Part Time Wealth Building Trading System - Weekly Scalping

Quoting drayco

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I think what is confusing is that your original posted rules do say use a trailing stop. Then later say to use a 30 stp. Thanks for clearing that up.
Do you limit the number of entries per week? And if both sides get triggered, does the new entry price stay at last weeks close if there is more than one entry per side?

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Quoting tkimble

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As I state in my other thread, I am not a big fan of excessive testing. With this system, it is easy to see the results by looking at a weekly chart. Create a weekly chart of the GBP/USD. Just look at it. That should be all the testing you need. This endeavor matches my trading psychology.

Keep in mind that it is very rare that the price pattern will retrace and entire weeks worth of price movement once the weekly trend has been established. During the last six months, there were some 400 and 500 pip weeks...

Happy Trading,

Tkimble

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Quoting Daemien

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I agree with keeping testing to a minimum, especially when you can clearly see the benefits on the charts (such as this method). I am not live at the moment, however. I want to see positive results demo-trading before I do so - will also make it much easier to convince the wife that $1000 will be well spent...

Wish I was live now *sigh*.. feel like I'm missing out lol

Daemien

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Quoting tkimble

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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,

Tkimble

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Quoting Daemien

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Very Nice!!

Thanks again for sharing tkimble. And I would advise everybody reading this thread to take a good look at the spreadsheet - gotta love the power of compounding

One think I noticed, you cannot enter a percentage of risk lower than 3% or a starting balance less than $1000. Any particular reason for this??

Thanks again and happy trading!

Daemien

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Quoting tkimble

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Great point. I much perfer paper trading because it builds confidence. Confidence is much more important than testing results.

Good luck,

Tkimble

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Quoting caventou

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hi tkimble, i am interested in your weekly scalping system but what if I am not on the screen let's say last week's close is 1.9500, so
Buy: 1.9550
Sell: 1.9450

Suppose it hits the buy at 1.9550 and then retraces to my stop loss at 1.9520.As I may not be at my computer when this happens to adjust my sell entry to 1.9500. What would you do?

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Quoting ut2DaMax

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Thats what I am doing yet ...... and it is great when you see results .... I am gaining confidence every day. I use 4hr charts some MA's and other indicators. In my case Majority rules! I watched USD/JPY .... I had a huge signal at 119.04 area. It is no mistake it took the plunge and I don't think its done yet. This is great!


All of you Newbies, me included, papertrade until you have a system that works for you! Do not risk any $$$, until you have a proven system! Always follow the rules you have set in place! And once you trade LIVE, always use the same size lots maybe for a month or two, before you change the lot size you are using. Otherwise you might place more on the wrong trade and place too little on the good move. Be consistant when you use actual money. Just my opinion.

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Quoting ramshackle

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Hi Tkimble, thanks for the sharing , it is really a intresting strategy. But i still a bit confuse about your strategy,

For example:

let say previous week close was 1.9579

so buy = 1.9629
sell = 1.9529

let say the price moved up and hit 1.9629, we go long with a 30 pips stop. So we moved the sell to 1.9579. Unfortunately the stop was hit. Here is the question, after the stop was hit which mean the price now is at 1.9629-30pips= 1.9599, we know that the sell is at 1.9579, question here do you place the buy target again?if yes at what price?

thank you






I use a 30 PIP stop from the very beginning and let the trade evolve. My trading style permits the 30 pip true loss as opposed to a 30 pip reduction and prevention of what could have been a 200 - 300 pip run. More times than not, the 30 pip stop will not be hit if the trade survives through Tuesday of the 5 day period. Aslo remember that if I am stopped out, I am sliding the next entry point 30 PIPs closer with the idea of hastening the return to a profitable position...

Happy Trading,

Tkimble

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Quoting dpb

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TK,

I'm a newbie to forex trading. This seems to be an interesting strategy. Thanks for sharing. Just to be clear, the buy and sell trades should be put in on Sundays when the markets open up for that week, right?

Regards...

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