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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

  • #141
  • Jan 9, 2007 3:55am Jan 9, 2007 3:55am
Quoting tkimble
I place entry orders using the FXCM platform. Enter order within 10 minutes of market open on Monday. Close trade during the last 30 minutes of the market on Friday.

Tkimble
Quoting tkimble
Great Trade.

I was stopped out twice for two 30 PIP losses this morning but now long at 1.9352. Letting it ride.

Happy Trading,

<!-- / message --><!-- controls --> Tkimble
Quoting Carolyn
caventou....My understanding is entry is Eastern Time 8:00 am. It looks as if entry is very important on this system.

My close 1.9290 Your close 1.9299 (differance in brokers)
Entry Buy 1.9340
Entry Sell 1.9240

I use MACD, although tkimble does not say that he ueses any indicators, but I could see from the MACD that there was a pullback happening between 7 and 8 A.M., so I waited and placed my entry at 1.9315. Once the pair had moved far enough up I place my stop loss at 1.9319 which is breakeven. I am up 60 plus pips.

The reason I placed my at 1.9319 and not 9340 is tkimble said that if he is stopped out he will move his entry closer. I was not stopped out but would have been if I had placed my trade at the open of Sunday 5.00 P.M Eastern time.

Just my two cent and understanding of the system.

Carolyn
Well Carolyn, I am confused with ur timing really...

Check out this chart:
I entered at around 00:00gmt on Monday and got stop out. Is that what u got tkimble? If i get stop out for 2 entries do i have another re-entry? Or just stick with -60 pips for the whole week?
Attached Image
  • #142
  • Jan 9, 2007 4:12am Jan 9, 2007 4:12am
Hello Tkimble - thanks to you for this thread and strategy.
There seems to be much confusion here regard to timing. Can you pls confirm what time GMT you consider to be market close on a Friday ( for me it is 21.00 gmt). Also what time do you consider to be market open on a Sunday? (for me it is 22.00 gmt) Finally, what day and time do you place your orders?


Thank you
  • #143
  • Jan 9, 2007 4:58am Jan 9, 2007 4:58am
i entered at 1.9359 with a 55 pip s/l and t/p of 55. my tp got hit today.

Quoting JillyB
CMC gave the Friday close as 1.9297 (9pm GMT). Therefore entry point for a BUY was 1.9347 and the stop was placed at 1.9317.

The trade was entered at 15.00 and so far hasn't been stopped out.
Isn't it amazing how having different data providers can result in totally different trading outcomes.
  • #144
  • Jan 9, 2007 6:54am Jan 9, 2007 6:54am
I got stopped out 2 times too but that was because i make mistakes entering the first set of orders.
In my charts (FXDD-MT4) the drawed price is the BID so when i am entering a sell order its ok to use that price BUT when i have to enter a BUY order i need to add the 3pip spread to match the ASK price.
In my chart the price dont touched 1.9349 the first time so my order shouldnt be executed.
And as that order should'nt be executed i should'nt have changed my sell level from 1.9249 to 1.9299. That way the second order at 1.9249 should not have been triggered.

My third order was the correct one and it has resulted profitable.
Bought 2 lots at 1.9349
I have closed this trade at different levels now.

So, in resume, keep an eye in bid and ask prices to put your orders in!

Dan.-
  • #145
  • Jan 9, 2007 8:11am Jan 9, 2007 8:11am
Good Morning All:

I'm up over 60 pips right now. I went out a little further on my trade. I went up and down 60 pips.

Marc
  • #146
  • Jan 9, 2007 8:13am Jan 9, 2007 8:13am
Caventon, Are you sure the candle you have marked was the opening? I have that as 7:00 P.M, Sunday (EST). Check your chart again. I show openning three candles up from where you marked.

My 8:00 A.M. opening price was 1.9333 and on the 15 min chart I could see a pull back on the MACD. I waited to see how far the pull back would be and if it would continue down or turn back up. When I was sure it was going to continue up, I jumped in, the time was 9:48 A.M, EST.

I was so tempted to bail when I had over a 100 pips.

Carolyn
  • #147
  • Jan 9, 2007 8:30am Jan 9, 2007 8:30am
Quoting Carolyn
Caventon, Are you sure the candle you have marked was the opening? I have that as 7:00 P.M, Sunday (EST). Check your chart again. I show openning three candles up from where you marked.

My 8:00 A.M. opening price was 1.9333 and on the 15 min chart I could see a pull back on the MACD. I waited to see how far the pull back would be and if it would continue down or turn back up. When I was sure it was going to continue up, I jumped in, the time was 9:48 A.M, EST.

I was so tempted to bail when I had over a 100 pips.

