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Part Time Wealth Building Trading System

  • #481
  • Apr 4, 2007 9:30pm Apr 4, 2007 9:30pm
fasttras2,

this is tkimbles system, I do not trade a variation of tkimble. I am trying to examine tkimble systems..I am looking for a 2nd system thats works for me.

generalz
  • #482
  • Apr 5, 2007 6:45am Apr 5, 2007 6:45am
Fasttraxs2
The arrows are ema crossovers and the boxes are Rsi crossing 50 level, Rsi must be changed in program. Paparich
  • #483
  • Apr 11, 2007 3:33am Apr 11, 2007 3:33am
Well at last my first post...

I have been studying forex for about 6 weeks now and had just started to paper trade when I came across this system.

Great reading, great system............

Have avidly read the whole thread many times and set it up in MetaTrader4 for GBP/USD. Managed to enter a trade yesterday at 1,9468 at 03:30 (GMT), this trade is still within the tkimble parameters for RSI and 50 MA Low, do you guys carry these trades overnight, or do you close the positions at the end of the days trading NY time.

Could someone also confirm this was a valid entry scenario as well.

Any advice for a newbie appreciated....!

Regards Jeff
  • #484
  • Apr 12, 2007 8:09am Apr 12, 2007 8:09am
Here are the first results from the EA based on TKimbles strategy:

The EA waits until the new bar to take a trade - it differs from the posted strategy in that there is no t/p - the trade ends when a reversal signal is generated. I choose IMO the most trending pairs to concentrate on. Stops are set at 50 pips except GBP/JPY which is at 70.

The EA has been running non-stop since March 7th.

GBP/USD - minus 464 pips

GBP/JPY - plus 541 pips

EUR/JPY - plus 181 pips

GBP/CHF - plus 107 pips

In all, very disappointing for cable - the pair the system is supposedly designed for.

Overall, not bad, up 365 pips. In remains to be seen if these results are typical. GBP/JPY has been especially suited to this system in recent weeks.

Any comments welcome
  • #485
  • Apr 13, 2007 4:37am Apr 13, 2007 4:37am
Bill,

Have you publlished the EA anywhere yet?

Agree totally about the suitability to GBP/JPY been racking up practise pips with this, and not doing so well on the cable.

Thanks

Jeff
  • #486
  • Apr 23, 2007 5:29pm Apr 23, 2007 5:29pm
dear all,

i can't find the SMA on the MT4....only a moving average and a MA of oscillator....do i just use the simple moving average? sorry if this is a stupid question, but usually i work without these indicators. so any help would be appreciated....
  • #487
  • Apr 23, 2007 10:58pm Apr 23, 2007 10:58pm
Have to agree the results for gbpusd have been bad, but then gbpusd hasnt been trending for many weeks now. It has been completely out of control.
  • #488
  • Apr 24, 2007 5:27am Apr 24, 2007 5:27am
When you programm the MA you will ask inside for EMA or SMA etc. Karl
  • #489
  • Apr 25, 2007 4:05am Apr 25, 2007 4:05am
hi there....which SMA do you use? on MT4 one has to chose high, low and so on....or am i confusing something here?
by SMA you DO mean simple moving average, correct? if so then you have to chose high, low.......

could you please clarify this? thanks a bunch
  • #490
  • Apr 25, 2007 4:08am Apr 25, 2007 4:08am
karl, i am not sure what you are saying. on MT4 it does not give me those options....when i want to program the MA i have to chose between simple, linear, smoothed and exponential. and for those i have to chose high, low, open, close and so on.....

so what do i do for this system? sorry, maybe i am just stupid on this one
  • #491
  • Apr 26, 2007 8:06am Apr 26, 2007 8:06am
When I select the Indicator type "Moving Average" I have to program it how to work.. There are 7 parameters and one is the "MA Method" which has the possibilities SMA EMA High Low etc. Karl
  • #492
  • Apr 27, 2007 7:26pm Apr 27, 2007 7:26pm
Thanks for the awesome Thread

I use a similar version of RSI 50 cross over that allows me some sleep.

  1. Charts :2 hours
  2. RSI period 21
  3. Long trigger generated when RSI crosses 50
  4. Entry is high of Long trigger bar plus 15% of the ATR
  5. Stop is 50 pips
  6. Trade is void if a short trigger is given
  7. If a long trade is open and a short trigger is generated , close the trade after the bar only. ie let the whole 2 hour expire to see if the short trigger has really been generated.
  8. For shorts use the same method as above

Because you are using longer time frames there are less trade triggers generated.

