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Part Time Wealth Building Trading System - Daily Scalping

  • #1,421
  • Mar 29, 2007 6:37pm Mar 29, 2007 6:37pm
WOW! I just watched the spread on GBP/JPY go from 7 to 25 on Oanda! It only moved about 10 pips.:surprised
  • #1,422
  • Mar 29, 2007 6:43pm Mar 29, 2007 6:43pm
Quoting ZeeTrader
Hi
I have been reading thread, and noyice from everyones comments that most of the members are intra day, day traders.

I have a day job, live in CST in USA, and want to trade the TK's, style, but have a problem, since I am not in front of the computer. I cant be trading like most of you diss. here, that you pull the trigger, if you see a loss.
Actually, I'm placing the orders, and then coming back to them at 00:00GMT the next day.
  • #1,423
  • Mar 29, 2007 7:45pm Mar 29, 2007 7:45pm
Quoting ZeeTrader
Hi
I have been reading thread, and noyice from everyones comments that most of the members are intra day, day traders.

I have a day job, live in CST in USA, and want to trade the TK's, style, but have a problem, since I am not in front of the computer. I cant be trading like most of you diss. here, that you pull the trigger, if you see a loss.

So can anyone suggest, what kind of strategy, I can trade, like, when to enter, stop loss.

Has anyone written a EA?

Thanks
Regards
Zee

I can share a couple of things. First, yes there is an EA, but a couple of weeks ago it came under it's own separate thread, "the Daily Scalping EA".

TK does not use EA's, and prefers to manually steer his trades as opposed to letting an EA handle his fate.

Second, if you can be in a place to enter in the evening/late afternoon or whenever your new day starts on your platform, you'll be able to do a work around. I'm in EST and my next day candle starts at 5:00 PM, and I'm around to enter and kick off my new day.

Third, the original rules, if you wish to follow them, requires you to pretty much "set it and forget it", at least for the first two trades, so you could always enter in your intended direction, along with your SAR, and then if you get stopped out on those two and are not around to manually continue, you can just call it a day. With a few exceptions, these first two trades (if you do happen to get stopped), often times don't happen until later in the evening US time anyway).

Fourth, instead of an EA, you can consider using your brokers tools that are available such as trailing stops, BE's, TP's, and split lots etc. on the first two trades, which might mitigate some of the whips anyway. These suggestions of course are not exactly keeping with the spirit of the original TK Daily rules, but he would be the first to tell you to use your head, adapt, and "make it your own".

And finally, if you just cannot get the screen time to incorporate the above suggestions, then you might consider switching to the TK Weekly.

Just some thoughts....
  • #1,424
  • Mar 29, 2007 8:31pm Mar 29, 2007 8:31pm
Quoting grajo
I can share a couple of things. First, yes there is an EA, but a couple of weeks ago it came under it's own separate thread, "the Daily Scalping EA".

TK does not use EA's, and prefers to manually steer his trades as opposed to letting an EA handle his fate.

Second, if you can be in a place to enter in the evening/late afternoon or whenever your new day starts on your platform, you'll be able to do a work around. I'm in EST and my next day candle starts at 5:00 PM, and I'm around to enter and kick off my new day.

Third, the original rules, if you wish to follow them, requires you to pretty much "set it and forget it", at least for the first two trades, so you could always enter in your intended direction, along with your SAR, and then if you get stopped out on those two and are not around to manually continue, you can just call it a day. With a few exceptions, these first two trades (if you do happen to get stopped), often times don't happen until later in the evening US time anyway).

Fourth, instead of an EA, you can consider using your brokers tools that are available such as trailing stops, BE's, TP's, and split lots etc. on the first two trades, which might mitigate some of the whips anyway. These suggestions of course are not exactly keeping with the spirit of the original TK Daily rules, but he would be the first to tell you to use your head, adapt, and "make it your own".

And finally, if you just cannot get the screen time to incorporate the above suggestions, then you might consider switching to the TK Weekly.

