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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,001
  • Feb 9, 2007 6:52pm Feb 9, 2007 6:52pm
I have forward tested the original weekly system for the last two weeks and my results have netted me -40 PIPS. Although this isn't neccesarily a bad thing, it's given me alot of information about ways to improve the system, several times I was up more than 100 pips in profit, and watching those profits slip down to 30 pip losses was hardcore! and not particulary very nice. But I have pinpointed a few areas that I think could be improved.

1) Measuring Momentum of trends
2) Being aware of 50% retracements
3) Keeping the straddle, but making it less than 50 pips
4) Fibs

My biggest challenge so far has been exits. I hope to try testing a few more modifications in the coming weeks good luck for everyone else
  • #1,002
  • Feb 9, 2007 10:59pm Feb 9, 2007 10:59pm
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..
Thanks for the words but I am no hero. I have paid a very heavy price to get my trading career to where it is today. If I can prevent anybody from having to endure that experience, it is all well worth the price. There were times when I had to skip meals just to survive. Not looking for sympathy but there is nothing special about me except my desire to share from my mistakes.

I am constantly haunted by the fact that the markets are capable of bringing me to my knees in a heartbeat if I should loose my vigilance. The day that we think that we have the markets under our control will be the beginning of the end. There is always someone that is better and smarter than me in the markets and I keep that idea in the front of my mind each an every day that I trade.

The concept of "Beating" the markets is never part of my psychology, only trying to cope and survive...

Happy Trading,

TK
  • #1,003
  • Feb 10, 2007 2:43pm Feb 10, 2007 2:43pm
and you all know that, had you all found the perfect system beforehand, you would have never bothered visiting and or trying out this one! We need to remember that!

But for beginners this is by far the safest ... and I am refering to the Daily as well and modified as well! IMO only!

Many Thanks to tkimble for sharing these with us! He had no need to .... other than just the Finamcial GOODNESS of his personality and Person .... IMO ...... He has made Millions from his Methods ... and did not need to share any of them with us! What he has share with us is PRICELESS! Just the $ management alone! I appreciate those that give much more than those that take a part of the Method, and than have nothing good to say about it, or give back in return! Man am I GRATEFUL to the MAN! This has been absolutly life changing for me! The Positivity here cannot be bottled!


Whether we like the Methods .... it leaves no room for disrespect to the Author! NEVER EVER ... does tkimble deserve any disdain for sharing his methods! Let's remember that! And those of you that have a better and Perfect System at that ... good for you! One more thing be GENEROUS and SHARE it with us as tkimble has done. I am all Gratitude to ..... tkimble! Oh yeh!
  • #1,004
  • Feb 10, 2007 2:52pm Feb 10, 2007 2:52pm
I also thank all those that have presented EA's free of charge

and those that have presented their ideas of what works for them! This is very helpful for those of us that are learning the methods. I am sure tkimble is a sponge and appreciates all the input! When you give like this .... it comes back to you without fail!

A hearty thanks and Gratitude to all of you! You deserve it!
  • #1,005
  • Feb 10, 2007 4:55pm Feb 10, 2007 4:55pm
Quoting tkimble
Thanks for the words but I am no hero. I have paid a very heavy price to get my trading career to where it is today. If I can prevent anybody from having to endure that experience, it is all well worth the price. There were times when I had to skip meals just to survive. Not looking for sympathy but there is nothing special about me except my desire to share from my mistakes.

I am constantly haunted by the fact that the markets are capable of bringing me to my knees in a heartbeat if I should loose my vigilance. The day that we think that we have the markets under our control will be the beginning of the end. There is always someone that is better and smarter than me in the markets and I keep that idea in the front of my mind each an every day that I trade.

The concept of "Beating" the markets is never part of my psychology, only trying to cope and survive...

