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Part Time Wealth Building Trading System - Weekly Scalping

  • #521
  • Edited 9:02pm Jan 23, 2007 6:58pm | Edited 9:02pm
Sorry for this question, but how do you know that you will get better results in the long run with this approach?

Respectively
Andrey
Quoting lastchance
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
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #522
  • Jan 23, 2007 7:35pm Jan 23, 2007 7:35pm
Quoting james275
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
Well said...

Tkimble
  • #523
  • Jan 23, 2007 8:04pm Jan 23, 2007 8:04pm
james275 and thats why we lose ......

I've done this too many times. It is so tempting to bail and think you know better only to get jigsawed to death. Simple is just not so appealing to most traders. How can it be this simple? If this was so great, would they not all do it the easy way? I want to win at FOREX and I will get this down. IMO
  • #524
  • Edited 9:31pm Jan 23, 2007 9:14pm | Edited 9:31pm
After some research I have come across the following information on the internet to better understand which pairs are the most volatile and in essence which pairs would be best to trade under the TKimble system. The following is for the asian market and show the most volatile pairs for this time period. These PIP ranges are for the time period between 7 p.m. - 4 a.m. EST

Currency Pairs PIP Range
GBP/JPY 112
GBP/CHF 96
USD/JPY 78
USD/CHF 68
GBP/USD 65
AUD/JPY 55
EUR/CHF 53
EUR/USD 51
USD/CAD 47
NZD/USD 42
AUD/USD 38
EUR/GBP 25


I will try to obtain further information and post it here for further discussion. If the asian market is any indicator of other markets reactions to these pairs. The GBP/JPY should be the biggest mover or trend maker of the pairs in all markets.

Anyone have any further input on this topic and which pair should be most active for the kimble weekly scalping system.

My experience so far in using this system would show the following order for trending pairs. Most trending to least of the ones that I have trades that have stopped out.

1. GBPJPY
2. EURJPY
3. GBPUSD
4. USDJPY
  • #525
  • Jan 23, 2007 9:37pm Jan 23, 2007 9:37pm
Never be sorry for a question. I don't know that it is more profitable, but i'm trying it anyway because at this point it seems to fit me . As TKimble says you find your comfort zone as well as your style. I am still learning as you are and we will always be learning when it comes to trading. Trading and trading systems, methodologies are abundant, but you have to find what works for you. I'm not changing the system, just trying an approach that may or may not fit me. For instance today, my long position on GBP/USD is up 100 pips on my closed position and I currently have my second position letting it run and it is up 30 pips as of this post. If price takesmy remaining long out I'm still up 70 pips minus spread. I enter long trade orders again and see if the market triggers my short or my long again. My remaining long on GBP/JPY is up130 pips at this time, my initial position was taken out earlier than anticipated because I got skiddish as I watched a 40 somthing pip drop eat my profits up so I moved 1 position to 30 pips plus spread and got hit. So I'm up 30 on closed position and letting remaining run as per rules.
  • #526
  • Jan 24, 2007 12:32am Jan 24, 2007 12:32am
yezbick, it would be great if you post your results, if possible. as i understand you are trading many pairs on this system.

Quoting yezbick
After some research I have come across the following information on the internet to better understand which pairs are the most volatile and in essence which pairs would be best to trade under the TKimble system. The following is for the asian market and show the most volatile pairs for this time period. These PIP ranges are for the time period between 7 p.m. - 4 a.m. EST

Currency Pairs PIP Range
GBP/JPY 112
GBP/CHF 96
USD/JPY 78
USD/CHF 68
GBP/USD 65
AUD/JPY 55
EUR/CHF 53
EUR/USD 51
USD/CAD 47
NZD/USD 42
AUD/USD 38
EUR/GBP 25


I will try to obtain further information and post it here for further discussion. If the asian market is any indicator of other markets reactions to these pairs. The GBP/JPY should be the biggest mover or trend maker of the pairs in all markets.

Anyone have any further input on this topic and which pair should be most active for the kimble weekly scalping system.

