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

Quoting winston
GU - Sell triggered at 1.9757 SL: 1.9787
EURJPY Sell triggered at 163.48
Quoting winston
EURJPY Sell triggered at 163.48
BTW, GU is now +132 and EY +40. This is great!!! I can't wait for this week to end!!! I'm still observing this...
Quoting winston
BTW, GU is now +132 and EY +40. This is great!!! I can't wait for this week to end!!! I'm still observing this...
I think this system is very promising... Let's make this thread more active!!! .
Wish granted Winston.

After looking over the 7 pairs I am watching, I decided that 2 were worth trading this week. This being GBP/JPY and USD/CHF. I am looking for volatility in a weekly range.

I used the Friday close for both trades. However for Guppy I set my sell 1 point below Sunday's open. Sunday had a large gap in it from Friday, but I would do better to ignore Sunday completely and just trade from Friday. I would have another 60 pips on today's trade if I had done so, however I'm not sure if the buy stop would have triggered at all, so perhaps it is necessary to trade this way with this broker.

I used 50 point stops on both sides of the trade. Per TheRealThing's method, I am closing out the opposite trade when the first trade gets triggered. Fewer but better trades should result.

So far, am up about 200 pips on Guppy and although the swissy sell trade was triggered at 1.0371, it has not really taken off.

I'll post my results for these on Friday.
Disregard all prognostications.
Winston i too am trying this system out...i charted G/U wrong like pidgeon did as well (on GBP/JPY) and did not go from fridays close. That threw me off there.

MY U/CHF was triggered but stopped out so i am waiting to see what goes on with U/CHF (messed up my stop loss on that too as i was late entering the market this week)
Quoting winston
BTW, GU is now +132 and EY +40. This is great!!! I can't wait for this week to end!!! I'm still observing this...
GU = +150
EJ = +156

Yiiihaaaa!!! Wish this is live!!!
Quoting Pidgeon
Wish granted Winston.

After looking over the 7 pairs I am watching, I decided that 2 were worth trading this week. This being GBP/JPY and USD/CHF. I am looking for volatility in a weekly range.

I used the Friday close for both trades. However for Guppy I set my sell 1 point below Sunday's open. Sunday had a large gap in it from Friday, but I would do better to ignore Sunday completely and just trade from Friday. I would have another 60 pips on today's trade if I had done so, however I'm not sure if the buy stop would have triggered at all, so perhaps it is necessary to trade this way with this broker.

I used 50 point stops on both sides of the trade. Per TheRealThing's method, I am closing out the opposite trade when the first trade gets triggered. Fewer but better trades should result.

So far, am up about 200 pips on Guppy and although the swissy sell trade was triggered at 1.0371, it has not really taken off.

I'll post my results for these on Friday.
Thanks Pigeon. I'll probably go live with this next week... I still integrate my analysis on which trigger to take - taking the side with higher probability.
Quoting Weasy2k
Winston i too am trying this system out...i charted G/U wrong like pidgeon did as well (on GBP/JPY) and did not go from fridays close. That threw me off there.

MY U/CHF was triggered but stopped out so i am waiting to see what goes on with U/CHF (messed up my stop loss on that too as i was late entering the market this week)
I'm only currently trading with 3 pairs... EU/GU/EJ... good to know how this performs in other pairs..
right on keep it up!
G/U: +192
E/J: +120
HI winston,
Did you trade beginning of the week at 5am Monday morning and leave it til the end of the week?
or are you opening your trades at London / NY opens?

many thanks
Ok, this has probably been asked and answered already (but I didn't have success by searching). Is there a way to run the Rhythm EA without any more trades opening after the original closes? What I want to do is manually open posistions and then have the EA manage the trade. However, I'm noticing it is opening trades at times other than what I set, which is 0:00 GMT. Trades are opening at all times of the day. I can open a trade manually, then start this EA to manage it, but then after it closes I'm afraid it will try to open another trade if I'm not around to turn it off. I'm not sure why that is happening. What do you guys think?
Well, this being NFP week, some volatility could be expected. Both my trades were stopped out this week. The USD/CHF trade stopped out on Tuesday, and the Guppy trade stopped out early this morning.

It should be noted that Guppy has many weeks like this where it changes directions during the week. Other weeks we have movements of 500-800 pips.

The swissy trade was actually in the correct direction for the week - however it went up 98 pips before heading in the direction of my trade and finishing lower. Risk / reward parameters would say that we don't increase our stops in these cases, and simply book the loss. However, this has given me a new idea which I'm going to try out....

