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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

My reverse GBP trade hit its BE stop loss, so I was out of that early for +3pips.

The other 3 pairs, EUR/USD, USD/CHF, and USD/JPY have netted a total of about 800 pips for the week. My risk on these pairs was 60 pips X 3, or a total of 180 pips. A R/R of about 1/4. However I'm targetting about 240 pips per week, trading 4 pairs, as an average. So this week was better than average. Some weeks will of course be choppy and will have more losses.

Subtracting my initial loss of 60 pips on the GBP trade at the beginning of the week, I'm up about 740 pips total.

Have a good weekend!
Disregard all prognostications.
First things first: tkimble, if you're still around, thank you.... I read this thread from the beginning, every post, every word. Although the system you've outlined here looks great, I am most impressed by your attitude, and I really appreciate what you've done here.

Next week I will begin trading this live, and although there have been many great suggestions and changes discussed throughout the thread (though the system itself does not appear to have changed 'officially'), I am planning to start out with the original rules, as described on page one of this thread, with the exception that I will be incorporating Mathemetician's MM strategy and moving the S/L to B/E when +120 pips, and S/L to B/E+50 pips when +300 pips.

I think what attracts me most to this system is the idea of letting the trade evolve over the week, without a pre-set T/P level. But, I recognize this is a quality that I will need to rediscover in myself: Patience.

I can't wait to get this system on the road and see what she does.
Pipi,

TKimble is long gone from the forums, but his simple yet powerful systems live on. I suggest you check out his other two very popular systems, namely the daily scalp trade and his trend following system which uses the OsMA indicator. I have traded these systems before but am now concentrating on the weekly one. The biggest challenge to you with this system is that some weeks will go up 200-300 pips by Wednesday, only to retrace its behavior and return to breakeven or worse by the end of the week. This is why in the middle of the thread there is a lot of discussion about setting T/P levels. But the true system lets the trade ride until Friday 4:00pm EST. Good luck to you on your live trades, I'm not quite to that point yet myself.
Disregard all prognostications.
Greetings ladies and germs. This week I'm trading the following on the weekly scalp system....

EUR/USD
GBP/USD
USD/CHF
USD/CAD

All pairs are straddled at +/- 50 pips from last week's close on the weekly charts. I'm leaving out yen pairs this week due to the large move we saw on them last week, and because there's not a lot of news happening for Yen this week. YMMV. There is a lot of GBP news this week, so I'm hoping for a good week with it.

Have a good week, will update again on Friday!
Disregard all prognostications.
Thanks for the tip. I entered my trade in GBPUSD yesterday as follows:

Last Week's Close: 1.9472
BUY STOP: 1.9522 (SL: 1.9492)
SELL STOP: 1.9422 (SL: 1.9452)

After the BUY STOP order executed, I moved the SELL STOP to LWC, 1.9472.

Have I understood the rules correctly here?

After going up to +160 pips, I moved my SL to 1.9530, a few pips above break-even after the spread. I know that's not expressed in the rules of the system here....

Am currently +150 pips plus interest from the rollover this evening.

I'm not sure whether I'll have the discipline to ride this out to friday if I'm +300 pips on Wednesday with just the stop at B/E... Guess I'll have to wait and see whether I have the gumption or not.

I saw an earlier post about the Rhythm EA. It looks like this might be able to be used for this weekly system, although maybe the implementation is different from the original rules. Anybody using that?

Best,

Pipi

Quoting Pidgeon
Pipi,

TKimble is long gone from the forums, but his simple yet powerful systems live on. I suggest you check out his other two very popular systems, namely the daily scalp trade and his trend following system which uses the OsMA indicator. I have traded these systems before but am now concentrating on the weekly one. The biggest challenge to you with this system is that some weeks will go up 200-300 pips by Wednesday, only to retrace its behavior and return to breakeven or worse by the end of the week. This is why in the middle of the thread there is a lot of discussion about setting T/P levels. But the true system lets the trade ride until Friday 4:00pm EST. Good luck to you on your live trades, I'm not quite to that point yet myself.
Pipi,
yes, you are following the rules more closely than I in moving the opposite order to LWC, this is per the original rules. TKimble felt that if we experience a reversal, that we should place our order sooner rather than wait until the opposite 50 pip move is reached.

