Part Time Wealth Building Trading System

...long again @9712..

IMHO, if you just append the SAR to a GBP 4hr chart and nothing else, you'll be surprised to get even better results then TK's system, more profits, less whipsaws, tighter stop loss and most of all you can't get a system more simpler then this.

Or you can do this: for the trade entry use tk's system but once in the trade follow it with the 4hour SAR.

I am not familiar with the SAR or how to read it.

Thanks,

Tim4kaye

Great thread. Because system is based on a 30 minute timeframe is there certain sessions that are being traded or is this a 24 hour system and if it is when do you sleep??


thanks,
Noe

I've gone through all the posts (several times) and put together an overview of the system to help me understand it. Can anyone quickly review this to correct me so I can start forward testing? Thanks:

Platform Setup

1. Use GBP/USD 30 min chart
2. S/L = 50 PIPS
3. T/P = Not set (position reversed when trend changes according to signals). Goal of 200 PIPS might signal early exit (ex ATR drops sharply). When 100 pip goal is reached, S/L moved to break even. If ATR stays low, maintain 100 PIP S/L, or if ATR is higher move S/L to 50 PIPS.
4. Display 3 separate 50 SMA’s including the HIGH, LOW, and CLOSE
5. Display the 45 RSI
6. Display the ATR

Buy Entry

1. The RSI is above 50, and
2. Current price is above the 50 SMA HIGH, and
3. You do not have a current long position open

Sell Entry

1. The RSI is below 50, and
2. Current price is below 50 SMA LOW, and
3. You do not have a current short position open

Buy Exit (Assume: Long position already established)

1. Current price is below 50 SMA LOW, and
2. RSI must have crossed 50 downward and currently be below 50

Sell Exit (Assume: Short position already established)

1. Current price is above 50 SMA HIGH, and
2. RSI must have crossed 50 upward and currently be above 50

Assumptions/Comments

1. You never add to existing positions (if you are already long, you don’t open more long positions even if signal triggers)
2. You shouldn’t ever have both a LONG and SHORT position simultaneously since the exit signal of a directional position is the entry signal of the opposite (i.e. you open a long as you close a short and vice versa)
3. Keep positions open through news announcements
4. Don’t enter a trade too long after the a BUY/SELL entry signal is given (try to do it AS it happens, not afterward)

You must judge your sleeping patterns around the chart patterns. When a trade looks pending, you do not sleep. I would suggest you look at my Weekly and Daily scalping systems if you want predictable sleep patterns...

Happy trading,

Tkimble

Would you kindly point to the link for your daily scalping system?
Thanks,

Thanks Tkimble for share this system.

I like to know if this system works well in 01H or/and 04H chart. If no how can do it or do you have some like this system for those time frame?

RRBO

Per your request attached is the link to the Daily Scalping System

http://www.forexfactory.com/showthread.php?t=13507

Happy Trading,

Tkimble

I still think this method by tkimble is my favorite of all of his methods. Many thanks tk!!!


Tim

Tkimble,

Like so many others have said already, I want to thank you for sharing this system.

In the last couple of days, I've realized that this 30 minutes method works very well with the most of majors. It seems to me that there are many opportunity to trading this way almost every day.

Again, many thanks.

Andy L

I have been reviewing this systems performance over the last 2 months and found that this month alone, trading with 2 lots taking TP1@50pips SL to B/E and TP2@100 you would have made about 800 pips so far. The 50 SMA's work really well but when combined with the RS1 it appears to be pretty perfect.The 50 and 100 TP levels lock in profits before the price is whipped back on many moves. Without the TP50 target and locking in the remainder at B/E in January the return was about half that for February.Overall I think this is tk's best -and simplest- system to date...

Hello tkimble,

thanks again for your 3 systems.

I will ask you and all other here, did you trade all three systems together ?

and when yes all system with the same pair GBP/USD ? or mixes.

thanks
Mobsie

Have you tried the StepRSI, it gives much cleaner crosses of the 50 line and looks like it would fit in well with this system

Could you post it scorpion -sounds useful!

Hi Chowclown

can you please tell me if you can display this system i.e. 3 SMAs on oanda trading platform.

Thanks
tasse

Hi Dav12028

can you please explain/elaborate on this. Also can you use it on 3hr chart as oanda platform unfortunately doesnt seem to have a 4hr chart option.

Thanks
tasse

This is what the StepRSI looks like, along with the StepMA on the chart

I appreciate some people would want to try to refine this method. I've been playing around with it from the start as a secondary method to my fozzy trades.

I tried different filters, RSI bands and so on to try to keep me out of whipsaws but you always compromise the best entry then. The thing I like most about this system is the small s/l - the 50 s/l is hardly needed if you're reversing the trade every time.

I've backtested cable on the close and on the current bar, both were profitable (net). Not my style anymore to take two lots, taking a small profit quickly - the risk:reward just doesn't make sense to me.

Of course the drawback to this method is it's almost untradeable unless you're in front if the screen all the time. Looks like I'm going to have to bite the bullet and pay for an EA to be developed.

Good luck to all in using or trying to tweak this method. I'll be back to share my forward test results.

Michael

I would be happy when you provide the StepMa and the StepRSI indicators or tell us the way to your version of the indicators. Thanks.karl

Thank you very much for your fast support.karl