Just some thoughts....
I think he was looking for the EA more in the effect that he doesn't have the same amount of time that others do to devote to trading as actively.
Never underestimate the powers of the Force.
  • #1,425
  • Mar 29, 2007 10:27pm Mar 29, 2007 10:27pm
Are Sundays (US Time) considered part of Friday, or should we enter a trade Friday at close, then again on Sunday at close?

tia,
jj
  • #1,426
  • Mar 30, 2007 8:31am Mar 30, 2007 8:31am
How did everyone do this week? worst week of trading for me since using this system. Down 250pips, everyday I was stopped out twice except once. Hope next week is better, nerves can't take this week in and week out. Like to hear others results if anyone is still trading this system, thread been pretty quiet. Also, are most using a tp or are you letting it ride for the day?
  • #1,427
  • Mar 30, 2007 9:11am Mar 30, 2007 9:11am
Hi everyone, As every friday, I post my weekly results on this method:

This is my 8th week...Not a good one btw...down 146 pips...

mon: 2 stop outs (-100)
tue: 1 stop and +74 pips = +24 pips
wed: +130 pips (no SL hit)
thu: 2 stop out (-100)
fri: 2 stop out (-100)

total for the week: -146 pips

I trade G/J going for ATR/2 TP and 50 pip SL (max 2 SL a day)

Hope next week is better....

BTW, are you guys opening your trades at 0000 GMT or at first daily candle according to your trading platform? I was doing it at 1st candle but next week I'll switch to 0000 GMT because it looks like first japanese candles are very choppy...(most SL are hit at 1st or 2nd candle) Maybe it could be better to skip those candles...
Any thoughts????

Have a nice weekend....
  • #1,428
  • Mar 30, 2007 10:11am Mar 30, 2007 10:11am
Quoting toti1972
Hi everyone, As every friday, I post my weekly results on this method:

This is my 8th week...Not a good one btw...down 146 pips...

mon: 2 stop outs (-100)
tue: 1 stop and +74 pips = +24 pips
wed: +130 pips (no SL hit)
thu: 2 stop out (-100)
fri: 2 stop out (-100)

total for the week: -146 pips

I trade G/J going for ATR/2 TP and 50 pip SL (max 2 SL a day)

Hope next week is better....

BTW, are you guys opening your trades at 0000 GMT or at first daily candle according to your trading platform? I was doing it at 1st candle but next week I'll switch to 0000 GMT because it looks like first japanese candles are very choppy...(most SL are hit at 1st or 2nd candle) Maybe it could be better to skip those candles...
Any thoughts????

Have a nice weekend....

I enter my trades in at 0:00 GMT, but that timeframe is also very choppy. I never had a chance to be in the positive this week. Stopped out 2-3, sometimes 4x this week. I am not sure if its only this week that is bad, but I am starting to think that I should wait till 1:00 GMT to enter and limit 2x max trades per day.
  • #1,429
  • Mar 30, 2007 10:32am Mar 30, 2007 10:32am
well, im very curios how u guys handled this shitty day for gbp/jpy. I went long at 231.71, at 17 00 EST open, got stopped, went short at 231.21, then again at 231.71 and now sitting on the sidelines seeing how gbp usd moved up over 100 pips. Sometimes I tend to think that its much safer to trade gbp usd or usd jpy because they depend mostly on $, while for gbp jpy, if dollar is bearish, then pound and yen are both bullish, that is why it makes these ugly spikes up and down.

seems that TK's strategy has some very bad drawdowns. Hopefully it will recover next month.
We leave no soldier behind.
  • #1,430
  • Mar 30, 2007 11:53am Mar 30, 2007 11:53am
Quoting toti1972
Hi everyone, As every friday, I post my weekly results on this method:

This is my 8th week...Not a good one btw...down 146 pips...

mon: 2 stop outs (-100)
tue: 1 stop and +74 pips = +24 pips
wed: +130 pips (no SL hit)
thu: 2 stop out (-100)
fri: 2 stop out (-100)

total for the week: -146 pips

I trade G/J going for ATR/2 TP and 50 pip SL (max 2 SL a day)

Hope next week is better....

