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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,201
  • Sep 22, 2009 2:50pm Sep 22, 2009 2:50pm
Quoting Jankone
0 people online a few months ago ussually and now, i came back and i see 8 people online. it's great success for me !
I promised to update #1. some connect issues. I will make it this weekend. happy trading guys.
ps. for impatient people : just click on my profile and search for "m5 or m15 chart"

Hey Jankone,
Congrats, it's really a great thread

By the way, 2 questions for you if I may...

1) do you draw your div lines on the chart between the close points of the bars (line chart), or from the low|high of the bars?

2) what is your CT trades average win rate and R:R?


3) What is your exit strategy you are using for CT trades? Have you tested different strategies and got to a certain conclusion?
I have spent about 5-6 hours so far back testing these CT setups and trying different exit strategies in different market conditions. I think that over time it will pay off taking profit around the middle BB, or minor PPZ. However, if I see a PA setup on an higher TF|very strong PPZ combined with a big round number|strong trend - I will try to get my stop to BE ASAP and then just let it run as far as it gets (my trade above was an entry of the daily pin bar, using your method in purpose to catch a smaller pip stop, and it worked well. It smacked the 20R at it max, and I'm still in trailing my stops).

My guess will be that trailing stop mode will work best when we are in a real sharp trend, and we get a pullback to a strong PPZ or big round number - with a CT setup.

IMO entering is the easy part, especially with a simple method like this, and even more especially when the bar move so fast (5min bars), so we can easily pick only A++ trades with minor patience (after trading dailies and 4H charts I know what discipline and patience means, lol).
Anyways, my point is - next level is cutting your loses and letting your winners to run. I'll be glad if you can please share your experience|back testing|opinion on this

Thanks,

Ben
  • #1,202
  • Sep 22, 2009 5:58pm Sep 22, 2009 5:58pm
Those familliar with James16 know that trades are entered on a brake of specific bar for 10 pips, since the discussion there revolves around higher timeframes. How many pips would you consider a brake on 5min or 15 min chart?
  • #1,203
  • Sep 22, 2009 6:42pm Sep 22, 2009 6:42pm
For me the break is anytime the pin gets broken, whether it's 0,1 pip or 1 pip, I'm in at the break immediately.

Some here enter on the close of the pin to avoid price running away, it gives also a more tight stop thus improving your R:R ratio. But it's not my preference.

Quoting bee24
Those familliar with James16 know that trades are entered on a brake of specific bar for 10 pips, since the discussion there revolves around higher timeframes. How many pips would you consider a brake on 5min or 15 min chart?
  • #1,204
  • Edited Sep 23, 2009 11:42am Sep 22, 2009 10:10pm | Edited Sep 23, 2009 11:42am
Apologies for the late reply... (late only because it takes a longer reply )


Quoting artov
That's right........I have never looked for div between the EMA/BB and the actual price because I want to keep things as simple as possible, but is that something you look for regularly?
Not really, but i do notice it from time to time.

Quoting artov
That's right....
In my opinion there is no "better indi" when comparing the BB and the 21 EMA. See attachments, in some situations the EMA gets you in a trade and the BB doesn't. Vice versa the same. When I say "gets you in the trade", I mean that price touches the line and closes above/under it....
what do u mean by no "better indi"?

price touch-wise, yes, sometimes/often 21ema & BB dont get touched at the same time.
but, just to clarify... (underlined phrases below, i believe were unnoticed by most here)
on your first chart, BB did get u in the trade (mid-BB touch + small PB + BB squeeze/pinch prior the downmove), but so did 21ema. how? by pointing out to u the trend at that time, which is down. so 21ema acted as a confluence for a short via the mid-BB. at the same time, RSI was at 50 (i'm just eyeballing your chart; RSI may have missed or breached slightly the 50 level). i ncase u use Fibs, price possibly retraced to/between the 23.6/38.2 level.
on your 2nd chart, (btw, i think this is the same $jpy chart on your prior post, only updated), again both 21ema & BB helped. 21ema & mid-BB (whole BB, actually) had a bullish slant (bias) into it, long-nosed PB that closed just ABOVE 21ema, PLUS PB touched the lower BB* & there was a BB squeeze/pinch prior the upmove.

