Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

1M & 5M Scalping System (Scalping Paradise) 21 replies

A switch: from part time trading to full time trading 8 replies

A system that works for a part time trader with minimum screen time 16 replies

Dear Full time/Part time Traders – Thanks for your time and help 7 replies

Part Time Wealth Building System - "High-Low Trending" 9 replies

Attachments: Part Time Wealth Building Trading System - Weekly Scalping
Exit Attachments

Part Time Wealth Building Trading System - Weekly Scalping

I think that you wouldn't make up what you lose in being stopped out if you cut off profits at 30 pips. The profits you make in winning weeks have to exceed your losses in your losing weeks, which are inevitable.
I would have to argue then, what is a losing week with tkimbles method? How many of those would have been winning weeks if the TP was a simple +30 on the week versus letting it run till close? One of the problems with the original tkimble method is it can be easy to see a +100 pip move erase itself.

I obviously haven't backtested this yet, but just by looking at a chart we can see most candles have moves of at least 120 pips if not more. This would allow for the +30 pip system to be stopped out 3 times and still produce a profit. There are obviously much larger moves in many of the weeks.
Quoting Ronald Raygun
I ran the daily scalping system plain vanilla, only moving the stop to Breakeven +1 at 40 pips.
Ronald,

Do you move the reverse order with the stop or keep it where the original S/L was?
I move the opposite order too.
Quoting permanentjaun
I would have to argue then, what is a losing week with tkimbles method? How many of those would have been winning weeks if the TP was a simple +30 on the week versus letting it run till close? One of the problems with the original tkimble method is it can be easy to see a +100 pip move erase itself.

I obviously haven't backtested this yet, but just by looking at a chart we can see most candles have moves of at least 120 pips if not more. This would allow for the +30 pip system to be stopped out 3 times and still produce a profit. There are obviously much larger moves in many of the weeks.


Read the posts buy The Real Thing and Bolt with in this thread.


What you propose could work with appropriate MM and when you are placing your trades. But in the long run you may have weeks where you will get stopped out immediately and get whip sawed if you keep entering the market because it can't decide which way to go. But hey that is just one guy's observation. Demo it for a while and see.
Quoting Ronald Raygun
I ran the daily scalping system plain vanilla, only moving the stop to Breakeven +1 at 40 pips.

And I compare currencies with a spread of 10 or less. Whichever has the highest 14-day ATR is the one I trade.
So what pair would you have traded today? I did a brief scan and it looked like the G/Y had the highest daily 14 ATR around 2.43. Would that have been what you chose?
Quoting Cmartin371
Read the posts buy The Real Thing and Bolt with in this thread.


What you propose could work with appropriate MM and when you are placing your trades. But in the long run you may have weeks where you will get stopped out immediately and get whip sawed if you keep entering the market because it can't decide which way to go. But hey that is just one guy's observation. Demo it for a while and see.
Thanks for the suggestion. So far I've only read Bolts posts; which are very interesting about how he/she uses ATR to determine SL and so forth. He/she does suggest staying out when there are two losses. The only problem with comparing my thoughts to theirs is they're saying they're playing a system with a 120 SL. His/her trigger is 60 pips north and south of the open for that 120 SL once one of the triggers is hit.

For my method I would rather just enter a trade at the very beginning of the week and have a small 30 SL. Thus, even in choppy weeks that would stop out bolt twice, my small TP and SL would allow for myself to get stopped out several times and still be able to profit from relatively small movements from a week. By relatively small I mean I could effectively profit from a 150 point move even after getting stopped out 4 times in a row. Or I could even be profiting from those choppy weeks that stop out their 120 SL since I could be stopped out 3 times and still profit from that 120 pip move.

Small 120 pip movements are still very possible in the slowest/choppiest of weeks.

I've said too much.
BTW..when the market open for the start of the week?? I live in Time Zone GMT +8 !

