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Part Time Wealth Building Trading System

  • #101
  • Nov 29, 2006 10:37pm Nov 29, 2006 10:37pm
Quoting et_phonehome_2
I tried using this today on the EURUSD, just to many bounces over/under the RSI 50 level along with the 3 MAs. Not so good, just too many whipsaws....
Should have shorted the Euro today at 1.3151. Should still be short. That was the only Euro signal that was given today. If you followed the bouncing RSI you have failed to add the three 50 period moving averages of calculated on the high, close and low. Remember, the trade should not be executed unless both the price is consistent with the RSI and 3 moving averages that I have subsequently added to quell the whipsawing...

Happy trading...

Tkimble
  • #102
  • Nov 29, 2006 10:41pm Nov 29, 2006 10:41pm
Quoting parlenk
hmm...thx for share the system.but it's not the system amaze me..it's your spirit and wisdom.keep it cool.
90% of people will not make money trading. Not becuase of the system but the absence of discipline and the fear of losing money. Many of the systems that are previewed on this site can return profits. It is the psychology of traidng the leads most traders astray...

Happy Trading,

Tkimble
  • #103
  • Nov 29, 2006 10:43pm Nov 29, 2006 10:43pm
Quoting et_phonehome_2
I want to set my RSI Level to 51, 50 and 49, is there a way to show the gap between them by having it zoom in since it is hard to tell when it squeezes the levels together?
Your chart system should provide the capability to zoom although these RSI numbers are very tight...

Happy Trading,

Tkimble
  • #104
  • Nov 29, 2006 10:47pm Nov 29, 2006 10:47pm
Quoting rogerha
Totally agree with all of your statements Paul, however I (appear) to be getting very different results from you. I only was able to spend a short amount of time looking at it yesterday, I will try and have another look later today. One thing that I definitely noticed though was the non-consistant use of the stop-loss on my data. Now, this could be my data, and that is why we are getting different results, on the other hand could it contribute to your execptional drawdown ?

Either way I need to spend some more time with it to be sure.

One thing I would ask though would be how long has tkimble actually been trading this, I got the impression it has been for quite some time ?
I have traded this system into profitability. Can have losing weeks and infrequent losing months, but have never consecutive losing months. System, like most other trending systems can best be profiled as having profitable spirts with weeks of breakeven or minimal drawdown characteristcis...

Happy Trading,

Tkimble
  • #105
  • Nov 29, 2006 11:25pm Nov 29, 2006 11:25pm
Quoting tkimble
Your chart system should provide the capability to zoom although these RSI numbers are very tight...

Happy Trading,

Tkimble
Well i think no need to zoom.Just watch the data rite?..i.e:RSI(50) 51.6163. just like that.
  • #106
  • Nov 30, 2006 8:33am Nov 30, 2006 8:33am
Quoting tkimble
I have traded this system into profitability. Can have losing weeks and infrequent losing months, but have never consecutive losing months. System, like most other trending systems can best be profiled as having profitable spirts with weeks of breakeven or minimal drawdown characteristcis...

Happy Trading,

Tkimble
Tkimble, can you remind me on how do you trail your stops? I know the initial stop is at 50 pips. When do you start moving it, and by how much?

Thanks.
  • #107
  • Nov 30, 2006 4:31pm Nov 30, 2006 4:31pm
Thanks For The System, Do You Know If It Would Be Successful With Other Currencies
  • #108
  • Nov 30, 2006 8:11pm Nov 30, 2006 8:11pm
Quoting parlenk
Well i think no need to zoom.Just watch the data rite?..i.e:RSI(50) 51.6163. just like that.
I think I want to say correct. Do not quite understand your comment. Anyway. Stopped out on yesterdays short and should now be long the GBP from approximately 1.9505.

Happy Trading...

Tkimbe
  • #109
  • Nov 30, 2006 8:14pm Nov 30, 2006 8:14pm
Quoting alcastro
Tkimble, can you remind me on how do you trail your stops? I know the initial stop is at 50 pips. When do you start moving it, and by how much?

Thanks.
My first objective is 100 pips. When that is achieved, I move my stop to break even. From that point on, if the ATR is low I will maintain a 100 pip stop. If the ATR is higher, I will increase my stop to 50 pips.

Happy Trading,

Tkimbe
  • #110
  • Nov 30, 2006 8:16pm Nov 30, 2006 8:16pm
Quoting forexdanofsa
Thanks For The System, Do You Know If It Would Be Successful With Other Currencies
All markets have different price activity characteristics. I would suggest you backtest as a broad indicator and then paper trade for a month or two. Then you will know for sure...

