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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #821
  • Aug 3, 2009 9:57am Aug 3, 2009 9:57am
Quoting dhh
15m lossing trade, ct/div @1.4350/BB. i was struggling to get out with small lose after the opposite pin was formed, but it broke the pin before it and where it closed seem to be neutral to me. so i waited for close of the following bar, if it look even neutral to bullish then i get out, but instead it took my stoploss.

i think i'm building a case in my head here. these ct/div setups with heavily overlapping price action seem to not work more often. compare to ct/div setups which have more clear minor swings. i'll be extra cautious next time. anyone...
I don't see anything wrong with the setup, infact it even gave some pips, but just ran into trouble at the support below. If we decide to take CT setups in a strong trend, I think its important to get to BE very quickly. The reason is you are fighting all the trend orders, so its more likely to run into trouble at the nearest S/R. The 'with the trend' setups you can let breath a bit more because you have the power of the trend backing you up.


That being said, I don't take CT trades at all (but I do watch them as they form and play the 'what if I took this trade' game in my head as price moves)...only trend trades, and so far my win % is very high and I find that they get to minimum 1:1 very quickly when compared to the CT trades I simulate.

Just my view.
  • #822
  • Aug 3, 2009 9:59am Aug 3, 2009 9:59am
Here is one from earlier this morning. Easily went to 1:1. What you do with it after that is up to your trade management style.

Strong trend, nice pull back, good PA at a nice area, and off it goes into profit land...
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  • #823
  • Aug 3, 2009 12:01pm Aug 3, 2009 12:01pm
Quoting dhh
15m lossing trade, ct/div @1.4350/BB. i was struggling to get out with small lose after the opposite pin was formed, but it broke the pin before it and where it closed seem to be neutral to me. so i waited for close of the following bar, if it look even neutral to bullish then i get out, but instead it took my stoploss.

i think i'm building a case in my head here. these ct/div setups with heavily overlapping price action seem to not work more often. compare to ct/div setups which have more clear minor swings. i'll be extra cautious next time....
Hi.
I see that trade too, but look at ADX ( -above 40 trending up and don’t cross with DI-+ its mean strong trend). Check ADX in the latest jakone trade setup and compare.
Cheers.
  • #824
  • Aug 3, 2009 5:03pm Aug 3, 2009 5:03pm
Quoting Jankone
Hey, pls check some posts, how the pinbar looks like and where he should be.
you can't trade this.


edit :

I think, you can do everything you want to do.
If you can be good person, you will be.
If you want to be good father, you will be.
If you want to be profitable trader, you will be.

Success is not only money, for me it's my dreams. When the dreams come true, after hard work then I feel successful.

Do it in steps
1) learn about charts, identify good possible setups
2) make your rules. when i did start to trade this method, I've...
jankone, first allow me to say thanks for starting this thread. i have followed and read every post, some of them multiple times. and i also only trade the two setups you outlined in here, and i also have been(or trying) picky with my trades. about the trade, i thought i was following the rules: A+ pin(long nose, sticking out from price before it) and A+ div. i look at the chart NOW, the only thing i see not A+ is maybe the lower tail of the pin(shorter or none would be great), but its overall shape and location looks good. i guess this is not A+ to you. well still learning and practicing. thanks for replying.
  • #825
  • Aug 3, 2009 5:21pm Aug 3, 2009 5:21pm
Quoting vijay s.
I don't see anything wrong with the setup, infact it even gave some pips, but just ran into trouble at the support below. If we decide to take CT setups in a strong trend, I think its important to get to BE very quickly. The reason is you are fighting all the trend orders, so its more likely to run into trouble at the nearest S/R. The 'with the trend' setups you can let breath a bit more because you have the power of the trend backing you up.


That being said, I don't take CT trades at all (but I do watch them as they form and play the 'what if...
for ct trades, my first profit target is the 21ema/midBB. for this trade, the profit area is also in confluence with 1.4300, which was what i waited to take initial profit and move to BE. but it missed it by a few pips, and reverse strongly.

