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Part Time Wealth Building Trading System - Weekly Scalping

  • #541
  • Jan 24, 2007 7:04am Jan 24, 2007 7:04am
Have anybody EA on this great strategy to share?
  • #542
  • Jan 24, 2007 7:32am Jan 24, 2007 7:32am
Yes, this is definitely a week where your discipline will be tested. However, ranging weeks are always followed by weeks of expansion! Hang on for the ride!
Life is too short to have anything but delusional notions about yourself.
  • #543
  • Jan 24, 2007 8:00am Jan 24, 2007 8:00am
Hello hoss i dont mind the disipline part but i have been busy /sleeping and i need to figure a way to make my re-entries. stopped out twice this week. and im out now Ratz.
Quoting hoss
Yes, this is definitely a week where your discipline will be tested. However, ranging weeks are always followed by weeks of expansion! Hang on for the ride!
  • #544
  • Jan 24, 2007 8:10am Jan 24, 2007 8:10am
I have alerts coming to my cell phone to wake me up. And I will purposely get up when news announcements are released when we are close to our original entry positions. That way I can monitor the heavy price action and get my orders back in if I am stopped out. It sucks getting out of bed at those hours but it is worth it if you can do it.
Life is too short to have anything but delusional notions about yourself.
  • #545
  • Jan 24, 2007 8:43am Jan 24, 2007 8:43am
Hello hoss,

is there a way to tell us how do you do this with the Alerts ?
Sorry for bad english.

Cheers
Mobsie
  • #546
  • Jan 24, 2007 9:02am Jan 24, 2007 9:02am
First off thanks Tkimble for a great system

I just wanted further clarification:

The following is just for example:

last week GBPUSD close ( 1.9736 )

Buy order at 1.9786
with a stop loss of 1.9756

Sell order at 1.9686
with a stop loss of 1.9716

Ok so if our buy order is hit, then Tkimbles rules state that the sell order must be moved up to the previous weeks close ( 1.9736 in this case )

Now lets say buy order gets stopped out at 1.9756 as I understand it one must place another buy order at the same original price ( 1.9786 ). Now lets say our sell order was hit ( This would be 1.9736 since we had moved it up because our previous buy order was hit ). Since our sell order was at 1.9736 according to Tkimble's rules the buy order would move down to the previous weeks close which would be 1.9736. Incidently, we would put a 30 pip stop on the sell order which would be in this case 1.9766. Now if the stop loss of 1.9766 was hit then would we sell again at 1.9736 ( which was the original sell price, despite the fact that you already have a buy order at 1.9736 )

Kind of confused, any clarification would be greatly appreciated

Thanx
SIMPLE
  • #547
  • Jan 24, 2007 9:04am Jan 24, 2007 9:04am
It was discussed earlier in the thread. There are a few sites that you can do it at.
Life is too short to have anything but delusional notions about yourself.
  • #548
  • Jan 24, 2007 9:12am Jan 24, 2007 9:12am
Quoting SIMPLE2345
First off thanks Tkimble for a great system

I just wanted further clarification:

The following is just for example:

last week GBPUSD close ( 1.9736 )

Buy order at 1.9786
with a stop loss of 1.9756

Sell order at 1.9686
with a stop loss of 1.9716

Ok so if our buy order is hit, then Tkimbles rules state that the sell order must be moved up to the previous weeks close ( 1.9736 in this case )

Now lets say buy order gets stopped out at 1.9756 as I understand it one must place another buy order at the same original price ( 1.9786 ). Now lets say our sell order was hit ( This would be 1.9736 since we had moved it up because our previous buy order was hit ). Since our sell order was at 1.9736 according to Tkimble's rules the buy order would move down to the previous weeks close which would be 1.9736. Incidently, we would put a 30 pip stop on the sell order which would be in this case 1.9766. Now if the stop loss of 1.9766 was hit then would we sell again at 1.9736 ( which was the original sell price, despite the fact that you already have a buy order at 1.9736 )

Kind of confused, any clarification would be greatly appreciated

Thanx
SIMPLE
hello simple - first order hit price stays same to end of week. Only opposite order is moved up or down. Youre entry's be 1.9786 and 1.9736 now to fri.

