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Part Time Wealth Building Trading System

  • #61
  • Nov 25, 2006 2:50pm Nov 25, 2006 2:50pm
Quoting tkimble
I do not know what you mean by a "Coder" but no real coding is necessary. The indicators for this system are standard for virtually all charting systems. I personally use the following link for all my charting needs...

http://http://www.dailyfx.com/charts/ChartStation.html

Hope this helps...

Tkimble
He was looking for someone to code an EA so he need not wathc the charts for the cross...
  • #62
  • Nov 25, 2006 4:11pm Nov 25, 2006 4:11pm
VT Trader has several RSI cross indicators here is a link to a 50 cross, the default RSI is set at 14 but it can be changed.

http://forum.vtsystems.com/index.php?showtopic=4770&hl=
Same Whore .... Different Dress
  • #63
  • Nov 25, 2006 5:20pm Nov 25, 2006 5:20pm
Quoting johnedoe
VT Trader has several RSI cross indicators here is a link to a 50 cross, the default RSI is set at 14 but it can be changed.

http://forum.vtsystems.com/index.php?showtopic=4770&hl=
OK. Thanks...
  • #64
  • Nov 26, 2006 7:01pm Nov 26, 2006 7:01pm
I have added a whipsaw filter to minimize the whipsawing that that seems to be incompatible with some trading styles. The filter is very simple. In addition to the system I have described at the beginning of this thread, I have also incorporated three 50 period moving averages of the high, low and close using a 30 min chart.

Trades would be executed as follows:

Long: RSI > 50, go long at the High 50 period moving average price

Short: RSI<50, go short at the Low 50 period moving average price

I will be testing this filter this week during my trading acivity...This simple filter would minimize the whipsawing.

Happy Trading...

Tkimble
  • #65
  • Nov 26, 2006 7:09pm Nov 26, 2006 7:09pm
Looks great! What do you do with the third moving average (the close)?

Quoting tkimble
I have added a whipsaw filter to minimize the whipsawing that that seems to be incompatible with some trading styles. The filter is very simple. In addition to the system I have described at the beginning of this thread, I have also incorporated three 50 period moving averages of the high, low and close using a 30 min chart.

Trades would be executed as follows:

Long: RSI > 50, go long at the High 50 period moving average price

Short: RSI<50, go short at the Low 50 period moving average price

I will be testing this filter this week during my trading acivity...This simple filter would minimize the whipsawing.

Happy Trading...

Tkimble
  • #66
  • Nov 26, 2006 7:23pm Nov 26, 2006 7:23pm
Quoting mikejody
Looks great! What do you do with the third moving average (the close)?
Use the Close moving average as an emotional trade indicator. The signal would be the actual crossing of the top or bottom average. I am very big on the psychology of trading. My trading style needs something to get me ready to execute a trade. The "close" average is that something for me.

Hope this makes sense and helps.

Happy trading...

Tkimble
  • #67
  • Nov 26, 2006 7:30pm Nov 26, 2006 7:30pm
Yes, I understand, thank you. And do you wait for bar close to initiate trade, or just as soon as there is a crossing?

Quoting tkimble
Use the Close moving average as an emotional trade indicator. The signal would be the actual crossing of the top or bottom average. I am very big on the psychology of trading. My trading style needs something to get me ready to execute a trade. The "close" average is that something for me.

Hope this makes sense and helps.

Happy trading...

Tkimble
  • #68
  • Nov 26, 2006 7:39pm Nov 26, 2006 7:39pm
I have added an example of what the multiple 50 min filters (high, low, close) should look like. Notice that the previous 5 SMA is gone together with the 5 PIP trade execution rule.

This seems to be a reasonable response to all the great feedback.

Thanks to everyone.

Happy Trading...

Tkimble
Attached File(s)
File Type: pdf GBPUSD_m30_Whipsawing Minimization Example.pdf   42 KB | 1,995 downloads
  • #69
  • Nov 26, 2006 7:43pm Nov 26, 2006 7:43pm
Quoting mikejody
Yes, I understand, thank you. And do you wait for bar close to initiate trade, or just as soon as there is a crossing?
The instant they cross. You can actually set a market entry order at the current high or low moving average price but this would require a constant updating of entry orders. Just as easy to execute a market order...

Happy trading...

Tkimble
  • #70
  • Nov 26, 2006 8:34pm Nov 26, 2006 8:34pm
Quoting tkimble
The instant they cross. You can actually set a market entry order at the current high or low moving average price but this would require a constant updating of entry orders. Just as easy to execute a market order...

