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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #561
  • Jul 6, 2009 12:02am Jul 6, 2009 12:02am
Quoting supremeChaos
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...
Interesting post supreme, will have to come read it later after I get some rest. Trying to learn these rsi/macd things besides the divergence.
  • #562
  • Jul 6, 2009 2:27am Jul 6, 2009 2:27am
Quoting Warren
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;...
Ya, thats how I play the PB's myself. Trend is safer, but I also want divergence. You may only get 10 trades a week or so with the trend, but they are nice. I don't pay much attention to S/R honestly unless I'm going countertrend, then it becomes a lot more important to me because I'm way more paranoid going CT. For CT I think its good to be extra fearful, because its really less probability. Everyone has their own style though, just have to study others, test, and perhaps modify. If you come up with something good to add, please share. I post my opinions on trading in hopes others do the same. Theres already a lot of nice stuff on this thread imo, but I think its always nice to add to the arsenal. Wish I could add more, but have tested so many different things and really haven't found much useful. Only difference between me and others is probably the pickyness of trades. I'll let supreme answer since directed to him, just my 2 cents though. GL
  • #563
  • Jul 6, 2009 9:34am Jul 6, 2009 9:34am
another nice m5 trade. big pin with trend.
simple.
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  • #564
  • Jul 6, 2009 11:03am Jul 6, 2009 11:03am
Nice post I found last night by forex 007, something I need to consider prior to my trades. Some more nice ones in this thread if you look around.

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  • #565
  • Jul 6, 2009 11:32am Jul 6, 2009 11:32am
Quote
another nice m5 trade. big pin with trend.
simple.

Jankone,
HUGE nose! lol
with a Bolli. mid-band rejection & RSI 50 level rejection(&/or failed cross) to boot. nice one!



Jlr,
(looking exclusively at your chart)
do u have the Bolli on this chart? (most likely the PB is touching/near the mid-Bolli band)
IMHO, fairly risky PB buy as the PB is in traffic/range (between the two red lines in your chart), the PB formed another PB, & RSI was at 60-75 level (area/level where it usually turns/reverses)
It's best/ideal, just like in james16 thread, u look for setups in extreme highs/lows. in this case/method, look for trades ideally in Bolli extremes (lower & upper band), second best are trades in middle band (just IMHO)
Good that it turned out well though.
  • #566
  • Jul 6, 2009 12:16pm Jul 6, 2009 12:16pm
Keep up the good work everyone
Keep taking CT trades, I need more money
  • #567
  • Jul 6, 2009 1:50pm Jul 6, 2009 1:50pm
Quoting supremeChaos
Jankone,
HUGE nose! lol
with a Bolli. mid-band rejection & RSI 50 level rejection(&/or failed cross) to boot. nice one!



Jlr,
(looking exclusively at your chart)
do u have the Bolli on this chart? (most likely the PB is touching/near the mid-Bolli band)
IMHO, fairly risky PB buy as the PB is in traffic/range (between the two red lines in your chart), the PB formed another PB, & RSI was at 60-75 level (area/level where it usually turns/reverses)
It's best/ideal, just like in james16 thread, u look for setups in extreme highs/lows....
Thats just forex007's chart, wanted to illustrate the importance of noting the likely targets where price may go. I think its good prior to the trade to recognize this.
Nice to see you here ryan
  • #568
  • Jul 6, 2009 3:02pm Jul 6, 2009 3:02pm
A beauty

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  • #569
  • Jul 6, 2009 3:33pm Jul 6, 2009 3:33pm
Quoting Warren
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?


Yep, it is a good sign to enter ,just look at Jakon today`s post.
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  • #570
  • Jul 6, 2009 4:07pm Jul 6, 2009 4:07pm
Quoting Jankone
another nice m5 trade. big pin with trend.
simple.
simple. in hindsight it's easy to scan 30 pairs on the 5M TF and pick out a pinbar with the trend that worked.

and i know not all of your trades are winners.
but hey no1 likes to brag about losers

i'm not trying to say your method doesn't work or attack you, but just want to bring people who are just starting out back to reality.
yes this stuff is simple AFTER you have practiced for months or years.
and 5M TF moves very fast compared to 4HR and daily (which most people should be starting out on w/ J16 method)
  • #571
  • Jul 6, 2009 8:35pm Jul 6, 2009 8:35pm
Quote
i'm not trying to say your method doesn't work or attack you, but just want to bring people who are just starting out back to reality.

dengzhi,
A valid view u pointed out.
Yes, some will be successful with this method, or any other lower timeframe methods, but most will get whipsawed as lower TFs are pretty fast, specially to the uninitiated.
A valid point to bear in mind.
Valid & exemplary advice too --- start out with/try to master 1st/learn this method in conjunction with the james16 method.
  • #572
  • Jul 7, 2009 10:27am Jul 7, 2009 10:27am
yes.
it's not 100%. and i am sure, that I never say it is 100% wins

but if you know something about trading, you can trade even with 40% wins
and be profitable.
Yes , I have losing trades, and I get experience from everyone.
it's about edge, and this material really gives you an edge.


Yes and i think j16 is great thread and great trading style.