My experience so far in using this system would show the following order for trending pairs. Most trending to least of the ones that I have trades that have stopped out.

1. GBPJPY
2. EURJPY
3. GBPUSD
4. USDJPY
  • #527
  • Jan 24, 2007 12:47am Jan 24, 2007 12:47am
Quote
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
Truer words have never been spoken.
So, I checked in this morning in time to see the retracement happening and I said to myself, WOW, this thing is headed right back down, HIT THE FRIKKIN' button ..... NO .. trade the plan ........NO.... LOCK IN YOUR PROFITS!!! So, guiltily, I hit the button with 84 pips profit at about 1.9880 .... with the self justification that I would put in a new buy stop @ 30 Pips above my exit in case the trend resumes. (I'll gladly miss out on 30 to keep what I got) After awhile it sank further so I have now moved the buy stop to my exit price. So now, I'm feelin' no guilt and wondering if there is an EA that can do this take profit and re-entry order?

Also, in regards to my earlier post, yeah, going down the chart patterns road gets too Complicated & too Subjective.

To answer Ryanmel:
Quote
If you could find a system that gave you (on average) "x" pips per week/month, and that "x" added up to your goal pips/$$ for the year, why would you bother trying to pick changes in market behavior and starting new systems? Trade less, less stress, better lifestyle.
Why give up all those pips if there's something "SIMPLE" that can be done or filtered ect. Trade less ...yes = less stress but drawdown = stress. Less drawdown = less stress.
So let's keep those ideas for SIMPLE additions , ect. coming!!!
You had a Great point about diversifying strategies
Quote
Having said that, if you have a good scalping system, and a good trending system, and you trade both simultaneously, while your trending strategy may not be profitable all year round, the scalping system (be it intraday, daily or weekly depending on your own style) should fill the void in the quiet times, and add cream to the pie when both systems are firing
.
So True, So True.
And Thanks James275 for the date info I hope to have some time toward the end of the week or weekend to see if anything jumps out. Nice Candle Stick thread by the way.
And of course.....THANKS TKIMBLE!!!!

J.P.
Watching the charts like Spock.
  • #528
  • Jan 24, 2007 1:17am Jan 24, 2007 1:17am
Well, my both my 100+ Cable and GBPJPY trades just got stopped out. ouch. Not a good feeling.
  • #529
  • Jan 24, 2007 1:51am Jan 24, 2007 1:51am
Quoting Lamdun
Well, my both my 100+ Cable and GBPJPY trades just got stopped out. ouch. Not a good feeling.
Lamdun.. be encouraged....It ain't over yet. The week ends on Friday, per this system we are still in the middle of the trade (remember this is a weekly system). Remember the Colts and Payton Manning...down 21 to 3 or so....at the half, but didn't panic. They knew their system and kept playing. They won.....

Do you look at lost profit? I would encourage you not...it is one of the major reasons why one doesn't execute the system that they promised themselves they would trade. If you bail, you may have recouped a short term loss, but in the long term you lose......

OK, we got stopped out for a 30 pip loss. The week may still be a big gainer as we may have a siginificant reversal in the market. Or maybe we lose, but next week, and the one after that will more than offset. Look at what we made on the last 3 weeks? For the gbp/yen...almost a thousand pips! If i lose this week, ok.....no worry, the system has a positive edge and expectation. Actually i expect to have losing weeks...the system has shown that. But, i still have chosen to trade it. \

PS - this is for any system including your own personal modified one!

Great trading...

This is a great forum....

Jim No
  • #530
  • Jan 24, 2007 2:33am Jan 24, 2007 2:33am
Hi everyone,
Has anybody else beed stopped out 3 times on GBP this week ?
All 3 were long stops , once on the 22nd ,2nd on the retrace from 1.9905 & third this morning .

Cheers
Coma
  • #531
  • Jan 24, 2007 2:45am Jan 24, 2007 2:45am
Hello everyone,

It's been fun reading through all the posts on the thread and trying to get in tune with the strategy. I, however, do have some confusion in my head as regards the execution of the strategy and will like to highlight them as follows:

1. there have been suggestions by certain people through their posts on the thread to increase the SL for the Cable to 50 pips. Has that been adopted and is it in use by all practitioners of this technique.

