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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

What happens if the Gap on Monday morning takes you above /below the 50 of Fridays close? Do you wait for retrace and if it doesnt come then so be it?

Quoting fxnorth
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
Hi All!

I have been trading a demo account with Interbank FX, and now it is time to go live. I like IBFX, but I have been having some "issues" with them, like longer processing times for trades, difficulty setting s/l and t/p, and trades not closing at my chosen s/l and/or t/p now that I am finally making some money using TKimble's strategies. I looked into some reviews and found that this was a common occurrence with IBFX once people started to turn a profit. I am wondering 1) if anyone else has had these problems; and 2) if anyone has any suggestions as to a good company to sign with. Thanks to any and all who can help!


Ngal100
fxnorth

last week i had 7 stops (-210 pips), the 8th trade was +150 if closed at end of Friday trading (1.9431), so yeah, bad week... so was the week prior, 11 stops from memory? with about +80 pips on the last trade.

there are no answers regarding the gap like there was this monday... i guess the order needs to be placed at sunday open, not monday open...
i jumped on monday to find it had moved 200 pips, it has since not come back to where the new orders would be placed. it would need to stop out the "phantom" short trade that would have been placed for the new short order to be placed, and the long order would already be in place.
Thanks Ryanmel for your input.
Sweet merciful crap. 11 stops.
So was +80 AFTER you covered the -210 or was it -210 + 80 positive, leaving -130 for the week?
Have you been trading the GBPJPY with this and if so would that have balanced the loss?
Much appreciated.
FxN
\
Quoting ryanmel
fxnorth

last week i had 7 stops (-210 pips), the 8th trade was +150 if closed at end of Friday trading (1.9431), so yeah, bad week... so was the week prior, 11 stops from memory? with about +80 pips on the last trade.

there are no answers regarding the gap like there was this monday... i guess the order needs to be placed at sunday open, not monday open...
i jumped on monday to find it had moved 200 pips, it has since not come back to where the new orders would be placed. it would need to stop out the "phantom" short trade that would have been placed for the new short order to be placed, and the long order would already be in place.
Ngal

Go with FXDD. Don't get me started. I have 4 of my own accounts there and would recommend to anybody. Low spreads, they dont run your stops, will actually listen to you on the phone if you have a problem, massive server that will handle Xscores lots orders with no broker intervention, speedy dealing and backed by a Monolith of a Corporation.
After being with some real industry bastards, they are a refreshing change.

FxN

---------------

Quoting Ngal100
Hi All!

I have been trading a demo account with Interbank FX, and now it is time to go live. I like IBFX, but I have been having some "issues" with them, like longer processing times for trades, difficulty setting s/l and t/p, and trades not closing at my chosen s/l and/or t/p now that I am finally making some money using TKimble's strategies. I looked into some reviews and found that this was a common occurrence with IBFX once people started to turn a profit. I am wondering 1) if anyone else has had these problems; and 2) if anyone has any suggestions as to a good company to sign with. Thanks to any and all who can help!


Ngal100
Dear North,

Thanx a TON for the recommendation! I REALLY appreciate it. As we speak, I just checked my most recent open trade with IBFX and the s/l was changed from 40 PIPS to only 10 and my computer wasn't even on! So now I KNOW it wasn't anything I did!

Best,

Ngal
FxN
the 11 stop week = 11 x 30 pips (-330), plus a +80 win, therefore -250.
the week just gone was -210 + 150 = -60...
i was only trading GBP/USD on the weekly, the weekly on the GBP/JPY from my calcs would have made... Short at 237.13 (Fri CLOSE - 50 PIPS),
close on Friday, for arguments sake at open of last bar 227.06, therefore +1007 pips.
so it would have more than made up for it!! haha

I am trading my own daily scalp on GBP/JPY and thought that for diversification I would trade a different pair for the weekly, and stick to the orig. rules that stated GBP/USD. I think discretion has to come into play and pairs should be chosen depending on market conditions for that pair (consolidating or trending)... After the first week, it is probably worthwhile stepping out until you see it break the consolidation, then enter in the new week. If you want to trade, find a pair (like GBP/JPY) that is trending at the time.. utilise it's behaviour while you wait for the other pair to trend again.

ryan

Quote
Thanks Ryanmel for your input.
Sweet merciful crap. 11 stops.
So was +80 AFTER you covered the -210 or was it -210 + 80 positive, leaving -130 for the week?
Have you been trading the GBPJPY with this and if so would that have balanced the loss?
Much appreciated.
FxN
Quoting fxnorth
What happens if the Gap on Monday morning takes you above /below the 50 of Fridays close? Do you wait for retrace and if it doesnt come then so be it?
The entry rule has been changed, TK now enters at the open of next bar as opposed to straddling it and the stop and reverse is at -40 exactly like the daily scalp.
Regards
Thank you Howard and Ryanmel for your kind input to us latecomers.

