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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,441
  • Nov 12, 2007 8:55am Nov 12, 2007 8:55am
Should I decide to re-enter - i am guessing it will be with the initial set of orders again i.e.

CLOSE: 2.0858
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

or with the hit stop losses as the new long and short triggers or is this at my discretion - I ask because I just want to know the system rules first before adding my tweaks.

Thanks.
  • #1,442
  • Nov 12, 2007 12:08pm Nov 12, 2007 12:08pm
Obalende,
See post #37 for rules on re-entry. You should be using the original targets for re-entering after being stopped out twice.

I also am trading this for Cable and Guppy this week. I increased my stops to 50 pips for both pairs. So far no stops have been hit, and original sell orders are still in place for both. I do not move my opposite order to last week's close when the first order is taken. (Different than the rules say) Looking at about 500 pips for today alone. Well, it's an unusual day with the carry trade unwinding..

Tkimble liked to only risk 30 pips per trade, but on volatile pairs, it is easier to get stopped out before the market shows a general direction for the week. I'm trying to widen my stops a bit, and allow for some breathing room to avoid being stopped out. I also use Tkimble's daily scalp to offset drawdowns from this system.
Disregard all prognostications.
  • #1,443
  • Nov 12, 2007 4:18pm Nov 12, 2007 4:18pm
When doing this type of trading, how often is everyone checking their trades to see if they have been stopped out?

I entered my Buy/Sell trade this morning at 6:45AM EST, and was stopped out in half an hour on the Buy trade...reentered a Sell trade at last weeks close of the GBP/USD and went up 42 pips (72 minus the 30 pips I lost on the Buy trade.

I closed out the trades for a 42 pip profit, but would like to stay in longer next time, but would like to know just how often everyone else is actually checking their trades and at what time(s) of day?
  • #1,444
  • Nov 12, 2007 8:36pm Nov 12, 2007 8:36pm
Very nice week, only 1 day and i got my 500 pips!!!!!!, i use 50 pips stop loss and i only get a maximun of 2 operations, once the buy is hit and then lost i go with the sell, if that one is also hit in stop im done for the week, thats it, also as soon as i have 500 pips im done, GBP/JPY, for me is the best one. Thanks a lot TK.
  • #1,445
  • Nov 13, 2007 5:13am Nov 13, 2007 5:13am
this may have been asked but.......anyone tried a stop-and-reverse order ? so instead of a stoploss for a sell , replace the stoploss with a buy order.......maybe can make an overall profit or at least reduce loss ?
  • #1,446
  • Nov 13, 2007 12:32pm Nov 13, 2007 12:32pm
Quoting Alvaro
Very nice week, only 1 day and i got my 500 pips!!!!!!, i use 50 pips stop loss and i only get a maximun of 2 operations, once the buy is hit and then lost i go with the sell, if that one is also hit in stop im done for the week, thats it, also as soon as i have 500 pips im done, GBP/JPY, for me is the best one. Thanks a lot TK.
Alvaro,
You and me are thinking alike. The reason for only two trades, is to stay out of the market during ranging weeks. But, we will sometimes miss moves that don't start until later in the week.

I also booked about 600 pips ( I traded two pairs) yesterday, and for me that was enough. I don't have a hard and fast 500 pip rule, it just looked to me like we would see some retracement from the initial move yesterday, and possibly greater volatility. I'm staying out for the rest of the week. Although, I'll probably do some daily scalping too
Disregard all prognostications.
  • #1,447
  • Nov 13, 2007 12:35pm Nov 13, 2007 12:35pm
Quoting findcount
this may have been asked but.......anyone tried a stop-and-reverse order ? so instead of a stoploss for a sell , replace the stoploss with a buy order.......maybe can make an overall profit or at least reduce loss ?
If you simply increase your stops to 50 pips, and don't move the reverse order up to last week's close, then you have a SAR system. It might actually be a smart thing to do for GBP/JPY, but then you'll need to stomach a potential 100pip loss for a week, unless you keep re-entering with new trades.

