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

Quoting Ronald Raygun
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?
many thanks.........yeah, i thought so that only EA can help....buy i've never used them and quite terrified to do so........

maybe you intend to buy a certain amount of a currency you can split it into 2 or 3 different orders so maybe 2 orders take profit at 30pip and let the remaining order run for greater profit ....
If you want to just break up orders, place an EA on several charts and adjust the lot sizes accordingly.
Hey tkimble

What a simple system to use. I would like to thank you again for all the work you put into sharing your systems with us.

You don't have to, yet you unselfishly share all.

Thank's again

Ozzibob
Has anyone traded this for most of 2007 (demo or live, GBP/USD or GBP/JPY) that can share your performance results?
Hi everybody! This thread is 1 year old now and I am also very curious if anybody traded the weekly or the daily system (live or demo) and has any records for the entire 2007 performance. Considering that 2007 wasn't the best year for this system(that's just my opinion) it will be interesting to see what the results are, especially for GBP/USD. Please, share your experience!
Interesting.... the extreme version of the daily system made +7000 pips for 07 opposed to -9000 in 05-06.... GBPJPY pair.... I did not bank any pips. All I needed to see was the -9000, and common sense took over...

Quoting pavkata
Considering that 2007 wasn't the best year for this system(that's just my opinion) it will be interesting to see what the results are, especially for GBP/USD. Please, share your experience!
I havent read this whole thread but i like the simplicity of this system. However, looking at GBP/USD today you would have gotten stopped out six times already and the week has just started. Is that correct? Maybe the system has been modified along the way and I've missed out on something. Please help.

Thanks,
Corey
yeah i would prefer if someone actually posted their p & l, because these kind of systems are really like gambling i think. its like 50/50 each trade, there is no edge...........you might have a couple of profitable years but overall i think you'll be lucky if you can come out on top..........i prefer to look after my risk.
Anyone there who has tested this weekly system on GBPJPy, and if not , i want to know if this system can be used for GJ. and how many pips away from the close of last week, what are the stop loss recommendations.
Thanks

Eleko
Quoting jayjay121
yeah i would prefer if someone actually posted their p & l, because these kind of systems are really like gambling i think. its like 50/50 each trade, there is no edge...........you might have a couple of profitable years but overall i think you'll be lucky if you can come out on top..........i prefer to look after my risk.

This system is based on the theory that the price of a particular security will move a lot in one direction. That means that it is best for highly volatile markets. Personally, GBPJPY seems to be slowing down for me so, I'm looking for another more volatile currency to trade with a reasonable spread.
GBPJPY is one of the most volatile cross really believe me.

Check the normal weekly range of gbpjpy and the other (eurusd , gbpusd etc etc) .

Personally i use 4 cross for the weekly strategy , but a bit different related to Tkimble.

The cross are gbpjpy gbpusd eurjpy euraud, and the better result is with gbpjpy.


Bye

Quoting Ronald Raygun
This system is based on the theory that the price of a particular security will move a lot in one direction. That means that it is best for highly volatile markets. Personally, GBPJPY seems to be slowing down for me so, I'm looking for another more volatile currency to trade with a reasonable spread.
Financial Freedom
I like your thinking and the candles look great on the weekly chart. However in adding constructive feedback look at the thirty minute or hourly charts. I have to ask if you thoroughly researched this method or are you a broker trying to post a system that will benefit you (I'm kidding).You will certainly see that the USD/GBP in particular does not move in a linear fashion. If you use thirty pip stops you can expect to be stopped out at least five times or more and if it's a really volitile week before the pound makes its move (if it does) then you might not have enough margin to play this way. I have seen the pound see-saw all week before making a move away from the weekly opening just as I have seen it plunge 400 pips away from the weekly open. How many 30 pip stops can you withstand to make the 150 pips. There used to be a system called 1317-2022-2325 by forex mhv which was based on this exact principle using the four majors. However, I can assure you you will have losing weeks. Perhaps many.

