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Part Time Wealth Building Trading System - Weekly Scalping

  • #161
  • Jan 9, 2007 2:05pm Jan 9, 2007 2:05pm
Quoting tkimble
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

You are actually down -30pips (1st stop on buy) added -30pis (2nd stop on sell) plus -18 that you are currently in.... that totals to the -72 pips so far.

LostFX
"All good things come to those who wait..."
  • #162
  • Jan 9, 2007 2:07pm Jan 9, 2007 2:07pm
Quoting lostfx
You are actually down -30pips (1st stop on buy) added -30pis (2nd stop on sell) plus -18 that you are currently in.... that totals to the -72 pips so far.

LostFX

Sorry my mistake you are -60 + your second buy to the current price...., Which can result to the -18 pips.

LostFX
"All good things come to those who wait..."
  • #163
  • Jan 9, 2007 2:12pm Jan 9, 2007 2:12pm
Quoting permanentjaun
So then you do move the trigger past the initial entry? You move the stop in 30 pip increments as well as move the reverse entry trigger at some interval as well to keep it close to current price? Still unclear of what you're saying you do. In the last post you said you slide the trigger 30 pips closer, but in the original post when you move the trigger to the close price that is a 50 pip move. Do you continue to move the trigger at 50 pip intervals or 30?

That last paragraph was confusing. I'll give an example.
Previous close - 1.800
Triggers for buy/sell are 1.8050 and 1.7950 respectively. Buy trigger is hit and price goes to 1.8150. The SL is now at 1.8110 if you're using a 30-step SL and 1.8120 if you're using trailing. Is the trigger for a sell order still only at 1.8050 or have you trailed that along with price as well?

I offered a similar idea in my non-hedge grid style trading thread. No one seemed to think it would work. It was an always in system, and I don't understand why this one is that much different. My strategy involved pyramiding into a position every 20 pips or so and reverse all positions and start with only one lot on the first trade again if a stop on any of the pyramid lots is hit.

Would that have worked then if I didn't pyramid into the position and somehow made a system where it wasn't always in such as how you have a SL of 30 but a trigger of 50? So get stopped out of a long then place another 50 pip trigger straddle from the stop out price, or something similar. Matt
I do not use a trailing stop. The stops is always set at the outset of the initial trade to 30 PIPS from the Buy or Sell point. It is never changed after that. It is either executed and I am stopped out or it is closed at the end of the week.

The only adjustment that I make is when the very first entry point is reached. Then I reduce the re-entry point from a 100 PIP spread to a 50 PIP spread which is based upon the previous weeks close.

Please read my previous post.

Hope this helps...

Tkimble
  • #164
  • Jan 9, 2007 2:18pm Jan 9, 2007 2:18pm
Quoting lostfx
Sorry my mistake you are -60 + your second buy to the current price...., Which can result to the -18 pips.

LostFX
Correct...
  • #165
  • Jan 9, 2007 2:51pm Jan 9, 2007 2:51pm
I noticed this already long time ago, the only problem is when reports are mixed, or too many reports are released. It is good when it is one and major one preferrably.....


LostFX
"All good things come to those who wait..."
  • #166
  • Jan 9, 2007 3:17pm Jan 9, 2007 3:17pm
sorry this was meant for the forum with 30min strategy where you posted your comment in regards to market news 30 min before release....
"All good things come to those who wait..."
  • #167
  • Jan 9, 2007 3:42pm Jan 9, 2007 3:42pm
Aha! Thanks for the post Tkimble!!

For some reason I thought you quit for the week after being stopped out twice. This is what I did my backtesting method on - didn't make sense - now it does

I'm going to jump in & forward test this one now I think...

Take care & happy trading,

Daemien


Quoting tkimble
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
  • #168
  • Edited 7:13pm Jan 9, 2007 6:59pm | Edited 7:13pm
Pip Rage,
You wrote: "I have had 6 losing weeks in the last 7 months but I've never been stopped out twice."
Did you keep track of how many times you were stopped out and got into a second entry? I may be interested in just taking the second trade. Thanks in advance.
  • #169
  • Jan 10, 2007 7:43am Jan 10, 2007 7:43am
I like the look and the simplicity of this system.

