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Part Time Wealth Building Trading System - Weekly Scalping

  • #501
  • Jan 23, 2007 1:06pm Jan 23, 2007 1:06pm
Hey jogge - I cashed out too today at +60pips. 60% return in 24 hours just too good to pass up!

Just trying out the basic system set up by Tkimble with an adjusted entry point of market +-35 pips. Caught perfect this week.

Just curious for you backtesters: has anyone tried testing entry points other than Sunday?
_________________________________ Cheerio, Pip Pip
  • #502
  • Jan 23, 2007 1:22pm Jan 23, 2007 1:22pm
Ih Vegas Jim. I'm forward testing with the original straddle rules (+50, -50) but for my opening I am using Monday time of GMT 18:00. Just seeing if this gets over some of the early noise of the week. (That's 1 PM EST on Monday).

Also trying the Pip Rage version of placing the High and low for the first 18 hours and trading the breakout of that for 100 TP. Already cleared that and am out for the week on that method! +100! More info can be found on his journal.
Don Life is expensive, but includes a free trip around the sun.
  • #503
  • Jan 23, 2007 1:35pm Jan 23, 2007 1:35pm
It's always tempting to take the pips when they are there. But, you must trade like a machine. What if the trend had kept riding up and you were up 200-300 pips right now? You will lose the benefit of the system if you constsantly change the rules. There won't be any consistency, and your account will ultimately suffer. You will never be around to reap the benefits of the 300-500 pip weeks. That's where the losses are recovered and the extended profitability is made. Beat your own mind game, and you will beat the market.
Life is too short to have anything but delusional notions about yourself.
  • #504
  • Jan 23, 2007 1:37pm Jan 23, 2007 1:37pm
I was also temted to take profits this morning. I am long GBP/JPY and GBP/USD as per rules of entry. I entered with 2 positions each and split my risk capitol equally on each position as others on this thread had suggested before. I set a take profit target of 100 pips on GBP/JYP on one position and am letting the other run per rules. I didn'tlet it hit my TP, after a sharp 44 pip correction after 9:00 AM EST I closed the tp position with 30 pips plus spread profit and am up 130 pips on remaining positionon GBP/JPY. Same scenario on GBP/USD except I let my TP target get hit for 100 pips plus spread and am letting my other position run as per rules. I am up 38 pips on remaining position as of this writing. Many thanks to you TKIMBLE as you have given me inspiration to think outside of the box. I am like you in that I like simplicity and am not much on programming and back testing. I have seen where this system along with the others may allow me to trade profitably even with a full time JOB(bad word) which I hope to inevitably trade full time one day soon. Thanks for your willing and unselfish contributions in this world of sharks and thieves we call forex.
  • #505
  • Jan 23, 2007 2:46pm Jan 23, 2007 2:46pm
There was talk earlier in making the entries 50 pips away from last week's close plus the spread since some noticed that price likes to spike to that level and reverse. It happened to me on the USDCHF last night and I got stopped out before continuing into a sell position. Had I made the buy entry order at 50+spread, it would not have taken me in on the buy (and consequently stopped me out), but remember, once one side is executed the entry on the other side gets moved to the weekly close level. Had I not moved my sell position up to the weekly close level, I would've missed out on an extra 50 pips. Price at this time has gone on to move down, then back up to my original sell entry order price. However (since I'm demoing) I decided to do 50 pip stepped stops on all 3 of my weekly trades (except for GBPJPY which I crowded once it hit the monthly high) so my take in the past 24 hours is 259 pips. I'm happy with that (especially after the big drawdown GBPUSD has made!)
  • #506
  • Jan 23, 2007 3:23pm Jan 23, 2007 3:23pm
Quoting lastchance
I was also temted to take profits this morning. I am long GBP/JPY and GBP/USD as per rules of entry. I entered with 2 positions each and split my risk capitol equally on each position as others on this thread had suggested before. I set a take profit target of 100 pips on GBP/JYP on one position and am letting the other run per rules. I didn'tlet it hit my TP, after a sharp 44 pip correction after 9:00 AM EST I closed the tp position with 30 pips plus spread profit and am up 130 pips on remaining positionon GBP/JPY. Same scenario on GBP/USD except I let my TP target get hit for 100 pips plus spread and am letting my other position run as per rules. I am up 38 pips on remaining position as of this writing. Many thanks to you TKIMBLE as you have given me inspiration to think outside of the box. I am like you in that I like simplicity and am not much on programming and back testing. I have seen where this system along with the others may allow me to trade profitably even with a full time JOB(bad word) which I hope to inevitably trade full time one day soon. Thanks for your willing and unselfish contributions in this world of sharks and thieves we call forex.
Excellent. Forge ahead.

