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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,301
  • Oct 1, 2009 6:59am Oct 1, 2009 6:59am
Beautiful one on EUR-JPY but i didnt take it because data will be released in some minutes this could cause some turbulence ... and bernanke is testifying right now too... so there are better times to trade ... but a beautiful setup anyways
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consistency wins
  • #1,302
  • Oct 1, 2009 8:18am Oct 1, 2009 8:18am
Patience is the key to success.

in the end you get what you are looking for.
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consistency wins
  • #1,303
  • Oct 1, 2009 8:55am Oct 1, 2009 8:55am
Quoting iTrader
Patience is the key to success.

in the end you get what you are looking for.
Didn't take this one myself...

no divergence from top of pin (I know that RSI is usually calculated on candle close not candle high/low) - I thought we where looking for this?

Also not getting 2R here - well maybe eventually who knows!! (assuming full bar stop)

not A+ in my book... I guess pin was with the trend on the longer term

I have to admit big pins like this make me nervous esp when generated after a big batch of (in this case) USD news.

Having said all that I feel I am sometimes to hesitant to pull the trigger so good for you



Tom
  • #1,304
  • Oct 1, 2009 9:19am Oct 1, 2009 9:19am
Quoting fat_tom
Didn't take this one myself...

no divergence from top of pin (I know that RSI is usually calculated on candle close not candle high/low) - I thought we where looking for this?

Also not getting 2R here - well maybe eventually who knows!! (assuming full bar stop)

not A+ in my book... I guess pin was with the trend on the longer term

I have to admit big pins like this make me nervous esp when generated after a big batch of (in this case) USD news.

Having said all that I feel I am sometimes to hesitant to pull the trigger so good for you...

Hi,

Yes i was not sure at first if i should take it, because i was a little afraid of the big "stick" and stop over the pin, but then i just took a look at what Jankone said earlier and it encouraged me to stick to with the "Game Plan" ... i had same concerns about R:R thats why i reduced Stop to B/E after +10 and decided to let it go for 1R:1R only so it worked but maybe another time it wouldn't ... sometimes its maybe better to wait for an small retracement after a big pin to get a better price + smaller stop ... but i guess every trader handels that in his own way.
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consistency wins
  • #1,305
  • Oct 2, 2009 3:32am Oct 2, 2009 3:32am
But remember we need a very good pin + strong div cause its a strong trend.


PS: I posted the chart to early i think waiting for 0.8600 would add more confluence.
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  • #1,306
  • Edited 5:12am Oct 2, 2009 5:02am | Edited 5:12am
I would have got out at 10 pips but when you are aware of what actually happening in 1h,4h you can somtimes pick the tops and bottoms.


But as i said before with with good setup.


If a 5M pin bar wants to flip 1H,4H candle it have to be a .........................(whats the word?)
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  • #1,307
  • Oct 2, 2009 6:37am Oct 2, 2009 6:37am
Quoting nasir.khan
I would have got out at 10 pips but when you are aware of what actually happening in 1h,4h you can somtimes pick the tops and bottoms.


But as i said before with with good setup.


If a 5M pin bar wants to flip 1H,4H candle it have to be a .........................(whats the word?)
Nasir,

Good stuff...

Hourly pin with PPZ (J16)

Triggered on the 5M CT pin with good divergence

I would guess you'd only need a few of these trades a year to make good money. 5M lot size and risk with Hourly pip returns - fantastic!

Tom
  • #1,308
  • Oct 2, 2009 8:02am Oct 2, 2009 8:02am
Double top + div
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  • #1,309
  • Oct 2, 2009 8:06am Oct 2, 2009 8:06am
my trade for the day

its not about quantity but about quality ...

got out +20

have a nice weekend...
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consistency wins
  • #1,310
  • Oct 2, 2009 9:32am Oct 2, 2009 9:32am
EURUSD

A few minutes later than Artovs better trade - missed that one cos I wasn't around.

got 12 pips from this one.

happy with that.

Tom
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  • #1,311
  • Oct 2, 2009 11:49am Oct 2, 2009 11:49am
Trade or not to trade.
No question about this one.




Quoting iTrader
my trade for the day

its not about quantity but about quality ...

got out +20

have a nice weekend...
  • #1,312
  • Oct 3, 2009 2:34am Oct 3, 2009 2:34am
I would like to have more information about "hidden pin" Please
  • #1,313
  • Oct 3, 2009 2:10pm Oct 3, 2009 2:10pm
Quoting supremeChaos
imho, both 'methods' are intertwined.

james16 method is the basics (S/R's, PPZ's).
Ryanmcd's uses BB, PA (Pinbar), MA, div.

u can look at it in 2 ways:
james16 method is the root/trunk of a tree, Ryanmcd's is a branch of that tree.
OR
james16 method is the chocolate cake. Ryanmcd's is the chocolate icing. Yummy..

i agree(on the concept level). i had a post on this not long ago on the J16 thread. i speak from personal experience and only try to get out a few messages:
1. it's good idea to learn each method well before mixing
2. while J16 and ryan's can work together, i'm personally relunctant to find a good J16 setup, and fine tune the entry with ryan's, it may or maynot happen. if we follow the rules, A+ setups(either J16 or ryan's) don't happen everyday, it doesn't make sense to me when i miss a good J16 setup because i didn't get a good 5m entry using ryan's.
3. the rules of ryan's doesn't say anything about ppz/confluence etc. while adding confluence to ryan's may seem to be a good idea, it also goes against the 'simpleness' of the ryan's setups. and 'simple' is one of the most attractive features of ryan's method imo, i personally walked a complex path and was not rewarded for it before, that's why i really treasure the simpleness here.

