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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

By tkimble we open position at 02:00 AM EST and close at 03:30 PM EST on Friday, Am I right?

thx,
Alex
I meant :"open position at 02:00 AM EST on Monday".

Alex
with 30 pips SL one good week could cover 3 bad which means we need only one succesful week per month
Is this system still up to date?

Anyone using this system currently for demo/live?
Quoting prolog
Is this system still up to date?

Anyone using this system currently for demo/live?
I like the idea behind this system- super simplicity!
I a going to try it live Sunday night for the first time.
Quoting finally
I like the idea behind this system- super simplicity!
I a going to try it live Sunday night for the first time.

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?
Quoting prolog
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?
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.
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? :-)
Quoting SkyzerFX
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.
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.
Quoting finally
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.
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? :-)
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? :-)
Quoting SkyzerFX
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...
I would add the spread to the 30 pips.

Are you going to try it out tomorrow?
"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? :-)
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? :-)
This week looks good
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anyone still using this system ?
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.
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
i wonder how this strategy would do if you took half off at 1:1 and left your stop where it was?
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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