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Part Time Wealth Building Trading System - Weekly Scalping

  • #761
  • Feb 1, 2007 6:07am Feb 1, 2007 6:07am
again, this depends on what pair you are trading.
i have noticed the gbp/jpy has "yo-yo"d today.
but as petersurrey mentioned with the gbp/usd i am similar

long 1.9642, stopped 1.9612 (-30), short 1.9592, stopped 1.9622 (-30), long 1.9642, currently at 1.9678 (+36)
  • #762
  • Feb 1, 2007 7:15am Feb 1, 2007 7:15am
  •  Trader#0000
  • | Status: Unregistered Trader
I also have 3 stops for this week up until now
  • #763
  • Feb 1, 2007 7:38am Feb 1, 2007 7:38am
Quoting ForexDude2
I also have 3 stops for this week up until now
Do you have two longs that have been stopped out? I think the previous posts have indicated one long and one short. But I think the long order has been stopped out twice.
  • #764
  • Feb 1, 2007 9:11am Feb 1, 2007 9:11am
I hope everyone re entered their long stop buy at 19592....ive been stopped out only once this week on the cable, but I did t/p on tue/wed yo yo whipsaw....
CRAIGSLIST BARTERING CHAMPION
  • #765
  • Feb 1, 2007 9:14am Feb 1, 2007 9:14am
Good to see the news with us today and long trend which is now showing 70+ pips. Generally NFP weeks are pretty lack luster until the release so tomorrow will be the decider - hopefully the NFP will be with us...
  • #766
  • Feb 1, 2007 9:17am Feb 1, 2007 9:17am
My long buy was back in at 9644. Still using the 50 pip spread after the initial entry.
Life is too short to have anything but delusional notions about yourself.
  • #767
  • Feb 1, 2007 9:21am Feb 1, 2007 9:21am
Hello hondakorn - stop buy? 1.9592 was my sell, 1.9644 was my buy re-entery now +60 and stopp to b/e.

DW

Quoting hondakorn
I hope everyone re entered their long stop buy at 19592....ive been stopped out only once this week on the cable, but I did t/p on tue/wed yo yo whipsaw....
  • #768
  • Feb 1, 2007 9:30am Feb 1, 2007 9:30am
As Lloyd Bridges might say, I picked a bad week to try trading the GBP/JPY. This week has been a real test of trading discipline, and I've still got a lot to learn.
  • #769
  • Feb 1, 2007 9:32am Feb 1, 2007 9:32am
  •  Trader#0000
  • | Status: Unregistered Trader
9700 looks like a good level to close half for anyone willing to do so.
  • #770
  • Feb 1, 2007 9:46am Feb 1, 2007 9:46am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting G550
Do you have two longs that have been stopped out? I think the previous posts have indicated one long and one short. But I think the long order has been stopped out twice.
Yes, 2 longs 1 short.
  • #771
  • Edited 10:41am Feb 1, 2007 9:57am | Edited 10:41am
Quoting driftwood
Hello hondakorn - stop buy? 1.9592 was my sell, 1.9644 was my buy re-entery now +60 and stopp to b/e.

DW
lol...i meant buystop...I thought when one was activated, you you move the opposite to the weekly close....If you entered sunday using tk's rules modified with a 50 pip stop, your buystop was hit on tues, which mean you moved ur sell stop up to weekly close at 19592. The but stop was stopped out and later the sell stop was activated for about 100 pips, which means your buystop should still be moved to the weelky close....
CRAIGSLIST BARTERING CHAMPION
  • #772
  • Feb 1, 2007 10:01am Feb 1, 2007 10:01am
Damn those whipsaws,,,are operating like a sergery tool..
they take you out..with just 0,00001 runs
StopLoss is for none belivers... Trust the Gurus..
  • #773
  • Feb 1, 2007 10:30am Feb 1, 2007 10:30am
Hello hondakorn - yes this is right. For me buy was 1st at 1.9644 and so SELL moved from 1.9544 to Friday close at 1.9591.

