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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #521
  • Jun 30, 2009 4:12pm Jun 30, 2009 4:12pm
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.

Hi.

I think you are right. We shouldn’t stick strictly to pinbars , since pinbars is nothing more like combination ( sum ) of engulfing candle. In 1/2h chart period I see engulfing pattern and on 1h I see pinbar. When risk/reward ratio is good we should take a trade.
  • #522
  • Jun 30, 2009 4:57pm Jun 30, 2009 4:57pm
Nice thread you have here, countrymate
Live it or leave it!
  • #523
  • Jun 30, 2009 5:06pm Jun 30, 2009 5:06pm
Quoting Jankone
Somebody can get nervous if he is -20$ and somebody can see -2000$ and be cool. it's about finding and overrule your limits
Well said, Jankone!
One Chart is Worth Ten Thousand Words.
  • #524
  • Jun 30, 2009 5:11pm Jun 30, 2009 5:11pm
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.


Weak CT setup. Even if it was good setup, SHIT HAPPENS, LEARN TO LIVE WITH THAT. I.e. you win some, you lose some, you NEVER win them all!
One Chart is Worth Ten Thousand Words.
  • #525
  • Jun 30, 2009 5:13pm Jun 30, 2009 5:13pm
Quoting Jlr
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...
Jlr, you ARE on the right track in principle, you have to find YOUR style. Simple things DO work (but keep searching anyway).
One Chart is Worth Ten Thousand Words.
  • #526
  • Jun 30, 2009 6:11pm Jun 30, 2009 6:11pm
Quoting Forex007
Jlr, you ARE on the right track in principle, you have to find YOUR style. Simple things DO work (but keep searching anyway).
Thanks 007, appreciate the encouraging words. I hope I can figure out exactly what I want to do soon, because I'd really love to add some cash in and rack in some real dough, just so flippy floppy on exactly how I want to proceed. I do agree, simple things are great and so is this method, I don't know why I would even want to mess with this at all, I really can't figure it out.
  • #527
  • Jul 1, 2009 8:45am Jul 1, 2009 8:45am
Can someone (Jankone prefered) explain more in detail why the CT signal is weak?
  • #528
  • Jul 1, 2009 10:51am Jul 1, 2009 10:51am
Welcome CZECH !
Quoting Slurpee
Nice thread you have here, countrymate
  • #529
  • Jul 1, 2009 11:36am Jul 1, 2009 11:36am
Just some backtest results from april to recent:
Divergence, plus a tail, taken past the mid BB, 61 percent win perctange on r;r 1:1, 248 trades in total... of course no discretion used whatsoever, not bad
Divergence, plus a tail, taken past the mid BB, with the trend 77 percent win perctange on r:r 1:1, 117 total trades

Of course CT is valueable too, but I think you need to be more careful, and go for higher R:R. Just look at the gbp/usd for the bottom as of the last day, that was a really nice trade I will backtest some more things when I have more time, and feel less lazy, weather is just to nice at the momemt.
Some more thoughts on CT, location, location, location. I've been trying to combine racekfx retraces level on 4 hour, and daily, by going down to the 5 min, and looking for entires. There have been a ton of those, maybe 4-6 in the last 2 weeks that all offered near 8:1 at least, and all did give fine entries. Only was able to catch 2 of them though, need to get on top of things. Anyway, these are just my thoughts, I've been trading this for about a month maybe a month and a half and I'm no pro.
Also to note, I don't think its the most important thing to take it past the mid BB, was just the easiest way for me to test. I do however prefer it for CT, and don't for trend. There were a ton of trades that would have been worthless on the CT by just entereing right off the bat. I don't know which is more profitable, still trying to figure it out.
  • #530
  • Jul 1, 2009 7:51pm Jul 1, 2009 7:51pm
Quoting Jankone
Welcome CZECH !
You just ignored me.
  • #531
  • Jul 1, 2009 7:55pm Jul 1, 2009 7:55pm
Quoting MyaNyx
You just ignored me.
Just look at the chart, and think for a little. If 90 out of the last 100 candles are red, do you think its easier to profit on the short side, or the long side? Odds favor that the short side is the easier play, so look for it on the cheap at a retrace with some divergence and a pinbar.
  • #532
  • Jul 1, 2009 10:59pm Jul 1, 2009 10:59pm
Greeting all and thanks for great thread.
Anyone trading this on the Asian market times? I can only access my computer during that time!

Thanks for help
Just trade the pullback you idiot!
  • #533
  • Jul 1, 2009 11:24pm Jul 1, 2009 11:24pm
Quoting Batavier
Greeting all and thanks for great thread.
Anyone trading this on the Asian market times? I can only access my computer during that time!

Thanks for help
You could, its going to be harder, but its definitely possible. Lets say a bar is 8 pips from top to bottom, and you want to take 1:1 with a stop behind there. If your only taking 8 pips your spread is going to require a very high win percentage to be profitable. If the bar is 20 pips, or 30 pips, and you want 1:1, you can see the spread will eat up far less of your profits, and you won't need as high of a win percentage as you would only taking 8 pips. I'd suggest being super picky with the set ups you play, looking for set ups that are powerful and will give you far more then 1:1. Practice a lot before you put cash down, and see if you can figure it out.
  • #534
  • Jul 1, 2009 11:28pm Jul 1, 2009 11:28pm
Thanks JLR for your response.
I think I'll stick to trades with the trend initially.


p.s. where do I find the "J16"info talked about on this thread?

Regards Batavier
Just trade the pullback you idiot!
  • #535
  • Jul 1, 2009 11:35pm Jul 1, 2009 11:35pm
Quoting Batavier
Thanks JLR for your response.
I think I'll stick to trades with the trend initially.


p.s. where do I find the "J16"info talked about on this thread?

Regards Batavier
http://www.forexfactory.com/showthread.php?t=2331

Great thread, tons to learn there, I recommend hanging there for awhile to pick up the jist of things. At the very least, demo trade this a few months before you put cash down. Good luck
  • #536
  • Jul 2, 2009 12:33am Jul 2, 2009 12:33am
Thanks again JLR. Will be back tomorrow.
Batavier
Just trade the pullback you idiot!
  • #537
  • Jul 2, 2009 1:14am Jul 2, 2009 1:14am
Np
  • #538
  • Jul 2, 2009 10:36am Jul 2, 2009 10:36am
nice CT trade. nice pin, nice div.

again A+
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  • #539
  • Jul 2, 2009 11:04am Jul 2, 2009 11:04am
what do you think, if you see weak signal, you just dont trade.

you must have really nice , big pin bar (in counter trend with div)
then you can trade.

it must be at swing high / low

You can watch your chart and just search for them ..look at posted charts and...really enough trades here are screaming "trade me"

Quoting MyaNyx
You just ignored me.
  • #540
  • Jul 2, 2009 11:13am Jul 2, 2009 11:13am
Quote
nice CT trade. nice pin, nice div.
again A+

Jankone,
u call that A+? lol... half-kidding
the BEOB prior it, right at the top (i think the time there says 12.15), via a BB head fake breakout, is THE A+ trade in that chart. from the leftmost side, price has been ranging as evidenced by the very tight BB.
AS John Bollinger said: low volatility begets high volatility, & vice versa.

there's also another trade: a small PB, i think timed 14.15 (prior your trade), right at the mid-BB & below the MA, & with RSI div.

Just pointing out the trades to others, & to u, if u did not notice &/or take them
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