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Part Time Wealth Building Trading System - Weekly Scalping

  • #881
  • Feb 5, 2007 2:23pm Feb 5, 2007 2:23pm
Quoting MillerHighLife
Honda: How often do you update your signline totals? I think that's awesome, and congratulations on your success so far.

Question, though: What are your money management rules like? How much are you risking per trade?
Thanks! The max I will risk is 4% (total open trades).....I change my sig every couple days...mainly toward the end of the week
CRAIGSLIST BARTERING CHAMPION
  • #882
  • Feb 5, 2007 2:53pm Feb 5, 2007 2:53pm
Quoting Mr Trend
Tkimble: Are all your rules the same as your first post other than now you are entering immediately and foregoing the straddle?

So in essence, you have a two positions open on a currency on Monday's open?
Yes...
  • #883
  • Feb 5, 2007 3:27pm Feb 5, 2007 3:27pm
Just for clarification, according to the money management posted are we to divide the lots posted by 2 to trade the weekly and daily in tandem, or do we place the same number of lots listed to each trade? Thanks...
Life is too short to have anything but delusional notions about yourself.
  • #884
  • Feb 5, 2007 3:35pm Feb 5, 2007 3:35pm
Quoting bholiday
I would recommend that you sleep your normal hours. Entries are made at 0000GMT. Then set your alerts to wake you up when you need to make adjustments to your orders. I am assuming you are using meta trader, so just use the alert function. Then you will only wake up when you need to.

One of the nice things about this method, is you just set it, and forget it (until one of your alerts goes off).

Hope this helps...
I appreciate your advice, but as I said I am a newbie and I am learning something every day, of course this is a big solution to this issue. please excuse my ignorance but I don't know how to set alerts, would you mind explain this procedure...Thank you.

  • #885
  • Feb 5, 2007 3:48pm Feb 5, 2007 3:48pm
This week looks better so far for tkimble Method ...... so far, but the wk. has just begun. Lets hope GBP/USD and JPY continue a trend lower the rest of the week for those on the tkimble Method.

I noticed something though, last year Feb except for the first week was not a good month for the tkimble Method. Maybe this year is a repeat of last year.


We have had a few not so good weeks, therefore I am back on the 1hr. chart to pick up the small moves, until I see a good trending week again. And then I will apply the origional tkimble weekly again.


I never said .....I DO ..... and I never said .... till death do us part .........


Once I see the Long Term Trend return on the WEEKLY .... I will re-apply the WEEKLY tkimble Method. Until then I am playing the short term trends only. I use Barrys S.R. with the 1HR. Chart now.



The tkimble Method is a GEM when it works and I have no intentions to shelf the Method! I will wait until it gets HOT again. Last year APRIL was good and then the 8th Mo. through Nov., the Origional tkimble Method [50/50] was HOT.


Just my thoughts .... may the PIPS be with you all!
  • #886
  • Feb 5, 2007 4:02pm Feb 5, 2007 4:02pm
UT: Sounds like the Daily scalping method is right up your alley.
  • #887
  • Feb 5, 2007 4:14pm Feb 5, 2007 4:14pm
Quoting MillerHighLife
UT: Sounds like the Daily scalping method is right up your alley.
for now this is more my style. I need to say I really like these Methods and I thank tkimble for bringing them to us. I have learned a lot because of his generousity!
  • #888
  • Feb 5, 2007 4:36pm Feb 5, 2007 4:36pm
Seems like the daily is a safer option over the weekly. You can pretty much gaurantee the pound will move 100 pips or so everyday, so it shouldn't be that hard to catch some of that move. We will catch the daily trend, even if the weekly is not in a well defined trend.

We can always turn a daily into a weekly if it looks like a strong trend is developing.

Now the question for me...is which crrency to focus on...pound or pound yen...
  • #889
  • Feb 5, 2007 7:59pm Feb 5, 2007 7:59pm
Quoting Mr Trend
Tkimble: Are all your rules the same as your first post other than now you are entering immediately and foregoing the straddle?

So in essence, you have a two positions open on a currency on Monday's open?

I must have missed this rule change (enter immediately and no straddle) What post is it on, do you remember?

thanks
  • #890
  • Feb 5, 2007 8:09pm Feb 5, 2007 8:09pm
Hi
Could somebody explain please how it is possible to use weekly and daily systems on the same pair on the same time??

or TK uses diffrent accounts??

Thank you
Igor
  • #891
  • Feb 5, 2007 9:19pm Feb 5, 2007 9:19pm
Quoting Carolyn
I must have missed this rule change (enter immediately and no straddle) What post is it on, do you remember?

thanks

Carolyn,

Check out post #617. There may be further clarification after that post, but if so, I missed it as well.