'If we decide to take CT setups in a strong trend, I think its important to get to BE very quickly.' i swear i told myself the same thing before. but i forget abt it when in the heat of the trade. like jankone said, this probably where the psychology part comes in. it mean more practice to me until it becomes part of me naturally.

point abt not taking ct trades well taken, i think you have a strong mind power for making that choice. i understand the riskier nature of ct trades, that's why i'm more picky and careful with them than trend trades. i'm keep logs, when i have a sufficient sample size of data, they should convince me of what's for me or what's not for me. thanks for sharing.
  • #826
  • Aug 3, 2009 5:37pm Aug 3, 2009 5:37pm
Quoting kodziro
Hi.
I see that trade too, but look at ADX ( -above 40 trending up and don’t cross with DI-+ its mean strong trend). Check ADX in the latest jakone trade setup and compare.
Cheers.
i don't see ADX in my fxdd. but i'll take your word for it for the difference. thanks.
  • #827
  • Aug 3, 2009 5:39pm Aug 3, 2009 5:39pm
Quoting Jankone
really great M5 gu. ct div pin.
fast +20 in bank
btw: watch m30
yes, pin with no lower tail(close of bar = low of bar).
  • #828
  • Aug 3, 2009 7:41pm Aug 3, 2009 7:41pm
Decided to give this a whirl on GBPUSD. Only issue compared to EURUSD is the spread. On my platform its 3x the spread on EURUSD. If you have a TP of 10 pips, thats 30% less profit with the same TP, or increasing TP by 3pips for the same R:R.

Anyway, seems like it moves well enough to compensate for the spread, but something to note. Got out at a little more than 1R on this.
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  • #829
  • Aug 3, 2009 8:18pm Aug 3, 2009 8:18pm
Quoting vijay s.
Decided to give this a whirl on GBPUSD. Only issue compared to EURUSD is the spread. On my platform its 3x the spread on EURUSD. If you have a TP of 10 pips, thats 30% less profit with the same TP, or increasing TP by 3pips for the same R:R.

Anyway, seems like it moves well enough to compensate for the spread, but something to note. Got out at a little more than 1R on this.
ya its definitely more volatile, but 3x, ouch. i pay 1.5 for e/u right now, and 2 for gbp/u, which makes g/u more of a value i think
  • #830
  • Aug 3, 2009 8:26pm Aug 3, 2009 8:26pm
Quoting Jankone
really great M5 gu. ct div pin.
fast +20 in bank
btw: watch m30
hey Jankone, im sure you saw this one but didn't take because it was to short, but since it was touching 21EMA, 1.6900 and had a lot of hidden bullish div, I had to take it!
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  • #831
  • Aug 3, 2009 9:59pm Aug 3, 2009 9:59pm
judith,
Nice trade. u should've left a remaining position to let it run to that bear.div that Jankone traded.
anyway, that happens sometimes. next trade
  • #832
  • Aug 4, 2009 6:47am Aug 4, 2009 6:47am
Trade from this morning ended at BE.

Downtrend, saw a pull back to the upper BB with a BEOB, and went short on the close. After retracing higher, price went down fast but missed my TP by 3 pips and reversed. Not wanting to risk a loss I moved my SL to BE and was taken out. My #1 concern is risk management, so I was not willing to take a loss on this. Maybe I should have just closed it when it went into profit.

Have to be very quick on these 5 mins, hehe
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  • #833
  • Aug 4, 2009 8:44am Aug 4, 2009 8:44am
Quoting vijay s.
Decided to give this a whirl on GBPUSD. Only issue compared to EURUSD is the spread. On my platform its 3x the spread on EURUSD. If you have a TP of 10 pips, thats 30% less profit with the same TP, or increasing TP by 3pips for the same R:R.

Anyway, seems like it moves well enough to compensate for the spread, but something to note. Got out at a little more than 1R on this.
looks like the pin didn't close within the prior bar. i guess you can afford to be less restrict with these safer trend trades
  • #834
  • Edited 10:05pm Aug 4, 2009 8:28pm | Edited 10:05pm
Greetings...
Here's a buy/long trade i had yesterday on M5 gbp$, (MT4 with similar timezone with XTB, Alpari, Broco, Mig etc)

NOTE: i used a different Bolli setting here (Bolli11,2). I have been using this for 3+ years (along with Bolli20,2 & i am still experimenting with/using other settings). i originally have other indicators here (if interested see same chart here) but i removed them in respect to/in line with Jankone's thread/indicators. this may be a different Bolli setting but the concept & Bolli usage is the same ---concentrate on the concept & usage.
I have retained the CCI30 & added RSI6 to show the thread viewers the RSI in action during this particular trade. since i started trading i have rarely used RSI but i'm reviewing/looking at it now thanks to Ryanmcd & this thread. i'm also re-comparing it with CCI (my favored indicator, second is Stochastics --- compared to RSI) ----just my humble, personal taste.

WTB = Walking the bands (review my post here)
I have attached the M5 & M15 charts.

