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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,681
  • Jul 7, 2008 8:37pm Jul 7, 2008 8:37pm
Quoting permanentjaun
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?
I trade mostly EUR/USD and GBP/USD. If you go back to post #1637 and #1657 it kind of explains what I do when a trade is triggered and than stopped out, sort of a hedge. As far as the losing week it was last week and it was a holiday week here in the US and it seems on major holidays the price wipsaws all over the place. I think it is because many of the major (big money) players stay out of the market durning those weeks which allows many of the smaller players to whip the market around--just a theory. I know that EUR and GBP did finally pick a direction late in the week last week but I was out already for the week and out of town.
  • #1,682
  • Jul 7, 2008 8:47pm Jul 7, 2008 8:47pm
Quoting needpipsmon
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?
I to was up over a 100 pips, you might try using a trailing stop. I have been starting to use a 30 pip trailing stop once the move is at least +50pips. I was taken out today but with the trailing stop I only lost 30 of the 100 pips and still made a little on the trade.
  • #1,683
  • Jul 8, 2008 11:28am Jul 8, 2008 11:28am
so far, touched 2 times SL on EU, and UCAD hasn been executed yet...
  • #1,684
  • Jul 8, 2008 8:59pm Jul 8, 2008 8:59pm
so far 2 of 4 curriencies have hit and Im at +101
  • #1,685
  • Jul 9, 2008 6:25pm Jul 9, 2008 6:25pm
Hi,

I read a good number of pages into this thread a little while back and have been working on an EA to trade it for me. During the process it has changed a bit from the original post as I see others on this thread have done also. I would like to give tkimble credit and post my strategy and EA here to be tested since my idea really spawned from here anyways. I also don't want to take away from the intent of this thread either. I'll explain exactly what my EA does and if tkimble and/or others feel I should start a new thread then I will. Like I said it starts the same but then is different in how it goes through the week.

Rules...

Close of previous week is the starting point
EA places 3 pending long positions 50 points above
EA places 3 pending short positions 50 points below

For each of these sets of pending orders...

1st order: TP 25 / SL 50
2nd order: TP 50 / SL 50
3rd order: TP None / SL 50

Key triggers are 50, 100, 150 pips above and below previous weeks close (center point)

Long example:

Pending long positions are triggered
Pending short orders are moved up 50 pips (previous weeks close)

If the long positions hit 50 (also closing trade 1 & 2) then the 3rd order is set to break even on the stop loss and the short positions are moved up another 50 pips (now 50 above previous weeks close)

Short positions will be moved up 50 each time another 50 is gained on the long trades up to a maximum of 100 pips above last weeks close. The 3rd long trade also moves it's stop loss up by 50 pips at a time (i.e. 100+ then stop loss locks in 50 and so on).

If the long trades double back and hit the stop loss then the short trades are triggered and exactly the opposite happens.

I have ran this over the past couple weeks (paper trading) with promising results. This week is my first true run with the EA and I'm up 150 pips this week so far.

short1: +25
short2: -50
short3: -50

Long1: +25
Long2: +50
Long3: 0 (break even)

Short4: +25
Short5: +50
Short6: 0 (break even)

Long4: +25
Long5: +50
Long6: Hopefully ride the week but SL is set to break even adn is currently floating around 35 positive.

+150 pips as of Wednesday.

Does this fit with this thread or should I start a new one?
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  • #1,686
  • Jul 9, 2008 6:32pm Jul 9, 2008 6:32pm
You may want to start a new one as threads with low post counts tend to draw more attention.

This thread has seen its day when there were frequent visitors to it. With the exception of pidgeon and a handful of others, this thread is fairly dead.

As for your EA, I personally feel that it isn't very accurate to either version of the system--as I know it.

Version 1:

  1. Place a BUY and a SELL order 50 pips from the previous week's close, both trades with no TP, and a 30 pip SL.
  2. When one trade is hit, move the other trade to the previous week's close.
  3. After the 30 pip stop is hit, open the opposite order 20 pips away. (This should be the previous week's close)
  4. Once the second order for the week is placed, maintain the 50 pip channel until the buy-side or the sell-side gets a breakout, and collect the pips on friday.

