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Part Time Wealth Building Trading System - Daily Scalping

  • #1,521
  • Apr 13, 2007 8:31am Apr 13, 2007 8:31am
Well...it was a tough week again for the TK system. Here are my results for the week (entry: I look for a good entry between 23:00 & 24:00, SL=40, no TP, Max trades/day: 2)

M: -56, -11 (I changed my SL to 50+spread...never again, lost an extra 32pips)
T: -40, +51 (2nd trade carried over to tomorrow, w/new SL)
W: +86, +86 (new trade & yesterday's carryover)
R: -40, -40, -40, -40 (T, W stopped & both Thurs stopped)
F: +90 (ok, I cheated a little. I played the range that developed T & W on the 1hr. I entered a limit order at 22:00 at the resistance trendline and TP at support channel line...I just wanted a profit for the week)
Grand Total: +46

Please post your results.

Also, I have been watching G/U & U/Y and have noticed a lot of the whipsaw happens when they are trending against each other. This makes since since G/U x U/Y = G/Y. Has anyone used these to determine when not to trade the G/Y? Any tips?
  • #1,522
  • Apr 13, 2007 11:34am Apr 13, 2007 11:34am
Well, I have 2 kinds of results, one that I use in my real account - I enter at 1 GMT according to the previous 1 hour candle (if bullish I go long) SL 40 Tp 100 on both trades, only 2 trades per day:
M:60
T:8
W:100
T:-80
F:-80
so profit +8 )
and another one, on demo, based on entering at 17 EST, acc to the last day candle, TK rules, TP 100, SL 40:
M:-55
T:-2
W:100
T:-80
F:100
so profit +63

I keep a log of these 2 strats and until now my mini account strat has done much better, but I started using it live only this week, so bad luck until now.

Anyway those days of profits over 200 in 1 day seem to be getting to an end...

about the relation between GU UY u r right, when they both move, GY gets stuck in the middle and doesnt move much. Usually best to trade GY is when either UY or GU gets stuck in a range for a few days. For example in March when we saw those big moves in GY, GU traded in a low range for days.

Quoting Al_Have1
Well...it was a tough week again for the TK system. Here are my results for the week (entry: I look for a good entry between 23:00 & 24:00, SL=40, no TP, Max trades/day: 2)

M: -56, -11 (I changed my SL to 50+spread...never again, lost an extra 32pips)
T: -40, +51 (2nd trade carried over to tomorrow, w/new SL)
W: +86, +86 (new trade & yesterday's carryover)
R: -40, -40, -40, -40 (T, W stopped & both Thurs stopped)
F: +90 (ok, I cheated a little. I played the range that developed T & W on the 1hr. I entered a limit order at 22:00 at the resistance trendline and TP at support channel line...I just wanted a profit for the week)
Grand Total: +46

Please post your results.

Also, I have been watching G/U & U/Y and have noticed a lot of the whipsaw happens when they are trending against each other. This makes since since G/U x U/Y = G/Y. Has anyone used these to determine when not to trade the G/Y? Any tips?
We leave no soldier behind.
  • #1,523
  • Apr 13, 2007 11:40am Apr 13, 2007 11:40am
Quoting Al_Have1
(entry: I look for a good entry between 23:00 & 24:00, SL=40, no TP, Max trades/day: 2)
I think this is very important...those days of blindly entering at 00 GMT sharp or 17 EST are over. We should look for support resistance levels recently and try to enter as close to them as possible. For example, today, until the shitty US news came out, it was obvious that 235.80 (strong Res)would have been a good level to short, and we could have entered short at this level between 17 EST and 1 GMT. Entering short instead of long according to TK rules came also because the previous day was a doji, so 2 reasons to go short. If the US news were not so good, we could have seen some good downside.
We leave no soldier behind.
  • #1,524
  • Apr 17, 2007 7:49am Apr 17, 2007 7:49am
another happy day for Tkimble day strategy. looking back to the last days, it seems the drawdown for daily scalping might be over.

I really miss Tkimble and his wise posts, wonder what is he doing lately.
We leave no soldier behind.
  • #1,525
  • Apr 17, 2007 11:13pm Apr 17, 2007 11:13pm
Quoting gagiul
another happy day for Tkimble day strategy.

Are you using it with the weekly system?

