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Part Time Wealth Building Trading System - Weekly Scalping

  • #481
  • Jan 22, 2007 3:33pm Jan 22, 2007 3:33pm
i too dont use the pipspread in the entry 50. i use it in the s/l and t/p. i am not going to change this. ok, i might have a stopped out order more, or two, but in the medium to long term, it will not matter.



Quoting tim4kaye
I had the same numbers as you. I too have been in and have been stopped out. I am going to start adding the pip spread into the 50.
  • #482
  • Jan 22, 2007 4:04pm Jan 22, 2007 4:04pm
Quoting coolshades
i too dont use the pipspread in the entry 50. i use it in the s/l and t/p. i am not going to change this. ok, i might have a stopped out order more, or two, but in the medium to long term, it will not matter.
hello coolshades - I too have differences of using pipspreads. In the entry for long and the stopp losses for short.

DW
  • #483
  • Jan 22, 2007 7:39pm Jan 22, 2007 7:39pm
Just a quick question TKimble, do we add the spread to our stop loss or just plus minus 30 pips from entry? 30 pips seems like not much of a buffer with the pound...but your system seems to be working for you. My spread for the pound is 5 pips.

I just want to make sure i am doing this right.

I am live with 6 mini lots. Stopped out once today on my long entry, and now re-entered long.

I am trading like a robot, but feeling a little anxious right now.

Thanks for all the help you have given on this forum.
  • #484
  • Jan 22, 2007 7:41pm Jan 22, 2007 7:41pm
Dear TK,

I just want you to know how humbled I am by your sheer selflessness and willingness to share the products of your painstaking research into the markets and the excruciating 'screen time' that undoubtedly went into the birth of your wonderful strategies.

Right from your days at the Mouteki thread, you have always shown a clear mark of distinction...

I am very proud to be associated with this thread and shall start my forward tests in earnest....

May the force remain with all of us as we pave our paths to the plains of financial freedom...

To TK....


Over and out...

John-Paul
I grumbled I had no shoes until I met a man who had no toes...
  • #485
  • Edited 9:57pm Jan 22, 2007 9:47pm | Edited 9:57pm
Greatings everyone!
I am following this system for a while. Now it is a time to share my backtest on GBP/USD for 2006. I see, I am not the first did this backtest and I am glad that results not that far from each other. Profit for the year, including spred 5 pips +3669 I must say I used only 15 and 30 minutes charts and did back test manualy.
For those who wants to figure out what I attach to this post exactly, I'll explain
1 column-date of the week
2 column-close week before
3 column-buy order
4 column-sell order
5 column-how many stoplosses was trigered if use none agresive strategy: always buy and sell 50 pips up or down previous week close, with original 30 pips stop loss.
6 column-how many stoplosses was trigered using exact original strategy
7 column-results first strategy on left, original on the right and if similar result on the center. Results without spread.
8 column-results including spread, first strategy on left, original on the right, and if no difference on the center. Spread included.
9 column- difference between previous week close and current week close
10 column- range for the week.

My little conclusion. I tried to compear original and my so called first strategy. Without any questions original performed better.
Attached File(s)
File Type: doc TESTER.doc   44 KB | 1,049 downloads
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #486
  • Jan 22, 2007 10:19pm Jan 22, 2007 10:19pm
I'm not sure why the variances in the 2006 tests are so different for the people that have tested this strategy. Somebody just posted results in the 5000's for the year. Hmmmm...
Life is too short to have anything but delusional notions about yourself.
  • #487
  • Jan 22, 2007 10:31pm Jan 22, 2007 10:31pm
Quoting hoss
I'm not sure why the variances in the 2006 tests are so different for the people that have tested this strategy. Somebody just posted results in the 5000's for the year. Hmmmm...
This is precisely why I do not advocate the results of backtesting as a justification to begin trading a system. I strongly recommend paper trading and actual trading on a very small basis if you suspect that a strategy is suitable to your standards.

Interestingly enough, just about all the systems previewed on this website are good systems. You simply need commitment to make it happen...

Happy Trading,

Tkimble
  • #488
  • Jan 22, 2007 10:35pm Jan 22, 2007 10:35pm
different prices from dealers.
how far down into time-frames you went with your testing.
my numbers could be wrong
if they are wrong i'll pull the post, i don't want to spread false info. but i went through it properly and my spreadsheet shows it trade for trade.
i think either way, it proves the system works, AFAIK most people are finding it pulls positive numbers. a profit is a profit.
  • #489
  • Jan 22, 2007 10:41pm Jan 22, 2007 10:41pm
Quoting John-Paul
Dear TK,

I just want you to know how humbled I am by your sheer selflessness and willingness to share the products of your painstaking research into the markets and the excruciating 'screen time' that undoubtedly went into the birth of your wonderful strategies.

Right from your days at the Mouteki thread, you have always shown a clear mark of distinction...

I am very proud to be associated with this thread and shall start my forward tests in earnest....

May the force remain with all of us as we pave our paths to the plains of financial freedom...

To TK....


Over and out...

John-Paul
Thanks for the warm words. Commit and earn your share of the financial reward that awaits anybody who chooses to trade a sound system.

