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Part Time Wealth Building Trading System - Daily Scalping

  • #1,361
  • Mar 22, 2007 4:08pm Mar 22, 2007 4:08pm
how do you trade when you have 4 consecuttive longs or shorts?

Quoting bmcorcoran
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.
  • #1,362
  • Mar 22, 2007 5:13pm Mar 22, 2007 5:13pm
Quoting coolshades
how do you trade when you have 4 consecuttive longs or shorts?
Reverse or watch the game from the sidelines.
  • #1,363
  • Mar 23, 2007 4:14am Mar 23, 2007 4:14am
Quoting else
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
This system certainly has great potential but can not be traded blindly - some days may produce 4 or 5 losing trades on successive days ( IF all of trades are taken), wiping out a whole weeks gains, and this is when the market is still fairly volatile overall.

More recently the beginning of the week has produced the stronger trends - trading Monday and Tuesday is usually enough to produce a very nice profit for the week...

Overall I feel that a simple trending system such as the one recently introduced by tk will produce better results with less headache and far fewer trades..
  • #1,364
  • Mar 23, 2007 5:22am Mar 23, 2007 5:22am
does anyone trade G/J today? and hows the result? got 2 stops here which in total of -80 pips today. i dont know if im the only one who loses for today G/J.
  • #1,365
  • Mar 23, 2007 5:45am Mar 23, 2007 5:45am
Stopped out on Cable again... Enough for this week. I think I'll watch for a while.
  • #1,366
  • Mar 23, 2007 6:07am Mar 23, 2007 6:07am
Quoting Yerac
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.
Hi Yerac,

Just curious but haven't you experianced a lot of whipsaws and therefore been stopped and reversed several times per day?

Andy
  • #1,367
  • Mar 23, 2007 8:44am Mar 23, 2007 8:44am
I would be short as of this morning or expect to see the Long profits drained away. I think GBP/JPY may also follow lower. IMO
  • #1,368
  • Mar 23, 2007 9:06am Mar 23, 2007 9:06am
Quoting sepak.orang
does anyone trade G/J today? and hows the result? got 2 stops here which in total of -80 pips today. i dont know if im the only one who loses for today G/J.
I am Short (after 3 up days) at 232.03 P/L=+100 pips
I haven't been stopped out today...yet. Since this is day 1 of what I hope to be a downtrend. I will carryover to Monday rather than TP.
On Monday, I will move my SL to -40. If the SL is above breakeven, I will open a new short trade.
  • #1,369
  • Mar 23, 2007 9:38am Mar 23, 2007 9:38am
Quoting Al_Have1
I am Short (after 3 up days) at 232.03 P/L=+100 pips
I haven't been stopped out today...yet. Since this is day 1 of what I hope to be a downtrend. I will carryover to Monday rather than TP.
On Monday, I will move my SL to -40. If the SL is above breakeven, I will open a new short trade.
hm, maybe im in a little late today thats why ive been stopped 2 times. first entry was SELL @ 231.71 with SL @ 232.10 and being reversed and unfortunately hit the reverse-entry SL.

maybe i shld try with more precise entry price according to the rules.

hav a nice day everyone!
  • #1,370
  • Mar 23, 2007 10:09am Mar 23, 2007 10:09am
Quoting sepak.orang
hm, maybe im in a little late today thats why ive been stopped 2 times. first entry was SELL @ 231.71 with SL @ 232.10 and being reversed and unfortunately hit the reverse-entry SL.

maybe i shld try with more precise entry price according to the rules.

hav a nice day everyone!
Be sure to read posts 623 & 857. Money management is the key that most are missing. Here is where you should be:
Sell 1 lot @ 231.71: -40 pips
Buy 2 lots @ 232.11: -80 pips (2 lots x 40)
Sell 4 lots @ 231.71: +240 pips (4 lots x currently at 60)
Net as of now at +120!

