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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,741
  • Jan 5, 2009 6:25am Jan 5, 2009 6:25am
Quoting ashes
Hi zseventy1,

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

Regards
I understand thanks ashes
  • #1,742
  • Jan 8, 2009 2:09pm Jan 8, 2009 2:09pm
Hi traders,

good to see that there's at least some people still posting here. I was following this thread from time to time, interesting system but I have a basic question:

It seems that you only can trade this system manually if you have time to monitor the market all day long, because one has to manage this system very actively, changing limit orders, opening positions, reopening...

I cannot stay in front of my trading station all day, so how about that rhythm EA? Do you guys use this EA with success?

Good trading folks and thanks in advance,

Roman
  • #1,743
  • Jan 8, 2009 2:29pm Jan 8, 2009 2:29pm
Weekly scalping????
I have over 15 years of experiance,
but I never ever heard about weekly/daily scalping. Sorry.
Here is a definition for scalping:
True scalping involves opening and closing a position in seconds or minutes at most. Even though scalping involves the use of leverage and higher leverage means higher risk, the short period of time a forex scalper is in a trade decreases the exposure risk that's inherent in trading or investing due to the holding of a position. If done correctly, scalping provides this additional degree of "risk control" that is not even present in day trading.
How you can scalp weekly????
Cicero
  • #1,744
  • Jan 8, 2009 4:09pm Jan 8, 2009 4:09pm
Unfortunately Cicero, scalping is all the rage right now. Because let's face it, "Trend-Following" (Which this system really is) just doesn't sound as popular. It used to =D
  • #1,745
  • Jan 8, 2009 4:20pm Jan 8, 2009 4:20pm
Quoting Ronald Raygun
Unfortunately Cicero, scalping is all the rage right now. Because let's face it, "Trend-Following" (Which this system really is) just doesn't sound as popular. It used to =D
Scalping is very popular word...
System is not scalping system, but why not use word scalping!
That is not my problem.
  • #1,746
  • Jan 8, 2009 4:33pm Jan 8, 2009 4:33pm
I never said it was your problem.

You're welcome to continue to complain about the improper use of the word, but what's the use?
  • #1,747
  • Jan 12, 2009 4:34am Jan 12, 2009 4:34am
Hi everyone, please take a look here http://www.forexfactory.com/showthread.php?t=144542 , i did some strategy modifications and paper results are more than better !
  • #1,748
  • Jan 12, 2009 10:14am Jan 12, 2009 10:14am
Has anyone had success using the Rythmv2 EA with respect to TKimble's original method? Not success as in you are winning every trade, but success in you are getting it to run? Or is there a newer one available?

The system itself looked profitable in 2008 on GBPUSD and USDCHF paper trading, but as I have a full time job, it would be necessary to have an EA or at least an open trade management script place the SAR trades throughout the week.

I am not versed in programming; does anyone think that I could manually place the straddle on the previous weeks close and then utilize the Swiss Army EA to manage the trades for me, or is there a better option?

Thanks in advance, I've been following here for a while but this is my first post.
  • #1,749
  • Jan 18, 2009 1:53pm Jan 18, 2009 1:53pm
Quoting Ironball
First of all, can I say thanks for the time you have put into all of this.

I have a few questions which hopefully you will be able to answer; the answers should hopefully allow a lot of people on this thread to better understand the system.

[font=Arial][size=2]1. You said that last week's close was 1.9557. According to my numbers on MT4 it was 1.9584. Can you confirm (1) what time GMT you take as the close of the previous week, (2) on which data package, (3) what time GMT you...
Just wondered if T kimble answered your questions.
  • #1,750
  • Jan 19, 2009 5:50am Jan 19, 2009 5:50am
hi, been reading the posts,am new to FF and learning about how to trade longer term as i do not have time to get stuck to pc all day - work committments and stuff

just wondering if anyone had come up with an EA to automatically manage the trades and have parameters to adjust for MM like wat hondakorn is doing?

for eg open 2 lots, close 1 lot at 50 pips profit and set SL for other lot to Breakeven? that would be beneficial for a ranging trend.

