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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,161
  • Feb 21, 2007 2:15pm Feb 21, 2007 2:15pm
Quoting G550
Yeah, I guess you gotta stick it out.
the first 3 weeks I couldn't lose lol....I will try the daily entry on the weekly chart. I might also lower my expectations of what I consider a good week to be. Prior to using this method, 50 pips a week was fine with me, not now its 100 or bust....I def will be changing a few things for the upcoming week...
CRAIGSLIST BARTERING CHAMPION
  • #1,162
  • Feb 21, 2007 5:46pm Feb 21, 2007 5:46pm
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
TK,
Thank you so much for this system. Yes I am retired and at my computer most of the day. I love it. I am looking for something to get back my "new trader" losses. This could be my ticket. I will be trying it tomorrow.

Again, thanks for your generousity.

Gratitude,
Retired Mary
  • #1,163
  • Feb 21, 2007 6:02pm Feb 21, 2007 6:02pm
I know most people are focused on daily scalping, but the week method fits better my style. However it is really dreadful on GBP/USD this week...

As TK has said, the first trades, on Monday, are likely to get stopped out. I think everybody already saw that. Has anyone considered ignoring the very first entry signal? Maybe the two initials? Or it would be stupid?

Just wondering...
  • #1,164
  • Feb 21, 2007 7:23pm Feb 21, 2007 7:23pm
Quoting petersurrey
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...
Hi,

Thanks for your quick reply.
What CFTC and NFA stan for? I assumed they are gov't agency located in USA. Am I right?

My previous Broker is in Delaware, USA. I did some research and it say most of the dishonest brokers are in Delaware.
Most of them, if not all, are hunting the stops;
They stand as a Banker (Like Casino), so their traders are not linked to the Forex Global Market.
The only two available broker in my place are "Boiling Room Operator"

Thanks to you,

Renefx
  • #1,165
  • Feb 21, 2007 7:38pm Feb 21, 2007 7:38pm
Quoting Bad.hair.spray
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!!!!
Thank You My Friend,

I assumed that Traders do not need to appear in person to his chosen Broker. Maybe it is only need to communicate through internet.

I wish i could find a direct web link to what you're refering.

I do ask some information about brokers because I find this system as well as the Daily Scalping of TKimble Superb compare to other I'd searched.

And I want to use it in Live Account.

God Bless You All.

Thanks TK

Renefx
Philippines
  • #1,166
  • Feb 21, 2007 10:51pm Feb 21, 2007 10:51pm
Being outside US is no big deal
I use FXDD and am from Kenya (Africa), so far so good.
Withdrawal through cable takes less than 2 working days.
All commutation is thro the internet.
We call it a global village.

& no taxes charged
Money: Bad Master, Best Slave
  • #1,167
  • Feb 22, 2007 4:12am Feb 22, 2007 4:12am
an interesting observation i've made..
i manually back tested 2006 with the weekly when i first read about this weekly scalp.
the week's beginning 12th Feb and 19th Feb 2006 were 5 stopouts (150pips) and 4 stopouts (120pips) respectively.
these two in 2006 were the only consecutive 100+ pip losses for the year.
two other weeks of the year, one in July (-127) and one in november (-120) were the only other 100+ losses.

has anyone backtested 2004/2005? i would be interested to see if there is a Feb pattern.
  • #1,168
  • Feb 22, 2007 4:21am Feb 22, 2007 4:21am
Quoting Renefx
Hi,

Thanks for your quick reply.
What CFTC and NFA stan for? I assumed they are gov't agency located in USA. Am I right?

My previous Broker is in Delaware, USA. I did some research and it say most of the dishonest brokers are in Delaware.
Most of them, if not all, are hunting the stops;
They stand as a Banker (Like Casino), so their traders are not linked to the Forex Global Market.
The only two available broker in my place are "Boiling Room Operator"

Thanks to you,

Renefx
CFTC and NFA are US regulatory bodies which oversee standards and , hopefully, stop fraudulent/bad practice..

As you say the trick is to find brokers which deal on the open market and don't trade against your postion through their own dealer rooms..
  • #1,169
  • Feb 22, 2007 7:48am Feb 22, 2007 7:48am
Quoting Renefx
Thank You My Friend,

I assumed that Traders do not need to appear in person to his chosen Broker. Maybe it is only need to communicate through internet.

I wish i could find a direct web link to what you're refering.

I do ask some information about brokers because I find this system as well as the Daily Scalping of TKimble Superb compare to other I'd searched.

And I want to use it in Live Account.

God Bless You All.

Thanks TK

Renefx
Philippines
ReneFx,

you don't need to appear in person for US brokers....but they are duty bound by regulations to verify your ID...so you have to fax a picture ID etc,

Sorry, I m not sure what web link you are referring to.....if U mean the regulatory bodies do a search on the internet for the NFA etc and you should find the brokers name on that if they are registered....I would post the link to the NFA but I m new to these boards and already been given a red card by the prophet for posting a link....so I will refrain from that....in the interest of not getting booted off!!

