Part Time Wealth Building Trading System - Weekly Scalping

Quoting StrawStock

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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

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Quoting StrawStock

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Sorry, No i did not include Tkimbles MM into the EA. I wanted to keep
the EA as simple as possible. I figure it would be very easy to keep up with
this on your own. I feel the more an EA has to managed the more things
can go wrong.

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Quoting tkimble

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I do not discuss my performance. I trade the GBP/USD exclusively although this system will work on any pair after appropriate adjustments are made for selected pair volatility. For example, with lower volatility markets, the 50 +/- PIPS would be reduced to maybe 40 or 30 +/- PIPS for trade entry.

There has been extensive discussion about the stops. I only place one 30 PIP stop for each trade. I do not use trailing or "stepped" stops. Again, I like to keep it simple. My average performance using trailing stops has always been worse that using a fixed stop.

Happy Trading,

Tkimble

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Quoting Deanith

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Hi Tkimble!
My question is if you do NOT use trailing stops and you do NOT use price targets, how do you know when to exit your trade for profit??

Deanith

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Quoting Daemien

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Hi Deanith,

If you read even the first page or two of the thread, this will all be clear!!

Hope you don't mind me replying tkimble

D.

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Quoting Deanith

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I did. Numerous times. Must have missed something.
Enlighten me.

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Quoting petersurrey

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Deanith -all trades are exited at the end of the week -i.e. Friday close or near to -apart from those who trading multi-lots and taking partial profits along the way, or have made other adaptions to suit their particular trading style..

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Quoting Deanith

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Thanks for a staight answer.

I know about the end of the week exit. What I was wondering about is if the trade turns around sometime before weeks end.

How would I be able to preserve any profit made if I am not using trailing stops or price targets just in case the trade changes direction/

Sure, I can hope that the trade will move far enough in the other direction but in the meantime I will lose any profits made from the previous opposite move.

Do I just let it stop out and then let it enterin the other direction at the previous weeks close and hope the price moves far enough to make up for the loss from the previous trade in the opposite direction?
(Since I am NOT using trailing stops or price targets)

If I do this I will lose any profit made on the other direction due to not moving my stop or placing a target limit.

My question is how do I prevent losing on what would be an already profitable trade IF the trade changes direction DURING the week if I am NOT to use trailing stops or Price targets?

Thanks for your help.

Deanith

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Quoting Deanith

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Thanks for a staight answer.

I know about the end of the week exit. What I was wondering about is if the trade turns around sometime before weeks end.

How would I be able to preserve any profit made if I am not using trailing stops or price targets just in case the trade changes direction/

Sure, I can hope that the trade will move far enough in the other direction but in the meantime I will lose any profits made from the previous opposite move.

Do I just let it stop out and then let it enterin the other direction at the previous weeks close and hope the price moves far enough to make up for the loss from the previous trade in the opposite direction?
(Since I am NOT using trailing stops or price targets)

If I do this I will lose any profit made on the other direction due to not moving my stop or placing a target limit.

My question is how do I prevent losing on what would be an already profitable trade IF the trade changes direction DURING the week if I am NOT to use trailing stops or Price targets?

Thanks for your help.

Deanith

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Quoting luxinterior

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Take a look at this post http://www.forexfactory.com/showpost...&postcount=520 and also try using the 'search thread' tool. This is a 'system' and as such it will have it's pros and cons. Sounds like you're looking for a 'catch all system'...do a search for 'holy grail' and have fun reading the results.

Lux

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Quoting petersurrey

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Deanith there are many ways you can trade the basic tk version of the system. tk states that you should allow the trades to run their full course which will involve losing out on some profitable open postions using rigid stops as specified. The whole point of this system is to give it enough felxibility, by avoiding the overuse of tight stops, and trailing stops to capture the main weekly move.

I am using a double lot entry which aims to combine the best of both worlds by taking out one when a postion gets to, say, 50 pips profit, and leaving the rest to run as per tk system.

As in my own case it is very tempting to tweak the original system around but you have to be prepared for different results to tk if you do this..may be better or worse...

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Quoting hondakorn

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awesome week for the system! +200 pips for me! Hope everyone has similar results

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Quoting ForexDude2

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Doing the Yen as well? I'm at 75 closed plus 70 open...

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