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Part Time Wealth Building Trading System

  • #381
  • Jan 8, 2007 12:45pm Jan 8, 2007 12:45pm
holland,

i am not tk, but from what i know he has not given up on the rsi.

the rules for entry are

- long when price breaks above the 50 sma & rsi goes above 50. tk enters at the next 30 min candle when the above two happen ie: (if i remember right), he doesnt take a trade on the current candle when the above two happen but at the next

- short when the reverse happens.



Quoting hollandpippin
coolshades:

if i read correctly some posts back tkimble said that he had given up on the rsi indicator and just uses the 50 sma tunnel now....

tkimble is this true??

tkimble:btw when i read all these posts you said you started out in de sp500 now i have blown out 2 account trading forex and looking now to trade the emini sp500 ...can you tell me what kind of system you used for the emini or is it just the same system you trade now the forex

thank you tkimble if you wanna answer this question
  • #382
  • Jan 8, 2007 12:52pm Jan 8, 2007 12:52pm
yeah coolshades i am just confused coz of post 366,coz there tkimble says he is trading just the tunnels of the 50 sma,but thanks anyway for your input

if iam correct now:

first a rsi cross and then a sma cross

or can it also be:

first a sma cross and then a rsi cross

??????????????
  • #383
  • Jan 8, 2007 12:59pm Jan 8, 2007 12:59pm
Doens't matter, which one occurs firts, what matters if the both conditions are met. Tkimble didn't give up the RSI, the method that you are talking about he discusses as a different strategy....


LostFX
"All good things come to those who wait..."
  • #384
  • Jan 8, 2007 1:18pm Jan 8, 2007 1:18pm
lost is right. doesnt matter what occurs first. at the new candle that both conditions are present, take the trade.


Quoting lostfx
Doens't matter, which one occurs firts, what matters if the both conditions are met. Tkimble didn't give up the RSI, the method that you are talking about he discusses as a different strategy....


LostFX
  • #385
  • Jan 8, 2007 4:24pm Jan 8, 2007 4:24pm
Quoting coolshades
lost is right. doesnt matter what occurs first. at the new candle that both conditions are present, take the trade.
That is correct. I still use the RSI but for those of you who like more action, you can trade the edges of the 50 SMA tunnel.

Happy Trading,

Tkimble
  • #386
  • Jan 8, 2007 4:28pm Jan 8, 2007 4:28pm
Quoting hollandpippin
first of all.....excellent thread!!

i just wanted to know if you took the trade when it broke the sma50 high this morning about 4.00 est or do you wait untill it breaks the 50 level of rsi anyway?

thank you
Long at 1.9380 (1730 GMT) from a short at 1.9631 on 3 Jan 07 at 1100 GMT...

Tkimble
  • #387
  • Jan 9, 2007 3:53am Jan 9, 2007 3:53am
tkimble :

that means you are up again the time i write this...10.55 (amsterdam time)
cool!!
about 40 pips...this system is looking better and better every minute
clean...simple
  • #388
  • Jan 9, 2007 6:33am Jan 9, 2007 6:33am
hello tkimble ,

I can not set on my trading platform SMA 50 for high low and close.

i can put only one SMA 50 , i think is for close price.. but dont know exactly.

it`s ok if i use only this ? if i look at 3 january trade and yesterdays trade on GBP/USD my only SMA 50 confirmed the trades... along with the RSI 45.
  • #389
  • Jan 9, 2007 7:26am Jan 9, 2007 7:26am
ok, just opened an account with FXDD metatrader4 and managed to set all 3 SMA 50 for high close low.

i entered yesterday with 2 lots on gbp/USD. first lot took profit 50 pips. and second lot still in trade,+45 pips at the moment with SL moved to breakeven.

thanks for this system.
  • #390
  • Jan 9, 2007 8:08am Jan 9, 2007 8:08am
tkimble, you are using 50pips trailing stop, correct? If yes, that mean that we are out 1.9404 at GBP/USD and waiting for a new signal that should occur as a sell.