Carolyn
Yes, I can confirm that. it is a 4 hour chart. Sunday only has 4 hours and starts from 20.00gmt which is the first bar.The second bar is 00.00 gmt which is the start of monday. I am using ibfx.
  • #148
  • Jan 9, 2007 8:55am Jan 9, 2007 8:55am
GBP JPY what do you think about that?
Quoting marcf
Good Morning All:

I'm up over 60 pips right now. I went out a little further on my trade. I went up and down 60 pips.

Marc
  • #149
  • Edited 10:27am Jan 9, 2007 9:33am | Edited 10:27am
Quoting Justin
Absolutely. I was stopped out on the Buy order.

No emotions. Just stick to the rules.
Your subtle comment about no emotions is key to successfully trading this system and any system for that matter. I have found that my most successful trading efforts are those that are emotion free. This is a very difficult state of mind to achieve and is made so much easier using stringent money management techniques.

Like in life, people on this thread have rehosted a very simple weekly scalping system into various iterpretations. Some have try to use a four hour chart to explain different entry and exit strategies.

I have intentionally designed this system to meet my desire for simplicity. Try not to make it difficult and your chances of making money will dramatically improve. I will restate the Weekly Scalping rules as a recap:

1. Create weekly GPB/USD chart

2. Place Buy order 50 PIPS above previous weeks close

3. Place Sell order 50 PIPS below previous weeks close

4. Use a static 30 PIP stop. No trailing or stepped stops.

5. If the BUY order is executed, adjust the SELL order to previous weeks close.

6. If the SELL order is executed, adjust the BUY order to previous weeks close.

7. Follow the Money Management model that I have posted (post # 23)earlier in this thread.

That is it. Nothing fancy. The most important part is the money management.

Characteristics:

Choppy Entries

This system can best be characterized as having choppy entries and strong finishes. The emergence of profits are generally not realized until late Tuesday and more likely than not will increase as the weekly trend strengthens. You can typically enjoy rapid profit improvements when prices surge during report announcements such as what happen last Friday.

Minimal Trading

The less trading that occurs, the more profitable the system.

Losing Weeks

You will have losing weeks. No such thing as a perfect system. The whole purpose of any system is to increase your chances of making money.


That is it. You must trade like a robot which is without emotions. The only thing that should stir your emotions is the money that is being won or lost. If you follow the money management model, your emotions will be kept in check.

Great comment.

Happy Trading...

Tkimble
  • #150
  • Jan 9, 2007 10:42am Jan 9, 2007 10:42am
My interpretation of tkimble post #109 was Monday 8:00 A.M. EST not 0:00 EST. Dumb luck. Lucky me....I didn't get stopped out. Think that will ever happen again. No!

Thanks tkimble for this system.

Carolyn
  • #151
  • Jan 9, 2007 11:01am Jan 9, 2007 11:01am
Quoting Carolyn
My interpretation of tkimble post #109 was Monday 8:00 A.M. EST not 0:00 EST. Dumb luck. Lucky me....I didn't get stopped out. Think that will ever happen again. No!

Thanks tkimble for this system.

Carolyn
The human mind is a funny thing...

Tkimble
  • #152
  • Jan 9, 2007 11:45am Jan 9, 2007 11:45am
tkimble,
Thanks for this system. Can you specify what the entry time is ? I know exit time is Friday 30 mins before market close, but i am pretty confused about the entry time.

Thanks



Quoting tkimble
Your subtle comment about no emotions is key to successfully trading this system and any system for that matter. I have found that my most successful trading efforts are those that are emotion free. This is a very difficult state of mind to achieve and is made so much easier using stringent money management techniques.

Like in life, people on this thread have rehosted a very simple weekly scalping system into various iterpretations. Some have try to use a four hour chart to explain different entry and exit strategies.

I have intentionally designed this system to meet my desire for simplicity. Try not to make it difficult and your chances of making money will dramatically improve. I will restate the Weekly Scalping rules as a recap:

1. Create weekly GPB/USD chart

2. Place Buy order 50 PIPS above previous weeks close

3. Place Sell order 50 PIPS below previous weeks close

4. Use a static 30 PIP stop. No trailing or stepped stops.

5. If the BUY order is executed, adjust the SELL order to previous weeks close.

6. If the SELL order is executed, adjust the BUY order to previous weeks close.

7. Follow the Money Management model that I have posted (post # 23)earlier in this thread.

That is it. Nothing fancy. The most important part is the money management.

Characteristics:

Choppy Entries

This system can best be characterized as having choppy entries and strong finishes. The emergence of profits are generally not realized until late Tuesday and more likely than not will increase as the weekly trend strengthens. You can typically enjoy rapid profit improvements when prices surge during report announcements such as what happen last Friday.

Minimal Trading

The less trading that occurs, the more profitable the system.

Losing Weeks

You will have losing weeks. No such thing as a perfect system. The whole purpose of any system is to increase your chances of making money.


That is it. You must trade like a robot which is without emotions. The only thing that should stir your emotions is the money that is being won or lost. If you follow the money management model, your emotions will be kept in check.

