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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,121
  • Feb 19, 2007 8:40am Feb 19, 2007 8:40am
For those that have altered the system to take profits at 50/100 or whatever level you are choosing, is anyone taking early profits on short today due to the closed US session? Just curious on how you guys might handle this. Just let it ride into Asia?

Thanks.
  • #1,122
  • Feb 19, 2007 10:26am Feb 19, 2007 10:26am
Those using the TP levels may find this expert useful -taken from the 'Manage Take Profit' thread -extremely useful trade managment tool...
Attached File(s)
File Type: mq4 ManageTPv2-4.mq4   6 KB | 695 downloads
  • #1,123
  • Feb 19, 2007 12:54pm Feb 19, 2007 12:54pm
Last week and this week I got hammered w/ TK's weekly sys.

Last week both stops taken out by tue. this week both stops taken out overnight sun.-mon. I get into the trade on sundy quickly after market open.
Should iI wait till Monday?

Anyone else doing this poorly??

Deanith
  • #1,124
  • Feb 19, 2007 1:30pm Feb 19, 2007 1:30pm
Quoting Deanith
Last week and this week I got hammered w/ TK's weekly sys.

Last week both stops taken out by tue. this week both stops taken out overnight sun.-mon. I get into the trade on sundy quickly after market open.
Should iI wait till Monday?

Anyone else doing this poorly??

Deanith
Last week was bad for me also....ur not alone....one of the things that messed me up was not setting the opposite trade instantly. If I did that then I could have broke even on damn near all my stop outs.
CRAIGSLIST BARTERING CHAMPION
  • #1,125
  • Feb 19, 2007 5:35pm Feb 19, 2007 5:35pm
I have been following this thread for the last few days and I was wondering:
How are you doing with it?
Kemst
  • #1,126
  • Feb 19, 2007 5:39pm Feb 19, 2007 5:39pm
Quoting hondakorn
Last week was bad for me also....ur not alone....one of the things that messed me up was not setting the opposite trade instantly. If I did that then I could have broke even on damn near all my stop outs.
Hey everybody, I'm new here and hondaforn it seems like you have using this mehtod for a while and I wondering how you are doing with it. I look forward to your response.
Thanks

kemtone
  • #1,127
  • Feb 19, 2007 5:43pm Feb 19, 2007 5:43pm
Quoting kemtone
Hey everybody, I'm new here and hondakorn it seems like you have using this mehtod for a while and I was wondering how you are doing with it. I look forward to your response.
Thanks

kemtone
hondakorn sorry for the spelling
  • #1,128
  • Feb 19, 2007 8:54pm Feb 19, 2007 8:54pm
Quoting tkimble
OK. I have decided to start a new thread and preview a weekly system that I use which has proven to be more profitable than the trending system. There are many similar systems at this website but I strive for simplicity. The system is again very simple.

Create a weekly chart. Place trades 50 PIPS above or below the close for the previous week. Use 30 PIP trailing stops. No profit targets. Let the trade run for the entire week and close during the final 30 minutes of the market for the week. The great feature of this system is that more often than not the weekly trend will establish itself and stay in tact from the Monday or Tuesday of the trading session for that week.

GBP/USD Example:

Previous weekly close: 1.9597
Buy: 1.9647
Sell: 1.9547

The following rule is a bit different than most trading systems of this style:

If the "Buy" is executed, move the sell up to the previous weeks close (1.9597 in this case)

If the "Sell" is executed, move the buy down to the previous weeks close (in this case likewise 1.9597)

These two rules permit a more robust and agressive entry after losing trades.

Recommend volatile markets (USD/CHF, GPB/USD, etc.)

Here is the current trade that I am in using the GPB/USD:

Short 1.9597 after a 30 PIP loss on the "Buy" trade.

Use 30 PIP stops.

This system averages approximately 150 pips per week in the GBP/USD market without any intervention. I am a big believer that most people over trade the market. This system will minimize your trades by its very nature.

Happy Trading.

Tkimble
I really appreciate this system. I traded in my demo account for the last two weeks and was very pleased with the results. Thank you very much for sharing so generously.

In trading this week, begining 02/18/07, I noticed something which caused me some problems (I think). I would appreciate you help on this.

This is what happened on GBP/USD: I added or subtracted the 4 pip spread.

My buy order was triggered at 19555 (close was 1.9505)
I was stopped out at 19521
My sell order was triggered at 19505 (close)
Stopped out at 19531

My sell order was triggered at 19455
I was stopped out at 19489
My buy was triggered at 19505 (close)
I was stopped out at 19471

If I did this correctly, you will notice that the buy and sell orders are triggered with the same price.

I trade with FXDD and my software is Premieretrade.

Please comment.

P.S. I had the same thing happen with the GBP/JPY.

Many thanks,
NewbeeMary
  • #1,129
  • Feb 20, 2007 7:24am Feb 20, 2007 7:24am
Quoting NewbeeMary
I really appreciate this system. I traded in my demo account for the last two weeks and was very pleased with the results. Thank you very much for sharing so generously.