LostFX
"All good things come to those who wait..."
  • #391
  • Jan 9, 2007 9:46am Jan 9, 2007 9:46am
Quoting DFoster
Got knocked out of the 01/03/07 1.9628 short at 8:00am PST today (01/08/07) via a RSI Cross above 50. Gain of 273 pips. Now Long.

tkimble - in reguards to Cool's Q above, do you exit a short when price closes above the 50 SMA High (or exit a long when price closes below the 50 SMA Low)? I currently only exit with a RSI cross of 50 or being stopped out. When I enter a trade, I factor in both the RSI and the 50 SMAs.

DFoster
I use the RSI to confirm all of my trades. If you want to trade more agressively, you can trade the 50 SMA tunnel edges (Short when price closes below the 50 HIGH SMA or long when the price closed above the 50 LOW SMA)

Just a matter of what how agressive you want to be.

Happy Trading,

Tkimble
  • #392
  • Jan 9, 2007 9:48am Jan 9, 2007 9:48am
Quoting hollandpippin
first of all.....excellent thread!!

i just wanted to know if you took the trade when it broke the sma50 high this morning about 4.00 est or do you wait untill it breaks the 50 level of rsi anyway?

thank you
No. I did not take this trade. I always wait until the price movement is confirmed by the RSI...

Tkimble
  • #393
  • Jan 9, 2007 9:51am Jan 9, 2007 9:51am
Quoting lostfx
tkimble, you are using 50pips trailing stop, correct? If yes, that mean that we are out 1.9404 at GBP/USD and waiting for a new signal that should occur as a sell.

LostFX
No. I do not use trailing stops becuase I find it very difficult to know how far to place the stop. My preference is to place only one static or fixed stop at the beginning of the trade for the entire trade.

Stepped or trailing stops just creates one more thing to think about and further complicates the process. Trailing stops also encourages the trigger happy hature of human beings and will keep you in a perpetual state of second guessing existing and immediate decisions. I like having those distractions removed from my thought process.

I like to place a trade a basically forget about it until I am prompted to make another trade by whatever system I am using. Very mechanical straight forward process. Makes life a whole lot easier based on my temperment...

Happy Trading,

Tkimble
  • #394
  • Jan 9, 2007 9:54am Jan 9, 2007 9:54am
tkimble but u enter a trade with 2 lots right? or maybe im wrong?
  • #395
  • Edited 10:15am Jan 9, 2007 10:00am | Edited 10:15am
Quoting nad24
tkimble but u enter a trade with 2 lots right? or maybe im wrong?
Lot size is determined by the Risk Management Model. I use two risk management models. One is based upon the Average True Range (ATR) and the other is based upon percentage of the money that I wish to risk. The ATR takes into consideration most recent volatility. The percentage model is straight forward. How much money do you want to risk on each trade? My comfort zone is 3 - 5 % of my account on every trade.

I have attached a copy of the Percentage model for your review..

Happy Trading,

Tkimble
Attached File(s)
File Type: zip RiskManagementModel.ZIP   19 KB | 401 downloads
  • #396
  • Jan 9, 2007 10:02am Jan 9, 2007 10:02am
So basically, when you enter a trade you put 50 pips fixed stop loss and you are in a trade till the conditions for trade reversal occur? do you move your stop to break even at least at some point?

Thanks

LostFX
"All good things come to those who wait..."
  • #397
  • Jan 9, 2007 10:05am Jan 9, 2007 10:05am
Quoting lostfx
So basically, when you enter a trade you put 50 pips fixed stop loss and you are in a trade till the conditions for trade reversal occur? do you move your stop to break even at least at some point?

Thanks

LostFX
Yes. 50 PIP stop until conditions for trade reversal occur.
No. Never move the stop. Just let it ride. This may seem a bit crazy to some but that is my approach.

Happy Trading,

Tkimble
  • #398
  • Jan 9, 2007 10:28am Jan 9, 2007 10:28am
tkimble:

can you please tell me what kind of system you used for trading the sp500

thank you
  • #399
  • Jan 9, 2007 10:35am Jan 9, 2007 10:35am
tkimble:

do you let it ride untill the next change in rsi? coz you dont move your stop
  • #400
  • Jan 9, 2007 10:44am Jan 9, 2007 10:44am
Quoting hollandpippin
tkimble:

do you let it ride untill the next change in rsi? coz you dont move your stop
Exactly. The RSI determines changes in my positions. In essence, my "Trailing Stops" are my actual trades. Hope this does not confuse you.

Happy Trading,

Tkimble
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