DW
  • #549
  • Jan 24, 2007 9:22am Jan 24, 2007 9:22am
interesting....If you t/p on the cable buystop and moved your sellstop to last weeks close, you would have 150+ pips....this is awesome!!
CRAIGSLIST BARTERING CHAMPION
  • #550
  • Jan 24, 2007 9:29am Jan 24, 2007 9:29am
hondakorn,

Can you post a chart to show what you are talking about?
  • #551
  • Jan 24, 2007 9:42am Jan 24, 2007 9:42am
I can't since im at work but I can explain it: last weeks close according to my mt4 demo was 19744 and I set my buystop at 19799 (+ spread) and sellstop 19689(+ spread) accordingly..since the buy stop was executed, I moved the the sellstop to last weeks close (19744) and set my tp on the buystop to 19899(which was hit yesterday).....This morning the sellstop was activated at 19744 and as of now its +65.....hope this helps
CRAIGSLIST BARTERING CHAMPION
  • #552
  • Jan 24, 2007 9:48am Jan 24, 2007 9:48am
Got it. But I thought there is no TP with this system. You wait and close any open trades on Friday.
  • #553
  • Jan 24, 2007 9:50am Jan 24, 2007 9:50am
To clarify, you don't set a deliberate TP point, you let the trade run until Friday.
  • #554
  • Jan 24, 2007 10:02am Jan 24, 2007 10:02am
I cant see being up +100 pips and letting them go without saving some of them......maybe i should have used a trailing stop instead...
CRAIGSLIST BARTERING CHAMPION
  • #555
  • Jan 24, 2007 10:10am Jan 24, 2007 10:10am
Don't disagree, I took +100 pips yesterday using a modified weekly system. I think Tkimble's Daily Scalp system may fit me better.
  • #556
  • Jan 24, 2007 10:24am Jan 24, 2007 10:24am
+80 pips on the sellstop and counting.....2 trades and damn near +200 pips....i likes!!
CRAIGSLIST BARTERING CHAMPION
  • #557
  • Jan 24, 2007 11:20am Jan 24, 2007 11:20am
I've been stopped out twice so far, but because I moved my SL up to or close to my entry points while I was ahead, the losses have been minimized.

Currently up 69 pips on a sell trade, and only down 15 pips in two stopouts.
  • #558
  • Jan 24, 2007 11:29am Jan 24, 2007 11:29am
Well, my sell stop got triggered and subsequently my stop loss hit, then it took off again all while I was enjoying that pesky sleep habit. reentered at market, not sure what to do for SL.

This system is Begging for an EA. I'm about 2/3 through Coders Guru's tutorial. I think this will be my first attempt at an EA (over the weekend).

I would like to see more discussion about possibly adding some kind of TP system. I fully understand the let the profits run idea and that a TP point will screw up those long running trends. Given my and Honakorn's experience the other day I just can't see giving back all those pips when you see a reversal is imminent. Perhaps there's a simple happy medium. Maybe a 30 pip TS with a new Buy/sell stop where it left off to catch a continuation. I would gladly give up 30 pips of a continuation to preserve 70-100 pips then reenter. Should also move stop order back down if continuation fails and it reverses back down into original starting point or beyond. Might help on those Doji weeks.

Any thoughts?????

J.P.
Watching the charts like Spock.
  • #559
  • Jan 24, 2007 1:40pm Jan 24, 2007 1:40pm
After my last post showing all in the red. I would like to give a midday update. Most of the pairs have gone into a full reversal and although I'm still down on most pairs a lot of the lost pips have been recovered.

Here is where they stand for the week so far.

EURUSD -15 Stopped out 1 time
USDJPY -74 Stopped out 4 times
GBPUSD -37 Stopped out 3 times
USDCHF -45 Stopped out 2 times
USDCAD +2 Stopped out 1 time
EURJPY -11 Stopped out 2 times
AUDUSD +41 Stopped out 1 time
GBPJPY -7 Stopped out 4 times

Currently down 146 pips for the week, but up since this morning. Total overall I'm up 205 pips since the beginning of last weeks and this week is only 1/2 over.

Hopefully the current trend will continue and not go into another reversal till next week.

Next week I will probably only be working with GBPUSD, EURJPY, GBPJPY as these seem to be the most trending and volatile. Monitoring and working 10 pairs is a little bit to much to maintain without an EA.

Overall I'll give this system

Thanks again tkimble for introducing it here.

yezbick
  • #560
  • Jan 24, 2007 3:09pm Jan 24, 2007 3:09pm
^ Do your figures include the pip losses? In other words, are those net gains/losses so far?
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