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Part Time Wealth Building Trading System - Weekly Scalping

  • #641
  • Edited 4:20pm Jan 27, 2007 3:48pm | Edited 4:20pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting Big Sky Trading
I've been following this post for a while. I've been trading a similar system with good results. What I have found beneficial is to trade one pair (GBPUSD) as the rules suggest, and trade another pair (GBPJPY) taking profits as follows: 1/3 at 50 pips (move stop to break even) 1/3 at 100 pips and let the remaining 1/3 either stop out or close it on Friday. I have found that it keeps my equity curve smoother. Just my 2 cents.

TK: Great system, and thanks for your continued input and great attitude.
Wow, this gets better and better. If you look a few pages back I posted the method you use for GBP/JPY to use with Cable in mind. Diversifying looks even better.

And a not so positive article about daily ranges: http://www.dailyfx.com/story/special...032912303.html

Wish it was 2004 all over again :/
  • #642
  • Jan 27, 2007 4:34pm Jan 27, 2007 4:34pm
Quoting Big Sky Trading
I've been following this post for a while. I've been trading a similar system with good results. What I have found beneficial is to trade one pair (GBPUSD) as the rules suggest, and trade another pair (GBPJPY) taking profits as follows: 1/3 at 50 pips (move stop to break even) 1/3 at 100 pips and let the remaining 1/3 either stop out or close it on Friday. I have found that it keeps my equity curve smoother. Just my 2 cents.

TK: Great system, and thanks for your continued input and great attitude.
I've been closely watching this thread for a while and I agree with your diversification strategy, the only thing I would change is I would go with 1/2 at 100 pips and move the stop loss to break even and then leave the other 1/2 run its course (either stop out or close on Friday). From my experience its much more likely that when price reaches 100 pips it will not come back 100 than when it reaches 50 to come back 50. Especially with the (GBP/JPY).

In any case it will be interesting to compare notes on the difference on the two styles with the GBP/JPY. Thanks for your post, and thank you TK for your energy, time, and willingless to share!
  • #643
  • Jan 27, 2007 4:39pm Jan 27, 2007 4:39pm
This shouldn't effect us so much. One thing I picked out from the article is, "As markets boast a greater number of buyers and sellers, price action has become significantly less choppy." I'm not sure if this means just less volatility in price movement or if we can expect to have more trending markets than ranging markets.

Either way it doesn't matter. If ranges decrease in time then all we need to do is increase our period. Instead of a weekly scalping method make it 2 weeks or a week and a half. Unless reduced choppy markets leads to more ranging markets we should be ok. Matt
  • #644
  • Jan 27, 2007 5:40pm Jan 27, 2007 5:40pm
I was just wondering if there have been any official modifications to the entry method for the weekly scalping system based on the daily scalping technique? It seems like that was indicated on the daily scalping forum, but i wanted to make sure.

Thanks Tkimble for your help...you have given hope to a lot of us.
  • #645
  • Jan 27, 2007 8:00pm Jan 27, 2007 8:00pm
TK,

Thank you very much. You are very kind and generous... and smart of course.

I will start to practice this strategy next week, I can not wait...

By the way, I am still a little confused at the open and close time. Should it be

UK's market time zone (3:00 EST Monday open and 11/12:00 EST Friday close)? or

US's market time zone (8:00 EST Monday open and 16/17:00 EST Friday close), or

The whole FOREX market time zone (17:00 EST Sunday open and 16/17:00 EST Friday close)?
  • #646
  • Jan 28, 2007 8:34am Jan 28, 2007 8:34am
Quoting permanentjaun
SAR = Stop and reverse. Essentially if you have a long trade that gets stopped out then enter a short trade immediately when you get stopped out. Stop and reverse.
Understood. Thanks, Perm!
  • #647
  • Jan 28, 2007 9:37am Jan 28, 2007 9:37am
Quoting DanceWithLions
TK,

Thank you very much. You are very kind and generous... and smart of course.

I will start to practice this strategy next week, I can not wait...

By the way, I am still a little confused at the open and close time. Should it be

UK's market time zone (3:00 EST Monday open and 11/12:00 EST Friday close)? or

US's market time zone (8:00 EST Monday open and 16/17:00 EST Friday close), or

The whole FOREX market time zone (17:00 EST Sunday open and 16/17:00 EST Friday close)?
I believe he starts Monday 8:00 EST market open. However, I've read through this whole thread and I didn't see where TK has talked about why you wouldn't be able to start on Sunday open which would be like 6PM EST, and what would happen if on monday, the market has moved away from the close of the last weekly candle?

Hate to beat a dead horse with stupid questions but here ya go TK.
  • #648
  • Jan 28, 2007 10:12am Jan 28, 2007 10:12am
I believe tkimble puts his orders in on sunday...and whenever his positions are triggered, that is when he is in the market.

I have been thinking about a way to reduce risk and draw down.