Because I've had great results, been live trading both systems for the last 3 weeks.
  • #1,526
  • Apr 18, 2007 12:39pm Apr 18, 2007 12:39pm
Quoting Blackinc
Are you using it with the weekly system?

Because I've had great results, been live trading both systems for the last 3 weeks.
That sounds great. Do u trade the strategies in the exact way Tkimble made them or different?
We leave no soldier behind.
  • #1,527
  • Apr 18, 2007 3:53pm Apr 18, 2007 3:53pm
Quoting Blackinc
Are you using it with the weekly system?

Because I've had great results, been live trading both systems for the last 3 weeks.
Hello. This my first time posting here. I am new with this business. Still looking for a good strategy and system. I just want to know what time usually your entry for daily trading? are you trading G/J only? Thanks

zel
  • #1,528
  • Apr 18, 2007 4:50pm Apr 18, 2007 4:50pm
Quoting zellah karaan
I am new with this business. Still looking for a good strategy and system. I just want to know what time usually your entry for daily trading? are you trading G/J only? Thanks
zel
Welcome!

I don't know how long you've been trading, but this is certainly a strategy you need to have emotional control over, if it starts to range, you'll get hit pretty hard.

Personally, right now i'm trading only GBP/JPY with it. Although with the recent break of the range in the GBP/USD, i might get back on that bandwagon.

As far as entry times, thats for you to work out, i like 23:00GMT, but any time frame will get whipped around..

Solid money mangement is very important for this..
  • #1,529
  • Apr 18, 2007 6:27pm Apr 18, 2007 6:27pm
Quoting Blackinc
Welcome!

I don't know how long you've been trading, but this is certainly a strategy you need to have emotional control over, if it starts to range, you'll get hit pretty hard.

Personally, right now i'm trading only GBP/JPY with it. Although with the recent break of the range in the GBP/USD, i might get back on that bandwagon.

As far as entry times, thats for you to work out, i like 23:00GMT, but any time frame will get whipped around..

Solid money mangement is very important for this..

Hi. Just started paper trading for 1 and 1/2 month. And i just starded TK symtem for 2 weeks now. I'm really hoping that it will work for me. Thanks..

zel
  • #1,530
  • Apr 18, 2007 6:43pm Apr 18, 2007 6:43pm
Quoting gagiul
That sounds great. Do u trade the strategies in the exact way Tkimble made them or different?

Slightly different rules. But this is only the beginning, i've also spent some time defining money management for it, and also little changes to fit in with my trading style and psychology
  • #1,531
  • Edited 9:03am Apr 19, 2007 8:05am | Edited 9:03am
Quoting Blackinc
Slightly different rules. But this is only the beginning, i've also spent some time defining money management for it, and also little changes to fit in with my trading style and psychology
GREAT ADVICE BLACKINC!

Money management is the key to making it work. Newbies should build a spreadsheet with your paper results and plug in different risks 2%-10% and look at your drawdown. You need to find a number that you are mentally comfortable with. I panic when my account drops 20% so I use a lower number.
  • #1,532
  • Apr 19, 2007 9:02am Apr 19, 2007 9:02am
yes... following gbp/jpy for a while now, it seems the early volatility has settled down... this is good for this system..
i have noticed this week, which is obviously only 4 days old, that we are seeing great moves but the london/US markets then pull back in the evening or overnight and reduce 100+ or 200+ pips to 40+ or so.

seems there is a tug-o-war between the hemispheres and currencies!!
  • #1,533
  • Apr 23, 2007 4:21am Apr 23, 2007 4:21am

well it seems that this strategy is not capturing the attention of people anymore. however, i consider it one of the best for GY out there, capable of capturing great pips in big move days, if you use the right enter times and limit your losses.
My results for April so far are 585 pips if entered at 23 GMT stop 40 pips, first target 60, second target if first stop hit 100. Another good strategy so far seems to be entering at 1 GMT according to previous 1 h candle, same settings. This brought 408 pips since 26 March.

However, the other entry times I tested are negative yet.

Im still testing and filtering, but I am very confident about it and I love it for its simplicity and large profit possibilities.

