Part Time Wealth Building Trading System - Weekly Scalping

Quoting ForexDude2

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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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Quoting MillerHighLife

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Question, Dude:

Suppose you hit one or both of your TPs. Then the remaining weekly trade reverses completely and you not only stopout but the market heads on to the corresponding trade trigger in the opposite direction. Do you place 3 separate lots again when it hits the trigger, or just trade one lot and avoid risking the profits you've already taken?

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Quoting ForexDude2

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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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Quoting MillerHighLife

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Question, Dude:

Suppose you hit one or both of your TPs. Then the remaining weekly trade reverses completely and you not only stopout but the market heads on to the corresponding trade trigger in the opposite direction. Do you place 3 separate lots again when it hits the trigger, or just trade one lot and avoid risking the profits you've already taken?

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Quoting coolshades

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just be a little careful on this. this requires a lot of administration. i traded in this manner with 3 orders per pair for two pairs.. and it requires lot of attention, especially if you have a day job as well..

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Quoting ut2DaMax

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Any Programers out there that could put the tkimble Method into an EA or a variation of this Method.

I also really wonder what tkimble would think of this idea?

Then variations that work well might also be included. I know the tkimble Method is profitable and if put in an EA ... it would be a SNAP! Go away and let the profits come in.

Anyone reading this thread that knows the Answer? I know this has been asked before by myself and others, but I just havn't seen anything on yes the tkimble Method could or could not be fully automated.

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Quoting ForexDude2

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If it hits 50 then reverses you have a total of -10 pips loss: 50 minus 2X30. If it hits 100 and reverse you have 100+50-30=120. Let's say the other side gets triggered and reverses back up/down, you have -90 so 120-90=+30, still in profit. So to answer your question, yes 3 lots for each side.

I had a fast look at the 4h charts, I could only find 1 week (in 2005 I believe) where the range was very narrow and would give you 3 losses for a total of -270pips. The original TK would have given -90pips(on 1 lot). But thats a rare occasion. Have a look for your self but make sure you use 4h data or lower...

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Quoting MillerHighLife

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So if I understand you correctly, you do re-enter all three lots heading the other direction when it reaches that point.

For example: Let's suppose you've been in a long trade at 1.9325. It's now trading at 1.9450, so you've hit your 50 TP, you've hit your 100 TP, and now you're long in one lot up 125 pips. The market then reverses completely on a rough news item and falls 155 pips to 1.9295, stopping out your remaining long position. It falls further still, to 1.9275.

At this point, do you now place three new trades, one with a TP of 50, one of 100 and one with no TP? Am I correct?

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Quoting tkimble

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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

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Quoting coolshades

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i am a newbie, but i suspect the reason tk and the others havent answered is there isnt such a thing as a 100% mechanical system.. if it was so simple to make money............

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Quoting maria77

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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

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Quoting ryanmel

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maria77
i am trading the same as you however my stop was hit at 1.9612 the first time and has not hit my long or short orders again. it's floating around the middle.

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