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Part Time Wealth Building Trading System - Weekly Scalping

  • #301
  • Jan 16, 2007 10:58am Jan 16, 2007 10:58am
Who is TK's broker?
Life is too short to have anything but delusional notions about yourself.
  • #302
  • Jan 16, 2007 11:02am Jan 16, 2007 11:02am
At this point your buy is correct but your sell needs to be 50 pips away from weeks open, so 9540. this is because both buy and sell orders have been stopped, so we start again from scratch.

Quoting marcf
Ok, I just got stopped out for the 2nd time. Now, I have 2 entry orders at this point.

[email protected]

or

[email protected]
  • #303
  • Jan 16, 2007 11:03am Jan 16, 2007 11:03am
... at FF, but I think he mentioned earlier in the thread it's the big one that ends in "CM"
  • #304
  • Jan 16, 2007 11:09am Jan 16, 2007 11:09am
Quoting Justin
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.
Yeah, I agree if u want to use it on gbp/jpy u really need to add some spreads. was thinking like adding +6 since gbp/jpy is about 10 pips spread and gbp/usd is about 4 pips spread. So maybe the buy stop is 56 pips above closed price of last week and 56 pips below as sell stop. stop loss set at 36 pips and then follow the others. Just popping up a suggestion here....
  • #305
  • Jan 16, 2007 11:17am Jan 16, 2007 11:17am
Quoting gtketum
At this point your buy is correct but your sell needs to be 50 pips away from weeks open, so 9540. this is because both buy and sell orders have been stopped, so we start again from scratch.
Is this in the posts anywhere, cause I don't see it??

I don't think you reset it back to the begining. You want to shrink the spread down to 50 after your ist initial order.

TK CAN YOU COMMENT ON THIS?? There seems to be some confusion.

Thanks.
  • #306
  • Jan 16, 2007 11:28am Jan 16, 2007 11:28am
Quoting marcf
Is this in the posts anywhere, cause I don't see it??

I don't think you reset it back to the begining. You want to shrink the spread down to 50 after your ist initial order.

TK CAN YOU COMMENT ON THIS?? There seems to be some confusion.

Thanks.
Sorry I don't know where on the thread this is but here is TK's answer in red:

Quote:
Originally Posted by 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...
________________________________________________________

So as far as I know, nothing about starting from scratch...
  • #307
  • Jan 16, 2007 11:31am Jan 16, 2007 11:31am
Quoting marcf
Is this in the posts anywhere, cause I don't see it??

I don't think you reset it back to the begining. You want to shrink the spread down to 50 after your ist initial order.

TK CAN YOU COMMENT ON THIS?? There seems to be some confusion.

Thanks.
I'm not TKimble, but you are right marcf. TK reduces the straddle range to about 50 pips after one order has been triggered.
Don Life is expensive, but includes a free trip around the sun.
  • #308
  • Jan 16, 2007 11:38am Jan 16, 2007 11:38am
Yeah, that's what I thought...