Also, TKimble advises that every time you are stopped out, you place a reverse order, until the weekly trend asserts itself. This can lead to lots of whipsawing behavior and getting stopped out. Myself, I only trade two trades per pair per week, after that I leave the pair alone for the week. To each his own of course.

In any case, I was stopped out on the GBP trade very quickly, but it did not trigger my opposite trade ( which is still -50 pips away from last week's close.) If it continues yesterday's trend and goes up, then this is good as my sell trade won't have been triggered when the trend is still upwards.

Other pairs are doing better however
Disregard all prognostications.
Another Doji day; so far the week is shaping up to be a doji week for cable. At least so far, following the system, I am at about breaking even. Unfortunately, I did not have to face my biggest personal challenge (whether or not I could have the stomach to let a +300 pip gain ride out to the end of the week). Hopefully, I will be challenged next week... I may switch to another pair after further study.

Fear does not exist in this Doji, does it?!
No, Sensei!
Pain does not exist in this Doji, does it?!
No, Sensei!
Defeat does not exist in this Doji, does it?!
No, Sensei!

Best,

Dan
Hello all, Green to forex, just getting my feet wet..

theres 108 pages in this thread, and I have read the original author is gone, are there revisions to this method or should i keep trying it the same as in the original post.
I did start this setup on tuesday,but it doesnt seem to be working in my favour, does this set uo need to be done on sunday evening? or will monday work? I was up 158 yesterday then today Im at -7, I might have entered into the market too late for this weekly setup.

any guidance is much appreciated!
Hanover,
If you are truly new to forex, I'd recommend going to www.babypips.com first, and go through the school there. Teach yourself the fundamentals.

As far as this system goes, if you are new to it, stick with the rules on page one first. Trade this for a month before making any changes, and do it on a demo account. Yes, it is designed to enter on Sunday night ( or early Monday morning if you want) using last week's closing price.

I'll post my results for this past week tomorrow around noon EST.
Disregard all prognostications.
Thank you! I am presently about half way through babypips, looking forward to gettin on this system sunday evening!
You must be an old goat too...
Hi pidgeon
I have been following this thread for a little while and noticed that you have been posting at least since SEP of 2007. HAs this system been profitable for you?
I'll be closing the two pairs that made it through the week today, those being EUR/USD and USD/CAD. Up 190 and 60 pips (roughly, not closed yet). This makes for a smaller than average week, since I was stopped out in both directions on USD/CHF, and GBP stopped out once but never took its reverse sell order. This was a good thing, since it eventually reversed again and was a buy for the week. I didnt replace the original buy order that was stopped out.

Total gains = 250pips
Total stops = 156pips
Net gain = 94 pips.

It was a mediocre week, but we can always be happy to finish in the positive. Looking back, we had some pairs that I missed that did very well this week, most notably AUD which went from .9386 up to .9540 and never retraced. But hey, you can't predict 'em every time.

I'm seriously thinking about giving GBP a rest for a bit, its been very whippy lately. Will look at other pairs for next week. I will be on vacation next week, however I will still trade this system on vacation, its so simple and only requires looking at on Sunday.
Disregard all prognostications.
Thanx for the update pidg,
jimbop I do like my "Heavy Metal"

currently im using eurusd, usdjpy usdchf and gpdusd, should I look into more pairs? Im at +124 with a -30 as well, seems they came around at the end!
Quoting lrj72
Hi pidgeon
I have been following this thread for a little while and noticed that you have been posting at least since SEP of 2007. HAs this system been profitable for you?
It's not what it looks like! I traded this system back then for about 3 weeks, then my attention got drawn to other methods, and I left it. After trying many systems ( too many ) for the last year, I've decided to make this system work for me. I also have another trend following system that I'm working on, but it has very infrequent trades (one every 2-3 weeks or more).