Thx in advance!!
I'm figuring the best time to enter a trade using Tkimbles system is 3am EST (I'm in Miami, Florida). The open of the London market in USA (miami) time. And I am thinking to close at 4:30 pm (30 mins prior to the close of the USA market).
Does anyone have any thoughts and or suggestions regarding my entry and exit time? Any help would be much appreciated.
Quoting dread
I'm figuring the best time to enter a trade using Tkimbles system is 3am EST (I'm in Miami, Florida). The open of the London market in USA (miami) time. And I am thinking to close at 4:30 pm (30 mins prior to the close of the USA market).
Does anyone have any thoughts and or suggestions regarding my entry and exit time? Any help would be much appreciated.
Sounds good to me!
Hi there Tkimble..
i was wondering..if this system is thought to catch the big moves wouldnt it make more sense to just make the entries 100 pips higher/lower than the week close instead of just 50 pips?
I had a quick look at the charts and this seems to just avoid all "little" weeks but ensuring big profits in the mid/big ones..


Just a thought..thx for sharing your system..
Quoting Postrock
Hi there Tkimble..
i was wondering..if this system is thought to catch the big moves wouldnt it make more sense to just make the entries 100 pips higher/lower than the week close instead of just 50 pips?
I had a quick look at the charts and this seems to just avoid all "little" weeks but ensuring big profits in the mid/big ones..


Just a thought..thx for sharing your system..
You should really read this thread. There are a lot of great ideas here.
Quoting Cmartin371
You should really read this thread. There are a lot of great ideas here.
Guess so..i did it to around page 30-35..but you know its over 100 pages..in a few days maybe..
There have been a number of modifications, but before taking any of them consider this:

If it ain't broke, don't fix it.
After several months of trying many indicator based systems, I've decided to try coming back to this one. I have read most all of TheRealThing's posts, and it seems that this system when first introduced, went through a drawdown period that might have scared many newbies away. Myself, I've been trying out too many other systems, which is a phase of trading that is necessary to go through. But I've come to a realization that I must keep things as simple as possible before trying to apply any filters or other parameters which might improve the overall expectancy of this as defined on page 1.

I do have some ideas, but I want to get a new track record under my belt before applying any of them.

I've been demoing for almost a year now, and I've yet to find a trading system that I could stick with for more than a month. But I think this is normal. The charts seem to make more sense to me now than in the past.
And I've learned over time what my trading style has to be, and what amount of time and energy I have available to spend on it.

So, I'll perhaps post more on this forum than I have since last year. I do think that for those of us who can only spend an hour or so a week in analysis, that this system offers us a good chance at positive returns without a lot of "stirring the pot" so to speak. It should also keep us out of the markets when that is better for us.

Thanks again to TheRealThing for his many informative posts.
Disregard all prognostications.
Quoting Pidgeon
After several months of trying many indicator based systems, I've decided to try coming back to this one. I have read most all of TheRealThing's posts, and it seems that this system when first introduced, went through a drawdown period that might have scared many newbies away. Myself, I've been trying out too many other systems, which is a phase of trading that is necessary to go through. But I've come to a realization that I must keep things as simple as possible before trying to apply any filters or other parameters which might improve the overall expectancy of this as defined on page 1.

I do have some ideas, but I want to get a new track record under my belt before applying any of them.

I've been demoing for almost a year now, and I've yet to find a trading system that I could stick with for more than a month. But I think this is normal. The charts seem to make more sense to me now than in the past.
And I've learned over time what my trading style has to be, and what amount of time and energy I have available to spend on it.

So, I'll perhaps post more on this forum than I have since last year. I do think that for those of us who can only spend an hour or so a week in analysis, that this system offers us a good chance at positive returns without a lot of "stirring the pot" so to speak. It should also keep us out of the markets when that is better for us.

Thanks again to TheRealThing for his many informative posts.
Pidgeon,

I would go to Joel's (the real thing) blog. I have been trading side by side with him since December, along with a daily breakout system.
Thanks for the info C! I didn't know he had a blog, will certainly check it out.
Disregard all prognostications.
Quoting Pidgeon
Thanks for the info C! I didn't know he had a blog, will certainly check it out.
I don't want to post the link. Just check out his profile. Go through all the posts. Lots of good info on the markets, and psycology of trading. Thanks!

Chris
If I had entered this week for EU pair, I should be ITM 200+ pips right now...
Hmmm... next week will be interesting...
GU - Sell triggered at 1.9757 SL: 1.9787
0 traders viewing now