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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #481
  • Jun 29, 2009 12:22pm Jun 29, 2009 12:22pm
Quoting Jankone
a few pips under ema21/middle BB. it's usually "universal" TP.:-)

in ct you should expect less pips. but in trend trades, you never know . how long run it can be ... depends on many things (1st s/r, round numbers etc.)
A few pips under middle bb and 21 ema is universal TP? Not lower end of band? Sorry confused. Also isn't the mid BB the 18 ema by default? I just deleted the 21 ema because its practically the same thing, maybe incorrectly.

If CT I should expect less pips, I don't see a point to take a CT trade to be honest. Odds are less in my favor, seems like I would want to get more pips out of it. I've only been trading this for about a month now, so not sure really. My basic thought process is, price doesn't often just move in one direction, it usually ranges most of the time. IF I can get in at the bottom, and hope to be right, I hope to at least recover most of the previous range, which is usually high R:R. Again though, just learning, you are the 5m pro Ty for the advice, appreciated as always.

And sure, will mark them in the future
  • #482
  • Jun 29, 2009 12:29pm Jun 29, 2009 12:29pm
it's really hard to explain.
yes CT trade sometimes has a less space for TP.
it's really your choice if you want to make +1% or +2% with +10 pips or more.

in trend trades i usually use round numbers or last lows/highs for TP. and for ct usually ema 21 or middle bb.or just some fast profit like +10 or so.

Look at my GU now, I'm still in, + 12 now and tp is .6545


Quoting Jlr
A few pips under middle bb and 21 ema is universal TP? Not lower end of band? Sorry confused. Also isn't the mid BB the 18 ema by default? I just deleted the 21 ema because its practically the same thing, maybe incorrectly.

If CT I should expect less pips, I don't see a point to take a CT trade to be honest. Odds are less in my favor, seems like I would want to get more pips out of it. I've only been trading this for about a month now, so not sure really. My basic thought process is, price doesn't often just move in one direction, it usually ranges...
  • #483
  • Jun 29, 2009 12:31pm Jun 29, 2009 12:31pm
Here's another I took, with the trend and offered 1:1 just barely. Would have preferred a better price action bar though, perhaps a bit of a reach on the trade. 3/3 so far this week, promise I will post losers too so we can learn from them.
I liked that one you took jank, for some reason my broker/chart didn't give me any divergence though.

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 25 KB
  • #484
  • Jun 29, 2009 12:33pm Jun 29, 2009 12:33pm
Quoting Jankone
it's really hard to explain.
yes CT trade sometimes has a less space for TP.
it's really your choice if you want to make +1% or +2% with +10 pips or more.

in trend trades i usually use round numbers or last lows/highs for TP. and for ct usually ema 21 or middle bb.or just some fast profit like +10 or so.

Look at my GU now, I'm still in, + 12 now and tp is .6545
I understand, lots of discretion with this method. Will keep your words in mind, appreciate it. Still just trading small and trying to learn. Interesting though, for CT trades I usually look for the mid BB for my entry's, I think I will practice some more (actually most trades I've taken, except the really amazing looking ones, I usually enter past mid BB hmm)
  • #485
  • Jun 29, 2009 12:40pm Jun 29, 2009 12:40pm
Killed. +5
I dont like it anymore.
Strong setups usually hits my PT +- 2nd or 3rd m5 bar.

It saves me money. many times I kill setups like this and i'm happy for some pips, better than 0 or SL.

This is why i love m5



Quoting Jlr
Here's another I took, with the trend and offered 1:1 just barely. Would have preferred a better price action bar though, perhaps a bit of a reach on the trade. 3/3 so far this week, promise I will post losers too so we can learn from them.
I liked that one you took jank, for some reason my broker/chart didn't give me any divergence though.

Attachment
  • #486
  • Jun 29, 2009 12:44pm Jun 29, 2009 12:44pm
Quoting Jankone
Killed. +5
I dont like it anymore.
Strong setups usually hits my PT +- 2nd or 3rd m5 bar.

It saves me money. many times I kill setups like this and i'm happy for some pips, better than 0 or SL.

This is why i love m5

Ya amen to that, sitting through trades is super painful for me personally. Don't mind waiting for hours on end for a trade, but once I'm in, I really want results Looks like you made the better choice there
  • #487
  • Jun 29, 2009 12:44pm Jun 29, 2009 12:44pm
do you see the difference?
There are XX ways how to manage this trade I've just closed.
1) make +10 and kill it. ( i mean +1 or +2% )
2) pray and wait ( it can hit your sl or pt after one hour)
3) get some profit if you don't like it ( I did it now)
4) set SL at 0 after 50% way to TP

etc..

It wasn't a bad trade.
It's only about how good trader you are.

for somebody it's SL, for somebody 0 and for somebody winner.




Quoting Jankone
it's really hard to explain.
yes CT trade sometimes has a less space for TP.
it's really your choice if you want to make +1% or +2% with +10 pips or more.

in trend trades i usually use round numbers or last lows/highs for TP. and for ct usually ema 21 or middle bb.or just some fast profit like +10 or so.

Look at my GU now, I'm still in, + 12 now and tp is .6545
  • #488
  • Jun 29, 2009 12:54pm Jun 29, 2009 12:54pm
Do you see where's my GU now? I happy I'm not in anymore.
I'm cool now with some profit and waiting for another setup.
I would be really nervous now if i would stay there.

Why should I do it?

yes results are important , but don't fight with your ego or something and accept the loss.
Market says true. Always.

Look at results after one month , not after every single trade.

