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Part Time Wealth Building Trading System - Weekly Scalping

  • #741
  • Jan 31, 2007 11:13am Jan 31, 2007 11:13am
Quoting hoss
No, I haven't had a chance to back test. I am not really good at it, and I have a hard time finding the time. If there are any computer savvy people out there that could do it with code it would be fantastic!

hoss, I quickly checked which days .... overall started the longest trends, and here is what I got:


Monday = was first

Tuesday = 2nd

Wed. = 4th

Thur. = 3rd

Fri.= 3rd


This does not verify the best profitability when entering on those days. This was done as a quick overview for GBP/USD, & for yr. 2006 only. It would take more time ..... and would depend on how you enter,

if you enter the market immediatly

40 pips apart,

or 100pips apart

That would take a lot of time to do it manually!
My opinion is Monday would be the better entrance overall, but tue. comes in at a close second. I think tkimble had it correct. IMO

/////////////////////////////////////////////////////////
I personally think ForexDude2 has a great idea

to put in 3 orders

1/3 take tp at 50

1/3 take tp at 100

1/3 you let then run till Friday.

You could even trade the same pair. Monday/or/Tuesday

//////////////////////////////////////////////////////////

Hey now .... what just happened to the Simplicity ... of the tkimble Method? Yes Keeping it simple .... is very important for the tkimble Method ..... IMO ....
  • #742
  • Jan 31, 2007 11:35am Jan 31, 2007 11:35am
Great system and thanks for all the constructive feedback from everyone here and especially to tkimble for the system.

Can I just clarify the second/third entries -If we are stopped out , as we were at around 1.9621 for the last short entry -we had moved past the original Friday close of 1.9591 which, if we are taking that as the next long entry point, means we would have two open postions at once, as the short entry was still in play until being stopped out at 1.9621 approx. Do we trade the Friday close or the original buy/sell positions in this case? -hope that makes sense

comments appreciated...
  • #743
  • Jan 31, 2007 12:03pm Jan 31, 2007 12:03pm
Hello Peter - For me this week long entery was 1st and stopped with 30 pips lost. 2nd entery was short at Friday close as you think. For me when I had 100pips I move stopp to 50pip profit this week and was stopped there. Now it come back (and would have stopped me with 30pips lost if I was still in there). I close early but I trade like I did not - so now I wait for new entery at Friday close or at 1st long price. So now the two entery prices now are Friday close short or 1.9644 long. I hope i did not confuse.

DW


Quoting petersurrey
Great system and thanks for all the constructive feedback from everyone here and especially to tkimble for the system.

Can I just clarify the second/third entries -If we are stopped out , as we were at around 1.9621 for the last short entry -we had moved past the original Friday close of 1.9591 which, if we are taking that as the next long entry point, means we would have two open postions at once, as the short entry was still in play until being stopped out at 1.9621 approx. Do we trade the Friday close or the original buy/sell positions in this case? -hope that makes sense

comments appreciated...
  • #744
  • Jan 31, 2007 12:20pm Jan 31, 2007 12:20pm
Thanks DW - yes I agree with your entries otherwise we would be trading 2 open postions at once..

Peter.
  • #745
  • Jan 31, 2007 12:38pm Jan 31, 2007 12:38pm
This is my first post in this thread.
I'm follwing TK almost from the begging.
Really appreciate what you, Tkimble, are doing.
This week i start to trade the weekly scalp.
I got stopped out twice like Peter," posts above",
"Can I just clarify the second/third entries -If we are stopped out , as we were at around 1.9621 for the last short entry -we had moved past the original Friday close of 1.9591 which, if we are taking that as the next long entry point, means we would have two open postions at once, as the short entry was still in play until being stopped out at 1.9621 approx. Do we trade the Friday close or the original buy/sell positions in this case?"

but i'm confused now!
Do i have to enter at 1.9641( friday close + 50) or at 1.9591( friday close)?
Please if somebody can answer me!
Thanks,
dom
  • #746
  • Jan 31, 2007 12:52pm Jan 31, 2007 12:52pm
ForexDude2, you say your Method looks good on Paper ....

No kidding!

I am checking this with GBP/USD only ....

and I am back testing it .... going in immediatly and 40 pips apart and both look very good on paper so far .......

