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Part Time Wealth Building Trading System - Daily Scalping

  • #1,481
  • Apr 10, 2007 2:41pm Apr 10, 2007 2:41pm
Is any one doing well this week? I got stopped twice already. Also, how many of you are using this daily method on real account? Just curious.

Thanks,

FX_California
  • #1,482
  • Apr 10, 2007 3:11pm Apr 10, 2007 3:11pm

I started using it since last week. I hv a mini account, 300$. Havent done very well until now, especially before the Easter. If I dont get some good enter levels this week, I might go broke on it.

We leave no soldier behind.
  • #1,483
  • Apr 10, 2007 3:19pm Apr 10, 2007 3:19pm
started last week too in a mini acct. I was able to get 200+ pips last week.

This week:

Mon: Did not trade
Tues: -50, currently open trade at +33


Hope things starts to turn around.
  • #1,484
  • Apr 10, 2007 3:26pm Apr 10, 2007 3:26pm
This is very unusual for the GBPJPY. It has stayed in a range from 233.63 to 235.35 since 4-3-07. Now running on 7 days or 5 trading days.

Average daily movement of the GBPJPY for the last 5 trading days is 76. This is almost unheard of in the GBPJPY the historical average is 148 a day. Hopefully we will get a break from this slow down soon and the GBPJPY will get back to business as usual.

As a side note prior to this current slow down the GJ was trading at an average of 200+ per day. If the slow days continue much longer we may want to adjust our SL points to a lower mark. 40 (spread included in 40)might be a better SL during this ranging period.

The daily is truly an amazing system when the market is moving. I don't
think that very many people are making much in this market.

Just my 2 cents.

yezbick
  • #1,485
  • Apr 10, 2007 3:36pm Apr 10, 2007 3:36pm
Quoting yezbick
This is very unusual for the GBPJPY. It has stayed in a range from 233.63 to 235.35 since 4-3-07. Now running on 7 days or 5 trading days.
well, how about last year from september 13, to november 24? thats even worse I guess, range for almost 3 months.
We leave no soldier behind.
  • #1,486
  • Apr 10, 2007 4:24pm Apr 10, 2007 4:24pm
Quoting FX_California
Is any one doing well this week? I got stopped twice already. Also, how many of you are using this daily method on real account? Just curious.

Thanks,

FX_California
I started using this trading model last week and made over 150 pips... mostly on GBP/USD. Yesterday was roughly a 14 pip day... the max potential would have been over 35 for me but I'm still working on my exits. Life got in the way so I missed the trade last night but IF I had entered it would have gained more than 80 pips. By my understanding of the rules you should have bought at 00:00 GMT because there were more than 3 consecutive down days. If memory serves, the price was between 1.9620 and '30 at that time. Like I said though, I missed it so it doesn't really count.

I am playing live. As per typical recommendations I should be trading this model in a demo account but the money I have in my trading account is only a series of numbers at this point. If it's lost I won't go hungry. I've survived my 2-3 year education in FOREX and actually had to report very modest gains in 2006. I haven't taken any losses on this trading model yet but I know I will at some point - some of that was luck. My opening trade last week just made the reversal by a pip or 2 so I gained on the 40 pip limit plus on the reversal. Slightly different timing would have resulted in a 40 pip loss followed by a small gain at best. Right now I'm doing some statistical analysis from daily data to get a feel for the odds on various currency pairs - something I should have done a long time ago. This will help me determine reasonable expectations for each day and more importantly filter out the unreasonable.

There's nothing worse than seeing a winning trade go south because you think it will go farther.

- manchild
  • #1,487
  • Apr 10, 2007 4:42pm Apr 10, 2007 4:42pm
good thinking manchild.
I am wondering if one could automate this strategy...*thinking*
  • #1,488
  • Apr 11, 2007 5:46am Apr 11, 2007 5:46am
Did everyone check the data between Jan 06~June 06 for G/Y pair? the stoploss are always be hit and reverse hit it again, high price and low price ruin everything during such situation, even after June the situation did not get better, the hedge foundation did control the market again and again, hit stoploss and reverse, very sick. We might be only see profit recently, but not previous days.
  • #1,489
  • Apr 11, 2007 5:50am Apr 11, 2007 5:50am
we should balance the overall profit, not only Mar 07, i dont think the previous days are ok for the system.
  • #1,490
  • Apr 11, 2007 5:52am Apr 11, 2007 5:52am
Sure, there can be drawdowns and one should also always keep in mind that drawdowns in the feature will not be as big as in the past but bigger.