We leave no soldier behind.
  • #1,534
  • Apr 23, 2007 4:48am Apr 23, 2007 4:48am
still actively trading it.... the market is starting to behave a little better. last week it moved out +100 even +200 only to pull most of the way back by the morning... but it's starting to actually move rather than bounce around all day so things are looking good. patience... those who are persisting are patiently waiting.
  • #1,535
  • Apr 23, 2007 5:23am Apr 23, 2007 5:23am
Quoting ryanmel
still actively trading it.... the market is starting to behave a little better. last week it moved out +100 even +200 only to pull most of the way back by the morning... but it's starting to actually move rather than bounce around all day so things are looking good. patience... those who are persisting are patiently waiting.
you are completely right. However, our biggest enemy is our psychology. When a strategy doesnt work for a while, I tend to throw it away only to see that in the end the results were very good.

What are your settings for the strategy?
We leave no soldier behind.
  • #1,536
  • Apr 23, 2007 7:31am Apr 23, 2007 7:31am
Quoting gagiul
you are completely right. However, our biggest enemy is our psychology. When a strategy doesnt work for a while, I tend to throw it away only to see that in the end the results were very good.

What are your settings for the strategy?
funny you should say that.... i had my own settings... 3 lots, entry at 00:00GMT, 40 stop, 2 lots @ 100 TP, 3rd lot to run, close between 23:00 and 0:00 GMT. enter in prev. days direction (no 3 day rule), max 3 trades per day.
it worked great, 70% in the first week i traded it, but it has since dwindled back to break even over the following 4 weeks.

when i backtested (paper-traded, not programmed) it, it was near comparable to tkimbles, but it suited my mindset by not seeing profits hit 100 then go back to 0, or negative. so i was happy.

it got really choppy in the early hours of the trade and a prev. post mentions my results form changing entry rules to 01:00GMT, with great results when compared over the same period.

after my rules hit break even again, i thought i would go back over the same time period to see where tkimbles original rules would have gotten me... suffice to say, his outperformed...

so.... lesson learnt (AGAIN!), i like his rules, which is why i looked at it in the first place, it is VERY close to the system i was designing myself before I found this thread...therefore it suits my mindset quite well... and, by taking my own advice, I must persist with a system and let it work over time... as you say "throwing it away" when it doesn't go your way was something I was doing (or changing it to suit the market).. but you only know how a market is behaving once it has done it long enough for you to recognise the behaviour... instead I think find a system that profits well under certain (more frequent) market behaviours (i.e. trends, like this system) that can survive those periods of "choppiness" and show profit.

chopping and changing to try and maximise your profit in all situations isn't (in my opinion) going to happen with the one system, you need 2 or 3 different systems, with different entry/exit rules, different time frames and different currency pairs that combined, generate a regular pip-flow into your account.. after all, that's what we all want, i'd hope no-one on FF is looking for the ONE BIG WIN!!!

long enough reply ... sorry

edit: oops, the settings, i'm trading the original tk rules again...
  • #1,537
  • Apr 23, 2007 1:01pm Apr 23, 2007 1:01pm
Can someone please tell me what TKimble's final system was, it has changed so many times. I have been going 24 GMT to 24 GMT 3 day up rule in effect with no TP and a 40 SL and I have been getting hammered as of last week. I have also been increasing trades when I lose until I win and then I back it down. Anyone with more consistant results care to comment for the good of everyone. Thanks in advance
  • #1,538
  • Apr 23, 2007 3:02pm Apr 23, 2007 3:02pm
Quoting tkimble
Ah. Thank you. Do not understand why people speak in such cryptic terms. I like things very simple.

But, while we are on the subject did you know that those under sea cables were actually tapped by American submarines during WWII and I am sure today for intelligence purposes? Just some trivia...

Happy Trading,

Tkimble
That would be "Operation Ivy Bells". The first operation actually occurred in October, 1971.
  • #1,539
  • Apr 24, 2007 2:26am Apr 24, 2007 2:26am
anyone in from 23GMT last night? i'm currently -42 pips and it's not looking good. any advice? it seems that the past few days weren't very good at all. or maybe i should change my entry time? it was changed back and forth so many times here, has anyone any recent insight in the best time for now?
  • #1,540
  • Apr 24, 2007 2:55am Apr 24, 2007 2:55am
Quoting pipbunny
anyone in from 23GMT last night? i'm currently -42 pips and it's not looking good. any advice? it seems that the past few days weren't very good at all. or maybe i should change my entry time? it was changed back and forth so many times here, has anyone any recent insight in the best time for now?
how can u be -42 pips if u entered at 23 GMT? the entry for me was at 237.14, sell ofcourse, according to previous day, and i just booked 100 pips profits
We leave no soldier behind.
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