the answer is somewhere in this thread.
from memory you continue to reverse as it is >= 3 consecutive days.
from memory you continue to reverse as it is >= 3 consecutive days.
1M & 5M Scalping System (Scalping Paradise) 21 replies
A switch: from part time trading to full time trading 8 replies
A system that works for a part time trader with minimum screen time 16 replies
Dear Full time/Part time Traders – Thanks for your time and help 7 replies
Part Time Wealth Building System - "High-Low Trending" 9 replies
Week total: +258...THANKS AGAIN TK!!!
I am interested in others totals as well.
Week total to date: 188 (spread pips lost = 32... they add up)
DislikedI generally enter at 23:00GMT, and this week was a kind week due to the trend, but trades as follows
- M: +112 (Don't understand how you got whipped if you entered at 23:00...)
- T: -48 +112
- W: +12 (position still open short, will leave open til SL or TP hit)
- T: as above
Week total to date: 188 (spread pips lost = 32... they add up)
Ignored
DislikedMy SL is tighter at 40 even. I don't allow for the spread. Maybe I should.Ignored
Dislikedguys,
does anyone know if we are to open new trades on Non-Farm fridays?? I don't remember reading anything about this in the thread. Just wondering if I should close my open position by end of day today??
My week results:
I enter at 1:00 GMT, following TK's rules with 50 SL, no TP.
Monday: +105
Tues: -50, +137 (My mistake, I entered with a sell thinking 4 consv up bars )
Wed: carried over to today's
Thur: Currently +52
Fri: Non-Farm, do we enter new trades?
Thanks Tkimble!!Ignored
Dislikedthere will always be a better time to enter on any given day. you need to either stick with the original, or go back over a decent amount of data and find a time that works for you and any rule changes you may have made to the system.
i notice you say you sold because it looked overbought. this system was meant to be mechanical i believe, if you want to bring more technical and/or fundamental analysis into it, maybe you need to add some more rules and create your own style.
it IS a challenge to stare at a well formed channel, knowing you just went long and it's nearing the top of the channel.. chances are it will reverse and stop you out. but to be truly mechanical, you just let it happen. replace your order.
i think a lot of people need to decide if they are happy to do that, or whether they should be creating their own style, sure, use some of the ideas learnt from this system, and incorporate them into your own. something you are comfortable with. then stick to it... give it time to work before making any adjustments.Ignored
DislikedHey all, this is my first post on this thread. I have followed this thread for the first 20 or so pages and did some back-testing and it is very interesting. However, in order to gain the maximum pips, I began to think about some things and I know everyone likes to tweek a system to gain the most so I am just like you! Anyway, I wanted to know if anyone had tried this with real trading:
First, in 4-5 months of backtesting, I noticed that more often than not, their would be at least one stop on most days and then, of course, a re-entry. I thought that maybe it would be a little better to not jump in and open a position until a 40 pip movement was seen (I know - similar to a straddle but I will continue). After waiting and trading the reverse with all the same trading rules after that, the pip gain was almost exactly the same in one strongly trending month and almost 3 times higher in a more choppy month. We all know that the TK strategy kicks butt when the days are long and trending but it is not so great on the whipsaw days. If the first stop is waited out, you cut some of the losses and go for safer, even though smaller gains after the reverse trade. The only reason I even thought of it was because of the large number of stopouts that occur very early. Yes, on the long bar days that start off and continue in your favor, you will make 40 less pips but on those choppier days that occur more often than the long bar days, this strategy seems to really make a difference.
Anyone tried this or some version of it? Any feedback is appreciated. I have not yet begun real trading because I am still trying to learn every little bit. I also would keep my eye on obvious support and resistance levels instead of trading against them just for the sake of trading every day but that is just me. Thanks!
BrettIgnored
DislikedYes Brett, I have been thinking of this exact same thing. I agree with Jim's post above wholeheartedly, in that if you tweak and change to your liking (as TK encourages if you are so inclined) then you need to be aware of the fact that you have to develop some rules for those changes.
But you took my recent thoughts exactly...recognizing that the GY pair often moves 40 pips or so everynight and then reverses at least once if not twice, you can decide to trail and lock in on the original few moves, or consider doing what you suggested and wait until the first 40 pip whip or two happens and then enter, keeping the open of the original daily candle as your guide.
And you're right, you may miss out on the large single direction moves, but only by the first 40-80 pips or so, but you may make up for it on the many more days that it whips.
Personally, I think you may be on to something here, as long as the GY pair behaves the way it has....Ignored
DislikedYes, the whole thing is that we have to protect ourselves a little bit from the God-awful whips. If you were to wait for the 40 pip move, would you wait for it to reverse all the way back to the opening price before jumping on board or would you simply go in the direction of the 40 pip opening direction? I know the rules are to place the buy/sell at the opening price but...just thinking.
brettIgnored
DislikedGreetings, has anyone written an EA for this method yet? If so, can someone point me to the right page or post number for it? I have an amazing money management spreadsheet that I would like to use with it. Thank you.Ignored