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Part Time Wealth Building Trading System - Weekly Scalping

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  • Post #1,761
  • Quote
  • Oct 19, 2009 3:10pm Oct 19, 2009 3:10pm
  •  sasha100
  • | Joined Aug 2009 | Status: Member | 21 Posts
By tkimble we open position at 02:00 AM EST and close at 03:30 PM EST on Friday, Am I right?

thx,
Alex
 
 
  • Post #1,762
  • Quote
  • Oct 19, 2009 3:13pm Oct 19, 2009 3:13pm
  •  sasha100
  • | Joined Aug 2009 | Status: Member | 21 Posts
I meant :"open position at 02:00 AM EST on Monday".

Alex
 
 
  • Post #1,763
  • Quote
  • Oct 21, 2009 8:40pm Oct 21, 2009 8:40pm
  •  sasha100
  • | Joined Aug 2009 | Status: Member | 21 Posts
with 30 pips SL one good week could cover 3 bad which means we need only one succesful week per month
 
 
  • Post #1,764
  • Quote
  • Oct 24, 2009 2:35am Oct 24, 2009 2:35am
  •  prolog
  • | Joined Apr 2009 | Status: Member | 10 Posts
Is this system still up to date?

Anyone using this system currently for demo/live?
 
 
  • Post #1,765
  • Quote
  • Oct 24, 2009 9:42am Oct 24, 2009 9:42am
  •  finally
  • | Joined Aug 2009 | Status: Member | 155 Posts
Quoting prolog
Disliked
Is this system still up to date?

Anyone using this system currently for demo/live?
Ignored
I like the idea behind this system- super simplicity!
I a going to try it live Sunday night for the first time.
 
 
  • Post #1,766
  • Quote
  • Oct 24, 2009 9:54am Oct 24, 2009 9:54am
  •  prolog
  • | Joined Apr 2009 | Status: Member | 10 Posts
Quoting finally
Disliked
I like the idea behind this system- super simplicity!
I a going to try it live Sunday night for the first time.
Ignored

I'm still a little bit hazy.

You make pending buy and sell orders 50 pips away from the close price of previous week with no T.P and stop loss 30 pips. Close both trades end of the week. Is that correct?


But is 30-pip SL wide enough for a swing trade?
 
 
  • Post #1,767
  • Quote
  • Oct 24, 2009 10:43am Oct 24, 2009 10:43am
  •  finally
  • | Joined Aug 2009 | Status: Member | 155 Posts
Quoting prolog
Disliked
I'm still a little bit hazy.

You make pending buy and sell orders 50 pips away from the close price of previous week with no T.P and stop loss 30 pips. Close both trades end of the week. Is that correct?


But is 30-pip SL wide enough for a swing trade?
Ignored
That's correct.

The idea here is to, hopefully, get a week that moves big in one direction.
This big week should make up for the losers.

I'm going to use the 30 pip SL because all that I want to risk on the trade is 60 pips.
 
 
  • Post #1,768
  • Quote
  • Oct 24, 2009 11:17am Oct 24, 2009 11:17am
  •  SkyzerFX
  • | Commercial Member | Joined Jul 2009 | 5,375 Posts
Hi, all

This thread was started in 2007 when there was no hedging rule in place.

(for US based brokers)

I'm not sure, if it's still possible to place both SELL and BUY

pending orders on the same pair or otherwise initiate pending

SELL order, while BUY is already opened and vise versa..

Please correct me, if I'm wrong on that.
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
 
 
  • Post #1,769
  • Quote
  • Oct 24, 2009 11:29am Oct 24, 2009 11:29am
  •  finally
  • | Joined Aug 2009 | Status: Member | 155 Posts
Quoting SkyzerFX
Disliked
Hi, all

This thread was started in 2007 when there was no hedging rule in place.

(for US based brokers)

I'm not sure, if it's still possible to place both SELL and BUY

pending orders on the same pair or otherwise initiate pending

SELL order, while BUY is already opened and vise versa..

Please correct me, if I'm wrong on that.
Ignored
You can definitely place buy and sell pending orders at the same time.

I use FXCM( one of the largest FX brokers) and they allow hedging but even if your broker does not allow hedging, you can still place pending buy/sell orders at the same time.
 
 
  • Post #1,770
  • Quote
  • Oct 24, 2009 3:41pm Oct 24, 2009 3:41pm
  •  SkyzerFX
  • | Commercial Member | Joined Jul 2009 | 5,375 Posts
Quoting finally
Disliked
I use FXCM( one of the largest FX brokers) and they allow hedging but even if your broker does not allow hedging, you can still place pending buy/sell orders at the same time.
Ignored
OK, I'll try that. I also was using FXCM ones, but (UK based) and they do allow hedging,

but their execution time was so terrible that's why I run as far as possible from

them. they was walking my "buy" or "sell" order for sometime to execute at

worse possible

price.. Sometimes it takes 5 min or more, which is absolutely unacceptable

in FOREX reality.. Anyways I have another question//

Place +50 - 50 pips orders

and SL 30 pips is that SPREAD included or excluded???

