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Part Time Wealth Building Trading System - Weekly Scalping

  • #801
  • Feb 2, 2007 3:39am Feb 2, 2007 3:39am
Hello grajo - me too.


Quoting grajo
It may be my misunderstanding but I thought the close for the weekly was supposed to be Friday's close at the end of the trading week, e.g. 4:30PM EST if you are US east coast like I am.

All I have been doing is reading whatever chart package you're using from your broker and looking at Friday's candle and taking whatever close it says.

Is this not right???
  • #802
  • Feb 2, 2007 4:17am Feb 2, 2007 4:17am
Hey John Paul
from my experience, on a BUY order, you enter when the "Ask" reaches your price, example if you entered a long stop order at GBP/USD for 1.9592, my software would show Bid/Ask 1.9588/1.9592 (4 pip spread), as soon as 1.9588 is reached, my Ask is 1.9592 and I am in. If I was backtesting, my day's high might be 1.9588, but I need to accept that as an entry because in reality it was. It got my notice when I was trading a strategy that waited for a 30 pip move to enter. I placed my order, and it got me in, and proceeded to turn around... on paper, the chart shows it only ever moved 26 pips.

anyhoo, long story short.... when "Buying", going long, I enter when the Ask reaches my price. When "Selling", going short, I enter when the Bid reaches my price.
So Long, the spread affects your entry price compared to what your chart shows you "graphically", Short it doesn't.

I hope I made sense and didn't just confuse you a whole lot more. I know what I mean to say
  • #803
  • Feb 2, 2007 5:13am Feb 2, 2007 5:13am
Just doing some backtesting on GBPUSD 2005 and have a question on re-entry. For example, using the original rules, let's say your long is triggered at +50, then you are stopped out and a short is triggered at weekly close, which is again stopped out (price is now weekly close +30). From this point long entry is +50 weekly close, but where is the next short entry? 50 below the weekly close (ie original straddle from week's open) or at the weekly close?

All the best,

Michael
Michael fxgorilla
  • #804
  • Feb 2, 2007 5:19am Feb 2, 2007 5:19am
entry points are supposed to stay the same during the week, so the next short entry should be the same as the previous short entry - which in this case is the previous weekly close, as you said.

Quoting fxgorilla
Just doing some backtesting on GBPUSD 2005 and have a question on re-entry. For example, using the original rules, let's say your long is triggered at +50, then you are stopped out and a short is triggered at weekly close, which is again stopped out (price is now weekly close +30). From this point long entry is +50 weekly close, but where is the next short entry? 50 below the weekly close (ie original straddle from week's open) or at the weekly close?

All the best,

Michael
Nihil Sine Deo.
  • #805
  • Feb 2, 2007 7:34am Feb 2, 2007 7:34am
was hard to trade this week. Those of you that were long could have sold finally for a quick pop ... about now ... LOL
  • #806
  • Feb 2, 2007 8:13am Feb 2, 2007 8:13am
My GBPUSD long @1.9613 got stopped out 8:29 on Oanda with a spread of 100 pips!!!!!!!!!
  • #807
  • Feb 2, 2007 8:24am Feb 2, 2007 8:24am
I would seriously consider a new broker about now...and to think i was about to transfer my account to them.

That must have hurt a lot of people....
  • #808
  • Feb 2, 2007 8:32am Feb 2, 2007 8:32am
Quoting hgus490
My GBPUSD long @1.9613 got stopped out 8:29 on Oanda with a spread of 100 pips!!!!!!!!!

Do you mind if I ask why? 100 pip spread??? What happened? It's still even too early today for a major news announcement such as NFP isn't it?

I don't want to get off the subject of this thread, but that seems excessive.
  • #809
  • Feb 2, 2007 8:33am Feb 2, 2007 8:33am
Quoting hgus490
My GBPUSD long @1.9613 got stopped out 8:29 on Oanda with a spread of 100 pips!!!!!!!!!
Oanda just can't handle news trades -it is almost better to close everything down before hand. They were being taken for a ride because some very astute news traders were managing to beat them everytime before the price spike emerged and it was costing them dearly. They have reacted by widening their spreads around the key news releases to ridiculous amounts and upsetting a lot of their genuine traders. I had a stop set at 9630 which they took out at 9599 - way below the actual price. If you look on an FXDD platform their low for the first NFP spike was around 9680!!

