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Attachments: Part Time Wealth Building Trading System - Weekly Scalping
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Part Time Wealth Building Trading System - Weekly Scalping

Quoting --Id--
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...
Indeed some diversification can reduce overall risk as long as it doesn't become too complicated. But I will do that by trading a second strategy along side this one... I'm thinking short term 1-2-3 patterns.

But for this strategy I'm going to stick with one currency for now to keep it simple. I fear that if I have to choose then I'll be kicking myself whenever the pair I didn't choose does well. I don't want to get into a the-pips-are-always-greener-on-the-other-side mentality.

See, with other strategies that are based on some pattern forming or some alignment of indicator values, then it's easy to choose which pair to trade: Trade the one where the setup is ready. But with this strategy, the only real setup is time itself, i.e. wait for the new week to begin...so every single week every single pair is ready to go. But which one will make the big move? A tricky question. I'm starting to see Kimble's wisdom in not changing anything.

In the end this strategy is really just based on a simple statistics: Most weeks, price will eventuallt make a substantial move one way or the other. A weekly candle where doesn't does not move much would look like a doji or spinning top. As Kimble pointed out long ago in this thread, just looking at a weekly chart is very telling. You'll see that the probability of a weekly bar that is a small doji/spinning top is quite low. It seems to happen much less than 50% of the time, something like 25% to 33% of the time. Of course the question becomes: How many times will you be stopped out before the eventual big move? Well as long as the stop loss level is kept tight (like 30 pips) then once price does take off, it should more than make up for the losses, in the long run.
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On another note Gold is a good option to trade with GBP/JPY. Lowest Daily ATR(10) was 550 pips, last week over 2100 pips.

Also EUR/NOK, lowest ATR(10) 614. This one has a spread of 25 pips with oanda...
Quoting ForexDude2
On another note Gold is a good option to trade with GBP/JPY. Lowest Daily ATR(10) was 550 pips, last week over 2100 pips.

Also EUR/NOK, lowest ATR(10) 614. This one has a spread of 25 pips with oanda...
What SL and TP are best for the pairs above?
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Don't know. Maybe mathematician can help us with some backtests.

Gold has a 10 pip spread with some brokers so you could use 50 pips SAR
used daily entry for weekly method g-y +283 as of now fxsol opens at 4pm sunday :-)...I can post pics if you like lol
CRAIGSLIST BARTERING CHAMPION
What broker offering to trade gold, dose anybody know?

Quoting ForexDude2
On another note Gold is a good option to trade with GBP/JPY. Lowest Daily ATR(10) was 550 pips, last week over 2100 pips.

Also EUR/NOK, lowest ATR(10) 614. This one has a spread of 25 pips with oanda...
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
hmmmm. missed my weekly entry, i was up and ready to place my order at GMT open today using the orig. +50/-50 straddle but it's moved (just a little) past that....

tkimble, what would you do in this situation? sit out the week and see if it pulls back to Friday's close? or is this not a problem as you place your orders at Sunday open (that's early here, i guess i should set the alarm).
My proprietary trending system has generated the largest currency gain of my career over three trades totalling what is currently 1350 GBP/JPY PIPs as I type. I will be previewing this system this week. This is certainly an aberration but shows the power of trending systems.

I have attached a chart for your preview...

Happy Trading,

Tkimble
Attached File(s)
File Type: pdf GBPJPY,H1.pdf   35 KB | 1,656 downloads
entering orders before the open on Sunday maybe the way to go from now on, what an amazing move by the Yen related pairs and the GBPUSD. Unreal, has anyone tested a broker with conditional orders (ie. IF, THEN, CANCEL) my I lost one trade this morning on the USDCHF short this morning, I had the orders 50 pts away from the prior week close, but was sleeping when the fist short executed, the long should have been moved down the prior week close, but I was not in front of the monitor so the original 50 pts above prior week close executed. After a trade is executed in one direction then this is not a problem but until one directioni executes you run the risk of missing the extra 50 pts which unfortunately I am looking at now, USDCHF is up but I am only profitable 20 pts when I should be sitting on 70. Any brokers recommended.
Thanks
Congratulations, Kimble on your excellent trading. That's something to be very proud of. I look forward to seeing your 'new' system.

Carol

Quoting tkimble
My proprietary trending system has generated the largest currency gain of my career over three trades totalling what is currently 1350 GBP/JPY PIPs as I type. I will be previewing this system this week. This is certainly an aberration but shows the power of trending systems.

I have attached a chart for your preview...

Happy Trading,

Tkimble
I was offering TK help to build a Met4 EA for this weekly method but trawling through the posts it appears there already is one? Am I correct?
If so does somebody have the post # for most recent version and setting instructions per currency? Also trade rules as I cant see anything for volatility periods. Does the EA take this account and brake trading after X attempts?
I have been going back over the pages and forex factory keeps crapping out saying the server is overloaded which is slowing things to a drag.
By the way. Great work TK in your assistance to all on this method.

Kindly
FxNorth
Quoting ForexDude2
On another note Gold is a good option to trade with GBP/JPY. Lowest Daily ATR(10) was 550 pips, last week over 2100 pips.

