A guy named tkimble on forexfactory introduced a weekly scalping system which is incredibly profitable for me, (~100 pips/week for each currency=700pips/week). His post is quoted below.
Quote:
OK. I have decided to start a new thread and preview a weekly system that I use which has proven to be more profitable than the trending system. There are many similar systems at this website but I strive for simplicity. The system is again very simple.
Create a weekly chart. Place trades 50 PIPS above or below the close for the previous week. Use a fixed 30 PIP stop. 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)
These two rules permit a more robust and agressive entry after losing trades.
Recommend volatile markets (USD/CHF, GPB/USD, etc.)
Here is the current trade that I am in using the GPB/USD:
Short 1.9597 after a 30 PIP loss on the "Buy" trade.
Use fixed 30 PIP stops.
This system averages approximately 150 pips per week in the GBP/USD market without any intervention. I am a big believer that most people over trade the market. This system will minimize your trades by its very nature.
Happy Trading.
Tkimble
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Here is a summary of the trading rules, along with some of my modifications.
Global Rules:
Size lots so that for every pip movement, account value moves +/- 1% so that a 100 pip profit DOUBLES THE ACCOUNT.
Set a fixed stoploss for ALL accounts at 30 pips. NOT TRAILING
After a trade is opened and 50 pips in the money, move the stop loss for that side to the break even point.
Trading Rules:
At the start of the week (as early as possible), open the following orders.
Buy Stop: At previous close + 50pips. If the current price is above this entry because of a 50+ pip gap up, open a buy stop at current price + 50pips. Take Profit of 100 Pips.
(This is to guarantee that the account value will at least double as a result of this trade.)
Buy Stop: At previous close + 50pips. If the current price is above this entry because of a 50+ pip gap up, open a buy stop at current price + 50pips. Take profit 30 minutes before the close at the end of the week.
(This is to guarantee that any greater-than-100pip movements are captured and taken as profit.)
Sell Stop: At previous close - 50pips. If the current price is below this entry, because of a 50+ pip gap down, open a sell stop at current price - 50pips.
Take Profit is 100 pips.
(This is to guarantee that the account value will at least double as a result of this trade.)
Sell Stop: At previous close - 50pips. If the current price is below this entry, because of a 50+ pip gap down, open a sell stop at current price - 50pips.
Take profit 30 minutes before the close at the end of the week.
(This is to guarantee that any greater-than-100pip movements are captured and taken as profit.)
Account Type:
This strategy will work with any account that offers at LEAST 200:1 leverage. Any less and your return will decrease. I'm personally using NorthFinance's 500:1 leverage account. Very helpful.
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