Great comment.

Happy Trading...

Tkimble
  • #153
  • Jan 9, 2007 12:17pm Jan 9, 2007 12:17pm
there is a lot of confusion where to find the appropriate weekly close. I wait till monday opens and then place buy and sell orders for the upcoming week. On Sunday there is not too much activity anyway.....


LostFX
"All good things come to those who wait..."
  • #154
  • Jan 9, 2007 12:20pm Jan 9, 2007 12:20pm
Quoting lostfx
there is a lot of confusion where to find the appropriate weekly close. I wait till monday opens and then place buy and sell orders for the upcoming week. On Sunday there is not too much activity anyway.....


LostFX
Last weeks close for the GBP/UDS using MT4 was 1.9302.

Tkimble
  • #155
  • Jan 9, 2007 12:46pm Jan 9, 2007 12:46pm
Quoting forexplayer
tkimble,
Thanks for this system. Can you specify what the entry time is ? I know exit time is Friday 30 mins before market close, but i am pretty confused about the entry time.

Thanks
The only specific entry time is when the market hits the respective Buy or Sell entry orders which is plus or minus 50 pips from the previous weeks close.

Happy Trading,

Tkimble
  • #156
  • Jan 9, 2007 1:11pm Jan 9, 2007 1:11pm
TK,


Please take a look at this chart and tell me if its correct, I would by or sell 50 pips above or below Fridays close and place 30 pip stops, would change my buy signal to Fridays close if the sell signal triggered and visa versa. Is this system good with other currencies such as the euro/usd and others. Thanks Dave
  • #157
  • Jan 9, 2007 1:12pm Jan 9, 2007 1:12pm
TK


Sorry forgot the chart. Dave
Attached Image
  • #158
  • Jan 9, 2007 1:32pm Jan 9, 2007 1:32pm
Hi, Tkimble....

let's say you set your buy and sell orders 50 pips away from closing price and with 30 pips fixed stops. Then buy order is executed, so you move the sell order to the weekly close. then the buy is stopped out and sell is executed, market reverses goes up again.

1.) how many times would you be placing orders when it is bouncing like this?
2.) where do you put your new buy order? To the same point where it was originally placed (close + 50pips)? Wouldn't it be more rational to place buy order for example to close +70 pips (after the up/down bouncing) to have better chance for market to settle in one direction instead of being bounced off several times???

Thanks,

LostFX
"All good things come to those who wait..."
  • #159
  • Jan 9, 2007 1:45pm Jan 9, 2007 1:45pm
Quoting lostfx
Hi, Tkimble....

let's say you set your buy and sell orders 50 pips away from closing price and with 30 pips fixed stops. Then buy order is executed, so you move the sell order to the weekly close. then the buy is stopped out and sell is executed, market reverses goes up again.

1.) how many times would you be placing orders when it is bouncing like this?
2.) where do you put your new buy order? To the same point where it was originally placed (close + 50pips)? Wouldn't it be more rational to place buy order for example to close +70 pips (after the up/down bouncing) to have better chance for market to settle in one direction instead of being bounced off several times???

Thanks,

LostFX
I have no set limit on the amount of buy and sell orders. The best weeks only require one trade which means you were not stopped out. Most weeks only require two trades. Some weeks may require three or four trades. This satisfies the goal to minimize trading.

Once I am stopped out for the second time, I am trading a 50 pip range. This week is a good example. The following trades occured:

Bought 1.9352 (last weeks close plus 50 PIPS)

Adjusted Sell Reversal to 1.9302 (last weeks close)

Stopped out at 1.9322 (30 PIP Stop)

Sold 1.9302. Stopped out at 1.9332 (30 PIP Stop)

Bought 1.9352 where I currently am

Current 50 PIP trading range is 1.9302 to 1.9352.

As I type I am down approximately 18 PIPS for the week thus far...

Happy Trading,

Tkimble
  • #160
  • Jan 9, 2007 2:05pm Jan 9, 2007 2:05pm
Another thing that I like to review are upcoming reports. ForexFactory does a great job at listing and weighing the reports on a daily basis.

Lets use today as an example. Not much news being reported so the market is comfortably idle in a very narrow range. Barring any surprise market impacting news, market should stay fairly calm until the Asian open.

When the reports are released, you have a 50% change of being on the profitable side of the news. Typically the markets will begin edging in the direction of the anticpated post news release market direction. Normally this is coupled with report release short term volatility and then the trend resumes.

Keep in mind that the Weekly Scalping system is nothing more than a reinterpretation of the Trending system that I have posted. The weekly version simply provides a more rigid enforcement of trade execution minimization by providing very specific end of week entry and exit strategies.

Start watching the markets 30 minutes before the release of major reports and you will see what I mean...

Happy Trading,

Tkimble
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