Good luck going live...hope u get lots of pips
  • #1,170
  • Feb 22, 2007 9:46am Feb 22, 2007 9:46am
I make the GBP/JPY weekly system ( using daily entry) well over 300 pips up at this stage...not bad...
  • #1,171
  • Feb 22, 2007 10:12am Feb 22, 2007 10:12am
Quoting petersurrey
I make the GBP/JPY weekly system ( using daily entry) well over 300 pips up at this stage...not bad...
You mean you enter a market order based on the previous candle (up or down)? Please elaborate. Thanks.
  • #1,172
  • Feb 22, 2007 10:18am Feb 22, 2007 10:18am
Quoting NewbeeMary
TK,
Thank you so much for this system. Yes I am retired and at my computer most of the day. I love it. I am looking for something to get back my "new trader" losses. This could be my ticket. I will be trying it tomorrow.

Again, thanks for your generousity.

Gratitude,
Retired Mary
You go girl...
  • #1,173
  • Feb 22, 2007 10:22am Feb 22, 2007 10:22am
Quoting Renefx
Hi,

Thanks for your quick reply.
What CFTC and NFA stan for? I assumed they are gov't agency located in USA. Am I right?

My previous Broker is in Delaware, USA. I did some research and it say most of the dishonest brokers are in Delaware.
Most of them, if not all, are hunting the stops;
They stand as a Banker (Like Casino), so their traders are not linked to the Forex Global Market.
The only two available broker in my place are "Boiling Room Operator"

Thanks to you,

Renefx
I would strongly recommend you download your own trading platform. I use FXCM. No human interface involved unless requested. Simply place your own trades at any time. Avoid brokers completely...

TK
  • #1,174
  • Feb 22, 2007 10:33am Feb 22, 2007 10:33am
Quoting G550
You mean you enter a market order based on the previous candle (up or down)? Please elaborate. Thanks.
Exactly -using the Monday entry based on the daily entry system and letting it ride for the week with 40 pip SL.
  • #1,175
  • Feb 22, 2007 3:31pm Feb 22, 2007 3:31pm
Very good week for GBP/JPY.

Very bad for GBP/USD.

By this data, it seems reasonable to 'diversify' the pairs. What pairs have you guys tested for weekly scalping? What had the most profitability? Although some say daily scalping is much more profitable, weekly seems much simpler and clean. So I am sticking with it for now.
  • #1,176
  • Feb 23, 2007 12:44am Feb 23, 2007 12:44am
Quoting --Id--
Has anyone considered ignoring the very first entry signal? Maybe the two initials? Or it would be stupid?
Not stupid at all, but then you get different sistem

Sibkis breakout system uses (if I remember correct) 24 hr wait, before they place the order.

PipRage posted his modification a while back. He waits 18 hr and then he straddle hi/lo of first 18 hr.

Mario
  • #1,177
  • Feb 23, 2007 12:44am Feb 23, 2007 12:44am
Quoting --Id--
Very good week for GBP/JPY.

Very bad for GBP/USD.

By this data, it seems reasonable to 'diversify' the pairs. What pairs have you guys tested for weekly scalping? What had the most profitability? Although some say daily scalping is much more profitable, weekly seems much simpler and clean. So I am sticking with it for now.

For this week, GBP/USD Stopped me out 5 times.
GBP/JPY is a good winner for this week (Wkly Scalping).

I test for EUR/USD USD/CHF USD/JPY AUD/USD and the above mentioned.

Renefx
  • #1,178
  • Feb 23, 2007 1:06am Feb 23, 2007 1:06am
Quoting petersurrey
I make the GBP/JPY weekly system ( using daily entry) well over 300 pips up at this stage...not bad...
Thank for your quick Reply,

I've searched for CFTC and NFA.

If I may ask, What Broker do you trade live?

Do you manually trade on test the Weekly Scalping and/or Daily Sacalping???

If you use EA, Which of the two suit your style:
1. Daily Scalping EAv1.0e.mq4 or
2. Rhythm v[1].2.mq4
  • #1,179
  • Feb 23, 2007 3:29am Feb 23, 2007 3:29am
Quoting Renefx
Thank for your quick Reply,

I've searched for CFTC and NFA.

If I may ask, What Broker do you trade live?

Do you manually trade on test the Weekly Scalping and/or Daily Sacalping???

If you use EA, Which of the two suit your style:
1. Daily Scalping EAv1.0e.mq4 or
2. Rhythm v[1].2.mq4
http://www.cftc.gov/

http://www.nfa.futures.org/

Oanda and FXDD for live trading.

Not trading the weekly GBP anymore - will start with GBP/JPY weekly next week..and continue to test the Rhythm EA on the GBP/JPY daily -the reason I prefer it this is the SAR facility..but it does require a little tweaking usch as restarting thr platform around trade entry times..
  • #1,180
  • Feb 23, 2007 10:35am Feb 23, 2007 10:35am
I think I'm the only trader out there than managed to not make any profit on the GBPJPY this week. Seemed every stop I placed got hit, and I made the mistake of moving my trailing stop up too high early in the week. Had I moved it to just BE (instead of trying to capture some profit), then I would've ridden this thing all the way up.

As they say, that's poker. Er, that's trading!

I'm thinking the GBPJPY is most active at a time when I'm not available. If I traded for a living, I could adjust accordingly, but I'm a true hopeful Part Time trader--something to keep up with while I'm at work, and then be able to sleep at night.

I'm not sure that the GBPUSD is much better, but at least I'm awake and at work when one of the two exchanges is open...
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