Happy Trading,

TK
Excellent comments and as Scrat also says I think many here know what the markets are capable of. You rightly say that each must adapt the system to suit their own trading style which is what I and others have done.
I think limiting losses to a specified number per week and taking profits along the way all appear sensible. If we could beat the markets all of the time we would all be millionaires by now but where's the fun in that
  • #1,006
  • Feb 10, 2007 5:29pm Feb 10, 2007 5:29pm
I see lots of excitement in these threads, and there should be with good weeks like this. This is a great system with the given market, however there are many times you would be in a loss by just as many pips. I just want to stress for beginner traders to not trade ANY system blindly. NO system is safe. MM is key in forex. This is a great system to have in your toolbox, but one tool doesn't make you a mechanic, nor does it fit every nut. Understand why this works, why it doesn't, when this works, when it doesn't. I just don't want to read about someone tripling their lot size and getting wiped out, thats all.
  • #1,007
  • Feb 11, 2007 2:04am Feb 11, 2007 2:04am
Hi TK

A BIG Thank you for your system and amazed at your Selflessness.

I have gone through the entire thread of 1200+ replies in WEEKLY and Daily systems. I have one clarification on "Stop and Reverse" on WEEKLY if you can help me with:

GBP/USD
Daily
- Use 40 pip Stop and Reverse
Weekly
-NO STRADDLE. Use Daily method for entry and use 40 Pip Stop.

?. In the Original Weekly system 'Stop' was 30. Do you recommend 40?
Also, Do you use the '40 pip Daily Stop and Reverse' for Weekly too?

GBP/JPY
Daily
-Use 50 pip stop (Stop and Reverse)
Weekly
-It was 21 pip STRADDLE on SUNDAY's close

?. Do you recommend 50 pip 'Stop and Reverse' for Weekly too?

This will help me define and freeze the rules.

Again, appreciate your time and help!

PS: I also posted the same in your Daily system too.
  • #1,008
  • Edited 12:04pm Feb 11, 2007 5:24am | Edited 12:04pm
i believe he is using 40 PIPs SL on g-u for both systems, daily and weekly. about g-j, you really have to see what's going on with the market but i think 50 PIPs should be enough for most cases. you'll see what i'm talking about when you start watching/trading.

Quoting rishi
?. In the Original Weekly system 'Stop' was 30. Do you recommend 40?
Also, Do you use the '40 pip Daily Stop and Reverse' for Weekly too?


?. Do you recommend 50 pip 'Stop and Reverse' for Weekly too?
Nihil Sine Deo.
  • #1,009
  • Feb 11, 2007 2:48pm Feb 11, 2007 2:48pm
those who are on oanda, how do you trade these systems? i am yet to understand when the oanda candles open/close !
  • #1,010
  • Feb 11, 2007 4:25pm Feb 11, 2007 4:25pm
Good week to all!! If everyone setup their trades already, using the daily entry you would have +80pips or if you use the straddle, you would be up +40....happy trading!!

update** Lot one closed out with +50pips and lot 2 sl moved to b/e gbp/jpy btw...
CRAIGSLIST BARTERING CHAMPION
  • #1,011
  • Feb 11, 2007 7:30pm Feb 11, 2007 7:30pm
Quoting hondakorn
Good week to all!! If everyone setup their trades already, using the daily entry you would have +80pips or if you use the straddle, you would be up +40....happy trading!!

update** Lot one closed out with +50pips and lot 2 sl moved to b/e gbp/jpy btw...
Excellent Trading...

TK
  • #1,012
  • Feb 11, 2007 7:36pm Feb 11, 2007 7:36pm
Quoting rishi
Hi TK

A BIG Thank you for your system and amazed at your Selflessness.

I have gone through the entire thread of 1200+ replies in WEEKLY and Daily systems. I have one clarification on "Stop and Reverse" on WEEKLY if you can help me with:

GBP/USD
Daily
- Use 40 pip Stop and Reverse
Weekly
-NO STRADDLE. Use Daily method for entry and use 40 Pip Stop.

?. In the Original Weekly system 'Stop' was 30. Do you recommend 40?
Also, Do you use the '40 pip Daily Stop and Reverse' for Weekly too?