The price just so happened to cross back to the buy point of 3452 last evening, so I hopped in on this trade on my demo account and am eager to see how things transpire heading into Friday!
  • #170
  • Jan 10, 2007 8:28am Jan 10, 2007 8:28am
Quoting drayco
Pip Rage,
You wrote: "I have had 6 losing weeks in the last 7 months but I've never been stopped out twice."
Did you keep track of how many times you were stopped out and got into a second entry? I may be interested in just taking the second trade. Thanks in advance.
I have looked into taking only the second trade but some of my most profitable weeks have been single trade weeks. Over time, the second trade approach may average out to the first trade approach but I have not looked at this option...

Tkimble
  • #171
  • Jan 10, 2007 8:37am Jan 10, 2007 8:37am
I still do not understand it. Where is it placed! What is the purpose of this stop? Why not just go without a stop? If you could answer this ... it would help I am interested in trying this system. as it does keep things simple.


One more question ... when you say last weeks close ..... this means friday's last candle .... or Sunday's candle?


Or anyone else can answer ... this. Thank You!



Thanks

ut2DaMax
  • #172
  • Jan 10, 2007 8:54am Jan 10, 2007 8:54am
Your buy stops are placed 50 pips above (long) and 50 pips below (short) last week's close (Friday).

Your stop-losses on these are placed 30 pips from your entry price.

For example:

Last Friday close is 1.2050

For Monday open, place buy-stops at 1.2000 & 1.2100

For 1.2000, which is a short entry, your stop-loss would be at 1.2030

For 1.2100, which is a long entry, your stop-loss would be at 1.2070

When one of the buy-stops is triggered, don't forget to move the remaining buy-stop to last week's close (in this case 1.2050).

The stop-losses are very important. If you get a turn-around, your stop-loss is triggered and if it goes far enough you will enter a position in the new direction (1.2050 in this case).

My question for tkimble is:

Do you put a third buy-stop in place once the second is triggered? In my above example, when you are stopped out and you are entered for the second time, I would probably put another buy-stop in the opposite direction as I cannot monitor my trades all day. Does this fit your model?

If so, is your third buy-stop placed at the original 50 pips on the other side of last weeks close or directly at last week's close?

I hope this makes sense lol


Daemien

Quoting ut2DaMax
I still do not understand it. Where is it placed! What is the purpose of this stop? Why not just go without a stop? If you could answer this ... it would help I am interested in trying this system. as it does keep things simple.


One more question ... when you say last weeks close ..... this means friday's last candle .... or Sunday's candle?


Or anyone else can answer ... this. Thank You!



Thanks

ut2DaMax
  • #173
  • Jan 10, 2007 9:43am Jan 10, 2007 9:43am
Hi Tkimble - am I correct to think are you stopped out now at 9322 and waiting to re-enter yet again at either 9302 sell or 9352 buy?

thanks

Quoting tkimble
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
  • #174
  • Jan 10, 2007 9:55am Jan 10, 2007 9:55am
My tick chart shows it bottomed out at 3223...one pip shy of the stop.
  • #175
  • Jan 10, 2007 10:53am Jan 10, 2007 10:53am
I have it just hitting the 3222 mark at 11:54 EST. We'll have to see if it continues to trend downward to the Sell mark at 3202. Folks aren't happy with the favorable US news, coupled with the unfavorable Brit news, it seems.
  • #176
  • Jan 10, 2007 11:05am Jan 10, 2007 11:05am
Quick question for tk:

In your money management rules, do you have a set reward-to-risk ratio you stick to? I've heard 3-1 is a good number to start with. If you use that figure, and you're averaging 151 pips per week, couldn't you simply do Stop-Reverses in 50-pip increments?

If the GBPUSD rallies today and throughout the rest of the week, you would've avoided the stop you hit at 11:54 today, and if not, you still enter the Sell position at 1.3202 and let it ride.

