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Part Time Wealth Building Trading System - Daily Scalping

  • #1,541
  • Apr 24, 2007 2:59am Apr 24, 2007 2:59am
Quoting bmartin004
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
Hey, I can give a piece of help. Im also using a 40 Stop, so for me entering at 24 GMT would have been very bad. I keep testing on demos varying entries for a month, to see which one yields the highest profit. Until now for 24 GMT I would be -143 pips according to my rules, for April.

The best performing entry is at 23 GMT, according to Tk rules - sell if prev day red, also the 3 days up sell next day rule - and first TP 60 pips, and if stop hit second TP 100, limit to 2 losses every day. I am up 685 pips for this one on April already.

However, entering at 23 GMT would have been very bad during March. I will see for May.
We leave no soldier behind.
  • #1,542
  • Apr 24, 2007 3:05am Apr 24, 2007 3:05am
i didn't trade gbpjpy....but that's great for you....congrats

as for the 23GMT entry, that's what i used last night on three different pairs and like i said roughly -40 pip so far...
  • #1,543
  • Apr 24, 2007 3:12am Apr 24, 2007 3:12am
did you have a SL implemented? if yes, how did you not get stopped out? because it hit 238.30 before it started falling. that should have hit any SL you had from 237.14
  • #1,544
  • Apr 24, 2007 4:31am Apr 24, 2007 4:31am
Hey, dont trade this strategy on other pairs. This is a serious warning at least with the current setup. This strategy is for wild pairs with a lot of volatility

Quoting pipbunny
i didn't trade gbpjpy....but that's great for you....congrats

as for the 23GMT entry, that's what i used last night on three different pairs and like i said roughly -40 pip so far...
We leave no soldier behind.
  • #1,545
  • Apr 24, 2007 4:36am Apr 24, 2007 4:36am
Quoting gagiul
Hey, dont trade this strategy on other pairs. This is a serious warning at least with the current setup. This strategy is for wild pairs with a lot of volatility
agree... the system is suffering... tough period now :surprised
  • #1,546
  • Apr 24, 2007 5:02am Apr 24, 2007 5:02am
- 80 pip for today on gbpusd (no more entries for this pair today)

the others aren't looking good either.....i was putting all my hopes in this system
  • #1,547
  • Apr 24, 2007 9:35am Apr 24, 2007 9:35am
+70 pip on usdchf.....could probably make more if i had stayed in but i was on the phone and couldn't move my TP

up +16 on the usdjpy right now but not sure it will close positive....

what is everyone else trading?
  • #1,548
  • Apr 24, 2007 4:06pm Apr 24, 2007 4:06pm
Hello, just want to know what time we have to see to know if precious day is up or down? Is it the open of previous 23 GMT and today close at 23 GMT? Because sometimes itt looks even . Thanks in advance.
  • #1,549
  • Apr 24, 2007 5:34pm Apr 24, 2007 5:34pm
i actually came across an interesting question.....how do you define the candles? one can either say it's a falling candle when it's a full bodied candle, meaning it's colored and a rising one when it's clear, or one can say it's rising when the highest daily price was above the highest daily price of the day before......and vice versa for falling......the two don't necessarily have to overlap. it would be great if you could say which approach you use TKIMBLE......i'd be very much interested in the answer and the reasoning.

and thanks for all these great systems
  • #1,550
  • Apr 25, 2007 3:18am Apr 25, 2007 3:18am
Down days and up days are defined by open and close not high and low.
Regards
  • #1,551
  • Apr 25, 2007 4:27am Apr 25, 2007 4:27am
thanks for the reply. i know that by all definition this is true. but i guess what i was trying to say (sorry, english is not my native language) is that one could try out to decide on the entry direction by using the high and low rather than the open/close......has anyone ever tried this?


oh and again today using TKs system i am already -80 pips....stopped out once on two different pairs....am starting to seriously doubt the validity of this system....seems to produce more drawdowns than gains......anyone willing to prove me wrong? i would love some pointers.
  • #1,552
  • Apr 25, 2007 5:25am Apr 25, 2007 5:25am
Quoting pipbunny
thanks for the reply. i know that by all definition this is true. but i guess what i was trying to say (sorry, english is not my native language) is that one could try out to decide on the entry direction by using the high and low rather than the open/close......has anyone ever tried this?


oh and again today using TKs system i am already -80 pips....stopped out once on two different pairs....am starting to seriously doubt the validity of this system....seems to produce more drawdowns than gains......anyone willing to prove me wrong? i would love some pointers.
I do not think anybody has tried high/low to determine the direction, if you tell me how you would use high/low for this purpose I will go through the charts to check it
Regards
  • #1,553
  • Apr 25, 2007 5:43am Apr 25, 2007 5:43am
that would be super howard. alright, i'll try to explain (it's actually simple but i don't know how to backtest other than do it manually which takes forever and is a pain)
so you would look at the last candle and instead of looking at the close/open and whether they were higher or lower to determine whether to buy or sell, you would look at whether the high of the day was higher or lower than the previous day one. same for low of the day. if the high was higher and the low was higher you would buy (unless this was true for three consecutive days then you would buy) and if it the high was lower and the low was higher you would sell......(i am not sure yet what to do in case the high is higher and the low is lower at the same time)

please let me know what you find out.....maybe the idea is stupid, but it just came to me and it's worth testing i think.
  • #1,554
  • Apr 25, 2007 10:55am Apr 25, 2007 10:55am
Quoting howard
Down days and up days are defined by open and close not high and low.
Thanks for that information. what time is the open and close? is it 23 GMT or 24GMT. Thanks in advance.
  • #1,555
  • Apr 26, 2007 3:45am Apr 26, 2007 3:45am
Quoting zellah karaan
Thanks for that information. what time is the open and close? is it 23 GMT or 24GMT. Thanks in advance.
Depending on your broker's server, it may be 21,22,23 or 00 GMT. you have to use whatever you have.

TKimble the originator of this method uses 00.00 to open his trades.
Regards
  • #1,556
  • Apr 26, 2007 10:58am Apr 26, 2007 10:58am
Quoting howard
Depending on your broker's server, it may be 21,22,23 or 00 GMT. you have to use whatever you have.

TKimble the originator of this method uses 00.00 to open his trades.
I got it, Thanks howard..
  • #1,557
  • Apr 26, 2007 5:20pm Apr 26, 2007 5:20pm
Hello, guys. i'ts up for 3 days now but only a little bet. I based it with 23:30GMT. So do you thinks its going down today? I need some ideas. Thank you..
  • #1,558
  • Apr 26, 2007 6:46pm Apr 26, 2007 6:46pm
I am not sure if thats 3 days up. It looks like an up, doji, up.
  • #1,559
  • Apr 26, 2007 7:06pm Apr 26, 2007 7:06pm
Quoting lkwd2000
I am not sure if thats 3 days up. It looks like an up, doji, up.
I'am thingking that too. In this case what we are supposed to do? Sorry for asking too much, i'am a newbie with this business..
  • #1,560
  • Apr 27, 2007 6:31am Apr 27, 2007 6:31am
Hi all,

I am trading this system (on demo) different way then it used to. Looks promising. I simply go long if last day's trend is up and short if last day's trend is down. Original stop loss=-40 pips. Whenever price is +80 pips, I change the SL to breakeven. I take maximum two losing trade per day. For example.. If one trade is breakeven, I will go for two more losing trade per day.

April result so far is 300+ pips. I am trading only GBP/USD.

Moneyquest
"Those who see Invisible can do Impossible." -Rev. Dadaji
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