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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,621
  • Oct 20, 2009 1:21pm Oct 20, 2009 1:21pm
Quoting Dan Gilbert
right now on USDCHF, I'm seeing a 50% retrace, and there's already been divergence in this area.... waiting for a pinbar right now....
looks like I lost the divergence on the close of the last candle.... still sitting on hands
Many choose unhappiness over uncertainty.
  • #1,622
  • Oct 20, 2009 1:48pm Oct 20, 2009 1:48pm
Ok, anyone who is familiar with this, can you advise me on if this would be a good trade or not??? (attached)
Attached Images
Many choose unhappiness over uncertainty.
  • #1,623
  • Oct 20, 2009 2:05pm Oct 20, 2009 2:05pm
ok two more in the same chart...
Attached Image
Many choose unhappiness over uncertainty.
  • #1,624
  • Oct 20, 2009 2:30pm Oct 20, 2009 2:30pm
Quoting supremeChaos
yes, it was not clear initially, but thanks for clarifying.
i now understand your thoughts better.
based on 'your' definition, u want the 50-80?pip drop in price to have a 'more proportionate' drop in RSI to prevent a div from happening.

having said that, (apart from how u 'see' the market/how u have a 'different' definition) we are still trying to understand price & what it's doing in relation to RSI & BB, & try to profit from this info/knowledge in the process. on your chart, price made lower lows,[u]
while touching the lower BB (again, this...
looking at the setup after the trade shows other technical indications as you pointed out. however at real time it was a judgement call i had to made, 'saw the setup, then took it' as i said in a post before.

as long as we understand each other then it's all good. i was not surprise you caught that little rsi div line 'discrepancy', you always give me the impression of details and thoroughness
  • #1,625
  • Oct 20, 2009 2:36pm Oct 20, 2009 2:36pm
No, doji is doji , pin bar is pinbar.
I trade pinbars only :-)

Quoting Sim
Interesting, look at the previous pin bar for me which didnt look too good on your platform...would you still class it as a PB even if a doji?

I hope my pic comes out big
  • #1,626
  • Oct 20, 2009 2:49pm Oct 20, 2009 2:49pm
Quoting totemg2000
thank you Sim for your advice. i totally agree with you, i know i have a hard work to do and i don't mind. i hope this is a rewarding strategy. the only thing was that i didn't know what to do with those pin bars i found. i was just looking for instructions and couldn't find them. now i go back to my study
some of the starting history of this thread is from the J16 thread, i guess if ppl didn't spend sometime over there first, they could feel somewhat disoriented.

sounds like what you look for, besides the setups you'll learn from here, is how to manage the trades(entry and exit). unfortunately, and fortunately that's up everyone to develop what works for themselves. as you read through the thread, you will see some difference among ppl and that should give you some ideas.

in general, for entry, some ppl enter when the pin breaks, others enter after pin closed.

for exit, some ppl use the midBB/21ema for target for the ct/div setup, others use sup/res, round #s, fixed pips etc. for the trend setup, some use fixed pips, sup/res, BB, etc.

and in between, some ppl also move stop to BE according to positive pips, sup/res, round #s etc. others don't move stop, just let either stop or profit target hit etc.

almost forgot, the most important piece, most ppl have their initial stops above/below the pin, others may choose more aggressive stops.

hope this give you some ideas to start with.
  • #1,627
  • Oct 20, 2009 3:22pm Oct 20, 2009 3:22pm
I read, you miss the point about strategy.
I think i explain rules. once again -There are 2 easy rules - pinbar with trend or pinbar+ div against main trend. If you want to make money, don't think about it, just do it.

Strategy is your mind.
OK, let's imagine your system.

You trade VERY NICE and best pinbars with trend, your SL is 0,5% of your account ( good for begin) and your tp is 0,7 - 1 %.
SL is under/above of the low/high of the pinbar, tp is unique usually (for example last lows, round numbers, S/R levels or just fix 1%, )

If you are only around 50% winners, you make money.

Same with CT trades ( counter trend) - pinbar+div.

same SL let's say 0,5 % again for beginning, TP 1st s/r, or fix 1% even ema21 is good TP.
again if you are +- 50% win, you make money.

If you will trade some little crappy bars, more doji or some choppy pinbars, you will screw up. You need to train with demo or trade on small account.

Time frame is m5 (sometimes i trade m15)

Don't try to watch 50 markets, it works everywhere yes, but STAY FOCUSED, eur/usd, gbpusd,eurjpy and usdjpy are good because low spread. If you don't know what's divergence or the pinbar, just learn it, it's the easiest thing to learn. Your fear, greed and impatience is 10x stronger.

If you want to success, you will success.
It starts into your mind.