Thanks for the input!!
  • #309
  • Jan 16, 2007 11:45am Jan 16, 2007 11:45am
Yes, the straddle range is reduced to 50 once the first order of the week is triggered.
  • #310
  • Jan 16, 2007 12:05pm Jan 16, 2007 12:05pm
this makes 4 stop outs in 24 hours plus another one on EUR (ok I know EUR is not a specified currency, but still...) For a low trade system, I'm getting whipsawed to death. i hope this is an anomaly because I cant take this every week! Is it just me/ my broker? Or is anyone else getting beat up? i think I picked a bad week to start this system... And this is why I don't like systems on message boards in general- I will follow one to a T, it burns through my account then I'm skittish about following it again waiting for a "good" week.
i know we are not supposed to count our pips until Friday but...
  • #311
  • Jan 16, 2007 12:21pm Jan 16, 2007 12:21pm
I have been currently stopped out twice on the "O". It doesn't bother me too much though. This will happen in ranging weeks where you end up with a doji. However, I don't lose confidence as it only takes one good trending week to make up way more than those losses. I think I am losing only 1.6% of my account for every stop loss. Not too bad really. This system requires patience and I have alerts sent to my cell phone every time a buy/sell or stoploss is triggered. I can't stand watching the screen all day. My trades are better when I am not watching them. Don't worry, the Pound will not stay in this range for very long. It never does.
Life is too short to have anything but delusional notions about yourself.
  • #312
  • Jan 16, 2007 12:35pm Jan 16, 2007 12:35pm
I am using the same broker as TKimble. Here is what I have done this week. I looked at the weekly chart for GBP/USD on Sunday. The close for this broker is Friday at 5:00 PM EST (I hope this will answer some questions people have about the time the week closes). It closed on January 5th @ 1.9583. I put my orders in Sunday Buy @ 1.9633 with s/l 1.9603 and a sell @ 1.9533 with s/l 1.9563. I was bought in on Monday 2:42 AM EST and was closed out on Tuesday 10:25 AM EST. Once I was closed out I reentered my order to buy. (Not sure if i should have done this ) The buy was entered Today @ 1.9633 at 11:29 AM EST and hit my stop @ 1.9603 at 11:49 AM PST. With all that being said should I have have put in the order to buy after my first buy was closed out? Or do you have to wait for the sell to be entered before you reenter your buy order. I would like some clarification on this because if this system works, it would be to good to be true!!

Thanks,
King76
  • #313
  • Edited 12:56pm Jan 16, 2007 12:43pm | Edited 12:56pm
Quoting king76
I am using the same broker as TKimble. Here is what I have done this week. I looked at the weekly chart for GBP/USD on Sunday. The close for this broker is Friday at 5:00 PM EST (I hope this will answer some questions people have about the time the week closes). It closed on January 5th @ 1.9583. I put my orders in Sunday Buy @ 1.9633 with s/l 1.9603 and a sell @ 1.9533 with s/l 1.9563. I was bought in on Monday 2:42 AM EST and was closed out on Tuesday 10:25 AM EST. Once I was closed out I reentered my order to buy. (Not sure if i should have done this ) The buy was entered Today @ 1.9633 at 11:29 AM EST and hit my stop @ 1.9603 at 11:49 AM PST. With all that being said should I have have put in the order to buy after my first buy was closed out? Or do you have to wait for the sell to be entered before you reenter your buy order. I would like some clarification on this because if this system works, it would be to good to be true!!

Thanks,
King76
Couple of points. Your initial Sell and Buy orders have been placed correctly. Once either order is hit, you immediately adjust the other order to the close of the previous week. For example, in this case, once the buy at 1.9633 was hit, you should adjust your sell to the 1.9583 from the 1.9533 inital order. When your buy was stopped out, you immediately re-enter another buy at 1.9633.

Once either side is initially hit, you immediately adjust the other side entry price to the previous weeks close which means you are now trading a 50 PIP range which in this weeks case is between 1.9633 and 1.9583.

Happy Trading,

Tkimble
  • #314
  • Jan 16, 2007 12:46pm Jan 16, 2007 12:46pm
Once your first order is hit you move the the order that didn't get hit to the weekly close. If you get stopped out, you put in a new order with the existing one still intact. I hope this answers your question.

Quoting king76
I am using the same broker as TKimble. Here is what I have done this week. I looked at the weekly chart for GBP/USD on Sunday. The close for this broker is Friday at 5:00 PM EST (I hope this will answer some questions people have about the time the week closes). It closed on January 5th @ 1.9583. I put my orders in Sunday Buy @ 1.9633 with s/l 1.9603 and a sell @ 1.9533 with s/l 1.9563. I was bought in on Monday 2:42 AM EST and was closed out on Tuesday 10:25 AM EST. Once I was closed out I reentered my order to buy. (Not sure if i should have done this ) The buy was entered Today @ 1.9633 at 11:29 AM EST and hit my stop @ 1.9603 at 11:49 AM PST. With all that being said should I have have put in the order to buy after my first buy was closed out? Or do you have to wait for the sell to be entered before you reenter your buy order. I would like some clarification on this because if this system works, it would be to good to be true!!

