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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

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One question: How many times do you re-enter? On a slow week (holidays?) the market could move near the previous week's close a lot. Do you take this in to consideration?
tk has answered this earlier. i dont think he has any limits...

Quoting ForexDude2
One question: How many times do you re-enter? On a slow week (holidays?) the market could move near the previous week's close a lot. Do you take this in to consideration?
TK:
A couple of quick question please.
1) If you get stopped out on both positions (long and short) - Do you stay out until next week and start new again?

2) If Long triggered and move the short order to last week's close price
vise versa for other side... question: How long do you keep the other side of pending orders? Until end of the week?
Example: Last week's closing price is 1.9590.
Now, long order has been triggered at 1.9640, so Sell Limit order moved to 1.9590.. How long do I keep pending sell order of 1.9640?

Thank you.

Edit: TK
By reading above few thread, a few of us still having trouble understanding your system. I got the basic ideas, but details as such (above) can make a big difference in bottom line. Could you please explain for us? Thanks again for sharing. ** I think keep entering after stopped out 2 times is like chasing the market in my opinion. but..
Quoting erkro
Sorry, had to change the formula in eur/jpy. now it should work.
Erkro
Erkro, thank you. I wasn't sure, how to handle spreads - I'm new to the Forex world now I know.

OK, I will update spreadsheet today (or tomorrow):

- I will change few things. Like, you will enter spread separatelly and it will be included in the calculations. That way will work for everyone regardless of their spread.

- I will change GBP entry so every entry is the same (with decimal point)

- I will made spreadsheet ready for 4 pairs. Guys let me know, which 4 you are trading most, so I can put them on spreadsheet.

Answer to Pavejon: Looks like your spreadsheet is rounding numbers. I will make sure, that next version will have formated numbers on correct rounding.

Answer to all who asked me to send them spreadsheet via PM since their status don't let them download from FF jet. I will send you new version when ready.

Mario
Quoting fx4_ever
1) If you get stopped out on both positions (long and short) - Do you stay out until next week and start new again?

2) If Long triggered and move the short order to last week's close price
vise versa for other side... question: How long do you keep the other side of pending orders? Until end of the week?
1 - as far as I know, you do enter the third time, but I'm not sure where. (at first, original entry?) I remember this question was already asked before and i don't remember if answered.

2 - that was my understanding, yes, till end of the week.

Mario
This system looks great Tkimble. I will start using it in my paper acount immediately. Hope to move it intothe real account shortly.

Thanks for sharing.
Hi:
I also remember reading someone asking about this question, but don't remember if TK ever respond it.
I want to make sure and I want to stay close to TK's strategy on this weekly trading strategy. (different people has their own Interpretation and I want to make sure I have a full understanding of TK weekly strategy).

It doesn't make sense to keep entering once you get stopped out at both ends. That means (if we enter 3+ times), we are chasing the market, in my opinion.

But, I would like to hear from TK what is the rules on his weekly strategy.
Thanks,

Quoting alamanjani
1 - as far as I know, you do enter the third time, but I'm not sure where. (at first, original entry?) I remember this question was already asked before and i don't remember if answered.

2 - that was my understanding, yes, till end of the week.

Mario
hi to all.
can anyone pls put here an example chart?. For example the 3. december-10.december chat whit entry and exit points?
thanks to all...
Hi TKimble,

Thank you for posting your system and your results.

Your system has risen to the top of my pile to backtest

However, like some other members here, I’ve been unable to duplicate your backtest results.

You haven’t had a chance yet to answer Ironball’s queries here
http://www.forexfactory.com/showpost...8&postcount=51

Drayco, lwoo034 and eek also report similarly to unable to replicate your results based on the rules as given.

My own backtesting shows a similar pattern to Ironball’s and I also cannot explain the trade for week 27th August.
Ironball + 135
Firehorse +139
TKimble +241

I’ve posted a picture illustrating the trade from my data. It is an hourly chart.
Trade is taken at 1.8920 and exit at 1.9059 = +139

Can clarify if the results were actual trades or backtests?

If they were backtests then what timeframe did you look at to do the back testing e.g. hourly, 15min, 5 min etc. ?

Also which data source/broker are you using for your backtesting?

I would be really interested in the trades which resulted in +241 for the week 27th Aug 06.

Best regards
Alan
Attached Image
Hi:
Perhaps, my above question maybe the answer to this different result?
Maybe TK doesn't keep entering the orders when he gets stopped out enter once or 2x ?
(not sure if he keep going to enter the trade when he is getting stopped out. If he does, how long will he do that? This trade should last only 5 days)
As IronBall's example on 7/30, he would have entered 6 times (with 5 Stopped out and final orders were profitable).
Also, IronBall or you consider the pip spread when entered?
Sometime, 4-5 pips makes difference.
I haven't done any papertrade or backtest on this since I am still waiting for an answer to get more clear rules for this strategy.
Thanks for sharing this info. Good catch!


Quoting firehorse
Hi TKimble,

Thank you for posting your system and your results.