Successful man is searching for the ways how to reach his goal.
Unsuccessful man is searching for exluses, why he can't reach his goal.
in over time, it makes BIG difference.
  • #1,628
  • Oct 20, 2009 3:33pm Oct 20, 2009 3:33pm
guys, if you want to know something just ask 1)... 2) and so....
Some of good question i will post at #1

I don't know what you want to know exactly.
After many trades with this simply methog, I dont think about some things, I just do it.


I try post really important things. When I look to some other forums - I am curious about it, I'm getting crazy and confused and quickly run away, because I don't want to read 250 rules/comments at #1 where the thread starter is trying to explain everything..

I like simple things, simple rules, simple charts, simply system, that's why I trade this m5.
  • #1,629
  • Oct 20, 2009 5:08pm Oct 20, 2009 5:08pm
Quoting supremeChaos
me, trash talking? LOL.
Trading for a living? ah, the usual self-defense question.. fight or flight response... ROFL. still on my way to consistent profitability, i have a LOT of personal issues interfering with my trading.... i dont beat around the bush & PRETEND like YOU do.
btw, perhaps u just started trading for a living. because u still dont have time to practice correct grammar. (u dont deserve to be spared of these kind of observation)

anyway, i have been posting here for a while, while on the other hand it's your [b]first...

Those who post less are probably busy trading and not teaching. Think about that.
  • #1,630
  • Oct 20, 2009 5:14pm Oct 20, 2009 5:14pm
Great thread and a simple method.

However, doing this day in day out does take a lot of energy. At one point the psychological issues fall away, because you know that the next trade will come. HOWEVER, I do wonder how many can (or want to) keep this up for a year or more (which is really what the goal is).

Many traders become profitable on M5 and then realize the energy and effort it takes to keep it up for years! Even Ryanmcd starting to go back to the higher TFs after trading the lower TFs (now he seems to be back on M5).

This is personally why I stay near the 1H bar for entry.
  • #1,631
  • Oct 20, 2009 6:20pm Oct 20, 2009 6:20pm
Quoting Dan Gilbert
can someone point me to what the settings on a stochastic would be in order to get good signals on these 5 min charts? Thank you.



This is what i use stochatic(10,3,3) apply to close,EMA and MACD(1,13,1) apply to close..I trade when the two of them cross at exactly the same time or almost at the same time towards a direction.Works best in trending market.I never use it when market is consolidating or squeezing,because it could cross back to the other way.Also ,whenever it crosses ,as for ur target,look at the previous high and low to have an idea of the range.Most important rule is that u should not get in too late and if it recrosses to ur bad, close it and wait for another opportunity. Glad to be of help
  • #1,632
  • Oct 20, 2009 7:59pm Oct 20, 2009 7:59pm
Quoting fxterrapin
Those who post less are probably busy trading and not teaching. Think about that.
Fair enough but that is not always the case.
not ALL those who post less ARE trading. they are either at work, bumming around, on vacation, with their family, etc.
at the same time, not ALL those who post more ARE NOT trading. malcolmb14 easily comes to mind. he has 11,000+ posts (lots of teaching/sharing) & at the same time is trading too.

i admit i miss trades when i post/reply here, good & bad trades. it's a selfless act for me, i try to help as much as i can as i have been in the beginner's road before. if i am able to help some people here in exchange for the time to make good trades & profits for myself, then it's all worth it to me.

& to clarify further, i live in the Philippines, read my profile. i dont need tons of money monthly to live ($150 - $500 per month is good enough), unlike those in the Western countries whom i think need +/- $3000 - $15000 per month to live. hence, the pressure to make (a lot of) trading profits is lesser on me.

I am not a good teacher, am not consistently profitable yet (hence i still got less free time to help/share, what if i have more free time??!), yet i try to teach & help. How about you? i bet u are my exact opposite. Now, Think about that.
  • #1,633
  • Oct 20, 2009 8:10pm Oct 20, 2009 8:10pm
Quoting fxterrapin
Great thread and a simple method....
Many traders become profitable on M5 and then realize the energy and effort it takes to keep it up for years!...
This is personally why I stay near the 1H bar for entry.
this method is applicable to TF's beyond M5.
It's all about dedication & commitment & focus & determination.
  • #1,634
  • Oct 20, 2009 8:23pm Oct 20, 2009 8:23pm
Quoting dhh
looking at the setup after the trade shows other technical indications as you pointed out. however at real time it was a judgement call i had to made, 'saw the setup, then took it' as i said in a post before....
i did not make a comment based on 'after the facts'/hindsight.

review that chart:
1. PB, smaller than previous bar = real time
2. PB is touching lower BB ('Walking The Bands') = real time
3. trend is down = real time
4. RSI is making lower lows, as it should in a downmove = real time
now, ask yourself, with all these infos, is it a buy, sell or no trade? do i trend-trade or countertrend-trade?

if u are familiar with BB &/or this method overall, & u apply it correctly & consistently, u can & will make good judgement calls, in real time. trust me. Ryanmcd has already done it for years.
  • #1,635
  • Oct 20, 2009 9:10pm Oct 20, 2009 9:10pm
Quoting supremeChaos
this method is applicable to TF's beyond M5.
It's all about dedication & commitment & focus & determination.

