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Part Time Wealth Building Trading System

  • #181
  • Dec 6, 2006 8:26am Dec 6, 2006 8:26am
Quoting tkimble
Current short was triggered on 5 Dec at 900 GMT at a price of 1.9748. This short was stopped out on 5 Dec 1430 GMT with a 50 PIP loss. Resumed the same trade since none of the 30 min bars closed above the 50 MA High. Currently short at 1.9748 with a with a 94 tick profit as I type.

It is very simple and simplicity is where I find most of my profits...

Happy Trading,

Tkimble
Thanks for the prompt response...di u re-enter using your criteria?
RSI has been below 50 for a few days now....price has gone 5 psip below the SMA on a few occasions, would any of these been good entry points?
thanks
M$M
  • #182
  • Dec 6, 2006 8:37am Dec 6, 2006 8:37am
Quoting alcastro
Hi Tkimble,

I am following your system, even though I can only check it at the endo of the day. I noticed the "go short" notice last night in the cable and jumped into it. Do you have an EA that gets you in and out your trades...or do you do it manually?
Pardon my ignorance but what is an EA? All my trades are executed manually...

Happy Trading,

Tkimble
  • #183
  • Dec 6, 2006 8:42am Dec 6, 2006 8:42am
Quoting Million$Man
Thanks for the prompt response...di u re-enter using your criteria?
RSI has been below 50 for a few days now....price has gone 5 psip below the SMA on a few occasions, would any of these been good entry points?
thanks
M$M
Only enter when all the conditions for a trade have been met:

SHORT: RSI below 50 and 30 MIN bar has closed below the 50 SMA low

LONG: RSI above 50 and 30 MIN bar has closed above the 50 SMA High

It is that simple..

Happy Trading,

Tkimble
  • #184
  • Dec 6, 2006 8:50am Dec 6, 2006 8:50am
Quoting tkimble
Pardon my ignorance but what is an EA? All my trades are executed manually...

Happy Trading,

Tkimble
LOL I had been wanting to ask that question also.
  • #185
  • Dec 6, 2006 8:55am Dec 6, 2006 8:55am
Quoting tkimble
Only enter when all the conditions for a trade have been met:

SHORT: RSI below 50 and 30 MIN bar has closed below the 50 SMA low

LONG: RSI above 50 and 30 MIN bar has closed above the 50 SMA High

It is that simple..

Happy Trading,

Tkimble
Sorry TK..i thought it was s'posed to be 5 pips away from the 5SMA?
have i missed something?
M$M
  • #186
  • Dec 6, 2006 8:57am Dec 6, 2006 8:57am
Quoting bluemonkey
LOL I had been wanting to ask that question also.
Im not sure what EA stands for but its a program which would automatically place your orders if all criteria met and close once you reach your TP.
so you wouldnt have to trade manually.

M$M
  • #187
  • Dec 6, 2006 9:03am Dec 6, 2006 9:03am
Quoting Million$Man
Im not sure what EA stands for but its a program which would automatically place your orders if all criteria met and close once you reach your TP.
so you wouldnt have to trade manually.

M$M
an EA is an 'Expert Advisor', a way of automating your entries and exits according to preset strategies in MetaTrader.
  • #188
  • Dec 6, 2006 9:09am Dec 6, 2006 9:09am
5sma has been discarded in favour of 3 moving averages.. read tk's post a few posts back



Quoting Million$Man
Sorry TK..i thought it was s'posed to be 5 pips away from the 5SMA?
have i missed something?
M$M
  • #189
  • Dec 6, 2006 9:17am Dec 6, 2006 9:17am
Quoting coolshades
5sma has been discarded in favour of 3 moving averages.. read tk's post a few posts back
My apologies for the confusion. I modified my entry strategy in response to whipsawing concerns. The 5 SMA has been removed and replaced with the 3 50 period moving averages (high, low and close).

Happy Trading,

Tkimble
  • #190
  • Dec 6, 2006 9:24am Dec 6, 2006 9:24am
Quoting rogerha
an EA is an 'Expert Advisor', a way of automating your entries and exits according to preset strategies in MetaTrader.
The thought of hands-off trading scares me. My trading temperment requires that I watch the market as much as possible and live the emotions of approaching and leaving an actual trade.

This is yet another example of the psychological and emotional aspects of my trading style.

