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Part Time Wealth Building System - "Open-Close Trending"

  • #201
  • Aug 20, 2007 10:59pm Aug 20, 2007 10:59pm
Quoting tkimble
Yes. This is a true Stop and Reverse system...
Another newbie question: what is a "stop and reverse" system?
Please enlighten. Thanks!
  • #202
  • Edited 9:27am Aug 25, 2007 8:58am | Edited 9:27am
I have been analysing this and just oen thing... Eevryone seems to concentrate on the entries to reduce whipsawing and blah blah blah.. you can try this and that, filters and all that stuff you just reduce the opportunitiues you could have...
PLEASE concentrate on the EXIT!!! The most important thing IMHO. You know the market trends just a certain perecentage during a period... Otherwise the market is oscillating, ranging, swinging, whatever... and most of all you cannot predict and know when is going to happen what (using silly indicators no matter how sophistictaed).... it migh trend for 2 months and range for the next 10.. you never know.. and must be prepared... In my view 5-10% for the entry strategy... As far as I am concerned 1%.... JUST BE CONSISTENT!!!!!!!

Here is what you can do... play with 4-5 units.. of these 1-2 for the trending stuff (because the market trends in 30% of the time)...
The others, I call them scalper units. Take profit every for example 50 pip or 30 pips or use fibo levels or whatever you like..
Move to break even when 1 or of the TPs are taken out. Use different SLs as well... so to have higher chance... Calculate the win/loss ratios as well..

Just thoughts for newbies... Money management that is position management is the most important of all.... IMHO.

Have a nice day

ps you can have the best secret ever in the world implemented in your indicators... PLEASE do undesrtand that you just plain simply cannot predict... you say that it has been ranged for 2 days and should/would change now based ADX, MACD, BLAH, etc. and then surprise it is just continue to range for 5 more days.... and then what.. huh... Your BRAIN says it should trend now.. and the goes a bit up/down and back to the range... So NO you cannot see/predict etc.. Mananage your position or differentlky called your money because you position IS your money.... The word surprise should bot be in the dictionary.. Be PREPARED and EXPECT THE UNEXPECTED.
.
  • #203
  • Aug 26, 2007 11:59am Aug 26, 2007 11:59am
Yeah, this system has done extremely well for me, especially this month. The GBP/JPY has been trending a lot, and it has netted me about 4000 pips! Thanks, tkimble!

I'm trading it live, but I can post the results of my demo account if anyone wants to see. Hopefully this system continues performing like this in the months to come.
  • #204
  • Aug 27, 2007 9:03pm Aug 27, 2007 9:03pm
I am trying to figure out this Daily scalping method.
I am a newbie so please be patient. Thanks.
1) Select a currency pair and select daily charts.
2) If previous day closed lower than opening then I will SELL the pair with a 40 pip stop loss. (Question: do I sell at market or limit?)
3) Immediately, place a opposite order to the one just created but 40 pip away from the original. E.g. I sell GBP/USD at 2.0080 at Step 2, then I should place a limit BUY GBP/USD at 2.0040 and stop loss for this order at 2.0000 (40 pips stop loss).
So, at this stage, I have 2 sets of orders:
SELL GBP/USD at 2.0080 and stop loss of 2.0120
BUY GBP/USD at 2.0040 and stop loss of 2.0000

4) If the same trend for 3 consecutive days, place order which opposes the trend in the past 3 days. E.g. if it has been bullish for the past 3 days (i.e. close higher than open), then place a SELL order and vice versa.

5) Close out all open positions at the end of the day.


Did I get the method of execution correctly? I am quite confused! Please help. Thanks.
  • #205
  • Aug 28, 2007 6:42am Aug 28, 2007 6:42am
Quoting Lukester
I am trying to figure out this Daily scalping method.
I am a newbie so please be patient. Thanks.
1) Select a currency pair and select daily charts.
2) If previous day closed lower than opening then I will SELL the pair with a 40 pip stop loss. (Question: do I sell at market or limit?)
3) Immediately, place a opposite order to the one just created but 40 pip away from the original. E.g. I sell GBP/USD at 2.0080 at Step 2, then I should place a limit BUY GBP/USD at 2.0040 and stop loss for this order at 2.0000 (40 pips stop loss).
So, at this stage, I have 2 sets of orders:
SELL GBP/USD at 2.0080 and stop loss of 2.0120
BUY GBP/USD at 2.0040 and stop loss of 2.0000

4) If the same trend for 3 consecutive days, place order which opposes the trend in the past 3 days. E.g. if it has been bullish for the past 3 days (i.e. close higher than open), then place a SELL order and vice versa.

