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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,221
  • Mar 1, 2007 11:35am Mar 1, 2007 11:35am
I traded the GBP/JPY with the weekly strategy this week. I used a manual trailing stop. I just got stopped out yesterday during the channel consolidation only to find that price has since moved 300 pips from my stop.

I should have listened to Kimle!

Oh well, I still managed to take 400 pips for the week after only one initial stop-out on Monday, so I can't complain.
  • #1,222
  • Mar 1, 2007 11:39am Mar 1, 2007 11:39am
Quoting mathematician
I traded the GBP/JPY with the weekly strategy this week. I used a manual trailing stop. I just got stopped out yesterday during the channel consolidation only to find that price has since moved 300 pips from my stop.

I should have listened to Kimle!

Oh well, I still managed to take 400 pips for the week after only one initial stop-out on Monday, so I can't complain.
Agreed -classic example of how just letting the basic tk system run its course can maximise profit..you just never know when the really big move will happen..
  • #1,223
  • Mar 2, 2007 3:10am Mar 2, 2007 3:10am
Quoting sledgehammer
Hi Aktur

When you say set to X, do you mean "X" or an integer between 0 and 23?

Thanks in advance.

All the best
Yes.
  • #1,224
  • Mar 2, 2007 3:12am Mar 2, 2007 3:12am
Quoting petersurrey
Strange, I have mine set to 0,0 and it doesn't close out trades...but the time frame is set to 4 hours..

..will the above not simply close out a trade at 22.00 hour, say, and open a new trade at 22.00 hour..
0,0 with 4h time frame should open session on 0h and close on 4h. If it is not what you see, please send me some more info. The best are log files from logs and experts/logs.
  • #1,225
  • Mar 2, 2007 9:09am Mar 2, 2007 9:09am
Quoting petersurrey
Agreed -classic example of how just letting the basic tk system run its course can maximise profit..you just never know when the really big move will happen..
Your observation could not be more accurate. Nobody knows what the market is going to do but it is wise and quite profitable to always be prepared. This system allows you to be prepared with the minimum amount of preparation...

Happy Trading,

TK
  • #1,226
  • Mar 2, 2007 9:56am Mar 2, 2007 9:56am
Quoting tkimble
Your observation could not be more accurate. Nobody knows what the market is going to do but it is wise and quite profitable to always be prepared. This system allows you to be prepared with the minimum amount of preparation...

Happy Trading,

TK

That was a really good example for the week.

The two ideas I tried this week was increasing the numbers of pairs and ignoring the very first entry signals.

Increasing the number of pairs, keeping in mind the risk manangement, showed really good results for this week. Traded GBP/USD (too bad), EUR/JPY, GBP/CHF and EUR/JPY.

Ignoring the initial signals was great for GBP/CHF (I got only the juicy profit movement). But I got hurt seeing GBP/JPY going more than 400 pips without retracing to a single stop! Result: I stayed out of that for the whole week.
  • #1,227
  • Mar 2, 2007 11:44am Mar 2, 2007 11:44am
Quoting --Id--
That was a really good example for the week.

The two ideas I tried this week was increasing the numbers of pairs and ignoring the very first entry signals.

Increasing the number of pairs, keeping in mind the risk manangement, showed really good results for this week. Traded GBP/USD (too bad), EUR/JPY, GBP/CHF and EUR/JPY.

Ignoring the initial signals was great for GBP/CHF (I got only the juicy profit movement). But I got hurt seeing GBP/JPY going more than 400 pips without retracing to a single stop! Result: I stayed out of that for the whole week.
What separates great traders from good traders is the ability to blindly follow a system. Being human, we are confused by instinct and intellect. The blind following of a system requires neither instinct nor intellect, only courage...

TK
  • #1,228
  • Mar 2, 2007 12:22pm Mar 2, 2007 12:22pm
So did any one manage to hang on for those 1000 pips - a true lesson in self control and disipline as tk rightly says...
  • #1,229
  • Mar 2, 2007 12:41pm Mar 2, 2007 12:41pm
wow 100 pips! :surprised ...not me i got 400. i think i can safely say that i learned my lesson now.

in a way i'm actually glad that i missed so many pips. since this was such a dramatic example i will definitely not forget it. if i had just left everything alone and held until the end i would have made 2.5 times what i did. on the other hand if this was a more typical week and it didn't move much further from where i got out, i would have probably kept wasting time and money trying to find a better exit strategy.
  • #1,230
  • Mar 2, 2007 1:15pm Mar 2, 2007 1:15pm
Quoting tkimble
What separates great traders from good traders is the ability to blindly follow a system. Being human, we are confused by instinct and intellect. The blind following of a system requires neither instinct nor intellect, only courage...

TK
Forgot to post a little something earlier: I am thinking in adding a simple strategy to deem a pair unusable for the week. I mean when reaching a certain number of stops, just get out for the week. Like MaxTrades.