Has anyone done this over a period of time and been profitable? I'd have to see a statement to believe it. I can help if people would like me to? I usually don't critique people trying to help others but if traders follow this system I can see many blowing out their accounts.

Cheers.
I been trading this way for couple of years now although they are small trades and i just leave them while working on other things. I still see the same mistakes on here though. Stops MUST be a function of ATR or historical volatility according to the pair you are trading. This changes for the same pair over months too so keep making adjustments. Each week i use 1/2 daily ATR for most pairs so right now euro is 120 daily range so i use a 60 pip breakout sunday night. Once one side it hit i remove the other which then becomes my stop loss. So my risk then becomes 120 pips. If you don't do this the chance of getting stops hit increases dramatically. Yet the good size weekly candles are between 150 to 400 pips. There is no TP's no indicators simply hold to friday close. The profit is the size of the weekly candle bar most weeks.

The are other tricks that can be used that include options to offset your risk. I have a spreadsheet which gives me the target price come friday versus my stoploss against the premium paid to cover my risk.

A variant still to this uses black scholes daily. Starting sunday i find the daily 20% probability price come monday mid day. Its about 75 pips at the moment for euro. So if we go up to there i get a price for a weekly put for friday and pay about 20 for it no more. This should go in the money after about 150 pips with 4 days to run. This exploits the fact that many week dip and reverse into a new week taking out close to sunday stops before reversing. Using options limits this risk to premium paid. As long as the week exceeds 150 pips in the opposite direction to monday i make a fortune with fixed risk On average this happens once a month but spread over many pairs it happens far more often. Again for spot it imperative to calculate everything from ATR.

Final note. No system works all the time. The market has moods too and sometimes you just know when to go from a trending system to a scalper.

Forgot to mention something. When trend following and looking for breakouts lasting days or weeks the mindset is in the 10% of winning traders not the 90% of losers That means i ADD to may trades every 1/2 ATR past the first full one ATR. This is contrast to the 90% which add to losers against the trend. So when looking for trends i start smallish and if they prove themselves i add at 120 with a 60 stop on second lots. I add more again at 60 or half ATR with another 60 stop and so on. Each time the market falls back it takes off stop layer. I add it back on when it trends again at the very same price. I cant get whipped now because i have 60 pip steps to build a grid on. Sometime i can add 3 or 4 times in a week. This increases profit factor dramatically. There is a steep probability curve too. Flat weeks are choppy so we risk less. Massive blow out weeks start Sunday night and go for 500+ pips till Friday close. Once past a point of no return they accelerate and if we add to these they give your account a nice boost. They may only happen 10 times a year but thats where the money is.
This strategy with some modification for me it's very good.

I don't use Monday 00:00 for the signal entry but Tuesday 00:00 .

I check the past range of the cross that i use, and usually i place buy and a sell order 50 pips from the open for some cross and 60 for other.
I don't erase one order if the other is triggered.
I erase the other order only if a close in gain .


I also use a stop of 100 pips.
After this i place a different trailing stop for each cross depend of the volatility.

For example i usually place a trailing stop of 200 pips for gbpusd. If i'm up of 100+ pips the stop start trailing 101 pips stop is 99 pips 102 stop is 98 pips . etc etc...

I have also a TP with all cross because i have do some test and i see the importance of the TP .

Often in some pair i take tp at about only half of the total move, but in the long term it's a good strategy for me.

The key is this for me... TP.. Stop and of course check the trend and move stop to BE.
This simple strategy have the problem of sometimes we have 2-3-4 loss in a row, but the combination of 4-5 cross in the long term reduce the loss in the "bad week" .

Actuall using 4 cross i have made about 150 pips a week, not big i know , but constantly.

Bye
Financial Freedom
Quoting Bolt
I been trading this way for couple of years now although they are small trades and i just leave them while working on other things. I still see the same mistakes on here though. Stops MUST be a function of ATR or historical volatility according to the pair you are trading. This changes for the same pair over months too so keep making adjustments. Each week i use 1/2 daily ATR for most pairs so right now euro is 120 daily range so i use a 60 pip breakout sunday night. Once one side it hit i remove the other which then becomes my stop loss. So my risk then becomes 120 pips. If you don't do this the chance of getting stops hit increases dramatically. Yet the good size weekly candles are between 150 to 400 pips. There is no TP's no indicators simply hold to friday close. The profit is the size of the weekly candle bar most weeks.

