You may consider a TP at 1.9435 if you still happen to be long.

Part Time Wealth Building Trading System - Weekly Scalping

Just to point out, both the ATR stops and a stop below the next pivot point would have kept you in your original long, which would be sitting a a tidy profit right now.

Part Time Wealth Building Trading System - Weekly Scalping

If you want to try and produce an EA, this may help you: url

Part Time Wealth Building Trading System

No Problem, these are ATR stops. Attached for your usage. The create a stop-loss based on multiples of the ATR of the market. When the market is trading quite tight, the stop will be quite tight, and vice versa for a trending market.

Part Time Wealth Building Trading System - Weekly Scalping

The PP's indicator I have for MT, obviously can only caluclate the current weekly PP's, so I can only see how they would have helped us this week. The the PP's on the chart are applicable from 26th December, prior to that they are invalid. Close of ...

Part Time Wealth Building Trading System - Weekly Scalping

Another thought on this one (apart from ATR stops). Should we be looking for a movement above/below major pivot points ? Should we be using PP's as SL's/TP's/Entries ? Don't forget a weekly close can be considered a PP, therefore this may be the ...

Part Time Wealth Building Trading System - Weekly Scalping

To Trail or not to Trail — Firstly, thanks once again TK, another great one ! Secondly, those of you that add a trailing stop to the system and then say you are getting very different results, well of course that will be the case. TK doesn't ...

Part Time Wealth Building Trading System - Weekly Scalping

As a standard rule, I would totally agree. A lot of people do not consider the actual movement of the price within a closed bar which obviously has a massive effect of the backtest. It is why many people (and I know TKimble is one), do not agree ...

Part Time Wealth Building Trading System - Weekly Scalping

You could always have a look at these guys, I can't vouch for them personally: h**p://rule#2violation

Part Time Wealth Building Trading System - Weekly Scalping

DFoster, thats great information, thanks very much. It may be prudent for me to see how they get on with rolling out Forex (hopefully) early next year. I am in no hurry, but I think it might be a sensible way for my trading to go.

Part Time Wealth Building Trading System

Hi DFoster, Answers below: 1. Yes, I actually err very much on the side of caution when it comes to slippage. I factor slippage into a strategy evaluation in two ways: a) I only ever use market orders on the next bar, so if I get stopped on out a ...

Part Time Wealth Building Trading System

Hi DFoster, ATR - Average True Range, any half decent google search will let you know what it is and how it works. Obviously when we specify an ATR of 21 then it is an indication based on the last 21 bars of data for that given timeframe. ATR stops ...

Part Time Wealth Building Trading System

[/QUOTE] Well not exactly Coolshades. In ranging/choppy markets, it gets whipped around, I have seen 7 consecutive losers, of varying degrees due to the stop method I have tried. This doesn't come as a surprise however since at the end of the day ...

Part Time Wealth Building Trading System

[/QUOTE] Hi Coolshades, I too am aware of Tkimble thoughts on backtesting, which I respect. For me it is an exercise in evaluation, and I have always approached systems like this. I have complete Tick Data for Euro Futures 2005, 2004, and am working ...

Part Time Wealth Building Trading System

Hi vdgraaf, Basically I took Comoke's fine work earlier in this thread and adapted it to suit my style a little more, but either way it should be a good starting block for getting you going. Its worth noting, because as I do, I spent a lot of time ...

Part Time Wealth Building Trading System

Hi, I have been playing with this for a while, but I should give tkimble credit where it is due, its a great system straight out of the box. I created a backtest in E-Signal and have been using an ATR(21) stop. Inital stop is at 5 times ATR or 50 ...

Part Time Wealth Building Trading System

It certainly isn't for everybody, however it can be used in the same way just to give you alerts and signals when criteria are met, leaving you to actually make the decision. It helps me, but its not for everybody, and it can have as much or as ...

Part Time Wealth Building Trading System

an EA is an 'Expert Advisor', a way of automating your entries and exits according to preset strategies in MetaTrader.

Part Time Wealth Building Trading System

Sorry Nad, just saw that you are not trading live. However this is the same old argument with trend following trading systems, 'If I could just keep out of the sideways markets'. The trader that can do this with any level of consistency without ...

Part Time Wealth Building Trading System

To be fair to tkimble though Nad, thats not a test of the system as such, since you didn't follow two key rules at least for that trade anyway. I suspect you're not trading live, since you would never leave your terminal, and certainly (well I ...

Part Time Wealth Building Trading System