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Part Time Wealth Building Trading System - Weekly Scalping

  • #181
  • Jan 10, 2007 1:24pm Jan 10, 2007 1:24pm
tk, or anyone that may know:

I may have missed it, but when and what type of trade is made when the market at the beginning of Monday is already below or above the market close price from Friday.

For example:

Suppose the Cable closes at 1.9350 on Friday.

After the weekend trading, the Cable is at 1.9250, already 50 below the target sell price.

When you begin trading Monday, do you simply place a Market Order at the current price and set your SL from that point? Or do you wait for it to approach the Sell price from the bottom?

That doesn't seem like a wise move, as you may be hitting an uptrend.

I suppose you could wait until the market ranges up to hit your buy target, but at that point you've already missed 100 pips or more of uptrend action.

My gut tells me you would place a Sell Market Order at its current price and place your SL as per usual, then trade as you normally would from there.

Thoughts?
  • #182
  • Jan 10, 2007 1:49pm Jan 10, 2007 1:49pm
interesting .... maybe this would work with Vantagepoint then, as it more or less predicts trend for 5 days I believe. I like the origional but it could be morfed to each individual's tastes. I think with all our inputs ... this could evolve to different slants. Pick or choose what works for you, but I do like the fact that this system involves less of your time and is profitable. What is our time worth?

Thanks,


ut2DaMax
  • #183
  • Jan 10, 2007 2:00pm Jan 10, 2007 2:00pm
About 2.50
  • #184
  • Jan 10, 2007 2:31pm Jan 10, 2007 2:31pm
miller,

jillyb asked this a few pages back and tk answered.

in this scenario, tk waits for the monday close and then straddles in the same manner.

Quoting MillerHighLife
tk, or anyone that may know:

I may have missed it, but when and what type of trade is made when the market at the beginning of Monday is already below or above the market close price from Friday.

For example:

Suppose the Cable closes at 1.9350 on Friday.

After the weekend trading, the Cable is at 1.9250, already 50 below the target sell price.

When you begin trading Monday, do you simply place a Market Order at the current price and set your SL from that point? Or do you wait for it to approach the Sell price from the bottom?

That doesn't seem like a wise move, as you may be hitting an uptrend.

I suppose you could wait until the market ranges up to hit your buy target, but at that point you've already missed 100 pips or more of uptrend action.

My gut tells me you would place a Sell Market Order at its current price and place your SL as per usual, then trade as you normally would from there.

Thoughts?
  • #185
  • Jan 10, 2007 2:38pm Jan 10, 2007 2:38pm
Gotcha . Figured I'd missed it somewhere along the way. 'Preciate your answer!
  • #186
  • Jan 10, 2007 11:09pm Jan 10, 2007 11:09pm
Hi everyone, this is my first post because I've been reading alot from these forums and this one seems to have interested me the most. I have done a bit of paper trading and this method can work most weeks, but the whipsaws/losing profit by letting it run, can really can get annoying.

I hope people can give us the results of this weeks trade (8-12th Jan) after friday using this method so we can see how it went and reflect on this method.

Good work for everyones contributions in this thread so far!
  • #187
  • Jan 11, 2007 12:15am Jan 11, 2007 12:15am
tkimble, I guess after 5 years trading this Method, I shouldn't be hurtin for cash ... if this Method works 70% of the weeks! Bill Gates ... I'll buy you dinner for sure. LOL

Thanks

ut2DaMax


Quoting tkimble
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
  • #188
  • Jan 11, 2007 7:01am Jan 11, 2007 7:01am
looks like 30 min version is more profitable in the weeks like this one.....
"All good things come to those who wait..."
  • #189
  • Jan 11, 2007 7:09am Jan 11, 2007 7:09am
Quoting Ribsy
Hi everyone, this is my first post because I've been reading alot from these forums and this one seems to have interested me the most. I have done a bit of paper trading and this method can work most weeks, but the whipsaws/losing profit by letting it run, can really can get annoying.

I hope people can give us the results of this weeks trade (8-12th Jan) after friday using this method so we can see how it went and reflect on this method.

Good work for everyones contributions in this thread so far!
You can always go back through your charts in 5M and see how a week went. The only problem is the slippage. I just had a stop hand me 27 pips slippage with FXDD.
Does anyone have a good dealer for using stops?
  • #190
  • Jan 11, 2007 7:29am Jan 11, 2007 7:29am
30 min version of what? This is a weekly method - are there also shorter timeframe versions?