Happy Trading,

Tkimble
  • #191
  • Dec 6, 2006 9:34am Dec 6, 2006 9:34am
Thanks for all your (very quick) replies
M$M
  • #192
  • Dec 6, 2006 9:36am Dec 6, 2006 9:36am
Quoting Million$Man
Thanks for all your (very quick) replies
M$M
No problem. Thanks to everyone for all the great comments. All have been very helpful.

As you can see, I currently have a lot of time to watch the market today...

Happy Trading,

Tkimble
  • #193
  • Dec 6, 2006 9:49am Dec 6, 2006 9:49am
Since you obviously have a successful trading plan, I would really like to hear about your scalping strategy that keeps you busy while your longer trades play out.

Maybe it needs to be a different thread. Thanks for any advice.
Don Life is expensive, but includes a free trip around the sun.
  • #194
  • Dec 6, 2006 10:01am Dec 6, 2006 10:01am
Quoting traderone
Since you obviously have a successful trading plan, I would really like to hear about your scalping strategy that keeps you busy while your longer trades play out.

Maybe it needs to be a different thread. Thanks for any advice.
My daytime scalping plan is very simple. My goal is to average 10 PIPS per day. The rules are as follows:

Long: 1 PIP above the previous days high on a daily chart

Short: 1 PIP below the previous days low on a daily chart

I use a 40 PIP stop.

My goal is to average 10 PIPS profit per day. Sometimes the trade will run in the right direction and I will let it go but lock in my 10 pip profit. Always close trade at end of session or after you have taken the 10 PIP profit and wait for the next day. This system works well in the JPY/USD market.

There is another derivative of this system that I use that concentrates on the previous days open and close instead of the previous days high and low. That would take more time to explain.

Happy Trading,

Tkimble
  • #195
  • Dec 6, 2006 10:02am Dec 6, 2006 10:02am
Quoting tkimble
The thought of hands-off trading scares me. My trading temperment requires that I watch the market as much as possible and live the emotions of approaching and leaving an actual trade.

This is yet another example of the psychological and emotional aspects of my trading style.

Happy Trading,

Tkimble
It certainly isn't for everybody, however it can be used in the same way just to give you alerts and signals when criteria are met, leaving you to actually make the decision. It helps me, but its not for everybody, and it can have as much or as little automation as you want within reason.

I use it to make a noise or colour the screen when all my criteria is met, it removes the emotion of 'pre-empting' an RSI cross or similar. It can be detrimental however to a very good trader that has a lot of experience. You cannot beat the processing power of the human brain, especially if you successfully remove emotion from it.
  • #196
  • Dec 6, 2006 10:04am Dec 6, 2006 10:04am
Quoting rogerha
It certainly isn't for everybody, however it can be used in the same way just to give you alerts and signals when criteria are met, leaving you to actually make the decision. It helps me, but its not for everybody, and it can have as much or as little automation as you want within reason.

I use it to make a noise or colour the screen when all my criteria is met, it removes the emotion of 'pre-empting' an RSI cross or similar. It can be detrimental however to a very good trader that has a lot of experience. You cannot beat the processing power of the human brain, especially if you successfully remove emotion from it.
Well said...
  • #197
  • Dec 6, 2006 10:07am Dec 6, 2006 10:07am
What do you mean by 3 50 moving averages,
  • #198
  • Dec 6, 2006 10:09am Dec 6, 2006 10:09am
and what charts are these on? daily,hourly? 30 min?

Quoting tkimble
My daytime scalping plan is very simple. My goal is to average 10 PIPS per day. The rules are as follows:

Long: 1 PIP above the previous days high on a daily chart

Short: 1 PIP below the previous days low on a daily chart

I use a 40 PIP stop.

My goal is to average 10 PIPS profit per day. Sometimes the trade will run in the right direction and I will let it go but lock in my 10 pip profit. Always close trade at end of session or after you have taken the 10 PIP profit and wait for the next day. This system works well in the JPY/USD market.

There is another derivative of this system that I use that concentrates on the previous days open and close instead of the previous days high and low. That would take more time to explain.

Happy Trading,

Tkimble
  • #199
  • Dec 6, 2006 10:15am Dec 6, 2006 10:15am
Quoting coolshades
and what charts are these on? daily,hourly? 30 min?
Daily. Look at the JPY/USD chart.

Tkimble
  • #200
  • Dec 6, 2006 10:17am Dec 6, 2006 10:17am
Quoting dave1964
What do you mean by 3 50 moving averages,
Create three 50 period simple moving averages. One based on the High. One based on the Low and one based on the Close.

Tkimble
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