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Part Time Wealth Building Trading System - Weekly Scalping

  • #681
  • Jan 29, 2007 2:20pm Jan 29, 2007 2:20pm
Is no one of the capable coders in this forum willing to write an EA for this strategy? It seems really worth it to me, unfortunately i´m not able to code in mql.
  • #682
  • Jan 29, 2007 4:07pm Jan 29, 2007 4:07pm
tKimble,will your trading system work for this pair you think? thanxs.
  • #683
  • Jan 29, 2007 5:59pm Jan 29, 2007 5:59pm
Quoting Lamdun
tkimble- are you still using the original weekly entry you posted before or are you using the daily entry (without the 100 pip straddle spread in the beginning) for the weekly too?

thanks
There was a post earlier in this thread that offered the idea of skipping the 100 point straddle when using the weekly scalping system. This is something that I do with the daily scalping system and was thinking about altering for some time.

This week I have altered the weekly scalping trading model to enter the market immediately instead of waiting for the 100 PIP spread. Eliminating the straddle puts you into the market a bit earlier which is consistent with the daily scalping system and provides a greater degrees of correlation between the daily and weekly scalping models.

The initial Long or Short position is dictated by the close of the shortened Sunday market. If the Sunday market is up, go Long. If the market is down, go Short.

This is an example of one of the many ideas that have been suggested in this thread. Most are not consistent with my trading style but are worthy for consideration...

Happy Trading,

Tkimble
  • #684
  • Jan 29, 2007 6:04pm Jan 29, 2007 6:04pm
Quoting monikroc
tKimble,will your trading system work for this pair you think? thanxs.
This is the pair that I am currently trading...
  • #685
  • Jan 29, 2007 6:19pm Jan 29, 2007 6:19pm
Still no yet triggered on GBP/USD in case anyone still wondering when to enter, here's the setup again:

Buy Order: 1.9642 SL 1.9612
Sell Order: 1.9542 SL 1.9572
  • #686
  • Jan 29, 2007 8:36pm Jan 29, 2007 8:36pm
Quoting maria77
Still no yet triggered on GBP/USD in case anyone still wondering when to enter, here's the setup again:

Buy Order: 1.9642 SL 1.9612
Sell Order: 1.9542 SL 1.9572
Profits with this system typically occur during the Tuesday afternoon to Friday time frame unless you adopt the immediate entry such as used with the daily scalping system. This system will teach you patience...


Happy Trading,

Tkimble
  • #687
  • Jan 29, 2007 9:59pm Jan 29, 2007 9:59pm
Quoting tkimble
There was a post earlier in this thread that offered the idea of skipping the 100 point straddle when using the weekly scalping system. This is something that I do with the daily scalping system and was thinking about altering for some time.

This week I have altered the weekly scalping trading model to enter the market immediately instead of waiting for the 100 PIP spread. Eliminating the straddle puts you into the market a bit earlier which is consistent with the daily scalping system and provides a greater degrees of correlation between the daily and weekly scalping models.

The initial Long or Short position is dictated by the close of the shortened Sunday market. If the Sunday market is up, go Long. If the market is down, go Short.

This is an example of one of the many ideas that have been suggested in this thread. Most are not consistent with my trading style but are worthy for consideration...

Happy Trading,

Tkimble
Amazing how we can help each other.

This is where i am and did:

GBP/Yen: My 4 hr/Daily chart told me that we were trending Long..

Entered my Daily and WEEKLY together at 238.22.

This afternoon, i closed my daily trade at 239.69 and re entered long for our next daily trade. Made pips on the first day, now move on. Trend is still up so we are long again. With my 40 pip stop.

The weekly Trade continues long.

On my daily trades i am risking 2% of my capital. Same on the Weekly. So now i have 4% total at risk. However, the weekly risk is significantly less than the daily at this time.

Looking at what could happen is a daily reversal which my daily trade will catch, however i would still be in my weekly trade. So the possibility that i will be 100% hedged during a significant daily downswing. I really like that about this "combined" Tkimble WD system. Trending weeks you are essentially double your position.....

GBP is similiar, however yesterday i entered short and reversed losing 6 pips on my daily for the day. Now Long on both daily and weekly.

On Mondays Weekly and daily are almost identical. It is on Tuesday that things change, mostly from taking profits, reeentering and having different stops now.

If i confused you, am very sorry. Bottom line, i think you can trade either daily or weekly and make money, but both together allows you better consistency, i believe.

Good trading..


Jim No.
  • #688
  • Jan 30, 2007 12:51am Jan 30, 2007 12:51am
james, tk, what do you use as s/l for the immediate entry on the weekly system?

and in summary this is what you do :

tkimble:

if sunday long, enter long trade on market open
if sunday short, enter short trade on market open

s/l? still 30 pips? and what happens when your trade gets stopped? do you enter reverse trade?