*BB can be used as an overbought/oversold indicator: price is overbought when upperBB is touched, oversold on the lower BB. precisely why, with experience, BB can be used in ranging conditions


Quoting dhh
it went.... what's important is that i followed discipline to get out when it went against. only that i didn't do it sooner. so this is a 'good losing trade'(quote something i just read today)...
I agree.
hahah.. u are referring to Dopey's post, with the reminder courtesy of Jduester.

Quote
...abt the rsi, i did start observing rsi behaviors..... if i get you right, you say when price hit 21ema/mid BB and rsi doesn't hit 50 then it's a sign of weakness
on the contrary, it's a sign of strength, at that time. i often use the phrase 'at that time', to emphasize that price sentiment/bias can change quickly, specially so when we are dealing with faster/shorter TFs.
it's a sign of strength because RSI didnt even touch the 50 level, + it formed a PB & 21ema is still sloping up/price is above 21ema & failed to touch mid-BB.
btw, in that chart, price formed a diagonal triple top (is there such a term? lol) while RSI formed a triple bearish.div. prior the downmove.
  • #1,205
  • Sep 23, 2009 3:53am Sep 23, 2009 3:53am
hi

i have been studying the charts posted and ryanmcds word doc about the system however I’m a little confused as to the purpose that the 21 ema serves if you are using bollinger bands with a setting of 18, 2,.

The 21 ema is very closely correlated to the middle band of the bollinger bands and therefore seems to unnecessarily clutter my screen. Maybe i am not understanding something?

Also i am looking in to whether it may be beneficial to use floor trader pivots. I know James 16 uses them when trading the mini dow intraday.

In determining the trend do you stick to the 5min and just zoom out or look at higher time frames. Personally i think at present there is no real need to look above the 1hr.

When there is no clear trend and we are flat i am thinking that i should make divergence a necessary component before i take the trade (as well as a nice pin).

Any thoughts?

Cheers
  • #1,206
  • Sep 23, 2009 8:25am Sep 23, 2009 8:25am
I dont know if i was lucky again or i did it right?
I shorted the gbp/usd at 1,6440 level and exit at 1,6415 level..just above resistance i guess.
Divergence, and a little pin..but was it a good trade?
i know i got some pips but was it by the rules?
tx
kojak
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  • #1,207
  • Sep 23, 2009 8:36am Sep 23, 2009 8:36am
Quoting kojak
I dont know if i was lucky again or i did it right?
I shorted the gbp/usd at 1,6440 level and exit at 1,6415 level..just above resistance i guess.
Divergence, and a little pin..but was it a good trade?
i know i got some pips but was it by the rules?
tx
kojak
Kojak,

Looks good to me!!! - missed it myself as I am supposed to be working

Tom
  • #1,208
  • Sep 23, 2009 8:41am Sep 23, 2009 8:41am
the actual range is small(2 hrs, 15 pips), but both top and bottom are well established to me. so i decided to take a quick trade, got out +7.
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  • #1,209
  • Sep 23, 2009 9:21am Sep 23, 2009 9:21am
Quoting kojak
I dont know if i was lucky again or i did it right?
I shorted the gbp/usd at 1,6440 level and exit at 1,6415 level..just above resistance i guess.
Divergence, and a little pin..but was it a good trade?
i know i got some pips but was it by the rules?
tx
kojak
looks good to me too. 3 touches of div, pin is proxy pin, even 1.6450. not showing on your chart, but pin touching BB too.
  • #1,210
  • Sep 23, 2009 9:34am Sep 23, 2009 9:34am
Quoting faizal82
hi

i have been studying the charts posted and ryanmcds word doc about the system however I’m a little confused as to the purpose that the 21 ema serves if you are using bollinger bands with a setting of 18, 2,.

The 21 ema is very closely correlated to the middle band of the bollinger bands and therefore seems to unnecessarily clutter my screen. Maybe i am not understanding something?

[color=black][font=Verdana]Also i...
yes midBB and 21ema seem to be together most of time, but not always. artov had some posts abt how either of these get you into trades, it's post #1174 on page 79.

floor trader pivots can be beneficial, i used to have them on my charts when i trade high probability setups. you sure can experiment with it, just realize that it's not part of the method here.

the trend question is always one of the more involved to answer because it can be so complicated, or simple if we let it be. i would just say make sense to focus on the 5min trends since we trade on the 5min. with that said, i also look at 15min and 1min from time to time, but i'm careful to not let them get on the way.

