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Part Time Wealth Building Trading System - Daily Scalping

  • #1,441
  • Apr 2, 2007 2:09am Apr 2, 2007 2:09am
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
02:00GMT entry in prev days direction.. 246 pips
02:00GMT entry in first 2 hour bar direction.. 219 pips


Very interesting Ryan, I too was looking at starting to enter my trade in at 1:00 gmt. (Check post #1433) But to follow the previous day's direction, not to follow the 1st hour bar. What SAR do you use? (40 or 50)
  • #1,442
  • Apr 2, 2007 2:28am Apr 2, 2007 2:28am
Quoting JillyB
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?
it is based around tk's daily, with a few changes to suit my "risk/reward profile" the reason behind the entry time changes that i posted, is to see if there was a benefit to changing entry time on the daily in these current market conditions (the first couple of hours have been hitting stops twice, i limit myself to three trades per day, so i went looking for some temporary modifications) i haven't put them into effect as i only went back over my trades this morning.
when the market moves out of the ranging, i would revert back to original starting times as you would see in the trades that those first few hours may become (more often than not) profitable to enter at 00:00, but at the moment, they are more not, than often

SL = 40, i have TP and split lots also, and I re-enter past the SL. I was going to go back and check if the SL is better at 50 for G/J. Better put that search function to use.
  • #1,443
  • Apr 2, 2007 5:53am Apr 2, 2007 5:53am
Quoting ryanmel
01:00GMT entry in first 1 hour bar direction.. 921 pips
02:00GMT entry in first 2 hour bar direction.. 219 pips
Ive got a question. The first 1 hour bar and first 2 hour bar you consider from the opening of the new day candle at 00:00 GMT I suppose (because mine opens at 17 EST)

Thanx.
We leave no soldier behind.
  • #1,444
  • Apr 2, 2007 6:06am Apr 2, 2007 6:06am
i am always referring to GMT..

so if you had a 60min/1hr chart up, it opens at 00:00GMT, closes at 01:00GMT, then the order would be placed long or short depending if the close was greater than, or less than the open.
...
or at the close of the second 1hr bar (or first 2hr bar if you set your chart to that) you would enter there if the 2hr setup is what you wanted to go with.

hope this makes sense. remember though, these are only my observations.. if you are happy and comfortable with tk's system, please stick to it. i have simply looked for ways to minimise the stops that seem to occur 4 out of 5 days at the moment at 00:00GMT open... It seems the Asian open is very volatile at the moment, and until things change, some minor alterations seemed worth a look. I am only talking about the GBPJPY as that is what I trade the daily with.
  • #1,445
  • Apr 2, 2007 7:42pm Apr 2, 2007 7:42pm
Do I see a 4 days consecutive open bars? The 3/30 bar shows a doji on my chart, but technically, the open is lower than the close. Can anyone confirm.
  • #1,446
  • Apr 3, 2007 6:24am Apr 3, 2007 6:24am
thanx for ur interesting idea. Well it helped me today for a 100 pips gain on the run up of gbp jpy.
How did everybody else today?

No more posts mean that everybody else is busy gathering profits or just too angry to post?

Quoting ryanmel
i am always referring to GMT..

so if you had a 60min/1hr chart up, it opens at 00:00GMT, closes at 01:00GMT, then the order would be placed long or short depending if the close was greater than, or less than the open.
...
or at the close of the second 1hr bar (or first 2hr bar if you set your chart to that) you would enter there if the 2hr setup is what you wanted to go with.

hope this makes sense. remember though, these are only my observations.. if you are happy and comfortable with tk's system, please stick to it. i have simply looked for ways to minimise the stops that seem to occur 4 out of 5 days at the moment at 00:00GMT open... It seems the Asian open is very volatile at the moment, and until things change, some minor alterations seemed worth a look. I am only talking about the GBPJPY as that is what I trade the daily with.
We leave no soldier behind.
  • #1,447
  • Apr 3, 2007 6:43am Apr 3, 2007 6:43am
for me this is a good idea... but i am very flexible. if i start to notice (through repetition) that the first hour or so settle down or are more decisive like they have been earlier on in the year, then i will return to the original entry time.
a bit mind-blowing for me to see the small change to entry time generate 9x the returns over the same period.
how did Cher put it... "If I could turn back time"

congratulations on your pips for the day. so i take it you take profit at 100 pips then?
  • #1,448
  • Edited 6:58am Apr 3, 2007 6:47am | Edited 6:58am
2 postion long

