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Part Time Wealth Building Trading System - Weekly Scalping

  • #361
  • Jan 18, 2007 2:17am Jan 18, 2007 2:17am
600 pips A WEEK, just how good does it get! I like this system!

ut2DaMax
  • #362
  • Jan 18, 2007 4:14am Jan 18, 2007 4:14am
Wow woke up this morning to find the following with using this system.

USDCHF = -10
GBPUSD = +58
GBPJPY = +240
USDCAD = +14
EURJPY = +96
USD JPY = +57


Now up over 380 pips with 6 pairs in 3.5 days.

The other 3 pairs traded still have yet to start.

Thanks again Kimble.
  • #363
  • Jan 18, 2007 4:42am Jan 18, 2007 4:42am
Great System. So simple, so efficient!!!

Another interesting pair to test is GBPCHF.
  • #364
  • Edited 6:42am Jan 18, 2007 6:41am | Edited 6:42am
GBP/USD went up to 1.9779 and now trading at 1.9688.

I'm thinking, how can we take advantage of the high and take profit at some point then re-enter again? It's kinda waste to see the near-100 pips down the drain. hmmm..

Added: Although I do enjoy this simple system though. Probably greedy at the 100 pips "loss". hehe
  • #365
  • Jan 18, 2007 7:01am Jan 18, 2007 7:01am
Quoting maria77
GBP/USD went up to 1.9779 and now trading at 1.9688.

I'm thinking, how can we take advantage of the high and take profit at some point then re-enter again? It's kinda waste to see the near-100 pips down the drain. hmmm..

Added: Although I do enjoy this simple system though. Probably greedy at the 100 pips "loss". hehe
Your quote is the essence of profit maximization. Some are comfortable using profit targets and others prefer to let it ride. The old adage of "you cannot go broke takinig profits" is so true. The idea with this system is to enjoy profits beyond your wildest imagination. There will be times, although infrequent, when you will incur 50 - 90% reductions in your profits but that is the risk you must indure to more frequently enjoy unimaginable profitability.

Again, it all boils down to style and discipline...

Happy Trading,

Tkimble
  • #366
  • Jan 18, 2007 7:40am Jan 18, 2007 7:40am
Yeah, it's very hard to watch those pips go down the drain...trying to determine the risk tolerance here for next week.
  • #367
  • Jan 18, 2007 7:46am Jan 18, 2007 7:46am
Quoting marcf
Yeah, it's very hard to watch those pips go down the drain...trying to determine the risk tolerance here for next week.
It does take some time to get use to the reduction in PIPS from time to time. But remember, following the system is what enabled you to increase your PIP count to the point where a 100 pip reduction will still result in a profit. Aslo rest assure that there will be frequent runs that will deliver 100's of PIPS that you probably would never have enjoyed.

You must experience these 200, 300, and 400 PIP runs before you can appreciate these sentiments.

You cannot take every PIP. Bulls make money, Bears make money and pigs get slaughtered. Nothing personal, just an old expression...

Happy Trading,


Tkimble
  • #368
  • Jan 18, 2007 8:10am Jan 18, 2007 8:10am
here and I believe he is smiling ... all the way to the BANK most weeks! .... Yes it is hard to see these pips slide away like this, but if you want to reap big rewards the end of the year, you have to stick to the METHOD that works for you, IMO. I think the rewards will follow. I cannot wait to open an acct. and trade this like a robot! LOL IMO

ut2DaMax
  • #369
  • Jan 18, 2007 11:34am Jan 18, 2007 11:34am
For the new TK method on GBPJPY.....

I am trying to figure out what the Sunday close is...... Does this mean the Monday open? I think it depends a lot on the broker time periods. Just trying to determine the correct starting point.

Thanks for any advice here.
Don Life is expensive, but includes a free trip around the sun.
  • #370
  • Jan 18, 2007 11:36am Jan 18, 2007 11:36am
Quoting traderone
For the new TK method on GBPJPY.....

I am trying to figure out what the Sunday close is...... Does this mean the Monday open? I think it depends a lot on the broker time periods. Just trying to determine the correct starting point.

Thanks for any advice here.
Yes. Sunday close and Monday open would be the same. All times are EST.

Tkimble
  • #371
  • Jan 18, 2007 11:36am Jan 18, 2007 11:36am
Quoting yezbick
Wow woke up this morning to find the following with using this system.

USDCHF = -10
GBPUSD = +58
GBPJPY = +240
USDCAD = +14
EURJPY = +96
USD JPY = +57


Now up over 380 pips with 6 pairs in 3.5 days.

The other 3 pairs traded still have yet to start.


Thanks again Kimble.
Hi Yezbick...

Are you using the original TKimble rules for straddle and stop loss? (50 straddle, 30 stop loss). Thanks for any reply.
Don Life is expensive, but includes a free trip around the sun.
  • #372
  • Jan 18, 2007 11:52am Jan 18, 2007 11:52am
my novice suggestion, is why dont you enter 2 lots or even three for every entry. the first lot with s/ of 30 and tp of 30 (here you are safeguarding a potential loss on on the main tk entry), another lot for 50 pip tp with same sl of 30 and the third order rides the waves the way tk does..

am a novice, so feel free to blast me down



Quoting maria77
GBP/USD went up to 1.9779 and now trading at 1.9688.

