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Part Time Wealth Building Trading System - Weekly Scalping

  • #981
  • Feb 8, 2007 10:05pm Feb 8, 2007 10:05pm
Quoting nitro4x
StrawStock-

Thanks for posting your EA. I want to set up my testing using the 2 lot variation of TK’s daily…would you be able to verify that I have my settings correctly defined?

DAILY SYSTEM
Goal: 40 PIP SAR, Rhythm opens position based off yesterday’s trend, trade two lots (so 2 EA’s w/different magic numbers).

EA #1 - Goal is to hit 50 pip T/L or stop out at -40 and enter reverse.
Overrule Direction =True
Direction Long = False
EntryTime Hour = 00:00
ExitTime Hour= 23:00
Max Trades = 0
TrailStop Once = false
Trailing Stop = false
Stoploss: = 40
ProfitTarget: = 50
MagicNumber = XXXX

EA#2 = Goal is to allow position to run, but change S/L to break even once it’s +50
Overrule Direction =True
Direction Long = False
EntryTime Hour = 00:00
ExitTime Hour= 23:00
Max Trades = 0
TrailStop Once = false
Trailing Stop = true
Stoploss: = 40
ProfitTarget: = 50
MagicNumber = Not XXXX
Hope you know False is “Short”
EA #1 should be OK
EA #2 you would need to change stoploss to 50 and set Trailstop Once = “True” and a larger TP or no TP you can not B/E to let run and TP at same +50. Remember (TrailStop Once, Trailing Stop) all move at the amount you set the regular “Stop” at.
  • #982
  • Feb 8, 2007 10:27pm Feb 8, 2007 10:27pm
Quoting mikeh3855
StrawStock,

Or anybody, please help,

I have the EA running. The trades did not close out at 2300 as expected and a new one begun at 00:00 as expected. Any ideas? I have the Entry Time Hour set at 0 and the Exit Time Hour set at 23. Then I tried to input 00:00 and 23:00 but that didn't work.
Its 0 ,1, 2, 3 thru 23 ect, I am still testing EA but all my Time exits worked today (FXDD) I had 1# at 16 and 2# at 17
  • #983
  • Feb 8, 2007 10:56pm Feb 8, 2007 10:56pm
Hello everyone,

I am new to this thread and have read some of it through, but I noticed there might be an EA to this manusl system???

If there is an EA can someone post it please!!!!!

And yes I will read the entire thread shortly.......

thanks all
"We are the superior beings, we obey no one!"
  • #984
  • Feb 9, 2007 1:41am Feb 9, 2007 1:41am
The downward forces seem to be with us again today re. the GBP - have locked in 50 pips @ 9561 SL and hopefully this will continue to fall...great week overall for this tk system..
  • #985
  • Feb 9, 2007 5:55am Feb 9, 2007 5:55am
Thanks StrawStock,
I've reset it. I'll have to see how it goes next week. I'm happy to say that the EA worked perfectly overnight for me for as I woke up this morning the trade it triggered had closed out at +100. So the closing as to time was not tested today, but I'll take the 100. Thank again for the EA.

TKimble thank you so much for this great system.
  • #986
  • Feb 9, 2007 7:46am Feb 9, 2007 7:46am
Could someone please explain to me exactly how the SAR would work for the two TK methods (Daily and Weekly)?

For example, if I'm trading with a 50 pip SAR, does this mean that say after 50 pips profit (or loss??) , I automatically close out the trade by taking a profit or loss (whatever the case may be) and place an immediate reversal order in the other direction regardless of what the pair is doing?

Any clarification would be aprreciated. I know what SAR means, but I'm just a little confused on the exact mechanics. If someone could break it down nice and simple I would be grateful. Thanks.
  • #987
  • Feb 9, 2007 8:11am Feb 9, 2007 8:11am
Quoting grajo
Could someone please explain to me exactly how the SAR would work for the two TK methods (Daily and Weekly)?