1 already TP 120

one still open might be want to close it, before tommorow start

according to tk tommorow should be short am rite?

thanks for tk for sharing this system
still in learning curve
  • #1,449
  • Apr 3, 2007 6:58am Apr 3, 2007 6:58am
Quoting gagiul
thanx for ur interesting idea. Well it helped me today for a 100 pips gain on the run up of gbp jpy.
How did everybody else today?

No more posts mean that everybody else is busy gathering profits or just too angry to post?
Busy gathering profits here...
so far:
M: -40, -40, +100 (I normally only take 2 losses/day but got whipped in my 1st hr at 23:00. So I decided to run it at 24:00 as well)

T: +179, +140
+179 was the carryover from yesterday. I normally don't use TPs but I saw some heavy resistance at 234.81 (Jan 3 high on the daily chart & an upper trendline on 3/12 to today on daily) so I TPed yesterday's carryover and hit at 234.77. The 140 is the new position I opened today with no TP & is still open. I moved SL to +40.
  • #1,450
  • Apr 3, 2007 7:13am Apr 3, 2007 7:13am
Quoting ryanmel
for me this is a good idea... but i am very flexible. if i start to notice (through repetition) that the first hour or so settle down or are more decisive like they have been earlier on in the year, then i will return to the original entry time.
a bit mind-blowing for me to see the small change to entry time generate 9x the returns over the same period.
how did Cher put it... "If I could turn back time"

congratulations on your pips for the day. so i take it you take profit at 100 pips then?
yeah I actually chickened out at 116 pips, coz I havent seen a profit over 100 pips in a while in my account. hehe...but could have got 150 though... anyway, now it seems to relax between 234.15 and 234.50. I have a feeling it will further go up, coz now the americans are on the line. As usual, european session was quiet. I also observed that usually 8.30 am EST is a good time to enter, coz it brings more fuel to the market.
We leave no soldier behind.
  • #1,451
  • Apr 3, 2007 7:23am Apr 3, 2007 7:23am
Quoting Al_Have1
Busy gathering profits here...
so far:
M: -40, -40, +100 (I normally only take 2 losses/day but got whipped in my 1st hr at 23:00. So I decided to run it at 24:00 as well)

T: +179, +140
+179 was the carryover from yesterday. I normally don't use TPs but I saw some heavy resistance at 234.81 (Jan 3 high on the daily chart & an upper trendline on 3/12 to today on daily) so I TPed yesterday's carryover and hit at 234.77. The 140 is the new position I opened today with no TP & is still open. I moved SL to +40.
impressive so I reckon u enter at 23.00 gmt. u enter long/short according to previous day?

I also noticed that at 234.81 there should be a strong resistance, and on the daily chart it looks like a head& shoulder might be forming. If so, we should see the long awaited downside soon, as now its just retesting the upper trend line u r talking about. on the monthly, its also at the same level from 1998 when it fell dramatically in 1 month. Also, acc to FXCM, this should be the fifth wave up, so around this level we should see the abc retracement starting. Well, this is just info, price will tell us everything soon I hope.
We leave no soldier behind.
  • #1,452
  • Apr 3, 2007 7:41am Apr 3, 2007 7:41am
Quoting gagiul
impressive so I reckon u enter at 23.00 gmt. u enter long/short according to previous day?

