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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #921
  • Aug 20, 2009 7:40am Aug 20, 2009 7:40am
i just realized i misused the (sarcastic) icon before. it looked like the question mark icon(eyes rolling up..and thinking) to me. my apology if i offended anyone before.
  • #922
  • Aug 20, 2009 8:28am Aug 20, 2009 8:28am
at res of range, pin@bb(even 1.4250), no div but take a look at 1m. got out +8
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  • #923
  • Aug 20, 2009 9:00am Aug 20, 2009 9:00am
Jankone,

Reading through the thread (only at pg 7) and any
post by Ryanmcd. Learning more on PA.

Appreciate all the charts, explanations and commentary
for each trade taken or rejected by those contributors.

I like your approach... 'keeping it simple'.

Often the most innovative and profound come with simplicity.

Thanks,

Dr. D.
  • #924
  • Aug 20, 2009 10:08am Aug 20, 2009 10:08am
Quoting dhh
i'm still learning. some of the trades i wouldn't take, but it's personal choice, by the charts they all made money and that's what counts.

i'm curious though, why are you using 5 pip targets at the beginning? seem too small for good MM. what's your initial stoploss? if you don't mind sharing. (maybe you're more experienced than my guess??)

dhh:
Sorry for any confusion I may have caused by my writting skills. During my introduction phase, after 5 pips i decided not to let any profits slip away and manually close if it goes back to b/e.

update: I drifted into MTF Trix thread, learned about Trix but now realize jankone's Price action suits me better. I always reserve the right to change my mind, something I'm constantly doing in forex. During the last month changes are minor, or drastic for 1 or 2 days at the most before cleaning off the junk and watching price again.

Let's do it!

Steve
  • #925
  • Aug 20, 2009 11:42am Aug 20, 2009 11:42am
Quoting dhh
slow week, first trade, +13.

i decided to add this range market setup to my practice, but only take the clear ones i can identify, will see how it goes.
Very nice! I was looking at this one, but was scared that the trend has started. How did I miss div? OK, another day, another pips.
  • #926
  • Aug 20, 2009 12:17pm Aug 20, 2009 12:17pm
Thank you man.
It's simple, even trading is simple, your the one and only enemy is your mind.

We're fighters.




Quoting fourxtrader
Jankone,

Reading through the thread (only at pg 7) and any
post by Ryanmcd. Learning more on PA.

Appreciate all the charts, explanations and commentary
for each trade taken or rejected by those contributors.

I like your approach... 'keeping it simple'.

Often the most innovative and profound come with simplicity.

Thanks,

[i][color=#0000ff]Dr....
  • #927
  • Aug 20, 2009 11:31pm Aug 20, 2009 11:31pm
What a beauty, too bad I was sleeping .

Ryan do you take pins from 34 with the trend, but which are above mid BB and 21?
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  • #928
  • Aug 21, 2009 7:00am Aug 21, 2009 7:00am
Quoting stevewide
dhh:
Sorry for any confusion I may have caused by my writting skills....
steve,
everyone walks a different path. people do what make sense to them, i know i do.(sometimes you have to get out of the comfort zone, but keeping senses is important.)
good trading.
  • #929
  • Aug 21, 2009 7:06am Aug 21, 2009 7:06am
nice uptrend. but the first pin was not standing-out enough for me, the second pin was better maybe too good, it closed at midBB/21ema, which is the initial target for ct/div trades.

i look for reasons not the take the trade like this. but both of these gave their pips. did someone get the pips?

fyi: i'll be attending a conference in salt lake city next week. good trading everyone.
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  • #930
  • Aug 21, 2009 9:28am Aug 21, 2009 9:28am
7+7+11-19+14=20 pips

Not bad for a new learner of this method. I used a 3 pip trailing stop at +10 pips profit but I think I would do better either locking in 10 pips and set a tp or taking 1/2 off at 10 pips and let it run with a trailing stop or to a tp.

The loss marked with an X had a large stop below the wick. This was a risky trade with the large sl and it just had to be the one I lost... The 2 long candles prior to the signal candle may have been a clue that it was HOT going down. Any comments on this?

20% loss ratio is very good for me. the last trade is still running (without me) as I write.

Whoever said entry is easy, its closing that's hard knows what they are talking about.

Jankone=bloomin genius

Comments always appreciated to help all of us learn.

Steve
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  • #931
  • Aug 21, 2009 12:02pm Aug 21, 2009 12:02pm
[quote=vijay s.;2955608]I took a loss on this one today. Not sure if it was just a bad entry or I should have went to BE quicker.

I thought it was a pull back from the uptrend. I got in on the break, it shot up some 3 pips and reversed right away.

Risk was 8 pips, the highest it got was +3 before reversing. Good trade that just ended a loss, or bad entry? I would think going to BE at +3 is a bit premature.

Hi Vijay,

I was going through this thread and saw your post and thought I would share my experience with you. I have also taken some loss in past after price went 3 to 5 pips in my favor and then reversed out and at the heat of the moment I did not moved my stop to breakeven and took a 8 to 10 pip loss instead of breakeven or winner.

I suggest you try SwissArmy EA . There are lot of options in this EA I mean you can set 3pip (or any pip size) breakeven along with take profit, stop loss by pip size, dollar amount or account percentage. Moreover, you can also set trailing stop after first take profit.

I hope this helps you and others.