For example, if I'm trading with a 50 pip SAR, does this mean that say after 50 pips profit (or loss??) , I automatically close out the trade by taking a profit or loss (whatever the case may be) and place an immediate reversal order in the other direction regardless of what the pair is doing?

Any clarification would be aprreciated. I know what SAR means, but I'm just a little confused on the exact mechanics. If someone could break it down nice and simple I would be grateful. Thanks.

In the case of your 50 point SAR you would have a Stop Loss of 50 points less than your start point. This does not include profit.

Example yesterdays close:

GBPJPY: Sell position taken @ 237.22 you would have a SL of 237.72 and a (Reverse) Buy Stop order @ 237.72 with SL of 237.22

There is no TP in the basic tkimble system only stops and reverses (SAR)

hope this helps.

yezbick
  • #988
  • Feb 9, 2007 8:27am Feb 9, 2007 8:27am
Quoting yezbick
In the case of your 50 point SAR you would have a Stop Loss of 50 points less than your start point. This does not include profit.

Example yesterdays close:

GBPJPY: Sell position taken @ 237.22 you would have a SL of 237.72 and a Buy Stop order @ 237.72 with SL of 237.22

There is no TP in the basic tkimble system only stops and reverses (SAR)

hope this helps.

yezbick


Thank you Yez,

So SAR always refers to Stop "LOSS", which I guess is where I was confused.

Originally, that's what I thought it meant, but after reading a lot of posts from people here who have modified TK's Weekly and Daily strategies, by using multiple lots and TP's along the way and also referring to SAR from time to time, I guess I was starting to get things mixed up.

Thank you.
  • #989
  • Feb 9, 2007 8:30am Feb 9, 2007 8:30am
Quoting grajo
Thank you Yez,

So SAR always refers to Stop "LOSS", which I guess is where I was confused.

Originally, that's what I thought it meant, but after reading a lot of posts from people here who have modified TK's Weekly and Daily strategies, by using multiple lots and TP's along the way and also referring to SAR from time to time, I guess I was starting to get things mixed up.

Thank you.
Correct the Stop Loss point is also the point of reverse in direction so there is no loss in momentum.

glad to help.
  • #990
  • Feb 9, 2007 8:45am Feb 9, 2007 8:45am
As mentioned earlier, if you are on a non-hedging website like "O", then your stop loss and new order can be the same thing with one more lot/s. It would be double what your original order would be.
Life is too short to have anything but delusional notions about yourself.
  • #991
  • Feb 9, 2007 12:18pm Feb 9, 2007 12:18pm
Quoting lastchance
I have traded this method with some variations as some on this thread have with excellent results.I have adapted it to the times I can trade with a full time job and very limited access to a computer at work. I am currently out of the market as I write and will not put another trade on this week because I will not be able to monitor it at all tomorrow. But even with last weeks tough market conditions I managed to take 140 pips profit trading the G/J and G/U. This week which has ended for me I have taken a total of 435 pips profit on G/Y and 188 pips on G/U. I am convinced that this method can take me to the next level eventually which is fulltime trading as long as discipline, proper money management, and discretion are involved. Thanks again TK
This is an excellent post and reaffirms my convictions that both the daily and weekly system can change peoples lifes.

Excellent, Excellent, Excellent...

TK
  • #992
  • Feb 9, 2007 12:33pm Feb 9, 2007 12:33pm
This has been the best week for my version of the system! +300pips for the week with 2lots each trade tp at 50 and 100.....Props to you Mr. Tkimble!!!! Could have easily been 400 pips...
CRAIGSLIST BARTERING CHAMPION
  • #993
  • Feb 9, 2007 12:42pm Feb 9, 2007 12:42pm
Quoting tkimble
This is an excellent post and reaffirms my convictions that both the daily and weekly system can change peoples lifes.

Excellent, Excellent, Excellent...

TK
What I find amazing is that such a simple system(s) should prove so effective. I have, like many others I guess, been trawling the forums for years, trialing many many systems all to no avail. What I think makes this system so tradable are the longer time frame - perfect for newbies allowing plenty of time to see what's happening and react - and the very simple rules.