My buy order was triggered at 19555 (close was 1.9505)
I was stopped out at 19521
My sell order was triggered at 19505 (close)
Stopped out at 19531

My sell order was triggered at 19455
I was stopped out at 19489
My buy was triggered at 19505 (close)
I was stopped out at 19471

If I did this correctly, you will notice that the buy and sell orders are triggered with the same price.


Many thanks,
NewbeeMary
Hi
i traded this for the first time and had the same results with IBFX. i've been stopped out 5 times (just got stopped out AGAIN!).

i would love to know if people have modified this method to prevent this whipsawing we're experiencing.
  • #1,130
  • Feb 20, 2007 7:28am Feb 20, 2007 7:28am
Quoting pipette4x
Hi
i traded this for the first time and had the same results with IBFX. i've been stopped out 5 times (just got stopped out AGAIN!).

i would love to know if people have modified this method to prevent this whipsawing we're experiencing.
Just to summarize my entries, my opening price was 9501
i went long at 9551 got stopped at 9521
i went short at 9501 (moved entries up after long triggered) stopped out at 9531
i went short again at 9501 got stopped at 9531
i went long at 9551 got stopped at 9521
i went short at 9501 got stopped at 9531

now i have 2 entry orders in. long at 9551 and short at 9501.

i believe i followed the rules as outlined. i would appreciate any feedback
  • #1,131
  • Feb 20, 2007 7:31am Feb 20, 2007 7:31am
Quoting NewbeeMary
I really appreciate this system. I traded in my demo account for the last two weeks and was very pleased with the results. Thank you very much for sharing so generously.

In trading this week, begining 02/18/07, I noticed something which caused me some problems (I think). I would appreciate you help on this.

This is what happened on GBP/USD: I added or subtracted the 4 pip spread.

My buy order was triggered at 19555 (close was 1.9505)
I was stopped out at 19521
My sell order was triggered at 19505 (close)
Stopped out at 19531

My sell order was triggered at 19455
I was stopped out at 19489
My buy was triggered at 19505 (close)
I was stopped out at 19471

If I did this correctly, you will notice that the buy and sell orders are triggered with the same price.

I trade with FXDD and my software is Premieretrade.

Please comment.

P.S. I had the same thing happen with the GBP/JPY.

Many thanks,
NewbeeMary
Welcome Mary-

I don't believe you did this correctly. How did you get a sell order triggered at 9455? Initially, the buy was hit first, which means the sell order moves to the previous close, which you indicated was 9505. That means that your sell order will always be at 9505 and your buy will be at 9555. This should not change throughout the week, at least according to the system.

-G550
  • #1,132
  • Feb 20, 2007 8:16am Feb 20, 2007 8:16am
If you haven't already...i would advise you to check out tkimbles Daily scalping thread...i believe that is where most people are focusing their attention because it seems to be more profitable...

And i belive the rules for the weekly have been modified to reflect some of the modifications of the Daily scalping style...

Hope this helps...
  • #1,133
  • Feb 20, 2007 8:31am Feb 20, 2007 8:31am
Quoting bholiday
If you haven't already...i would advise you to check out tkimbles Daily scalping thread...i believe that is where most people are focusing their attention because it seems to be more profitable...

And i belive the rules for the weekly have been modified to reflect some of the modifications of the Daily scalping style...

Hope this helps...
i've been checking that one out too. i tried the daily last night and got stopped out twice. seems to be a choppy market
  • #1,134
  • Feb 20, 2007 8:52am Feb 20, 2007 8:52am
Quoting bholiday
If you haven't already...i would advise you to check out tkimbles Daily scalping thread...i believe that is where most people are focusing their attention because it seems to be more profitable...

And i belive the rules for the weekly have been modified to reflect some of the modifications of the Daily scalping style...

Hope this helps...
Todays results on the daily for the GBPJPY is up 148 pips for the day at this time. I show the GBPUSD up 27 pips at this time.

Daily is more profitable with manual backtesting over the last 28 weeks here are my findings for average weekly pips earned.

GBPUSD W1 = 80
GBPUSD D1 = 124

GBPJPY W1 = 101
GBPJPY D1 = 177


Daily has almost doubled the total weekly pips

Total pips for the last 28 weeks are as follows

GBPUSD W1 = 2,249
GBPUSD D1 = 3,458

GBPJPY W1 = 2,819
GBPJPY D1 = 4,949


Daily responds quicker to market correction and has less negatives showing a lot stronger return.

Hope this helps.

I'm in love with the daily.

Thanks again tkimble.

yezbick
  • #1,135
  • Feb 20, 2007 9:17am Feb 20, 2007 9:17am
Thanks for the confirmation...looks like i should be focusing on pound yen like tk has been doing....
  • #1,136
  • Feb 20, 2007 9:24am Feb 20, 2007 9:24am
it is choppy for g-u, probably because of tomorrow's announcements. but if you look at g-y, you'd see that with daily scalping you would have made about 130-140 pips for today. which for me would be enough for the week...