Your system has risen to the top of my pile to backtest

However, like some other members here, I’ve been unable to duplicate your backtest results.

You haven’t had a chance yet to answer Ironball’s queries here
http://www.forexfactory.com/showpost...8&postcount=51

Drayco, lwoo034 and eek also report similarly to unable to replicate your results based on the rules as given.

My own backtesting shows a similar pattern to Ironball’s and I also cannot explain the trade for week 27th August.
Ironball + 135
Firehorse +139
TKimble +241

I’ve posted a picture illustrating the trade from my data. It is an hourly chart.
Trade is taken at 1.8920 and exit at 1.9059 = +139

Can clarify if the results were actual trades or backtests?

If they were backtests then what timeframe did you look at to do the back testing e.g. hourly, 15min, 5 min etc. ?

Also which data source/broker are you using for your backtesting?

I would be really interested in the trades which resulted in +241 for the week 27th Aug 06.

Best regards
Alan
Quoting firehorse

Drayco, lwoo034 and eek also report similarly to unable to replicate your results based on the rules as given.

My own backtesting shows a similar pattern to Ironball’s and I also cannot explain the trade for week 27th August.
Ironball + 135
Firehorse +139
TKimble +241
Hey all... I'll bet a buck that it is was a simple typo. i do it all the time.

Me meant +141 which is exactly what i got when i looked at this. THe next week we were only 4 pips off. TK had+363 and i had +359. The week before would have been a bugger in anyones book.

Good Trading,

Jim No
Quoting ilzalama
Hey,

Seems a little to easy but I am running it on a demo. I did some back testing and it worked ok but we shall see.

For purity, I will not change anything. I will follow to a T.

Thanks for your input-
Hey,

I got stopped out today @ 1.9639 @ 14:53. I still have a pending short order @ last weeks close. IDo i just sit here & wait or am I done for the week?

What should be my next move? Any idea anyone?
“Control, control, you must learn control!” - Yoda
Quoting ilzalama
Hey,

I got stopped out today @ 1.9639 @ 14:53. I still have a pending short order @ last weeks close. IDo i just sit here & wait or am I done for the week?

What should be my next move? Any idea anyone?
How did you get stopped out? 1.9638 was my entry point for long.
Stopped out here too.
How did you get 1.9638? What was your weekly closing price?
My broker's last week's close price was 1.9600, so I put long order in at 1.9654 with 1.9524 SL. Short pending orders still waiting to be triggered.
As for how many entries we have to keep putting on (if we get stopped out again), don't know. Still waiting for TK to respond.

Quoting Lamdun
How did you get stopped out? 1.9638 was my entry point for long.
ah, forget about it. I was paper trading this and made a mistake in the calculation
I had last Friday's GBPUSD closed at 1.9580.

Placed a Buy Stop at +50 Pips above Fri Close @ 1.9630 (with 30 pips stop loss)

Placed a a Sell Stop at -50 @ 1.9530 (with 30 pip stop loss).

Long trigged today @ 1.9630. Currently up slightly.

Moved Sell Stop order to Friday's close of 1.9580 (with 30 pip stop loss).

Keep it simple!

DFoster
Which broker?
IBFX closed at 1.9600 last week. That's Friday's closing price.
FXSOL shows its closing price at 1.9590.
** Note: All on Live account, not demo account.
I guess this makes difference in our entry price.
Quoting DFoster
I had last Friday's GBPUSD closed at 1.9580.

Placed a Buy Stop at +50 Pips above Fri Close @ 1.9630 (with 30 pips stop loss)

Placed a a Sell Stop at -50 @ 1.9530 (with 30 pip stop loss).

Long trigged today @ 1.9630. Currently up slightly.

Moved Sell Stop order to Friday's close of 1.9580 (with 30 pip stop loss).

Keep it simple!

DFoster
To avoid confusion is their a WEBSITE we can go go to get the Actual Weekly Close for the GBP/USD, instead of looking on different broker charts, that seem all different? (I tried but could not find a website).
Quoting DFoster
I had last Friday's GBPUSD closed at 1.9580.

Placed a Buy Stop at +50 Pips above Fri Close @ 1.9630 (with 30 pips stop loss)

Placed a a Sell Stop at -50 @ 1.9530 (with 30 pip stop loss).

Long trigged today @ 1.9630. Currently up slightly.

Moved Sell Stop order to Friday's close of 1.9580 (with 30 pip stop loss).

Keep it simple!

DFoster
Well done. Stay with the system. I'm with you.

I've done exactly what you did. Last week close 9589. Am long at 9639 with a stop at 9609. We will take what the market wants to give us.

Good Trading,

Jim No
Quoting txsundevil
To avoid confusion is their a WEBSITE we can go go to get the Actual Weekly Close for the GBP/USD, instead of looking on different broker charts, that seem all different? (I tried but could not find a website).
Since Forex is decentralized, there is no actual close for any given pair. Each liquidity provider has their own price, but arbitrage assures they are never more then a few pips away.
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