Since March 13th in GBPJPY there have been 8 trade triggers , 5 with profit , 1 stopped out , 2 no trades for a total of 585 pips.

Has anyone written an EA for autotrading this ? If so please could you share it.

Blogging daily now at www.volume.zone
  • #493
  • May 10, 2007 1:01pm May 10, 2007 1:01pm
In support of your EA I run it on GBPJPy with FIRMEX for 2 weeks. Result 96 pips with default settings. The orders run high and low and did not close on max. If you like I start on monday with new settings. karl
  • #494
  • May 22, 2007 12:58am May 22, 2007 12:58am
I observed the chart for past few days and I think this system has been taking a hit on the gbpjpy also. Just a thought.
  • #495
  • May 23, 2007 8:13am May 23, 2007 8:13am
I have switched to a 4 hour chart. It seems that I have to watch forex less and only really check it at night before bed (10 pm PST ) and in the morning ( 5 - 6am PST).

Using the technique, applied to when the RSI (21 period) crosses up through the level of 40 a trade trigger was generated on GBPJPY on May 11th , with a bar high of 238.41.

For entry I have simplified the calculations , just add 50 pips.

Entry was 238.91.

Current price 241.21

Stop has been moved up to 240 to lock in 100 pips.

So here is new system :

Chart ; 4 hour
RSI period : 21
Trade signals for long: RSI crossing up through values of RSI 30 , 40 or 50 .
Trade signals for shorts : RSI crossing down through 70 , 60 or 50.
Entry 50 pips above / below the trade trigger bar high / low
Stops : 50 pips

Thinking of the RSI values of 30 , 40 , 50 , 60 and 70 as ' pivot point'

Good trading
Blogging daily now at www.volume.zone
  • #496
  • Jun 3, 2007 8:35am Jun 3, 2007 8:35am
Hi Malcom,,

I have a question about the setup that you are using and how it would have played out based on the trade signal you give below. There is a large swing which follows your entry signal and would have taken you out of the position. Did you re-enter? How did you get the the 241 price level?

Thanks. Joe

Quoting malcolmb14
I have switched to a 4 hour chart. It seems that I have to watch forex less and only really check it at night before bed (10 pm PST ) and in the morning ( 5 - 6am PST).

Using the technique, applied to when the RSI (21 period) crosses up through the level of 40 a trade trigger was generated on GBPJPY on May 11th , with a bar high of 238.41.

For entry I have simplified the calculations , just add 50 pips.

Entry was 238.91.

Current price 241.21

Stop has been moved up to 240 to lock in 100 pips.

So here is new system :

Chart ; 4 hour
RSI period : 21
Trade signals for long: RSI crossing up through values of RSI 30 , 40 or 50 .
Trade signals for shorts : RSI crossing down through 70 , 60 or 50.
Entry 50 pips above / below the trade trigger bar high / low
Stops : 50 pips

Thinking of the RSI values of 30 , 40 , 50 , 60 and 70 as ' pivot point'

Good trading
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy ff malc trade setup check.jpg Size: 64 KB
  • #497
  • Jun 4, 2007 9:07am Jun 4, 2007 9:07am
Once I get the files together, I will shortly be posting my fully-functioning EA for this method on a new thread. I will post a link to it here.
  • #498
  • Jun 4, 2007 10:22am Jun 4, 2007 10:22am
Here's the link: http://www.forexfactory.com/showthre...65#post1457865
  • #499
  • Jul 28, 2007 12:29am Jul 28, 2007 12:29am
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
Consider this. The enemy of workable is perfection. The only real problem with that as a goal is that there is only one absolute in this universe and he's busy! People who think they have attained it are usually given new quarters in rubber rooms!
  • #500
  • Jul 28, 2007 12:44am Jul 28, 2007 12:44am
Quoting tkimble
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
I have been reading thru your threads and the simplicity is really quite nice. I statred using the 5 SMA version and have had great results with it. I added 2 other MA both 14 wth one shifted by 1. I call them the "TWINS". This acts as a whip saw filter and confirms entries. Plot it and look for flat spots in the price action. I have seen the WAVE (HLC from Ragnee Horner) and find your 5 SMA with ATR and RSI superior.
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