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Part Time Wealth Building Trading System - Weekly Scalping

  • #401
  • Jan 19, 2007 12:54am Jan 19, 2007 12:54am
for the same pair?

... 1/2 of the lots .... starts with [buy/sell spread @ 100] ... Fri.close .... first method .....

and the other 1/2 of the order spread set @ 42 <> buy and sell @ 8:00 AM monday, with taking Sunday's close, [tkimble's latest idea, on the Weekly].

That way one order would have the better start on [same pair], and you could sell the better mover for some quick profits ...... while the remaining order runs till friday.

Anyone like this idea? That way you might be able to prevent a losing week or as large a loss? IMO Just thinking out loud. .... Anyone like this idea?
//////////////////////////////////////////////////////

Originally Posted by hoss http://www.forexfactory.com/images/buttons/viewpost.gif
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.
  • #402
  • Edited 1:48am Jan 19, 2007 1:46am | Edited 1:48am
[quote=ut2DaMax;191673]for the same pair?


... 1/2 of the lots .... starts with [buy/sell spread @ 100] ... Fri.close .... first method .....

and the other 1/2 of the order spread set @ 42 <> buy and sell @ 8:00 AM monday, with taking Sunday's close, [tkimble's latest idea, on the Weekly].

That way one order would have the better start on [same pair], and you could sell the better mover for some quick profits ...... while the remaining order runs till friday.

Anyone like this idea? That way you might be able to prevent a losing week or as large a loss? IMO Just thinking out loud. .... Anyone like this idea?
//////////////////////////////////////////////////////


hi im new to trading and am interested in this system because of its simlicity.

i have recently bought vantage point , this software should find the trend for us early in the week , has anyone tried vantage point with this system,?

basically i am looking for a system to use vantage point with,

all ideas welcome

thanks

gb

see above
  • #403
  • Jan 19, 2007 1:49am Jan 19, 2007 1:49am
[quote=barney;191708]
Quoting ut2DaMax
for the same pair?


... 1/2 of the lots .... starts with [buy/sell spread @ 100] ... Fri.close .... first method .....

and the other 1/2 of the order spread set @ 42 <> buy and sell @ 8:00 AM monday, with taking Sunday's close, [tkimble's latest idea, on the Weekly].

That way one order would have the better start on [same pair], and you could sell the better mover for some quick profits ...... while the remaining order runs till friday.

Anyone like this idea? That way you might be able to prevent a losing week or as large a loss? IMO Just thinking out loud. .... Anyone like this idea?
//////////////////////////////////////////////////////


hi im new to trading and am interested in this system because of its simlicity.

i have recently bought vantage point , this software should find the trend for us early in the week , has anyone tried vantage point with this system,?

basically i am looking for a system to use vantage point with,

all ideas welcome

thanks

gb

see above

please see previous post
  • #404
  • Jan 19, 2007 1:50am Jan 19, 2007 1:50am
Quoting Daemien
Hi James,

I have fully backtested GBP/JPY using the original system. While it showed good profit at the end of the year, it had about 4 months of heavy drawdown. I am testing to see if taking a small profit off the top and than letting it run will make up for these losses. I haven't finished backtesting the modified system, but so far it has shown an approximate 50% or so increase in profit (drawdown way less or negligible, profit months even more profitable).

Many weeks stop you out a few times at the beginning, trend very nicely until the middle to end of the week, and then chop you out some more from Thursday to Friday. The thing I have noticed with this modification is that you can catch a trend going up, take profit, take more profit on the way up, and then catch more profit heading down. The main problem with doing it this way is it requires a lot more attention as you should try to get your positions placed as soon as possible after your exit. I have modified it somewhat btw from what I posted earlier. Will post my results with method once I am finished for those who may be interested.

Take care & good luck in your trades,

D.
Thanks Daemien....Great update, it sounds like you are discovering your own system. Its great to make something better! I am very interested in how it turns out.