It's important cause on some

volatile pairs like GBPJPY I have 7 pips spread.. Because in that case

your buy or sell order will execute at 43 +7 (spread) pips..

Thanks.
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
 
 
  • Post #1,771
  • Quote
  • Oct 24, 2009 4:03pm Oct 24, 2009 4:03pm
  •  SkyzerFX
  • | Commercial Member | Joined Jul 2009 | 5,375 Posts
Ok, I got it, it's not even "Limited order", but instead "Buy Stop"/"Sell stop" orders..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
 
 
  • Post #1,772
  • Quote
  • Oct 24, 2009 5:43pm Oct 24, 2009 5:43pm
  •  finally
  • | Joined Aug 2009 | Status: Member | 155 Posts
Quoting SkyzerFX
Disliked
OK, I'll try that. I also was using FXCM ones, but (UK based) and they do allow hedging,

but their execution time was so terrible that's why I run as far as possible from

them. they was walking my "buy" or "sell" order for sometime to execute at

worse possible

price.. Sometimes it takes 5 min or more, which is absolutely unacceptable

in FOREX reality.. Anyways I have another question//

Place +50 - 50 pips orders

and SL 30 pips is that SPREAD included or excluded???

It's important cause on some

volatile pairs like GBPJPY I...
Ignored
I would add the spread to the 30 pips.

Are you going to try it out tomorrow?
 
 
  • Post #1,773
  • Quote
  • Oct 25, 2009 12:52pm Oct 25, 2009 12:52pm
  •  SkyzerFX
  • | Commercial Member | Joined Jul 2009 | 5,375 Posts
"Are you going to try it out tomorrow?"

Yes, I do, just not sure, either on DEMO or on Live with
small lot.
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
 
 
  • Post #1,774
  • Quote
  • Oct 26, 2009 9:35am Oct 26, 2009 9:35am
  •  SkyzerFX
  • | Commercial Member | Joined Jul 2009 | 5,375 Posts
I place some trades on Demo and went to sleep

GBPJPY run both BUY and SELL stop loses

It just running both directions.. NO way you can catch it

with 30 pips stop loss.. Not possible. So it won't work so easy,

as it described. In that case you will get loss in both direction

30 pips + spread about 78 pips, now you can wait a week for

possibly just another loss
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
 
 
  • Post #1,775
  • Quote
  • Oct 30, 2009 12:06am Oct 30, 2009 12:06am
  •  polohot
  • | Membership Denied | Joined Oct 2009 | 5 Posts
This week looks good
Attached Image (click to enlarge)
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  • Post #1,776
  • Quote
  • Mar 28, 2010 11:45am Mar 28, 2010 11:45am
  •  roundrock
  • | Joined Feb 2010 | Status: J16 Student | 902 Posts
anyone still using this system ?
 
 
  • Post #1,777
  • Quote
  • Edited 11:57am Mar 28, 2010 11:56am | Edited 11:57am
  •  monikroc
  • | Joined Oct 2006 | Status: Member | 180 Posts
Hello,I still eyeball it every once in awhile,it works still but I have been scalping with limited success. I am considering going back to it.
 
 
  • Post #1,778
  • Quote
  • Apr 12, 2010 12:21pm Apr 12, 2010 12:21pm
  •  khaledtag
  • | Joined Apr 2010 | Status: Member | 10 Posts
i just made a manual back test and the results are good but i noticed that the price triggered the long position and moved up 100+ pips then came all the way down to trigger the short position and moved 40+ pips in our favor then came back to hit the stop , we should break even if we moved stops but we could have earned a lot if we had stopped the buy position before turning down
 
 
  • Post #1,779
  • Quote
  • May 11, 2010 8:57pm May 11, 2010 8:57pm
  •  frankkn
  • Joined Jan 2010 | Status: I'm the greatest, man | 2,516 Posts
i wonder how this strategy would do if you took half off at 1:1 and left your stop where it was?
 
 
  • Post #1,780
  • Quote
  • May 13, 2010 12:49pm May 13, 2010 12:49pm
  •  Pidgeon
  • | Joined Jul 2007 | Status: Seasoned Lurker | 242 Posts
As the other system I'm trading only has signals every few weeks, I'm going to start trading this on a volatile pair on Sunday and see how it goes. I'll post my trades if people want to follow along. It will be live trading on a micro account.

However, I'll be using Mades' modifications from post #1749, because the entry is quicker (30 pips either way). I'm not going to have a TP to start with, since in the past few weeks we've seen really large moves of 400-500 pips, which help to make up for bad weeks when we are stopped out in both directions.

I'll post again once I've picked the pair I'm going to trade with this.
Disregard all prognostications.
 
 
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