Part Time Wealth Building Trading System - Weekly Scalping | Page 76 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

1M & 5M Scalping System (Scalping Paradise) 21 replies

A switch: from part time trading to full time trading 8 replies

A system that works for a part time trader with minimum screen time 16 replies

Dear Full time/Part time Traders – Thanks for your time and help 7 replies

Part Time Wealth Building System - "High-Low Trending" 9 replies

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

Part Time Wealth Building Trading System - Weekly Scalping

  • #1,501
  • Dec 15, 2007 2:15pm Dec 15, 2007 2:15pm
Quoting KeithMN
Perhaps TS of 50 or 55?
I use a TS of 50 after I hit 100 pips. So I leaved the fixed in place until it's up 100, then put on a trailing stop of 50. I have had mixed results. Definitely have left some pips on the table. OTOH, made 80 pips this week with this method.
  • #1,502
  • Dec 15, 2007 8:35pm Dec 15, 2007 8:35pm
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
what do you mean by re-setting the SL ?
  • #1,503
  • Dec 16, 2007 5:32pm Dec 16, 2007 5:32pm
FINDCOUNT,

For example, if the Buy side of my original straddle filled , then would I next move the pending Sell order AND its stop loss order up 50 pips (according to tk's original system)?

Keith
  • #1,504
  • Dec 16, 2007 5:36pm Dec 16, 2007 5:36pm
To all,

Anyone trying this successfully with any pairs other than Cable?

Keith
  • #1,505
  • Dec 17, 2007 5:06am Dec 17, 2007 5:06am
just started this system........


On the USD GBP this week my long was triggered and stopped and then my short which i moved to the close of the previous week was triggered.......so IF this order is stopped out, am I done trading for the week? Or do i put ANOTHER long order on at the close of last week?
  • #1,506
  • Dec 17, 2007 8:16am Dec 17, 2007 8:16am
Concerning Cable. I am perplexed drummer...my sell order triggered last night, then proceeded to go bullish and by moring time EST was already almost 10 pips higher than last weeks close! I moved my original buy order down to about 10 pips higher than this amount. Also adjusted the 30 pipSL above that.

Can anyone confirm this?

KeithMN
  • #1,507
  • Dec 17, 2007 10:26am Dec 17, 2007 10:26am
Quoting KeithMN
Concerning Cable. I am perplexed drummer...my sell order triggered last night, then proceeded to go bullish and by moring time EST was already almost 10 pips higher than last weeks close! I moved my original buy order down to about 10 pips higher than this amount. Also adjusted the 30 pipSL above that.

Can anyone confirm this?

KeithMN
If you placed the buy and sell orders correctly (i.e. 50 pips higher and lower from last week close or opening of week price), you were stopped out on BOTH trades. The GBP/USD whipsawed us out. Done for the week with this system.
  • #1,508
  • Dec 17, 2007 10:40am Dec 17, 2007 10:40am
Quoting TraderGeek
I use a TS of 50 after I hit 100 pips. So I leaved the fixed in place until it's up 100, then put on a trailing stop of 50. I have had mixed results. Definitely have left some pips on the table. OTOH, made 80 pips this week with this method.
Great tradergeek, how long have you tried this system?
  • #1,509
  • Dec 17, 2007 1:54pm Dec 17, 2007 1:54pm
Quoting bjk2801
If you placed the buy and sell orders correctly (i.e. 50 pips higher and lower from last week close or opening of week price), you were stopped out on BOTH trades. The GBP/USD whipsawed us out. Done for the week with this system.
k awesome that was my question..........yes i was stopped on both so now i am DONE for the week correct? How many weeks may i expect this sort of thing?
  • #1,510
  • Dec 17, 2007 3:41pm Dec 17, 2007 3:41pm
Quoting drumdude
k awesome that was my question..........yes i was stopped on both so now i am DONE for the week correct? How many weeks may i expect this sort of thing?
It just happens every now and then. Last week was very profitable.
  • #1,511
  • Dec 17, 2007 3:42pm Dec 17, 2007 3:42pm
Quoting drumdude
k awesome that was my question..........yes i was stopped on both so now i am DONE for the week correct? How many weeks may i expect this sort of thing?
If only one knew........