Version 2:

  1. Look at the previous week. If long, enter long at the current week's open, if short, enter short at the current week's open.
  2. Stop and reverse trades using the 50 pip channel between buy-side and sell-side. Repeat as necessary.
  3. Collect the pips on Friday.

The 3 order-per-side system looks interesting, but I feel detracts from the stop-and-reverse style of this thread.

Just my thoughts.

  • #1,687
  • Jul 9, 2008 7:12pm Jul 9, 2008 7:12pm
Quoting Ronald Raygun
You may want to start a new one as threads with low post counts tend to draw more attention.

This thread has seen its day when there were frequent visitors to it. With the exception of pidgeon and a handful of others, this thread is fairly dead.

As for your EA, I personally feel that it isn't very accurate to either version of the system--as I know it.

Version 1:

  1. Place a BUY and a SELL order 50 pips from the previous week's close, both trades with no TP, and a 30 pip SL.
  2. When one trade is hit, move the other trade to the previous week's close.
  3. After the 30 pip stop is hit, open the opposite order 20 pips away. (This should be the previous week's close)
  4. Once the second order for the week is placed, maintain the 50 pip channel until the buy-side or the sell-side gets a breakout, and collect the pips on friday.

Version 2:

  1. Look at the previous week. If long, enter long at the current week's open, if short, enter short at the current week's open.
  2. Stop and reverse trades using the 50 pip channel between buy-side and sell-side. Repeat as necessary.
  3. Collect the pips on Friday.

The 3 order-per-side system looks interesting, but I feel detracts from the stop-and-reverse style of this thread.

Just my thoughts.

Thanks, for all those interested here it is...

http://www.forexfactory.com/showthread.php?t=95480

Many, many thanks to tkimble for putting the idea into my head.
  • #1,688
  • Jul 13, 2008 4:01pm Jul 13, 2008 4:01pm
Mta, I think I'll follow you to the new thread. Last week was another rough one ( typical July) for this system. We need a way to manage our trades a little more closely, and I like your ideas. So, off we go....
Disregard all prognostications.
  • #1,689
  • Jul 17, 2008 5:01am Jul 17, 2008 5:01am
why everybody moved? what is the new thread?
  • #1,690
  • Edited 7:54am Jul 18, 2008 4:57am | Edited 7:54am
Good strategy,

send me mail sanjaysingh21k at yahoo dot co dot in


Thanks
  • #1,691
  • Jul 18, 2008 6:28am Jul 18, 2008 6:28am
Quoting sanjaysingh21k
Three years before-11 march 2005-I had a house of INR 22,00,000 and bank balance of INR 30,00,000 and good business from which i was earning INR 50,000 per month.

Started Forex and Left my regular business, as i thought fx trading a money making machine .

Today 17 July2008- I am living in rented house of Inr 3500 per month,a debt of INR 30,00,000 and even not in position to take care of my family.

Reason- I adopted and tried a lot of methods, daily scalping, weekly scalping and all.

Result- yes still i love to do forex, i am looking for 5 investors of USD 4000 each, whose account i will manage and have to open their account with forex.com because i love that platefprm.

Really i have developed a good strategy, 100% mechanical and can give 20 to 60% regular return on your investment.

You can contact me at address. send me mail sanjaysingh21k at yahoo dot co dot in
I will charge only 10% of the profit.

Thanks
sanjaysingh21k,

You are a man!!!
So far this is the funniest advertising I've ever seen in my life!
At first You have nicely depicted how good You are at loosing money. And then You ask others to invest their money.

Anyway, good luck with your trading. Just be careful: it is a general knowledge that 100% mechanical systems are doomed to fail at some point. But who knows, maybe You have really found something and now You are a real money making machine
  • #1,692
  • Jul 18, 2008 8:11am Jul 18, 2008 8:11am
Quoting LTU
sanjaysingh21k,

You are a man!!!
So far this is the funniest advertising I've ever seen in my life!
At first You have nicely depicted how good You are at loosing money. And then You ask others to invest their money.

