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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #501
  • Jun 29, 2009 3:36pm Jun 29, 2009 3:36pm
Quoting Jankone
I hope you guys "enjoy" my "live trade blog" last posts
Hey Jankone,
enjoying your thread very much. Not posting much but always having an eye on here and over at J16 chart thread. Basically trading a similar style, only on higher TFs (donīt have the time). The combination of a simple and robust method, a true understanding of probabilities, and being very picky (and patient) is what makes all the difference. Especially the latter is what gets most people in trouble.

Great job, keep going!
RM
  • #502
  • Jun 29, 2009 4:38pm Jun 29, 2009 4:38pm
Quoting MyaNyx
Do you make trade for a living with this 1 to 2 trades a day?
It's not the number of trades which make you money, it's (a) the size of your a/c and (b) number of PROFITABLE trades (vs losing ones) - with the appropriate RR.
One Chart is Worth Ten Thousand Words.
  • #503
  • Jun 29, 2009 4:42pm Jun 29, 2009 4:42pm
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.
I tested using CCI, Stoch, MACD and RSI to detect divergence.

RSI alone works well. I agree with Jankone on that point.

In most cases, a good div is picked by any/all oscillators. In some cases, CCI and Stoch (or CCI and/or MACD) picked up good divs which RSI missed. By the same token, there were some divs which showed just on RSI.

So, if you want to be really conservative, you can take trades when div is present on several indies. But that could reduce the number of trades you take; using just RSI works well for Jankone (and Ryan).
One Chart is Worth Ten Thousand Words.
  • #504
  • Jun 30, 2009 9:03am Jun 30, 2009 9:03am
Quoting Jankone
sometimes 0 sometimes 1-2...
i watch euro usd, euro jpy, usd jpy, gbpusd m5 and m15
and i use pinbar alerts .
Hi Jank,

mind sharing the alert...

thanks
  • #505
  • Jun 30, 2009 9:16am Jun 30, 2009 9:16am
Quoting lefteye
Hi Jank,

mind sharing the alert...

thanks
There you go.
PinBar.zip
Attached File(s)
File Type: zip PinBar.zip   12 KB | 942 downloads
  • #506
  • Jun 30, 2009 9:19am Jun 30, 2009 9:19am
Quoting Jankone
Why not, if you have 100k $ account, then it's really possible.
Err... my bigger question is how do I make 100k in my account before I can use this sytem. (I'm still a poor little college student)

XD

Okay a more serious question, lets say I have a 100k account, how much risk do I take per trade?
  • #507
  • Jun 30, 2009 9:20am Jun 30, 2009 9:20am
Quoting MyaNyx
There you go.
PinBar.zip
Thanks
  • #508
  • Jun 30, 2009 10:20am Jun 30, 2009 10:20am
Quoting Forex007
I tested using CCI, Stoch, MACD and RSI to detect divergence.

RSI alone works well. I agree with Jankone on that point.

In most cases, a good div is picked by any/all oscillators. In some cases, CCI and Stoch (or CCI and/or MACD) picked up good divs which RSI missed. By the same token, there were some divs which showed just on RSI.

So, if you want to be really conservative, you can take trades when div is present on several indies. But that could reduce the number of trades you take; using just RSI works well for Jankone (and Ryan).
Ty, guess I'll just look for confirmation on one indi for now.

Side note, very slow night, maybe first time I haven't seen 1 single trade in awhile.
  • #509
  • Jun 30, 2009 10:50am Jun 30, 2009 10:50am
Quoting Forex007
I tested using CCI, Stoch, MACD and RSI to detect divergence.

RSI alone works well. I agree with Jankone on that point.

In most cases, a good div is picked by any/all oscillators. In some cases, CCI and Stoch (or CCI and/or MACD) picked up good divs which RSI missed. By the same token, there were some divs which showed just on RSI.

So, if you want to be really conservative, you can take trades when div is present on several indies. But that could reduce the number of trades you take; using just RSI works well for Jankone (and Ryan).
What setting you using for CCI, Storch and MACD?
  • #510
  • Jun 30, 2009 12:03pm Jun 30, 2009 12:03pm
think about it.
it's in your mind. If you will believe you can trade for a living. you will do it.
If you dont believe, you will cry how it's impossible.

Don't think about numbers. think about statistics and %


my bigger question is how do I make 100k in my account before I can use this sytem.

You can papertrade this system and save money and start with small account.

I think for beginners is good 0,5% and 1% if you know what you are doing.2 % is for advanced traders.....just my opinion. anyway you must feel OK.
Somebody can get nervous if he is -20$ and somebody can see -2000$ and be cool. it's about finding and overrule your limits

The point is : learn about yourself . recognize your emotions, your strong abilities and your weak abilities.

and fight with them

Quoting MyaNyx
Err... my bigger question is how do I make 100k in my account before I can use this sytem. (I'm still a poor little college student)

XD

Okay a more serious question, lets say I have a 100k account, how much risk do I take per trade?
  • #511
  • Jun 30, 2009 12:15pm Jun 30, 2009 12:15pm
Yes, j16 is great thread, I've learned really great things there.