Quoting feeder2000
Did everyone check the data between Jan 06~June 06 for G/Y pair? the stoploss are always be hit and reverse hit it again, high price and low price ruin everything during such situation, even after June the situation did not get better, the hedge foundation did control the market again and again, hit stoploss and reverse, very sick. We might be only see profit recently, but not previous days.
  • #1,491
  • Apr 11, 2007 11:38am Apr 11, 2007 11:38am
Quoting tradeigel
Sure, there can be drawdowns and one should also always keep in mind that drawdowns in the feature will not be as big as in the past but bigger.

nice catch tradeigel, I remember that TKimble was initially trading the GBPUSD using this system and later switched to gbpjpy. If i remember correctly, he switched to gbpjpy because of higher volatility. So, I am not sure if we should be trading the gbpusd during certain months, and gbpjpy on the other months???

TKimble, mind sharing your thoughts about this?
  • #1,492
  • Apr 11, 2007 1:36pm Apr 11, 2007 1:36pm
Quoting lkwd2000
nice catch tradeigel, I remember that TKimble was initially trading the GBPUSD using this system and later switched to gbpjpy. If i remember correctly, he switched to gbpjpy because of higher volatility. So, I am not sure if we should be trading the gbpusd during certain months, and gbpjpy on the other months???

TKimble, mind sharing your thoughts about this?
well i guess, you or we can never catch the good/bad months for any specific system. i saw the system is not bad for current month. however, i believe there are other systems might be suffering now. so the point is whether G/Y play a nice game at the beginning of 2007 can cover the following SAR (let's assume bad situation), volatility exists soon or later after all.
  • #1,493
  • Apr 11, 2007 1:59pm Apr 11, 2007 1:59pm

well today was another good day for the strategy. I hope every1 did 100 pips profits or so. Even if I got them on paper only it seems that the movement came back to GY and we have the way open to profits again, using this strategy.

I think the trend is strong bullish, and we might see 238 soon. it all depends now on the reaction to FOMC minutes and to the $.I guess we all go long tomorrow. I hope I get a good enter level, as close to 235.40 as possible, coz this one seems to be a strong support.

What concerns me is the decreasing daily movement (around 100+ pips lately)

We leave no soldier behind.
  • #1,494
  • Apr 11, 2007 3:02pm Apr 11, 2007 3:02pm
why don't you run the test with a demo account?
as for the trend, it shouldn't matter with this method. you only have to chose your entry moment and the direction of the trade and you're set...

Quoting gagiul

well today was another good day for the strategy. I hope every1 did 100 pips profits or so. Even if I got them on paper only it seems that the movement came back to GY and we have the way open to profits again, using this strategy.

I think the trend is strong bullish, and we might see 238 soon. it all depends now on the reaction to FOMC minutes and to the $.I guess we all go long tomorrow. I hope I get a good enter level, as close to 235.40 as possible, coz this one seems to be a strong support.

What concerns me is the decreasing daily movement (around 100+ pips lately)

Nihil Sine Deo.
  • #1,495
  • Apr 11, 2007 7:07pm Apr 11, 2007 7:07pm
Guys, I downloaded the Daily Scalp EA and tested it with MT 4. I am a little perplexed. The EA says I lost half of my $10K deposit in less than a year of testing. What am I missing? Is the EA bad because you all seem to be doing ok with the TK daily scalp system. Anyone else have a solution. I really wanted to do this with an EA. Thanks!

Brett
  • #1,496
  • Apr 12, 2007 12:51am Apr 12, 2007 12:51am
so who in this thread is following this system to the original rules?
i am curious to your results if you have been trading demo/live.
and for those who have been trading with their own setups, what are your returns from 5th March to date?

i have just gone over 5th March through to Today to compare with my live trading (with different rules) to find the original system has outperformed my setup.