thanks

Quoting lostfx
looks like 30 min version is more profitable in the weeks like this one.....
  • #191
  • Jan 11, 2007 7:54am Jan 11, 2007 7:54am
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.
Drayco, I wouldn't advocate just taking the 2nd trade. It's been fairly fool-proof for me but ,by itself, it would leave you without much action. I didn't keep a journal but it was the only method I was trading with real money so my broker could give me the data. By memory, I was stopped out and re-activated about a ten times. Some months are worse than others. At once stage I got stopped out 4 weeks in a row but was re-activated every time and took my 100 pips profit on the rebound every time as well.
I have been stopped at least once a month. This week there was no stop out. My buy order got activated at 1.9354 and cashed out for 100 pips profit about 15 hours later. The pound then dropped right back to my entry level. I wouldn't get too enthused about the fact I haven't been stopped out twice yet. It seems Holy Grailish but I bet its just a statistical anomaly.
If i've learnt anything, its that every method goes into draw-down at some point and its only a matter of time before the Weekly Opening Range Method gets stopped out twice. I've gone 3 weeks without a stop out on more than one occasion which tells me that, at some point, I'll go 3 weeks without a profit...at least. The distribution of results invariably runs in waves. If you only trade this method after a stop out, you will be forgoing hundreds of pips in profit .If you've jumped on the method at the wrong part of the results curve, you might find yourself hundreds of pips in the red with very few redeeming weeks to bring you back. I'd just trade it as is if I were you.
Remember, I'm not using tkimble's method so I really shouldn't be discussing my results here. It will end up leading to confusion. I should probably start a W.O.R.M thread but people will want charts and documented results(neither of which I'm interested in providing)
But I hope this answers your question.
See you in the soup.

Ken
  • #192
  • Jan 11, 2007 8:32am Jan 11, 2007 8:32am
Yes, this weekly method is based on 30min system called Part Time Wealth Building Trading System and generated more profits in this week than this weekly method, at least for me.

LostFX
"All good things come to those who wait..."
  • #193
  • Jan 11, 2007 8:36am Jan 11, 2007 8:36am
Thanks to you lostFX. I will look out for that thread


Quoting lostfx
Yes, this weekly method is based on 30min system called Part Time Wealth Building Trading System and generated more profits in this week than this weekly method, at least for me.

LostFX
  • #194
  • Jan 11, 2007 10:14am Jan 11, 2007 10:14am
Quoting drayco
You can always go back through your charts in 5M and see how a week went. The only problem is the slippage. I just had a stop hand me 27 pips slippage with FXDD.
Does anyone have a good dealer for using stops?

Try Oanda.... I have had very good order exicutions with them, and the order size flexibility is great.
Same Whore .... Different Dress
  • #195
  • Jan 11, 2007 11:19am Jan 11, 2007 11:19am
Looking at Oanda...how does their flexible spread system work? When I saw 1.5 pips per for the EURUSD, my jaw hit the floor. That can't be right, can it?

And concerning this week's trade, here how I assume things transpired:

At 3:30 p.m. EST, our buy was stopped out at 1.9322. It fell to 1.9315 at 4:15, but never fell far enough to trigger a Sell position (had we hit 1.9302).

The price rebounded and hit our Buy target of 1.9352 at around 4:00 a.m. EST, spiked to 1.9537, fell back down to Earth to 1.9390 at ~10:30 a.m. and has been gradually gaining ever since.

So if my math is correct, we're currently in a Long at 1.9352 and up 90 pips as of this post (12:17 p.m. EST). This doesn't account for the losses after being stopped out, so I'm not sure what the total +/- PIP count is at this point.
  • #196
  • Jan 11, 2007 11:24am Jan 11, 2007 11:24am
Right now I'm in after getting stopped out once. Taking into consideration that loss, I'm now up 35 pips.
  • #197
  • Jan 11, 2007 11:49am Jan 11, 2007 11:49am
I see 3 stops hit = 90 pip losses and now as you say around 90 pips up on last entry so b/e overall at this time I think



Quoting MillerHighLife
So if my math is correct, we're currently in a Long at 1.9352 and up 90 pips as of this post (12:17 p.m. EST). This doesn't account for the losses after being stopped out, so I'm not sure what the total +/- PIP count is at this point.
  • #198
  • Jan 11, 2007 1:31pm Jan 11, 2007 1:31pm
Drift: What are you using as your Buy and Sell points?

By my count, looking back, I only see two stops hit from Mon. @ 8:00 EST 'till now., assuming your stops are set at 30 and you're using 1.9352 as the Buy point and 1.9302 as the Sell.

One near the beginning at 10:00 EST on Monday and the other at 15:40 EST yesterday.

There's a very near miss at 10:20 EST yesterday at 1.9323--1 PIP!--that would've stopped you out and led to another Buy position that would've also been stopped out at 15:40.
Are you counting that as a stop out?

So by my count it's two stops down (-60) and ~90+ at 1.9442 for a net of 30 for the week so far. Should be interesting to see what impact the market news tomorrow morning has on things as we close out the week.
  • #199
  • Jan 11, 2007 1:45pm Jan 11, 2007 1:45pm
So, for the people that are trading this method, how many pips are you up so far. On my account, I'm up 50 pips so far.

I guess this would be up to each's discretion, but in regards to this mornings killer move on the GBP and up over 180 pips, would anyone consider closing your position, being up like that being that it's Thursday?
  • #200
  • Jan 11, 2007 2:13pm Jan 11, 2007 2:13pm
My first week at testing your system tkimble with the following results:

GBP/USD buy @ 1.9347 and got stopped out @ 30 pips loss
GBP/JPY sell @ 228.32 and got stopped out @ 30 pips loss
EUR/JPY sell @ 153.75 and got stopped out @ 30 pips loss
Total loss = 90 pips

GBP/JPY buy @ 228.82 and bailed out early @ 300 pips gain
EUR/JPY buy @ 154.25 and bailed out early @ 100 pips gain
Total profit = 400 pips

Net profit for the week = 310 pips

Kham
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