Comments on that?
  • #1,231
  • Mar 2, 2007 1:32pm Mar 2, 2007 1:32pm
Quoting --Id--
Forgot to post a little something earlier: I am thinking in adding a simple strategy to deem a pair unusable for the week. I mean when reaching a certain number of stops, just get out for the week. Like MaxTrades.

Comments on that?
Do whatever make you feel comfortable. That is the essence of successful trading...

TK
  • #1,232
  • Mar 2, 2007 1:57pm Mar 2, 2007 1:57pm
Quoting --Id--
Forgot to post a little something earlier: I am thinking in adding a simple strategy to deem a pair unusable for the week. I mean when reaching a certain number of stops, just get out for the week. Like MaxTrades.

Comments on that?
Yeah, I was thinking about that too. One idea I had was to trade both GBP/JPY and GBP/USD simultaneously, hoping that if one would make up for any drawdown of the other. james275 said that he tried that but GBP/JPY always seemed to outperform GBP/USD.

Perhaps checking the daily or weekly chart to see which pair is trending would be a good idea...although it would probably be a difficult task to try and predict which pair is likely to make a big more.

For now I'm just going to trade GBP/JPY exclusively.
  • #1,233
  • Mar 2, 2007 3:47pm Mar 2, 2007 3:47pm
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.
Sorry it took so long to get back to ya. I had technical difficulties w/ my computer all week. All good now!
Yea. I think I made the same mistakes as you. I should stay on top of it more often.

Deanith
  • #1,234
  • Mar 2, 2007 3:53pm Mar 2, 2007 3:53pm
Quoting kemtone
I have been following this thread for the last few days and I was wondering:
How are you doing with it?
Kemst
Sorry about the delay in responding. I have been experiencing computer issues the past week. All fixed now!!!

The system works pretty good, but you have to watch you position a little more often than you think you should (2... maybe 3 times a day??)

I would not have got hammered so much two weeks ago if I looked at my position more often and moved my stops to break even in time.

Deanith
  • #1,235
  • Mar 2, 2007 4:09pm Mar 2, 2007 4:09pm
Hi TK!

I was wondering what your opinion was on institutions using order flow information available to them to actually run stops on systems such as your weekly scalping sys.

Your input will be greatly anticipated and appreciated!

Thank you for your generosity!

Deanith
  • #1,236
  • Mar 3, 2007 3:52am Mar 3, 2007 3:52am
  •  Trader#0000
  • | Status: Unregistered Trader
Congrats to everyone that traded GBP/JPY this week. That weekly candle is huge!

I've been playing around with ATR on Daily charts. It looks like volatility picks up after a period of low volatility. Picking tops/bottoms (near previous ones) on this indicator may help choosing a pair. For example, looks like cable is about to become volatile and GBP/JPY is about to drop in volatility. If this is true during the next weeks we may have found a way to pick a pair.

This becomes very interesting, finding ways to trade volatility and not price action! One could even draw trendlines on ATR.

Here is an example
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  • #1,237
  • Mar 3, 2007 4:12am Mar 3, 2007 4:12am
  •  Trader#0000
  • | Status: Unregistered Trader
G/J
Attached Image
  • #1,238
  • Mar 3, 2007 5:28am Mar 3, 2007 5:28am
  •  Trader#0000
  • | Status: Unregistered Trader
S/R
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  • #1,239
  • Mar 3, 2007 7:09am Mar 3, 2007 7:09am
for the straddle portion of the trade (prior weekly close -/+ 50) How did tkimble get to 50, is that a percentage of daily movement or something else.
  • #1,240
  • Mar 3, 2007 7:17am Mar 3, 2007 7:17am
Quoting mathematician
Yeah, I was thinking about that too. One idea I had was to trade both GBP/JPY and GBP/USD simultaneously, hoping that if one would make up for any drawdown of the other. james275 said that he tried that but GBP/JPY always seemed to outperform GBP/USD.

Perhaps checking the daily or weekly chart to see which pair is trending would be a good idea...although it would probably be a difficult task to try and predict which pair is likely to make a big more.

For now I'm just going to trade GBP/JPY exclusively.

Trading only one pair is fair enough, as TK's strategy seems profitable for those who stick with it (and remember when he first posted, only one pair showed to be great! ). However, as I posted earlier, I think trading only one pair is less profitable. Not to talk about the risk, which IMHO can be lighter trading more than one.

Just to elaborate on that, I was out GBP/JPY this week. I Traded GBP/CHF, GBP/USD and EUR/USD. In the end I got net profits of over 500 pips. If I had chosen only GBP/JPY it would be great for this week. But we cannot predict that kinda movement every week.

Just imagine, for whatever reason, what would be like if one have chosen to trade on only GBP/USD this week...

Just my 2 cents...
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