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Part Time Wealth Building Trading System - Weekly Scalping

  • #901
  • Feb 6, 2007 9:32am Feb 6, 2007 9:32am
http://www.forexfactory.com/showpost...34&postcount=4
Sami, this should help on how to use a EA and also indicators... Stockwet put this together and it is really nice...

quote=Sami7;208992]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![/quote]
  • #902
  • Feb 6, 2007 10:21am Feb 6, 2007 10:21am
Quoting hondakorn
This might help some ppl out but what if you moved your sl to b/e when you are up +30 on any trade??

Honda, I tried that last week. The thing I discovered is that it's great for minimizing losses, but you really have to stay on top of your account, otherwise you'll miss your re-entry points pretty easily.

I went back and looked and determined that had I simply stayed in a trade that briefly ranged past my b/e point, I would've ended up in the positive after all.

I think at some point you can move it to b/e, where it would take a reversal so overwhelming that it would blow right throw your 30-pip SL like it's nothing. I'm thinking you would need to be in the black something in the order of 2-3 times your SL level before moving your SL up to b/e.

JMO.
  • #903
  • Feb 6, 2007 10:42am Feb 6, 2007 10:42am
Quoting MillerHighLife
Honda, I tried that last week. The thing I discovered is that it's great for minimizing losses, but you really have to stay on top of your account, otherwise you'll miss your re-entry points pretty easily.

I went back and looked and determined that had I simply stayed in a trade that briefly ranged past my b/e point, I would've ended up in the positive after all.

I think at some point you can move it to b/e, where it would take a reversal so overwhelming that it would blow right throw your 30-pip SL like it's nothing. I'm thinking you would need to be in the black something in the order of 2-3 times your SL level before moving your SL up to b/e.

JMO.

that makes sense....thanks for the reply
CRAIGSLIST BARTERING CHAMPION
  • #904
  • Feb 6, 2007 12:21pm Feb 6, 2007 12:21pm
The purpose of the following PIP Profit thresholds is for you to gauge your weekly income requirments:

Weekly PIPs Financial Comfort

50 Very comfortable
100 Extremely comfortable
150 Care Free
200 Bill Gates plays second fiddle

Keep things in perspective. It is possible to average 200 PIPS weekly from most markets depening on your trading style and financial objectives. I strongly recommend to write down your weekly financial goals (Number of PIPS, Money Management, Market Breaks). For some reason the documenting of goals makes all the difference in the world...

Happy Trading,

TK
  • #905
  • Feb 6, 2007 12:29pm Feb 6, 2007 12:29pm
those cable longs are starting to look good;
CRAIGSLIST BARTERING CHAMPION
  • #906
  • Feb 6, 2007 12:31pm Feb 6, 2007 12:31pm
GBP long just banked another 50 pips on the 9661 GBP long leaving 1 lot to run..as per previous post trading 2 lots and moving stop losses to b/e after 50 pips does require a lot more close monitoring and may longer term not prove as profitable as the original tk method if too many stops are taken out as a result..but the psychological benefit of having 100 pips or so under your belt may prove too good to miss out on...
  • #907
  • Feb 6, 2007 12:35pm Feb 6, 2007 12:35pm
Quoting petersurrey
GBP long just banked another 50 pips on the 9661 GBP long leaving 1 lot to run..as per previous post trading 2 lots and moving stop losses to b/e after 50 pips...
My situation is identical to yours...
CRAIGSLIST BARTERING CHAMPION
  • #908
  • Feb 6, 2007 12:35pm Feb 6, 2007 12:35pm
Quoting petersurrey
GBP long just banked another 50 pips on the 9661 GBP long leaving 1 lot to run..as per previous post trading 2 lots and moving stop losses to b/e after 50 pips does require a lot more close monitoring and may longer term not prove as profitable as the original tk method if too many stops are taken out as a result..but the psychological benefit of having 100 pips or so under your belt may prove too good to miss out on...
This is another great example of adapting the system to your trading style. Do what works for you...

TK
  • #909
  • Edited 1:15pm Feb 6, 2007 12:55pm | Edited 1:15pm
Quoting tkimble
The purpose of the following PIP Profit thresholds is for you to gauge your weekly income requirments:

Weekly PIPs Financial Comfort

50 Very comfortable
100 Extremely comfortable
150 Care Free
200 Bill Gates plays second fiddle

Keep things in perspective. It is possible to average 200 PIPS weekly from most markets depening on your trading style and financial objectives. I strongly recommend to write down your weekly financial goals (Number of PIPS, Money Management, Market Breaks). For some reason the documenting of goals makes all the difference in the world...

