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Part Time Wealth Building Trading System

  • #221
  • Dec 6, 2006 11:44am Dec 6, 2006 11:44am
Quoting mikejody
I'm really glad it is working for you, may I ask how long it has been working?
I have been using the scalping system in the JPY/USD pair for about 4 months...

Tkimble
  • #222
  • Dec 6, 2006 12:11pm Dec 6, 2006 12:11pm
Traderone is right. RSI IS 45.. lets not be changing the parameters here willy nilly



Quoting traderone
I think he means above or below the 50 line on the RSI.

I haven't seen the period setting for the RSI change from 45.
  • #223
  • Dec 6, 2006 12:53pm Dec 6, 2006 12:53pm
Quoting coolshades
Traderone is right. RSI IS 45.. lets not be changing the parameters here willy nilly
It is human nature to want to tinker with things. Even trading systems while nuturing our sustained quest to find the perfect system. I have learned that there is such thing as good enough. The enemy of good enough is perfection.

This system works well and produces a very attractive income. I am always being questioned by my wife as to why I always order the same thing when I go to the same diner. The answer is always the same, "becuase I like it".

I have found something that works for me. Does not mean it will work for you.

Happy trading,

Tkimble
  • #224
  • Dec 6, 2006 2:25pm Dec 6, 2006 2:25pm
Quoting tkimble
It is human nature to want to tinker with things. Even trading systems while nuturing our sustained quest to find the perfect system. I have learned that there is such thing as good enough. The enemy of good enough is perfection.

This system works well and produces a very attractive income. I am always being questioned by my wife as to why I always order the same thing when I go to the same diner. The answer is always the same, "becuase I like it".

I have found something that works for me. Does not mean it will work for you.

Happy trading,

Tkimble
Doesn't mean that it won't either! Nice, thoughtful post and I appreciate you sharing your methods and thoughts with us here.
Don Life is expensive, but includes a free trip around the sun.
  • #225
  • Dec 6, 2006 3:12pm Dec 6, 2006 3:12pm
Quoting tkimble
One way to avoid the choppiness during flat markets is to only execute a Long trade when the RSI is above 50 and the closing price is above the 50 SMA High. The opposite would be to only execute a Short trade when the RSI is below 50 and the closing prices is below the 50 SMA Low.
Maybe I'm a bit confused, but the first post says to use the 5 SMA-based on that, the flat market can kill you. Should we try using the 50 SMA? Should we use this at all times or just certain times? Thanks
  • #226
  • Dec 6, 2006 3:16pm Dec 6, 2006 3:16pm
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 for the stupidity-but are u using the 5 SMA or the 50 SMA? Thanks again
  • #227
  • Dec 6, 2006 3:58pm Dec 6, 2006 3:58pm
Newstrader...

Please refer to posts 176 and 186. There you go!
Don Life is expensive, but includes a free trip around the sun.
  • #228
  • Dec 6, 2006 4:26pm Dec 6, 2006 4:26pm
Here is a rookie forex trader question.... On post#192, we are to plot 3 50 period moving averages (high, low, and close).. How do I do that? Your help will be much appreciated.... Bless you all......
  • #229
  • Dec 6, 2006 4:30pm Dec 6, 2006 4:30pm
Quoting traderone
Newstrader...

Please refer to posts 176 and 186. There you go!
Thanks for the response-if you look at post #1-it says use a 5 SMA

so is it 5 or 50 or sometimes 5 or sometimes 50???

Thanks again
  • #230
  • Dec 6, 2006 4:48pm Dec 6, 2006 4:48pm
I read that you plot 3 (50) mas, a high a low and a close. The system has worked good for me.

Dave
  • #231
  • Dec 6, 2006 5:41pm Dec 6, 2006 5:41pm
Quoting forexdanofsa
I read that you plot 3 (50) mas, a high a low and a close. The system has worked good for me.

Dave
How does one plot 3 50 period ma's? Your help is much appreciated.... by the way, is it simple, weighted, or exponential? thank you again.....
  • #232
  • Dec 6, 2006 5:48pm Dec 6, 2006 5:48pm
  •  Trader#0000
  • | Status: Unregistered Trader
In MT4 plot your first 50 SMA selecting "apply to: high".

Plot another 50SMA again but "apply to: low".