5) Close out all open positions at the end of the day.


Did I get the method of execution correctly? I am quite confused! Please help. Thanks.
Lukester,

You might want to post in the correct thread. This thread is for tkimble's "Open-Close Trending" system, not Daily Scalping.
  • #206
  • Aug 28, 2007 5:53pm Aug 28, 2007 5:53pm
Quoting tkimble
The following system is has by far been the most profitable system for me. It has captured 1700 GBP/JPY PIPS in the last two weeks through today.

Rules are likewise very simple but unlike the daily and weekly scalping systems, this system follows the trends:

1. Create 60 minute GBP/JPY bar chart
2. Create a 50 Period HIGH Linear Weighted Moving Average
3. Create a 50 Period LOW Linear Weighted Moving Average
4. Place LONG market entry order at the HIGH Moving Average
5. Place SHORT marekt entry order at the LOW Moving Average
6. Market entries occur at the exact moment that the price hits the market entry orders.
6. Use 50 PIP STOP
7. Adjust the LONG and SHORT market entry orders as the Moving Averages change.
8. Market can get choppy during transition from LONG to SHORT and vice versa.

That is it. Very simple. This system can be adapted to other markets but with smaller or larger Moving Averages.

Below is the current chart that I am trading from and I am currently up 320 PIPS today. Combine this system with the money management system and you will have a sure winner...

Happy Trading,

TK

The following modification, by tkimble, appeared in post 105 of this thread. - diallist

I have modified the system to reduce the whipsawing. The following change has been made:

1. Reduce the moving average from 50 periods to 25 periods
2. Create entry Buy/Sell entry orders 50 PIPS from the moving average. For example, I am currently Long the GBP/JPY at 227.21. The current moving average is 227.78. I have a SHORT entry order at 227.28 and will adjust the entry order hourly on the hourly chart.

You can also make the entry points less than or greater than 50 PIPs. Narrower entry points will create more whipsawing and wider entry points will create less whipsawing.

I will also be posting my last proprietary system which I call the "Twisted Ribbon" system because the graphical indicators resemble a twisted ribbon when created on a chart. Based upon the "Whipsawing" feedback, I suspect most will be more comfortable with the "Twisted Ribbon" trending system...

Happy Trading,

TK
Hi tkimble.
Thanks for sharing your trading wisdom. You are obviously a seasoned trader.
One question I have (and I apologise if it has already been asked)in relation to this SAR strategy is if it requires constant market participation, how do you manage it while you're sleeping ?
  • #207
  • Aug 29, 2007 6:41am Aug 29, 2007 6:41am
Quoting mikelath
Hi tkimble.
Thanks for sharing your trading wisdom. You are obviously a seasoned trader.
One question I have (and I apologise if it has already been asked)in relation to this SAR strategy is if it requires constant market participation, how do you manage it while you're sleeping ?
mikelath,

You are right it would require management at all times. What I've done is write an EA that keeps updating the S/L every hour based on this system. That way I don't have to worry about it during the day when I'm at work or at night.

I still have to iron out a couple of bugs, but it's doing what it should. Eventually I will also give it the functionality to open the pending SAR orders. Let me know if you are interested.
  • #208
  • Aug 30, 2007 3:21am Aug 30, 2007 3:21am
Quoting superalf
mikelath,

You are right it would require management at all times. What I've done is write an EA that keeps updating the S/L every hour based on this system. That way I don't have to worry about it during the day when I'm at work or at night.

I still have to iron out a couple of bugs, but it's doing what it should. Eventually I will also give it the functionality to open the pending SAR orders. Let me know if you are interested.

What is an EA? Sorry, for the newbie question.
  • #209
  • Aug 30, 2007 6:34am Aug 30, 2007 6:34am
Quoting mikelath
Hi tkimble.
Thanks for sharing your trading wisdom. You are obviously a seasoned trader.
One question I have (and I apologise if it has already been asked)in relation to this SAR strategy is if it requires constant market participation, how do you manage it while you're sleeping ?
Great question. I sleep between during the trends, sometimes as little as 4 hours daily...

TK
  • #210
  • Sep 7, 2007 1:04pm Sep 7, 2007 1:04pm
Quoting superalf
mikelath,

You are right it would require management at all times. What I've done is write an EA that keeps updating the S/L every hour based on this system. That way I don't have to worry about it during the day when I'm at work or at night.

