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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,001
  • Aug 31, 2009 11:24am Aug 31, 2009 11:24am
Artov,

What are your trades based off of? I noticed you don't have the MA's to help define the trend. Are you just taking nice looking pb's then trailing out at S+R?
  • #1,002
  • Aug 31, 2009 12:37pm Aug 31, 2009 12:37pm
Quoting sir6
Icehockey77,

Great work so far. If I'm looking at your stats correctly, you only took 19 trades on the 5 min in all of 2002? That just seems really low to me. I have been manually backtesting with a 10/10 R:R and the results have looked promising so far. I don't have enough stats to post any conclusions just yet but from the preliminary stuff it seems like it's got potential.
pretty much, didn't take any countertrades at all. I was suprised with the low number too, I guess I watched more than puttting anything on paper. 2003 is going much better up well over $4500 in early July....hope to finish the whole year by tonight.
  • #1,003
  • Aug 31, 2009 1:42pm Aug 31, 2009 1:42pm
Man you are a machine!

A little off topic, but judging from your name, I would assume you're a hockey fan. In that case, we're definitely gonna get along nicely


Quoting Icehocey77
pretty much, didn't take any countertrades at all. I was suprised with the low number too, I guess I watched more than puttting anything on paper. 2003 is going much better up well over $4500 in early July....hope to finish the whole year by tonight.
  • #1,004
  • Aug 31, 2009 3:16pm Aug 31, 2009 3:16pm
today`s setup had all the requirements
divergence swing high excellent pin
provided nice opportunity for 1R at least
Attached Image (click to enlarge)
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #1,005
  • Aug 31, 2009 4:55pm Aug 31, 2009 4:55pm
Hi Sir. When I'm about to take a CT trade, then I don't put any MA's or BB's on it.

Most of the times it's just very clear; I look the left and then to the right, if price went higher, then the trend is up, if price went lower, then the trend is down. No MA's needed for it in my opinion.

But when taking a pinbar with the trend, then I want to know if the pinbar touched and closed above/below the mid BB. If the trend is up, then I would like to see the pinbar close above the mid BB, if the trend is down, then I want the close below the mid BB. And in both cases I want to see it touch the mid BB.

So in that case I throw the BB on my chart, check what the pinbar did, then I throw the BB's off again. I do that to keep my charts as clean as possible. Too many lines is a distraction to me, that's just my personal appetite

Quoting sir6
Artov,

What are your trades based off of? I noticed you don't have the MA's to help define the trend. Are you just taking nice looking pb's then trailing out at S+R?
  • #1,006
  • Sep 1, 2009 4:59am Sep 1, 2009 4:59am
Hi Jankone, guys, I came across this thread a couple of days ago and the content really made sense to me, almost as if div was the missing link to confirming price action in my trading which i've been doing for 3 yrs. Anyway I took my first live trade using this methodology on 5min chart which until now I have allways stayed away from and the GU yielded 20pips for me. A+ trade?
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  • #1,007
  • Sep 1, 2009 5:38pm Sep 1, 2009 5:38pm
I had two trades today, the two of them were breakeven.
EU closed after 15min, GU closed after 20min.
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  • #1,008
  • Sep 2, 2009 7:06am Sep 2, 2009 7:06am
CT pinbar with div. I was a little bit late on this one but got a nice re-entry:

When I turned my chart from E/U to the G/U, I saw price breaking the downside of the pinbar and it went further down.

So I waited for price to come back and test the high of the pinbar, price action stalled there so I went short and it turned out well.
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  • #1,009
  • Sep 3, 2009 12:35am Sep 3, 2009 12:35am
Quoting Utopia
Hi Jankone, guys,.....Anyway I took my first live trade using this methodology on 5min chart which until now I have always stayed away from and the GU yielded 20pips for me. A+ trade?
in behalf of all here, welcome

A+ trade or not, u had a profit. i think that's what matters.
also, saying A+ or B- is a subjective thing, imho. so dont get caught on it.

Keep posting!
  • #1,010
  • Sep 3, 2009 4:55pm Sep 3, 2009 4:55pm
Ryan, you once mentioned you also do bar counting from time to time. What exactly does that mean? Many thanks!
One Chart is Worth Ten Thousand Words.
  • #1,011
  • Sep 4, 2009 9:17am Sep 4, 2009 9:17am
1 trade today, CT pin, no div, but lots of rejection of the 1.4200 level (see attachment). That made me step into this trade.

I didn't get my favourite R:R ratio either, but it's Friday. Have a good weekend all!
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  • #1,012
  • Sep 4, 2009 1:23pm Sep 4, 2009 1:23pm
I just took a look on my charts and I see the pinbar which I traded earlier today went up by 120 pips.

I closed the trade at +12 because it is a Friday and I expected the market to become dull during late London session.

My first (stupid) thought was "Why didn't I knew the euro would go up 120 pips from that pinbar!?"

