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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #541
  • Jul 2, 2009 9:37am Jul 2, 2009 9:37am
nice looking double bottom play. like how the green bars start to become a size similar to the prior red bars, and then that nice reaction on the 2nd test of the lows forming double bottom. tons of divergence of course too, not tradeable without. what do you think? only thing that looked tradeable to me last night (tho i wasn't following u/j)

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  • #542
  • Jul 2, 2009 2:25pm Jul 2, 2009 2:25pm
Quoting Jankone
nice CT trade. nice pin, nice div.

again A+
Hi Jankone, I would have considered that one as very high risk mainly because a series of 3 very small bars (even an IB) were broken by a very bearish bar, which to me indicates the start of a sellof, and also you had to fight against 96.000. anyway I'm happy you got you TP filled
  • #543
  • Jul 2, 2009 7:07pm Jul 2, 2009 7:07pm
Quoting ianf0ster
Hi,
Even though I got no response to my question about the continual alerting of SMJones divergence indi, I have decided to post again in here......
But I think that they really belong here - even if most of you are not interested.
Ian
Greetings ian,
yes i've seen u post this elsewhere too.
I'm sure some, if not many, appreciate your effort to post them here too.
will compare them with previous div. indi's. thanks & keep it up!
  • #544
  • Jul 3, 2009 9:10am Jul 3, 2009 9:10am
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4 trades, 3 winners, 1 loser. Only caught the first one myself
3 CT's, 1 trend one at the end (depending on how you define it)
  • #545
  • Jul 3, 2009 9:17am Jul 3, 2009 9:17am
Anyone feel free to comment, or contribute. Be nice to open this thread up to some discussion, that way we can all learn.
With the CT trades, I prefer retest's of the intial pinbar, or price action bar, to show it will hold. Also lots of divergence is a must. I've noticed set ups with loads of divergence, I mean crazy looking divergence, have really had strong reversals. Scroll back on your charts, proceed with the f11 key, and see if you can predict the outcomes. I think its the best/fastest way to learn.
  • #546
  • Jul 3, 2009 9:43am Jul 3, 2009 9:43am
hey, this the first thread with intraday charts not hidden by dozens of indicators!

In all seriousness, it's nice to see a thread discussing price action on very small timeframes.... Thanks, all.
skype: ststroud. let's talk trading.
  • #547
  • Jul 3, 2009 2:25pm Jul 3, 2009 2:25pm
Quoting Jlr
Anyone feel free to comment, or contribute. Be nice to open this thread up to some discussion, that way we can all learn.
With the CT trades, I prefer retest's of the intial pinbar, or price action bar, to show it will hold. Also lots of divergence is a must. I've noticed set ups with loads of divergence, I mean crazy looking divergence, have really had strong reversals. Scroll back on your charts, proceed with the f11 key, and see if you can predict the outcomes. I think its the best/fastest way to learn.

F12 key
  • #548
  • Jul 3, 2009 4:06pm Jul 3, 2009 4:06pm
Quoting mea
F12 key
Yep, but F11 hides the toolbar, which I didn't know before!
skype: ststroud. let's talk trading.
  • #549
  • Jul 3, 2009 4:25pm Jul 3, 2009 4:25pm
Quoting tyler812
Yep, but F11 hides the toolbar, which I didn't know before!
lol me neither, looks a lot prettier now
  • #550
  • Jul 4, 2009 3:06pm Jul 4, 2009 3:06pm
well,last setup a+ or not.
but money in bank and that's important thing.
for me, personally, I've had a reason why to trade this one

I trade this one, but m5 is about your style, if you feel that you don't like the setup, you just don't trade. it's simple.


  • #551
  • Jul 5, 2009 6:32am Jul 5, 2009 6:32am
Quoting tyler812
Yep, but F11 hides the toolbar, which I didn't know before!

same here.. but this was a good thing to learn about ...right..
  • #552
  • Jul 5, 2009 8:51am Jul 5, 2009 8:51am
Hello everyone! First of all, thanks to Jankone for sharing his simple and elegant method. I did some backtesting and then started live trading with a very small position size. I did not demo trade because I believe the emotional part is never there unless I throw in some real $.

This week I had two consecutive losing tades. They were both with trend. Hope you guys can point out what I missed that caused the trades to fail. Thank you

PS: my very first post in FF. If I mess up things, pls bear with me.
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  • #553
  • Jul 5, 2009 10:45am Jul 5, 2009 10:45am
Quoting Warren
Hello everyone! First of all, thanks to Jankone for sharing his simple and elegant method. I did some backtesting and then started live trading with a very small position size. I did not demo trade because I believe the emotional part is never there unless I throw in some real $.

This week I had two consecutive losing tades. They were both with trend. Hope you guys can point out what I missed that caused the trades to fail. Thank you

PS: my very first post in FF. If I mess up things, pls bear with me.

Hi.

First trade was not good setup we had div and pb but look at support area, if pinbar would bounce of that support area then I would do the trade. In the second one I think you trade agains a trend.

Cheers.
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  • #554
  • Jul 5, 2009 11:01am Jul 5, 2009 11:01am
Quoting kodziro
Hi.

First trade was not good setup we had div and pb but look at support area, if pinbar would bounce of that support area then I would do the trade. In the second one I think you trade agains a trend.