BTW, you should be able to quit your job in one year if you follow the system without waiver. That seems to be the timeline for others that I have coached. It will really boil down to your commitment...

Tkimble
  • #507
  • Jan 23, 2007 3:27pm Jan 23, 2007 3:27pm
Quoting hoss
It's always tempting to take the pips when they are there. But, you must trade like a machine. What if the trend had kept riding up and you were up 200-300 pips right now? You will lose the benefit of the system if you constsantly change the rules. There won't be any consistency, and your account will ultimately suffer. You will never be around to reap the benefits of the 300-500 pip weeks. That's where the losses are recovered and the extended profitability is made. Beat your own mind game, and you will beat the market.
Well said...

Tkimble
  • #508
  • Jan 23, 2007 3:29pm Jan 23, 2007 3:29pm
Quoting jogge
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
You must trade consistent with you comfort level. Can never go broke taking profits.

My style is to let it ride. Be certain to trade your style...

Happy Trading,

Tkimble
  • #509
  • Jan 23, 2007 3:34pm Jan 23, 2007 3:34pm
Quoting Andy12
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?
GBP/JPY, GBP/CHF, CHF/JPY. Really, any pair will work with proper adjustments in the entry and stop prices...

Tkimble
  • #510
  • Jan 23, 2007 3:39pm Jan 23, 2007 3:39pm
Quoting bholiday
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.
Feeling anxious is part of what I refer to as "Trade Psychology Leveling" or basically discovering your comfort zone. All perfectly normal.

I do not change my stop loss targets.

Happy Trading,

Tkimble
  • #511
  • Jan 23, 2007 3:45pm Jan 23, 2007 3:45pm
Quote
You must trade consistent with you comfort level. Can never go broke taking profits.

True, but as someone pointed out earlier, if you miss out on the big weeks by taking profit too soon, you run the risk of not making enough to offset the losing weeks.

Your average of 150 pips-week is due in large part to several monster 300+ weeks scattered amongst a sea of 50+/- weeks.
  • #512
  • Jan 23, 2007 3:50pm Jan 23, 2007 3:50pm
on this, i have now learnt why tk advocates the ideally minimum pairs on this system and fewer trades/pair.

i traded this system this week on the gbpjpy and cable with 3 entries per pair for long and short, and frankly it is a nightmare, especially if you have a day job..

guess i will stick to 2 pairs next week and just the one trade each.

i am up on both pairs.

Quoting tkimble
GBP/JPY, GBP/CHF, CHF/JPY. Really, any pair will work with proper adjustments in the entry and stop prices...

Tkimble
  • #513
  • Jan 23, 2007 3:51pm Jan 23, 2007 3:51pm
I had a thought, based on this system and the Daily system you posted:

What if, instead of straddling the open of Monday's trading, you simply opened a market order in the direction of last week's trend?

For example, since last week's trading closed up, you would place a buy market order to begin this week, with the 30-pip SL and set your sell entry 50 below the open.

Had you done that, you'd currently be up 70 pips versus the mere 20 we are now. It would also lessen the chance of having a stopout kick in, given the greater distance from the open position.

Thoughts? Has anyone tried this?
  • #514
  • Jan 23, 2007 3:52pm Jan 23, 2007 3:52pm
Quoting MillerHighLife
True, but as someone pointed out earlier, if you miss out on the big weeks by taking profit too soon, you run the risk of not making enough to offset the losing weeks.

Your average of 150 pips-week is due in large part to several monster 300+ weeks scattered amongst a sea of 50+/- weeks.
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
  • #515
  • Jan 23, 2007 3:54pm Jan 23, 2007 3:54pm
Quoting coolshades
on this, i have now learnt why tk advocates the ideally minimum pairs on this system and fewer trades/pair.

i traded this system this week on the gbpjpy and cable with 3 entries per pair for long and short, and frankly it is a nightmare, especially if you have a day job..

guess i will stick to 2 pairs next week and just the one trade each.

i am up on both pairs.
Excellent observation...

Tkimble
  • #516
  • Jan 23, 2007 3:57pm Jan 23, 2007 3:57pm
Quoting MillerHighLife
I had a thought, based on this system and the Daily system you posted:

What if, instead of straddling the open of Monday's trading, you simply opened a market order in the direction of last week's trend?

