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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,661
  • Jun 30, 2008 2:50pm Jun 30, 2008 2:50pm
Quoting Pidgeon
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!
I to was stopped out on both EUR and GBP. I did however reenter short on EUR but I am watching it closly this week with it being a short week. Currently + a few pips but I don't think there is going to be a clear direction this week. Hoilday weeks are always tough.
  • #1,662
  • Jul 1, 2008 4:50pm Jul 1, 2008 4:50pm
Stopped out twice on both both pairs, (got to learn not to trade on holiday weeks) oh well, lesson learned. Out until next week. Have a good 4th everyone.
  • #1,663
  • Jul 1, 2008 5:22pm Jul 1, 2008 5:22pm
and what would you have said if you made a profit? (ought to keep trading on holiday weeks..?)

Quoting makotech
Stopped out twice on both both pairs, (got to learn not to trade on holiday weeks) oh well, lesson learned. Out until next week. Have a good 4th everyone.
  • #1,664
  • Jul 1, 2008 6:41pm Jul 1, 2008 6:41pm
Quoting tdion
and what would you have said if you made a profit? (ought to keep trading on holiday weeks..?)
confucius zing
  • #1,665
  • Jul 1, 2008 9:37pm Jul 1, 2008 9:37pm
Quoting tdion
and what would you have said if you made a profit? (ought to keep trading on holiday weeks..?)
Ya Probably--all in all just a losing week.
  • #1,666
  • Jul 2, 2008 12:44pm Jul 2, 2008 12:44pm
I actually removed all my trades on Tuesday this week, after I realized this was going to be a hell week. I'm also trading a daily system ( not TK's btw) which is doing much better this week and in profit.

New trades on Sunday! Have a nice weekend....
Disregard all prognostications.
  • #1,667
  • Jul 2, 2008 2:03pm Jul 2, 2008 2:03pm
Pidg, what daily system are you using? Can you post a link to it?

Quoting Pidgeon
I actually removed all my trades on Tuesday this week, after I realized this was going to be a hell week. I'm also trading a daily system ( not TK's btw) which is doing much better this week and in profit.

New trades on Sunday! Have a nice weekend....
  • #1,668
  • Jul 3, 2008 1:12pm Jul 3, 2008 1:12pm
Hello to all & to tK.

I am a newbie to Forex, but have been reading up on systems on this website for close to a year now. My original interst is in Stocks.

Firstly thanks to TK for your time, effort and sound avice to all and sundry

I have been paper trading this system over the last 4 weeks fairly well, but this week has been a nightmare. Both long & short Cable trades have been stopped out and so have the GBP / JPY trades.

I got back into EUR / CHF yesterday going Long, @ 18.00HRS and I am barely holding on. Very simple system which on paper for me has generated a good Pip harvest so far, but I guess the real deal is when hard earned £ is at stake.

It is still not clear to me what the advise is. Having been stopped out both ways on the one trade, do you go back and straddle the original close or (Monday 22hrs GMT, in my case), or do you get back in 50 pips from your last entry ?!? (I don't use any EAs, ATRs or indicators, just the original system)

Any advice is appreciated and welcome.

Thanks

The Stockman
  • #1,669
  • Jul 3, 2008 2:41pm Jul 3, 2008 2:41pm
Quoting nondisclosure00
Pidg, what daily system are you using? Can you post a link to it?
http://www.forexfactory.com/showthread.php?t=92666
Disregard all prognostications.
  • #1,670
  • Jul 4, 2008 8:38pm Jul 4, 2008 8:38pm
Quoting Pidgeon
http://www.forexfactory.com/showthread.php?t=92666

Come on pidgeon, lazy or crazy??. We are all here to share, right? We all want to ride waves too.

thanks in advance Pidgeon.
  • #1,671
  • Jul 4, 2008 8:42pm Jul 4, 2008 8:42pm
Quoting Pidgeon
http://www.forexfactory.com/showthread.php?t=92666
Stupid me!!! didn't realize that the link was there. Sorry Pidgeon, and thanks again.
  • #1,672
  • Jul 5, 2008 2:41pm Jul 5, 2008 2:41pm
Hi all traders, I found this intresting system , there are some unclear isues so if you can help me ,there is a senario, on the chart I market the candels -
1- enter short 50p under pre. week close
2- sl -30
3- enter long at pre. week close
4- sl -30
5- enter long again , this one is runing to 175p profit , but come beck to the entry price .

so far no problems , only thing not so clear is that ther is a big gap over 50p ,so do you plase your orders any way ?? otherwise what to do ??

6- at this point I have a long position on the market do I need to open short ????
7- if I enter short at candle 6 then Im out sl -30
8- Im out long from candle 5 sl -30
9- enter long again ??
10- long is sl -30

I hope my dilema is clear so you can give some answers,
this senario or simmilar can be found allmost evry week so Im missing some thing hear,
thanks
Erez
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  • #1,673
  • Jul 5, 2008 4:07pm Jul 5, 2008 4:07pm
this system is bull crap i tried it the other day and it crap ive been stop everytime
KEEP IT SIMPLE PIPPING
  • #1,674
  • Jul 6, 2008 6:21am Jul 6, 2008 6:21am
Quoting jvh2811
this system is bull crap i tried it the other day and it crap ive been stop everytime

That's the point.