M5 chart:
-gbp$ uptrend was strong so i opted to buy dips.
-my buy/long trade was indicated by the two yellow horizontal thick lines.
(just to clarify... this were my approximate, not exact, entry & exit).
-price upmove halted around the 78.6Fib (some use 76.4, i usually use 78.6)
-red vertical lines are some potential trades i saw as i was creating this chart prior to being attached here in my post.
- after D, there was an awesome PB potential trade (the PB poked below the mid-Bolli).
-All bull. & bearish divergences i noticed, i indicated in RSI6 & CCI30.
-the vertical Dodger Blue lines (ABCD & prior bars) just show price touching & some even breaching the lower Bolli ---a WTB.A shows breach of lower Bolli supported by a lower value on RSI (in fact the lowest for RSI in this downmove) & CCI.B shows the lowest value for CCI. The Dodger Blue trendline on RSI was put to emphasize the bull.div on RSI as price was going down ---a continuous warning of the pending end of the downmove anytime from that moment (C & D). the lows of C & D only had 1-pip difference, showed a bull.div. on CCI & RSI, & Bolli tells a story: C has closed & touched lower bolli while D closed inside the lower Bolli --another evidence price downmove have/may have halted.

M15 chart:
WTB's seen on the M5 chart
PB formed prior the buy trade
I emphasized the bull.div on RSI6 & the CCI30 bear.div.
I also emphasized the move above -100 level in CCI30 (short, lime green horizontal line) which signified the downmove momentum has lessened significantly/ceased/halted & true enough, CCI breached upward of the "0" level, supporting my buy trade at that time.

Second NOTE: i do not recommend others to use 2 or more oscillators. For those learning Jankone's method, i suggest u stick with his indicators. once well-experienced, then u can try experimenting with other indicators.

It's my first chart post here so i hope it was clear & it helps..
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  • #835
  • Aug 5, 2009 7:56am Aug 5, 2009 7:56am
Quoting supremeChaos
Greetings...
Here's a buy/long trade i had yesterday on M5 gbp$, (MT4 with similar timezone with XTB, Alpari, Broco, Mig etc)

NOTE: i used a different Bolli setting here (Bolli11,2). I have been using this for 3+ years (along with Bolli20,2...
supreme, i remember my charts used to be like your or maybe even more crowded, they are cleaner now. but everyone walks a different path

i work with the original system settings, so i'm only talking in that context.

looks like you got abt +50 pips, that's nice. but abt the setup, the div on rsi is A+, but not the div on price, so i wouldn't trade this.

just my views.
  • #836
  • Aug 5, 2009 8:00am Aug 5, 2009 8:00am
exit +16
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  • #837
  • Aug 5, 2009 11:34am Aug 5, 2009 11:34am
dhh,
believe me, my charts are usually more crowded than the 1 i posted.
I removed other indicators so as to "fit"/be relevant in Jankone's thread.

In case u didn't notice, that gbp$ M5 chart was ranging: in consolidation.
in fact, M5 - H1, & even up to H4 to some extent, was/has been ranging.

anyone can make money in trending markets, but it's hard to profit when price is in a range. when a trader makes money consistently even in ranging markets, then he/she has a potential for success. Sir james16 made mention about that a few times.

if traders can read/take time to learn PA (Price action), Volume, &/or indicators (Bolli, RSI, MA, etc) well, then they can have a chance at this amazing business.
  • #838
  • Aug 5, 2009 12:41pm Aug 5, 2009 12:41pm
Quoting supremeChaos
dhh,
believe me, my charts are usually more crowded than the 1 i posted.
I removed other indicators so as to "fit"/be relevant in Jankone's thread.

In case u didn't notice, that gbp$ M5 chart was ranging: in consolidation.
in fact, M5 - H1, & even up to H4 to some extent, was/has been ranging.

anyone can make money in trending markets, but it's hard to profit when price is in a range. when a trader makes money consistently even in ranging markets, then he/she has a potential for success. Sir james16 made mention about that a...
supreme, i did notice the chart overall was ranging. i was talking abt the ct/div setup that this thread focus when i said the div on price was not A+.

and yes, i remember well J16's 'you have successfully traded a sideways market' video. it just make sense if the market ranges 3/4 of the time. and in terms of pa and the J16 style, the trades looks good to me and i would take it also on higher timeframes. not the 5min, not now.

good trading.

ps: 'to learn PA (Price action), Volume, &/or indicators'
i thought there is no volume data in forex b/c it's not centralized. maybe you meant for other markets like stocks?
  • #839
  • Aug 6, 2009 8:36am Aug 6, 2009 8:36am
stop moved to below the opposite pin, stopped and exit +7
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  • #840
  • Aug 6, 2009 11:21am Aug 6, 2009 11:21am
hey guys been on vacation, checked out this M15 pin with trend...how's this look? which is better in your opinion the retrace from the big move or the last pin?
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