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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,421
  • Nov 1, 2007 12:32pm Nov 1, 2007 12:32pm
I took his post to read 180 daily not the weekly? Maybe he could clarify because guppy would be the only one to meet that I would think.



Quoting Pidgeon
Here's a look at the ATR(21) for some pairs recently....of course your mileage may vary depending on your broker, but should be close.

GBP/JPY - 662 pips Wow!!!
EUR/JPY - 421 pips Still smokin!
USD/JPY - 259 pips Not bad
GBP/USD - 297 pips Gee, i thought it would be higher
EUR/USD - 201 pips only 200?!? for shame!!

As you can see, Guppy seems to rule the roost with this system.
And this week alone, Guppy has brought some 470 pips. This figure will probably change with the NFP release tomorrow, but we really don't care do we, because its already a good week.
  • #1,422
  • Nov 1, 2007 12:34pm Nov 1, 2007 12:34pm
Quoting toti1972
Yup, you are right what I meant is that the ATR(21) must show a variation in pips higher than 180 daily. less than that disregard that pair and look for another one. As everybody knows the more likely pair to fit this is Guppy.

Synwind sorry for the confusion, hope I am clear enough now.

I am happy for this thread to become active again, I also like to tell you that for me TK's daily is also a powerful method. I you guys still did not take a look at it, my humble advice is for you to go ahead and give it a try. Lets keep this thread updated with our weekly results.
Best wishes...

This is the post that confused me. You mention weekly, he mentioned daily.
  • #1,423
  • Nov 1, 2007 2:14pm Nov 1, 2007 2:14pm
i always stick to the rules, but there are some traders that implement some variations that works,i know a trader that has been making profits with this weekly scalping but he has his own strategy for the exits and stopp losses,
when he place his orders, he actually put 3 orders for sale and 3 for buy, lets say that the buy orders are triggered, then he set a limit, for the first trade 30 pips, and 50 pips for the second one, the other order has no limit, still open until the end of the week, then he moves the sell orders to the last week´s close,with the buy orders opened and reaching the first 30 pips, then he close one order for +30 pips, then moves the stop loss of the second one to break even and wait, if the market goes back after reach 30 pips, is not a problem, because he already make 30 pips, the second order is in break even so is 0 and if continuos going back and hit the stop -30 pips he will be 0(30-30=0), some times the second order hit the limit for +50 pips, so in that case you already have 80 pips if you lost the third order you will be +50 pips even with that reversal.(moore often than not, when the market hit the open for any oreder, buy or sell, that market continue going in that way at least for 30,40 or 50 pips before it goes back, so in that scenario you almost always have a reversal and your stop is hit but by that time you have 30 pips or maybe 50)it is a safe way to trade this method.i hope this helps
  • #1,424
  • Nov 2, 2007 7:42am Nov 2, 2007 7:42am
Quoting Pidgeon
Toti,
Thanks, its good to hear from someone who has been at this a while longer than I have. I was also thinking that ATR might play a role in choosing pairs. Synwind, I believe the 180 is #pips for ATR(21) for the pair you are interested in, using a weekly chart. So, I'm going to go back and look at the ATR values for the weeks that I was successful. Which btw, I'm not doing well this week, Euro went up and down and I was stopped out - but I think my stops were too tight. If you are trading guppy on this system this week then all is well (doh!)
thanks! sorry, i am new tothe ATR indicator. how do i use or calculate it?
  • #1,425
  • Nov 2, 2007 11:27am Nov 2, 2007 11:27am
Regarding the Part Time Wealth Building Trading System-Weekly Scalping, after you have made the Buy and Sell trades, how many times per day and what time of day (EST) do you check on the trades to see if you have been stopped out?