Tkimble
  • #490
  • Edited Jan 23, 2007 11:12am Jan 22, 2007 10:54pm | Edited Jan 23, 2007 11:12am
First of all Tkimble, thank you for sharing this great system. I was looking for system like this for sometime.
Now, Hoss some answers to your question
1.I used Metatrader data, and if someone going to use another data we will get different results.
2. Depends how do you incorporate spread. I subtract spread not only from closing position but also from every stop loss trigered.
3. Mine result could be a little off because I did not used tick by tick graphs, I used since middle april 15 min chart and before 30 min, so some things can be overlooked.
The main thing is this strategy works in backtest and to me it is ok to try it.
I know that bad case scenario for last year was 11 stop losses in one week, so now I am going to be mentally prepeared if it happens again.
That is why I think doing back test is a must. It is time consuming but it is for your own good to do it.
You will get confidence in system after doing back test.
But just doing backtest is obiviously not enough, it is just a step in acceptance or rejection system that looking good to you There is no substitude for Live trading of course.
Quoting hoss
I'm not sure why the variances in the 2006 tests are so different for the people that have tested this strategy. Somebody just posted results in the 5000's for the year. Hmmmm...
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #491
  • Jan 22, 2007 11:39pm Jan 22, 2007 11:39pm
Any chance we can discuss this strategy on which pairs to trade it for? We need volatility so majors are good candidates. GBP/USD and GBP/JPY have been mentioned before. I'm just worried that they may be closely related. They're currently listed at +86 on http://www.mataf.net/en/analysis-correlation.htm for the 100 day correlation.

I'd like to spread this system out over maybe 3-4 pairs so that it is very unlikely to experience large drawdown. Any suggestions for other currencies?

I should note that we're also looking for a particular trading pattern. Long bodies with small shadows and closes near their highs/lows. This system hates doji's.
  • #492
  • Jan 23, 2007 2:57am Jan 23, 2007 2:57am
Quoting ryanmel
different prices from dealers.
how far down into time-frames you went with your testing.
my numbers could be wrong
if they are wrong i'll pull the post, i don't want to spread false info. but i went through it properly and my spreadsheet shows it trade for trade.
i think either way, it proves the system works, AFAIK most people are finding it pulls positive numbers. a profit is a profit.
Ryan
I looked at your backtesting and it corresponds to mine aswell. I think the differences between you and Andy12 is he probably taking a hit of say 34 pips when his 30 pip stop loss is hit. If we take this into account I do not think the numbers would be to far away. I think the biggest drawback for this system as with most currency systems is unless you can automate the systems. You are going to have too watch the markets 24 hours a day in order to change stops direction etc. which is impossible. Good work Ryan and Andy12 appreciate the backtesting.

Regards to all
Sam
  • #493
  • Edited 7:49am Jan 23, 2007 5:55am | Edited 7:49am
cable buy stop was hit, +62 pips at the moment!! entry included spread
CRAIGSLIST BARTERING CHAMPION
  • #494
  • Jan 23, 2007 7:36am Jan 23, 2007 7:36am
The cable's buy stop was hit..................+106 at the moment.
  • #495
  • Jan 23, 2007 8:11am Jan 23, 2007 8:11am
cable broke last year's high(1.9848), seems like we might have a very good chance to book profit if that level becomes support
currently +107 pips at the moment of typing.
  • #496
  • Jan 23, 2007 11:17am Jan 23, 2007 11:17am
Thanks Sam for kind words.
About different results. I was using spread 5 and you guys seems to use 4.
I think I am need to open account where spread is 4
Quoting sambar
Ryan
I looked at your backtesting and it corresponds to mine aswell. I think the differences between you and Andy12 is he probably taking a hit of say 34 pips when his 30 pip stop loss is hit. If we take this into account I do not think the numbers would be to far away. I think the biggest drawback for this system as with most currency systems is unless you can automate the systems. You are going to have too watch the markets 24 hours a day in order to change stops direction etc. which is impossible. Good work Ryan and Andy12 appreciate the backtesting.

Regards to all
Sam
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #497
  • Jan 23, 2007 11:22am Jan 23, 2007 11:22am
Now this is the thing I am care about the most.
I guess it is OK to just use GBP/USD but if we can find another pair it will be amazing.
Any thoughts?
What pair you can combine with GBP/USD to use with this strategy?
Or just stick with GBP/USD and foget about any other pair?
Quoting permanentjaun
Any chance we can discuss this strategy on which pairs to trade it for? We need volatility so majors are good candidates. GBP/USD and GBP/JPY have been mentioned before. I'm just worried that they may be closely related. They're currently listed at +86 on http://www.mataf.net/en/analysis-correlation.htm for the 100 day correlation.

I'd like to spread this system out over maybe 3-4 pairs so that it is very unlikely to experience large drawdown. Any suggestions for other currencies?

I should note that we're also looking for a particular trading pattern. Long bodies with small shadows and closes near their highs/lows. This system hates doji's.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #498
  • Jan 23, 2007 12:02pm Jan 23, 2007 12:02pm
One minor modification I made this morning was moving my SL up to breakeven. That way I figure:

A) The pair will (hopefully) continue to trend upward, or
B) If it should retrace all the way back, at least I save my 30 pips.

I keep the Sell entry point the same; no change to that. Also, should it retrace and hit the stop, then head back I'll simply place another buy order at the same location.
  • #499
  • Jan 23, 2007 12:28pm Jan 23, 2007 12:28pm
I did the same to lock in 50 pips...
CRAIGSLIST BARTERING CHAMPION
  • #500
  • Edited 12:57pm Jan 23, 2007 12:56pm | Edited 12:57pm
Who else was tempted to take the profit at the top of GBP/USD earlier today???

I sure was

Let's hope it starts trending again and that it will pay off to stick with the rules.

Jogge
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