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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,721
  • Nov 5, 2008 6:18pm Nov 5, 2008 6:18pm
What is the easiest way to backtest this method for various pairs?

Thanks,
Ed
  • #1,722
  • Nov 5, 2008 6:51pm Nov 5, 2008 6:51pm
Use excel, and do it by hand. =D
  • #1,723
  • Nov 6, 2008 9:06am Nov 6, 2008 9:06am
RR,

I was afraid you'd say that. It is not too cumbersome though. Thanks. I was just checking if someone had anything else, but that certainly works.

Sincerely,
Ed
  • #1,724
  • Nov 6, 2008 9:11am Nov 6, 2008 9:11am
Hi guys,

The real reason I wanted to be able to more easily backtest is to check and see if the entry and exits are maximized. Who is to say that 50+/- is the right point to identify trend. Maybe it is 60 or 100 or 30. Same with stop loss.

I do like the system though. It makes sense. I guess I'm leaning towards using bigger #s though so as to not get whipsawed so much.

Backtesting multiple scenarios by hand on excel on different pairs is cumbersome. Thoughts or solutions appreciated.

Sincerely,
Ed
  • #1,725
  • Nov 12, 2008 4:05am Nov 12, 2008 4:05am
I was interested in this system from the beginning, yet never follow up after first substantial drawdown.
Now I actually have a question, for anyone who might know. What broker would be best to use with this strategy?
I see one potential problem with brokers who stop hunt. May be it is not a problem at all but I'd like to receive some advise about this from anyone who have real experience with this system (hopefully TheRealThing will come here, he seems to know by far more then anyone).
So once again my question is, what broker will be the best for using this system?
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #1,726
  • Nov 12, 2008 7:48pm Nov 12, 2008 7:48pm
this is my idea

for part time wealth better go with following indicators

Parabolic
MACD
Aroon
ADX

if just want to using Parabolic with MACD. rule will be as long as both show same direction well be signal

Aroon and ADX just help you to know trend still continue?
  • #1,727
  • Nov 14, 2008 4:48am Nov 14, 2008 4:48am
I've been following the postings on this thread and although it will undoubtedly makes profit over the long term I really don't get the logic behind the system.
Take today on GBP/USD for instance. At the time of writing (5.30) EST the price is forming a wedge with clear converging trend lines enclosing the action.
The price has bounced up and down within these lines and would have produced three stop-outs already. (120 pips loss if using a 40 pip stop) using this system.
At some point today there will probably be a 15 minute closing outside of these trend lines and then I will place my trade.
OK, no win guaranteed but none of the early morning whipsawing that this system produces.
Now, of course, if the price raced off in just one direction from the open (or made just one change in direction) this system would be fantastic winner but how often does this happen?
By the way, I think the weekly scalping system is brilliant
  • #1,728
  • Nov 14, 2008 5:01am Nov 14, 2008 5:01am
Sorry guys
My previous message should have been posted on the daily scalping thread.
This system is good.
  • #1,729
  • Nov 14, 2008 9:09am Nov 14, 2008 9:09am
Quoting mtuppers
this is my idea

for part time wealth better go with following indicators

Parabolic
MACD
Aroon
ADX

if just want to using Parabolic with MACD. rule will be as long as both show same direction well be signal

Aroon and ADX just help you to know trend still continue?
That would be another thread. Your thread. Here it is completely irrevelant because the philosohpy is different. Could you please not try to hijack the thread? And to mess up with it in this way? The point of posting here is to try to improve not change the system. So fundamentally should stay the same. Or tell ones experiences if one is following.

I do understand that your system is THE SYSTEM but you should not express your agressive approach here in this manner like "still continue?". I could never understand such aggressive approach in an efficient and constructive community like FF.

Thanks for your understanding.

