Part-Time Wealth Building System-Weekly
So have you or anyone else tried this system? And if so, how has your performance been?
Also I wouldn't mind a scenario as to how a week would look (entries and SLs) as to fully understand the system. I have read some of the thread and found that it didn't really answer my questions.
A scenario would be a step-by-step of what to do when you enter it in (like you mentioned above with the 50 pip straddle), but where to place entries and stoplosses after that.
Thanx,
GK
So far here is my understanding:
I have last week Gbpusd close at 1.9613 so i put an entry buy at 1.9663 and an entry sell at 1.9563 with respective 30pip stop. Now say the sell kicks in, what do i do with the entry buy?
What would happen if the sell stops out? Where would i place the next entry sell?
Thanx,
GK
Wow... so confusing...
let me see if I understood...
I will take orders (buy/sell) when the price passes 50 pips over (to buy) or under (to sell) the past week close, set a SL of 30 pips and move it as the market move (trailing it)?
So far here is my understanding: I have last week Gbpusd close at 1.9613 so i put an entry buy at 1.9663 and an entry sell at 1.9563 with respective 30pip stop. Now say the sell kicks in, what do i do with the entry buy?
The entry buy stays in place. Just in case the market decides to head up. You are attempting to catch the weekly trend.
If the buy gets executed first, move the sell order up to last weeks close with a 30 pip stop. If the sell gets executed first. move buy order to last weeks close. If the sell stops out replace it with a sell limit at the same price, if buy gets stopped out replace it with a buy limit at the same price..
Your essentially straddling the market waiting for the breakout that usually occurs...Like any mechanical system, there will be losing weeks and according to backtesting done by different members, results avg from 3500 to 5000 pips on gbpusd per year over the last couple years with minimal drawdown.
The creator has been trading this live for the past 18 months with outstanding results.
Hi guys - if this is the system I'm thinking of - I tried to develop an expert - see my post "A new expert I created"
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
This very simple system was created by TKimble. It is being discussed over at FF, It's been backtested by several forum members over the last 4 yrs and it is proven to be extremely profitable. I wish I had the expertise to create an Expert but my programming skills are just as bad my trading skills
Here are the rules:
Create a weekly chart. Place trades 50 PIPS above or below the close for the previous week. Use 30 PIP fixed stops. No profit targets. Let the trade run for the entire week and close during the final 30 minutes of the market for the week. The great feature of this system is that more often than not the weekly trend will establish itself and stay in tact from the Monday or Tuesday of the trading session for that week.
GBP/USD Example:
Previous weekly close: 1.9597
Buy: 1.9647
Sell: 1.9547
The following rule is a bit different than most trading systems of this style:
If the "Buy" is executed, move the sell up to the previous weeks close (1.9597 in this case)
If the "Sell" is executed, move the buy down to the previous weeks close (in this case likewise 1.9597) Continue this process until the end of the weekl
These two rules permit a more robust and agressive entry after losing trades.
Recommend volatile markets (USD/CHF, GPB/USD, etc.)
This system averages approximately 150 pips per week in the GBP/USD market without any intervention.
Attached is the money management model recommended by the creator
Here's the thread link for anyone who is interested:
http://www.forexfactory.com/showthread.php?t=11937