For example, since last week's trading closed up, you would place a buy market order to begin this week, with the 30-pip SL and set your sell entry 50 below the open.

Had you done that, you'd currently be up 70 pips versus the mere 20 we are now. It would also lessen the chance of having a stopout kick in, given the greater distance from the open position.

Thoughts? Has anyone tried this?
Great observation. What you have suggested is in fact what I do with the Daily Scalping sytem located here:

http://www.forexfactory.com/showthread.php?t=13507

Happy Trading,

Tkimble
  • #517
  • Jan 23, 2007 4:01pm Jan 23, 2007 4:01pm
^ Exactly. But my thought is to do a mash-up of the two systems--taking the entry strategy from the Daily and applying it to the longer time frame of the weekly.
  • #518
  • Jan 23, 2007 4:06pm Jan 23, 2007 4:06pm
last, once you tp on a long/short, what do you do? do you again re-enter a long/short at the original entry price (+50) and keep the corresponding short/long at week close?



Quoting lastchance
I was also temted to take profits this morning. I am long GBP/JPY and GBP/USD as per rules of entry. I entered with 2 positions each and split my risk capitol equally on each position as others on this thread had suggested before. I set a take profit target of 100 pips on GBP/JYP on one position and am letting the other run per rules. I didn'tlet it hit my TP, after a sharp 44 pip correction after 9:00 AM EST I closed the tp position with 30 pips plus spread profit and am up 130 pips on remaining positionon GBP/JPY. Same scenario on GBP/USD except I let my TP target get hit for 100 pips plus spread and am letting my other position run as per rules. I am up 38 pips on remaining position as of this writing. Many thanks to you TKIMBLE as you have given me inspiration to think outside of the box. I am like you in that I like simplicity and am not much on programming and back testing. I have seen where this system along with the others may allow me to trade profitably even with a full time JOB(bad word) which I hope to inevitably trade full time one day soon. Thanks for your willing and unselfish contributions in this world of sharks and thieves we call forex.
  • #519
  • Jan 23, 2007 5:22pm Jan 23, 2007 5:22pm
I place 2 buys and 2 sells according to rules. One has a Tp of 100 pips one doesn't. I tryto manage my TP entry to either break even or take 100 pip profit, either way let the other position run according to rules. Example, today the GBP/USD hit my TP target at 1.9893 which is 100 pips plus spread on Oanda platform,I am still long 1 position to let run or get stopped out at 1.9759. I do not enter any more longs unless my remaining long gets stopped out. I am on a demo at Oanda trading a mini. the shor side of this trade is the same only opposite. I'm trying to lock in some profit to offset a SAR and I also pay alot of attention to the daily ranges the GBP/USD, GBP/JPY have put in fromm 00:00 GMT also. The GBP/USD started ripping up it went straight to the next previous high of 1.9848, blew thru it and went to the pschycological level of 1.9900 and reversed. This was 148 pips since 0 GMT time. Hope this helps
  • #520
  • Jan 23, 2007 6:29pm Jan 23, 2007 6:29pm
Quoting hoss
It's always tempting to take the pips when they are there. But, you must trade like a machine. What if the trend had kept riding up and you were up 200-300 pips right now? You will lose the benefit of the system if you constsantly change the rules. There won't be any consistency, and your account will ultimately suffer. You will never be around to reap the benefits of the 300-500 pip weeks. That's where the losses are recovered and the extended profitability is made. Beat your own mind game, and you will beat the market.
Can i share that this issue has been (now past tense, thanks to encouragement from others and real mental discipline) one that has caused me to lose. WHy? Consider that this system or any system has its ups and downs. What we want to do is often bail (did you do it on the spike coming down on the GBY?) too early. Sometime you are right to bail. We use that to cover up our real failure...and that is to follow the system.

THe reason we follow this or any system is that we must have clear rules and a positive expectation. SO often, the system has losses and then some real big wins. We look at the net difference and think....gee we will win. So then in real life....we follow the system....but then bail. Effectively we have a "new" system, one that takes all the losses and usually cuts its profits. We sabatage ourselves. If we have developed new rules for this system, (and i think we can always make them better), we need to recheck to ensure that the "new system" will make money.

Be encouraged to retest the system with any new rules...and then follow them. Don't just indiscriminitly bail! If we bail because of fear, i suspect it is because your lot size is too big.


Great trading...

Jim No
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