I hope you guys "enjoy" my "live trade blog" last posts

  • #489
  • Jun 29, 2009 12:55pm Jun 29, 2009 12:55pm
Quoting Jankone
do you see the difference?
There are XX ways how to manage this trade I've just closed.
1) make +10 and kill it. ( i mean +1 or +2% )
2) pray and wait ( it can hit your sl or pt after one hour)
3) get some profit if you don't like it ( I did it now)
4) set SL at 0 after 50% way to TP

etc..

It wasn't a bad trade.
It's only about how good trader you are.

for somebody it's SL, for somebody 0 and for somebody winner.
Yeah I hear you. In all honesty that is why I am super picky with the trades I've been taking, I don't feel like I'm good enough to make the proper decisions on when I should kill it or not. Maybe with more practice I can dip into some more risky trades, knowing that when I kill it, it'll be the right move, but I know I'm not there yet. By the way, what kind of spreads do you pay. I pay 1.5 on the e/u, which would be 15 percent of 10 pips, which would be a huge spread. If your making that work though, more props to you, thats really very impressive.
  • #490
  • Jun 29, 2009 1:02pm Jun 29, 2009 1:02pm
right now would GU hit my sl.
you see, i save another SL .... in losing trade I've closed profit.


  • #491
  • Jun 29, 2009 1:19pm Jun 29, 2009 1:19pm
Quoting Jlr
Ty, and thats a good point, didn't even notice that to be honest. I just caught it, got a little excited, and put some cash down
Here's another, not enough divergence for me and not with the trend enough, but I was still pretty confident. Happy to see it work out though nonetheless.

Attachment
If you are talking about that green PB, div was there; and it as off xx00 level too.
One Chart is Worth Ten Thousand Words.
  • #492
  • Jun 29, 2009 1:37pm Jun 29, 2009 1:37pm
Quoting Forex007
If you are talking about that green PB, div was there; and it as off xx00 level too.
I see a little off stochastic's, didn't show on my RSI though. Oh well, I guess you took this one too forex007? And did you play in a similar fashion as jank? What makes you guys consider pulling it, the respect of the mid BB, or just the overall stalling?
  • #493
  • Jun 29, 2009 1:48pm Jun 29, 2009 1:48pm
Quoting Jlr
I see a little off stochastic's, didn't show on my RSI though. Oh well, I guess you took this one too forex007? And did you play in a similar fashion as jank? What makes you guys consider pulling it, the respect of the mid BB, or just the overall stalling?
Sometimes I use CCI or Stoch to check for div if I "feel" it's there - and there is nice PA - but RSI is not showing one. I marked the chart with 2 clear(ish) ones.

I didn't get to trade today, unfortunately; but my style and approach is similar to Jankone's one indeed.
Attached Image (click to enlarge)
Click to Enlarge Name: Jlr.png Size: 208 KB
One Chart is Worth Ten Thousand Words.
  • #494
  • Jun 29, 2009 1:52pm Jun 29, 2009 1:52pm
Quoting Forex007
Sometimes I use CCI or Stoch to check for div if I "feel" it's there - and there is nice PA - but RSI is not showing one. I marked the chart with 2 clear(ish) ones.

I didn't get to trade today, unfortunately; but my style and approach is similar to Jankone's one indeed.
Great, ty. Also, do you check multiple indicators for divergence, and pass if they don't agree? Something I've been considering lately, but not really sure how important it is. I have seen a few trades that would have saved me some cash, and then some that would have cost me. I wonder if overall if its beneficial or not. Hard to determine really.
  • #495
  • Jun 29, 2009 2:02pm Jun 29, 2009 2:02pm
focus.
everyting you need is rsi and chart.
i dont use stoch. and i'm profitable.
it's possible. stoch + rsi is good maybe for one thing : it makes you confused.


Quoting Jlr
Great, ty. Also, do you check multiple indicators for divergence, and pass if they don't agree? Something I've been considering lately, but not really sure how important it is. I have seen a few trades that would have saved me some cash, and then some that would have cost me. I wonder if overall if its beneficial or not. Hard to determine really.
  • #496
  • Jun 29, 2009 2:04pm Jun 29, 2009 2:04pm
Quoting Jankone
focus.
everyting you need is rsi and chart.
i dont use stoch. and i'm profitable.
it's possible. stoch + rsi is good maybe for one thing : it makes you confused.
How many trades do you get a day? and how many pairs are you monitoring at the same time? do you use alerts?
  • #497
  • Jun 29, 2009 2:07pm Jun 29, 2009 2:07pm
sometimes 0 sometimes 1-2...
i watch euro usd, euro jpy, usd jpy, gbpusd m5 and m15
and i use pinbar alerts .

Quoting MyaNyx
How many trades do you get a day? and how many pairs are you monitoring at the same time? do you use alerts?
  • #498
  • Jun 29, 2009 2:14pm Jun 29, 2009 2:14pm
Do you make trade for a living with this 1 to 2 trades a day?
  • #499
  • Jun 29, 2009 2:18pm Jun 29, 2009 2:18pm
Quoting Jankone
focus.
everyting you need is rsi and chart.
i dont use stoch. and i'm profitable.
it's possible. stoch + rsi is good maybe for one thing : it makes you confused.
I believe you probably do very well trading this, I don't doubt that. I just have plenty of spare time so its fun for me to try to work out the kinks, whether it leads to any improvements or not, its enjoyable for me. Even watching 5 min charts is so slow for me, might as well keep me busy doing something.

By the way jank, what spreads do you pay on e/u? I'm just wondering if I can get cheaper then 1.5, I've been looking hard, and haven't found anything.
  • #500
  • Jun 29, 2009 2:22pm Jun 29, 2009 2:22pm
Why not, if you have 100k $ account, then it's really possible.


Quoting MyaNyx
Do you make trade for a living with this 1 to 2 trades a day?
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