Hi VyNNer, A really interesting system, thanks for sharing this with us. I've just got one question for you - the EMA's are the applied to the close? Many thanks Jilly

Great GBP/USD Strategy for Swing Trades

Hi Jim, Yes, you're quite right I did say that. I it was my intention to leave the trade on while I went to work. However, I'm a bit of a coward sometimes and when I look at my account in the morning before I go to work and see that I'm up 30 or 40 ...

Part Time Wealth Building Trading System - Daily Scalping

I trade with CMC and use their charts. At the moment it does look as if it will be a sell trade at midnight GMT.

Part Time Wealth Building Trading System - Daily Scalping

Hi FourX Yes, that's right - no SAR. Just the one trade. Yes, you're also right about the change in direction over the weekend. Even if it's across a weekend I will change direction the next trading day. (I don't count any Sunday candles in what I ...

Part Time Wealth Building Trading System - Daily Scalping

FourX My timezone is UK - GMT time. Driftwood Yes, I've kept all the other rules the same. If there are three daily candles the same - then I change direction. The only things I've changed is that :- I exit the trade between 8.00am and 8.30am GMT. I ...

Part Time Wealth Building Trading System - Daily Scalping

What about taking the price at 0.00GMT and the price at 16.00GMT (I can see reversals tend to start about 4pm). If the price at 16.00GMT is below that of 0.00GMT then you go long (opposite to the trend of the day) and if the price at 16.00GMT is ...

Profit From Profit-Taking —Scalping the Session Close

I'm still only trading the cable and had three really successful weeks. Today was my first losing trade of the last three weeks. How? Well I've changed the exit strategy. As I tend to be a nervous trader, I've found that I like to bank profits ...

Part Time Wealth Building Trading System - Daily Scalping

Long has seemed to work for me this morning - i didn't get stopped out (about 7 pips off) and I bagged 28 pips at just after 8.00GMT, let it pull back and now I'm in again. Let's see what happens.

Part Time Wealth Building Trading System - Daily Scalping

I have gbp-jpy: buy (Friday bear: Monday bull: Tuesday bull: - hence Wednesday third bull candle) gbp-usd: buy - yes. I noticed that Tkimble has opened his trade already- which is 23.00 GMT not 0.00 GMT. But I have similar price on gbp-jpy 234.65

Part Time Wealth Building Trading System - Daily Scalping

Just goes to show how different methods give different results. I don't take into account the Sunday candle and therefore Monday was the third red, so today was a buy. Entry on my charts was at 1.9507 at 0.00GMT and the lowest it went today was ...

Part Time Wealth Building Trading System - Daily Scalping

CEO I looked at the figures you had produced for max 2 trades per day and compared them with mine, which I done via manual backtesting. They were quite close - about 100 pips or so adrift - but that could be explained by you exiting the trade at ...

Part Time Wealth Building Trading System - Daily Scalping

This is where I wait for the previous high/low, after the cross on the Fozzy method, to be broken before I enter a trade. You may not get as many points when it does go in your favour, but it stops you getting into losing trades. I think the breach ...

The Daily Fozzy Method

I take it you carried over a short trade on the GBP/USD from Friday then? Why didn't you just reset your stop-loss and profit target (if you use one) to suit Monday's opening price. This way you could still carry the trade over, but wouldn't have ...

Part Time Wealth Building Trading System - Daily Scalping

CEO, Thanks for running those variations. It's easy to see the profit difference now, between limiting it to 2 losing trades per day, or 3, or 4, or even 5. I see you've taken the exit time as being 17.00 for the trades - is this what you consider ...

Part Time Wealth Building Trading System - Daily Scalping

By the way, is anyone trading tomorrow. My broker tells me it's Presidents day and the US stock-market is closed. Looking back on the figures I have for the last holidays - Martin Luther King day, made a profit. Thanksgiving - made a loss (major ...

Part Time Wealth Building Trading System - Daily Scalping

CEO, From looking at your report which was attached, I can see what PeterSurrey means when he said about limiting the trades to 2 losses per day. From what I can see - based on the figures you've shown on the report - this would greatly increase ...

Part Time Wealth Building Trading System - Daily Scalping

I asked Tkimble this on a previous post and the answer was to ignore the doji and use the previous candle to it as the indicator. So if the previous candle to the doji was bearish you would sell (as long as it wasn't the third bearish candle - in ...

Part Time Wealth Building Trading System - Daily Scalping

No I mean GMT time - I live in the Channel Islands, so I'm on the same time as the UK. I work during the day so I'm not at home to trade until gone 18.00 GMT, so 19.00 seemed to be an ideal time to exit the trades. From a general overview there ...

Part Time Wealth Building Trading System - Daily Scalping

Hi TK, Thanks for sharing this system. It really does seem to work in the long term - from the testing I've done. Yes, you do get weeks where you have -200 pip losses, but the weeks where you have +200 or +300 pip gains outweigh them, but you have ...

Part Time Wealth Building Trading System - Daily Scalping

Thanks Howard, this is what I think as well. I've backtested the system on the GBP/USD for the last six months - this is as far as my intraday day will go back - but it does look impressive. It's averaged 70 pips per week over the last six months. ...

Part Time Wealth Building Trading System - Daily Scalping