James:

if 4 hr long: enter long at market open, if 4 hr short, enter short at market open.

have same queries of stop loss and what happens if trades get stopped.

thanks

Quoting james275
Amazing how we can help each other.

This is where i am and did:

GBP/Yen: My 4 hr/Daily chart told me that we were trending Long..

Entered my Daily and WEEKLY together at 238.22.

This afternoon, i closed my daily trade at 239.69 and re entered long for our next daily trade. Made pips on the first day, now move on. Trend is still up so we are long again. With my 40 pip stop.

The weekly Trade continues long.

On my daily trades i am risking 2% of my capital. Same on the Weekly. So now i have 4% total at risk. However, the weekly risk is significantly less than the daily at this time.

Looking at what could happen is a daily reversal which my daily trade will catch, however i would still be in my weekly trade. So the possibility that i will be 100% hedged during a significant daily downswing. I really like that about this "combined" Tkimble WD system. Trending weeks you are essentially double your position.....

GBP is similiar, however yesterday i entered short and reversed losing 6 pips on my daily for the day. Now Long on both daily and weekly.

On Mondays Weekly and daily are almost identical. It is on Tuesday that things change, mostly from taking profits, reeentering and having different stops now.

If i confused you, am very sorry. Bottom line, i think you can trade either daily or weekly and make money, but both together allows you better consistency, i believe.

Good trading..


Jim No.
  • #689
  • Jan 30, 2007 1:37am Jan 30, 2007 1:37am
Quoting tkimble
Profits with this system typically occur during the Tuesday afternoon to Friday time frame unless you adopt the immediate entry such as used with the daily scalping system. This system will teach you patience...


Happy Trading,

Tkimble
Thanks Tkimble. It's the simplicity of this system that really attracts me. And I don't have to look at the chart whole day. Alright now we're in the long position.

Buy Order Triggered: 1.9642 SL 1.9612
Sell Order Adjusted: 1.9592 SL 1.9622
  • #690
  • Jan 30, 2007 7:21am Jan 30, 2007 7:21am
My gbp/jpy stopout with 50 pip s/l was due to user error....I would still be in the trade...
CRAIGSLIST BARTERING CHAMPION
  • #691
  • Jan 30, 2007 9:18am Jan 30, 2007 9:18am
just got stopped out. First time this week. Waiting on second entry
  • #692
  • Jan 30, 2007 9:39am Jan 30, 2007 9:39am
are we getting stopped out again ... to go short? sorta unsettled ..... IMO
  • #693
  • Jan 30, 2007 9:56am Jan 30, 2007 9:56am
Sorry, should have clarified, Stopped out first time on the Cable. Currently the price is sitting in my channel
  • #694
  • Jan 30, 2007 11:01am Jan 30, 2007 11:01am
would the cable gods please make up their mind rofl!!
CRAIGSLIST BARTERING CHAMPION
  • #695
  • Jan 30, 2007 11:04am Jan 30, 2007 11:04am
Was stop out last hour. looking for my new enties

long:1.9638
Short:1.9588
  • #696
  • Jan 30, 2007 11:57am Jan 30, 2007 11:57am
  •  Trader#0000
  • | Status: Unregistered Trader
I'll be using a variation with 3 orders for each side the 2 having a TP. Will let you guys know of the results so we can compare.
  • #697
  • Jan 30, 2007 11:59am Jan 30, 2007 11:59am
Quoting ejenkins
Was stop out last hour. looking for my new enties

long:1.9638
Short:1.9588
Hi ejenkins-

What are these entries based off of? Are these per the original rules or per your own rules?

Thanks!
  • #698
  • Jan 30, 2007 12:15pm Jan 30, 2007 12:15pm
Quoting ForexDude2
I'll be using a variation with 3 orders for each side the 2 having a TP. Will let you guys know of the results so we can compare.

would be interesting how you do with splitting up the orders. IMO
  • #699
  • Jan 30, 2007 12:27pm Jan 30, 2007 12:27pm
Quoting G550
Hi ejenkins-

What are these entries based off of? Are these per the original rules or per your own rules?

Thanks!

This is off the original rules. My sunday close was 1.9588 so I move my short order to the closing price, but keep my long buy order still at 1.9638.
  • #700
  • Jan 30, 2007 12:43pm Jan 30, 2007 12:43pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting ut2DaMax
would be interesting how you do with splitting up the orders. IMO
1 has a TP of 50 the other has a TP of 100 and the third one doesnt have a TP. My total risk would be around 3% for a trade so if you have 30,000 you could do this with full lots. At the time beeing and until I gain confidence in this I'll be using mini lots.

My goal is to minimize drawdown as much as possible. Even doji weeks could give some profit or small loss. It remains to be tested but looks good on paper...
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