The are other tricks that can be used that include options to offset your risk. I have a spreadsheet which gives me the target price come friday versus my stoploss against the premium paid to cover my risk.

A variant still to this uses black scholes daily. Starting sunday i find the daily 20% probability price come monday mid day. Its about 75 pips at the moment for euro. So if we go up to there i get a price for a weekly put for friday and pay about 20 for it no more. This should go in the money after about 150 pips with 4 days to run. This exploits the fact that many week dip and reverse into a new week taking out close to sunday stops before reversing. Using options limits this risk to premium paid. As long as the week exceeds 150 pips in the opposite direction to monday i make a fortune with fixed risk On average this happens once a month but spread over many pairs it happens far more often. Again for spot it imperative to calculate everything from ATR.

Final note. No system works all the time. The market has moods too and sometimes you just know when to go from a trending system to a scalper.

Forgot to mention something. When trend following and looking for breakouts lasting days or weeks the mindset is in the 10% of winning traders not the 90% of losers That means i ADD to may trades every 1/2 ATR past the first full one ATR. This is contrast to the 90% which add to losers against the trend. So when looking for trends i start smallish and if they prove themselves i add at 120 with a 60 stop on second lots. I add more again at 60 or half ATR with another 60 stop and so on. Each time the market falls back it takes off stop layer. I add it back on when it trends again at the very same price. I cant get whipped now because i have 60 pip steps to build a grid on. Sometime i can add 3 or 4 times in a week. This increases profit factor dramatically. There is a steep probability curve too. Flat weeks are choppy so we risk less. Massive blow out weeks start Sunday night and go for 500+ pips till Friday close. Once past a point of no return they accelerate and if we add to these they give your account a nice boost. They may only happen 10 times a year but thats where the money is.
Great writeup Bolt, I have been messing around with this system for a few months, trying to reduce the drawdown that can happen with the current rules. I think you have got some good idea's here. So far I have only demoed EURUSD and GBPUSD, what pairs do you trade.? and do you think it helps to trade several pairs.?
Question about the Rhythm EA;
Overrule Direction: = True/False EA makes next day trade decision on the basis of the previous Days trend
(i.e.; previous day up, Place "Buy" market order, previous day down, enter "Sell" market order)
Example: Yesterdays open/close positive = LongEntry) (Yesterdays open/close negative = ShortEntry)
00:00 >< 23:55 Set it to False if you want to choose your own initial entry direction

Direction Long: =True/False this is the manual way to either go Long or Short for your opening trade.
If using this variable Overrule Direction should be set to True

These two options contradict them selves. Overrule Direction says set to True to let it Auto select direction but then Direction Long says to set Overrule Direction to True for Manual trading ??
Please explain. I want to be able to tell the EA to look at the 08:00 candle and if it closes higher than its open then go Long and visa-versa for Shorts.
How do I set it up to behave that way?
Thanks
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
If Overrule Direction is false, then the EA ignores Direction Long.

If Overrule Direction is true, then the EA looks at Direction Long.

If Direction long is true, then it overrides with a buy, if direction long is false, then it overrides with a sell.
Quoting Ronald Raygun
If Overrule Direction is false, then the EA ignores Direction Long.

If Overrule Direction is true, then the EA looks at Direction Long.

If Direction long is true, then it overrides with a buy, if direction long is false, then it overrides with a sell.
OK, so if I want the EA to be Automatic and trade on the Direction the candle closed then I would set Overrule Direction false, correct? If I set both True EA will only trade Long, correct?
Thank you
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
Yes and Yes
Quoting Ronald Raygun
Yes and Yes
OK, one last thing. So if I set the EntryTimeHour 09:00, then at 09:00 the EA will look at the 08:00 candle close to see when it closed and traded accordingly?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
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