Happy Trading,

Tkimble
  • #111
  • Nov 30, 2006 8:18pm Nov 30, 2006 8:18pm
Quoting parlenk
Well i think no need to zoom.Just watch the data rite?..i.e:RSI(50) 51.6163. just like that.
That is correct.

Happy Trading,

Tkimble
  • #112
  • Nov 30, 2006 9:37pm Nov 30, 2006 9:37pm
tk... as a proponent of trend systems, your system has peaked my interest. I'm forward testing it right now and will let you know in a month my thoughts...

It might be nice to add to my toolbox...

Happy Trading friend...
Mr. Trend
  • #113
  • Nov 30, 2006 9:43pm Nov 30, 2006 9:43pm
Quoting Mr Trend
tk... as a proponent of trend systems, your system has peaked my interest. I'm forward testing it right now and will let you know in a month my thoughts...

It might be nice to add to my toolbox...

Happy Trading friend...
I have adjusted the system from its original posting on this thread by adding the three 50 period averages. One each for the high, low and close. When the RSI is greater than 50 and the prices exceeds the High average, go long. When the RSI is less than 50 and the prices declines below the Low average, go short. Always use a 50 PIP stop...

Happy Trading,

Tkimble
  • #114
  • Nov 30, 2006 9:57pm Nov 30, 2006 9:57pm
Quoting tkimble
I have adjusted the system from its original posting on this thread by adding the three 50 period averages. One each for the high, low and close. When the RSI is greater than 50 and the prices exceeds the High average, go long. When the RSI is less than 50 and the prices declines below the Low average, go short. Always use a 50 PIP stop...

Happy Trading,

Tkimble
As I understand you are only trading the GBPUSD. If that is correct, there has not been a new trade for a long time. So forward testing this system might take some while. Am I correct?
  • #115
  • Nov 30, 2006 10:30pm Nov 30, 2006 10:30pm
Quoting alcastro
As I understand you are only trading the GBPUSD. If that is correct, there has not been a new trade for a long time. So forward testing this system might take some while. Am I correct?
Yesterday u got the signal rite? as i wrote the rsi(50) 51.6163 example on this thread i enter long.and this system is a trending system so when in trending market u just need to catch the signal and enter the market.it can be long, long again and another long until it going to reversal.do you mean testing this system is like long and short? it can be just long action or vice versa.not always the mix of them.my opinion.
  • #116
  • Dec 1, 2006 5:45am Dec 1, 2006 5:45am
Quoting parlenk
Yesterday u got the signal rite? as i wrote the rsi(50) 51.6163 example on this thread i enter long.and this system is a trending system so when in trending market u just need to catch the signal and enter the market.it can be long, long again and another long until it going to reversal.do you mean testing this system is like long and short? it can be just long action or vice versa.not always the mix of them.my opinion.
Which signal?
GBP's RSI has not crossed the RSI for weeks...or do I have something wrong?
  • #117
  • Dec 1, 2006 9:35am Dec 1, 2006 9:35am
This system is now on up another 300 PIPS from the current long in the GBP/UDS market from 1.9505. Market at 1.9823 as I type.

Happy Trading,

Tkimble
  • #118
  • Edited 10:47am Dec 1, 2006 10:32am | Edited 10:47am
Hi: Is there reason that you have 3 threads going on same system? I don't know which one follow..
http://www.forexfactory.com/forexforum/showthread.php?t=10670

http://www.forexfactory.com/forexforum/showthread.php?t=10597
http://www.forexfactory.com/forexfor...ad.php?t=10511

Quoting tkimble
This system is now on up another 300 PIPS from the current long in the GBP/UDS market from 1.9505. Market at 1.9823 as I type.

Happy Trading,

Tkimble
  • #119
  • Dec 1, 2006 11:21am Dec 1, 2006 11:21am
Hi Tk,

I dont know if you have answered this before (Please forgive me if you have), but can you please tell us how long you have been trading this method? How long have you been trading FOREX overall?

Thanks
  • #120
  • Dec 1, 2006 2:38pm Dec 1, 2006 2:38pm
Quoting Crestwind
Hi Tk,

I dont know if you have answered this before (Please forgive me if you have), but can you please tell us how long you have been trading this method? How long have you been trading FOREX overall?

Thanks
I cut my teeth on the SP500. Now in FOREX for 1.5 years. This is the same method that I used in the SP500. Basically have been using a trend following system for almost 10 years...

Tkimble
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