So, I thought I'd post my experiences with the weekly scalp on this thread. If you can stay away from trading until Friday, this system is very good. You mostly have to focus on which pairs to trade, and where your stops should be, but entry and exit is pretty much handled for you. I am trying very hard not to add complexity to a system that doesn't need it. I follow the original rules, except that I don't take more than 2 trades per pair per week, and I don't move my opposite trade up to last week's close, because I don't actively watch the trades. So its fairly automatic.
Disregard all prognostications.
Quoting Pidgeon
I'll be closing the two pairs that made it through the week today, those being EUR/USD and USD/CAD. Up 190 and 60 pips (roughly, not closed yet). This makes for a smaller than average week, since I was stopped out in both directions on USD/CHF, and GBP stopped out once but never took its reverse sell order. This was a good thing, since it eventually reversed again and was a buy for the week. I didnt replace the original buy order that was stopped out.

Total gains = 250pips
Total stops = 156pips
Net gain = 94 pips.

It was a mediocre week, but we can always be happy to finish in the positive. Looking back, we had some pairs that I missed that did very well this week, most notably AUD which went from .9386 up to .9540 and never retraced. But hey, you can't predict 'em every time.

I'm seriously thinking about giving GBP a rest for a bit, its been very whippy lately. Will look at other pairs for next week. I will be on vacation next week, however I will still trade this system on vacation, its so simple and only requires looking at on Sunday.
You say this is a smaller than average week? What would you say an average week would be?
This system is an answer to my prayers, I've been trying to find a system that's pretty much hands off (emotion and second guessing have cost me thousands in the past). The various EA's out there seem to be too much trouble (way too many new versions and added indicators). I'm going to run it for a month on 4 pairs

GBP/USD GBP/JPY USD/JPY and USD/CHF and keep a running tally of my results....

I will only take one trade per pair, and I will not re-enter (I will trade it manually Sunday night and early Monday).

I will monitor daily (friggin work) and I will cut some winners short (TP 150-200) but I will use the suggested 50 pip sl and see what happens.

I will use an interbankfx demo and post my results weekly if anyone wants to see them.

If it works I'll go live with a micro.

Wish me luck1
Sounds good Jim! Be aware that InterbankFX's week closes at 4:00pm EST, not 5:00 like most other brokers. I found this out the hard way once.

I am also planning to go live with this in September of this year. I wanted to wait until after the usual August lull was over.
Disregard all prognostications.
Quoting lrj72
You say this is a smaller than average week? What would you say an average week would be?
One way that people have picked which pairs to trade is to look at the ATR (avg true range) on a weekly chart. This will give you some idea of how many pips are possible. I gained about 800 pips two weeks ago on this system with 3 pairs - but that is an unusual week. Keep in mind, we will have some weeks with lots of whipsaw that could see 300 point losses as well. It comes with the territory. Money mgt is always needed, whatever type of system you trade.
Disregard all prognostications.
Quoting Jimbop
This system is an answer to my prayers, I've been trying to find a system that's pretty much hands off (emotion and second guessing have cost me thousands in the past). The various EA's out there seem to be too much trouble (way too many new versions and added indicators). I'm going to run it for a month on 4 pairs

GBP/USD GBP/JPY USD/JPY and USD/CHF and keep a running tally of my results....

I will only take one trade per pair, and I will not re-enter (I will trade it manually Sunday night and early Monday).

I will monitor daily (friggin work) and I will cut some winners short (TP 150-200) but I will use the suggested 50 pip sl and see what happens.

I will use an interbankfx demo and post my results weekly if anyone wants to see them.

If it works I'll go live with a micro.

Wish me luck1
Best of luck.

One question though: Going to try a weekly system for a month? You mean just four samples to test the validity of a system? I would think your testing should be much longer than that.

Cheers!
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
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