GBP/JPY
Daily
-Use 50 pip stop (Stop and Reverse)
Weekly
-It was 21 pip STRADDLE on SUNDAY's close

?. Do you recommend 50 pip 'Stop and Reverse' for Weekly too?

This will help me define and freeze the rules.

Again, appreciate your time and help!

PS: I also posted the same in your Daily system too.
GBP/USD

Expanded stop to 30 PIPs. Always use 40 PIP SAR...

JPY/USD

Currently experimenting with weekly system "instant entry". Is working very well. With recent changes that I have suggested, basically the weekly and daily system are identical with the exception of the charts. The daily chart is more profitable.

I am currently trading daily and weekly in tandem which allows me to hedge the weekly with the daily price action.

Happy trading,

TK
  • #1,013
  • Feb 11, 2007 7:38pm Feb 11, 2007 7:38pm
Quoting hondakorn
Good week to all!! If everyone setup their trades already, using the daily entry you would have +80pips or if you use the straddle, you would be up +40....happy trading!!

update** Lot one closed out with +50pips and lot 2 sl moved to b/e gbp/jpy btw...
Why are you trading when spreads are nuts??? That move happened at 1PM PST, which means the market was barely open and spreads were wide.
Mr. Trend
  • #1,014
  • Feb 11, 2007 7:53pm Feb 11, 2007 7:53pm
According to my daily charts (Dealbook), Friday was a down day for the GBPJPY, so wouldn't I have a sell order in place at the market open today? Would have been stopped and reversed - with still a nice profit.
  • #1,015
  • Feb 11, 2007 9:19pm Feb 11, 2007 9:19pm
Quoting Mr Trend
Why are you trading when spreads are nuts??? That move happened at 1PM PST, which means the market was barely open and spreads were wide.
Spreads dont change for fxsol ;-)
CRAIGSLIST BARTERING CHAMPION
  • #1,016
  • Feb 12, 2007 4:45am Feb 12, 2007 4:45am
Trading 2 lots using the original tk 50 pip Friday close straddle on the 60M GBP I have one 40SL and one TP50 so far, total -30, 1 lot left in play on this downtrend SL set to b/e 50....
  • #1,017
  • Feb 12, 2007 4:48am Feb 12, 2007 4:48am
Quoting ksucatfan
According to my daily charts (Dealbook), Friday was a down day for the GBPJPY, so wouldn't I have a sell order in place at the market open today? Would have been stopped and reversed - with still a nice profit.
I used the Rythm EA ( note daily thread) on my FXDD platform set to default entry, 100 TP and 50 SL and found 100 pips on my platform this morning.. it assumed that Friday was an upday ..fortunately...
  • #1,018
  • Feb 12, 2007 6:41am Feb 12, 2007 6:41am
Quoting petersurrey
I used the Rythm EA ( note daily thread) on my FXDD platform set to default entry, 100 TP and 50 SL and found 100 pips on my platform this morning.. it assumed that Friday was an upday ..fortunately...

Friday was in fact an up day, green candle.
Regards
  • #1,019
  • Feb 12, 2007 7:23am Feb 12, 2007 7:23am
For those of you that are taking profits along the way, what are you doing once you take your profits? Are you waiting for the pair to move back within the channel and replace the starddle? Any help on this would be much appreciated.

Thanks...

Marc
  • #1,020
  • Feb 12, 2007 7:37am Feb 12, 2007 7:37am
Quoting marcf
For those of you that are taking profits along the way, what are you doing once you take your profits? Are you waiting for the pair to move back within the channel and replace the starddle? Any help on this would be much appreciated.

Thanks...

Marc
Very good point - I am using a 50TP for the first lot and settting the second lot to SL b/e, which unfortunately is also the next long entry point for me, so I have set the b/e to one pip less than the next long entry point which has now moved to to Fridays close.

To summarise, so far this week we have had a long entry @ 9542 approx., short entry @ 9492 (Fridays close) with the next long entry being 9492.

Prices Oanda.
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