I will be spending money to have my programmer produce an advanced automated MT4 version of this system with some nice bells and whistles for stress free operation but will provide a copy to those who can give some constructive detail.
Howard, you say the entry has changed completely and that TK is now using this method for daily scalping also?
Does that mean the entry is on on open of first bar no matter where it is Monday morning - Australia/Asia?
What then for the Daily?

FxN


Quoting howard
The entry rule has been changed, TK now enters at the open of next bar as opposed to straddling it and the stop and reverse is at -40 exactly like the daily scalp.
fxnorth,

the daily scalp is an immediate entry at 00:00GMT.
tk mentioned in a earlier post that he was going to trial the immediate entry on the weekly and trade both simultaneously on the same pair.
he has not (to my knowledge) mentioned any more but i believe he is now using the new entry.
if you are having someone program this for you, i'm sure they can give you both options of a straddle, or immediate entry.
we all know from tk's results that the straddle produced great results, it's only time that is left to compare how the new entry compares over a lengthy period.
so far I think it's proving to be quite good... we'll know more when people post results for both entry styles.
Quoting fxnorth
Thank you Howard and Ryanmel for your kind input to us latecomers.

I will be spending money to have my programmer produce an advanced automated MT4 version of this system with some nice bells and whistles for stress free operation but will provide a copy to those who can give some constructive detail.
Howard, you say the entry has changed completely and that TK is now using this method for daily scalping also?
Does that mean the entry is on on open of first bar no matter where it is Monday morning - Australia/Asia?
What then for the Daily?

FxN
Hi FxN

Depending on what broker and data feed you are using the Monday bar normally opens between 22:00 and 00:00 GMT Sunday , the same applies to daily bars every day for daily scalp.

I am using the 22:00 open (FXDD for charting only) as it is a more convenient time here in the UK
Regards
FXNorth,

Please have them include a "go to Breakeven at" function in the ea. For money management purposes it can help to cut some losses while the pair is deciding which way to go. Also some easy function to let the ea run all week or close at a certain hour. Thanks.
With regard to the daily scalp, I assume it is like the weekly principle where it opens 0000hrs and then closes EOD to take whatever profit/loss. But was is the straddle? Immediate entry? Straddle?
By simultaneous do you mean that TK is taking both a long and short position and hedging somehow?
You guys need to be slightly more specific if I am going to build this to rolls royce straight off. I dont do things half assed.
If anybody has a relationship with TK and he is interested in the automated project it would be nice to have his updated input.
It is harder to add features to system architecture later as it makes logic 'clunky' so I have to get this right from the start (plus this costs me money).
I have very advanced EA's already and some of the suggestions posted I have taken care of (or better) but thanks for suggesting.
Keep em coming.

FxN

Quoting ryanmel
fxnorth,

the daily scalp is an immediate entry at 00:00GMT.
tk mentioned in a earlier post that he was going to trial the immediate entry on the weekly and trade both simultaneously on the same pair.
he has not (to my knowledge) mentioned any more but i believe he is now using the new entry.
if you are having someone program this for you, i'm sure they can give you both options of a straddle, or immediate entry.
we all know from tk's results that the straddle produced great results, it's only time that is left to compare how the new entry compares over a lengthy period.
so far I think it's proving to be quite good... we'll know more when people post results for both entry styles.
As stated in previous post, try to give the 'logic' of daily scalp (also weekly sys) as you see it. E.g - IF break down through price n below current 0000hrs then SELL, place stop n pips, IF hits stop (what then?)

This is actually not going to be as 'simple' as I had hoped. Its going to require multiple logic for countless scenarios so you can see why I need a clear outline. Once it is set in stone there is no adjusting the framework with ease.