Then same again but "apply to: close"

Hope this is helps.
  • #233
  • Dec 6, 2006 5:51pm Dec 6, 2006 5:51pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting tkimble
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
NewstraderFX, here you go.
  • #234
  • Dec 6, 2006 5:51pm Dec 6, 2006 5:51pm
Quoting snags
In MT4 plot your first 50 SMA selecting "apply to: high".

Plot another 50SMA again but "apply to: low".

Then same again but "apply to: close"

Hope this is helps.
Thank you so much, Snags, for your prompt reply... I guess I should have told you that I'm on the Oanda platform...not even sure I can do that on their platform... Would you recommend the MT platform??
  • #235
  • Dec 6, 2006 5:58pm Dec 6, 2006 5:58pm
  •  Trader#0000
  • | Status: Unregistered Trader
Hi Scott,

I think you will find that MT4 is a pretty popular platform. It seems to be that a lot of traders in this forum actually use it for their analysis, and execute their trades through other brokers (such as OANDA). Most of the custom indicators and EA's in this forum are for MT4. I downloaded a demo from StategyBuilderFX and the demo does not expire. It might be useful for you to do the same, it just makes it easier to test the various systems.

Hope that helps.
  • #236
  • Dec 6, 2006 6:28pm Dec 6, 2006 6:28pm
Quoting snags
NewstraderFX, here you go.
mucho gracias amigos
  • #237
  • Dec 6, 2006 6:35pm Dec 6, 2006 6:35pm
Quoting tkimble
It is human nature to want to tinker with things. Even trading systems while nuturing our sustained quest to find the perfect system. I have learned that there is such thing as good enough. The enemy of good enough is perfection.

This system works well and produces a very attractive income. I am always being questioned by my wife as to why I always order the same thing when I go to the same diner. The answer is always the same, "becuase I like it".

I have found something that works for me. Does not mean it will work for you.

Happy trading,

Tkimble
This is a fantastic post.

I think the desire for perfection issue is one of the biggest psycological hurdles.

If we can give that away we will find alot of stuff working good enough.

One of my issues with perfection is the fear of missing trades. i.e. I may be asleep or at work when a signal comes. TKimble what is your experience with this? Do you feel if you are not available to take signals sometimes it will wreck the profitablity of your system, or have you accepted that some trades you are simply going to miss, and it all should still work out profitably in the end?

SilverB
In trading you are only as smart as your dumbest mistake. - Ralph Vince
  • #238
  • Edited 9:20pm Dec 6, 2006 8:23pm | Edited 9:20pm
Quoting SliverB
This is a fantastic post.

I think the desire for perfection issue is one of the biggest psycological hurdles.

If we can give that away we will find alot of stuff working good enough.

One of my issues with perfection is the fear of missing trades. i.e. I may be asleep or at work when a signal comes. TKimble what is your experience with this? Do you feel if you are not available to take signals sometimes it will wreck the profitablity of your system, or have you accepted that some trades you are simply going to miss, and it all should still work out profitably in the end?

SilverB
The latter part of you statement is true for me. I sometimes spend nights waiting for a trade but have learned that most big moves happen at 3 - 4 AM EST and 8 - 9 AM EST. That is when I try to watch the market when a trade is apparent...

Happy Trading,

Tkimble
  • #239
  • Dec 6, 2006 9:08pm Dec 6, 2006 9:08pm
OK the question still remains unaswered regarding the MA.........

So what is it a 5MA as originaly posted.
or a 50 MA as later posted,
or a triple 50 MA using open, median, and close.

the RSI still seems to be intact though.
Same Whore .... Different Dress
  • #240
  • Dec 6, 2006 9:26pm Dec 6, 2006 9:26pm
Quoting johnedoe
OK the question still remains unaswered regarding the MA.........

So what is it a 5MA as originaly posted.
or a 50 MA as later posted,
or a triple 50 MA using open, median, and close.

the RSI still seems to be intact though.
The 5 SMA is an entry point selection indicator that was replaced for the three 50 Period SMAs because of excessive whipsawing. The three 50 period SMA creates a band of higher and lower entry opportunities when combined with the RSI. The 5 MA approach will likewise provide profits but will also invite whipsawing..

Happy Trading,

Tkimble
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