If you have been stopped out twice for the week, do you continue to trade, or just wait until the following week to start again?
  • #1,426
  • Nov 2, 2007 6:27pm Nov 2, 2007 6:27pm
so where can i view the latest rules to this method ? somebody mentioned SAR and that's new.........

i remember you place a buy or sell order 50pips from the high and low of the weekly range and SL at 30pips, right ?

what new developments have there been ?
  • #1,427
  • Nov 3, 2007 10:54pm Nov 3, 2007 10:54pm
Quoting Pidgeon
Here's a look at the ATR(21) for some pairs recently....of course your mileage may vary depending on your broker, but should be close.

GBP/JPY - 662 pips Wow!!!
EUR/JPY - 421 pips Still smokin!
USD/JPY - 259 pips Not bad
GBP/USD - 297 pips Gee, i thought it would be higher
EUR/USD - 201 pips only 200?!? for shame!!

As you can see, Guppy seems to rule the roost with this system.
And this week alone, Guppy has brought some 470 pips. This figure will probably change with the NFP release tomorrow, but we really don't care do we, because its already a good week.
so seems that xxx/jpy pairs work the best, huh ?

so no changes to the 'official' rules of this system ?
  • #1,428
  • Nov 5, 2007 6:47am Nov 5, 2007 6:47am
hey can someone tell me how do i start an EA? Also how do i add an EA?
BK
  • #1,429
  • Edited 7:23am Nov 5, 2007 7:13am | Edited 7:23am
Quoting Cmartin371
This is the post that confused me. You mention weekly, he mentioned daily.
Cmartin,

I'm thinking it has to be ATR(21) on a weekly chart. On a daily, the only pair that matches Toti's criteria is Guppy, which seems restrictive to me. But on a weekly chart, the ones I listed are all above ATR(21) of 180 pips.

The point is not to make a hard and fast rule here, but to realize that we want to find pairs that are trending, so we look for volatility. But how much volatility is really up to you. As I said before, I've had good success with less volatile pairs such as AUD/USD as well.

One other thing to add about this - I like the use of ATR(21) to choose pairs, because as with all systems, things change over time. If Guppy suddenly starts to be quiet or too range-bound, this lets us see which other pairs best match this trading approach. This lets our strategy evolve over time and not get "stale".
Disregard all prognostications.
  • #1,430
  • Nov 5, 2007 7:19am Nov 5, 2007 7:19am
Quoting findcount
so seems that xxx/jpy pairs work the best, huh ?

so no changes to the 'official' rules of this system ?
Lately, I've noticed that I would be better off starting the trade on Sunday night (as tkimble lists in post #1) instead of waiting until monday morning. I've missed a few large moves by waiting, and it changes my sell stop to a sell limit order, which isn't really what I want.

I don't move my sell order up to market close if the market stops me out on the buy order. I wait for it to come down the 50 pips before entering.

Some people re-enter again and again after being stopped out. I only place 2 trades for the week, and if stopped out twice then I'm done. I don't have to watch for stop-outs to place more trades during the week. Its a more hands-off approach but I can miss out on some weeks which take time to develop after being choppy early in the week.

Still testing !!
Disregard all prognostications.
  • #1,431
  • Nov 6, 2007 9:30am Nov 6, 2007 9:30am
[quote=tkimble;176274]Attached is a copy of my risk management model. There is also a sheet that lists the GBP/USD profit that was created since Jul 06 using the weekly scalping system.

You can use this model to manage your dollars. This particular model is based upon the idea that you only increase exposed capital as you increase you earnings. You can adjust the percentage of your capital that you want to risk, the maximum amount of lots that you wish to trade, amount of profit PIPs per week and the current balance of your account. The "Lot" value is a function of the amount of risk capital and profitability from the previous week.

Hope this all makes sense.

Depress the "Enabled Macros" button if requested when trying to open the attached file...

Happy Trading,

-------------------------
Kimble: Hello!
I have gone through most of your thread, and it's great.
I really like your risk management model, though i did not understood about margins.
For example on the 1st trade with .1 lot, where this $50 margin came, and also how did calucated this?
Suddenly, on 2nd week, it jumped to .5 lots suddenly.
Could you please explain me on this little more about it.
Thanking you for your sharing and help.
Sincerely,
rswamy4449

[email protected]
  • #1,432
  • Nov 7, 2007 4:30pm Nov 7, 2007 4:30pm
I just started this method Monday of this week, thanks to all the good post on this thread. I was stopped out 3 times on the GBP/USD, but checked my trade this morning and was up 298 pips! I closed out my trades, and made +208 pips.

