Part Time Wealth Building Trading System - Weekly Scalping | Page 91 | Forex Factory

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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,801
  • Aug 30, 2010 1:50pm Aug 30, 2010 1:50pm
Is anyone is still trading this system? I think a major improvement could be made by using previous weeks volatility as a guide to determine entry distance from opening price and SL.
  • #1,802
  • Sep 5, 2010 11:03am Sep 5, 2010 11:03am
This method might work on the long run quiet nisely,just it is maybe a good idea to use stop depending on ADR . 30 persent of ADR 10 for example. And move the amount risked in profit once more then 100-150 in profit. It would help to have very small drowdown. It is not a dead method.
  • #1,803
  • Nov 1, 2010 5:37pm Nov 1, 2010 5:37pm
Quoting deuce
Is anyone is still trading this system? I think a major improvement could be made by using previous weeks volatility as a guide to determine entry distance from opening price and SL.
Just wondering is it anybody still on this forum?
  • #1,804
  • Dec 18, 2010 9:20am Dec 18, 2010 9:20am
is this method still working or has another one bitten the dust ?
  • #1,805
  • Jan 27, 2011 1:23pm Jan 27, 2011 1:23pm
Quoting whatfx
is this method still working or has another one bitten the dust ?
Another one always bites the dust, don't think there is a strategy that will work forever
  • #1,806
  • Apr 24, 2011 10:50pm Apr 24, 2011 10:50pm
Quoting tkimble
Yes, TK has returned...
Hi TKimble,
Been using your part time wealth building trading system for a while now. Have there been any updates to how you are using the system over the last few years.
  • #1,807
  • Jun 9, 2011 3:52pm Jun 9, 2011 3:52pm
Thanks to all for your continued comments be they supportive or critical. I intentionally retreated from all chat rooms to focus on a much more simplistic approach which eliminates all indicators and focuses on the only variable that we are certain of as a trader which is the current price. I have developed and employed a very simple system which is by far the most easiest to trade, uses daily bar charts and is very profitable. I just recently began offering my services to investors after 25 years of private trading. My results can be viewed at www.interestratefunding.com. I will not be sharing this trading practice but again wanted to thank everyone for their emails...
TK
  • #1,808
  • Jun 16, 2011 3:25pm Jun 16, 2011 3:25pm
YES!!!!! tkimble is still active, one of the original FF innovators that I admire much.
  • #1,809
  • Jun 17, 2011 8:35am Jun 17, 2011 8:35am
It's nice to see you back, tkimble!
  • #1,810
  • Aug 6, 2011 10:15pm Aug 6, 2011 10:15pm
I've earned a lot from your system, so exciting! it functions well in recent markets!

Quoting tkimble
Thanks to all for your continued comments be they supportive or critical. I intentionally retreated from all chat rooms to focus on a much more simplistic approach which eliminates all indicators and focuses on the only variable that we are certain of as a trader which is the current price. I have developed and employed a very simple system which is by far the most easiest to trade, uses daily bar charts and is very profitable. I just recently began offering my services to investors after 25 years of private trading. My results can be viewed at...
  • #1,811
  • Jul 24, 2013 6:37pm Jul 24, 2013 6:37pm
First of all my compliments to tkimble for starting a very simple and interesting thread. My observation on the weekly scalping system is that instead of putting limit orders 50 pips away from the weekly close, open the trade with market order in the direction of the closed weekly candle on Monday morning with 100 pips stop and reverse, again with open TP. Close the trade at Friday closing time. Maximum draw down possibility is 200 pips incase of a choppy week, whereas the gain could be anything depending on the strength of the trend.
  • #1,812
  • Aug 8, 2013 2:34pm Aug 8, 2013 2:34pm
I like this thread/idea a lot.

