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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,781
  • Edited 7:47am Oct 30, 2009 7:31am | Edited 7:47am
Back from the Caribbean in cold Europe again. I did keep an eye on this thread though. I guess I'm married to the markets lol.

I was stopped out by 0,1 pip accuracy with this trade. I tried to get 2,5R with SL 8, TP 20.

Perhaps I'll better stick with the usual 2R target and 10 pip SL on my next trade. EDIT: That would have been stopped out too, but later.
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  • #1,782
  • Oct 30, 2009 8:03am Oct 30, 2009 8:03am
Quoting oneuniverse
Brasilero

rather than trend, it was sideways move ( i did see it, but avoided )
neither trend nor CT

It's my view, correct if i am wrong
In my opinion trend has changed by that time already! Higher highs,higher lows,price above the 21ema(21ema above the 50sm)!

That way I define the trend
Unfortunately the trend changed after that moment!
  • #1,783
  • Oct 30, 2009 8:17am Oct 30, 2009 8:17am
Quoting oneuniverse
Brasilero

rather than trend, it was sideways move ( i did see it, but avoided )
neither trend nor CT

It's my view, correct if i am wrong
I kinda share the same view... the trend wasn't established and hadn't broken out of the sideways rut its been in... I know the previous 20 or so bars where generally up but often I would want more for a well defined trend. I know the BB EMA etc say different but defining trends is definetly not an exact science in my opinion!!!

It was a good pin however at a good point... didn't trade itmyself as I was away - would I have? dunno not sure it would have been close..

To be honest I am seriously considering dropping trend trades as I haven't had a winner on these for a good while!! and in the 2 or so months I have been using this stlye I'm probabely down overall with trend trades I'm finding CT with div to be more reliable - of course this depends on the market conditions and but it seems recently to be choppy mixed with huge ups/downs that are news generated... I shall mull it over... or take A++++ trend trades only (which come along like 1 a month LOL!)

Tom
  • #1,784
  • Oct 30, 2009 8:24am Oct 30, 2009 8:24am
Quoting fat_tom
I shall mull it over... or take A++++ trend trades only (which come along like 1 a month LOL!)

Tom
Tom

now perhaps i have got my answer LOL!
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,785
  • Edited 8:41am Oct 30, 2009 8:30am | Edited 8:41am
Beautiful with the trend pinbar here, I just hate the fact it's just above the 4800.

EDIT: Not trading it due to too much indecision, no reason to take unnecessary risk here.
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  • #1,786
  • Oct 30, 2009 8:31am Oct 30, 2009 8:31am
Quoting fat_tom
I kinda share the same view... the trend wasn't established and hadn't broken out of the sideways rut its been in... I know the previous 20 or so bars where generally up but often I would want more for a well defined trend. I know the BB EMA etc say different but defining trends is definetly not an exact science in my opinion!!!

It was a good pin however at a good point... didn't trade itmyself as I was away - would I have? dunno not sure it would have been close..

To be honest I am seriously considering dropping trend trades as I haven't had...
Totally agree Tom, the CT with divergence has a far better record in my books
  • #1,787
  • Oct 30, 2009 8:35am Oct 30, 2009 8:35am
Quoting artov
Beautiful with the trend pinbar here, I just hate the fact it's just above the 4800.
it's a good trade
Beauty trade as Jankone calls it also includes Hidden Divergence ( trend trade)

So , i wont take it

Just my view
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,788
  • Oct 30, 2009 8:51am Oct 30, 2009 8:51am
Quoting artov
Beautiful with the trend pinbar here, I just hate the fact it's just above the 4800.

EDIT: Not trading it due to too much indecision, no reason to take unnecessary risk here.
I felt the same - I didn't like that it was running right into 1.48. It moved 13 pips or so (at least 1:1) before a huge reverse.

The gold circle shows my loss earlier. I treated it as a with-trend trade that simply failed.

Don't expect 100% winners and this will become much simpler to grasp. Instead concentrate on only taking trades that match your rules. Either you take a ct with divergence or you take a trend-trade on a pullback to midBB. Of course you can add other filters if you find them necessary (PPZ, RN, etc) but don't let them give excuses for why a trade worked or failed.


Josh
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  • #1,789
  • Oct 30, 2009 9:07am Oct 30, 2009 9:07am
Quoting Jduester

Don't expect 100% winners and this will become much simpler to grasp. Instead concentrate on only taking trades that match your rules. but don't let them give excuses for why a trade worked or failed.


Josh
this is very true
i avoided this trade only on the criteria that it was not having Hidden Divergence ( as i would like to take take A+++ trades whatever amount of patience is being tested! ) nothing more!
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,790
  • Oct 30, 2009 9:30am Oct 30, 2009 9:30am
Quoting Jduester
I felt the same - I didn't like that it was running right into 1.48. It moved 13 pips or so (at least 1:1) before a huge reverse.