Happy Trading,

TK

You know this is a very good idea .... because when I had Goals laid out like this before, I not only met them, but always did beyond my Goals! Thanks for reminding us! I want to learn how to play second fiddle soon. I will work on this. Great Idea ...all you pipsters !
  • #910
  • Feb 6, 2007 12:57pm Feb 6, 2007 12:57pm
The adjustments are as follows:

1. Create weekly bar GBP/JPY chart.

2. Place Buy order only 21 pips from the Sunday close. Not the Friday close.

3. Place Sell order only 21 Pips from the Sunday close. Again, not the Friday close.

4. Enter 40 PIP stops with each trade.

4. Monitor market very closely becuase you will get stopped out more frequently but with smaller losses.

5. Immediately replace the trade when stopped out. Since your stop is at 40 PIPs and the reverse order are 42 PIPs apart, you will be entered into more trades automatically. The upside is that you will participate in trends earlier once they evolve.

6. Caution: This system is not for the timid and you must stick with the system.

I am currently long the GBP/JPY at 235.99 and the market has just leaped a bit higher as I am typing.

The big difference from the other weekly scalping system is as follows:

1. Do not adjust the opposite trade to the previous weeks close after the initial trade is entered.

2. Trading within a 42 PIP trading range (21 + 21 Pips) of the Sunday close, not the Friday close.

3. Enjoy earlier entry into emerging trends...

Happy Trading,

Tkimble[/quote]


hi, this is post #353 after this post I and many others agreed to start trying this settings, although it was created for GBP/JPY, following this post there were several opinions that concur with the concept of 100 pips straddle can be improved for this of just 42. most of them started applying this set to GBP/USD with good results as well...from the better of my knowledge I think this is the last setting we are working. if I am wrong or skipped something else, please let me know.
Aside of this, We need to be clear that every trader must look the settings that better adjust to his/her style and with obtain the best results. but in order to code an EA my humble opinion is that this 42 straddle must be the one to be coded.But I think we need final decision from Tkimble.
Tkimble are you there???? we need you....
Thank you
  • #911
  • Feb 6, 2007 1:15pm Feb 6, 2007 1:15pm
Quoting toti1972
The adjustments are as follows:

1. Create weekly bar GBP/JPY chart.

2. Place Buy order only 21 pips from the Sunday close. Not the Friday close.

3. Place Sell order only 21 Pips from the Sunday close. Again, not the Friday close.

4. Enter 40 PIP stops with each trade.

4. Monitor market very closely becuase you will get stopped out more frequently but with smaller losses.

5. Immediately replace the trade when stopped out. Since your stop is at 40 PIPs and the reverse order are 42 PIPs apart, you will be entered into more trades automatically. The upside is that you will participate in trends earlier once they evolve.

6. Caution: This system is not for the timid and you must stick with the system.

I am currently long the GBP/JPY at 235.99 and the market has just leaped a bit higher as I am typing.

The big difference from the other weekly scalping system is as follows:

1. Do not adjust the opposite trade to the previous weeks close after the initial trade is entered.

2. Trading within a 42 PIP trading range (21 + 21 Pips) of the Sunday close, not the Friday close.

3. Enjoy earlier entry into emerging trends...

Happy Trading,

Tkimble

hi, this is post #353 after this post I and many others agreed to start trying this settings, although it was created for GBP/JPY, following this post there were several opinions that concur with the concept of 100 pips straddle can be improved for this of just 42. most of them started applying this set to GBP/USD with good results as well...from the better of my knowledge I think this is the last setting we are working. if I am wrong or skipped something else, please let me know.
Aside of this, We need to be clear that every trader must look the settings that better adjust to his/her style and with obtain the best results. but in order to code an EA my humble opinion is that this 42 straddle must be the one to be coded.But I think we need final decision from Tkimble.
Tkimble are you there???? we need you....
Thank you[/quote]

I am humbled that you think you need me for this matter but quite honestly, there is no set number for this answer. Consistent with the first part of your statement, you should set all parameters to whatever you feel most comfortable with. Because of the blended system that I am using (weekly and daily combined) my initial trades are instant and do not rely on the straddling concept. If straddles are to be set, each will vary by market becuase of differing market volatilities. For example, the straddle setting for the EUR/USD would be much tighter than the straddle setting for the GBP/JPY and GBP/CHF markets.

My recommendation is to just pick one and complete the EA. Do not misconstrue this as a TK endorsement of EAs. But, if that is what needs to be done, than this is my recommendation.

Hope this helps...

TK
  • #912
  • Feb 6, 2007 3:30pm Feb 6, 2007 3:30pm
Thanks Scott for the EA link! I've gone through the tutorial and will be working on getting everything set up.

Otherwise, I've been t/p at various levels. I think TK has hit it on the head. This system will most likely bring you entry points that will give you upwards of +50 pips, what you do with them is what suits your trading style and money management.

