You are entering only an hour or so after I do at a time of the day/night where there is very little price movement so I can't see why you would have lost money in the last week.How are you exiting the trades?
you made a mistake with time conversion....22GMT is 18 EST not 17EST....so please check again, which time you actually use for entering trades, as this could be vitally important to figuring out why our results are so different. and yes, i am sure about the times because i checked several web pages with the official times of various time zones. so please please please check again and synchronize your clocks. thanks!!!
The times are quoted directly off my trading platform and they are in EST including the date. I may have made an error in one of my posts regarding the conversion to GMT but I think you will find I didn't allow for daylight saving.
alright, so if they are in EST and you are sure about that (are we talking EST without daylight savings? which would be weird, because EST does observe daylight savings) then you are entering trades at around 21GMT, which is 2 hours earlier than i usually did. at 21 GMT there can still be a lot of movement actually compared to two hours later.
right now it is 16:42 EST....so if you are reading this soon, please confirm the time so we can figure out whether we are really now talking about the same time frame.
i still dont see such a huge profit in live trading. like i said my losses by far exceeded my profits. which broker do you use if you dont mind the question. maybe that would make a difference too?!
You are on the money,just confirming the times I've quoted are EST taken directly off my trading platform.I use FXCM as my broker and the charting package is by a company called "Data Signal International" based in San Fransisco USA.
I've taken two trades today if you are interested let me know and I'll post them.
I've been thinking about the entry rule of following the previous days candle direction and realise that this is not ideal as you don't know how the price varied during the course of the day.I've just started looking at a 5min chart of the previous day and think there could be merit in entering a posistion based on the general trend of the last 8-12hrs of the previous days 5min chart?
but so far you've entered according to the previous day candle rule in your demo? or not? seems like you had great results with whatever you did so why don't you stick with that. never change a running system, remember? ;-p and of course i am still trying to figure out what makes the difference in our entry rules that would result in such a huge discrepancy in profit.
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Joined Mar 2007
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Status: Jacko Trooper
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Tkimble's strategy was designed to work beautifully during strong trending periods. If you look now at a GY daily chart, you would see that the pair is in a horrible topping/range situation so better wait until you see a clear trend developing on the daily, either up or down.
You dont have to blame the owner of this method because it doesnt work anymore, because there is no method which works 100 % of the time, i.e.the Holy grail. Just have more patience until a trend will start developing, or use this method with a little change for other strong trending pairs. I.e. USD CAD, Aud JPY, NZD JPY etc.
not blaming!! just trying to figure out why it DOES indeed still seem to work for people but not for me. it's legitimate to ask these questions. cause it's not a problem if it doesn't work at all, but if different people get very different results it's worth finding out why.
that doesn't make sense though, because the data shouldn't differ by that much and certainly not by general direction. maybe it's the fact that you trade daily 2 hours earlier. do you use the open of the new candle as the entry value from which you calculate TP and SL? or the current price at the time you enter?
also, for your great results have you used the candle direction pattern as described by TKimble or have you already used your new idea of using the 5m chart from the past 8-12 hours?
sorry, i am really hellbound on figuring this one out, because the daily has been bugging me for a while
I can choose from three different data feeds and believe it or not there can be a discrepancy of up to 15pips between them sometimes,I discovered this while playing around on a demo account.I use the daily open to set the SL and TP not the actual entry value. The 5min idea is only that, an idea but if I'd used it today on the cable I would have hit my initial TP instead of being stopped and reversed a short while ago.
Using the original rules, my backtesting of G/J shows losing weeks from Mar 20 -Apr 14 and May 8 - Jun 9 of 2006. Then it takes off again until Mid Sept - Mid Nov.
Maybe there is a reason for 2007 repeating performance...or not? I have not looked at 2005.
Maybe I missed it [somewhere in the 106 pages] how do you call a break even day [previous day] to determine buy/sell for entry? Do you ignore it as a 'null' day and use the day before?
Maybe I missed it [somewhere in the 106 pages] how do you call a break even day [previous day] to determine buy/sell for entry? Do you ignore it as a 'null' day and use the day before?
Sorry I'm not a computer enthusiast and screen shots are out of my capabilities.I was attracted to Tkimbles systems because of his/her preferance for manual trading.Reliance on technology is not what it's about in my mind,20yrs ago money was being made in futures trading by people manually drawing charts , no PC's, EA's etc. Any way I'm showing my age so enough of that.
Yesterdays first trades for the week were losers,stopped and reversed for a loss on GBP/JPY likewise the cable, but I left the cable open as the new open price today was the same as the close for yesterday, just placed a new entry order.