I also noticed that at 234.81 there should be a strong resistance, and on the daily chart it looks like a head& shoulder might be forming. If so, we should see the long awaited downside soon, as now its just retesting the upper trend line u r talking about. on the monthly, its also at the same level from 1998 when it fell dramatically in 1 month. Also, acc to FXCM, this should be the fifth wave up, so around this level we should see the abc retracement starting. Well, this is just info, price will tell us everything soon I hope.
Great info. Thanks for sharing.
I do enter at 23:00 (lately 24:00 seems more profitable) & I enter on previous day candle or reverse on 3. Throw in a doji or Sunday candle and I try to use a little fundamentals to help determine direction. I have read the posts on other entry times/techniques but haven't had time to test them.
  • #1,453
  • Apr 3, 2007 12:15pm Apr 3, 2007 12:15pm
Quoting Al_Have1
Busy gathering profits here...
so far:
M: -40, -40, +100 (I normally only take 2 losses/day but got whipped in my 1st hr at 23:00. So I decided to run it at 24:00 as well)

T: +179, +140
+179 was the carryover from yesterday. I normally don't use TPs but I saw some heavy resistance at 234.81 (Jan 3 high on the daily chart & an upper trendline on 3/12 to today on daily) so I TPed yesterday's carryover and hit at 234.77. The 140 is the new position I opened today with no TP & is still open. I moved SL to +40.
I'm using your "multiple entry" scheme, then I got to thinking while I'm watching the cable kinda bounce around.....

What do you think the impact would be if, instead of opening the second position when the move of the 1st stop loss would be past break even, wait until the move of the stop loss would cover the stop loss on the subsequent positions?

For example:
I entered long on cable Monday at 1.9718. Tuesday's open was 1.9779, so I moved my stop to 1.9739. That's greater than break even, so I opened a second position, and moved my original limit entry order to go short at 1.9739. Now, by my math, if this DOES reverse, I'm -19 pips, whereas, without the second position (yet), I'd be +21 pips when going short.

tia,
jj
  • #1,454
  • Apr 3, 2007 1:13pm Apr 3, 2007 1:13pm
Quoting johnnyjet
I'm using your "multiple entry" scheme, then I got to thinking while I'm watching the cable kinda bounce around.....

What do you think the impact would be if, instead of opening the second position when the move of the 1st stop loss would be past break even, wait until the move of the stop loss would cover the stop loss on the subsequent positions?

For example:
I entered long on cable Monday at 1.9718. Tuesday's open was 1.9779, so I moved my stop to 1.9739. That's greater than break even, so I opened a second position, and moved my original limit entry order to go short at 1.9739. Now, by my math, if this DOES reverse, I'm -19 pips, whereas, without the second position (yet), I'd be +21 pips when going short.

tia,
jj
I like it. You are correct on your math and I haven't really thought about it because it usually either runs or reverses. As TK always says "you need to develop your own style."

Personally, I may or may not carryover on your example. If it was the 1st to 2nd candle and I am bullish by fundamentals, I probably would carryover. If it was 2nd going into 3rd and struggling to go, I would pass on the carryover, even above +40 BE, or maybe TP on half of the carryover.

I do follow the rules but my style throws in some flexability.
  • #1,455
  • Apr 3, 2007 2:16pm Apr 3, 2007 2:16pm

I wonder what is Tk doing these days...he's out on vacation enjoying the great profit from last month? I miss his replies though..hehe

anybody knows anything abt his new promised system, twisted ribbon?

Tomorrow I suppose every1 enters short, even if im quite afraid to enter, because of this north heading storm...

We leave no soldier behind.
  • #1,456
  • Edited 10:02pm Apr 3, 2007 9:50pm | Edited 10:02pm
So how is everyone doing with there system? If you don't mind me asking, how has everyone modified the system to fit their style. Personally I'm entering at 04:00 GMT with a 60 stop, 70 take profit and a runner that I let run for the day. If my stop is hit I double my order. I also found it helpful to move my SL to breakeven on my runner after my TP is hit on my other lots and open a new lot with no TP every time I move my stoploss to break even (there free after that anyways right). I also go in the same direction until the market reverses me and dont reverse after three days.
rsrol
If you can't find it or buy it, build it.
  • #1,457
  • Apr 4, 2007 12:31am Apr 4, 2007 12:31am
I still cant decide which time is best to enter. Some days work for 17 EST, others for 00 GMT, 01 GMT and so on. Sold today at 234.60 because it looks really overbought, and started making lower highs and lower lows...on smaller time frames. However, the buy power is still really strong, so I dont know if it has much way to go down. It can still move up due to the very probable rate hike tomorrow. Now I think it all depends on how USD JPY and GBP USD will perform over the next hours. If U/Y caps at 119 and turns down, and if G/U caps at 1.9750, then I am lucky and it might move down more.