Indeed, we have had 2 great weeks on both GBP crosses. I agree that it would help the system immensely if we would be able to filter out the false signals. I do have 2 filters that i am experimenting with, one right now. I think they could possibility take a great system and make it even better.

This is what i do:

1. I have my trend system that has can also signal if reversals are small and will continue, or just quick profit taking. I use a 4 hr chart and will not trade AGAINST a strong trend on this time frame. Why? Because i know it doesn't have legs and will not last on the weekly time frame of the trade. I found this when i was trading this week. When getting ready to go short after the open of the GBP/Yen this Sunday, i noticed on my 4 hr chart that i would NO WAY GO SHORT AT THIS TIME. So i didn't. But just kept the system working. Short was triggeredm however without me. Then i put in my entry for my Long, and this week was history. Even without this filter, we are doing outstanding....but this week i saved 39 pips (30 pip stop plus 9 pip spread) on stepping aside on this one. If the 4 hr doesn't show any strong trend , i will go in both directions.

2. Looking at the bad weeks, it goes, loss, loss, loss, loss, loss, and then win. THis week often looks like a doji, or one that is not trending. TK has stated that in his testing, most money was made on the first or second trade. If this continues to bounce back and forth, that has a greater indication that we are NOT IN A TRENDING WEEK. so maybe the number of stop outs is a "Filter" of the kind of week this will be. So i will continue to forward test this, but i am tempted , as a second filter to take a maximum number of trades. I am thinking of 4. If no trend is established by then, ....in all likely hood there won't be one for the rest of the week. Obviously this will limit losses, but can also forsee that on the 5 trade you make 300 pips. so i want to forward test this.

Losses are a part of trading, and we need to learn to "minimize" them without disrupting the heart of any system. I think these 2 potential filtering actions might help. THe first, in my opinion, will help, the second is untested.

Good trading,

Jim No.
  • #405
  • Jan 19, 2007 1:51am Jan 19, 2007 1:51am
please read last post ive put my question on there,
i have not used this site much
  • #406
  • Jan 19, 2007 1:58am Jan 19, 2007 1:58am
sorry, i,ll just do it again,

basically i am looking for a system to use with vantage point,

it would seem likely that this software would would predict the trend of your system on this thread,
thus getting us a trade earlier,

i just need a profitable and simple system really,

ive just bought vp and dont know what to do with it?

thanks
gb
  • #407
  • Jan 19, 2007 2:02am Jan 19, 2007 2:02am
may be a good programmer could build an expert for this system...leaving possibilty to adjust TP/reversal level and so on...so we could abcktest the strategy and ifnd the most profitable parameters...
  • #408
  • Jan 19, 2007 3:04am Jan 19, 2007 3:04am
Anything wrong with setting limits, say 233 or 377 pips from entry and not being greedy? If your limit gets hit by Wednesday, then you're done. If the cross moves further than that, then you say to yourself "Oh well. I'm happy with what I got." Less worry about retraces at the end of the week, especially during news times.
  • #409
  • Jan 19, 2007 7:20am Jan 19, 2007 7:20am
For the GBP/JPY weekly scalping, TK says to place your trade at the close of Sunday. Would anyone know what time that would be EST? Any help would be much appreciated.

Thanks..

Marc
  • #410
  • Jan 19, 2007 8:04am Jan 19, 2007 8:04am
Hello,

I've traded TKimble's weekly scalp this week on the the Cable. Its great. But I've been thinking about longer time frames. If one took TKimble's original scalping setup at the begginning of each month, then the dynamic of the trade would change. First of all, one would have an increased chance of a reversal even after one or two weeks in one direction. Second, and this is a good thing, there would be a wider range in price. The thing I've learned from TKimble is that if you sit still, the market continues to move. Stand firm on an opening window of price long enough and the market price is sure to move away from you.
So If I were to do this I would trade the equivalent of 3000 units per pair per $1000 account balance. Currency pairs I might trade would be GBP/USD, EUR/USD, JPY/USD, EUR/JPY, GBP/USD, AUD,JPY. These visually look appealing, the worst being EUR/USD over the last 12 months. Also I wouldn't use SL except for the initial ones used by TKimble, but I would use TP. If I have 3000 units of one pair, 1000 would have no TP(closed at end of month), 1000 would have 33% of the 12 period monthly ATR, and 1000 would have 66% of the ATR.

