Part Time Wealth Building Trading System

Quoting VinceTheBeast

Disliked

Boy o boy did I have fun today :-)

To Tkimble:
First profits made partly due to your method. Very nice to have extra confirmation of a starting trend. So kudos to you again!
Thanks for your last explanation about how you handle a choppy RSI! Looks to me this is a nice and complete system. Just need to learn to sit on my hands... I know myself and I tend to be a bit 'trigger happy' at times :-)

I had a little thought... What about using the M15 to check if the RSI is choppy on this timeframe too. Sometimes I think (like I saw happen 2day on the cable) the M15 can 'make up its mind' a bit earlier...

To AL4715:
Tried the indicator you posted and looks/works very well! Thanks again!

Don't want to sound greedy now ;-) but is there a possibility for this indicator to, not only produce an audio warning but, also have a pop-up screen every time the parameters are met? Reason beeing, that if I'm away from my pc for a bit, there will be this message telling me there has been a crossing..
Cheers!

To tpn77:
After you have applied the indicator to the chart (works for every indicator, so not just this one) you can set any setting you like:
-use CTRL-I (or right click on the chart and select 'Indicator List'
-select 'RSI-TC' and click edit
-select the 'Inputs' tab
-set any RSI period you like

Hope this helps

To Coolshades:
I have used the method rather successfully today on both GBPUSD and EURUSD. Think I could have had some fun with the other majors too but I didn't wonna push my luck :-)
Will keep you posted if I have suc6 or not with other pairs

Vince<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Ignored

Quoting tkimble

Disliked

OK. Now that we have sufficiently discussed this system, I want to add one more feature or basically siimplify the trading system and appeal to the more aggressive traders. I have used this approach occasionally with good results.

Trade the system using only the three 50 minute trending bars. The rules are again, very simple. Eliminate the RSI and use the following rules:

1. Short when the 30 minute price bar closes below the 50 Minute HIGH SMA trend line.

2. Long when the 30 minute price bar closes above the 50 Minute LOW SMA trend line.

Use the same stops.

This will produce more whipsawing but gets you into trades a bit earlier. This is a profitable approach but takes a lot more stamina and attention. Basically, you will be trading the tunnel edges created by the 50 Minute HIGH and 50 Minute LOW SMA trend bars.

I do not follow this version of the trading system exclusively because I like the RSI trend confirmation. But again, that is my style. You must adapt to your style.

Your thoughts are much appreciated...

Happy Trading,

Tkimble

Ignored

Quoting fx4_ever

Disliked

Hi:
Could you please explain again what do you mean by "30 minute price bar closes below the 50 Minute HIGH SMA trend line." ? You mean 50 period SMA High Line? I want to make sure you are not talking about 2 SMA crossing.
Thanks,

Ignored

Quoting carmel

Disliked

The 30 min bar system and the weekly system both seem to have great potential. Which of the two do you prefer and why? Secondly, I use the VT Platform for the most part. If I was to program an indicator to alert me to either entering a trade or exiting one, which elements would you think I should include in an indicator? Thanks for two great threads!

Ignored

Quoting tkimble

Disliked

Great question. My preference is the weekly scalping method because I get more sleep. The 30 min chart system is a very reliable system but forces me to stay awake some nights.

The weekly scalping system is a very hands off system. Again, look at the charts and notice that once the market makes up its mind which way it is going for the week, it typically will continue in that direction.

Quite frankly, the Weekly Scalping system is nothing more than the 30 min bar system rehosted as a weekly bar.

Hope this makes sense.

Happy Trading,

Tkimble

Ignored

Quoting johnedoe

Disliked

did anybody else get their butts kicked this week?
I just could'nt seem to get a grip on the rsi 30 min. entries this week........

Ignored

Quoting tkimble

Disliked

There was only one trade on 3 Jan 07 at 1.9631 short.

Tkimble

Ignored

Quoting tkimble

Disliked

Great question. My preference is the weekly scalping method because I get more sleep. The 30 min chart system is a very reliable system but forces me to stay awake some nights.

The weekly scalping system is a very hands off system. Again, look at the charts and notice that once the market makes up its mind which way it is going for the week, it typically will continue in that direction.

Quite frankly, the Weekly Scalping system is nothing more than the 30 min bar system rehosted as a weekly bar.

Hope this makes sense.

Happy Trading,

Tkimble

Ignored

Quoting fx4_ever

Disliked

I am still in with this trade... +321 at the moment.

Ignored

Quoting fx4_ever

Disliked

Hi TK:
I am not sure what broker's platform you are using for your trade, but if you are using MT4 platform, this is very simple strategy that can be easily made into EA if someone knows how to write an EA. (I am learning the code at the moment, so I feel reluctant to post anything here yet)
Then, you don't have to lose your sleep over it and let the EA do the work for you. Have you think about trading it with an EA?

Can someone who has benefit from TK system knows how to code come up with an EA?

Ignored