Thanks,
King76
  • #315
  • Jan 16, 2007 12:49pm Jan 16, 2007 12:49pm
Taters, using the price from Mon. @ 8:00 EST has me stopped out only once so far. That's breaks, I guess. There will be weeks where it will be more profitable to enter based on Friday's close, for sure.

Also, you may want to start adding on the spread to your Buy/Sell targets and SLs. Depending on your broker, this may be only a few extra pips, but doing so might keep you in a trade that reverses right at your stop (remember, a lot of other folks out there have similar targets...keeping your targets outside of that range will prevent getting stopped out along with everyone else).
  • #316
  • Jan 16, 2007 12:57pm Jan 16, 2007 12:57pm
Quoting hoss
I have been currently stopped out twice on the "O". It doesn't bother me too much though. This will happen in ranging weeks where you end up with a doji. However, I don't lose confidence as it only takes one good trending week to make up way more than those losses. I think I am losing only 1.6% of my account for every stop loss. Not too bad really. This system requires patience and I have alerts sent to my cell phone every time a buy/sell or stoploss is triggered. I can't stand watching the screen all day. My trades are better when I am not watching them. Don't worry, the Pound will not stay in this range for very long. It never does.


if I may ask ?That sounds like the way to do it!

Can I ask how you set this all up with a cell? And do you have to re-set everything for each week? I don't understand how this would be done. Newbie here ... lol

I would like to learn how to do the same.

Thanks ut2DaMax
  • #317
  • Jan 16, 2007 1:20pm Jan 16, 2007 1:20pm
Quoting tkimble
Couple of points. Your initial Sell and Buy orders have been placed correctly. Once either order is hit, you immediately adjust the other order to the close of the previous week. For example, in this case, once the buy at 1.9633 was hit, you should adjust your sell to the 1.9583 from the 1.9533 inital order. When your buy was stopped out, you immediately re-enter another buy at 1.9633.

Once either side is initially hit, you immediately adjust the other side entry price to the previous weeks close which means you are now trading a 50 PIP range which in this weeks case is between 1.9633 and 1.9583.

Happy Trading,

Tkimble

I understand .....
I waited till after five fri. when everything came to a halt [on mt4] and took the 1,9588 as the closing price.


I have the excel program ..... but do I need to (use 3/6 pips) Broker spread, on top of this, (papertrading with stratedgybuilderfx ) so how would I alter the excel to give the correct settings (say 3 pip spread) think that would be what I would need for the Broker I plan on using.

I have noticed everyones settings are dif. depending on pip spread. I hope this is not confusing .... lol


also may I ask you are you now short GBP/USD ..... and where did you go short ....... just trying to learn ..... according to my settings I would have stopped out Long @ 1.9608, without taking pip spread into account.

Or anyone else can answer if you have the answer for me. I would like to make this work. Thanks all!


Thanks

ut2DaMax
  • #318
  • Jan 16, 2007 1:30pm Jan 16, 2007 1:30pm
Ut2,

I set the alerts up on a demo account with a broker with the letters "l-o-s" backwards in their name. Let me know if that is too cryptic. Under each currency you can set up "call alerts". Just plug in where (price) you want the system to alert you and your corresponding cell messaging ID.
Life is too short to have anything but delusional notions about yourself.
  • #319
  • Jan 16, 2007 1:54pm Jan 16, 2007 1:54pm
Quoting hoss
Ut2,

I set the alerts up on a demo account with a broker with the letters "l-o-s" backwards in their name. Let me know if that is too cryptic. Under each currency you can set up "call alerts". Just plug in where (price) you want the system to alert you and your corresponding cell messaging ID.

hoss thanks,

I know you can set up email alerts in MT4
Wasn't sure yet how that would be set then to reach cell?
... email alerts you might as well hug the PC all day long too ... lol!

Thanks!

ut2DaMax
  • #320
  • Jan 16, 2007 3:10pm Jan 16, 2007 3:10pm
As Tuesday winds down, here's where I stand:

GBP/USD: Currently Short @ 1.9610 (remember, I based my entry points off of Mon. 8:00 market price)

USD/JPY: No trade triggered as of yet

USD/CHF: No trade triggered.

Looking forward to seeing how this week transpires.
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