Those who were trading double lots and using the 50 pip TP SL to b/e rule should have made about 150 pips this week...not bad for a generally awful trending week...
  • #810
  • Feb 2, 2007 8:49am Feb 2, 2007 8:49am
This is my first post on this thread. I've been reading and trying to keep up with where we are at in regards to longs and shorts. Since it is Friday, we have more announcements coming up, I wonder if it is best to stay out today....

Otherwise....Ok, if our longs got stopped out (still again), where are we placing our long and short orders?

Anyone?
All hard work brings a profit, but mere talk leads only to poverty.
  • #811
  • Feb 2, 2007 9:00am Feb 2, 2007 9:00am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting hgus490
My GBPUSD long @1.9613 got stopped out 8:29 on Oanda with a spread of 100 pips!!!!!!!!!
Wow, 100 pips?!! I would get out fast. Let them know that you are leaving them because of this and that you don't trade the news...
  • #812
  • Feb 2, 2007 9:06am Feb 2, 2007 9:06am
Quoting Sami7
This is my first post on this thread. I've been reading and trying to keep up with where we are at in regards to longs and shorts. Since it is Friday, we have more announcements coming up, I wonder if it is best to stay out today....

Otherwise....Ok, if our longs got stopped out (still again), where are we placing our long and short orders?

Anyone?
Long entries should remain at 9641, short at 9591 -however the GBP appears to have died a death this week and I would not re-enter another trade at this stage ..
  • #813
  • Feb 2, 2007 9:12am Feb 2, 2007 9:12am
Quoting ForexDude2
Wow, 100 pips?!! I would get out fast. Let them know that you are leaving them because of this and that you don't trade the news...
time for a new broker....that is borderline silly...
CRAIGSLIST BARTERING CHAMPION
  • #814
  • Feb 2, 2007 9:13am Feb 2, 2007 9:13am
Are there others also trade with Oanda? Did you also get 100 pips spread just before NFP news today? Or only I did?

The good news is, I got following e-mail from Oanda,

"Due to one or more incorrect rate spikes that occurred on our FXTrade system, the following adjustments were completed to roll back transactions caused by the spikes:

Ticket 185969196 was deleted.

Please check your account at your earliest convenience. If you have any questions or concerns, please do not hesitate to contact us at [color=#0000ff][email protected][/color].

Kind Regards,
OANDA Technical Support(RC)"
  • #815
  • Feb 2, 2007 9:23am Feb 2, 2007 9:23am
  •  Trader#0000
  • | Status: Unregistered Trader
I'm calling it a week at this point. 142 pips for me. Lets hope for a big move next week.
  • #816
  • Feb 2, 2007 9:26am Feb 2, 2007 9:26am
Quoting ForexDude2
I'm calling it a week at this point. 142 pips for me. Lets hope for a big move next week.
no lie I got 140 this week also....thats pretty cool
CRAIGSLIST BARTERING CHAMPION
  • #817
  • Feb 2, 2007 9:56am Feb 2, 2007 9:56am
My first week live with this system and a good week it was.

Thanks tk for sharing this system.

By the way, i used a trailing stop if I was sleeping and none if i was awake.
  • #818
  • Feb 2, 2007 10:09am Feb 2, 2007 10:09am
Quoting ForexDude2
I'm calling it a week at this point. 142 pips for me. Lets hope for a big move next week.
Hey Dude, did you stick to your method of entering three trades and taking profit at 50, 100, and no limit for the final trade? When those take profit points are hit and the price retraces back to either a buy or sell level, do you take further trades?

Thanks.
  • #819
  • Edited 10:47am Feb 2, 2007 10:26am | Edited 10:47am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting G550
Hey Dude, did you stick to your method of entering three trades and taking profit at 50, 100, and no limit for the final trade? When those take profit points are hit and the price retraces back to either a buy or sell level, do you take further trades?

Thanks.
Yes to the first but I closed one 100 order at only 50 because of what I saw the market was doing.

No to the 2nd Q, I only put 3 orders back when none is left.
  • #820
  • Feb 2, 2007 10:51am Feb 2, 2007 10:51am
Quoting ForexDude2
Yes to the first but I closed one 100 order at only 50 because of what I saw the market was doing.

No to the 2nd Q, I only put 3 orders back when none is left.
Thanks!
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