Risk if I did the math right would be approximately 1% per pair you traded. 3000 units of a $1000 account with 30pip SL. One adjusts the units size as account balance increases or decreases. So $2000 account would be 6000 units per pair. One can trade as many pairs as he or she feels comfortable with. If one made 100 pips avg. profit per pair per month, trading 6 pairs, that would be 18% gain. Not holy grailish, and probably no better than the original system. But I like the idea.

Example: Straddle the monthly open for the Cable. 1000 units no TP. 1000 units TP 200pips. 1000 units TP 400pips. Of course with each pair there is a good chance that over a month it could reverse over the opening price. However you might get the one or both of the TPs before reverse and do it again on the other side. I hope this make since. By the way, I'm in no way trying to create a "better" system. This ones just resonates with my personal style and psychology.

Whats everybody think?

Ben
{ Links Removed }
  • #411
  • Jan 19, 2007 8:29am Jan 19, 2007 8:29am
Quoting Benjo
Hello,

I've traded TKimble's weekly scalp this week on the the Cable. Its great. But I've been thinking about longer time frames. If one took TKimble's original scalping setup at the begginning of each month, then the dynamic of the trade would change. First of all, one would have an increased chance of a reversal even after one or two weeks in one direction. Second, and this is a good thing, there would be a wider range in price. The thing I've learned from TKimble is that if you sit still, the market continues to move. Stand firm on an opening window of price long enough and the market price is sure to move away from you.
So If I were to do this I would trade the equivalent of 3000 units per pair per $1000 account balance. Currency pairs I might trade would be GBP/USD, EUR/USD, JPY/USD, EUR/JPY, GBP/USD, AUD,JPY. These visually look appealing, the worst being EUR/USD over the last 12 months. Also I wouldn't use SL except for the initial ones used by TKimble, but I would use TP. If I have 3000 units of one pair, 1000 would have no TP(closed at end of month), 1000 would have 33% of the 12 period monthly ATR, and 1000 would have 66% of the ATR.

Risk if I did the math right would be approximately 1% per pair you traded. 3000 units of a $1000 account with 30pip SL. One adjusts the units size as account balance increases or decreases. So $2000 account would be 6000 units per pair. One can trade as many pairs as he or she feels comfortable with. If one made 100 pips avg. profit per pair per month, trading 6 pairs, that would be 18% gain. Not holy grailish, and probably no better than the original system. But I like the idea.

Example: Straddle the monthly open for the Cable. 1000 units no TP. 1000 units TP 200pips. 1000 units TP 400pips. Of course with each pair there is a good chance that over a month it could reverse over the opening price. However you might get the one or both of the TPs before reverse and do it again on the other side. I hope this make since. By the way, I'm in no way trying to create a "better" system. This ones just resonates with my personal style and psychology.

Whats everybody think?

Ben
In my mind it is always important to adapt a system to your personal trading preferences. If what you have proposed works for you, go for it.

There is no such thing as "Right" and "Wrong" in trading systems. Only what works for you...

Happy Trading,

Tkimble
  • #412
  • Jan 19, 2007 8:39am Jan 19, 2007 8:39am
Quoting marcf
For the GBP/JPY weekly scalping, TK says to place your trade at the close of Sunday. Would anyone know what time that would be EST? Any help would be much appreciated.

Thanks..