This is actually what Tkimble advocates in his daily scalp system.
Disregard all prognostications.
  • #1,448
  • Nov 13, 2007 3:06pm Nov 13, 2007 3:06pm
Ok I have just taken the time to read this entire thread and all I can say is wow. It appears to me that I should not use the last 2 weeks as an indicator for this method.

1. Week of Nov-11-2007
Previous Close of 231.34
Short at 230.84
Close at 225.25 for a 559 pip profit minus 7 pip spread.

2. Week of Nov-4-2007
Previous Close of 239.76
Short at 239.26
Close at 231.35 for a 791 pip profit if you let it ride the whole week.

This is taking into consideration a 50 pip SL which didnt appear to be hit on my MT4 setup either week. So I cant see a 1350 pip bi weekly system being common or accurate. Can someone check their charts and tell me if I am seeing something wrong?
  • #1,449
  • Nov 13, 2007 4:34pm Nov 13, 2007 4:34pm
Hi Pidgeon,
One question, lets say you have the sell triggered, then you move your buy to last close or you just leave it like that?
BTW congratulations for your 600 pips!!!
looks like we are done for the week!!!!!
  • #1,450
  • Nov 14, 2007 6:51am Nov 14, 2007 6:51am
Quoting Pidgeon
If you simply increase your stops to 50 pips, and don't move the reverse order up to last week's close, then you have a SAR system. It might actually be a smart thing to do for GBP/JPY, but then you'll need to stomach a potential 100pip loss for a week, unless you keep re-entering with new trades.

This is actually what Tkimble advocates in his daily scalp system.
increase stoploss to 50 pips ?

i thought moving the reverse order to the week's close is better since you're getting in at a better price ?
  • #1,451
  • Nov 15, 2007 2:50am Nov 15, 2007 2:50am
Tk does this or any of your systems work well for the er2 mini russell 2000 or the dax futures??..................I have not tried it yet but my thinking is that the daily system or the sma25 high and low could be quite good as there are alot of mini trends intra-day and both volatile markets. With forex you got the spread to deal with but with futures its obviously tighter, and with this in mind i was thinking of immediately entering trades when it crosses the sma high or low and getting out staight away if it crosses above or below either sma high or low until trade goes my way. This would keep losses around break-even except for commission costs until it breaks out from the sma.

What do you think?, I would really like to hear peoples opinions on this idea of mine.


many thanks,

Jason
  • #1,452
  • Edited 12:36pm Nov 15, 2007 12:32pm | Edited 12:36pm
Quoting findcount
increase stoploss to 50 pips ?

i thought moving the reverse order to the week's close is better since you're getting in at a better price ?
Alvaro,
Yeah, this week was killer, it shows what happens when you trade volatile trending pairs on this system. I don't move my reverse buy or sell to last week's close, becuase this requires me to monitor the trade, which I'm actually trying NOT to do. I place my orders before bedtime (around 9pm EST), and then let the Euro session determine what direction we are going.

Findcount,
Moving the reverse order to last week's close is according to the original rules. But in a choppy market, it can cause you to get into the opposite trade sooner, when there may not be a clear trend. I also increase my stops to 50 pips on these pairs because they are more volatile, so I'm giving them more room to move around before the trend shows itself. I won't do that on every pair, mostly on GBP/USD and GBP/JPY. If I have 2 losing trades in a week (2 stop losses hit), then I'm out for the week, and will usually make up the 100 pips using Tkimble's daily scalp. This week, the daily scalp actually outperformed the weekly, since daily moves were huge on Guppy, but the week in total moved up and down before establishing a trend today.