Personally, I take it slower. I increase my lots by a factor of 1.5 untill it hits #6 at 3%, which is my max. It rarely hits #6. My psyc has changed a little. I look forward to stops so I can enter bigger positions.
  • #1,371
  • Mar 23, 2007 10:24am Mar 23, 2007 10:24am
Quoting Al_Have1
Be sure to read posts 623 & 857. Money management is the key that most are missing. Here is where you should be:
Sell 1 lot @ 231.71: -40 pips
Buy 2 lots @ 232.11: -80 pips (2 lots x 40)
Sell 4 lots @ 231.71: +240 pips (4 lots x currently at 60)
Net as of now at +120!

Personally, I take it slower. I increase my lots by a factor of 1.5 untill it hits #6 at 3%, which is my max. It rarely hits #6. My psyc has changed a little. I look forward to stops so I can enter bigger positions.
looks like i missed this part. actually i followed the original rules on the first post. so im assuming this is the latest suggested rules for the system. i hope im right this time. btw, thanks for letting me aware of this. really˛ appreciate that. thanks.
  • #1,372
  • Edited 11:46am Mar 23, 2007 10:33am | Edited 11:46am
Quoting sepak.orang
looks like i missed this part. actually i followed the original rules on the first post. so im assuming this is the latest suggested rules for the system. i hope im right this time. btw, thanks for letting me aware of this. really˛ appreciate that. thanks.
You are welcome. I would read every post in this thread. I did & learned alot from everyone.
Don't confuse the system with money management. They are separate.
Extreme example (following the system): if you put 50% of your account on the line, you will either hit it big or lose it all in two trades.
Also, TK has a spreadsheet posted that is helpful.
  • #1,373
  • Edited 5:27pm Mar 23, 2007 11:20am | Edited 5:27pm
Quoting sepak.orang
does anyone trade G/J today? and hows the result? got 2 stops here which in total of -80 pips today. i dont know if im the only one who loses for today G/J.
Weird your result for today....
You should be short last entry...G/J...so this was my trade for today:

Short G/J : 232.07 hit TP@ 230.57 total +150 Pips no SL

positive week, just 1 negative day (yesterday 3 stop outs : - 150 but recovered today though)

M,T,W : 3 consecutives +150 pip (net profit) days...

+450 pips this week......

Happy weekend to everyone...
  • #1,374
  • Mar 23, 2007 11:30am Mar 23, 2007 11:30am
hi all..
i've been reading this discussion for sometimes but i still have few question to ask:

- i know its normally depends on money management, but normally how many trade u open a day?
- what is more important, 3 consecutive day up/down or opening price for the week. for example, let say wed, thurs n friday price go up, and according to the rule the 4th day we should enter sell but TK weekly show open price as up...which one we should follow?

may be i miss few point...but appreciate someone show me the way...

thanks..
  • #1,375
  • Mar 23, 2007 8:51pm Mar 23, 2007 8:51pm
Quoting toti1972
Weird your result for today....
You should be short last entry...G/J...so this was my trade for today:

Short G/J : 232.07 hit TP@ 230.57 total +150 Pips no SL

positive week, just 1 negative day (yesterday 3 stop outs : - 150 but recovered today though)

M,T,W : 3 consecutives +150 pip (net profit) days...

+450 pips this week......

Happy weekend to everyone...

hm, why didnt you put SL? is that mean we dont need to follow the rules if the market shows certain conditions? any explanation for this?

im pretty sure if you put SL, it may got hit, and reversed. it moves alot during this period, up and down. and things will be different. i dont know much abt this. maybe im in confuse...

please shed me some lights on this... thanks. :
  • #1,376
  • Mar 23, 2007 10:23pm Mar 23, 2007 10:23pm
Quoting sepak.orang
hm, why didnt you put SL? is that mean we dont need to follow the rules if the market shows certain conditions? any explanation for this?

im pretty sure if you put SL, it may got hit, and reversed. it moves alot during this period, up and down. and things will be different. i dont know much abt this. maybe im in confuse...

please shed me some lights on this... thanks. :
Hi, yes, I do place my SL @ 50 pips...what I meant with "no SL" was no SL was hit that day...
That means... I went short and the market went straight down 150 pips till TP was hit.

I am trying this methods for 7 weeks...just 1 negative...last week (-150 pips)

Hope this helps...