Quoting pipette4x
i've been checking that one out too. i tried the daily last night and got stopped out twice. seems to be a choppy market
Nihil Sine Deo.
  • #1,137
  • Feb 20, 2007 10:26am Feb 20, 2007 10:26am
Quoting kemtone
Hey everybody, I'm new here and hondaforn it seems like you have using this mehtod for a while and I wondering how you are doing with it. I look forward to your response.
Thanks

kemtone
The first three weeks were awesome! but these past two weeks have whipped the sh!t out of me....I might be going to the daily entry from now on....not giving up, just adjusting so the method benefits me.
CRAIGSLIST BARTERING CHAMPION
  • #1,138
  • Feb 20, 2007 1:01pm Feb 20, 2007 1:01pm
Quoting StrawStock
No, it will open an order at the entry time you have set. If you want to use it for weekly than don’t set a time exit or profit target until Friday. It should manage stop and reverse orders all week until you set one of these variables. I have not tested the weekly yet but this is how it’s suppose to work. If you set it in the middle of the week (Wed) it will open orders Wed.

About using Rhythm for weekly trades: First of all I'm not sure how to set the exit time for trading weekly. I happened upon what I think can work by setting the exit hour to -1, which appears to have disabled it. (Any positive number would close the trade at that same hour every successive day. Even numbers like 48 or 72 would simply come out the same as 24, closing at the start of the candle following hour 24 on each successive day. By the way, my entry hour is set to 0.) The idea is that I'd exit the trade on Friday manually.

Also, I've been using the ManageTP EA in conjunction with Rhythm to manage profits. I noticed however that after ManageTP closed out a trade that had reached the maximum profit level, Rhythm didn't automatically reenter a new trade. I had to restart Rhythm to get it to open a new trade. I'm assuming that it would have opened a new one once it hit the next entry hour, but I didn't have a chance to verify that since the next entry hour isn't until this afternoon.

This is mainly a concern when a trade is running through the night or when I'm otherwise away from the computer. Is there perhaps a simple solution for this to make sure it reenters a trade and does it properly? I imagine it's a bit tricky given that I'm using two expert advisors together.

Thanks
  • #1,139
  • Feb 20, 2007 2:08pm Feb 20, 2007 2:08pm
Quoting bholiday
If you haven't already...i would advise you to check out tkimbles Daily scalping thread...i believe that is where most people are focusing their attention because it seems to be more profitable...

And i belive the rules for the weekly have been modified to reflect some of the modifications of the Daily scalping style...

Hope this helps...
Thank you. I think you're right. The weekly system can have quite a lot of stop outs when the market is choppy, whereas you're staying in the daily a few pips longer. This can mean the difference between getting stopped out and not. I will be trading the daily for a while until I capture some of my Sunday night / Monday morning losses. Thanks to Tkimble I have a choice.

Does anyone have any experience with his (30 min chart, 5 period SMA, 45 RSI and 21 ATR) system)? I am curious about how this one works for working people (which is NOT me because I'm retired).

Gratitude,
Mary
  • #1,140
  • Feb 20, 2007 3:28pm Feb 20, 2007 3:28pm
Quoting NewbeeMary
Thank you. I think you're right. The weekly system can have quite a lot of stop outs when the market is choppy, whereas you're staying in the daily a few pips longer. This can mean the difference between getting stopped out and not. I will be trading the daily for a while until I capture some of my Sunday night / Monday morning losses. Thanks to Tkimble I have a choice.

Does anyone have any experience with his (30 min chart, 5 period SMA, 45 RSI and 21 ATR) system)? I am curious about how this one works for working people (which is NOT me because I'm retired).

Gratitude,
Mary
Your "Retired" comment caught my eye. If your style is to scalp the market, I would recommend the daily scalping system. But if you are more inclined to spend time watching the market, I will preview one of several proprietary systems that works well for my trading style simply because you should have the time to watch the market.

This system is a spin-off of the original trend following system that you alluded to in your post. Rules are as follows:

1. Create a 30 Min Chart
2. Create a 25 period simple moving average based on the HIGHs
3. Create a 25 period simple moving average based on the LOWs
4. Enter a Long position whenever the price crosses the HIGH average
5. Enter a Short position whenever the price crosses the LOW average
6. Always keep a HIGH and LOW entry operable to serve as inherent Stop Losses.

That is it. This system will follow trends very nicely. I use it exclusively in the GBP/USD and GBP/JPY markets. You can experiment with different markets but the results on a percentage basis should equate.

Attached is a copy of the current GBP/JPY chart. The chart you create should look like this...

Happy Trading and Retirement...

TK
Attached File(s)
File Type: pdf GBPJPY,M30,trend.pdf   34 KB | 1,579 downloads
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