I still have to iron out a couple of bugs, but it's doing what it should. Eventually I will also give it the functionality to open the pending SAR orders. Let me know if you are interested.
HI superalf.
I'll admit that I don't have a lot of expertise when it comes to installing and utilising EA's effectively. I've tried a few on MT4 though they were not entering trades when the setups occurred. I couldnt figure out why.
Despite this experience so far, I am still interested in overcoming my self imposed limitations. If you are able to guide me in setting up an EA for this SAR method I believe it will definitely be worth the endeavour.
Many thanks in advance.
mike
  • #211
  • Sep 7, 2007 1:15pm Sep 7, 2007 1:15pm
Quoting tkimble
Great question. I sleep between during the trends, sometimes as little as 4 hours daily...

TK
wow....something to look forward to...:
Actually, as I type it's 4.15am in Brisbane....just couldn't sleep.
  • #212
  • Sep 8, 2007 11:31am Sep 8, 2007 11:31am
Quoting Lukester
What is an EA? Sorry, for the newbie question.
Lukester,

An EA is a trading program which you can use in MetaTrader. EA stands for Expert Advisor. They can be used to automate part or all of a trading system, and for many other things. The EA I have written for this system by tkimble takes out most of the busy work, although it is not yet totally automated.

I'm assuming you've read the instructions for this system and understand it. If so, then what my EA does is it maintains the open trades so that you don't have to be in front the trading terminal every hour. It changes the s/l (stop loss) on the open trade(s) based on the rules of this system. This is great because I have a full time job and also have to sleep.

The only thing you have to do is open the pending trades, so that the system is ready when the market reverses. Once the trade opens the EA will take over and manage the trade for you.

Note that my EA still has a couple of bugs I haven't worked out. And I'm also going to modify it so that it can be totally automated, opening pending trades as well.

Mikelath, the above info is for you as well. If you guys are interested I'm happy to share the EA, as you guys can help me find the bugs. If you are not sure how to "attach" an EA to a chart, you might want to search around the forum. I'm sure there are tutorials around here. If nothing else, you can also just read through the help section of MT4 (Metatrader 4, for those who don't know) that talks about EAs. Once you feel you are ready I can post the EA for you.

A further note, you should definitely understand this trading system completely before trying out the EA. Otherwise your input will be next to worthless. You need to understand what the system does and how it works, to be able to understand how the EA works.


Regards,

superalf
  • #213
  • Dec 24, 2007 7:12am Dec 24, 2007 7:12am
Attached is an EA based on Tkimble's first post
Attached File(s)
File Type: mq4 Open Close Trending.mq4   9 KB | 1,090 downloads
  • #214
  • Apr 3, 2008 4:02am Apr 3, 2008 4:02am
Quoting Ronald Raygun
Attached is an EA based on Tkimble's first post

Hello Ronald,

I use to programm c for my skool project,,,where can I pick up programming for Metastock ?
  • #215
  • Apr 3, 2008 6:56pm Apr 3, 2008 6:56pm
Can't say anything on Metastock, but for metatrader, go to www.metatrader.info/node/34/
  • #216
  • Apr 8, 2008 9:56am Apr 8, 2008 9:56am
Quoting Ronald Raygun
Attached is an EA based on Tkimble's first post
any1 tested so far?
  • #217
  • May 14, 2008 10:56am May 14, 2008 10:56am
Hi, is anyone trading this method? any backtesting results to post? I started this week...like to get some info, it looks like a pretty interesting system, very simple...
Any input here would be appreciated.

Regards.
  • #218
  • Aug 14, 2009 10:56pm Aug 14, 2009 10:56pm
Thank you so much for the post. It's really useful.

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  • #219
  • Oct 18, 2009 5:56am Oct 18, 2009 5:56am
I would like to set one 50wma, and 2nd sma, that will give you exit and watch out period, when 2 line get closed. during narrow or crossover ,you just watch, dont sell and buy.
  • #220
  • Nov 29, 2009 10:52am Nov 29, 2009 10:52am
This thread is old, I guess I overlooked it somehow, but there was a question very early about exit strategy. You can't do it on an EA I believe, but it has some merit . I use a judicial use of Starc bands set at 7/21 to pick an exit. When the candle touches or almost touches the band, a reversal is possible or very likely. Takes a considerable amount of practice, and with certain candle combinations, noting James16 IB setups, one can ride the reversal back to the WMA. I love this system, on a daily chart it's a killer, low fees, high reward. My SL is also judicious. Since I trade on daily charts, but generally I apply Jacko's 50 pip SL rule, but this varies with the pair. Ironically, this thing works well on Eur/Cad.
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