If we analyze the average difference between the open price and weekly highs ( for sell trades ) or the difference between the open price and weekly lows ( for buy trades ) this should give us a better idea of the normal gaps that occur during most weeks before the trend is established. This would also give us a more customized stop for each pair traded. Again, this is basically looking at the average "shadow" for each weekly candle.

I don't think there is an indicator for this, but it could perhaps be dealt with in an EA. Until next week, have a nice NFP day and a good weekend.
Disregard all prognostications.
I'm broadening my scope this week to include 4 pairs for the system, last week I only traded two pairs and both were stopped out.

So, I'm using last week's Friday close and entering 50 points above and below it. Stops are placed at 60 pips for now, eventually I'd like to tailor these to each pair. Target for most pairs is 120 pips (not a hard target but an estimate of ATR, we let it run until Friday close).

The major change from last week: I'm not going to delete the reverse order once the first one gets filled, which is in line with the original rules. I missed a good move on one pair by not having the companion order still in place for later in the week. Two stops on a pair is the limit however.

Also, I had a problem with my ODL demo account this morning, so I had to reenter all my trades around 7:00 EST this morning. This might turn out well on several pairs, as we saw last week there is often an initial false breakout before the true weekly direction asserts itself.

Pairs I am trading this week are EUR/USD, GBP/USD, USD/JPY, and USD/CHF.
I'm staying off of Aussie, Loonie, and Guppy this week.

Good trading to ya, I'll update on Friday as I did last week.
Disregard all prognostications.
Quoting Pidgeon
I'm broadening my scope this week to include 4 pairs for the system, last week I only traded two pairs and both were stopped out.

So, I'm using last week's Friday close and entering 50 points above and below it. Stops are placed at 60 pips for now, eventually I'd like to tailor these to each pair. Target for most pairs is 120 pips (not a hard target but an estimate of ATR, we let it run until Friday close).

The major change from last week: I'm not going to delete the reverse order once the first one gets filled, which is in line with the original rules. I missed a good move on one pair by not having the companion order still in place for later in the week. Two stops on a pair is the limit however.

Also, I had a problem with my ODL demo account this morning, so I had to reenter all my trades around 7:00 EST this morning. This might turn out well on several pairs, as we saw last week there is often an initial false breakout before the true weekly direction asserts itself.

Pairs I am trading this week are EUR/USD, GBP/USD, USD/JPY, and USD/CHF.
I'm staying off of Aussie, Loonie, and Guppy this week.

Good trading to ya, I'll update on Friday as I did last week.
Same here. Both of my trades were stopped out. But looking back, I think I could have employed a better strategy in which side to trade and when to take some profits.

I'm adding a bit of a guide to my trades by adding major s/r lines... like monthly and weekly pivots. Like last week, I should have made couple a hundred pips if I take some on the s/r levels... well, try this week.
Take this for example. E/U this week.

Buy at 1.5832 or Sell at 1.5732?

I'll probably have a second thought on the buy side - unless it will break the monthly pivot r1 by a significant pips then that's a breakout to buy..

So, I'll probably will be more comfortable on the sell side.. and take some profits in weekly pivot. Re-enter or let the remaining lots run - at least you get positive.

Target reached this morning actually after sold last night...
Quoting winston
Take this for example. E/U this week.

Buy at 1.5832 or Sell at 1.5732?

I'll probably have a second thought on the buy side - unless it will break the monthly pivot r1 by a significant pips then that's a breakout to buy..

So, I'll probably will be more comfortable on the sell side.. and take some profits in weekly pivot. Re-enter or let the remaining lots run - at least you get positive.

Target reached this morning actually after sold last night...

The chart...
Attached Image (click to enlarge)
Click to Enlarge Name: EU_W_10jun.JPG Size: 69 KB
Here's a nice trade for geppy.. and this is what i'm trying previously.. I'll be looking at those major s/r levels and if it shows weakening or some reversal patterns on lower TF... then i'll have to evaluate my trade...
Attached Image
I only have one reverse order triggered so far, for GBP/USD. Other 3 pairs are still on their original orders. Sold EUR at 157.30 and its up about 240 pips, best of the bunch. We'll now see how much retracement there is in the next three days, but I am not taking profits until Friday per the rules. However, some moving up of stops to BE is probably called for.
Disregard all prognostications.
Ok, I'm confused. Will the Rhythm EA allow for just managing a trade? I'd like to manually enter into a trade but then have the EA manage it. I've set OverruleDirection=False and DirectionLong=True and that seems to keep it from entering automatically. However, after taking a trade manually, I don't see it setting the stops like it normally does right away. Any ideas?

Edit: Ok, nevermind. It's still entering automatically with those settings, haha
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