I have been confused also because Permanentjuan had suggested the method of immediate entry on the weekly, and forgoing the 100 pip straddle (just as per the Daily Method), and TK had said he was going to try it.

But since then, I do not believe we ever got a clear indication as to whether or not he feels it should be incorporated permanently to make the system better - we never got a concrete answer.

My question is...if we enter immediately with a market order Sunday evening at the beginning of the trading week, which way do we go, long or short, and what do we use for guidance?
  • #892
  • Feb 5, 2007 9:19pm Feb 5, 2007 9:19pm
Quoting Carolyn
I must have missed this rule change (enter immediately and no straddle) What post is it on, do you remember?

thanks
Carolyn - go to post 617.
  • #893
  • Feb 5, 2007 9:23pm Feb 5, 2007 9:23pm
the last tk mentioned was he had only been trying it for 3 weeks therefore it was too soon to compare.
  • #894
  • Feb 5, 2007 9:31pm Feb 5, 2007 9:31pm
Quoting bholiday

We can always turn a daily into a weekly if it looks like a strong trend is developing.

Now the question for me...is which crrency to focus on...pound or pound yen...

THats right, it only becomes a matter of how you manage your stops. Thats why the combined system has so much promise. You take daily profits but also can take full advantage of the strong trends. And we know that is where the dough is!

I have been trading both the GBP and the GBY / Yen. They are different enough to be intriguing yet they are correlated so i split my MM between them at 2% each.

Good trading,

Jim No
  • #895
  • Feb 6, 2007 2:56am Feb 6, 2007 2:56am
Original GBP 9611 short stopped out - will re-enter 2 lots again at 9611 if it gets down there..or 2 @ 9661 if we go long..
  • #896
  • Feb 6, 2007 7:20am Feb 6, 2007 7:20am
Was up +92 yesterday using t/p at various levels and 40 pip s/l
Today got stopped out on short (-50 moved my stop and shouldn't have)
Picked up my buy... waiting to see if it goes past 9700.
Set up my sells again.

Can you say....corrective?http://www.forexfactory.com/images/icons/icon7.gif
All hard work brings a profit, but mere talk leads only to poverty.
  • #897
  • Feb 6, 2007 7:40am Feb 6, 2007 7:40am
Quoting Sami7
Was up +92 yesterday using t/p at various levels and 40 pip s/l
Today got stopped out on short (-50 moved my stop and shouldn't have)
Picked up my buy... waiting to see if it goes past 9700.
Set up my sells again.

Can you say....corrective?http://www.forexfactory.com/images/icons/icon7.gif
.

+100 gbp/jpy
+50 cable (1st short)
+20 cable (buystop 19667)
CRAIGSLIST BARTERING CHAMPION
  • #898
  • Feb 6, 2007 8:12am Feb 6, 2007 8:12am
This might help some ppl out but what if you moved your sl to b/e when you are up +30 on any trade??
CRAIGSLIST BARTERING CHAMPION
  • #899
  • Feb 6, 2007 8:32am Feb 6, 2007 8:32am
Quoting skyline
I'm following with great attention this daily and weekly method for its simplicity and I'd like to code an EA for both methods
But I need a little clarification about re-entering the trade for the daily scalping.
Let's suppose that at 00 am I open a sell then price go up and hit 40 pips SL , so that a new buy will be triggered. What about price will go down again and hit 40 SL ?? Another sell should be opened ? Or when two losses are hit (one for buy and one for sell) in a day then no more orders will be in place until new day ?

thx

Skyline
http://www.forexfactory.com/showpost...&postcount=109
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skyline....is Coding an EA for both of these Weekly/Daily Methods! And I thank you very much, Skyline!!! Can't wait to try them! This will make it so much easier to follow the System. Then it will really be a SET and Forget System! Can you all say Thanks to SKYLINE! .... T H A N K ... Y O U .... S K Y L I N E , for coming to the RESCUE!
  • #900
  • Feb 6, 2007 9:22am Feb 6, 2007 9:22am
From one of the threads I read from TK, I don't remember the number just copied it to Notepad:

"Once either order is hit, you immediately adjust the other order to the close of the previous week. Once either side is initially hit, you immediately adjust the other side entry price to the previous weeks close which means you are now trading a 50 pip range."

Ummm....now for the question. Skyline, since I've never used an EA, will you post instructions as well.

Thanks in advance for your input!
All hard work brings a profit, but mere talk leads only to poverty.
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