An finally, for JayJay, Tkiimble hasn't posted in a while, so I wouldn't wait on an answer from him, he's moved on to other things I'm sure...
Disregard all prognostications.
  • #1,453
  • Nov 16, 2007 6:15am Nov 16, 2007 6:15am
Well it seems like this week was nice for us, i dont know the Tkimble daily system but it might be great, do you guys know about some system that work nicely(giving you good profits with a low risk), im pretty hapy with the weekly system but i will like to try some of those systems, i hear some thing about (sniperforex, trend stuffer and forex killer)some body know any thing about those?
Ok, thanks for the cooperation and god bless you guys.
  • #1,454
  • Nov 16, 2007 9:12pm Nov 16, 2007 9:12pm
Quoting Pidgeon
Alvaro,
Yeah, this week was killer, it shows what happens when you trade volatile trending pairs on this system. I don't move my reverse buy or sell to last week's close, becuase this requires me to monitor the trade, which I'm actually trying NOT to do. I place my orders before bedtime (around 9pm EST), and then let the Euro session determine what direction we are going.

Findcount,
Moving the reverse order to last week's close is according to the original rules. But in a choppy market, it can cause you to get into the opposite trade sooner, when there may not be a clear trend. I also increase my stops to 50 pips on these pairs because they are more volatile, so I'm giving them more room to move around before the trend shows itself. I won't do that on every pair, mostly on GBP/USD and GBP/JPY. If I have 2 losing trades in a week (2 stop losses hit), then I'm out for the week, and will usually make up the 100 pips using Tkimble's daily scalp. This week, the daily scalp actually outperformed the weekly, since daily moves were huge on Guppy, but the week in total moved up and down before establishing a trend today.

An finally, for JayJay, Tkiimble hasn't posted in a while, so I wouldn't wait on an answer from him, he's moved on to other things I'm sure...
so what's the difference between the daily and weekly methods ?
  • #1,455
  • Nov 17, 2007 5:30am Nov 17, 2007 5:30am
Congrats on the pips you arrested

I am currently trading the GJ with a different system and the first thought I had when I started reading this thread that this might be a good system for the guppy but that the stops might be a tad too tight for this "beast" . You confirmed both, which is great.
Many thanks for improving this system AND making your insights available to others.

Cheers & happy trading !

MP
Be like a post stamp! Stick to it until you get there!
  • #1,456
  • Nov 18, 2007 12:32am Nov 18, 2007 12:32am
Hi All. Glad to see some have really taken this program and done very well with it. I have developed a new trading strategy that I believe is my best thus far. Will be previewing shortly. It is a real trend hugger the accurately sells the highs and buys the lows.

I have been trading this new system before publishing but I will not publish results. That is for you to experience for yourself.

In case you have been wondering, I have move off to new things but still very involved with the currency markets.

I hope you will all enjoy.


Regards,

TK
  • #1,457
  • Nov 18, 2007 2:16am Nov 18, 2007 2:16am
Its good to have you back, BTW thanks for sharing your knoledge with us, that is a real great thing, so exited about your new system, god bless you.
  • #1,458
  • Nov 18, 2007 3:48am Nov 18, 2007 3:48am
Looking forward to it TK...thank you very much for your systems and knowledge!
  • #1,459
  • Nov 18, 2007 6:26am Nov 18, 2007 6:26am
Quoting tkimble
Hi All. Glad to see some have really taken this program and done very well with it. I have developed a new trading strategy that I believe is my best thus far. Will be previewing shortly. It is a real trend hugger the accurately sells the highs and buys the lows.

I have been trading this new system before publishing but I will not publish results. That is for you to experience for yourself.

In case you have been wondering, I have move off to new things but still very involved with the currency markets.

I hope you will all enjoy.


Regards,

TK

tkimble, thanks for all you do and I cant wait for the new theory
  • #1,460
  • Nov 18, 2007 10:20am Nov 18, 2007 10:20am
Hi TK,

I'm glad you are still here and I'm looking forward to your new strategy.

Best of luck to you in all you do.

Carol

Quoting tkimble
Hi All. Glad to see some have really taken this program and done very well with it. I have developed a new trading strategy that I believe is my best thus far. Will be previewing shortly. It is a real trend hugger the accurately sells the highs and buys the lows.

I have been trading this new system before publishing but I will not publish results. That is for you to experience for yourself.

In case you have been wondering, I have move off to new things but still very involved with the currency markets.

I hope you will all enjoy.


Regards,

TK
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