DW

Quoting hondakorn
lol...i meant buystop...I thought when one was activated, you you move the opposite to the weekly close....
  • #774
  • Feb 1, 2007 11:15am Feb 1, 2007 11:15am
anyone doing anything special for nfp tomorrow???
CRAIGSLIST BARTERING CHAMPION
  • #775
  • Feb 1, 2007 11:27am Feb 1, 2007 11:27am
The hard part about this weekly system (I'm talking about the original system as posted by TK on page one) is that it DOES test your patience - he's right!

The system, without any modifications, flies in the face of all the conventional trading wisdom and comon sense teachings such as "don't let a winnng trade turn into a loser" etc.

This week is another good example, I'm trading both the weekly and daily GBP as well as playing with the GY on the weekly. Crazy week, and crazy day so far. I'm staying with the ORIGINAL rules however to see what happens, but so far this week, as of 12:25PM EST today, it's not looking too promising and I'll be lucky to break even by close of trading tomorrow on all pairs.

Boy does this test your patience!!!
  • #776
  • Feb 1, 2007 11:57am Feb 1, 2007 11:57am
Quoting grajo
The hard part about this weekly system (I'm talking about the original system as posted by TK on page one) is that it DOES test your patience - he's right!

The system, without any modifications, flies in the face of all the conventional trading wisdom and comon sense teachings such as "don't let a winnng trade turn into a loser" etc.

This week is another good example, I'm trading both the weekly and daily GBP as well as playing with the GY on the weekly. Crazy week, and crazy day so far. I'm staying with the ORIGINAL rules however to see what happens, but so far this week, as of 12:25PM EST today, it's not looking too promising and I'll be lucky to break even by close of trading tomorrow on all pairs.

Boy does this test your patience!!!
Agreed -I hate leaving pips on the table - trading at least 2 positions with one at 50 pip take profit and moving the remaining position SL to b/e seems to make a lot of sense; without missing out on the potential blockbuster move which will hopefully come tomorrow...
  • #777
  • Feb 1, 2007 12:11pm Feb 1, 2007 12:11pm
Peter,

That's not a bad idea, and there have been several good ideas as this thread has unfolded, including from TK himself.

However, I'm still not sure whether or not he has permanently changed his strategy on this weekly thread.

Permanentjuan had a good suggestion about disregarding the straddle in post # 617, and TK replied that he was going to try it as well, but I'm not sure if he stayed with it or if he's now back to trading by his orignal rules. if anyone knows, please advise.

For now, I plan to stick with the original rules (as hard as it is to do so !!!). I don't want to be changing rules in the middle of trades and also jumping week to week to different strategies. I want to try and stay with one strategy at least for a few weeks to see what I can learn, and THEN try to tweak it a little.
  • #778
  • Feb 1, 2007 12:57pm Feb 1, 2007 12:57pm
Hi friend,
please send all the rule to me developer an EA with this strategy and after i post here... but in my opinion...risk/ratio is high.....



Kind regards,
Marcelo Marques
_______________________________
  • #779
  • Feb 1, 2007 1:03pm Feb 1, 2007 1:03pm
Quoting grajo
Peter,

That's not a bad idea, and there have been several good ideas as this thread has unfolded, including from TK himself.

However, I'm still not sure whether or not he has permanently changed his strategy on this weekly thread.

Permanentjuan had a good suggestion about disregarding the straddle in post # 617, and TK replied that he was going to try it as well, but I'm not sure if he stayed with it or if he's now back to trading by his orignal rules. if anyone knows, please advise.

For now, I plan to stick with the original rules (as hard as it is to do so !!!). I don't want to be changing rules in the middle of trades and also jumping week to week to different strategies. I want to try and stay with one strategy at least for a few weeks to see what I can learn, and THEN try to tweak it a little.
Agreed - it is so tempting to tweak new systems and then wonder why you end up wih different , usually poorer results . The disadvantage with trading with more lots is that if you get several stops in succession the drawdown may be excessive for some. However 30 pips is a fairly tight stop for the GBP..
  • #780
  • Feb 1, 2007 1:38pm Feb 1, 2007 1:38pm
The only problem with taking pips off the table is that you never realize the full benefit of a 300-400 pip run with full lots if you are busy taking partials. Letting it ride is where your losses are really made up. It's more of a mind game than anything when watching your winners turn into losers but that is the way this system is set up. So, once again, it comes down to whether or not this particular way of trading suits you.
Life is too short to have anything but delusional notions about yourself.
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