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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #721
  • Jul 21, 2009 4:05am Jul 21, 2009 4:05am
Quoting pmn100
Hi Jigsaw

So these are bullsih outside bars you're playing? How do you enter the trade? On the break of the outside bar, with stop below? Also, there seems to be a couple of bullish outside bars you didn't take. Do you take them relative to support/resistance levels only?

Also, are you shooting for a 2% return with 0.5% risk? Wondering why the 0.5% loss on the second chart?

Thanks
Outside bars - yes, however I will trade DBLHC and I'll even trade it if the low is within 10 pipettes of the other low.

I would play them on the break if I could but it's pointless because you will defintely get slipped then, and anyway I don't think my broker allows me to put orders in that close, I just enter on the close. I don't put the stop below I usually have a fixed stop.

Like it's a stop of 10 for the EURUSD, stop of 15 for the GBPUSD.

Which ones did I not take ? If you point them out I can give you better reasoning, I use S/R, I also look at the correlation between stuff a lot, I use LFX charts and I just view the market as a whole.

Yep thats it 2% return on .5% risk. Yeah that was a loss on the second chart I got stopped out before it reaches 1:4.

Regards,
Jig

EDIT - It's just basically what Jankone does, literally the exact same, and I use outside bars as well as pinbars, thats it really.

2ND EDIT - Chart of the EU surf so far today. we are currently stuck in this relatively tight range, a test of yesterdays high would be nice heh
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 171 KB
  • #722
  • Jul 21, 2009 4:27am Jul 21, 2009 4:27am
Thanks for the reply. I suppose it is like Jankone, but I'm used to seeing the 21ema in there to bounce off.

I've attached the chart and highlighted a few BUOBs you didn't take. I think the third was a DBLHC.

Thanks
Attached Image
  • #723
  • Jul 21, 2009 4:31am Jul 21, 2009 4:31am
Quoting pmn100
Thanks for the reply. I suppose it is like Jankone, but I'm used to seeing the 21ema in there to bounce off.

I've attached the chart and highlighted the two BUOBs you didn't take. I think the second was a DBLHC.

Thanks
Nice looking pinbar on the GBPUSD 5Min currently.

Yeah those two BUOBs I didn't take simply because I was already long from the one in the middle, I wasn't stopped out at the time.
  • #724
  • Jul 21, 2009 4:33am Jul 21, 2009 4:33am
Quoting Jigsaw
Nice looking pinbar on the GBPUSD 5Min currently.

Yeah those two BUOBs I didn't take simply because I was already long from the one in the middle, I wasn't stopped out at the time.
Thanks Jig.

Sorry, just added another one to that image.
  • #725
  • Jul 21, 2009 4:39am Jul 21, 2009 4:39am
Quoting pmn100
Thanks Jig.

Sorry, just added another one to that image.
That one there if I remember correctly, I didn't take that one because I wanted it to pullback more, as well as that I don't think I liked what was happening across the other pairs at the time.

Like say if im trading EURUSD, If I see a pinbar on the EURUSD, and on the EURJPY then I know that it's a stronger signal, same thing goes for trading the JPY pairs together.
  • #726
  • Jul 21, 2009 5:04am Jul 21, 2009 5:04am
Like all the JPYs are right now, close in one minute
  • #727
  • Jul 21, 2009 9:46am Jul 21, 2009 9:46am
Quoting Jigsaw
Yep trend relative to timeframe, you can just eyeball it - Higher highs, lower lows. Or you can to the 21ema and 50sma to define it it does not matter I found.
Thanks Jig
  • #728
  • Jul 21, 2009 10:29am Jul 21, 2009 10:29am
I've been following this thread with interest as it really works well with the J16 S/R trading on the higher timeframes. Thanks Jankone for a great thread!

I noticed that Jigsaw and jlr have both touched on how to stay focused watching the 5 min charts for 10 hours at a time, and I wondered whether people here actually watch the charts all the time, or whether you set alerts for pin bars or other price action bars or alerts for when price starts to show divergence etc and then go away and do other things?