Regards
  • #1,377
  • Mar 23, 2007 10:27pm Mar 23, 2007 10:27pm
Quoting toti1972
Hi, yes, I do place my SL @ 50 pips...what I meant with "no SL" was no SL was hit that day...
That means... I went short and the market went straight down 150 pips till TP was hit.

I am trying this methods for 7 weeks...just 1 negative...last week (-150 pips)

Hope this helps...

Regards
woops! my misunderstanding! hm, 7 weeks and just 1 negative? that's pretty impressive! what's the average pips for a week did u get?
  • #1,378
  • Mar 23, 2007 10:48pm Mar 23, 2007 10:48pm
Quoting sepak.orang
woops! my misunderstanding! hm, 7 weeks and just 1 negative? that's pretty impressive! what's the average pips for a week did u get?
ok, I'll try to give you an answer as accurate as possible because it is not my intention to generate any false expectation... because I just demoed this method and I am by no means an experienced trader, not even an advanced...so my experience is too limited to give someone any advise...
but according to my results I'll tell you this:

I trade GBP/JPY

first 3 weeks were 3 spectacular weeks for this method, the pair has trended in unprecedented way delivering amazing results...but as for this reason, I''ll take them out from my records...

the last 4 weeks were the following...

1st: + 200
2nd: + 500
3rd: - 150
4th: + 450 (this one)

I am using TP (1, 2 and 3rd set @ 100, 4th set @ 150)

I understand from other traders who don't use TP are getting even better results...but since I am trying to find my trading style...I feel more confortable by setting TP at the first entry...

Hope this helps...
  • #1,379
  • Mar 23, 2007 10:52pm Mar 23, 2007 10:52pm
Quoting Al_Have1
Be sure to read posts 623 & 857. Money management is the key that most are missing. Here is where you should be:
Sell 1 lot @ 231.71: -40 pips
Buy 2 lots @ 232.11: -80 pips (2 lots x 40)
Sell 4 lots @ 231.71: +240 pips (4 lots x currently at 60)
Net as of now at +120!

Personally, I take it slower. I increase my lots by a factor of 1.5 untill it hits #6 at 3%, which is my max. It rarely hits #6. My psyc has changed a little. I look forward to stops so I can enter bigger positions.
What will you do if it does advance past #6? I have observed some periods that might have you at 12# or more; this of course is more than one day of trading when trying to get a 100-pip TP. 10-23-06 thru 11-13-06 you will see a very low daily range for this time, not very many 100 pip days. A series like this could be disheartening for this money management. Have you considered this? Do you have any contingence plans?
I sometimes have concerns about the 40 pip stop too. If you count the spread into this stop (GBPJPY= 8 spread minimum) in reality you only have 32-pips between
when you will be stopped out and reversed ( not 40). This 32-pip spread can even be lower if the broker you use has a lot of daily spread volatility. On low volatility chop days this stop can be real depressing if you don’t either widen it or have a daily max trade limit…
  • #1,380
  • Mar 23, 2007 11:11pm Mar 23, 2007 11:11pm
Quoting toti1972
ok, I'll try to give you an answer as accurate as possible because it is not my intention to generate any false expectation... because I just demoed this method and I am by no means an experienced trader, not even an advanced...so my experience is too limited to give someone any advise...
but according to my results I'll tell you this:

I trade GBP/JPY

first 3 weeks were 3 spectacular weeks for this method, the pair has trended in unprecedented way delivering amazing results...but as for this reason, I''ll take them out from my records...

the last 4 weeks were the following...

1st: + 200
2nd: + 500
3rd: - 150
4th: + 450 (this one)

I am using TP (1, 2 and 3rd set @ 100, 4th set @ 150)

I understand from other traders who don't use TP are getting even better results...but since I am trying to find my trading style...I feel more confortable by setting TP at the first entry...

Hope this helps...
much clearer now... i'll give a full try of this system for the next week session.. and look how much will i gain. thanks for the explanation. it helps me to look at a bigger picture of this system.

and also thanks to tkimble for sharing this. seems that much more people are benefiting from it. nice!
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