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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,481
  • Nov 26, 2007 11:16am Nov 26, 2007 11:16am
My new system has been posted. Can be found at:

http://www.forexfactory.com/showthre...24#post1730724

I call it the Trend Hugger system. By far my best system to date.

Thanks all and great trading,

TK
  • #1,482
  • Nov 28, 2007 8:41am Nov 28, 2007 8:41am
Both (long and short) have been stopped out. Nw what? Do we enter another trade? or are we done until Sunday at 5pm when we set the next trades (long and short)? Thanks!
  • #1,483
  • Nov 29, 2007 10:20am Nov 29, 2007 10:20am
Quoting bjk2801
Both (long and short) have been stopped out. Nw what? Do we enter another trade? or are we done until Sunday at 5pm when we set the next trades (long and short)? Thanks!
I am waiting until Monday morning to place my trades for next week.

I never take more than 2 trades a week with this method. Taking more trades unnecessarily increases risk without appreciably increasing potential reward.

TheRealThing
  • #1,484
  • Nov 29, 2007 10:45am Nov 29, 2007 10:45am
Quoting TheRealThing
I am waiting until Monday morning to place my trades for next week.

I never take more than 2 trades a week with this method. Taking more trades unnecessarily increases risk without appreciably increasing potential reward.

TheRealThing

Are you still going with the 50pips +/- the prior week close?


Thanks, Chris
  • #1,485
  • Nov 29, 2007 8:38pm Nov 29, 2007 8:38pm
Just wanted to ask and see which currencies everyone uses with this method. Firstly thank you tkimble for showing this to us. I use EUR/AUD and in the last 2 weeks..I've managed 800 pips I hit t/p 500 pips last week, and so far this week took 200 pips long on Monday, and 100 pips short Wednesday. I am currently out of the weekly...until Monday. This is almost as good as stealing candy from baby! But I would also like to expand to other currencies. What are some more volatile pairs? Anyone?
  • #1,486
  • Nov 30, 2007 5:07am Nov 30, 2007 5:07am
Colstarr... Try GBP/USD or GBP/JPY
  • #1,487
  • Nov 30, 2007 9:31am Nov 30, 2007 9:31am
Quoting Cmartin371
Are you still going with the 50pips +/- the prior week close?


Thanks, Chris
Chris--

You can operate from the previous weekly close or the open of Monday (whenever you believe that is). Both have proven effective. It is a provable fact that working from the weekly open is better.

What is great about methods of this type is the fact that everyone who trades the concept ends up trading a bit differently than the next guy, so everyone's orders aren't bunched up at the exact same places.

I operate from the open of Monday at midnight. (00:00 Eastern Standard Time).

I take a maximum of 2 trades either north or south. If not stopped out by Friday at 16:00 EST exit the market.

TRT
  • #1,488
  • Nov 30, 2007 8:46pm Nov 30, 2007 8:46pm
Thanks TRT! I had no hits on the ONS trades this week, but I do like the system.


Quoting TheRealThing
Chris--

You can operate from the previous weekly close or the open of Monday (whenever you believe that is). Both have proven effective. It is a provable fact that working from the weekly open is better.

What is great about methods of this type is the fact that everyone who trades the concept ends up trading a bit differently than the next guy, so everyone's orders aren't bunched up at the exact same places.

I operate from the open of Monday at midnight. (00:00 Eastern Standard Time).

I take a maximum of 2 trades either north or south. If not stopped out by Friday at 16:00 EST exit the market.

TRT
  • #1,489
  • Dec 3, 2007 8:57am Dec 3, 2007 8:57am
GBP/USD Long 2.0607 stopped out already!
  • #1,490
  • Dec 4, 2007 5:48am Dec 4, 2007 5:48am
Quoting bjk2801
GBP/USD Long 2.0607 stopped out already!
so maybe the short order will be triggered to give you profit ?
  • #1,491
  • Dec 4, 2007 7:02am Dec 4, 2007 7:02am
Tkimble,
Great method my question is how many stop out can one accomodate in a week. like this week, both buy and sell have been trigerred and stop out.
  • #1,492
  • Dec 4, 2007 7:10am Dec 4, 2007 7:10am
Quoting sola_eleko
Tkimble,
Great method my question is how many stop out can one accomodate in a week. like this week, both buy and sell have been trigerred and stop out.

This depends on each person's account, money management, and personality. Read the thread. There is a ton of info in it.
  • #1,493
  • Dec 4, 2007 2:29pm Dec 4, 2007 2:29pm
Quoting sola_eleko
Tkimble,
Great method my question is how many stop out can one accomodate in a week. like this week, both buy and sell have been trigerred and stop out.
I have no limit because future market performance is unpredictable and the losses sustained early in the week can easily be recouped during the end of the week once the trend is established...

TK
  • #1,494
  • Dec 10, 2007 8:31am Dec 10, 2007 8:31am
tKimble,

May you be so kind as to indicate whether you re-set a 30 pip stop loss when you bring up/down an intial order to the previous week's close (after the other side of straddle was filled).

Thank you so very much for your work!

Keith
  • #1,495
  • Dec 10, 2007 12:43pm Dec 10, 2007 12:43pm
Quoting KeithMN
tKimble,

May you be so kind as to indicate whether you re-set a 30 pip stop loss when you bring up/down an intial order to the previous week's close (after the other side of straddle was filled).

Thank you so very much for your work!

Keith
Yes, you adjust the 30 pip stop loss...otherwise it would be a 80 pip stop loss!! OUCH!!!
  • #1,496
  • Dec 10, 2007 1:25pm Dec 10, 2007 1:25pm
bj,

I got stopped out using original TK rules on GBP today. Yet trend has been quite bullish. I suppose a larger SL would have allowed for me to take advantage of this initial move. The original sell order was moved up to last week's close and a new 30 pip stop placed on it. Now we wait for trend to come back down to make up for my 30 pip loss.

Are we on the same page?

Keith
  • #1,497
  • Dec 13, 2007 8:16am Dec 13, 2007 8:16am
Quoting KeithMN
bj,

I got stopped out using original TK rules on GBP today. Yet trend has been quite bullish. I suppose a larger SL would have allowed for me to take advantage of this initial move. The original sell order was moved up to last week's close and a new 30 pip stop placed on it. Now we wait for trend to come back down to make up for my 30 pip loss.

Are we on the same page?

Keith
Yes, that is correct. I am thinking of using a trailing stop on the orders... this way, I would have made SOME profit on the long order that we got stopped out. Just a thought! The long order was up quite a bit before we lost it all. Some pips is better than a loss. Any thoughts?
  • #1,498
  • Dec 13, 2007 2:53pm Dec 13, 2007 2:53pm
bjk,

I think even a higher fixed stop on GBP buy side would have helped as well.


Keith
  • #1,499
  • Dec 14, 2007 10:42am Dec 14, 2007 10:42am
Quoting KeithMN
bjk,

I think even a higher fixed stop on GBP buy side would have helped as well.


Keith
Yes it would have. However, the short order triggered and is currently up nicely. My point if using a trailing stop is that we would have profit on the long and short side (sometimes- if both trades trigger). It maybe better money management?
  • #1,500
  • Dec 14, 2007 2:13pm Dec 14, 2007 2:13pm
Perhaps TS of 50 or 55?
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