Cheers
Simon
  • #729
  • Jul 21, 2009 10:33am Jul 21, 2009 10:33am
Quoting AnimalHungry
I've been following this thread with interest as it really works well with the J16 S/R trading on the higher timeframes. Thanks Jankone for a great thread!

I noticed that Jigsaw and jlr have both touched on how to stay focused watching the 5 min charts for 10 hours at a time, and I wondered whether people here actually watch the charts all the time, or whether you set alerts for pin bars or other price action bars or alerts for when price starts to show divergence etc and then go away and do other things?

Cheers
Simon
Nah, I watch all of the time. I can't find a good divergence indicator really. A lot of them give false signals (which I don't mind), but they also miss a lot of trades, which is I'm sure eventually I'll get sick of watching 10 hrs a time, and might just say screw it and set up an indicator. Actually a PB indicator might be better then the divergence one I think. Know of any that really work well?
  • #730
  • Jul 21, 2009 10:39am Jul 21, 2009 10:39am
Quoting AnimalHungry
I've been following this thread with interest as it really works well with the J16 S/R trading on the higher timeframes. Thanks Jankone for a great thread!

I noticed that Jigsaw and jlr have both touched on how to stay focused watching the 5 min charts for 10 hours at a time, and I wondered whether people here actually watch the charts all the time, or whether you set alerts for pin bars or other price action bars or alerts for when price starts to show divergence etc and then go away and do other things?

Cheers
Simon
Well I for one watch it all the time, live 10 12Hrs a day, yesterday I did 15hours, I am on holidays from University though so and I am a young man so I don't really have any responsibilities.

I just watch TV / Play computer games (Altho not action ones cos u have to pause) / Lurk on forex factory.

If anyone had a Job or Couldnt be at the screen all the time then I'd say just watch the 5Min for x amount of time and stick to your rules , this stuff works on the higher timeframes as well so you can just apply it to the hourlies / 4HR and then there is less time related pressure.

Regards,
Jig
  • #731
  • Jul 21, 2009 10:41am Jul 21, 2009 10:41am
Quoting Jigsaw
Well I for one watch it all the time, live 10 12Hrs a day, yesterday I did 15hours, I am on holidays from University though so and I am a young man so I don't really have any responsibilities.

I just watch TV / Play computer games (Altho not action ones cos u have to pause) / Lurk on forex factory.

If anyone had a Job or Couldnt be at the screen all the time then I'd say just watch the 5Min for x amount of time and stick to your rules , this stuff works on the higher timeframes as well so you can just apply it to the hourlies / 4HR and then there...
What games do you play Jig?
  • #732
  • Jul 21, 2009 10:49am Jul 21, 2009 10:49am
Quoting Jlr
What games do you play Jig?
I used to play stuff like TF2 and L4dead, but the problem there is like say if your playing l4dead and your survivors, you start forgetting about trading lol, I have a few screens like.

Now I play stuff like Roller Coaster Tycoon and Railroads and stuff like that, I must go get the Sims as well.

Anything Pausable is good for trading lol, what about yourself ?
  • #733
  • Jul 21, 2009 10:51am Jul 21, 2009 10:51am
Trying to figure out comish for a new broker, does anyone know what 10,000 lots would be = to? is that 1 dollar a pip or 10 dollars a pip?
  • #734
  • Jul 21, 2009 10:53am Jul 21, 2009 10:53am
Quoting Jigsaw
I used to play stuff like TF2 and L4dead, but the problem there is like say if your playing l4dead and your survivors, you start forgetting about trading lol, I have a few screens like.

Now I play stuff like Roller Coaster Tycoon and Railroads and stuff like that, I must go get the Sims as well.

