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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,141
  • Feb 20, 2007 7:55pm Feb 20, 2007 7:55pm
Quoting Mr Trend
Lord have mercy. If you're paying that much spread, then you need to change brokers. That's ghetto spreads.

Oanda is 2.8 and 6 for cable and guppy respectively. That saves you a good seven pips right there.

Hi to All,

To any member has good knowledge about Brokers.

Please Share your idea to newbie like me.

How SAFE to Open from one Country a LIVE Account to another Country ???

How to do it, Suggestion will be appreciated.

Thanks in Advance.

My sincere appreciation to TKimble for his kind hearted for sharing
his method or system.

God Bless,

Renefx
  • #1,142
  • Feb 21, 2007 12:23am Feb 21, 2007 12:23am
Quoting tkimble
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.

TK
Hi TK. Could you explain a little what you mean in number 6? NO stop loss or take profit? Thanks for any advice.
Don Life is expensive, but includes a free trip around the sun.
  • #1,143
  • Feb 21, 2007 12:38am Feb 21, 2007 12:38am
I won't speak for TK, but the way I understand it is this is a SAR based method so you don't need to worry about Stop Losses or take profits...they are "built in" by the reversal order. Here's an example:

- Price on GBP/USD breaks through 25 SMA HIGH, so you open a long position at 1.9550
- IF TREND CONTINUED UP for a bit, and eventually the price broke below the 25 SMA LOW at 1.9580, you'd close your long order for +30 pips and immediately open a short
- HOWEVER, IF TREND REVERSED DOWNWARD, and eventually the price broke below the 25 SMA LOW at 1.9520, you'd close your long order for -30 pips and immediately open a short

So by keeping a HIGH and LOW order pending, I believe you don't need to worry about TP and SL's. At least that's how I interpret it.


Quoting traderone
Hi TK. Could you explain a little what you mean in number 6? NO stop loss or take profit? Thanks for any advice.
  • #1,144
  • Feb 21, 2007 3:50am Feb 21, 2007 3:50am
Quoting natanas
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 Managed 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
Rhythm will not close any trades when start time is equal closing time. Start time is defined as open time of bar on start hour. End time is defined as open time of the NEXT bar after close hour. In order to have equal start time and end time you must use 1H time frame and set close hour to be less 1 than open hour. Example, 0 & 23, 1 & 0, 2 & 1, etc. Setting invalid hour would not work.

Rhythm opens a new trade only on reverse or when reverse is not known (after restart) immediately in a direction according to previous day (weekend skipped), or set manually. If you close trade with TP the next one will be open on reverse.

You can read header of the EA to see all requirements which were implemented.
  • #1,145
  • Feb 21, 2007 5:51am Feb 21, 2007 5:51am
The weekly GBP multi-lot ( TP1@50, TP2 @100) trades are getting hammered this week @ -190 and I will stop using it for the GBP after so many whipbacks..the JPY is doing well though with around 150 pips...traded as per original 50 pip open straddle tk rules. The GBP/JPY is also showing about 600 pips for the month using this method.. (with 40 pip SL).
  • #1,146
  • Feb 21, 2007 6:02am Feb 21, 2007 6:02am
Quoting Renefx
Hi to All,

To any member has good knowledge about Brokers.

Please Share your idea to newbie like me.

How SAFE to Open from one Country a LIVE Account to another Country ???

How to do it, Suggestion will be appreciated.

Thanks in Advance.

My sincere appreciation to TKimble for his kind hearted for sharing
his method or system.

God Bless,

Renefx
Look at Oanda, FXDD or IBFX in the US - make sure they are regulated by the CFTC and/or NFA. FXDD and IBFX have superior trading platforms but Oanda has the better sreads...
  • #1,147
  • Feb 21, 2007 6:23am Feb 21, 2007 6:23am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting petersurrey
The weekly GBP multi-lot ( TP1@50, TP2 @100) trades are getting hammered this week @ -190 and I will stop using it for the GBP after so many whipbacks..the JPY is doing well though with around 150 pips...traded as per original 50 pip open straddle tk rules. The GBP/JPY is also showing about 600 pips for the month using this method.. (with 40 pip SL).
Yeah, I'm also out after 2 stops (good thing one was at B/E). I'm 180 pips up on G/J. We probably see some more up side to that since all the news are out (carry trades expected to continue).
  • #1,148
  • Feb 21, 2007 7:47am Feb 21, 2007 7:47am
Quoting Renefx
Hi to All,

How SAFE to Open from one Country a LIVE Account to another Country ???

Renefx
I think as far as US brokers who are regulated by the relevant authorities over here are concerned....they are pretty safe as they need to adhere to safety deposits according to the Margin they offer their clients etc.... and most of them allow foreign nationals to open accounts and that too comes under the jurisdiction of the governing authority....so to answer your question...yes if i safe...

But ofcourse if you wish to open an account with a broker in another country at a minimum make sure they are regulated by the authorities in those countries...