However I will place enable/disable functionality on all scenario triggers so you can optimize it yourself. This will allow for entering trades at whatever level, hedging, stops, limits, profit protection and perhaps a trailing stop function which can be disabled ( since this seems to be proven to best be left run until days/weeks end).

As you can see it is not a simple thing writing out an EA. This might take a bit.

FxN

Quoting howard
Hi FxN

Depending on what broker and data feed you are using the Monday bar normally opens between 22:00 and 00:00 GMT Sunday , the same applies to daily bars every day for daily scalp.

I am using the 22:00 open (FXDD for charting only) as it is a more convenient time here in the UK
Thanks for the suggestion. I have those functions covered already with other systems I have built of my own design.
I will place a complex break even function but you will find that it is a two edged sword. I have played with it for years and although always placing the functionality on my EA's because the idea of getting out at break even and protecting position is attractive, it usually is a 'too cautious' approach and causes missed opportunity.
Sometimes better to just go with do or die and the cold stop trusting that money management plus RRR will save you in the long term.

FxN

Quoting mikeh3855
FXNorth,

Please have them include a "go to Breakeven at" function in the ea. For money management purposes it can help to cut some losses while the pair is deciding which way to go. Also some easy function to let the ea run all week or close at a certain hour. Thanks.
I certainly will not speak for TK or any others, but I have been following this thread from the beginning, and for what it's worth, here is what I recall...

First, I believe TK did in fact adopt the immediate entry on the weekly, as opposed to the straddle. I believe it was either Jim No or PermanentJuan (apologies if I have this wrong) who questioned the logic behind the straddle, pointing out that all it really did was leave the first 50 pips on the table.

Second, there really is nothing inherently wrong with the straddle, and no one could be faulted for using it. Try it both ways and see how it works for you. You will find people who have been succesful with both, depending on the pairs traded.

Third, although I personally have temporarily abandoned the weekly (but still follow the thread and will not hesitiate to use it again, I can tell you that you can get whipsawed o death for (-40) pip stop losses repeatedly, depending on the pairs traded and the current pattern (trending/ranging).

Fourth, anyone who has used the weekly on the G/U the past month will understand the last paragraph (probably all too well).

And lastly, this thread has taken on a life of its own with regard to people who want to automate everything and use EA's. I think that's great if that's your interest. I can tell you that TK does not subscribe to the using of EA's either, and prefers to trade manually (he posted as much), but I do understand the need and desire for people to "set it and forget it".

The bottom line is the weekly can work astonishingly well when the pair(s) you're trading is trending from the get-go at the beginning of the week with few reversals (just look at last weeks G/J). But if you think you're going to put this strategy on automatic pilot and go off to bed or work for the week, and turn your EA into an ATM, you'll need a lot of things to go right. JMO
Quoting grajo
I certainly will not speak for TK or any others, but I have been following this thread from the beginning, and for what it's worth, here is what I recall...

First, I believe TK did in fact adopt the immediate entry on the weekly, as opposed to the straddle. I believe it was either Jim No or PermanentJuan (apologies if I have this wrong) who questioned the logic behind the straddle, pointing out that all it really did was leave the first 50 pips on the table.

Second, there really is nothing inherently wrong with the straddle, and no one could be faulted for using it. Try it both ways and see how it works for you. You will find people who have been succesful with both, depending on the pairs traded.

Third, although I personally have temporarily abandoned the weekly (but still follow the thread and will not hesitiate to use it again, I can tell you that you can get whipsawed o death for (-40) pip stop losses repeatedly, depending on the pairs traded and the current pattern (trending/ranging).

Fourth, anyone who has used the weekly on the G/U the past month will understand the last paragraph (probably all too well).

And lastly, this thread has taken on a life of its own with regard to people who want to automate everything and use EA's. I think that's great if that's your interest. I can tell you that TK does not subscribe to the using of EA's either, and prefers to trade manually (he posted as much), but I do understand the need and desire for people to "set it and forget it".

The bottom line is the weekly can work astonishingly well when the pair(s) you're trading is trending from the get-go at the beginning of the week with few reversals (just look at last weeks G/J). But if you think you're going to put this strategy on automatic pilot and go off to bed or work for the week, and turn your EA into an ATM, you'll need a lot of things to go right. JMO
Excellent observation. You must be a hands-on trader to trade this system. There is no easy out. Technology has spoiled us all just a bit...