I thought it was prudent to take a profit when I saw one instead of waiting till Friday. Question...my broker is Oanda, and they told me that in order to do this type of trading of buying and selling at the same time, that I needed to open a sub account, which I have done.

Is this what everyone else is doing?

Harry-O
  • #1,433
  • Nov 8, 2007 3:09am Nov 8, 2007 3:09am
for oanda, yes but i think most brokers allow you to buy and sell samepair in same a/c......

anyway, oanda is easy to use but don't forget about your sub a/c.
  • #1,434
  • Nov 8, 2007 4:11am Nov 8, 2007 4:11am
hi any body can help me i am new in this trading method
i have read firs post and then i came to this page 96 i have seen some pairs it was just gbp usd
i am a little confused what is the rules for tradung un this method?
is there any pdf?
thanks for your help
  • #1,435
  • Nov 9, 2007 1:50pm Nov 9, 2007 1:50pm
hi, im a newbie so please pardon me if this sounds elementary.

At the start of the week (Sunday), is the BUY AND SELL order (+-50 PIPS) executed using an Order Cancels Order (OCO) pair?
  • #1,436
  • Nov 9, 2007 7:11pm Nov 9, 2007 7:11pm
tkimble says to use two stop orders. (One buy and one sell)

You can use Once Cancels Other, but make sure that the opposite order is reentered properly.
  • #1,437
  • Nov 10, 2007 12:59am Nov 10, 2007 12:59am
Is this system suitable for a newbies like me ? Can it be operated with a mini a/c as little as $200 ? By the way thanks for sharing withus.
  • #1,438
  • Nov 10, 2007 4:40pm Nov 10, 2007 4:40pm
I'm running it on a mini account as it is. But using micro lots. (.01)

If you want to try tkimble's systems, I'd suggest for you the daily scalping system.

http://www.forexfactory.com/showthread.php?t=13507


The rules are the same as on the first page. Look for an EA called Rhythm v.2 it's best suited for that.
  • #1,439
  • Nov 12, 2007 3:21am Nov 12, 2007 3:21am
Hi, please pardon me if this has already been answered but I found no answer in the replies.

I just did an experiment on GBP/USD on early Sunday (11/11/2007) morning.
CLOSE: 2.0858
I gave a Limit Buy Order @ 2.0908 (i.e. +50) - stop loss of 2.0878
Limit Sell Order @ 2.0808 (i.e. -50) - stop loss of 2.0838

Sell order was filled suprisingly within about 1-2hours! so i adjusted the Buy limit order to 2.0858 (close).

Stop loss of the Sell was hit.

The Long order @ 2.0908 was also triggered and again the stop loss of the Buy was hit.

This is presented in chronological order.

Using this system, should I re-enter for the week and at what price given this situation and have I done anything wrong?

Thanks all.
  • #1,440
  • Nov 12, 2007 4:32am Nov 12, 2007 4:32am
Quoting Obalende
Hi, please pardon me if this has already been answered but I found no answer in the replies.

I just did an experiment on GBP/USD on early Sunday (11/11/2007) morning.
CLOSE: 2.0858
I gave a Limit Buy Order @ 2.0908 (i.e. +50) - stop loss of 2.0878
Limit Sell Order @ 2.0808 (i.e. -50) - stop loss of 2.0838

Sell order was filled suprisingly within about 1-2hours! so i adjusted the Buy limit order to 2.0858 (close).

Stop loss of the Sell was hit.

The Long order @ 2.0908 was also triggered and again the stop loss of the Buy was hit.

This is presented in chronological order.

Using this system, should I re-enter for the week and at what price given this situation and have I done anything wrong?

Thanks all.
Some people re-enter and some don't. It's all up to you and your MM
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