Just curious about your thoughts on the 20-pip gap between your 30 SL position and the new Buy/Sell position.
  • #177
  • Jan 10, 2007 11:08am Jan 10, 2007 11:08am
Quoting MillerHighLife
Folks aren't happy with the favorable US news, coupled with the unfavorable Brit news, it seems.
They probably don't trust the figures. I know I don't.
Is your SL my TP?
  • #178
  • Jan 10, 2007 12:44pm Jan 10, 2007 12:44pm
Quoting tkimble
I have looked into taking only the second trade but some of my most profitable weeks have been single trade weeks. Over time, the second trade approach may average out to the first trade approach but I have not looked at this option...

Tkimble
One of my "filters" i use when i trade the London/ and or NY sessions (i usually trade 4 hr or dailys) is to only take a maximum number of trades (i am a trend trader) and if i am stopped out after that to stop and stop trying to catch a trend that most likely won't be there. The session is trapped in a range and is not going to be a directional day which is where the money is made. The session itself will look like a doji.

Wondering if this might be a reasonable filter on with this TKimble? I really would anticipate as well that your most "profitable weeks" would be having single or 2 trades, then you know you caught a directional week and not one of those doji weeks. But then again, i consider this week where it is the third trade that is running....hmmm

Any thoughts on this?

Thanks...Good trading

Jim No
  • #179
  • Jan 10, 2007 12:44pm Jan 10, 2007 12:44pm
Thank you so much ... appreciated!



Wouln't it be nice if an EA was made for this to alert you, or used fully as an EA ? Think it would be easy to do. Since it is a profitable system .... why not just make it fully automated? That would make things even easier. What are your thoughts on this?

Thanks,

ut2DaMax
  • #180
  • Jan 10, 2007 1:18pm Jan 10, 2007 1:18pm
Quoting james275
One of my "filters" i use when i trade the London/ and or NY sessions (i usually trade 4 hr or dailys) is to only take a maximum number of trades (i am a trend trader) and if i am stopped out after that to stop and stop trying to catch a trend that most likely won't be there. The session is trapped in a range and is not going to be a directional day which is where the money is made. The session itself will look like a doji.

Wondering if this might be a reasonable filter on with this TKimble? I really would anticipate as well that your most "profitable weeks" would be having single or 2 trades, then you know you caught a directional week and not one of those doji weeks. But then again, i consider this week where it is the third trade that is running....hmmm

Any thoughts on this?

Thanks...Good trading

Jim No
Jim,

I'm trying a variation of this method more commonly known as the Sibkis method. They don't enter any trades until Tuesday. That's what I have done. I waited till tuesday and actually placed my straddle point sometime around the price at midnight my time. I'm in Arizona. I don't think that's PCT. This made me lucky enough to not enter a long trade for the week. I entered short around 9380 so I'm about 50 pips up right now.

I don't particularily like tkimbles moving of the triggers once the other is hit. It places a new order entry too close to the stop IMO. I'm also not sure about not taking any profits till fridays close.

I'll look more into this system, but I may abandon it just to trade trendlines and such, but I adopted a system of waiting till tuesday and placing a 50 pip triggers on both sides with 50 SL and 100 TP. The original sibkis method calls for SAR at the trigger points. So your SL is 100 pips. This produces less whipsaw I'm sure of it, but might be asking a little much from a week to turn a profit. You'd be -50 on the week with the current trade at +40-50. I'm not sure how much more gas this trend has either. That's why I may end up abandoning this system. Using quasi-random numbers from previous data isn't so much the answer I don't think. I can play the same strategy of breakouts, but by using trendlines, and it can still take just as little time during the week.

I think the reason this system works is because we expect price to move from a price soon or later. Then it gives us an exit of one weeks time. That is irrelevant of indicators and price movement. It's just a way of saying, "I have the balls to let this ride out till friday." We could almost do this with most points. Place a straddle with SL and eventually price will move from that zone and produce a profit. When would we exit then? The only thing I am unsure about is the range of the week. Does the market go in one direction for a week just because it's a new week? That's what this method is assuming; that trend is set eventually sometime during the week.
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