Alifari
Attached File(s)
File Type: mq4 Swiss Army EA v1.35.mq4   19 KB | 468 downloads
The purpose of knowledge is action, not knowledge
  • #932
  • Aug 22, 2009 4:12am Aug 22, 2009 4:12am
oh man, this is not A+ trading.
pls check again how the pin bar looks like and where should it be.
(swing high or low)
if you will trade like this, you will screw up sooner or later.
please, click on my profile and search for "m5 or m15 chart" and look at real pinbars and good trades


Quoting stevewide
7+7+11-19+14=20 pips

Not bad for a new learner of this method. I used a 3 pip trailing stop at +10 pips profit but I think I would do better either locking in 10 pips and set a tp or taking 1/2 off at 10 pips and let it run with a trailing stop or to a tp.

The loss marked with an X had a large stop below the wick. This was a risky trade with the large sl and it just had to be the one I lost... The 2 long candles prior to the signal candle may have been a clue that it was HOT going down. Any comments on this?

20% loss ratio is very good for...
  • #933
  • Aug 22, 2009 8:13am Aug 22, 2009 8:13am
Want to thank you for sharing such a simple system. I have a question. Whats the TP and SL on 15 min trades? Thanks

Quoting Jankone
oh man, this is not A+ trading.
pls check again how the pin bar looks like and where should it be.
(swing high or low)
if you will trade like this, you will screw up sooner or later.
please, click on my profile and search for "m5 or m15 chart" and look at real pinbars and good trades
Yea it's Life//
  • #934
  • Aug 22, 2009 7:22pm Aug 22, 2009 7:22pm
Quoting ira
What a beauty, too bad I was sleeping .
Ryan do you take pins from 34 with the trend, but which are above mid BB and 21?
is the 34MA the one which is goldenrod/dark-yellowish in color?
the blue MA is the 21MA?

that PB is in-trend, + below mid-BB + below 21MA,
so i think it's a good one to take.
  • #935
  • Edited 7:55pm Aug 22, 2009 7:33pm | Edited 7:55pm
Quoting stevewide
7+7+11-19+14=20 pips.....
The loss marked with an X had a large stop below the wick. This was a risky trade with the large sl and it just had to be the one I lost... The 2 long candles prior to the signal candle may have been a clue that it was HOT going down...
If i may....
First, that PB was not technically a PB. the close should be above the open, & the close should be within the previous bar's body/low.

Second,as far as that chart u posted is concerned, u entered in the middle of a move down after a BB upmove headfake (see my previous posts here about headfake or false breakouts, just in case). the headfake started with the BIG blue up-candle which immediately was reversed down (2 BIG red down-candles followed a few bars after the BIG blue candle). u are countertrend trading a strong downtrend at that time.

Third, price is below the mid-BB & the 2 MA's at that time.
IMO, the First 2 reasons above are the most important for this particular chart.

Hope this helps...
  • #936
  • Aug 22, 2009 7:37pm Aug 22, 2009 7:37pm
Quoting fourxtrader
Jankone,

Reading through the thread (only at pg 7) and any
post by Ryanmcd. Learning more on PA.
....
Dr.D,
I have seen u in eohater's thread.
a small welcome from me....
  • #937
  • Aug 23, 2009 12:22pm Aug 23, 2009 12:22pm
can't say. it's variable... I cant say 10/20... sometimes it's 10/20 yes, but sometimes 15/25 sl tp.. etc.. or just 1-2% of account... it's something what you need to make on your own while demo trading .

Quoting serj1
Want to thank you for sharing such a simple system. I have a question. Whats the TP and SL on 15 min trades? Thanks
  • #938
  • Aug 23, 2009 12:37pm Aug 23, 2009 12:37pm
Ok thanks.

Quoting Jankone
can't say. it's variable... I cant say 10/20... sometimes it's 10/20 yes, but sometimes 15/25 sl tp.. etc.. or just 1-2% of account... it's something what you need to make on your own while demo trading .
Yea it's Life//
  • #939
  • Aug 23, 2009 5:32pm Aug 23, 2009 5:32pm
Well I've been having some success with the backtesting, a couple of observations:

a. I'm surprised how well inverted pin bars work as being pullbacks, haven't really played the numbers out but it gives a great opportunity to get in with a low stop and an increased position size.


b. I've been having some difficulties with setting stops, do you guys place the stop right at the bar high of the pin or give it a 1-2 pip buffer? I keep getting knocked off of a good position to find the market reverse position right at the top of the pin and go off in the other direction. But doing so will screw with the R/R, so kind of a double edged sword.

c. Counter trend trades from a R/R have been a disaster for me almost to the point that I don't take them anymore.
  • #940
  • Aug 23, 2009 5:36pm Aug 23, 2009 5:36pm
Jankone & Supreme:

Thank you for explaining what is now obvious with my lost trade I posted on the prior page. It was embarrassing but its what I did at the time. Both of your time is valuable; I appreciate you spending some of it helping me.

It would help us more if others would post their trades more often. Let's not keep this great system a secret.

I'll learn to be a better pinbar trader. After a few days with this method I am pleased with my winnings and basic understanding. Executing this knowledge flawlessly will take more time but I will get better at trading this I truly believe.

Attached is my trade for 10 pips when I opened my charts less than an hour ago. Decent pinbar at ema21 and middle BB18 band. I had to wait on it a while but it never drewdown past the pinbr where I placed my stoploss, just under the sma50. The trade is still paying more as I finish writing this post.

This stuff works.

Steve
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