Not far yet with this .... but I like it!

Are you entering with the 40 pip spread or entering with Sun bar immediately?


Only thing is what ever happened to the Simplicity of the tkimble Method ... LOL!
  • #747
  • Jan 31, 2007 1:03pm Jan 31, 2007 1:03pm
Quoting dom
This is my first post in this thread.
I'm follwing TK almost from the begging.
Really appreciate what you, Tkimble, are doing.
This week i start to trade the weekly scalp.
I got stopped out twice like Peter," posts above",
"Can I just clarify the second/third entries -If we are stopped out , as we were at around 1.9621 for the last short entry -we had moved past the original Friday close of 1.9591 which, if we are taking that as the next long entry point, means we would have two open postions at once, as the short entry was still in play until being stopped out at 1.9621 approx. Do we trade the Friday close or the original buy/sell positions in this case?"

but i'm confused now!
Do i have to enter at 1.9641( friday close + 50) or at 1.9591( friday close)?
Please if somebody can answer me!
Thanks,
dom
Dom - the original long entry was about 9641 which was stopped out at around 9611.

The Friday close became the next short entry at around 9591 which as also stoped out at around 9621.

The Friday close of around 9591 (for the next short entry) and original long entry point of 9641 should be the next trades..
  • #748
  • Jan 31, 2007 1:16pm Jan 31, 2007 1:16pm
Thanks Peter,
I got it!
So, now we still doing nothing,( price is 1.9610/ .9620) waiting for the original entry.
Thank you again,
dom
  • #749
  • Jan 31, 2007 1:41pm Jan 31, 2007 1:41pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting ut2DaMax
ForexDude2, you say your Method looks good on Paper ....

No kidding!

I am checking this with GBP/USD only ....

and I am back testing it .... going in immediatly and 40 pips apart and both look very good on paper so far .......

Not far yet with this .... but I like it!

Are you entering with the 40 pip spread or entering with Sun bar immediately?


Only thing is what ever happened to the Simplicity of the tkimble Method ... LOL!
I plan to use the first post's rules to enter as I'm not using the daily scalp...
  • #750
  • Jan 31, 2007 2:53pm Jan 31, 2007 2:53pm
Thanks for the info, Ut2! That helps!
Life is too short to have anything but delusional notions about yourself.
  • #751
  • Jan 31, 2007 3:15pm Jan 31, 2007 3:15pm
Hi everyone,

I am new in this thread, I spent the whole day reading most of what was written here, I am a bit tired and need anybody's help to see if I got this straight. according to my calculations on cable this week, we were stopped out twice for a total loss of -60 pips as follows:

Considering last week's close at 1.9587
GBP/USD long 1.9637 hit SL: 1.9607
short 1.9587 hit SL: 1.9617

by this time we are long again at 1.9637 SL at 1.9607

I understand I could have place TS, but I like to try the original way first.

In case we got stopped out again at 1.9607, should I keep getting into the market or that would be enough for this week?

Thanks to whoever take the time to answer me...
  • #752
  • Jan 31, 2007 3:44pm Jan 31, 2007 3:44pm
Quoting toti1972
Hi everyone,

I am new in this thread, I spent the whole day reading most of what was written here, I am a bit tired and need anybody's help to see if I got this straight. according to my calculations on cable this week, we were stopped out twice for a total loss of -60 pips as follows:

Considering last week's close at 1.9587
GBP/USD long 1.9637 hit SL: 1.9607
short 1.9587 hit SL: 1.9617

by this time we are long again at 1.9637 SL at 1.9607

I understand I could have place TS, but I like to try the original way first.

In case we got stopped out again at 1.9607, should I keep getting into the market or that would be enough for this week?

Thanks to whoever take the time to answer me...
I have been stopped out about 3 times, GBP/USD ... its a yo yo this week.

Most I think are going with these settings, although the origional has a 100 pip spread to start ....... Its a pick and choose whatever works for you IMO
toti1972 .... go to post #353/617 for the tkimble answer ... to your questions.

Read posts:
#617
#353

Also just read all the posts by tkimble.