BTW, are you guys opening your trades at 0000 GMT or at first daily candle according to your trading platform? I was doing it at 1st candle but next week I'll switch to 0000 GMT because it looks like first japanese candles are very choppy...(most SL are hit at 1st or 2nd candle) Maybe it could be better to skip those candles...
Any thoughts????

Have a nice weekend....
I have found that the first candles of the GY often sort of follow a pattern out of the gate and that if you can see and observe this over time, you sometimes can take advantage of it. In the first hour and a half to two hour or so, (New Zealand and Asian candles) it is not unlikely for the move to be 40-50 or so pips in one direction. It almost always reverses and can whip you for sure, but you can also trail it and lock a few in before the major moves start to get underway. If nothing else, it can help with the drawdown.

I place my trades immediately when the NZ market opens including the Sunday evening candle, and to be honest some of my biggest moves with this method have occurred in the first few hours - not always of course, but it can and does happen.
  • #1,431
  • Mar 30, 2007 1:40pm Mar 30, 2007 1:40pm
Quoting bmcorcoran
How did everyone do this week? worst week of trading for me since using this system. Down 250pips, everyday I was stopped out twice except once. Hope next week is better, nerves can't take this week in and week out. Like to hear others results if anyone is still trading this system, thread been pretty quiet. Also, are most using a tp or are you letting it ride for the day?
Worst week for me too - down 90 pips on GBP/USD this week and last week was -32 pips. Still overall, the system appears to be profitable, so we'll just have to hang in there.
  • #1,432
  • Mar 30, 2007 6:40pm Mar 30, 2007 6:40pm
M: -40, 107
T: -40, -40
W: 227
R: -40, -40
F: -40, -40
Total: +56 (-24 with caryover)
23:00GMT entry
  • #1,433
  • Mar 30, 2007 7:02pm Mar 30, 2007 7:02pm
Quoting Al_Have1
M: -40, 107
T: -40, -40
W: 227
R: -40, -40
F: -40, -40
Total: +56 (-24 with caryover)
23:00GMT entry

Nice trading Al! I wish my results were same are your, but this week was brutal for me. I would get stopped within the first 15-30 min from the start, so I am highly considering waiting till 1:00 gmt to enter. we'll see how that goes next week. If not, i might copy you at 23:00 entry
  • #1,434
  • Mar 31, 2007 10:22am Mar 31, 2007 10:22am
Quoting Al_Have1
M: -40, 107
T: -40, -40
W: 227
R: -40, -40
F: -40, -40
Total: +56 (-24 with caryover)
23:00GMT entry
Hey Have, I wonder how did u get those 227 pips on wed. Because u could have got them only if u entered long, right at the bottom. but following the rule, after tuesday which was red, I entered short, so I got hammered 3 times....
We leave no soldier behind.
  • #1,435
  • Mar 31, 2007 12:23pm Mar 31, 2007 12:23pm
Quoting gagiul
Hey Have, I wonder how did u get those 227 pips on wed. Because u could have got them only if u entered long, right at the bottom. but following the rule, after tuesday which was red, I entered short, so I got hammered 3 times....
Please...you can call me Al. :

R U looking at G/Y like I am? I went short at 231.56 (23:00GMT) and rode it all the way down with no stops to 229.29.

FYI: If I would have entered at 24:00, I would have squeezed another 28 pips from the top, but lost 20 pips at the bottom.
  • #1,436
  • Apr 1, 2007 4:37am Apr 1, 2007 4:37am
Quoting Al_Have1
Please...you can call me Al. :

R U looking at G/Y like I am? I went short at 231.56 (23:00GMT) and rode it all the way down with no stops to 229.29.