2. Do you set the 30pips Stop loss as a trailing stop to trail your trades after the buy/stop orders have been placed 50 pips from last week's close. I ask this bcos I don't really understand what people mean when they say they've been stopped out of a trade. Does it mean price went all the way up or down and reversed to hit the SL or did it hit a trailing stop that may have locked in some profit?

3. What happens when a stop-loss gets hit. What are the criteria for re-entry in the same direction before the stop got hit? At what point do you place an order for the reverse direction?

4. If the answer to my question 1 is that the 30 pip SL is still in use, does it do well for all the pairs or are there exceptions to the use of the 30pip SL. How often has everyone experienced stop-outs and then see the price continue in the usual direction?

I hope these questions'll do for a start. I'll take them little by little so that I can learn this at a much relaxed pace.....

I need all your contributions to my questions especially Tkimble's...

Patiently waiting for answers....

Over and out

John-Paul
I grumbled I had no shoes until I met a man who had no toes...
  • #532
  • Jan 24, 2007 2:47am Jan 24, 2007 2:47am
Have been stopped out twice this week going long. Once yesterday in early trading, once today @ 15:52 +8GMT.
Currently short with +10pips.

Been following this thread for a few weeks. Now that I'm trialing this system, and being a newbie, the following occurs to me.
- Money management matters.
- Patience matters.
- Understanding the psychological aspect of this system, as TKimble refers to, is most interesting.
  • #533
  • Jan 24, 2007 3:52am Jan 24, 2007 3:52am
Quote
1. there have been suggestions by certain people through their posts on the thread to increase the SL for the Cable to 50 pips. Has that been adopted and is it in use by all practitioners of this technique.

2. Do you set the 30pips Stop loss as a trailing stop to trail your trades after the buy/stop orders have been placed 50 pips from last week's close. I ask this bcos I don't really understand what people mean when they say they've been stopped out of a trade. Does it mean price went all the way up or down and reversed to hit the SL or did it hit a trailing stop that may have locked in some profit?

3. What happens when a stop-loss gets hit. What are the criteria for re-entry in the same direction before the stop got hit? At what point do you place an order for the reverse direction?

4. If the answer to my question 1 is that the 30 pip SL is still in use, does it do well for all the pairs or are there exceptions to the use of the 30pip SL. How often has everyone experienced stop-outs and then see the price continue in the usual direction?

1. The original rules are the original rules. 30 pip stop loss. Other's are posting their own additions to suit their own trading styles and what is comfortable for them. If you are unsure, start with the original rules.

2. The 30 pip stop is fixed. It is not trailing. Being "stopped out" means that their stop loss was "hit" therefore they entered a trade, but it went the other way and their stop loss was put into effect.

3. I think I know what you mean... example... you enter a Long position at +50 pips from last weeks close, it stops you out at -30 pips but doesn't drop far enough to get you in a Short position. From the moment you are "stopped out" at the -30 pips from entry, you would re-place a Long order at the same price as before, so if it heads up again, you enter Long again.
When you place your order in the beginning you would place a Long and Short order as you don't know which way it will head. So you place both at the same time. The idea is, you always have a Long and Short order in place...

4. I am following the original rules, so GBP/USD, others will need to answer that one. Seeing your trade get stopped out then turn around is part of the business. You will have an order waiting either side at that point so you sit and wait.