I'm thinking, how can we take advantage of the high and take profit at some point then re-enter again? It's kinda waste to see the near-100 pips down the drain. hmmm..

Added: Although I do enjoy this simple system though. Probably greedy at the 100 pips "loss". hehe
  • #373
  • Jan 18, 2007 12:48pm Jan 18, 2007 12:48pm
Sunday's close & Monday's open is that 12:00 AM EST Monday?
Can someone please help with the time?

Thanks..

Quoting tkimble
Yes. Sunday close and Monday open would be the same. All times are EST.

Tkimble
  • #374
  • Jan 18, 2007 1:37pm Jan 18, 2007 1:37pm
Quoting tkimble
Yes. Sunday close and Monday open would be the same. All times are EST.

Tkimble

If I just went with price @ 8:00 AM Monday [EST], would that work? is this what you are saying in the post? Just trying to understand correctly and keep this simple. Thanks!

ut2DaMax
  • #375
  • Jan 18, 2007 1:52pm Jan 18, 2007 1:52pm
Hello to all,

first time posting, but I've enjoyed reading for quite some time. I'm in the GBP/USD straddle this week and am very positive about this system. Thanks TKimble! Yezbick....just curious about those other pairs. Did you experience much choppyness at the beginning of the week? Also do find that it is taking much time to manage all the orders?

Thanks and Good Trading,

Ben



Quoting yezbick
Wow woke up this morning to find the following with using this system.

USDCHF = -10
GBPUSD = +58
GBPJPY = +240
USDCAD = +14
EURJPY = +96
USD JPY = +57


Now up over 380 pips with 6 pairs in 3.5 days.

The other 3 pairs traded still have yet to start.

Thanks again Kimble.
{ Links Removed }
  • #376
  • Jan 18, 2007 2:00pm Jan 18, 2007 2:00pm
I think if you manage too many pairs you may be getting away from the essence of the system which is simplicity. I would rather manage one pair and put more lots on it than manage a bunch with lower lot sizes and get the same results. Just a thought.
Life is too short to have anything but delusional notions about yourself.
  • #377
  • Jan 18, 2007 2:14pm Jan 18, 2007 2:14pm
Quoting ut2DaMax
If I just went with price @ 8:00 AM Monday [EST], would that work? is this what you are saying in the post? Just trying to understand correctly and keep this simple. Thanks!

ut2DaMax

The Monday opening I usually think about as 5PM EST Sunday. That's when (FX DD) starts the week. That would be GMT 22:00 right now.
Don Life is expensive, but includes a free trip around the sun.
  • #378
  • Jan 18, 2007 3:01pm Jan 18, 2007 3:01pm
Quoting Daemien
I am trading this system on the GBP/JPY at the moment. Once I am out of another system's trade, I will be including the GBP/USD as well.

I have changed one thing tho. I really do not wish to give up pips. I also am extremely interested in the compounding effect that Tkimble's excel file shows making 100pips per week.

My initial entry & stop losses are the same. I am looking to take profit at 150pips + the spread (so in my case T/P @ 158). If I am stopped out before T/P, I stick to tkimble's original re-entry but my new T/P will be 150pips+spread+stop-loss (30). If stopped out again, I add another stop-loss to the t/p... etc..

The major change is, of course, the take profit. If I DO take profit at my t/p level, I straddle my exit with 30pip re-entries both long & short. Stop-losses on these 30 pips away. After my initial 150+/- t/p, I let any subsequent re-entries ride until Friday's close.

I feel this should enable me to take 150pips profit on many weeks, and still be able to ride any trends that develop. It is also possible that I can ride one way, take 150pip profit, reverse and profit again once I close out on Friday.

By the way, I haven't done a full backtest on GBP/JPY, but even with the initial entry/stop-loss rules it appears to be a major pip maker. 30 pip risk with in many weeks over 400pip profit (I'm not sure of the average, but I'm pretty sure it's well over 200pips/week). One of the weeks I tested made over 600 pips. The Risk to Reward ratio is definitely better here than on GBP/USD....

Happy pippin' to all!

Daemien

PS: Proper backtesting on GBP/JPY to follow soon...
This is just a small backtest I've already done on GBPJPY. weeks of 9/29/06-1/5/07. This is with the original system TK recommended not the "21 pip" strategy. Really good after a bad start.
Attached File(s)
File Type: zip Weekly Strategy GBPJPY 092906-010507.zip   < 1 KB | 1,022 downloads
  • #379
  • Jan 18, 2007 3:12pm Jan 18, 2007 3:12pm
Does anyone know how to set this system up with a cell for alerts or PDA to Moble trade ... or is anyone doing this? This would really be nice to have when lines are crossed. Just would free up time not sitting infront of the PC throughout the day! IMO .... Ideas welcomed .... Thanks all!

ut2DaMax
  • #380
  • Jan 18, 2007 3:29pm Jan 18, 2007 3:29pm
Are you talking about TK's other method? Anyway, check out alertfx.com

Quoting ut2DaMax
Does anyone know how to set this system up with a cell for alerts or PDA to Moble trade ... or is anyone doing this? This would really be nice to have when lines are crossed. Just would free up time not sitting infront of the PC throughout the day! IMO .... Ideas welcomed .... Thanks all!

ut2DaMax
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