However, these days are strange, I might stay out until friday if I lose on this short.
We leave no soldier behind.
  • #1,458
  • Apr 4, 2007 9:02am Apr 4, 2007 9:02am
Quoting gagiul
I still cant decide which time is best to enter. Some days work for 17 EST, others for 00 GMT, 01 GMT and so on. Sold today at 234.60 because it looks really overbought, and started making lower highs and lower lows...on smaller time frames. However, the buy power is still really strong, so I dont know if it has much way to go down. It can still move up due to the very probable rate hike tomorrow. Now I think it all depends on how USD JPY and GBP USD will perform over the next hours. If U/Y caps at 119 and turns down, and if G/U caps at 1.9750, then I am lucky and it might move down more.

However, these days are strange, I might stay out until friday if I lose on this short.
there will always be a better time to enter on any given day. you need to either stick with the original, or go back over a decent amount of data and find a time that works for you and any rule changes you may have made to the system.
i notice you say you sold because it looked overbought. this system was meant to be mechanical i believe, if you want to bring more technical and/or fundamental analysis into it, maybe you need to add some more rules and create your own style.
it IS a challenge to stare at a well formed channel, knowing you just went long and it's nearing the top of the channel.. chances are it will reverse and stop you out. but to be truly mechanical, you just let it happen. replace your order.

i think a lot of people need to decide if they are happy to do that, or whether they should be creating their own style, sure, use some of the ideas learnt from this system, and incorporate them into your own. something you are comfortable with. then stick to it... give it time to work before making any adjustments.
  • #1,459
  • Apr 4, 2007 9:33am Apr 4, 2007 9:33am
Quoting ryanmel
there will always be a better time to enter on any given day. you need to either stick with the original, or go back over a decent amount of data and find a time that works for you and any rule changes you may have made to the system.
i notice you say you sold because it looked overbought. this system was meant to be mechanical i believe, if you want to bring more technical and/or fundamental analysis into it, maybe you need to add some more rules and create your own style.
it IS a challenge to stare at a well formed channel, knowing you just went long and it's nearing the top of the channel.. chances are it will reverse and stop you out. but to be truly mechanical, you just let it happen. replace your order.

i think a lot of people need to decide if they are happy to do that, or whether they should be creating their own style, sure, use some of the ideas learnt from this system, and incorporate them into your own. something you are comfortable with. then stick to it... give it time to work before making any adjustments.
Yeah, this is what Im trying to do. Actually I sold mainly because we were supposed to sell according to TK's rules. Second, I wanted to get a bigger confidence which I received from looking at the charts that showed me overbought levels.

I tested almost every hour for entry from 17 est to 4 GMT, but didnt get any satisfying results for neither of them until now. So im still looking for smth hope to find it soon.

How did u do today? Im up only 20 pips now, even if it went down to 234.10, which it seems to be quite a strong support. Im still waiting for further downside because I set a 100 TP
We leave no soldier behind.
  • #1,460
  • Apr 4, 2007 10:20am Apr 4, 2007 10:20am
Hi guys...

I've been monitoring this thread for quite some time,
and i found this tkimble method is very simple for a newbie like me


but i have some question on this method though...
if there are four consecutive daily candle up, what should we do on the 5th day then ?? should we reverse or follow the previous trend ??

cuz sometime when i look back at the candle of previous month
they can be uptrending for 5 consecutive days....

is there a filter to use to analyze the move on the next day ??

(sorry for my poor english)
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