I see that the dailyscalp method has an EA and the rythmn EA was created for it but i dont see any EAs available that is following the weekly scalp method.

if it is already here, kindly point it out to me thanks a lot!

Regards,
William Koh
  • #1,751
  • Jan 25, 2009 8:40pm Jan 25, 2009 8:40pm
Here's an EA which was long coming for this system.

There is a catch, this EA needs to be open for the entire time. If it is not, the variables will get reset and the week's trade cannot be managed.
Attached File(s)
File Type: mq4 tKimble Weekly Scalping.mq4   13 KB | 1,264 downloads
  • #1,752
  • Jan 25, 2009 9:07pm Jan 25, 2009 9:07pm
global variables fix that problem

mt4 can be restarted, and all variable states remain constant
  • #1,753
  • Jan 25, 2009 9:27pm Jan 25, 2009 9:27pm
How do you differentiate global variables between EAs?
  • #1,754
  • Jan 25, 2009 11:54pm Jan 25, 2009 11:54pm
i don't think it can be done, if you are asking about GVs with the same name.

that is one of the advantages.... to be able to share variable states among multiple EAs.
  • #1,755
  • Feb 1, 2009 12:07pm Feb 1, 2009 12:07pm
thanks, Ashes.

for ur 2 questions,

i didn't trade 2008, but i backtested it, yes, gbpusd profitable, but not that profitable as yours.

actually, 2008 is a trending year, so it is no wonder to be profitable(and very). i found that usdjpy, eurusd also profitable.

however, if going back from 2004/2005, things will be very shitty, according to backtest. well, i know backtest is not 100% accurate. however, logic goes like this:

if backtest give you a very profitable system, that system may not be that good;

if backtest give you a very awful system, that system is 99% awful in future (after i read the trades it makes in history...)

now i am very doubtful in the long-term performance of this system, if unlimited reentry is applied in early week. after all, 2008 is a great year for even a MA cross system. it is not a year to decide if a system is robust (without terrible drawdown).

btw, the system when using limited re-entry, will have more stable performance. but maybe 1 year without equity growth. who/how can handle that? hoho. i'm asking myself often...





Quoting ashes
Hi all,

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...
  • #1,756
  • Feb 1, 2009 12:09pm Feb 1, 2009 12:09pm
There is no such thing as a robust system. Your rules will do well in some types of markets, and bad in others.

That is the gamble.

You put your money on the table and hope that the market will match your strategy.

Anyone dispute?

Quoting charvo
thanks, Ashes.

for ur 2 questions,

i didn't trade 2008, but i backtested it, yes, gbpusd profitable, but not that profitable as yours.

actually, 2008 is a trending year, so it is no wonder to be profitable(and very). i found that usdjpy, eurusd also profitable.

however, if going back from 2004/2005, things will be very shitty, according to backtest. well, i know backtest is not 100% accurate. however, logic goes like this:

if backtest give you a very profitable system, that system may not be that good;

if backtest give you a very awful...
  • #1,757
  • Feb 1, 2009 2:00pm Feb 1, 2009 2:00pm
Quoting tdion
There is no such thing as a robust system. Your rules will do well in some types of markets, and bad in others.

That is the gamble.

You put your money on the table and hope that the market will match your strategy.

Anyone dispute?
http://img514.imageshack.us/img514/6...avpdvx1tb5.jpg
  • #1,758
  • Feb 1, 2009 2:53pm Feb 1, 2009 2:53pm
This is funny.

Quoting lolpie
http://img514.imageshack.us/img514/6...avpdvx1tb5.jpg
  • #1,759
  • Feb 1, 2009 3:03pm Feb 1, 2009 3:03pm
Quoting tdion
There is no such thing as a robust system. Your rules will do well in some types of markets, and bad in others.

That is the gamble.

You put your money on the table and hope that the market will match your strategy.

Anyone dispute?
It's not so much a gamble as an educated guess. =P
  • #1,760
  • Oct 15, 2009 1:10pm Oct 15, 2009 1:10pm
I want to give a try this strategy. just wondering in final version stop loss the same 30 pips. Looks low to me even in daily scalping we put 40 pips

Thanks,
Alex
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