The gold circle shows my loss earlier. I treated it as a with-trend trade that simply failed.

Don't expect 100% winners and this will become much simpler to grasp. Instead concentrate on only taking trades that match your rules. Either you take a ct with divergence or you take a trend-trade on a pullback to midBB. Of course you can add other filters if you find them necessary (PPZ, RN, etc) but don't let them give...
Totally agree Josh

No need to over analyze everything... it was a trade that failed - simple.

If you want to get a deeper level of understanding trades and patterns etc then there is no better place than over at J16 (I know you post there but this is info for others as well) - however I moved over to here because I don't have time to analyze a 1HR bar on multiple timezones with PPZ here and there - don't get me wrong I take my hat of to these guys as their way beyond me but when trading from work as I do I need to be able to make a decision looking at a chart within about 20 or so seconds (some times I get longer but you get the idea)

The irony is that trading this style of 5M bars is less time consuming than trading of 1HR or 4HR bars can be!!

Tom
  • #1,791
  • Oct 30, 2009 11:25am Oct 30, 2009 11:25am
Quoting Jduester

Don't expect 100% winners and this will become much simpler to grasp. Instead concentrate on only taking trades that match your rules. Either you take a ct with divergence or you take a trend-trade on a pullback to midBB. Of course you can add other filters if you find them necessary (PPZ, RN, etc) but don't let them give excuses for why a trade worked or failed.


Josh
Amen brother. Ryanmcd who originated this method once said he trades at 60% win rate with 2R winners (might be higher now). That's 0.8R a trade. Plenty good to make a lot of money. Does he question his four losers every ten trades? Nope. They happen and he still makes bank.

He also said that getting hung up on the one trade is what can kill people. Makes you start wanting to add to many filters and suddenly your system buckles under its own weight. Ryan once had 12-15 losers in a row. Did he question his system? No way.

Look at your results after 100 trades, after 500 trades. See if you're profitable. Be honest with yourself. But don't get caught up looking for the 100% win rate. That's hunting for the holy grail. And we all know that doesn't exist.
  • #1,792
  • Oct 30, 2009 11:30am Oct 30, 2009 11:30am
Quoting TiaForex
Amen brother. Ryanmcd who originated this method once said he trades at 60% win rate with 2R winners (might be higher now). That's 0.8R a trade. Plenty good to make a lot of money. Does he question his four losers every ten trades? Nope. They happen and he still makes bank.

He also said that getting hung up on the one trade is what can kill people. Makes you start wanting to add to many filters and suddenly your system buckles under its own weight. Ryan once had 12-15 losers in a row. Did he question his system? No way.

Look at your results...
Amen. I was entirely skeptical on this when I first looked into it, but now it's a part of my everyday trading. The best thing is catching runners with this. That's how I work with this method, I couldn't make it profitable just trying to inkle out ten pips on a trade. Instead, I let them run and wait for trends to start. Earlier in the week, 175 pips were banked on a 7 pip risk trade on the euro. Right now, I'm in a trade on the aussie with 30 in the bank with a 12 pip risk.

This week alone I've made as much on 5 minute trades as I do on my weekly trades. It's time for me to toss my old thoughts away and say thanks to Ryan and Jankone. From your number 1 skeptic/fan.

With a knowledge of S/R trading, it's simple- just like all trading should be. The 5 minute used to hold this mystique of gun slingers in the wild west, but in reality it's all the same.
I dream, therefore I become.
  • #1,793
  • Oct 30, 2009 11:45am Oct 30, 2009 11:45am
Quoting mike w
Amen. I was entirely skeptical on this when I first looked into it, but now it's a part of my everyday trading.
This was my journey too. Not that it's part of my everyday trading yet by a long way. I was skeptical of Ryan when he came in an skeptical of Jankone when started to follow it ('start on higher timeframes!' I cried).

How wrong I was. Both you guys are examples in dedication to a simple method. With this method the old saying is so true. Trading is simple. We are the ones that make it complicated.

Btw Mike, do you use the classic Ryan/Jankone setups (BBs, divergence etc) to get into longer term trends off round numbers and higher timeframe PPZs? Makes a lot of sense if you do. Low risk, extremely high reward means that you can afford to not sweat a winrate and just watch the market do its thing. Those 10R-15R winners really do take the pressure off that winrate.
  • #1,794
  • Oct 30, 2009 11:50am Oct 30, 2009 11:50am
Quoting TiaForex
Amen brother. Ryanmcd who originated this method once said he trades at 60% win rate with 2R winners (might be higher now). That's 0.8R a trade. Plenty good to make a lot of money. Does he question his four losers every ten trades? Nope. They happen and he still makes bank.

