Excellent trade...

Part Time Wealth Building Trading System

Great question. Anytime the new trading week begins with a gap beyond the 50 pip trigger, I use the closing price of the first trading day of the week to set my entry. Once the entry is made, I resort to the weekly chart. Happy Trading, Tkimble

Part Time Wealth Building Trading System - Weekly Scalping

There was only one trade on 3 Jan 07 at 1.9631 short. Tkimble

Part Time Wealth Building Trading System

Thanks for the contribution...

Part Time Wealth Building Trading System - Weekly Scalping

Interesting twist. Thanks for the insight...

Part Time Wealth Building Trading System - Weekly Scalping

Your analogy is solid for your trading style. But my style is different. I have executed the same two trades and am currently up 280 PIPS. But I can understand your reasoning. The point here is that each trader needs to trade according to there ...

Part Time Wealth Building Trading System - Weekly Scalping

Yes. That is correct. As a newbie, I would paper trade this system for one month to gain a sense of the emotional and psychological feelings. Once you have your money in the game, you will experience a completely different rush. The only thing more ...

Part Time Wealth Building Trading System - Weekly Scalping

[/QUOTE] Yes. Place the buy again at 1.9629. Basically, given your scenario, you would shrink the initial long or short entry zone down from an initial 100 PIP range (1.9629 - 1.9529) to a 50 PIP range (1.9629 - 1.9579). The idea is to tighten the ...

Part Time Wealth Building Trading System - Weekly Scalping

This is an excellent point...

Part Time Wealth Building Trading System - Weekly Scalping

I adjuts my sell entry when the buy is executed...

Part Time Wealth Building Trading System - Weekly Scalping

Thanks for telling me. I did not know this. Try increasing the risk capital to 10% if account is $1000 or less. I will make the correction... Happy Trading, Tkimble

Part Time Wealth Building Trading System - Weekly Scalping

Great point. I much perfer paper trading because it builds confidence. Confidence is much more important than testing results. Good luck, Tkimble

Part Time Wealth Building Trading System - Weekly Scalping

Sleep Is The Key — Great question. My preference is the weekly scalping method because I get more sleep. The 30 min chart system is a very reliable system but forces me to stay awake some nights. The weekly scalping system is a very hands off ...

Part Time Wealth Building Trading System

Yes. You are correct. The 50 minute HIGH SMA. Sorry for the confusion... Happy Trading, Tkimble

Part Time Wealth Building Trading System

Risk Management Model — Attached is a copy of my risk management model. There is also a sheet that lists the GBP/USD profit that was created since Jul 06 using the weekly scalping system. You can use this model to manage your dollars. This ...

Part Time Wealth Building Trading System - Weekly Scalping

Sorry for the confusion about the stops. You will only typically get two entries per week. Many timea you will only need one entry per week. Look at the weekly chart and see how many weeks that one of the initial entry points is never triggered. It ...

Part Time Wealth Building Trading System - Weekly Scalping

Why Long Term Forward Test - Just Look at The Weekly Chart — As I state in my other thread, I am not a big fan of excessive testing. With this system, it is easy to see the results by looking at a weekly chart. Create a weekly chart of the ...

Part Time Wealth Building Trading System - Weekly Scalping

My trades in the GBP/USD market for this week were as follows: Buy: 1.9607 Sell: 1.9507 Buy was executed at 1.9607. I adjusted my sell from 1.9507 to 1.9557 (last weeks close) after the "Buy" was executed. I was stopped out at my 30 PIP stop and ...

Part Time Wealth Building Trading System - Weekly Scalping

More Agressive Traders - Eliminate the RSI — OK. Now that we have sufficiently discussed this system, I want to add one more feature or basically siimplify the trading system and appeal to the more aggressive traders. I have used this approach ...

Part Time Wealth Building Trading System

You are exactly correct. Sitting on your hands and letting the trends play out is the hardest yet most proifitable thing to do. Simply reducing the amout of trading will increase your profitability many times. I mentioned during an earlier part of ...

Part Time Wealth Building Trading System