so can J16 and ryan's work together? people will find out for themselves, and when it works for someone i'll be clapping
  • #1,314
  • Oct 3, 2009 2:25pm Oct 3, 2009 2:25pm
Quoting Nasyl
I would like to have more information about "hidden pin" Please
hidden pin means the pin is hidden or buried in the traffic prior to it. take a look at the chart, notice how the 3rd pin is hidden in the price covered by the huge bar before it. the good pins need to be sticking out from the traffic before it like the 1st and 2nd pin showed.

the good setups should have good looking pins, some people only take trades that have both and it shows it's good idea.

the chart only shows the pins, it doesn't show cofluence or space which are different topics.
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  • #1,315
  • Oct 5, 2009 1:20am Oct 5, 2009 1:20am
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Nice pin was forming then all of a sudden right before the close price jumps 8 pips, still got in, just a bit late.
  • #1,316
  • Oct 5, 2009 3:39am Oct 5, 2009 3:39am
I'm using this system with 7 SL and 10 TP and move SL to BE+1 when I get 5 profit.

This trade got kicked out by BE+1, so should I just set SL and TP and don't do anything with moving SL to BE+1?

Thanks.

Kakyn.
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  • #1,317
  • Oct 5, 2009 5:05am Oct 5, 2009 5:05am
First I would never set a SL and TP with a Risk:Reward ratio of less than 1:2.

In your particular case I would not move SL to BE+1 when you are 5 pips in profit. Why? Because price would only have to retrace 4 pips and you're out. Depending on volatility that might happen very fast on most of the days.

Personally I do keep the possibility open to kill the trade at 1R or BE if price struggles to go in the right direction. But I wouldn't move the SL to BE with such a small buffer as you do.

For example if my SL is 10, TP 20, price goes to 17 pips profit and retraces back, then I'm for sure out of the trade at either 1R or BE.

Quoting Kakyn
I'm using this system with 7 SL and 10 TP and move SL to BE+1 when I get 5 profit.

This trade got kicked out by BE+1, so should I just set SL and TP and don't do anything with moving SL to BE+1?

Thanks.

Kakyn.
  • #1,318
  • Oct 5, 2009 5:08am Oct 5, 2009 5:08am
Quoting Kakyn
I'm using this system with 7 SL and 10 TP and move SL to BE+1 when I get 5 profit.

This trade got kicked out by BE+1, so should I just set SL and TP and don't do anything with moving SL to BE+1?

Thanks.

Kakyn.
This and any method requires a trader to test several trade management strategies to find one that works best for their personality and experience. It is not wise to make trading strategy decisions based on one trade.
For your case, perhaps you want to add a column to your spreadsheet to see how results will compare if you just set a SL and TP without moving to b/e+1. Then have another column where you trail stops... another for your 7SL and 10TP with moving stops to b/e+1... Then after several months of demo trading, you'll have enough data collected to make a wise trading decision on how to best manage your 5minute trades.

Hope this helps. Let me know if you have further questions.

Josh
  • #1,319
  • Oct 5, 2009 5:10am Oct 5, 2009 5:10am
Quoting Kakyn
I'm using this system with 7 SL and 10 TP and move SL to BE+1 when I get 5 profit.

This trade got kicked out by BE+1, so should I just set SL and TP and don't do anything with moving SL to BE+1?

Thanks.

Kakyn.
Kakyn,

I have played around with differing SL strategies both live and backtesting with this method and I have come to this conclusion...

Its up to you! and what suits you from a psychological point of view!!

move to BE will lessen both your losses and wins - if this suits you then I would continue to do it (It suits me but I don't like loosing! - but I recognise this as a failure on my part and something I really need to accept but thats for another post!)

trailing stops vs 2:1 R gives very similar results I think - lots of trades go 2R then back down at which point your trailing stop gives you ~1R but you do get the odd 4+R runners....

I think the landscape probabely changes when your account is larger... like Ryan says when 1 good 2R trade is the cost of a new motor then you will look differently at it than when like me I get 4R but the reality is all it gets me is a pint and bag of nuts in my local... lol...

personally I am trading using trailing stops - why? simple I need a setup I don't have to manage and this effectively moves SL to BE at 1R and catches the odd runner - not because I neccesserlily think its the most profitable method! (but like I said I don't actually think theres that much in it!)

So in summary... its up to you! - I know thats not my most helpful post but there you go..

Tom
  • #1,320
  • Oct 5, 2009 5:27am Oct 5, 2009 5:27am
Quoting dhh
i agree(on the concept level). i had a post on this not long ago on the J16 thread. i speak from personal experience and only try to get out a few messages:
1. it's good idea to learn each method well before mixing
2. while J16 and ryan's can work together, i'm personally relunctant to find a good J16 setup, and fine tune the entry with ryan's, it may or maynot happen. if we follow the rules, A+ setups(either J16 or ryan's) don't happen everyday, it doesn't make sense to me when i miss a good J16 setup because i didn't get a good 5m entry using...

I am on it guys and will let you know how it goes But trust me its really tricky.
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