Read the thread for some ideas. TKimble eventually went away from the straddle and started to trade the weekly like the Daily scalp. Not sure if he went back to the straddle, but there are a lot of ideas in the thread. Read posts by The Real Thing and Bullrock.
  • #1,512
  • Dec 17, 2007 11:36pm Dec 17, 2007 11:36pm
If you want to know expectancy of this system you can do simple backtest. With this system is very easy to do. I done this on Metatrader. I found that you are not going to be proftabe in some years( you break even) but some years you will be proftable. So it is all depends on your own expectations.
Quoting drumdude
k awesome that was my question..........yes i was stopped on both so now i am DONE for the week correct? How many weeks may i expect this sort of thing?
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #1,513
  • Dec 18, 2007 12:32am Dec 18, 2007 12:32am
im not aware of a way to backtest and see if you would have been stopped out with in the weekly candles? unless i go down to say the 30 min.........how ever that would be highly tedious and it would be much easier for someone who has been forward testing to give a ballpark number.....
  • #1,514
  • Dec 18, 2007 8:13am Dec 18, 2007 8:13am
Hi every Body
My qusetion goes to TKimble or any one else
As a new memeber and a newbie to forex, 've found this thread (Part Time Wealth Building Trading System - Weekly Scalping ) very interesting,
pls did not understand with Tkimble's statement, pls help me put more light on these :

Previous weekly close: 1.9597
Buy: 1.9647
Sell: 1.9547

1 If the "Buy" is executed, move the sell up to the previous weeks close (1.9597 in this case)
2 If the "Sell" is executed, move the buy down to the previous weeks close (in this case likewise 1.9597), he also stated something like this
3 Adjust one of the trades back to the previous weeks close when either trade is executed
i will be very grateful if i am scaled through.
  • #1,515
  • Dec 18, 2007 3:13pm Dec 18, 2007 3:13pm
Hi Drumdude!
in my post #485 I already posted my backest for 2006 +3669pips (performed mostly on 5 min charts). So feel free to check out. However I must warn you, year 2006 was one of the best for this system, usually results for others years not so great like in 2006. Unfortunately I did not have backtest results for 2005 and 2004 now, but I remember one of those years was not proftable at all. So if you want to follow this system you have to have a lot of discipline.
Good luck with your trading.
Quoting drumdude
im not aware of a way to backtest and see if you would have been stopped out with in the weekly candles? unless i go down to say the 30 min.........how ever that would be highly tedious and it would be much easier for someone who has been forward testing to give a ballpark number.....
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #1,516
  • Dec 18, 2007 3:19pm Dec 18, 2007 3:19pm
Welcome to Forex Factory Umar!
You did everything right. Just one thing you forget is to set up stop losses. All stop losses 30 pips. This is origial strategy, which is seems like the best one anyway.
Have a great week!
Quoting umar muniru
Hi every Body
My qusetion goes to TKimble or any one else
As a new memeber and a newbie to forex, 've found this thread (Part Time Wealth Building Trading System - Weekly Scalping ) very interesting,
pls did not understand with Tkimble's statement, pls help me put more light on these :

Previous weekly close: 1.9597
Buy: 1.9647
Sell: 1.9547

1 If the "Buy" is executed, move the sell up to the previous weeks close (1.9597 in this case)
2 If the "Sell" is executed, move the buy down to the previous weeks close (in this case likewise 1.9597), he also stated something like this
3 Adjust one of the trades back to the previous weeks close when either trade is executed
i will be very grateful if i am scaled through.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #1,517
  • Dec 21, 2007 4:36am Dec 21, 2007 4:36am
Hi every body
To Tkimble or any one
pls i am new to forex, and i am very much interested in that system (Part Time Wealth Building Trading System - Weekly Scalping ), and i don't know anything about it, Tkimble made mention that we should place two trades, 50 pips below and above the close for previous week. so my question here is:
the trades that one shuold execute, is it pending order or instant order ?
and this two orders buying/selling, can it serve for thewhole of the week?
I am a newbie, so pls help me in details about this system.
will be glad if i here from you
THANK YOU.
  • #1,518
  • Dec 22, 2007 9:50am Dec 22, 2007 9:50am
Do take the effort to read through this entire thread. Not only are your questions answered, but you'll also learn plenty more about trading.

I don't believe in spoonfeeding answers nor should you expect to be spoon-fed. Forex is an incredibly complex market and nearly impossible to simply explain to anyone. It's best if you experience it yourself.
  • #1,519
  • Dec 22, 2007 9:50pm Dec 22, 2007 9:50pm
anyway to minimize the following scenario which is often enough.......

the buy/sell order was triggered when you're not aware or around and before you can lock in any profit of which could be at least 30 or more pips....prices turn around and SL got hit !

anyone has ideas how to get around this problem ?
  • #1,520
  • Dec 22, 2007 10:02pm Dec 22, 2007 10:02pm
There's an Ea called the rhythmV.2 which is used primarily for the daily trading.

I would recommend putting the weekly scalping parameters there. Just make sure you remember to turn off the EA mid-week. The reason is that Rhythm was meant to be applied to tkimble's daily system. There is absolutely no reason why it cannot be applied to the weekly system, there's just more maintenance.

Just curious, what do you mean by the "lock-in?" Do you have a specific profit target or is your strategy a move to breakeven at profit = X?
2 traders viewing now