I have 250 pips for the 2 lot GBP tk weekly -I would happy to have that for the month!

Thanks to tk (our new hero ) and all the others for constructive comments along the way..
  • #994
  • Edited 12:55pm Feb 9, 2007 12:43pm | Edited 12:55pm
Not to burst any bubbles here, but let's be realistic:

I haven't seen any good backtesting of this strategy. Nor forward testing. So how do most of you know what it's going to be like when you run into whipsaw city and have 600 pip drawdown weeks?

After reviewing the weekly strategy as it stands now, there are going to be A LOT of weeks where you're gonna get hammered with reversals. A 200-500 pip week in the red is not going to be uncommon with this system. And I SERIOUSLY doubt there's too many people on this forum that can handle a 500 pip drawdown (I'd bet there's probably only a handful on FF that can) without changing systems.

Weekly strategies (of which there is a lot) are all fine and dandy when you do 600 pip weeks. But let me know how you feel when GBPJPY does it's usual spinning top week and you're getting killed.

Not trying to be a hater, but it just amazes me how many newbies go on and on and treat a new system like it's about to have their baby, and they have no clue what's going to happen to them mentally and the kind of mental discipline it will take to stick with this kind of system.

One other point -- can you handle it when you give all your profits back and for the week you only make 10 pips? I bet hardly no one here can do that.

All I'm saying is -- Know Thyself!
Mr. Trend
  • #995
  • Edited 1:14pm Feb 9, 2007 1:02pm | Edited 1:14pm
Quoting Mr Trend
Not to burst any bubbles here, but let's be realistic:

I haven't seen any good backtesting of this strategy. Nor forward testing. So how do most of you know what it's going to be like when you run into whipsaw city and have 600 pip drawdown weeks?

After reviewing the weekly strategy as it stands now, there are going to be A LOT of weeks where you're gonna get hammered with reversals. A 200-500 pip week in the red is not going to be uncommon with this system. And I SERIOUSLY doubt there's too many people on this forum that can handle a 500 pip drawdown (I'd bet there's probably only a handful on FF that can) without changing systems.

Weekly strategies (of which there is a lot) are all fine and dandy when you do 600 pip weeks. But let me know how you feel when GBPJPY does it's usual spinning top week and you're getting killed.

Not trying to be a hater, but it just amazes me how many newbies go on and on and treat a new system like it's about to have their baby, and they have no clue what's going to happen to them mentally and the kind of mental discipline it will take to stick with this kind of system.

One other point -- can you handle it when you give all your profits back and for the week you only make 10 pips? I bet hardly no one here can do that.

All I'm saying is -- Know Thyself!
That might be true if you trade the original system, but a few of us are trading this method modified to profit no matter which way price goes;

** I get what your saying....im a little slow rofl
CRAIGSLIST BARTERING CHAMPION
  • #996
  • Feb 9, 2007 1:38pm Feb 9, 2007 1:38pm
Quoting Mr Trend
Not to burst any bubbles here, but let's be realistic:

I haven't seen any good backtesting of this strategy. Nor forward testing. So how do most of you know what it's going to be like when you run into whipsaw city and have 600 pip drawdown weeks?

After reviewing the weekly strategy as it stands now, there are going to be A LOT of weeks where you're gonna get hammered with reversals. A 200-500 pip week in the red is not going to be uncommon with this system. And I SERIOUSLY doubt there's too many people on this forum that can handle a 500 pip drawdown (I'd bet there's probably only a handful on FF that can) without changing systems.

Weekly strategies (of which there is a lot) are all fine and dandy when you do 600 pip weeks. But let me know how you feel when GBPJPY does it's usual spinning top week and you're getting killed.

Not trying to be a hater, but it just amazes me how many newbies go on and on and treat a new system like it's about to have their baby, and they have no clue what's going to happen to them mentally and the kind of mental discipline it will take to stick with this kind of system.

One other point -- can you handle it when you give all your profits back and for the week you only make 10 pips? I bet hardly no one here can do that.