He also said that getting hung up on the one trade is what can kill people. Makes you start wanting to add to many filters and suddenly your system buckles under its own weight. Ryan once had 12-15 losers in a row. Did he question his system? No way.

Look at your results...

100% correct IMO

Tom
  • #1,795
  • Oct 30, 2009 11:56am Oct 30, 2009 11:56am
Quoting TiaForex
This was my journey too. Not that it's part of my everyday trading yet by a long way. I was skeptical of Ryan when he came in an skeptical of Jankone when started to follow it ('start on higher timeframes!' I cried).

How wrong I was. Both you guys are examples in dedication to a simple method. With this method the old saying is so true. Trading is simple. We are the ones that make it complicated.

Btw Mike, do you use the classic Ryan/Jankone setups (BBs, divergence etc) to get into longer term trends off round numbers and higher timeframe PPZs?...
I was the same way and, truthfully, I still am when it comes to higher timeframes. I feel that you should learn on highers if you want to be successful. It "learns" you a lot slower and things sink in faster. You also learn patience not to trade crap.

Yes sir, I do NOT take CT trades though. Right now, I just hopped in the euro again at 1.4750. Perfect trade considering the round, ema, and fib level on the trade. That high reward is exactly why I trade this method. I don't really use the divergence that much considering I don't worry about the CT trades.

I've used the 21 ema in my trading for years now and so I'm used to how price reacts when it's near, albeit I used to use it on higher timeframes instead of lowers. I'm finding that elliot wave principles are a BIG matter when trading this method (3 down, 1 up etc.- simple principles of price fluctuations). The knowledge of that makes this all the more easier. I also ALWAYS look to the higher TF PPZ areas. Ryan was beyond right when he mentioned time as well. Time on lower timeframes is incredibly important. I wouldn't shake a stick at this after 2:30 PM Eastern time until around 10 PM Eastern Time. New york, IMO, Is the best bang for the money depending on which currencies you are watching.

P.S Aussie just closed for plus 50 on the round, and I just closed the euro for 35. Considering the amount I'm putting into these trades because the risk is so low, this is amounting to quite a large day for me.
I dream, therefore I become.
  • #1,796
  • Oct 30, 2009 11:57am Oct 30, 2009 11:57am
I'm really wondering !
lol.. you trade and post so much, that I can't answer to all now!

Your trades looks better and better, i think you are really getting this style into your own style and your mind

Many trades here I would take too... congratz
  • #1,797
  • Oct 30, 2009 12:00pm Oct 30, 2009 12:00pm
closed now. fast +10.

great pin, div
o question about it
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  • #1,798
  • Oct 30, 2009 12:05pm Oct 30, 2009 12:05pm
Ok last trade of the week...

whos in with me?

I'm off to the pub in 5 so lets see how it goes!!

LOL have a good weekend all!!!

Tom
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  • #1,799
  • Oct 30, 2009 2:34pm Oct 30, 2009 2:34pm
Great to see you both in here as well

Quoting mike w
I was the same way and, truthfully, I still am when it comes to higher timeframes. I feel that you should learn on highers if you want to be successful. It "learns" you a lot slower and things sink in faster. You also learn patience not to trade crap.

Yes sir, I do NOT take CT trades though. Right now, I just hopped in the euro again at 1.4750. Perfect trade considering the round, ema, and fib level on the trade. That high reward is exactly why I trade this method....
Quoting TiaForex
This was my journey too. Not that it's part of my everyday trading yet by a long way. I was skeptical of Ryan when he came in an skeptical of Jankone when started to follow it ('start on higher timeframes!' I cried).

How wrong I was. Both you guys are examples in dedication to a simple method. With this method the old saying is so true. Trading is simple. We are the ones that make it complicated.

Btw Mike, do you use the classic Ryan/Jankone setups (BBs, divergence etc) to get into longer term trends off round numbers and higher timeframe PPZs?...
  • #1,800
  • Oct 30, 2009 5:00pm Oct 30, 2009 5:00pm
I may be gulty of over complicating this method..but..I have a few simple criteria that I like to see in support of a trade. They include - trading away from SR levels I have marked, good (above average of last few) volume on pin bars, and not trading a bar either side of the open or big news. Keeps me out of some winners for sure..but I think (pretty sure) it keeps me out of more losers. The one I am considering dropping out of these is the news..I often see a setup take shape just before news or open..and then play out on good volume.

It is great to be able to so clearly define what fits your rules and what doesnt..makes trading it purely a matter of discipline..Anyone got any discipline tablets? Have a good weekend all.
All that matters is winning the week
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