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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,541
  • Jan 23, 2008 7:43am Jan 23, 2008 7:43am
It will look at the previous day's close.
  • #1,542
  • Jan 23, 2008 9:42am Jan 23, 2008 9:42am
Quoting Ronald Raygun
It will look at the previous day's close.
Where in the code do I change it to look at the time candle I want it to?
For Cable I need it to look at the 08:00 candle direction.
Thank you
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #1,543
  • Jan 23, 2008 3:52pm Jan 23, 2008 3:52pm
Can someone add an option to allow me to tell the EA what Time of Candle I want it to check for Direction to trade in please?
Thank you
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #1,544
  • Jan 23, 2008 5:05pm Jan 23, 2008 5:05pm
Change the time to whatever you want. Depends largely on what your broker wants. It's all there. Just read the read the included comments inside the program.

What time is london open in GMT?
  • #1,545
  • Jan 23, 2008 6:48pm Jan 23, 2008 6:48pm
London Open is 08:00. So I want to set Trade time direction to check direction of 08:00 close not day open.
Also, the EA places a trade at 00:00 ?? when I have set time 09:00 ??
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24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #1,546
  • Feb 10, 2008 10:45am Feb 10, 2008 10:45am
TK do you trade for a livinig or you Have a Job

Quoting tkimble
You are correct.

However, when I trade I am not only looking for the obvious profit but sustainment of my confidence levels and a stable comfort zone. My rules were defined around my style of trading. My style dictates that I let the profts run. This eliminates the introduction of second guessing into my mind which can result in tempestuous and whimsical trades and reductions in profits or even needless losses.

My weekly trading pattern is almost to the point where I can catch the trend and forget about staring at the screen until the Thursday or Friday timeline. Close the position on Friday and just say thanks...

Happy Trading,

Tkimble
  • #1,547
  • Feb 15, 2008 7:24pm Feb 15, 2008 7:24pm
Yes the weekly candles are pretty much tip to toe right now on most pairs. But its not always like that the summer can do a lift then close Friday back at zero. This is disheartening when this happens but when it occurs for a few weeks it time to trade another method instead....at least for a while.

This week on euro was text book. it opened 1.45 then up into a high triggering a long euro trade for the week. Then went below the weekly open price Tuesday to take out weekly pivot stops and those moving to break even. Then it went long then short rapidly Wednesday to take out the trailing stop guys finally closing Friday up close to 200 pips higher. Minus 50 pip breakout is 150 pips up. (Breakouts must be ATR/volatility based to reflect the pair being traded and market conditions thus may change week to week) Now i wish every week was like this thats 600 pips a month for about 5 mins work a week setting up trades but have to take the rough with the smooth.

So as explained before those that did less gained more and those that moved to BE or trailed stopped made little to nothing. But in all honesty most people cant trade this because its too boring for them
  • #1,548
  • Mar 7, 2008 5:09pm Mar 7, 2008 5:09pm
Quoting matrixebiz
London Open is 08:00. So I want to set Trade time direction to check direction of 08:00 close not day open.
Also, the EA places a trade at 00:00 ?? when I have set time 09:00 ??
I like your clock indicator. Where did you get it?
  • #1,549
  • Mar 7, 2008 5:11pm Mar 7, 2008 5:11pm
has anyone used this w/ any success? I ran a backtest and got nothing. I was wondering if anyone has used it forwarding and if so, could you post results?

there's only a couple of things I would change/add. But if the basic there doesn't work, I don't want to take the time.

Thanks In Advance.
  • #1,550
  • Mar 9, 2008 8:23pm Mar 9, 2008 8:23pm
Has anyone traded this live? I'm wondering how many times you get stopped out in a row for a given week. Has anyone ever reached 5-6 stop outs in a row?
  • #1,551
  • Mar 9, 2008 8:30pm Mar 9, 2008 8:30pm
Also, was there ever any mention of position sizing? With a 30 pip SL would you trade only so many lots such that 30 pips would equal 2% of your account? Or was it more beneficial to trade only so many accounts such that if you average 150 pips a weeks with this system, the 150 pips would equal 2% of your account?

Any help is appreciated. Thanks. Matt

P.S. - Sorry to hear tkimble is no longer on the forum.
  • #1,552
  • Mar 9, 2008 8:40pm Mar 9, 2008 8:40pm
Generally, the advice is to risk 2% of your account per trade.

I take that to mean 30 pips = 2%.
  • #1,553
  • Mar 9, 2008 8:45pm Mar 9, 2008 8:45pm
Ok. That makes sense. That would mean lots of volatility with this system. Are you trading this weekly method, Ronald? Any results you can offer up as far as typical number of times you get stopped out before going in the right direction?

I'm thinking of opening a system similar to this that I've discussed before, but am unsure if it is worth talking about.
  • #1,554
  • Mar 9, 2008 9:05pm Mar 9, 2008 9:05pm
I used to trade the weekly system, but not anymore. I trade the daily system instead.

As for stop-outs, if you aren't in positive pip territory by Wednesday, I think you'd do well getting out, and waiting for next week.
  • #1,555
  • Mar 9, 2008 9:43pm Mar 9, 2008 9:43pm
RR, do you mean TK's Daily Scalping system? Have you found it's profitable without modifications? On which pairs, may I ask? Thanks.
  • #1,556
  • Mar 9, 2008 10:16pm Mar 9, 2008 10:16pm
What was your reasoning behind no longer using the weekly trading method?
  • #1,557
  • Mar 9, 2008 10:24pm Mar 9, 2008 10:24pm
Quoting JAD
RR, do you mean TK's Daily Scalping system? Have you found it's profitable without modifications? On which pairs, may I ask? Thanks.
I ran the daily scalping system plain vanilla, only moving the stop to Breakeven +1 at 40 pips.

And I compare currencies with a spread of 10 or less. Whichever has the highest 14-day ATR is the one I trade.

Quoting permanentjaun
What was your reasoning behind no longer using the weekly trading method?

The daily scalping method is making me more money.
  • #1,558
  • Mar 9, 2008 11:43pm Mar 9, 2008 11:43pm
Quoting Ronald Raygun
The daily scalping method is making me more money.
Ha. That's a good reason.

Can I assume the weekly method does work too, but to a lesser extent? I'm only interested in getting +30 pips on the week for a currency pair so long as those 30 pips are equal to 2% of my account.
  • #1,559
  • Mar 9, 2008 11:54pm Mar 9, 2008 11:54pm
Quoting permanentjaun
Ha. That's a good reason.

Can I assume the weekly method does work too, but to a lesser extent? I'm only interested in getting +30 pips on the week for a currency pair so long as those 30 pips are equal to 2% of my account.

That would defeat the purpose of this type of system. It has an edge built into it with the Break Out Style it offers.
  • #1,560
  • Mar 10, 2008 12:08am Mar 10, 2008 12:08am
Quoting Cmartin371
That would defeat the purpose of this type of system. It has an edge built into it with the Break Out Style it offers.
What would defeat the purpose? Only looking for +30 pips on the week?

Really the edge in the system is the 'stubbornness' of the trade placement zone. The currency inevitably has to move away from the current point it's trading at. The initial break out trade is to try and put you in the direction of the trend of the week since a lot of trending weeks have short opposite direction movement.

Tkimble actually threw this out with his daily scalping method by just placing trades based on previous days performance rather than waiting for 40-50 pips of movement.

But yea, I don't think just looking for +30 pips a week gets rid of any edge.
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