Quoting dengzhi
simple. in hindsight it's easy to scan 30 pairs on the 5M TF and pick out a pinbar with the trend that worked.

and i know not all of your trades are winners.
but hey no1 likes to brag about losers

i'm not trying to say your method doesn't work or attack you, but just want to bring people who are just starting out back to reality.
yes this stuff is simple AFTER you have practiced for months or years.
and 5M TF moves very fast compared to 4HR and daily (which most people should be starting out on w/ J16 method)
  • #573
  • Jul 7, 2009 10:33am Jul 7, 2009 10:33am
only "for inspiration"
I was not at home,so no trade.

Really wonderful day on gbpusd !

1) huge pin, trend is down, so ct. div = trade
2)double top + div, nice pin. possible trade
3) ct , but big div and big pin = trade
4) definetely no trade, small pin, small nose, bad location for me. = no trade
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  • #574
  • Jul 7, 2009 12:05pm Jul 7, 2009 12:05pm
Quoting Jankone
only "for inspiration"
I was not at home,so no trade.

Really wonderful day on gbpusd !

1) huge pin, trend is down, so ct. div = trade
2)double top + div, nice pin. possible trade
3) ct , but big div and big pin = trade
4) definetely no trade, small pin, small nose, bad location for me. = no trade
hello jakone, been reading your trade for a while now...cool thread you have here
i have a few ?s on the trades
1) is a ct but i dnt see any div, dis shld be no trade, right
2)nice pin + with the trend + div = A+ trade
3)nice pin + ct + div = A+ trade
4) small pin + with the trend = trade
also what time of the day is best for trading this method
do we also avoid days when theres news
thnx jankone for ur input
Simplicity is the key to success
  • #575
  • Jul 7, 2009 12:49pm Jul 7, 2009 12:49pm
thanks man

Ryanmcd wrote about "best trading time"
I dont know what he was using exactly.
but i trade usually after 5pm cet.because i'm not fulltime trader, yet.

well 4)... I wouldn't take it probably, but it's about your own style.



1) there is " double top" in div :-)

Quoting squeezy
hello jakone, been reading your trade for a while now...cool thread you have here
i have a few ?s on the trades
1) is a ct but i dnt see any div, dis shld be no trade, right
2)nice pin + with the trend + div = A+ trade
3)nice pin + ct + div = A+ trade
4) small pin + with the trend = trade
also what time of the day is best for trading this method
do we also avoid days when theres news
thnx jankone for ur input
  • #576
  • Jul 7, 2009 12:51pm Jul 7, 2009 12:51pm
finally real trade.
CT , div, pin..

really fast money in bank

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  • #577
  • Jul 7, 2009 3:09pm Jul 7, 2009 3:09pm
Quoting Jankone
thanks man

Ryanmcd wrote about "best trading time"
I dont know what he was using exactly.
but i trade usually after 5pm cet.because i'm not fulltime trader, yet.

well 4)... I wouldn't take it probably, but it's about your own style.



1) there is " double top" in div :-)
thnx jankone for the explanantion, hope to read more posts with explanations from u in future
happy trading
Simplicity is the key to success
  • #578
  • Jul 7, 2009 4:59pm Jul 7, 2009 4:59pm
Quoting squeezy
also what time of the day is best for trading this method
do we also avoid days when theres news
thnx jankone for ur input


Hi.
I think you should trade when you can, and there is no special time during a day that we could have more trade opportunities, more clean and probable ( or something like that ) when we use Jakon method.
Personally I don’t have time during hole day, but I able to look at chart every 4 hours and Jakone methods also works well. I trade on EG because of low volatility. Look at my trades made on June.

Ps. Of course when I had free time ( eating supper ) my laptop and tradestation is on, and I scout for pinbar alert and trade on 5m EU, GU like Jakone.
(sorry for my English)
Cheers.
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  • #579
  • Jul 7, 2009 5:20pm Jul 7, 2009 5:20pm
Quoting kodziro
Hi.
[color=black][font=Verdana]I think you should trade when you can, and there is no special time during a day that we could have more trade opportunities, more clean and probable ( or something like that )...
Your first trade is hidden divergence (I think), possible indicating bullish. The divergence you'll want generally is price making a lower low, indicator making a higher low, or price making a higher high, indicator making a lower high (such as the trade you have highlighted on the bottom of your chart).

To squeezy, you'll want to trade when the market is most active. If the market is ranging 20 pips from top to bottom, the spread will be more of an issue as opposed to if the market is ranging 40 pips from top to bottom, then spread will be less of an issue. Hard to explain hope you get it.
  • #580
  • Jul 7, 2009 5:47pm Jul 7, 2009 5:47pm
Quoting Jlr
...
To squeezy, you'll want to trade when the market is most active. If the market is ranging 20 pips from top to bottom, the spread will be more of an issue as opposed to if the market is ranging 40 pips from top to bottom, then spread will be less of an issue. Hard to explain hope you get it.
I'm new to this thread and the M5 charts (but definitely not to PA!), but I've noticed the yen crosses tend to move decently enough beginning around 8:00pm EST (1200 GMT) when the asian markets open.

Tyler
skype: ststroud. let's talk trading.
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