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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,641
  • Jun 24, 2008 12:15pm Jun 24, 2008 12:15pm
I can't see the numbers right now (at work) but it was ugly this morning if it got worse I'm stopped on both of my open trades.
  • #1,642
  • Jun 24, 2008 3:11pm Jun 24, 2008 3:11pm
I to was stopped out on both EUR and GBP. I had a feeling last night they were going to be, but desided to stay in anyway. The USD Consumer Confidence was out today at 10am EST, came in at 50.4, forcasted to be 56.4--bad for USD. It sent euro up. tomorrow the Fed fund rate and FOMC statement, it is expected to be good for the USD so it may drive Euro back down.
I have placed a sell order at just below yesterdays low and my buy is still in place from previous sunday with the entry at last weeks close. 30 pip SL on both. will see what happens.
  • #1,643
  • Jun 24, 2008 4:02pm Jun 24, 2008 4:02pm
last night when I was up 159 I thought i should take the profit, but decided to let it run just to see.. .. has anyone tried this system with tp's?
  • #1,644
  • Jun 24, 2008 4:17pm Jun 24, 2008 4:17pm
Quoting Hanoverfiste
last night when I was up 159 I thought i should take the profit, but decided to let it run just to see.. .. has anyone tried this system with tp's?

Yes. My TP is Friday 23:00 GMT
  • #1,645
  • Jun 24, 2008 4:25pm Jun 24, 2008 4:25pm
Quoting Ronald Raygun
Yes. My TP is Friday 23:00 GMT
Good answer !
Is it Break Time yet?
  • #1,646
  • Jun 24, 2008 5:27pm Jun 24, 2008 5:27pm
Quoting Hanoverfiste
last night when I was up 159 I thought i should take the profit, but decided to let it run just to see.. .. has anyone tried this system with tp's?
Last night was a good example of that feeling you should take profit while you can, I didn't either but did think about it but decided to let it run. Really the best here would have been take profit than reenter after the Fomc statement when the market decides which way it wants to go for the week.
  • #1,647
  • Jun 24, 2008 7:30pm Jun 24, 2008 7:30pm
Quoting Jimbop
I am unfortunately trading manually, and my SL's are currently too wide...I will try to tighten up with the rules but here are my first four trades so far

Please keep in mind my entries are off because I went to sleep so I ended up in early on a couple and late on 2 others Taking my best guess. (please don't flame me I knowthe only way to properly test a system is by set rules) I will try to do better next week....even so here's a breakdown of my first 4 so far, I was very happy to see only one of the four has stopped so far.
Pair B/S Price SL current st. results
GBP/JPY S 211.27 211.63 stopped -36

GBP/USD S 1.9735 198.11 TP 1.9625 +110

USD/JPY B 107.73 107.14 open 107.99 +26

USD/CHF B 1.0446 1.0390 open 1.0454 +8

so far + 108 and I was very sloppy

Looks like a winner you all rock!

USD/CHF stopped out -56
Usd/Jpy Closed +9

Just didn't look good I had that wide sl in and I would have been negative for the week...I cut and ran.

all in all though +61 for the week I'll take it for a bad week and smile
  • #1,648
  • Jun 24, 2008 7:33pm Jun 24, 2008 7:33pm
+110-36-56+9=+27 sorry bout the mix up
  • #1,649
  • Jun 25, 2008 1:10pm Jun 25, 2008 1:10pm
Question?

If you follow the rules on the 1st post in the example below are you done for the week?

Say you place 50 above and below last week's close and the buy is hit. You move up the sell to last weeks close and then the original buy hits the SL (-30). If it continues another 20 pips down and hits last week's open (the sell position) and the stops out (another -30) then are you done for the week with -60?

What if it hits the SL on the buy and never triggers a sell 20 pips lower because it then climbs for the rest of the week? Are you then done with getting stopped out of the buy for the week?

I understand the original concept but I'm not clear on what happens if only the 1st goes bad and doesn't trigger the second or what happens if both go bad? Do you continue to place pending orders and with what guidelines? The 1st post doesn't seem to cover this and I'm sure after more than 100 pages there have been several suggestions but I'm curious of the people who are currently trading this how you handle these situations.

Thanks
  • #1,650
  • Jun 25, 2008 1:15pm Jun 25, 2008 1:15pm
There was a point somewhere in the thread where the trade was entered immediately at week's open (if previous week was long, then go long, else short).

With stop and reverse positions at 50 pips.

As for your example, you'd keep reversing all week. Generally speaking, the weekly trend estabilshes itself by Tuesday or Wednesday, if that doesn't happen, I'd recommend you stop trading for the week.
  • #1,651
  • Jun 25, 2008 2:21pm Jun 25, 2008 2:21pm
Quoting Jimbop
This system is an answer to my prayers, I've been trying to find a system that's pretty much hands off (emotion and second guessing have cost me thousands in the past). The various EA's out there seem to be too much trouble (way too many new versions and added indicators). I'm going to run it for a month on 4 pairs

GBP/USD GBP/JPY USD/JPY and USD/CHF and keep a running tally of my results....