You misunderstood my post. I never said that you couldn't apply it to higher TFs.

What I said was that even with dedication, commitments, focus and determination, do you really think that you can survive the lower TFs longer than the higher ones? How many traders you know are still trading the M5 consistently after 5 years? That's why I mentioned Ryanmcd's temporary switch to higher TFs.

It's called burn-out and you don't know what it is like until you have been through it in trading.
  • #1,636
  • Oct 20, 2009 9:43pm Oct 20, 2009 9:43pm
Quoting fxterrapin
You misunderstood my post. I never said that you couldn't apply it to higher TFs.
What I said was that even with...
u misunderstood my reply too.
i never implied that u weren't aware that this method is applicable above M5.

if people can stay at a lousy, repetitive, boring, low-paying, not-too-rewarding job for 5-40yrs, i dont see a reason why a trader cant stay on M5 - H1 chart for at least 5yrs. if that is a trader's job, &/or if that is a trader's forte, why not, right?
i am a very impatient guy. i chose not to have a job, i went straight to trading. if 5yrs is an initial step for an upcoming success, i'll do it. i'm in between my 3rd & 4th year.

regarding burn out, experience-wise, perhaps not so extensive as some/many here, but i think i have experienced more than a burn out in trading. i even think i have experienced the (negative) 'perfect storm' of trading which probably 80-95% of losing &/or profitable traders, have not.
  • #1,637
  • Oct 21, 2009 12:26am Oct 21, 2009 12:26am
[quote=dhh;3162918]some of the starting history of this thread is from the J16 thread, i guess if ppl didn't spend sometime over there first, they could feel somewhat disoriented.




Thank you very much Dhh for your reply! helped me alot!
  • #1,638
  • Oct 21, 2009 12:36am Oct 21, 2009 12:36am
Quoting Jankone
I read, you miss the point about strategy.
I think i explain rules. once again -There are 2 easy rules - pinbar with trend or pinbar+ div against main trend. If you want to make money, don't think about it, just do it.


Successful man is searching for the ways how to reach his goal.
Unsuccessful man is searching for exluses, why he can't reach his goal.
in over time, it makes BIG difference.

Wow, great explanation. thank you very much Jankone for taking time to repet , again, the rules. Sorry if that was repeted many times. Maybe you could just reedit your first post, on page no. 1, adding this very clear explanation and people who would come for the first time on this thread would not be confused like i was
Anyway, i appreciate very much your patience your great giving.
Best wishes to all nice people here!
  • #1,639
  • Oct 21, 2009 1:42am Oct 21, 2009 1:42am
Quoting supremeChaos
u misunderstood my reply too.
i never implied that u weren't aware that this method is applicable above M5.
You're right. You never implied it, you said it outright: "this method is applicable to TF's beyond M5."

(but let's just forget it)
[/quote]


Quote
if people can stay at a lousy, repetitive, boring, low-paying, not-too-rewarding job for 5-40yrs, i dont see a reason why a trader cant stay on M5 - H1 chart for at least 5yrs. if that is a trader's job, &/or if that is a trader's forte, why not, right?
i am a very impatient guy. i chose not to have a job, i went straight to trading. if 5yrs is an initial step for an upcoming success, i'll do it. i'm in between my 3rd & 4th year.

Sounds good in theory, but it doesn't play out like that in reality. Those boring jobs you mention tend to require much less emotional energy and focus. If you screw up no big deal, but in forex...
  • #1,640
  • Oct 21, 2009 3:16am Oct 21, 2009 3:16am
Quoting fxterrapin
You're right. You never implied it, you said it outright: "this method is applicable to TF's beyond M5."
well, i thought u were sensible enough to not take that sentence literally.

Quote
Sounds good in theory, but it doesn't play out like that in reality. Those boring jobs you mention tend to require much less emotional energy and focus. If you screw up no big deal, but in forex...
U have a point. but u cannot make a sweeping generalization.
many boring jobs require far more emotional energy, focus & time.
if u screw up, may or may not be a big deal. but if u do an excellent work, u are not equally compensated (mostly the bosses get all/most of the credit).

in forex, u are the boss; u reap what u sow. make stupid mistakes, get recurring losses. make good trading decisions, u earn corresponding profits. time, losses, & profits depend on u, not on anybody else.
These are a few points, i wont elaborate further, as i believe most of us know the +'s & -'s of trading &/vs. employment.
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