Anything Pausable is good for trading lol, what about yourself ?
Ya I hear you, used to play counterstrike source, would get to caught up. Right now I'm playing a game called Titan quest, its pretty fun. I can play multiplayer and just pause mid game, since the game is so easy, other people don't seem to get to pissed. Sims are cool, used to play those games a lot.
  • #735
  • Jul 21, 2009 11:16am Jul 21, 2009 11:16am
Right now, I'm in Rollercoaster tycoon 3, alt tab only.

funny game

Quoting Jigsaw
I used to play stuff like TF2 and L4dead, but the problem there is like say if your playing l4dead and your survivors, you start forgetting about trading lol, I have a few screens like.

Now I play stuff like Roller Coaster Tycoon and Railroads and stuff like that, I must go get the Sims as well.

Anything Pausable is good for trading lol, what about yourself ?
  • #736
  • Jul 21, 2009 11:22am Jul 21, 2009 11:22am
Quoting Jankone
Right now, I'm in Rollercoaster tycoon 3, alt tab only.

funny game
Lol Man Im playing that today, I am on that mountainy level park, such a pain in the arse !

Any trades today Jankone bro ?

GBPUSD had a nice countertrend pin off the round number that was nice.
  • #737
  • Jul 21, 2009 12:07pm Jul 21, 2009 12:07pm
Thanks for the responses guys. Since I'm at work all day I can't watch the charts all the time so I would need to use alerts for either price action bars or divergence, although the best trades appear to be pullbacks to the middle BB on a trend continuation where you don't always have any div.

The best price action indicator I've found is this one called Candle Identifier. I've only used it for pin bars but I haven't had the time to work out the best settings for it. It looks like it'll do the trick though with a bit of setting up. If anyone has the time and the inclination to play with it then please feel free to share your settings. It also does all sorts of other PA but I've only used the PB bit of it.

Simon
Attached File(s)
File Type: ex4 Candle Identifier.ex4   42 KB | 650 downloads
  • #738
  • Jul 21, 2009 12:18pm Jul 21, 2009 12:18pm
I haven't even started to demo this yet, I'm just watching the 5 min charts to try and get a feel for it for a few weeks without the complication of having to place trades quickly. I watched this one unfold this morning on the EURJPY.

What do you think?

Simon
Attached Images
  • #739
  • Jul 21, 2009 2:22pm Jul 21, 2009 2:22pm
Quoting AnimalHungry
I haven't even started to demo this yet, I'm just watching the 5 min charts to try and get a feel for it for a few weeks without the complication of having to place trades quickly. I watched this one unfold this morning on the EURJPY.

What do you think?

Simon
Still unsure if I like the mid bb pinbar. I know ryan is a big fan, so can't be so bad, but hasn't been so great when I've watched. I've been considering how to make it more profitable/tradeable, from what I'm thinking right now, they may be better when they don't consolidate and then move and pull back. Also they could be better when the bottom formed prior to the PB doesn't look tradeable. Not sure really, but they don't really excite me that much right now. I might go back and test it out, very undecided. Hmm then again yours worked nicely with consolidation.... hmm.. no idea.... probably should test get some numbers.
  • #740
  • Jul 21, 2009 3:13pm Jul 21, 2009 3:13pm
Quoting Jlr
Still unsure if I like the mid bb pinbar. I know ryan is a big fan, so can't be so bad, but hasn't been so great when I've watched. I've been considering how to make it more profitable/tradeable, from what I'm thinking right now, they may be better when they don't consolidate and then move and pull back. Also they could be better when the bottom formed prior to the PB doesn't look tradeable. Not sure really, but they don't really excite me that much right now. I might go back and test it out, very undecided. Hmm then again yours worked nicely with...
Often when a strong trend is underway price will bounce off the mid BB and doesn't go anywhere near the opposite BB until the trend loses momentum. I thought the idea with Ryan's/Jankone's method is to look for strong trends and trade a pullback like this?

So do you only take TC trades from the outer BBs? From my (very) limited testing TC trades off pullbacks from the outer BBs don't fare as well as those off the mid BB.

Simon
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