Tkimble daily, GBP/JPY, closing at 23:00GMT = 1961 pips.
There were a few days where the 5th trade of the day was the successful one. If the 5th was a stop, it didn't get any better for that day, right out to 12 stops and -13 close at EOD... if you stopped at 5 trades then there was an additional 373 pips.
  • #1,497
  • Apr 12, 2007 4:02am Apr 12, 2007 4:02am
Hello

I was interested in this system described here.

First of all I'd like to say that I do not intend to evaluate the system as a good oe bad one. It just seemed interesting to me. Thant;s why I've made some tests following the rules exactly and here are some of the results. Will post later results for some other pairs.

Please keep in mind that this is only a test.

USDCAD Daily
USDCAD Daily
Bars in test2225
Initial deposit10000.00
Total net profit-9041.57
Gross profit22157.11
Gross loss-31198.68
Profit factor0.71
Expected payoff-46.13
Absolute drawdown9041.57
Maximal drawdown9258.12 (90.62%)
Relative drawdown90.62% (9258.12)
Total trades196
Short positions (won %)94 (40.43%)
Long positions (won %)102 (43.14%)
Profit trades (% of total)82 (41.84%)
Loss trades (% of total)114 (58.16%)
Largest
profit trade824.08
loss trade-344.64
Average
profit trade270.21
loss trade-273.67
Maximum
consecutive wins (profit in money)6 (2223.11)
consecutive losses (loss in money)8 (-2541.40)
Maximal
consecutive profit (count of wins)2223.11 (6)
consecutive loss (count of losses)-2541.40 (8)
Average
consecutive wins2
consecutive losses2
  • #1,498
  • Apr 12, 2007 4:09am Apr 12, 2007 4:09am
All tests are for the period Jan 1 1999 up to 12 Apr 2007

EURUSD Daily

Bars in test2548
Initial deposit10000.00
Total net profit-9530.00
Gross profit7720.00
Gross loss-17250.00
Profit factor0.45
Expected payoff-136.14
Absolute drawdown9530.00
Maximal drawdown11080.00 (95.93%)
Relative drawdown95.93% (11080.00)
Total trades70
Short positions (won %)37 (32.43%)
Long positions (won %)33 (36.36%)
Profit trades (% of total)24 (34.29%)
Loss trades (% of total)46 (65.71%)
Largest
profit trade1710.00
loss trade-500.00
Average
profit trade321.67
loss trade-375.00
Maximum
consecutive wins (profit in money)5 (2560.00)
consecutive losses (loss in money)12 (-5620.00)
Maximal
consecutive profit (count of wins)2560.00 (5)
consecutive loss (count of losses)-5620.00 (12)
Average
consecutive wins2
consecutive losses4
  • #1,499
  • Apr 12, 2007 4:13am Apr 12, 2007 4:13am
This is tha last one. If somebody is insterested I could make on other pair(s)
I'm going to test it on a demo account... Will send results


GBPUSD Daily
Bars in test2051
Initial deposit10000.00
Total net profit-8930.00
Gross profit12100.00
Gross loss-21030.00
Profit factor0.58
Absolute drawdown8930.00
Maximal drawdown8930.00 (89.30%)
Relative drawdown89.30% (8930.00)
Total trades67
Short positions (won %)35 (28.57%)
Long positions (won %)32 (31.25%)
Profit trades (% of total)20 (29.85%)
Loss trades (% of total)47 (70.15%)
Largest
profit trade1930.00
loss trade-500.00
Average
profit trade605.00
loss trade-447.45
Maximum
consecutive wins (profit in money)3 (1870.00)
consecutive losses (loss in money)8 (-3310.00)
Maximal
consecutive profit (count of wins)2190.00 (2)
consecutive loss (count of losses)-3310.00 (8)
Average
consecutive wins2
consecutive losses4
  • #1,500
  • Apr 12, 2007 5:39am Apr 12, 2007 5:39am
model quality 90% ???
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