But I guess the moral of the story is "Price action does work!"
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  • #1,013
  • Sep 5, 2009 9:22am Sep 5, 2009 9:22am
Quoting Forex007
Ryan, you once mentioned you also do bar counting from time to time. What exactly does that mean? Many thanks!

I count the bars it takes to make a new high and new low the that shows if it's strong or not, same as using time.
Keep taking CT trades, I need more money
  • #1,014
  • Sep 6, 2009 7:32am Sep 6, 2009 7:32am
Quoting Ryanmcd
I count the bars it takes to make a new high and new low the that shows if it's strong or not, same as using time.
Thank you, Ryan!

So a High achieved with just street big strong bars would be seen as climactic and a reversal is then expected?
One Chart is Worth Ten Thousand Words.
  • #1,015
  • Sep 7, 2009 12:58am Sep 7, 2009 12:58am
Quoting artov
I just took a look on my charts and I see the pinbar which I traded earlier today went up by 120 pips. .......
My first (stupid) thought was "Why didn't I knew the euro would go up 120 pips from that pinbar!?"
...
the answer to the above Q is --- u can't.
i believe, most of the time/often, u will know it after the fact. unless u left a remaining position open to take advantage of possible further upmove at that time.
  • #1,016
  • Sep 7, 2009 10:06am Sep 7, 2009 10:06am
Quoting supremeChaos
the answer to the above Q is --- u can't.
i believe, most of the time/often, u will know it after the fact. unless u left a remaining position open to take advantage of possible further upmove at that time.
yes, we can't predict the future, we only try to make a educated forecast.
one thing that keep makes more and more sense to me as i trade more and more, is that we focus on trading right but what we get is up to the market to offer(sometimes more, sometimes less).
one of my biggest mistake at the beginning was to set specific/measureable goals, and that pushed me to overtrade, needless to say i failed my goals and lost money.
hope this makes sense to someone out there.
  • #1,017
  • Sep 7, 2009 8:33pm Sep 7, 2009 8:33pm
dhh,
awesome post.

we should focus on taking high probability setups & minimizing losses.

overtrading should be avoided at all cost & if possible, avoided from the very beginning of one's trading career.
Patience & Experience (know when & when not to trade; know what & what not to trade) will help prevent overtrading.
  • #1,018
  • Sep 8, 2009 1:11am Sep 8, 2009 1:11am
Quoting Icehocey77
Finally finished with 2002, took much less trades this year:

Beginning Balance: 3152
Ending Balance: 3665
= 16.28% return
= 22.17% return total.

4 winning trades (21%)
5 break even (26%)
10 losing trades (53%)

total: 19 trades

Max loss: $128, 8 pip stop loss
Max win: $460, 20 pip take profit

Averaged about 2.5 losses per win, but did sustain a streak of 4 losers in a row.

Tried to be more pickier with trades this time around. I was up well over 4,000 before having a big streak of losing to finish the year.
Wow, those last few months of 2003 went forever.


Beginning Balance: 3665
Ending Balance: 4669
= 27.39% return
= 55.63% return total.

7 winning trades (28%)
8 break even (32%)
10 losing trades (40%)

total: 25 trades

Max loss: $112, 7 pip stop loss
Max win: $400, 20 pip take profit

The first half of the year was pretty great being up over $5200, but I didn't have a winning trade after august, which features 6 losses and 2 breakevens.

I've been paying particular attention to two things, strength and resistance and where the pin highest point hits the 21 EMA.
  • #1,019
  • Sep 8, 2009 9:10am Sep 8, 2009 9:10am
finally august is over, let's see how the market moves now.
winning trade this morning: ct/div, pin@BB, even a triple top.
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  • #1,020
  • Sep 8, 2009 9:26am Sep 8, 2009 9:26am
Quoting Icehocey77
Wow, those last few months of 2003 went forever.


Beginning Balance: 3665
Ending Balance: 4669
= 27.39% return
= 55.63% return total.

7 winning trades (28%)
8 break even (32%)
10 losing trades (40%)

total: 25 trades

Max loss: $112, 7 pip stop loss
Max win: $400, 20 pip take profit

The first half of the year was pretty great being up over $5200, but I didn't have a winning trade after august, which features 6 losses and 2 breakevens.

I've been paying particular attention to two things, strength and resistance and where the pin highest point...
icehocey, it's a huge effort to backtest years of data on the 5min chart, thanks for sharing the results.

just a few questions so i can put these results in better perspective:
1. are you testing a specific time interval(i.e. 7am-12pm ET) or all 24hrs. of data for everyday? which pair(s)?
2. are you testing both of the setups(trend & counter trend)? 19 trades, and 25 trades in a year seem to be few. how strict are your rules for taking a trade?
3. you mentioned you changed to a straight 20 pip take profit before. do you keep your stop below low of pin, or do you trail it as market moves up? thanks.
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