TK
Quoting fxnorth
As stated in previous post, try to give the 'logic' of daily scalp (also weekly sys) as you see it. E.g - IF break down through price n below current 0000hrs then SELL, place stop n pips, IF hits stop (what then?)

This is actually not going to be as 'simple' as I had hoped. Its going to require multiple logic for countless scenarios so you can see why I need a clear outline. Once it is set in stone there is no adjusting the framework with ease.

However I will place enable/disable functionality on all scenario triggers so you can optimize it yourself. This will allow for entering trades at whatever level, hedging, stops, limits, profit protection and perhaps a trailing stop function which can be disabled ( since this seems to be proven to best be left run until days/weeks end).

As you can see it is not a simple thing writing out an EA. This might take a bit.

FxN

Hi

The logic to the daily I believe is:

Entry rule:
- Enter trade at 00:00 GMT
if 3 consequative long bars in previous days than go short. (against the trend)
if 3 consequative short bars in previous days than go long (against the trend)
if no 3 consequative bars than
if previous day is long bar than go long (with the trend)
if previous day is short bar than go short (with the trend)
(if by chance we have a Doji Bar (open = close) than go another day back and check 1 day before.)

- Stop Order:
Place stop order at the value defined in the StopLoss Parameter (deafult is 40 pips/ticks away)

Every time our stop loss is hit we reverse our position (multiple times a day if the stop is hit multiple times)

- Target:
if useprofittarget = TRUE than exit and finish for the day if profit target has been reached.
if useprofittarget = FALSE than no profit target is to be set.

- Reverse Rules
If a stop order is hit than we reverse our trade (with the same stop loss and target rules we had before)
we continue to reverse multiple times a day if we keep hitting the stop loss until the day is finished (see finish for day rules below)

- Finish for the day
Finish all trading at for the day at endTime (default is 23:59 GMT).
If we are using profit target than we exit when it has been reached. if the profit target has not been reached than we exit in any case at End Time specified.


There is a discussion about the daily that can be found here:
http://www.forexfactory.com/showthread.php?t=13507


I belive the weekly has the same rules now as the daily.
Hope this helps....

Regards,

Ran
I agree with you and the previous post more than you think. I have Traded long enough for a living (well before EA's came along) to realize that some things are just too plain hard (or impossible) for the computer to replicate. There is no substitute for a brain and at the end of the day, you never get something for nothing.
If anybody, I am the foremost advocate against sleazy companies you see at trade shows trying to sell a black box system whilst standing in front a massive picture of a person playing golf whilst supposedly at home his purchased system is making him millions.
Do not assume I view this as a easy cop out ATM. I have traded 20 hour days long enough to know that some work can be cut by mechanically automating a method so as to ease monitoring (even if the final discretion is by trader).
You will also note that by the time I posted my last comment yesterday, realization was sinking in that this is not going to be a 'simple' trigger. Due to the whipsaw problems and the only way of getting around them is by visually analyzing the chart, this may be a system left to manual discretion after many hours by good old fashioned tech analysis.

All this being said, I am yet to see one mechanically traded system that cannot be built into a EA. If it doesn't run, usually the failing then exists with the system methodology or programmer who didn't interpret it correctly but its usually the former.

For the 'baby birds' out there that sit with mouths open hoping for someone to do the hard yards and build such a system, only to then drop it in their beak without them lifting a finger, they shouldn't act all 'soured' if they use a EA that is someone else's half assed unproven idea. Hell, forums like forex-tsd have all the free useless EA's with bells and whistles you want.

Either way, manually traded, EA traded, if the system IS YOUR OWN, you have built and tested it over long periods, then the rewards should come. I have my own but stmbled upon this thread and found it an additional concept that might be worth toying with.

Thats it.

FxN

Quoting tkimble
Excellent observation. You must be a hands-on trader to trade this system. There is no easy out. Technology has spoiled us all just a bit...

TK
Quoting fxnorth
...Due to the whipsaw problems and the only way of getting around them is by visually analyzing the chart, this may be a system left to manual discretion after many hours by good old fashioned tech analysis....
FXN, What tech analysis do you use to predict whipsaws?
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