Thanks T.K. This is a great system even when the market isn't trending.
All hard work brings a profit, but mere talk leads only to poverty.
  • #913
  • Feb 6, 2007 3:48pm Feb 6, 2007 3:48pm
Hi TK,
Thank for your answer,
based on your post, I understand that for you, the difference between daily and weekly methods basically is that in daily you close and re-enter every day at 0000 GMT with 40 pips SL, on the other hand, in the weekly you just let it run for the entire week and closing 1/2 hour before market close on friday. the rest is the same... but for instance, at 0000 on Monday your entry settings are both the same. That is, instant entry based on previous day tendency, same price for both, no straddle and 40 pips SL and reverse order. Am I right?

Thanks

Best wishes
  • #914
  • Feb 6, 2007 5:23pm Feb 6, 2007 5:23pm
Quoting toti1972
Hi TK,
Thank for your answer,
based on your post, I understand that for you, the difference between daily and weekly methods basically is that in daily you close and re-enter every day at 0000 GMT with 40 pips SL, on the other hand, in the weekly you just let it run for the entire week and closing 1/2 hour before market close on friday. the rest is the same... but for instance, at 0000 on Monday your entry settings are both the same. That is, instant entry based on previous day tendency, same price for both, no straddle and 40 pips SL and reverse order. Am I right?

Thanks

Best wishes
Correct...
  • #915
  • Feb 6, 2007 10:23pm Feb 6, 2007 10:23pm
Quoting IgorKrug
Could somebody explain please how it is possible to use weekly and daily systems on the same pair on the same time??
Igor, maybe I don't understand you well...

You can enter as many orders for the same pair and for the same time frame as you wish. But it is clever to write into comment field something, so you know, which strategy is

Since you can enter many orders, you can test many different systems.

Mario

P.s. I'm talking about MT4 trading platform. Are you using something different?
  • #916
  • Edited 7:45am Feb 7, 2007 7:35am | Edited 7:45am
i thought the daily scalping entry was based on previous day trend, while the weekly scalping entry was based on previous week trend.
although the entry point is the same, one position might be long while the other is short.

Quoting toti1972
Hi TK,
... but for instance, at 0000 on Monday your entry settings are both the same. That is, instant entry based on previous day tendency, same price for both, no straddle and 40 pips SL and reverse order. Am I right?

Thanks

Best wishes
... and a question: i've just downloaded Straddle_Trail v5.00, watched the tutorial about EAs but i still feel a little bit lost since i'm at the very beginning with MT. could someone help me with the changes i have to make to this EA so that it will function like the original weekly scalping? if you think it's not relevant for the thread, please PM me.
thanks a lot!
Nihil Sine Deo.
  • #917
  • Feb 7, 2007 9:25am Feb 7, 2007 9:25am
Quoting Scrat
i thought the daily scalping entry was based on previous day trend, while the weekly scalping entry was based on previous week trend.
although the entry point is the same, one position might be long while the other is short.



... and a question: i've just downloaded Straddle_Trail v5.00, watched the tutorial about EAs but i still feel a little bit lost since i'm at the very beginning with MT. could someone help me with the changes i have to make to this EA so that it will function like the original weekly scalping? if you think it's not relevant for the thread, please PM me.
thanks a lot!
Yes. You are correct. Instant entry based upon previous days close. Only exception is if the three previous days have all trended in the same direction, then you reverse direction on the daily system...

Happy Trading,

TK
  • #918
  • Feb 7, 2007 10:42am Feb 7, 2007 10:42am
It looks as though this weeks GBP trend could be decided by tomorrows UK interest rate announcement - retail sales figures point to an increase where as manufacturing figures point to leaving it unchanged with the consensus appearing to be coming down in favour of one more increase which would, hopefully, produce a nice long up trend to finish the week off with
  • #919
  • Feb 7, 2007 11:01am Feb 7, 2007 11:01am
Hope UR Right Peter!!!!
  • #920
  • Feb 7, 2007 3:02pm Feb 7, 2007 3:02pm
Hello everyone,

Here is an EA that will hopefully manage Both Daily and Weekly trading.
I hade it programmed by mqlservice.com. It is brand spanking new EA so there maybe some bugs to work out.
I tried to implement several different variables so that different trading styles or ideas could be tested and traded.
This EA does not use any Break Out entries like Tkimble used in his original weekly Strategy.
This EA trades right away like the Daily system.

I named the EA “Rhythm” I figured that is what we are all trying to catch, the rhythm of the market.

Please help me to test it out
Attached File(s)
File Type: mq4 Rhythm.mq4   10 KB | 1,503 downloads
File Type: zip Rhythm Instructions.zip   5 KB | 2,254 downloads
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