Hope this helps!
  • #753
  • Jan 31, 2007 3:44pm Jan 31, 2007 3:44pm
I am also not very much old to this thread but somewhat older than you, i have read all the comments,answers and questions on this thread,but it is not very much clear,if stopped again and again how long should we continue being in the trade.

I trade with forex.com(Gain), i think the last week close of cable was 1.9594-1.9599,acoording to the system

Order Placed at Buy at 1.9649 SL-1.9619
Sell 1.9549 SL-1.9579

Sell order executed first at 1.9549 and stopped at 1.9579 -30 PIPs

On the sell order being executed the buy order was modified to 1.9599(weekly close)

Now buy order executed at 1.9599 and stopped at 1.9569 -30

On being the buy order executed,again the the sell order was placed at 1.9549 and that also stopped at 1.9579 -30

Again the buy order was placed at 1.9599 on the execution of the sell order second time, now it is at 1.9641 +42

At present -30-30-30+42= -48
  • #754
  • Jan 31, 2007 3:54pm Jan 31, 2007 3:54pm
Quoting toti1972
Hi everyone,

I am new in this thread, I spent the whole day reading most of what was written here, I am a bit tired and need anybody's help to see if I got this straight. according to my calculations on cable this week, we were stopped out twice for a total loss of -60 pips as follows:

Considering last week's close at 1.9587
GBP/USD long 1.9637 hit SL: 1.9607
short 1.9587 hit SL: 1.9617

by this time we are long again at 1.9637 SL at 1.9607

I understand I could have place TS, but I like to try the original way first.

In case we got stopped out again at 1.9607, should I keep getting into the market or that would be enough for this week?

Thanks to whoever take the time to answer me...

should i keep getting in to the market or that would be enough for this week.

You will not find the clear answer of this question any where in all the threads posted by tkimble
  • #755
  • Jan 31, 2007 3:59pm Jan 31, 2007 3:59pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting sanjaysingh21k
should i keep getting in to the market or that would be enough for this week.

You will not find the clear answer of this question any where in all the threads posted by tkimble
Look harder, TK keeps re-entering until the end of the week.
  • #756
  • Jan 31, 2007 4:57pm Jan 31, 2007 4:57pm
Yep!

Currently short on GJ with +100 pips... stopped out twice earlier this week (once was a break even as I go to b/e @ +50 pips).



Quoting ForexDude2
Look harder, TK keeps re-entering until the end of the week.
  • #757
  • Feb 1, 2007 12:41am Feb 1, 2007 12:41am
the huge swings havent happened this week have they damien.. the price is just within a +/- 100 pip range from entry..


Quoting Daemien
Yep!

Currently short on GJ with +100 pips... stopped out twice earlier this week (once was a break even as I go to b/e @ +50 pips).

  • #758
  • Feb 1, 2007 2:34am Feb 1, 2007 2:34am
Hi coolshades,

Ya I wouldn't say huge swings exactly - just been ranging around the same area all week. Had a few spikes but always seems to come back and hit my stops (I didn't enter immediately after all exits this week due to sideways trend). I'm just hoping that a good trend develops soon... still on my first month of live trading

Take care and good luck!

D.

Quoting coolshades
the huge swings havent happened this week have they damien.. the price is just within a +/- 100 pip range from entry..
  • #759
  • Feb 1, 2007 5:01am Feb 1, 2007 5:01am
Hi guys, I re-enter trades religiously when stooped out on this system.

Have been stopped x3 on buy trades & x2 on sell trades this week so far.
  • #760
  • Feb 1, 2007 5:53am Feb 1, 2007 5:53am
Quoting Coma
Hi guys, I re-enter trades religiously when stooped out on this system.

Have been stopped x3 on buy trades & x2 on sell trades this week so far.
Coma just to re-cap:

The original long entry was about 9641 which was stopped out at around 9611.

The Friday close became the next short entry at around 9591 which as also stoped out at around 9621.

The Friday close of around 9591 (for the next short entry) and original long entry point of 9641 should be the next trades..

...we are now about 40 pips up for the 9641 long entry with the stop at 9611 and next entry short at last weeks close of 9591 approx.

total stops as per original rules to date 2x30 pips= 60 pips so far

hope that makes sense,

Peter.
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