Anyway, good luck with your trading. Just be careful: it is a general knowledge that 100% mechanical systems are doomed to fail at some point. But who knows, maybe You have really found something and now You are a real money making machine
I have finished my hard earned more than USD 200 Thousand. Now i have asked only 5 investors of USD 4000 only, do you think i am joking. I have the complete six months report. I asked because i have the capicity to generate and real thing is that i need fund to be invested. I have never played with other peopls money.
  • #1,693
  • Jul 18, 2008 8:20am Jul 18, 2008 8:20am
Quoting sanjaysingh21k
I have finished my hard earned more than USD 200 Thousand. Now i have asked only 5 investors of USD 4000 only, do you think i am joking. I have the complete six months report. I asked because i have the capicity to generate and real thing is that i need fund to be invested. I have never played with other peopls money.

200 000 U.S. dollars = 8.46991064 million Indian rupees (Per google).

You once had: 52 000 000 Indian rupees = 1.222312 million U.S. dollars (Per google), with an additional income of 50 000 Indian rupees = 1 175.3 U.S. dollars a month. (per google).

As far as I'm concerned, you're still in the hole.

60% on 4,000 is 2400USD, your fee is 10% of that 2400 I assume, so 240.

240 U.S. dollars = 10 210.1591 Indian rupees

Times 5 investors: 51050.7955 Rupees/year.

That's not exactly what you used to be making...
  • #1,694
  • Jul 20, 2008 2:13am Jul 20, 2008 2:13am
hello, doest this system still good?
  • #1,695
  • Jul 21, 2008 8:45am Jul 21, 2008 8:45am
Quoting moshnjack
hello, doest this system still good?
System works only in trendy market,in swing market it makes the account in deplorable condition.
  • #1,696
  • Jul 21, 2008 9:01am Jul 21, 2008 9:01am
The basic thing in forex trading i have learnt is for an experienced trader is risk/reward ratio.

Not even a single trade should be executed when the risk reward ratio is smaller than 1/2, always fix R/R ratio for some definite trades.

Suppose if you make ten trades in a month then , fix your R/R ratio according your expertise. But in every trade it should be same.

if it is 1/3
SL 30 PIP
TP-90
you do four positive trdes with one mini lot- 90*4=360
six negative trades-30*6=180
Net gain 360-180=180

It means if you take right decision in 40% attempts and wrong in 60% of your total trades ,still you are a winner.

But one graet strategy i have developed, that gives 20%to 60% regular return on your investment,the plus point is without risk. No Graph study, no technical study,no time frame,yes currency pair is restricted.
  • #1,697
  • Jul 21, 2008 11:57am Jul 21, 2008 11:57am
i've been silent in this forum, glad i learned lots from you....tkimble
No Money, No Honey.....
  • #1,698
  • Aug 8, 2008 5:49am Aug 8, 2008 5:49am
Hi Guys

Having read and re-read this thread just wondered where the ‘veterans’ of this thread are at

(Daemien, Petersurrey, Scrat, Yezbick, Skyline, Aktur, Bullrock, toti1972, Piprage, Ryanmel, Driftwood, Hoss, Forexdude, Hondakoron, Grajo, JeremyA, MillerHighLife, Ronald Raygun, U2DaMax, BHoliday, Coolshades etc

Has the system been successful over the 18 months?
  • #1,699
  • Aug 8, 2008 7:02am Aug 8, 2008 7:02am
The system makes money, no doubt, but as with the vast majority of systems for free on FF, you need to understand where the system thrives, and to make sure that the system is in it's element. All of tKimble's systems require a highly defind trend to make money. So, avoid any pairs or other situations where it's ranging.

Weekly scalping took a moderately-sized hit. mtaboneweb seems to have come up with another solution in his weekly system.
  • #1,700
  • Aug 8, 2008 7:32am Aug 8, 2008 7:32am
Hi RR

Thanks for the advice.

I gathered that it needed decent trends and volatility.

It's difficult to read between the lines when you are picking up a cold thread...who is trading live... who is demoing... who is gaming

If you've traded through the strategy with it's emotional high's and lows you obviously get a feel for it that no amount of back testing and thread reading can achieve.

I don't know whether the strategy that you have mentioned came out of Tk's but I'll follow it through.

Thanks again

Ian
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