Regards
BR
.
  • #1,730
  • Nov 14, 2008 9:12am Nov 14, 2008 9:12am
Also you can skin a cat in many ways. Everyone should find its style. This style might suit some some not.
.
  • #1,731
  • Nov 25, 2008 4:00am Nov 25, 2008 4:00am
who trade this ? which results now in this weeks?
  • #1,732
  • Nov 27, 2008 12:25pm Nov 27, 2008 12:25pm
Quoting dkv023
who trade this ? which results now in this weeks?
I wish to keep my esults personal.
Just make a simple calculation;assuming u entered this trade at the beggining of this week as instructed by tkimble. Though some loses at the beggining, but the persistant evolved a wealthy trader indeed!http://www.forexfactory.com/images/icons/icon14.gif
_________________________
....Be Friutfull And Multiply The Pips
  • #1,733
  • Dec 5, 2008 12:38am Dec 5, 2008 12:38am
It is such a shame this system does not have sufficient interest to keep it on page one of the discussion page.
It's simplicity is what makes it such an excellent one and also maybe why there are no further postings.
I trade gbp/usd and eur/gbp and so far this week I have made 718 and 446 pips respectively with no stop outs.
Could change today but what a system!!
  • #1,734
  • Dec 25, 2008 1:52pm Dec 25, 2008 1:52pm
hi
i'm new to this topic so i need to know if there is any changes in the rules i read which is as below :-
Create a weekly chart. Place trades 50 PIPS above or below the close for the previous week. Use a fixed 30 PIP stop. No profit targets. Let the trade run for the entire week and close during the final 30 minutes of the market for the week.
thanks for help
  • #1,735
  • Dec 26, 2008 8:31am Dec 26, 2008 8:31am
Hi all,

thank you tkimble for publishing this system.

It appears to be a low maintenance profitable system.

I have been backtesting it with a slight modification on 1h tf:

instead of moving either the buy or the sell order to previous weeks close when a initial order has been hit,
I have left all the orders at +50 and -50 from previous weeks close with a 30 pip sl.
And I have reopened the orders whenever sl has been hit.

The results for gbpusd and gbpchf are attatched below.

I have two questions:

1. Has anybody trading this system obtained simmilar results for 2008?

2. Which other pairs have you found profitable for this system?

(My backtest shows that gbpusd is more profitable than gbpchf.
I have also backtested usdchf and usdcad but both did not appear to show a good edge, so I stopped testing them)

Thank you in advance

Best Regards
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  • #1,736
  • Dec 26, 2008 10:51am Dec 26, 2008 10:51am
I have not tested the system yet, but it seems promising and I will start testing it next week. I will do some backtests too.

Your approach seems interesting. A bit more aggressive, but at the same time it seems more profitable. It would be interesting to see if the results are better with your strategy compared to the original one.

I will try to test both of them. I will post results here from time to time.

Cheers

Archie



Quoting ashes
Hi all,

thank you tkimble for publishing this system.

It appears to be a low maintenance profitable system.

I have been backtesting it with a slight modification on 1h tf:

instead of moving either the buy or the sell order to previous weeks close when a initial order has been hit,
I have left all the orders at +50 and -50 from previous weeks close with a 30 pip sl.
And I have reopened the orders whenever sl has been hit.

The results for gbpusd and gbpchf are attatched below.

I have two questions:

1. Has anybody trading this system obtained...
  • #1,737
  • Jan 4, 2009 12:09pm Jan 4, 2009 12:09pm
is this EA good for gbp/usd weekly and daily time frame ?

what is the best parameteres setting for the EA ?

use default setting ?
  • #1,738
  • Jan 4, 2009 1:05pm Jan 4, 2009 1:05pm
Quoting ashes
Hi all,

thank you tkimble for publishing this system.

It appears to be a low maintenance profitable system.

I have been backtesting it with a slight modification on 1h tf:

instead of moving either the buy or the sell order to previous weeks close when a initial order has been hit,
I have left all the orders at +50 and -50 from previous weeks close with a 30 pip sl.
And I have reopened the orders whenever sl has been hit.

The results for gbpusd and gbpchf are attatched below.

I have two questions:

1. Has anybody trading this system...

Ahses, When you say that after your stoploss is hit you reopen your order do you mean you reopen the order in the oppisite direction or do you reopen it in the same direction that the stopped out order was in? Could you give an example?

Thanks,
zseventy1
  • #1,739
  • Jan 4, 2009 1:47pm Jan 4, 2009 1:47pm
Quoting zseventy1
Ahses, When you say that after your stoploss is hit you reopen your order do you mean you reopen the order in the oppisite direction or do you reopen it in the same direction that the stopped out order was in? Could you give an example?

Thanks,
zseventy1
Hi zseventy1,

the order of the position that has been stopped out would reopen each time the sl has been hit.

Regards
  • #1,740
  • Jan 5, 2009 3:31am Jan 5, 2009 3:31am
last week gbp/usd weekly chart close at 1.4546

I set up :

buy stop : 1.4596 , stop loss=30 pips

sell stop : 1.4496, stop loss =30 pips

buy stop was executed , I move sell stop to 1.4546, stop loss =30 pips.

later both trades both closed on monday morning EST at -30 pips.

what went wrong with my trade ? what to do next ?
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