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Part Time Wealth Building Trading System - Weekly Scalping

OK, here it is, updated version. For 6 pairs.

Now you enter number as it is. Also, each pair have entry field for spread. If you enter 0, you get theoretical Tkimble calculation, without spread being calculated.

Erkro, I wasn't sure if your spread calculation was correct for sell side (sell stop). For example, on buy side, you have difference betwen buystop and stopsell 50+spread, (as should be) while on sell side, there is difference betwen sellstop and stopsell 50 pips? Is this correct?

I wasn't sure if it is, so I changed it but I may be wrong. Please, if would someone, who know for sure, check calculations regarding spread.

Mario

P.s. if you don't have MS Office, download free Office from www.openoffice.org
Attached File(s)
File Type: zip Weekly Tkimble.zip   5 KB | 916 downloads
has anyone done any testing on other pairs and what are you results?
Quoting Justin
Starting from next week I'll do the following
- Buy +60pips (1.9351), Sell -60pips (1.9231)
- Stop loss = 50
- Trailing Stop = 70
- Take Profit = 150
Justin, you did well too last week. I got 150 pips on cable and 94 pips on USD.JPY

From now on I will use your modification only on cable, since other pairs probably need different settings. Are you trading only cable or also some other pair? If so, do you use the same settings for other pair?

Thanks, Mario
Quoting alamanjani
OK, here it is, updated version. For 6 pairs.

Now you enter number as it is. Also, each pair have entry field for spread. If you enter 0, you get theoretical Tkimble calculation, without spread being calculated.

Erkro, I wasn't sure if your spread calculation was correct for sell side (sell stop). For example, on buy side, you have difference betwen buystop and stopsell 50+spread, (as should be) while on sell side, there is difference betwen sellstop and stopsell 50 pips? Is this correct?

I wasn't sure if it is, so I changed it but I may be wrong. Please, if would someone, who know for sure, check calculations regarding spread.

Mario

P.s. if you don't have MS Office, download free Office from www.openoffice.org

Hi Mario!

Very good work. I checked only gbp/usd and that ist all right. I think you made the other pairs with the same calculation, so it should be ok.

Erkro
Quoting alamanjani
OK, here it is, updated version. For 6 pairs.

Now you enter number as it is. Also, each pair have entry field for spread. If you enter 0, you get theoretical Tkimble calculation, without spread being calculated.

Erkro, I wasn't sure if your spread calculation was correct for sell side (sell stop). For example, on buy side, you have difference betwen buystop and stopsell 50+spread, (as should be) while on sell side, there is difference betwen sellstop and stopsell 50 pips? Is this correct?

I wasn't sure if it is, so I changed it but I may be wrong. Please, if would someone, who know for sure, check calculations regarding spread.

Mario

P.s. if you don't have MS Office, download free Office from www.openoffice.org

Hi Mario!

The most broker and also the most trader use bid charts, so if you buy long, you see only the price without spread on your chart. If you buy lets say 1,9000 and you have a spread of 3 pips so you really buy at 1,9003.

If go short at 1,9000 and the order is triggered, then you really have an entry with 1,9000 because you took your bid chart. But if you close this short order then you must add the spread to your stop because you are on the buy side, and the broker earns his money on this side.

If you trade a weekly chart the spread is not so important (I add it always) so it would be no problem, but in this strategy you trade weekly but you have a very little stop for a weekly chart.

And if you trade lets say gbp/jpy then it could be a broblem if you don't add the spread, because in this pair I have 9 pips spread so if you don't add the spread you have a real stop of 21 pips and that is very little stop or this timeframe.

Hope I could describe it understandable, because my native language ist not english.

Erkro
Hi all

I am with FXSOL and trade a live account following this system with a bit of a pip addon. This is my results with entrys and exits.

Entered long order for 2x10k lots @ 1.9643 SL @ 1.9613 (This was triggered)
1st Lot taken @ 1.9693 for a 50pip profit. Other lot remain in the market and still with the same 30 pip stop. Currently + 17 on that one. If the stop is taken out, i still profit 20 pips from the first lot.

Hope it move better on wednesday.

Keep well
Jannie
I have not got stopped out on GBP/USD ....of course I used last Fridays close MT4 of 1.9588 IMO

Thanks,
ut2DaMax
yeah, I haven't gotten stopped out yet either.
same for me

Quoting ut2DaMax
I have not got stopped out on GBP/USD ....of course I used last Fridays close MT4 of 1.9588 IMO

Thanks,
ut2DaMax
I'm taking a slightly different path. I set my entry points off of the market price from Monday @8:00 EST to see what difference that has on things. That led to a buy triggered by a spike at 4:30 that was almost immediately stopped out. Since it was a spike and since the market since corrected itself, I have not adjusted my Sell entry point. So I still currently have my Buy and Sell points as:

Buy - 1.9712
Sell - 1.9612

I'm down 30 for the week b/c of it, but we'll see what differences starting it Mon. has on things.

Also, to kind of hedge things a bit, I've applied the same trading strategy to the USD/CHF and USD/JPY. Doing so will hopefully help to offset any potential losses from one pair and increase the chance of catching a nice, large trend in another. We shall see.
Ok, I just got stopped out for the 1st time. Waiting for re-entry.
Me too....So basically re enter if short would be around 1.9600? Is to say the close of last week. And the rebuy around the 1.9650? Can anyone confirm this?
P.I.m.P my account!
That's right...my entry for a short is 1.9590 and my buy is at 1.9650.
As y'all just got stopped out, my Sell order just got triggered.

When this week is all said and done, it may be 6 one way, 1/2 a dozen the other.
Ok, I'm in for a short now...
Im short too....hope this starts a strong downtrend...
P.I.m.P my account!
Quoting alamanjani
Justin, you did well too last week. I got 150 pips on cable and 94 pips on USD.JPY

From now on I will use your modification only on cable, since other pairs probably need different settings. Are you trading only cable or also some other pair? If so, do you use the same settings for other pair?

Thanks, Mario
I only trade cable.

If you read the initial posts by TK he recommends using this strategy only on cable and USD/CHF since they both move quite well. I'll stick with cable although I'm monitoring GBP/JPY as well.

I think settings will have to be changed to use this strategy on other currencies.

rebuy would only be if short is executed

Quoting XROD
Me too....So basically re enter if short would be around 1.9600? Is to say the close of last week. And the rebuy around the 1.9650? Can anyone confirm this?
Ok, I just got stopped out for the 2nd time. Now, I have 2 entry orders at this point.

[email protected]

or

[email protected]
I may have to switch brokers for this system- 3 stop-outs already.
With Tk's broker I would still be in my first trade judging by their charts...
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