Marc

GMT is 5 hours ahead of EST. So 12:00 am or 00:00 GMT Monday would be 7:00 PM or 19:00 EST on Sunday. I'm in EST as well.

Hope this helps.

yezbick
  • #413
  • Jan 19, 2007 9:32am Jan 19, 2007 9:32am
http://www.forexfactory.com/showthread.php?t=3188

I think these systems could be used together, just how much vp would help .... not sure. A bit like using two moving averages .... like having 3 days EMA & 10 days SMA. Those that use it seem to like it. Like putting together a puzzle ..... if the pieces fit, it works for you. My best to you in zero-ing in on a system that works for you. IMO

Like tkimble says; There is no such thing as "Right" and "Wrong" in trading systems. Only what works for you.





Quoting barney
sorry, i,ll just do it again,

basically i am looking for a system to use with vantage point,

it would seem likely that this software would would predict the trend of your system on this thread,
thus getting us a trade earlier,

i just need a profitable and simple system really,

ive just bought vp and dont know what to do with it?

thanks
gb
  • #414
  • Jan 19, 2007 9:36am Jan 19, 2007 9:36am
Perfect, thanks..that's what I thought.

Quoting yezbick
GMT is 5 hours ahead of EST. So 12:00 am or 00:00 GMT Monday would be 7:00 PM or 19:00 EST on Sunday. I'm in EST as well.

Hope this helps.

yezbick
  • #415
  • Jan 19, 2007 9:50am Jan 19, 2007 9:50am
Those that are back testing these Methods now, are using EA's to do their tests with MT4 or other, and I really hope someone will share one with you and all of us. Yes, I think it would work great with the tkimble Method!

I am not a programmer so I am not the person to make one. But once I have a system I like and there's no EA yet offered, I will in all likelihood have Coders Guru make me one, to use for alerts or fully automated trading.

Then one could mix and match any pairs and or use different Methods on the same pairs. this would help to keep things simple. You could then use slightly different Methods on different pairs, and at trending or ranging periods.

Anyone working on an EA yet ... they would like to share with us, would be so much appreciated!


Quoting emeric33
may be a good programmer could build an expert for this system...leaving possibilty to adjust TP/reversal level and so on...so we could abcktest the strategy and ifnd the most profitable parameters...
  • #416
  • Jan 19, 2007 1:27pm Jan 19, 2007 1:27pm
Based on price action I got out at noon today for a net of +60 pips for the week on the Pound. Dope.
Life is too short to have anything but delusional notions about yourself.
  • #417
  • Edited 2:49pm Jan 19, 2007 2:27pm | Edited 2:49pm
Going a different route than most, I ended up heavily in the negative this week, for a couple of reasons:

1. Starting the GBP/USD based on Monday's price at 8:00 EST resulted in two more stopouts over the course of the week.

2. I traded three pairs instead of just the GBP/USD, and one--the USD/CHF--whipsawed me like nobody's business. I ended up with 4 stopouts on that pair, only for it to conclude the week within 25 pips of where it started.

So moving forward, I'm going to go back to the roots of the system, pick one pair and base it off of Friday's close. I'll keep an eye on the others just to see what transpires, but I think I got too big for my britches on this first week of testing.

All I can say is, thank God this is fake money at this point!
  • #418
  • Jan 19, 2007 2:31pm Jan 19, 2007 2:31pm
P.S. TK, the minute you finish up that daily system, let us know. I know I'm not the only one eagerly awaiting it!
  • #419
  • Jan 19, 2007 2:36pm Jan 19, 2007 2:36pm
I did my first demo using this stategy and ended with +71 pips for the week. I was stopped out on Tuesday with -30 and back in on Wednesday. Seems very straight forward to me if you keep is simple.
  • #420
  • Jan 19, 2007 3:48pm Jan 19, 2007 3:48pm
+285 pips this week on GBP/JPY. Slightly modified (took profit @ around 160 and then re-entered)...

Hope the trends keep trending!

D.
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