I will only take one trade per pair, and I will not re-enter (I will trade it manually Sunday night and early Monday).

I will monitor daily (friggin work) and I will cut some winners short (TP 150-200) but I will use the suggested 50 pip sl and see what happens.

I will use an interbankfx demo and post my results weekly if anyone wants to see them.

If it works I'll go live with a micro.

Wish me luck1


I realize I am not following the system as tight as many of you guys but I really only want to trade this system for 10-20 minutes at the beginning of each week...(checking my progress as I may)....
  • #1,652
  • Jun 25, 2008 3:11pm Jun 25, 2008 3:11pm
Quoting mtaboneweb
Question?

If you follow the rules on the 1st post in the example below are you done for the week?

Say you place 50 above and below last week's close and the buy is hit. You move up the sell to last weeks close and then the original buy hits the SL (-30). If it continues another 20 pips down and hits last week's open (the sell position) and the stops out (another -30) then are you done for the week with -60?

What if it hits the SL on the buy and never triggers a sell 20 pips lower because it then climbs for the rest of the week? Are you then done with getting stopped out of the buy for the week?

I understand the original concept but I'm not clear on what happens if only the 1st goes bad and doesn't trigger the second or what happens if both go bad? Do you continue to place pending orders and with what guidelines? The 1st post doesn't seem to cover this and I'm sure after more than 100 pages there have been several suggestions but I'm curious of the people who are currently trading this how you handle these situations.

Thanks

It is kind of a tough question to anwser. It really comes down to knowing the pair/pairs that you trade and their personalities and where they have been recently. The overall main trend plays in to it as well. As Raygun has pointed out the trend for the week tends to establish itself by Tuesday or Wed. this week was a little erratic because of the FOMC. I will place reorder at the point I was taken (sl) out. If the price comes back and puts me back in but takes me out again thats it for me that week on that pair (one time only). To much wipsaw, best to wait until the next week. At this point today after the FOMC it looks like EUR and GBP are going to be long for the rest of the week.
  • #1,653
  • Jun 26, 2008 6:25am Jun 26, 2008 6:25am
how have the past couple of months been using this system on GBP/USD?

The past 3 weeks have been side movements with moves over 150 pips in opposite directions during the week.
  • #1,654
  • Jun 26, 2008 9:19am Jun 26, 2008 9:19am
Quoting Tzar
how have the past couple of months been using this system on GBP/USD?

The past 3 weeks have been side movements with moves over 150 pips in opposite directions during the week.
Last week I did +223 and this week I am up +120 as of this post. I didn't trade the third week back.
  • #1,655
  • Jun 26, 2008 10:51am Jun 26, 2008 10:51am
makotech, do you follow the rules in post 1?
  • #1,656
  • Jun 26, 2008 2:57pm Jun 26, 2008 2:57pm
Can someone let me which post we could refer for the details about this system other than the first. I am just looking for the latest version if it is changed.

Thanks

MJ
  • #1,657
  • Jun 26, 2008 8:43pm Jun 26, 2008 8:43pm
Quoting Hanoverfiste
makotech, do you follow the rules in post 1?
Yes, for the most part. I set the trades on Sunday night on EUR,GBP/USD. 50 +/- of last weeks close, 30 SL. Wait until which direction triggers and move the oppisite side to the previous weeks close and wait and see what happens. If I get taken out I follow my rules for reentery which is place reenter order at the SL I was taken out at, and wait and see if it reverses again. In the mean time it may have trigger the other direction and be doing fine. Sometimes I will close out the trade before Friday if I fell it is not going to move much further for the week do to some news or work means I will not be near a computer tell after friday.
  • #1,658
  • Jun 26, 2008 10:25pm Jun 26, 2008 10:25pm
Thanks Makotech
  • #1,659
  • Jun 29, 2008 9:34am Jun 29, 2008 9:34am
Just a quick post, I didn't have a chance to place any trades before vacation, but I'll be placing them tonight as usual. Hope everyone had a profitable week. I am looking at trading 3 pairs this coming week, will provide an update later.
Disregard all prognostications.
  • #1,660
  • Jun 30, 2008 10:10am Jun 30, 2008 10:10am
Happy doji day everyone, on 4 pairs that I traded last night, I'm stopped out on all 4 !! But I have some reverse orders still pending which haven't been hit yet. This is a short week, and trades will need to be closed out by Thursday 4pm EST, instead of the usual Friday. Also, the NFP will be released on Thursday as well, so it should be a volatile week in general.

Regarding EUR/USD, I might even put in the original straddle entries again tonight, since both of them were taken out this morning. Or perhaps I'll just leave well enough alone.

I'm trading EUR/USD, USD/JPY, USD/CHF, and AUD/USD this week. Will update as usual on Thursday afternoon on how the week went. GBP and guppy are behaving similar to Euro this week, so no need to trade all of them.

Good Day!
Disregard all prognostications.
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