Lets say you can afford 6 mini lots according to your money management rules, why not start the first position with 1 mini lot on both sides. If these are stopped out, you go to 2 mini lots on each side...all the way to 6. If you actually reached 6, you would have had 10 stop outs. I believe that from the back testing results 10 stop outs is possible.

Can you imagine what 10 stop outs with 6 mini lots would do to your account? Sure this way you wouldnt make as much money, but you wouldn't lose as much on bad weeks. With this option, you may even look forward to being stopped out, so you can increase your positon size.

When you finally catch the trend, it will be with the increased lots...am i on to something or is this a bad idea?
  • #649
  • Jan 28, 2007 1:14pm Jan 28, 2007 1:14pm
Hello - entry 50 pips from Friday close mean to me I put orders as soon as market and broker is opens after 17.00 EST Sunday. I did not read nowhere he open on Monday? Where is that plz? Question about market moved away is already asked in first few pages of thread by JillyB. Tkimble say "
Great question. Anytime the new trading week begins with a gap beyond the 50 pip trigger, I use the closing price of the first trading day of the week to set my entry. Once the entry is made, I resort to the weekly chart."

DW


Quoting Chartist
I believe he starts Monday 8:00 EST market open. However, I've read through this whole thread and I didn't see where TK has talked about why you wouldn't be able to start on Sunday open which would be like 6PM EST, and what would happen if on monday, the market has moved away from the close of the last weekly candle?

Hate to beat a dead horse with stupid questions but here ya go TK.
  • #650
  • Jan 28, 2007 1:55pm Jan 28, 2007 1:55pm
Anyone who can Place the right closing prices for us:
Gbp/$, Gbp/Jpy,Gbp/Euro.
And Entry prices for Buy and Sell, plus stoplosses, as last week was a bit of a disaster with opening prices that jumped! Thanks.
  • #651
  • Jan 28, 2007 6:07pm Jan 28, 2007 6:07pm
Friday close was 1.9592 on GBP/USD InterbankFX.

Buy Order: 1.9642 SL 1.9612
Sell Order: 1.9542 SL 1.9572

I will follow exactly the first thread of this weekly scalping. I will post result after 5 days.

I know that this system by looking at the past candles it looks profitable, however, not many of us know the inside story of whipsaws. Will try out this week.
  • #652
  • Jan 28, 2007 6:27pm Jan 28, 2007 6:27pm
maria77

when i went back over 2006 data, i zoomed down to hourly charts to look for whipsaws, and there were a few, yet the system still holds strong.
i too am following the original rules, and gftforex prices are the same as yours for close of last week, so long at 1.9642, short at 1.9572

it will be interesting to see how we go with whipsaws this week, with Wed, Thurs and Fri having some big news releases from the US.

sit tight, this could get exciting.
  • #653
  • Jan 28, 2007 7:31pm Jan 28, 2007 7:31pm
I agree on the setup prices including the spread...
CRAIGSLIST BARTERING CHAMPION
  • #654
  • Jan 28, 2007 8:16pm Jan 28, 2007 8:16pm
yeah a lot have been following the system but it seems that no one is able to post a consistent sharing of results.. so let's try it out and compare whether our setup and methods are really stick to what tkimble has shared.

So a recap for those with similar Friday's close (1.9592):
Buy Order: 1.9642 SL 1.9612
Sell Order: 1.9542 SL 1.9572
*Move buy/sell order price to friday's close (1.9592) if any of the orders hit, SL is 30 pips.
  • #655
  • Jan 28, 2007 9:26pm Jan 28, 2007 9:26pm
why kill it on friday? I think this would be a great idea, to let a trend run its course! I am still in GBP/USD. IMO



Quoting permanentjaun
I've thought about letting the order run into next week. Do we add onto last weeks position in the same direction? Most likely I don't think it's worth it. There aren't too many multi week runs that won't get stopped out at least once in the beginning of the week. Might be better just to lock in profits and start again next wee. Take a look at the GBP/USD weekly chart. It was a strong uptrend yet still very choppy. I'll have to think about letting trades ride into next week some more. Matt
  • #656
  • Jan 28, 2007 10:35pm Jan 28, 2007 10:35pm
Quoting driftwood
Hello - entry 50 pips from Friday close mean to me I put orders as soon as market and broker is opens after 17.00 EST Sunday. I did not read nowhere he open on Monday? Where is that plz? Question about market moved away is already asked in first few pages of thread by JillyB. Tkimble say "
Great question. Anytime the new trading week begins with a gap beyond the 50 pip trigger, I use the closing price of the first trading day of the week to set my entry. Once the entry is made, I resort to the weekly chart."

DW
Oh, okay... thanks driftwood.

