Part Time Wealth Building Trading System - Weekly Scalping
Yeah, it's been rough with the cable this week.
Persistence is the key! I've seen enough big weeks in the past charts to tell me that this system will work when given time. It's just a tough time to break into it if you're trying to weigh whether it will work for you or not.
Hell, if the first week following tk's posts was a 400-pip rainmaker then we'd all be doing it and really, where's the fun in that?
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...Dear Tkimble,
With reference to the post above, U haven't said anything yet. It is my intention to bring it to your notice.
Thanks ryanmel for the input...
Patiently waiting....
Over and Out..
John-Paul