All I'm saying is -- Know Thyself!
Excellent point. There will be weeks after which traders trading this system will wish they were never born. But, given the early success of these traders together with my unpublished extended sucess, I cannot help but to be happy for these traders.

Again, excellent point. There will be unprofitable weeks to come...

TK
  • #997
  • Feb 9, 2007 1:47pm Feb 9, 2007 1:47pm
Quoting petersurrey
What I find amazing is that such a simple system(s) should prove so effective. I have, like many others I guess, been trawling the forums for years, trialing many many systems all to no avail. What I think makes this system so tradable are the longer time frame - perfect for newbies allowing plenty of time to see what's happening and react - and the very simple rules.

I have 250 pips for the 2 lot GBP tk weekly -I would happy to have that for the month!

Thanks to tk (our new hero ) and all the others for constructive comments along the way..
You should also review the daily system which is more profitable than the weekly system. Is basically the same thing with a couple of different twists but is normally more profitable...

Daily system link>>>> http://www.forexfactory.com/showthread.php?t=13507

TJK
  • #998
  • Feb 9, 2007 1:55pm Feb 9, 2007 1:55pm
Quoting tkimble
You should also review the daily system which is more profitable than the weekly system. Is basically the same thing with a couple of different twists but is normally more profitable...

Daily system link>>>> http://www.forexfactory.com/showthread.php?t=13507

TJK
Now... when it comes to the daily, it's much easier to handle drawdown-wise.

I'm looking for a ranging strategy to compliment my longer term strategies. This might be the ticket. It did 160 pips this week.

Not convincing for me yet, but the idea is sound as long as you are using volatile pairs. I won't be truly comfortable until I see a good two months of foward testing.

Furthermore, if a person wants to trade the daily, they really need to automate it. Most of us sleep during London, and only getting four hours of sleep to make sure that those limit orders (should they get triggered) are setup for the next possible whipsaw is rather hard to do day in and day out.

And you do need to automate it, because you need to take every trade.
Mr. Trend
  • #999
  • Feb 9, 2007 2:34pm Feb 9, 2007 2:34pm
I just got out of the GBP weekly with +46 pips for the week. I had 2 stop outs. Not bad. I am using the original rules by the way. It works better for me. I'm not worried about bad weeks as Mr. Trend suggested. I know they come. Discipline and money mgt will overcome.
Life is too short to have anything but delusional notions about yourself.
  • #1,000
  • Feb 9, 2007 3:09pm Feb 9, 2007 3:09pm
Nice to see your posts here, Mr Trend...
You are totally right. If we use the original systems there will be times with a lot of drawdown. I think most of us are aware of that, at least I am.
I actually thought that the weekly system was more profitable than the daily one (for the long term)... I did a manual backtest for the last 6 months, on both GBP / USD and GBP / JPY, for every strategy. I know it's not much, and I plan to extend it to the whole year as soon as I have more time. GBP / JPY was way less profitable and I trade it with caution, it's more volatile and it generates a lot of whipsaws.
Because of what I've seen on the backtest, I decided that I always will take a profit at some point and always look at the indicators. I know that I might miss some big chuncks but I'd rather have some small PIPS in my account than some big PIPS down the drain. I actually did pretty well last week when it was a nightmare for those using the original method.
But the point is, always be prepared for a loss. I think forex is all about risk management, the very first moment you don't think about it is when you get hit real hard; I know it because it happened to me.
Have a nice weekend everyone!

Quoting Mr Trend
Now... when it comes to the daily, it's much easier to handle drawdown-wise.

I'm looking for a ranging strategy to compliment my longer term strategies. This might be the ticket. It did 160 pips this week.

Not convincing for me yet, but the idea is sound as long as you are using volatile pairs. I won't be truly comfortable until I see a good two months of foward testing.

Furthermore, if a person wants to trade the daily, they really need to automate it. Most of us sleep during London, and only getting four hours of sleep to make sure that those limit orders (should they get triggered) are setup for the next possible whipsaw is rather hard to do day in and day out.

And you do need to automate it, because you need to take every trade.
Nihil Sine Deo.
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