A word of warning.... needless to say be careful of brokerages that prop up with glossy adverts offering 0 spreads bla bla no commission with a mail-in address in some Island no one has heard of!!!!
  • #1,149
  • Feb 21, 2007 8:02am Feb 21, 2007 8:02am
Quoting petersurrey
The weekly GBP multi-lot ( TP1@50, TP2 @100) trades are getting hammered this week @ -190 and I will stop using it for the GBP after so many whipbacks..the JPY is doing well though with around 150 pips...traded as per original 50 pip open straddle tk rules. The GBP/JPY is also showing about 600 pips for the month using this method.. (with 40 pip SL).
I started live trading two weeks ago and I've been getting hammered like there is no tomorrow. I can't catch a break. My three months of demo trading were great, now I'm completely disillusioned. I'm going to move to GBP/JPY. Oh, and I have not been doing daily. I'm going to start that as well.
  • #1,150
  • Feb 21, 2007 8:06am Feb 21, 2007 8:06am
Quoting G550
I started live trading two weeks ago and I've been getting hammered like there is no tomorrow. I can't catch a break. My three months of demo trading were great, now I'm completely disillusioned. I'm going to move to GBP/JPY. Oh, and I have not been doing daily. I'm going to start that as well.
yup man! me,too was being hit hard!! but i am not gonna give up just yet!! everyone hang on there,happy trading.
  • #1,151
  • Feb 21, 2007 8:18am Feb 21, 2007 8:18am
You might want to experiment with the money management approach i outlined in the daily scalping thread...it is much more conservative...ie safer...and has a higher winning percenage than the standard approach...

Both methods should work...but this should reduce stress due to drawdowns....

hope this helps...

Sorry fxnewbie 71...got your handle wrong...

P.S. It's post 623...
  • #1,152
  • Feb 21, 2007 8:21am Feb 21, 2007 8:21am
Quoting bholiday
You might want to experiment with the money management approach i outlined in the daily scalping thread...it is much more conservative...ie safer...and has a higher winning percenage than the standard approach...

Both methods should work...but this should reduce stress due to drawdowns....

hope this helps...

Sorry fxnewbie 71...got your handle wrong...
thanks for your advise bholiday,happy trading!
  • #1,153
  • Feb 21, 2007 8:24am Feb 21, 2007 8:24am
Quoting bholiday
You might want to experiment with the money management approach i outlined in the daily scalping thread...it is much more conservative...ie safer...and has a higher winning percenage than the standard approach...

Both methods should work...but this should reduce stress due to drawdowns....

hope this helps...

Sorry fxnewbie 71...got your handle wrong...
hi bholiday,where can i view the method u mentioned? thanks
  • #1,154
  • Feb 21, 2007 8:39am Feb 21, 2007 8:39am
Quoting tkimble
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
Tkimble,
do you wait until the current bar closes or immediately open your order after
the price crosses MA?
  • #1,155
  • Feb 21, 2007 9:27am Feb 21, 2007 9:27am
Quoting vitalykk
Tkimble,
do you wait until the current bar closes or immediately open your order after
the price crosses MA?
Immediatly crosses MA...
  • #1,156
  • Feb 21, 2007 9:37am Feb 21, 2007 9:37am
Quoting traderone
Hi TK. Could you explain a little what you mean in number 6? NO stop loss or take profit? Thanks for any advice.
Yes. Always have a BUY and SELL entry order ready to be executed in the market using whatever trading platform. The range between the BUY price and SELL price represents a stop loss. The current BUY and SELL price using the one hour GBP/JPY chart is 235.40 (SMA HIGH) and 234.90 (SMA LOW). The range is 50 PIPS. This range will increase and decrease depending on trends and volatility.

I am currently long at 234.75 which was executed at 0600 GMT. Since I am currently LONG, I simply update the SELL price every hour to the new SELL SMA which is currently 234.90.

Hope this helps...

TK
  • #1,157
  • Feb 21, 2007 9:38am Feb 21, 2007 9:38am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting bholiday
You might want to experiment with the money management approach i outlined in the daily scalping thread...it is much more conservative...ie safer...and has a higher winning percenage than the standard approach...

Both methods should work...but this should reduce stress due to drawdowns....

hope this helps...

Sorry fxnewbie 71...got your handle wrong...

P.S. It's post 623...
So you are using martingale looking for the breakout. Looks like it will work most of the time if you have the margin.
  • #1,158
  • Feb 21, 2007 9:53am Feb 21, 2007 9:53am
Quoting bholiday
You might want to experiment with the money management approach i outlined in the daily scalping thread...it is much more conservative...ie safer...and has a higher winning percenage than the standard approach...

Both methods should work...but this should reduce stress due to drawdowns....

hope this helps...

Sorry fxnewbie 71...got your handle wrong...

P.S. It's post 623...
Thanks bholiday!! I'll check it out for sure.
  • #1,159
  • Feb 21, 2007 12:58pm Feb 21, 2007 12:58pm
The drawdown in the beginning of 2005 was more than 1000 pips. The drawdown of the last two weeks is "only" 500 pips. I will stay on GBP/USD. Will see what will happen.


Quoting G550
I started live trading two weeks ago and I've been getting hammered like there is no tomorrow. I can't catch a break. My three months of demo trading were great, now I'm completely disillusioned. I'm going to move to GBP/JPY. Oh, and I have not been doing daily. I'm going to start that as well.
  • #1,160
  • Feb 21, 2007 2:05pm Feb 21, 2007 2:05pm
Quoting hgus490
The drawdown in the beginning of 2005 was more than 1000 pips. The drawdown of the last two weeks is "only" 500 pips. I will stay on GBP/USD. Will see what will happen.
Yeah, I guess you gotta stick it out.
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