Cheers.
Second one no pinbar = no trade.
  • #555
  • Edited 2:06pm Jul 5, 2009 1:01pm | Edited 2:06pm
Second is with the trend, at least how I would define it. No divergence there at all. I do think it is a profitable trade, that probably works 60 percent of the time, but it isn't really tradeable to me personally. The first two trades I think the other guys gave you good reasons. I personally want to look at the lower and upper bbs for PA bars, oppose to right at the 20 BB mid point, but still not set on my ways completely, and trying to get a better understanding myself. Also, welcome to the thread, nice to have some more people posting charts You seem to be approaching it the right way, trading with small cash (just like me!), hopefully we can both change that soon with more study, better trading. Also to note, the second highlighted bar on your first trade, if that formed into a PB that would of been a trade for me, divergence, lower bb, trend, and you can see it would of had better results.

Was outside, didn't catch, but you can see what I mean:
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  • #556
  • Jul 5, 2009 7:47pm Jul 5, 2009 7:47pm
Greetings Warren...
referring exclusively to your charts..

on your 1st chart
In the first place, u could've avoided this trade ---not the ideal/best setup. 1st, u entered a trade/PB that closed below the mid-Bolli band. second, if u follow your MACD, it has been/just started to go down. alternative stop placement is below the lower Bolli. band (i did not check my own charts so i'm not sure if a stop below the lower Bolli.band was not hit in this particular case).
If u look at the PB with a long nose timed (i think 22.00), it was a "better" trade IMHO. u could've placed a buy limit above the PB (trading the PB break). the MACD was flat, & the RSI was almost flat but near & threatening to break the 50 level & it did. 2 possible exits were the 1st touch of the upper Bolli. band & the turning down/reversal of RSI &/or the MACD.

on the second chart,
MyaNyx -- there was a PB. i think u overlooked it. it was to the left of the bar with the pink arrow. Warren sold & exited on the bar with yellow arrow (this is how i interpreted the chart).
Warren, the trend at that time is up & u traded agains the trend. the RSI was going up (around the 60 level), & so is the MACD. in fact, u opened a buy trade when the MACD was crossing the "0" level.
IMO, the best trades are "extracted" on/near the Bolli. extremes -- the upper or lower Bolli. bands. the middle Band trade setups u should be more careful.


You must remember that u are trading M5/M15 --- these are very short-term, very fast charts for those not really accustomed to short timeframes. usually u have to be very focused & alert when it comes to making trade decisions in this charts. as most of the time, price just zigzags around.

Better if u demo this method first until u are comfortable & profitable, OR stay out of short timeframes(if u can't handle the quick moves, correct entries&exits; & faster decision making it requires).
Good luck
  • #557
  • Jul 5, 2009 8:02pm Jul 5, 2009 8:02pm
Quoting kodziro
Hi.

First trade was not good setup we had div and pb but look at support area, if pinbar would bounce of that support area then I would do the trade. In the second one I think you trade agains a trend.

Cheers.

Thanks, Kodziro! For the first trade, If I understand you correctly, you would prefer the price to test the support and bounce off, then you would enter?
  • #558
  • Jul 5, 2009 8:08pm Jul 5, 2009 8:08pm
Quoting Jlr
Second is with the trend, at least how I would define it. No divergence there at all. I do think it is a profitable trade, that probably works 60 percent of the time, but it isn't really tradeable to me personally. The first two trades I think the other guys gave you good reasons. I personally want to look at the lower and upper bbs for PA bars, oppose to right at the 20 BB mid point, but still not set on my ways completely, and trying to get a better understanding myself. Also, welcome to the thread, nice to have some more people posting charts...
Thank you, Jlr! I enjoyed reading your posts! Look forward to learning from you and other guys
  • #559
  • Jul 5, 2009 8:41pm Jul 5, 2009 8:41pm
Hi supremeChaos,

Thank you for your reminding of the time-frame matter. I'm aware of that and I have seen lots of senior members recommending longer TF for newbies. It's just that my personality and my schedule are more suited for 5m or 15m TF, at least for now. I'll keep practicing with very very little money till I can have consistent profits.

For trading PBs, I enter on a breakout of the H/L, and place the stop on the other end of the bar. I guess it's the normal/right way? For the PBs with trend, I don't pay much attention to the indicators; because it's supposed to be less risky with trend? I instead pay more attention to S/R and candle formations. For counter-trend PBs, I would prefer div on both RSI and MACD. What do you think?

About the charts. For the 1st chart, I actually thought it would be at least an A- setup, because there's 'space' created on the left. The downside is that the downward momentum seemed pretty strong, evidenced by the consecutive red bars (and also indicators). You think I should avoid entering when the correction still has strong momentum, even if the PB looks nice? For the 22:00 PB, I did not enter because it looked like a wedge was forming. Was I too fearful?

For the 2nd chart, I was aware of the double-bottom on the left, so placed my profit target there, hoping the price to retest that support. Sadly, it didn't work out
  • #560
  • Jul 5, 2009 9:56pm Jul 5, 2009 9:56pm
Quoting Warren
Thank you, Jlr! I enjoyed reading your posts! Look forward to learning from you and other guys
NP, just a noob myself, but working hard to make things happen
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