I've looked through the whole thread to see if anyone has made an EA for this but couldn't see one. Does one exist? Or could one be coded perhaps....for the original method and fffx's? I'm not usually a massive fan of EAs but i think for this to work consistently it needs to be done on multiple pairs at once so that some will be chopped around but some will shoot off in one direction for the week. It will be quite hard to do it manually and watch for the original system, maybe easier manually for fffx's suggestion.
  • #1,813
  • Sep 12, 2013 3:23am Sep 12, 2013 3:23am
Quoting Ljuk
I like this thread/idea a lot. I've looked through the whole thread to see if anyone has made an EA for this but couldn't see one. Does one exist? Or could one be coded perhaps....for the original method and fffx's? I'm not usually a massive fan of EAs but i think for this to work consistently it needs to be done on multiple pairs at once so that some will be chopped around but some will shoot off in one direction for the week. It will be quite hard to do it manually and watch for the original system, maybe easier manually for fffx's suggestion....

Hi Ljuk,

If you look near the top of the page, there is a paperclip symbol (for all thread attachments) to the left of the subscribe button. By clicking on that, you will find an EA called TKimble Weekly Scalping. I can't say how well it works but you can check the post associated with it to find out more.

I am new to trading and am still experimenting with my own strategy on a demo. I totally agree with you that trading with multiple pairs could help offset choppy conditions in a given pair and result in a net profit. I am manually demo trading with 5 pairs right now using a similar idea to this weekly strategy. I can't say much about it except the past 3 weeks of trading have been profitable at least partly for the reason you have pointed out.
  • #1,814
  • May 14, 2015 10:22am May 14, 2015 10:22am
I know it has been a year and a half since the last reply, but is anyone still trading this system?

It seems like market conditions has changed, and it is back to being profitable. I've been trading it this week and my GBP/USD is up 296 pips, of course after one stop loss (-60 pips), so far up 236 pips in under a week. I will be closing the trade tomorrow as stated in the original strategy.

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  • #1,815
  • Jul 29, 2015 5:04am Jul 29, 2015 5:04am
Quoting tkimble
{quote} Your subtle comment about no emotions is key to successfully trading this system and any system for that matter. I have found that my most successful trading efforts are those that are emotion free. This is a very difficult state of mind to achieve and is made so much easier using stringent money management techniques. Like in life, people on this thread have rehosted a very simple weekly scalping system into various iterpretations. Some have try to use a four hour chart to explain different entry and exit strategies. I have intentionally...
Hi mate, just one quick point, this is an old post and you may not reply, and this question may already have been asked, but if you do as above, and you order for buy is triggered, and you trade gets stopped as it drop back 30 pips, (your sell order will be at previous week close at this point), but the question is, do you re create that buy order back to 50 pips above previous weeks close, to re enter, i.e keep re entering until the market holds in one direction ?
  • #1,816
  • Jan 22, 2017 9:40pm Jan 22, 2017 9:40pm
Hi TKimble,

Thanks for sharing your system.

If you will, please explain how you go about selecting a pair. If I remember correctly, you said you prefer volatile pairs. What other filters do you use?

Thanks,
Norm
  • #1,817
  • Feb 25, 2017 6:38pm Feb 25, 2017 6:38pm
Hi TKimble or anyone else knowledgeable on this question,

Your system requires trading 10 minutes after the New York open. Where I am, that's 2AM or 3AM depending on time of year. I tried it one night, and it almost killed me. It was torture pushing myself through my job that day. If I were to try your system at some other hour of the day - hours after the New York open - how would you recommend I enter and then set the opposite trade? 50 pips beyond the Friday close doesn't seem relevant in this case.

Thank you!
Norm
  • #1,818
  • Oct 20, 2018 9:05pm Oct 20, 2018 9:05pm
Quoting sonicdeejay
BTW..when the market open for the start of the week?? I live in Time Zone GMT +8 ! Thx in advance!!
Really?

You have come a long way since.....

It takes a lot for me to IGNORE you, but you can try.
  • #1,819
  • Dec 20, 2019 6:28pm Dec 20, 2019 6:28pm
Hi Guys
Does anyone trade this system anymore?
Seems to me sometimes this system could get destroyed sometimes for weeks on end?
Although at other times I can see it going nicely.
I would love to hear if anyone still trades this system and how have they been going with it>
Thnks very much in advance.
  • #1,820
  • Last Post: Mar 18, 2024 3:37am Mar 18, 2024 3:37am
This strategy is very similar to Flotsom's strategy except he enters on high low on 1HR candle and does it intraday. Gives positive results
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