FYI: If I would have entered at 24:00, I would have squeezed another 28 pips from the top, but lost 20 pips at the bottom.
Srry, Ive mistaken wed with Thu when it went all the way up. That was my worst day, because I missed an incredible move. If I entered long from the beginning, instead of going short acc to the rules, I would have ridden it to the top too

I hope next week will be more "normal" and strategy friendly
We leave no soldier behind.
  • #1,437
  • Apr 1, 2007 3:39pm Apr 1, 2007 3:39pm
I have been playing with this system for a month and still don't feel comfortable. Although, I like Tkimble's idea of a simple system and it suits to my style as I can not babysit my trade all day. I never followed the strategy in entirety as I kept changing the strategy to take care of yesterday's loss. May be because of that it's not profitable. I, some times, thought about not having stoploss as the whipsaw kills most of the days. Also, I tried to divide my trades in 3 lots with 50 TP, 100 TP and the one with no TP to maximize my profit on dull days. But again it's stupidity to not having stop loss and a limited profit on the trades. I even tried a sub account to hedge that with counter trade so that my losses are limited but at the same time, it can capture the profit without dying in whipsaws. But some how, it's not giving a desired result. Every week, I am trying with new idea and cahnging again as it's not working. So, tonight are we going to buy as I see last two candles are up?

FX_California
  • #1,438
  • Apr 1, 2007 9:36pm Apr 1, 2007 9:36pm
Quoting bmcorcoran
How did everyone do this week? worst week of trading for me since using this system. Down 250pips, everyday I was stopped out twice except once. Hope next week is better, nerves can't take this week in and week out. Like to hear others results if anyone is still trading this system, thread been pretty quiet. Also, are most using a tp or are you letting it ride for the day?
recently i try to back test with EA for march and looks like they gave better results if we enter trade at 05:00 GMT...hope this April gave better result.maybe we have to find out better entry time.
  • #1,439
  • Apr 1, 2007 11:35pm Apr 1, 2007 11:35pm
Quote
seems that TK's strategy has some very bad drawdowns. Hopefully it will recover next month.

i think you will find it's simply the way these pairs we are trading are behaving. as many have said, it's choppy.

Quote
recently i try to back test with EA for march and looks like they gave better results if we enter trade at 05:00 GMT...hope this April gave better result.maybe we have to find out better entry time.

interesting you should mention the entry time.. i have been thinking about the same thing. purely because of the whipsawing that is happening in the first couple of hours. once the GBPJPY starts trending again 00:00GMT works fine. to adapt to the changed market conditions, i have just checked out a few different options...

i am using some different rules of my own.. here are 5 different results for 5th March to this Friday just gone (i went with this date as I have been live trading and recording all my trade details from this date)

00:00GMT entry in prev days direction.. 97 pips
01:00GMT entry in prev days direction.. 413 pips
01:00GMT entry in first 1 hour bar direction.. 921 pips
02:00GMT entry in prev days direction.. 246 pips
02:00GMT entry in first 2 hour bar direction.. 219 pips
  • #1,440
  • Apr 2, 2007 2:00am Apr 2, 2007 2:00am
Quoting ryanmel
i think you will find it's simply the way these pairs we are trading are behaving. as many have said, it's choppy.



interesting you should mention the entry time.. i have been thinking about the same thing. purely because of the whipsawing that is happening in the first couple of hours. once the GBPJPY starts trending again 00:00GMT works fine. to adapt to the changed market conditions, i have just checked out a few different options...

i am using some different rules of my own.. here are 5 different results for 5th March to this Friday just gone (i went with this date as I have been live trading and recording all my trade details from this date)

00:00GMT entry in prev days direction.. 97 pips
01:00GMT entry in prev days direction.. 413 pips
01:00GMT entry in first 1 hour bar direction.. 921 pips
Interesting it seems that, in the above trade, you may have found another totally different strategy. Wonder how well it works on it's own?

Quoting ryanmel
02:00GMT entry in prev days direction.. 246 pips
02:00GMT entry in first 2 hour bar direction.. 219 pips
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