Part Time Wealth Building Trading System - Weekly Scalping

Quoting MrFuture

Disliked

Ok, this might be a very, very stupid question, but my question is this: considering that we are not using any indicator at all, why in the world are we supposed to look at a weekly chart ? Isn't this system exclusively based on price ?

Therefore, if all we need to know is last week's close, isn't that number going to be exaclty the same wether we look at a 1Hour or a Monthly chart ?

I don't see the need of a chart.....I don't get it....this is going to be a "you are right mr.future" or "are you dumb ?!?!?" kind of answer, I feel it...nothing in between

Ignored

Quoting Daemien

Disliked

So you are actually trading this tkimble? I had assumed you had only backtested it...

Are you using discretion you aren't mentioning here for exiting? While the daily charts look great, I have spent quite a few hours going over the hourly charts for most of 2006. Over 50% of weeks have multiple stop-loss hits (earlier in week, middle of week, or later in the week - doesn't seem to matter). While there were a few fairly large gains, most of them were eaten up by numerous -60 pip stop loss hits.

If there is something I am missing, please let me know.

Daemien

Ignored

Quoting Pip Rage

Disliked

Matt, I'm not using a straddle based on friday's close price.
I wait for the first 18 hours of the week to pass and then straddle that range. I use a 100 pip tp and 50 sl. I'll only re-enter once and I never move the stops. Win or lose, I'll exit the position on saturday if it's still open. I only trade once if it hits my initial limit with a loss.I have had 6 losing weeks in the last 7 months but I've never been stopped out twice. I don't count Christmas week because I chose not to trade at all.
I've taken the approach of treating the trading week as one big daily session because it never really closes. It just thins out during the asian sessions.
I found that cable usually spends most of its sunday and monday shaking out the weekend straddlers , then it will breakout and trend in one direction for a 100-200 pips. Sometimes it will continue and put in a 350 pip range . Sometimes it will retrace between 50-100% of the post-opening smash.
I gave up on figuring out how to predict what will do after the Opening Range breakout. I have found that once it breaks out of its opening range it will trend for 100 pips prior to any significant pullback. It will often shake me out for a 50 pip loss to start with but then it will normally then proceed to its 100 pip target so I'll still be 50 pips up for the week.
In 3 of my losing weeks, I was shaken out for 50 pips then failed to activate and a new position. Mostly I win but ,to me, not losing is more important than winning. This method is crude but it's effective because it's settles for a limited segment of the weekly move and it's not tied to the opening chop of the asian session.
Milking this game is a lot easier than beating it.
Cheers

Ken

Ignored

Quoting Pip Rage

Disliked

I'll only re-enter once and I never move the stops.

Ignored

Quoting Pip Rage

Disliked

BTW, I have found this method struggles with less volatile pairs.

Ignored

Quoting alamanjani

Disliked

Ken, thank you for sharing!

May I ask you few things, just to make sure I've understand you correct:



So, let's say, you enter and get stopped out of BUY trade, then you enter and get stopped from SELL trade. Now, you would one more time enter BUY trade and if you get stopped out and price going down, you would one more time enter SELL trade. Is this correct? So there are maximum 4 trades per pair per week possible, correct?

And reentering the second BUY trade would happen at the same price, as first BUY trade - a little (5 pips?) above first 18 hours high of the week, correct?

Same for second SELL, you repeat first one, correct?



So which are the best (the most volatile) pairs? Which one you are trading?

And the last one, what would be average profit per pair per month, these last 6 months you are trading this system? (do you trade live or demo?)

Thank you!

(I'm jealous because you are enjoying summer while I'm showeling snow)

Mario

Ignored

Quoting chris1

Disliked

For the 50 pips strategy, you have either 50 pips above or below the previous weeks close and then the 30 pip training stop, but which trade order to you use? Do we use a market + TTO and then add a training stop of 30 pips onto that? Please explain. Also, do we start the trade on a Monday and then exit on Friday 30 mins. before it closes? Is this correct?
Thanks.

Ignored

Quoting chris1

Disliked

For the 50 pips strategy, you have either 50 pips above or below the previous weeks close and then the 30 pip training stop,

Ignored

Quoting alamanjani

Disliked

Chris1, just one note. Tkimble don't use 30 pips trailing stop. After he is 30 pips in the profit, he will move stop to break even. That's it. Then stop stays there.

Tkimble, thank you for your answer!

Mario

Ignored

Quoting alamanjani

Disliked

Chris1, just one note. Tkimble don't use 30 pips trailing stop. After he is 30 pips in the profit, he will move stop to break even. That's it. Then stop stays there.

Tkimble, thank you for your answer!

Mario

Ignored

Quoting RSA

Disliked

Could you be so kind to walk us for one week through on the system, on a daily basis, so that we can see when and how you actually enter . change entries and exit the contract? Thanks for sharing your method with us.

Ignored

Quoting Justin

Disliked

Well, I analyzed the data back to June 2006 and noticed in some weeks the price tends to spread slightly more than 50pips and then retraces back to rally in the other direction. So to avoid this I thought of taking 60pips as the trigger point. In fact I am considering raising it to 70pips but I'll see how it goes for January with my initial rules before re-evaluating.

Thanks howard.

Ignored

Quoting rogerha

Disliked

No Problem, these are ATR stops. Attached for your usage. The create a stop-loss based on multiples of the ATR of the market. When the market is trading quite tight, the stop will be quite tight, and vice versa for a trending market.

Ignored

Quoting howard

Disliked

For now the closest entry would be long at 1.9352 with stop at 9322 and leave it until next Friday close

howard

Ignored

Quoting RSA

Disliked

So, is there no sell entry, or will that be 1.9252 with stop at 1.9282? Then to move the one not executed to 1.9302 for either Buy or Sell? Please help us juniors to understand, we need your leading hand.

Ignored