hope this helps, just my views.
  • #1,211
  • Sep 23, 2009 10:22am Sep 23, 2009 10:22am
it has been long since i took two trades on the same day. exit +16.
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  • #1,212
  • Sep 23, 2009 11:46am Sep 23, 2009 11:46am
Quoting dhh
yes midBB and 21ema seem to be together most of time, but not always. artov had some posts abt how either of these get you into trades, it's post #1174 on page 79.

floor trader pivots can be beneficial, i used to have them on my charts when i trade high probability setups. you sure can experiment with it, just realize that it's not part of the method here.

the trend question is always one of the more involved to answer because it can be so complicated, or simple if we let it be. i would just say make sense to focus on the 5min trends since we...
cheers mate
  • #1,213
  • Sep 23, 2009 7:48pm Sep 23, 2009 7:48pm
The beauty of price action is that it's not only limited to Forex, you can apply it on other markets too.

The Dow 5m proved it with 2 nice pinbars; 1 with the trend, 1 CT with div.
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  • #1,214
  • Sep 24, 2009 5:12am Sep 24, 2009 5:12am
Quoting faizal82
hi...I’m a little confused as to the purpose that the 21 ema serves if you are using bolli with a setting of 18, 2.
The 21 ema is very closely correlated to the middle band of the bolli bands and therefore seems to unnecessarily clutter my screen. Maybe i am not understanding something?
...[color=black][font=Verdana]whether it may be beneficial to use floor trader pivots. I know James 16 uses them when trading...
21ema can be your trend tool - shows you the trend on M5. it's your choice to use all the indicators mentioned here-- artov is 1 great example(check his previous/latest posts).
zooming out or looking at higher TF's? again it's all about YOUR preference. that's all that matters.

check dhh's post 3 posts below yours. He traded a range using div.
check out ak4x's posts/threads, i believe he uses pivots. also dove_alliance, acumen, Islander




btw, artov, dhh, i have already completed my reply post above.
Quoting dhh
yes midBB and 21ema seem to be together most of time, but not always. artov had some posts abt how either of these get you into trades, it's post #1174 on page 79....
faizal82, u can check it out too..
  • #1,215
  • Sep 24, 2009 5:19am Sep 24, 2009 5:19am
Quoting kojak
I dont know if i was lucky again or i did it right?
I shorted the gbp/usd at 1,6440 level and exit at 1,6415 level..just above resistance i guess.
Divergence, and a little pin..but was it a good trade?
i know i got some pips but was it by the rules?
...
Nice trade. lucky again?!
Psychology-wise, when u say u are 'lucky', it means u are not sure &/or not confident about what u are doing.

rules? which rules?
u can list down your rules here for us to look at.
u have to clarify which rules so we can answer u better.

btw, imho
Knowledge + Practice = Confidence
  • #1,216
  • Sep 24, 2009 7:55am Sep 24, 2009 7:55am
Folks,

Wanted to post this one up as I think loosers are more important a lot of the time than winners...

NZDJPY - 1H time frame but exact same rules as the 5M stuff.

Trade was with long term trend and pin (see attached chart)

Trade went the right way and reversed - formed a tradable CT trade with divergence!!! - I left it alone as I find my meddling with trades rarely works in my favour!! and its not in the plan... (yet anyway)

So what would you folks do in this situation? close the trade for somewhere around BE? or do what I did and let it go

I think I will in future close these sorts of trades out and include it in my plan.

oh and to make matters worse I didn't size the postition correctly so ended up 4% down on this one - unfortunatly theres no mitigation strategy in my plan for my own stupidity and lack of ability to count

LOL...

oh well onwards!!

Tom
Attached Image
  • #1,217
  • Sep 24, 2009 8:30am Sep 24, 2009 8:30am
amazing stuff !!

5min CT trade on eur/usd

and then again on the 15min..
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  • #1,218
  • Sep 24, 2009 8:30am Sep 24, 2009 8:30am
Trade I took this morning...
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  • #1,219
  • Sep 24, 2009 8:39am Sep 24, 2009 8:39am
Quoting marikg
amazing stuff !!

5min CT trade on eur/usd

and then again on the 15min..
Somebody always beats me to the charts. I gotta get a little quicker on SnagIt
Nice Trade.... Cheers!!
  • #1,220
  • Sep 24, 2009 8:48am Sep 24, 2009 8:48am
Quoting CkM8
Somebody always beats me to the charts. I gotta get a little quicker on SnagIt
Nice Trade.... Cheers!!
i took the same trade too.
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