks
Sorry to hear of your losses, this was a very good week for the GBP/JPY I collected over 30% NAV.
Same Whore .... Different Dress
  • #1,336
  • Mar 18, 2007 6:21am Mar 18, 2007 6:21am
Quoting rancliff
my results for this week:
GBPJPY: +200 Pips
GBPCHF: +270 Pips
I use a 40 pips stop on both with a porfit target of 120 on GBPJPY and 100 on GBPCHF

Overall results using this strategy in the last 22 trading days: +1591 Pips.

Thank you TK for introducing this fantastic simple strategy!

R.
Great results for this week being so choppy -did you trade all of the days and take all of the trades? -or are you limiting trades per day?
  • #1,337
  • Mar 18, 2007 8:35am Mar 18, 2007 8:35am
Could you give us additional information? Like how many losses a day do you allow? What GMT time do you close your trades or do you let TP or SL close for you?

Thanks for your help.

Quoting rancliff
my results for this week:
GBPJPY: +200 Pips
GBPCHF: +270 Pips
I use a 40 pips stop on both with a porfit target of 120 on GBPJPY and 100 on GBPCHF

Overall results using this strategy in the last 22 trading days: +1591 Pips.

Thank you TK for introducing this fantastic simple strategy!

R.
  • #1,338
  • Mar 18, 2007 8:06pm Mar 18, 2007 8:06pm
Quoting petersurrey
Great results for this week being so choppy -did you trade all of the days and take all of the trades? -or are you limiting trades per day?
It depends how my overall profit for the day is (looking at both currencies pairs together). I try to exit the day in profit. I do tend to not allow more than 3 stops on a currency pair.

R.
  • #1,339
  • Mar 18, 2007 8:13pm Mar 18, 2007 8:13pm
Quoting Eureka
Could you give us additional information? Like how many losses a day do you allow? What GMT time do you close your trades or do you let TP or SL close for you?

Thanks for your help.

I opened trades at 21:00 GMT (It used to be 22:00 but now USA is in summer clock and Europe is still in Winter). If my TP is reached than the trade is closed. Otherwise I leave it to the end of the day. However if It is a choppy day and I had 3 losses in a currency I might exit and not continue. I try not to turn a winning day in to a loosing day so I might take profits before target is reached on a choppy pair based on the overall profit that I have between the 2 pairs I trade (GBPJPY and GBPCHF). I also tend to try and adjust my daily TP for a pair based on what is the latest daily ATR (for 20 days) for that pair. TP could be ATR/2 or ATR/3

R
  • #1,340
  • Mar 18, 2007 9:50pm Mar 18, 2007 9:50pm
Quoting rancliff
I opened trades at 21:00 GMT (It used to be 22:00 but now USA is in summer clock and Europe is still in Winter). If my TP is reached than the trade is closed. Otherwise I leave it to the end of the day. However if It is a choppy day and I had 3 losses in a currency I might exit and not continue. I try not to turn a winning day in to a loosing day so I might take profits before target is reached on a choppy pair based on the overall profit that I have between the 2 pairs I trade (GBPJPY and GBPCHF). I also tend to try and adjust my daily TP for a pair based on what is the latest daily ATR (for 20 days) for that pair. TP could be ATR/2 or ATR/3

R
Could you please explain about ATR? Is this indicator?

Thank you
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