Happy trading...

Tkimble
OK very good. So if I can summarize the system at this point:

Wait until the 45 period RSI goes above 50, when price hits the "high" moving average go long. 50 pip stop loss. 200 pip target.

For short, wait until the 45 period RSI goes below 50, when price hits the "low" moving average go short. 50 pip stop loss. 200 pip target.

If, during a long trade, the RSI goes back to 50, and the price hits the "low" moving average, stop and reverse.

Is this all correct, or have I missed something?

Thank you.
  • #71
  • Nov 26, 2006 8:43pm Nov 26, 2006 8:43pm
Looks like the bull run since the last RSI crossover has been 1.8880 to 1.901, or so! Have you tried this on a 4 hr or 1 day chart? Would any numbers need to be changed to do so? I would think the 4 hr chart would be even better for those who have a j.o.b. Thanks again.
"Loss and failure are inevitable but misery is optional"
  • #72
  • Nov 26, 2006 8:53pm Nov 26, 2006 8:53pm
Quoting mikejody
OK very good. So if I can summarize the system at this point:

Wait until the 45 period RSI goes above 50, when price hits the "high" moving average go long. 50 pip stop loss. 200 pip target.

For short, wait until the 45 period RSI goes below 50, when price hits the "low" moving average go short. 50 pip stop loss. 200 pip target.

If, during a long trade, the RSI goes back to 50, and the price hits the "low" moving average, stop and reverse.

Is this all correct, or have I missed something?

Thank you.
Make certain the RSI is below 50, not equal to 50. Otherwise, you nailed it...
  • #73
  • Nov 26, 2006 8:54pm Nov 26, 2006 8:54pm
Quoting carmel
Looks like the bull run since the last RSI crossover has been 1.8880 to 1.901, or so! Have you tried this on a 4 hr or 1 day chart? Would any numbers need to be changed to do so? I would think the 4 hr chart would be even better for those who have a j.o.b. Thanks again.
Smaller time periods may require smaller RSI and MA numbers.

Tkimble
  • #74
  • Nov 26, 2006 8:59pm Nov 26, 2006 8:59pm
Quoting tkimble
Smaller time periods may require smaller RSI and MA numbers.

Tkimble
1.8880 (+/-) to current of 1.9394. That is approximately 514 PIPS of profit. When added to the UDS/CHF market there is close to 1100 PIP profit since 17 Nov 06. The trend is so sweet...

Happy Trading,

Tkimble
  • #75
  • Nov 26, 2006 9:15pm Nov 26, 2006 9:15pm
Quoting tkimble
I do not listen to the news. I only watch the price becuase ultimately all news is translated into price action...
what about when news reflects into price and whips you out of a position too fast?
  • #76
  • Nov 26, 2006 11:08pm Nov 26, 2006 11:08pm
What if I would like to enter a trade and the cross has already taken place? Fore example, it is 12:30AM EST and the GBP/USD is at 1.9380, having crossed some time ago. Is there another entry point without waiting for the price to cross the MA's in a bearish move? Thanks.
"Loss and failure are inevitable but misery is optional"
  • #77
  • Nov 27, 2006 5:48am Nov 27, 2006 5:48am
The problem is that unlike tkimble if you caught the crossover back in mid Nov for the GBPUSD, there has not been cross back over since then to this very miniute. You will be just be sitting on the sidelines waiting for another cross which maybe for who knows how long.

Good work tkimble!!
  • #78
  • Nov 27, 2006 9:27am Nov 27, 2006 9:27am
Tkimble,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

I do not seem to notice any benefit in your additional filter, as far as I can see it did not add anything to help avoiding the whipsaws from the 3rd Nov -13th Nov on the GBPUSD chart, maybe I am not reading this filter correctly.<o></o>

Regards,<o></o>

Noel.<o></o>

<o></o>
  • #79
  • Nov 27, 2006 11:20am Nov 27, 2006 11:20am
Quoting clam61
what about when news reflects into price and whips you out of a position too fast?
If it happens, it happens. I do not real worry about it...

Tkimble
  • #80
  • Nov 27, 2006 4:35pm Nov 27, 2006 4:35pm
Great Share TKimble

We really appreciate !! The way that you answer each and every question is also very good. Keep it simple as it is. I will be going deeper with it as from tomorrow since time to sleep now.

All the best.
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