Hope this helps

ryan
  • #534
  • Jan 24, 2007 4:13am Jan 24, 2007 4:13am
Tkimble,
I put on a trade last week per your instructions (post1) and let it run. On friday I set it up for a 50 pip stop for this weeks market. If the trend would have reversed I would have lost the 50 but got in short again. As it were, as long as the trend continues, I'm 50 pips ahead of the game and since it did continue I moved the stop loss up to where it should have been with your system or 20 points above the close last week. I check it daily and don't even worry about it. Very interesting system. I am only on the gpd/jpy for 2 weeks and started with gpd/usd this week. It just makes more sense to let it run till it has run its course. FYI tf
  • #535
  • Jan 24, 2007 4:21am Jan 24, 2007 4:21am
wow, looks like ranging week, stopped out 3 times -90pips...
  • #536
  • Jan 24, 2007 5:05am Jan 24, 2007 5:05am
Quoting John-Paul
Hello everyone,

It's been fun reading through all the posts on the thread and trying to get in tune with the strategy. I, however, do have some confusion in my head as regards the execution of the strategy and will like to highlight them as follows:

1. there have been suggestions by certain people through their posts on the thread to increase the SL for the Cable to 50 pips. Has that been adopted and is it in use by all practitioners of this technique.

2. Do you set the 30pips Stop loss as a trailing stop to trail your trades after the buy/stop orders have been placed 50 pips from last week's close. I ask this bcos I don't really understand what people mean when they say they've been stopped out of a trade. Does it mean price went all the way up or down and reversed to hit the SL or did it hit a trailing stop that may have locked in some profit?

3. What happens when a stop-loss gets hit. What are the criteria for re-entry in the same direction before the stop got hit? At what point do you place an order for the reverse direction?

4. If the answer to my question 1 is that the 30 pip SL is still in use, does it do well for all the pairs or are there exceptions to the use of the 30pip SL. How often has everyone experienced stop-outs and then see the price continue in the usual direction?

I hope these questions'll do for a start. I'll take them little by little so that I can learn this at a much relaxed pace.....

I need all your contributions to my questions especially Tkimble's...

Patiently waiting for answers....

Over and out

John-Paul
with a good expert we could find the best parameters for each pairs...unfortunately i am not a programmer
  • #537
  • Jan 24, 2007 5:22am Jan 24, 2007 5:22am
Hi!

Today my sell's stop loss got triggered. What do i do know? This week has brought us two stop loss hits and i can't figure out where to put my next buy/sell? On the Weekly close? 50 pips over were price got stopped? Or is this week finished?


tkimble: I love those systems you're posting! I really feel i believe in this one! I feel so comitted at the moment!

Thanks!
  • #538
  • Jan 24, 2007 5:46am Jan 24, 2007 5:46am
Quoting coolshades
yezbick, it would be great if you post your results, if possible. as i understand you are trading many pairs on this system.
Rough week so far. I have been stopped on 8 pairs I have been trading. The results are as follows in pips:

EURUSD -30
USDJPY -120
GBPUSD -90
USDCHF -30
USDCAN -8
EURJPY -60
AUDUSD +25
GBPJPY -90

The markets just have not yet wanted to be trending. Fortunately, I have been using a demo account and this was not live. I believe that this is a good system, but I may need to adjust it a little more to my own style. The above trades were up about 250+ pips yesterday and a good trailing stop or take profit would have protected this upswing from this current losss.

Maybe a rule of thumb of only 1 or 2 stoploss hits per currency allowed per week would help. Will keep on moving forward with testing. This week seems to be the exception rather than the rule for this system. Staying with the original system would probably be best.
  • #539
  • Jan 24, 2007 6:09am Jan 24, 2007 6:09am
Quoting emeric33
with a good expert we could find the best parameters for each pairs...unfortunately i am not a programmer
I agree an expert would be extremely helpful at this time. Unfortunately, I don't have the time to put one together at this time either.
  • #540
  • Jan 24, 2007 6:46am Jan 24, 2007 6:46am
Thanks for the replies regarding temptation to take the profit at the top of GBP/USD yesterday.

One really has to paper trade for a while to get to know your self and what trading style that fits you the most. I did not get out yesterday and at this point, as a few others, I'm stopped out 3 times. But the week ain't over

Next week I will implement a strategy to take partial profits. Will do the thinking and planning this weekend... It will make me feel more confident about this weekly strategy and that's what is important.

If you're uncomfortable it will affect your results, as sure as an insecure boxer will get beaten in the ring. Hm, sounds silly but is true!
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