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Part Time Wealth Building Trading System - Daily Scalping

  • #1,341
  • Mar 18, 2007 10:00pm Mar 18, 2007 10:00pm
Yes, does that mean the 20 day ATR divided by 2 or 3? Does anybody have that indicator? Thanks!
Life is too short to have anything but delusional notions about yourself.
  • #1,342
  • Mar 18, 2007 10:13pm Mar 18, 2007 10:13pm
ATR is the average trading range. So if you are taking 20 days, you add up all the pips in the 20 days, divide by twenty and you have the average pips it moves in one day based on the last 20 days.
  • #1,343
  • Mar 18, 2007 10:14pm Mar 18, 2007 10:14pm
Yes that is correct

Quoting hoss
Yes, does that mean the 20 day ATR divided by 2 or 3? Does anybody have that indicator? Thanks!
  • #1,344
  • Mar 18, 2007 10:21pm Mar 18, 2007 10:21pm
Quoting Yerac
ATR is the average trading range. So if you are taking 20 days, you add up all the pips in the 20 days, divide by twenty and you have the average pips it moves in one day based on the last 20 days.
Daily ATR(20) 3.1965 in MT4 What does it mean? how can we calculate TP?

Thank you
  • #1,345
  • Mar 18, 2007 11:16pm Mar 18, 2007 11:16pm
Quoting Yerac
Yes that is correct

Here's the indicator
How are you useing it to T/P

Thanks
Attached File(s)
File Type: mq4 #(T_S_R)-Daily Range Calculator .mq4   14 KB | 505 downloads
  • #1,346
  • Mar 19, 2007 3:13am Mar 19, 2007 3:13am
Quoting traderone
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.
Sorry for the delay in replying - busy weekend

I am in the Channel Islands so I'm on GMT.
  • #1,347
  • Mar 19, 2007 9:29am Mar 19, 2007 9:29am
That just depends on how bold you want to be. IF you take the ATR and divide it by 2, then you are trying to catch half of the ATR. Example, if the pair averages 100 pips a day, then you are looking to TP when you have have caught 50 pips.



Quoting fasttraxs2
Here's the indicator
How are you useing it to T/P

Thanks
  • #1,348
  • Mar 19, 2007 9:32am Mar 19, 2007 9:32am
Quoting JillyB
Sorry for the delay in replying - busy weekend

I am in the Channel Islands so I'm on GMT.
Thanks JillyB.

Your methods are quite eye-opening.
Don Life is expensive, but includes a free trip around the sun.
  • #1,349
  • Mar 20, 2007 9:56am Mar 20, 2007 9:56am
Quick question for all who are using this system. I understand we enter our trades at the open of each day, 23-24:00GMT, what do you do when the pair you are trading has already moved a good amount before you are able to enter your trades. For example, according to the rules you are going long on a pair and when you go to place your trade long the pair has already moved 35pips in the long direction, do you place a market order long at that price and then the SAR 40 or 50 pips in the opposite driection from that specific price? Hope this makes sense, hope someone can help.
  • #1,350
  • Mar 20, 2007 11:27am Mar 20, 2007 11:27am
Many thanks to tkimble and all who have contributed... have just discovered this thread today.

Would really appreciate if someone can give me a reference to the post or any compiled document that contains the latest rules for this system as laid out by tkimble with valuable contributions from others.

TIA
  • #1,351
  • Mar 20, 2007 12:04pm Mar 20, 2007 12:04pm
Quoting pipSeeker
Many thanks to tkimble and all who have contributed... have just discovered this thread today.

Would really appreciate if someone can give me a reference to the post or any compiled document that contains the latest rules for this system as laid out by tkimble with valuable contributions from others.

TIA
There is a very good summary of the method here compiled by rancliff:


http://www.forexfactory.com/showpost...postcount=1278
Regards
  • #1,352
  • Mar 20, 2007 12:12pm Mar 20, 2007 12:12pm
HI, as a new trader i have spent some time reading trought these posts from TK, i must admit on first glance the one thing i like is SIMPLE, I do have one question for anybody to answer.

On the daily scalping system is there any actual benefit of closing the trade at 2300g and re-opening at 2400g ?

of course there is the overnight costs, but are there any other reasons ?

Its my bedtime here in London, and other than simple i do like my sleep.
  • #1,353
  • Mar 20, 2007 12:26pm Mar 20, 2007 12:26pm
Quoting JillyB
Sorry for the delay in replying - busy weekend

I am in the Channel Islands so I'm on GMT.
Hello JillyB - If like this day you were bought and at 08.00GMT you are in losses but not stopped what have you do plz? Close or left run?
  • #1,354
  • Mar 20, 2007 2:57pm Mar 20, 2007 2:57pm
Quoting driftwood
Hello JillyB - If like this day you were bought and at 08.00GMT you are in losses but not stopped what have you do plz? Close or left run?
Hi Driftwood,

I did intend to go on a Sell trade last night, but didn't as the filter I'm trying out at the moment contradicted the trade and was showing a Buy possibility. I wanted to see what would happen so decided to stand aside on the trade.

As for the system - my rules are that I exit the trade at 8.00am (or just before) - London open. If the trade is not profitable at this time - but hasn't been stopped out I leave it until 1.00pm (I've had to adjust this to 12.30pm in the last few weeks for DST as it's set to be half an hour before the main news in the US). This is the latest I will exit and will take a profit or loss at this time.

Todays trade would have been a losing trade for me and would have been stopped out at -43 pips. (40 pips + spread).
  • #1,355
  • Mar 20, 2007 3:07pm Mar 20, 2007 3:07pm
5 consecutive long candles on fxdd on the cable.. thinking of sitting out the cable today

Quoting JillyB
Hi Driftwood,

I did intend to go on a Sell trade last night, but didn't as the filter I'm trying out at the moment contradicted the trade and was showing a Buy possibility. I wanted to see what would happen so decided to stand aside on the trade.

As for the system - my rules are that I exit the trade at 8.00am (or just before) - London open. If the trade is not profitable at this time - but hasn't been stopped out I leave it until 1.00pm (I've had to adjust this to 12.30pm in the last few weeks for DST as it's set to be half an hour before the main news in the US). This is the latest I will exit and will take a profit or loss at this time.

Todays trade would have been a losing trade for me and would have been stopped out at -43 pips. (40 pips + spread).
  • #1,356
  • Mar 20, 2007 3:38pm Mar 20, 2007 3:38pm
Quoting JillyB
Hi Driftwood,

I did intend to go on a Sell trade last night
Hello JillyB - yes i should have say sell

Thanks to you for replied. Filter worked good May be you share some day when testing over


DW
  • #1,357
  • Mar 20, 2007 3:44pm Mar 20, 2007 3:44pm
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?
Glad to see you are enjoying the strategy.

Happy Trading,

TK
  • #1,358
  • Mar 22, 2007 12:24pm Mar 22, 2007 12:24pm
There doesn't seem to be much activity anymore, is this system losing its effectiveness or is everybody happy with it.
I, for one, am still having trouble with whipsawing. i am experimenting with stops to see if i can improve things.

Andy
  • #1,359
  • Mar 22, 2007 2:38pm Mar 22, 2007 2:38pm
I am still doing good with the system. Last night was my only loosing night for the week. So far I am up 280 pips for the week.
  • #1,360
  • Mar 22, 2007 4:02pm Mar 22, 2007 4:02pm
I'm doing better since I switched from G/U to G/J. I have also had one loss this week and am currently long. put my stop to b/e and am going to let it ride through tomorrow with a sar at the close today, hope it works.
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