Also EUR/NOK, lowest ATR(10) 614. This one has a spread of 25 pips with oanda...
Looks like EUR/NOK is not as profitable as GBP/JPY...just by doing some rough weekly PIP/Profit calculations on OANDA. I chose the number units to risk the same percent of the account for both pairs...assuming a 30 pip + spread risk level on each pair (37 pips risk on GBP/JPY, 55pips risk on EUR/NOK).

EUR/NOK might move more pips on average, but the pips are not worth as much.

Gold on the other hand might be a contender. It certainly makes some huge moves, and they're worth a lot. But it moves so much that a 50 pip straddle is meaningless, might have to be more like a 300 pip straddle and a 180 pips SL instead of 30. But just looking at the general price action, it might be too choppy for this strategy.

For now, I still think GBP/JPY is the most profitable pair on average.
Quoting fxnorth
I was offering TK help to build a Met4 EA for this weekly method but trawling through the posts it appears there already is one? Am I correct?
If so does somebody have the post # for most recent version and setting instructions per currency? Also trade rules as I cant see anything for volatility periods. Does the EA take this account and brake trading after X attempts?
I have been going back over the pages and forex factory keeps crapping out saying the server is overloaded which is slowing things to a drag.
By the way. Great work TK in your assistance to all on this method.

Kindly
FxNorth
I wrote a custom script in Python from scratch, but not an EA. I'm not sure if there is one. I'd say go ahead and whip one up, it would be a lot easier to use than my Python script.
Quoting ryanmel
hmmmm. missed my weekly entry, i was up and ready to place my order at GMT open today using the orig. +50/-50 straddle but it's moved (just a little) past that....

tkimble, what would you do in this situation? sit out the week and see if it pulls back to Friday's close? or is this not a problem as you place your orders at Sunday open (that's early here, i guess i should set the alarm).
Yeah, I missed the Sunday open too...Well actually I was going to get in at 8PM (GMT-5, Tokyo's open) on Sunday because that's when OANDA re-tightens their spreads from the loose weekend-trading spreads (back down to 7 pips from 20).

But by that point GBP/JPY had already moved 300 pips! I didn't think Wellington and Sydney had that kind of buying power.

I tried a re-entry at a lower price, wasn't a good idea. I guess I'll just see if it comes back up to the Friday close straddle.
TKimble, So when are we going to see the other trend following strategy you told us about. Eagerly waiting!
P.I.m.P my account!
Because of the variable numbers of potential stop losses suffered during a week I am having trouble trying to figure a money management plan for this method. Can someone suggest what I might use if for example I had a $1000.00 account. I plan on using 40 pip stop losses. Again, I could just try to figure, average 3 stop outs per week = 120 pip drawdown/wk. Any ideas on this? Oh yeah, I'm refering to the GBP/JPY.
Quoting mikeh3855
Because of the variable numbers of potential stop losses suffered during a week I am having trouble trying to figure a money management plan for this method. Can someone suggest what I might use if for example I had a $1000.00 account. I plan on using 40 pip stop losses. Again, I could just try to figure, average 3 stop outs per week = 120 pip drawdown/wk. Any ideas on this? Oh yeah, I'm refering to the GBP/JPY.

This suggestion would probably be too far removed from the original rules to be to your liking, but with 1K, I think it may be wise to try and modify the weekly method somewhat.

You could use moves to BE, moves with Trailing Stops, or just possibly wait a day and half or so, until it looks like the weekly trend has established itself. Any combination of these things may help, but again, it would not be "true' to the original rules, but it could help you avoid some whips, and you could always re-enter if your stops were hit.

Stay with the 40 pip stops, but I think preservation of capital is the key if you have 1K, as is microlots and no more than 1-2% risk. JMO.
Update to my previous post (suggestion).

After a few profitable trades or weeks (your choice) using 1-2%, with 1K you certainly could risk more, once you get a feel for your comfort level. My guess is that the 1k is risk capital anyway (hopefully). I know risking 1-2% on a 1k account is not that exciting, but until you get a feel for what kind of MM is going to work for you on the pair(s) you wish to trade the weekly method, I would be conservative.

Another thing is you should have all this figured out in a demo account first, and then play with your 1K. JMO.
Thanks Grajo. Good advice. Yeah, 1% on 1k may not excite some people but looking to the future, any system that I can make steady gains even though slow is excitement enough for me. If I have to suffer 6 stop outs in order to end the week positive that's ok with me. And yes, I will demo it first to try to get used to the agony of multiple stop outs along the way, like just happened to me.
Hi Guys

TK must be busy because he isnt answering . I am definitely going to make a very nice EA out of this weekly 'Friday Close' system incorporating some features of my own past EA's and easy automated money management.
I am still only aware of the 'original' 50 above 50 below concept, is this still the litmus test for system? I dont seem to be getting any response about long term live trading here.
Going by these calculations, I was just looking at the GBP/USD for last week. It was quite a nightmare until Friday. Am I correct in looking at it and saying that you would have been down -180 pips by the time it finally dropped on Friday, then recovering about 150?

FxN
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