This tKimble system is based on a stop and reverse system. The stops are put in place so that the system can try to determine the market's direction. Theoretically, it will keep reversing trades until the market shoots off in a specific direction for the week.
  • #1,675
  • Jul 6, 2008 1:26pm Jul 6, 2008 1:26pm
Quoting jvh2811
this system is bull crap i tried it the other day and it crap ive been stop everytime
Not sure how long you tried this system but you should try it on a demo over a perioid of a few months and I think you will find it works quit well. This system is for sure a long term system. Over the last four weeks I had three weeks of positive pips and one week of negitive pips, that was last week. There is always going to be weeks that do not go well. but as long as the good weeks make more than the bad weeks lose, you will gain.
  • #1,676
  • Jul 6, 2008 9:46pm Jul 6, 2008 9:46pm
I'm trading AUD and CAD pairs this week. Both pairs seem to have reached a support level, and should trend. I'm trading Euro and Cable on the daily system I referred to in the link above. I did a stupid thing last week, which was to trade on NFP day.

Please remember, whipsaw weeks will occur, this is normal for this system.
Don't write it off because you got stopped out the first week you tried it. Any system you use will fail sometimes. If you don't like the way it fails, you don't have the right system for your style of trading. If the losses you incurred were too large for your account, reduce your trade size. I'll still be trading this system regularly.

Have a good week!
Disregard all prognostications.
  • #1,677
  • Edited 9:53pm Jul 6, 2008 9:51pm | Edited 9:53pm
Quoting hunky
Hi all traders, I found this intresting system , there are some unclear isues so if you can help me ... blah blah blah
Erez
Hunky,

I'm hoping you are aware, this is a WEEKLY trading system - you don't look at 30M charts? In fact, you can trade this system with no charts at all ( only last week's closing price ) if you choose to! But, ask more questions if you like. Or, go back and read the first post. It has all you need.

EDIT: If you're asking about when to open orders, that is subjective. Do it either Sunday night ( before Munich opens for trading ) or wait until Monday morning ( around 7:00am EST ) if you want to let the market start going one way or another. The second option will save you a reversed trade now and then.
Disregard all prognostications.
  • #1,678
  • Jul 7, 2008 5:59am Jul 7, 2008 5:59am
Quoting Pidgeon
Hunky,

I'm hoping you are aware, this is a WEEKLY trading system - you don't look at 30M charts? In fact, you can trade this system with no charts at all ( only last week's closing price ) if you choose to! But, ask more questions if you like. Or, go back and read the first post. It has all you need.

EDIT: If you're asking about when to open orders, that is subjective. Do it either Sunday night ( before Munich opens for trading ) or wait until Monday morning ( around 7:00am EST ) if you want to let the market start going one way or another. The second option will save you a reversed trade now and then.
Pidgeon thanks for your reply,
yes I anderstand this is a weekly system I use the 30m to make my questions clear, I read thru the all thred from the begining but didnt anderstand some isues that is what I posted , didnt get any answers yet, hopefully soon,,,,,,
  • #1,679
  • Jul 7, 2008 10:59am Jul 7, 2008 10:59am
Quoting makotech
Not sure how long you tried this system but you should try it on a demo over a perioid of a few months and I think you will find it works quit well. This system is for sure a long term system. Over the last four weeks I had three weeks of positive pips and one week of negitive pips, that was last week. There is always going to be weeks that do not go well. but as long as the good weeks make more than the bad weeks lose, you will gain.
I'm not trading this system and you didn't note what currencies you're trading. Would you mind explaining what happened in that week which was different from the other three?
  • #1,680
  • Jul 7, 2008 1:31pm Jul 7, 2008 1:31pm
I have baeen comparing this system to the Skibkis system (which is mentioned on this thread at pages 5-7), and would like to hear - or rather read - about your views as it relates to the best time to set the orders.

With this thread the orders are set at Sunday's open, which can be great on those rare weeks that cable takes off and continues running in 1 direction for the week; but terrible when it's "up and downing" - 30 pip stops all over the place.

The skibkis system tries to eleviate some of the indecisiveness by waiting until Tuesday's open to set the trades - it also, I think, calls for bigger stops allowing more room for volitility. This concept allows the market to make up its mind between Sunday and Monday, so its ready to hopefully move in 1 direction for the rest of the week.

A bit of backtesting shows that with picture perfect weeks, this system allows for more pips, but suffers many 30 pip stops under normal conditions, while Skibkis tue open, gives less pips with perfect weeks, but saves those 30 pip losses which can add up.

This week is a case in point, I set my orders based on this system; my entry sell was triggered at 1.9775, I was up 100+ pips - right now on Monday as I write (sorry type) I am down 10 pips, as the market has not yet made up its mind. After being up over 100 pips, I will probably be stopped out for a 30 pip loss before Tuesday.

Not trying to 'dis' (Jamaican for disrespect or to be disrespectfull to) the original system, but just thinking out aloud......

What do you think?
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