I just wanted to add that I also will be testing this method including the spreads within the stop losses. You would have to do this, especially on high spread pairs like GBP/CHF, its 12 pips with my broker! I have to work my money management carefully with this pair, and not risk more than 3% of my account on any one trade, especially when I expect to get stopped out 2-5 or more times per week before I'm in profit.... its gonna be exciting though.
  • #657
  • Jan 28, 2007 10:54pm Jan 28, 2007 10:54pm
Quoting ut2DaMax
why kill it on friday? I think this would be a great idea, to let a trend run its course! I am still in GBP/USD. IMO
You could, but I think you would have to set a TP at that point. So say you have a goal of making 300 pips. You have to make a couple decisions.

1. Do you set any trailing SL of even 150 pips so that if your trade is up 250 pips and close to TP, but then fails do you exit with 100 pips?

2. If you use the 150 trailing SL and you do get 100 pips out of the failed trade do you keep the same trading zone? Do you only look for 200 pips from the zone now that you've made 100 on the failed trade so far?

3. What is your TP goal? The more pips we look for the harder it becomes to accomplish, obviously.

4. Say we want to get 300 pips out of the zone. Is that 300 pips total or profit? If you're stopped out twice for -60 do you look for 360 pips or just a move of 300 pips?


I think it could be interesting to say the least. You keep the same 30 pip zone in one spot until your TP is hit. I guess you could call it a stubborn trading style. Trade it till you're right. Then when you do get a TP hit move the 30 pip zone to the new area to trigger trades long or short. Sounds intriguing. Matt
  • #658
  • Jan 28, 2007 11:48pm Jan 28, 2007 11:48pm
Interested with this one....
I roughly do backtesting for GBP/YEN... It's work very well in this month and last month (Dec 2006), In nov 2006, the result not too good but in oct 2006 it's quite disaster.... Did anybody already test this one in Oct 2006 for GBP/YEN so i can compare it even i just did it roughly?
  • #659
  • Jan 29, 2007 3:55am Jan 29, 2007 3:55am
Quoting C.E.O.
Just for backtesting sake and to get a GENERAL idea of this method I used an old EA I had to simply straddle the price by 30 with a trail of 70, then a BE and lock 5 of 40. When you got stopped out It immediately straddled the price again by 30.

Here are the results, reports and EA. This EA IS NOT per the rules. Just something to play with SL,TP,Trail and straddle settings until something better comes along.

To sum it up, about 2000 pips for 2006(90%MQAlpari1HR TF), but lots of settings to play with.
Sounds like you beat me to it. I wanted to do the same thing, although my EA wouldn't be ready for some time since I am fairly new to mql. I will try yours though. Thanks for posting it.
  • #660
  • Jan 29, 2007 4:46am Jan 29, 2007 4:46am
Quoting Andy12
I still don't know how to use EA
I have Metatrader though. Could you be so kind to explain it to me how to use the file that you give.

Thanks
Andrey
I'll answer for C.E.O. just in case he misses your post. I'm going to test his EA too. I don't know what your computer background or metatrader knowledge is so I'll be detailed. Just take the file you downloaded - Straddle_Trail.mq4 - and copy it to the "experts" folder under your "metatrader" folder. I hope you know how to use explorer or some other file manager. Not everybody has a metatrader folder. My folder name is StrategyBuilder. That's what my broker calls the metatrader program. So I put my EAs in the experts folder under StrategyBuilder. Your folder might also be something other than Metatrader.

If your metatrader platform was already open, shut it down and re-open it. This will automatically create the executable. It's a separate file - same filename but with ex4 extension. Now you need to attach the EA to the chart you want to use it on. At the top left of your metatrader platform you should have a window called "Market Watch". You can move the windows around but most people have it at the top left I think. Under Market Watch is the Navigator window. If you don't see it, go up to the View menu and click Navigator. Scroll within the Navigator window. Accounts are listed first, then Indicators and then Expert Advisors. Click the + to the left to expand the category. Now you see all your expert advisors in alphabetical order.


Scroll the list and look for Straddle_Trail. Before selecting it, select the chart you want to put it on by clicking one of the charts. Now double-click the EA. A window opens with Straddle_Trail at the top. All EAs have this window. Leave the defaults the way they are except for “Allow Live Trading” at the bottom left which you need to click. Click on the Inputs tab at the top. Here you can set values for different variables. So what you're doing is customizing it. Every EA is different. It's up to the programmer to decide which variables he wants you to be able to play with. Click OK when you're done.


Look at the top right of the chart. You should have the name of the EA and probably an X to the right of it. That means it's loaded but disabled. To enable it, click “Expert Advisors” at the top of the Metatrader window. It's in the toolbar under the menu bar. It should be under Help and 2 buttons to the right. Now you should have a smiley face at the top right corner instead of an X. If you have a frowning face, that means you didn't click “Allow live trading:” To get there, point to the EA in the top right corner, right click, point to Expert Advisors, move to the left and click “Properties”. That's it! When you've got the smiley face, it means you're laughin! These instructions apply to every EA. Try some settings and let us know the results so we can figure out the best settings.
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