Quoting Rainmaker
Hey Jankone,
enjoying your thread very much. Not posting much but always having an eye on here and over at J16 chart thread. Basically trading a similar style, only on higher TFs (donīt have the time). The combination of a simple and robust method, a true understanding of probabilities, and being very picky (and patient) is what makes all the difference. Especially the latter is what gets most people in trouble.

Great job, keep going!
RM
  • #512
  • Jun 30, 2009 12:54pm Jun 30, 2009 12:54pm
Quoting Jankone
think about it.
it's in your mind. If you will believe you can trade for a living. you will do it.
If you dont believe, you will cry how it's impossible.

Don't think about numbers. think about statistics and %


my bigger question is how do I make 100k in my account before I can use this sytem.

You can papertrade this system and save money and start with small account.

I think for beginners is good 0,5% and 1% if you know what you are doing.2 % is for advanced traders.....just my opinion. anyway you must feel OK.
Somebody can get nervous...
Your reply is very insightful to me,

"Trading systems usually works - but traders don't."
You really pin pointed out the problem of most traders (at least for me)

Thanks.
  • #513
  • Edited 1:10pm Jun 30, 2009 1:08pm | Edited 1:10pm
Why is this not a valid trade? If I enter with TP 15 and SL 10 like you suggested, SL is hitted before it moves in my favor.
Attached Image (click to enlarge)
Click to Enlarge Name: JANKONE FALSE SIGNAL.png Size: 241 KB
  • #514
  • Jun 30, 2009 1:46pm Jun 30, 2009 1:46pm
Quoting MyaNyx
Why is this not a valid trade? If I enter with TP 15 and SL 10 like you suggested, SL is hitted before it moves in my favor.


Thats really nothing tradeable, that bar is junk. I personally don't like taking CT trades anywhere but past the mid bollinger bad, but for that trade, I would not even want it past there
Look at the bar in relation to the previous bars, does that bar tell you anything about a strong reversal coming? Or does it simply look like a tired downtrend taking a little breather.
Trading CT is harder, I suggest to be very picky with CT, and slightly less picky with trend trades. CT is not easy
  • #515
  • Jun 30, 2009 2:01pm Jun 30, 2009 2:01pm
I didn't take this trade, just an example, wasn't good enough for me (would have wanted a more meaningful higher high on the 2nd move up, where the divergence was formed). With the trend, lots of divergence, inside bar (another form of price action). Your odds even on this boring bar with the trend is much greater then CT. You can play it on the break of the bar, or past the mid BB to be safe, either way, its profitable in my opinion. No matter what you do though, please demo trade and decide what is right for you. Get some experience, and worry about the money later.

Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 23 KB
  • #516
  • Jun 30, 2009 2:08pm Jun 30, 2009 2:08pm
Quoting Forex007
I tested using CCI, Stoch, MACD and RSI to detect divergence.

RSI alone works well. I agree with Jankone on that point.
using just RSI works well for Jankone (and Ryan).
Like Your post very much! You seems to know, what You are talking about.
Can I ask what works very well for You?

And at the same time: Jankone, I read Your thread , too, keep it live with trades!
THX, NL
  • #517
  • Jun 30, 2009 2:16pm Jun 30, 2009 2:16pm
I'm really confused about the chart

Quoting Jlr
I didn't take this trade, just an example, wasn't good enough for me (would have wanted a more meaningful higher high on the 2nd move up, where the divergence was formed). With the trend, lots of divergence, inside bar (another form of price action). Your odds even on this boring bar with the trend is much greater then CT. You can play it on the break of the bar, or past the mid BB to be safe, either way, its profitable in my opinion. No matter what you do though, please demo trade and decide what is right for you. Get some experience, and worry...
  • #518
  • Jun 30, 2009 2:18pm Jun 30, 2009 2:18pm
Its just another price action bar. Pins/engulfings/IB's are what I look for. Maybe you have better success with just pins? I don't know, they all seem to work fine.
  • #519
  • Jun 30, 2009 2:37pm Jun 30, 2009 2:37pm
you should train one thing and stay focused.
Let's say, you should train trend trades = pin with trends.
better to know how to trade 1 setup than "trying everything"

Scroll back into your charts and search for them.

Quoting Jlr
Its just another price action bar. Pins/engulfings/IB's are what I look for. Maybe you have better success with just pins? I don't know, they all seem to work fine.
  • #520
  • Jun 30, 2009 2:45pm Jun 30, 2009 2:45pm
Quoting Jankone
you should train one thing and stay focused.
Let's say, you should train trend trades = pin with trends.
better to know how to trade 1 setup than "trying everything"

Scroll back into your charts and search for them.
Yes, maybe an inside bar is a bit of a reach, I haven't traded them much in all honesty. Outside bars though I have traded a lot, they seem to have a similar success rate as a pinbar. I do think however it is important for him to realize that trading with the trend is far easier, I think we can both agree on that? Maybe, maybe not. Anyway, your thread man, just throwing out ideas, you can shot them down all you want I don't mind at all, I think anything presented here though, or anywhere else for that matter, is at least worth consideration. Just important for people to realize that they should demo trade anything, and come to their own conclusions, before they put down cash, no matter who or what they are learning.
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