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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,961
  • Nov 8, 2009 9:43am Nov 8, 2009 9:43am
Quoting oneuniverse





thanks buddy
Have a good week next week. Happy spelling
every Saint has a past. Every Sinner has a Future
  • #1,962
  • Nov 8, 2009 12:44pm Nov 8, 2009 12:44pm
Quoting oneuniverse
great man a very big difference between Pros and amateur

I have been operating Live Account from last week
Here are my statistics:

total 6 quality trades

Winners 2
Breakeven 1
lossers 3

My goal is to run the trade till 10R
I take 1% risk since i beleive that at some point of time i can have 10 to 12 lossing trades i a row

Winners made 20%
loosers took out 3%
Breakeven was because of wide spread on oanda

Total Gross profit up 17% on this week
Hence i totally agree with Tom that winning is not the goal, but making is the goal!...
10R??? damn. pretty impressive.
  • #1,963
  • Nov 8, 2009 4:21pm Nov 8, 2009 4:21pm
I guess so

(P.s. thanks guys who made these useful indicators that I've got on my screen. Making simple more simplier
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  • #1,964
  • Nov 8, 2009 6:50pm Nov 8, 2009 6:50pm
Quoting Icehocey77
10R??? damn. pretty impressive.
This TP of 10R is for Trend trades

Be prepared that most of the time your stop loss will be hit if ur TP is 10R
I am prepared for 70 to 80% lossing trades with 10R because those 2 to 3 times will make Damm good % returns

But MM style is something very personal and decided by self.
So if you want to see more winning trades, you ca go for 2R or 1R
But 10R will surely test you emotionally

BTW ( i backested from last 6 months and found that atleast 20% of trades run 10R , hey trend trades )

Cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,965
  • Nov 8, 2009 9:56pm Nov 8, 2009 9:56pm
First trade of the week

8 R done...on it's way to 10R

Great Div, Pin bar after Gap , Nice trend

Now only 10R or 1R
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,966
  • Nov 9, 2009 3:32am Nov 9, 2009 3:32am
I didn't take this but was tempted.

With - trend
- depends on where you take your divergence...

Josh
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  • #1,967
  • Nov 9, 2009 3:39am Nov 9, 2009 3:39am
Hi Jduester
If going strictly by Ryans method that he has described..isnt it too low in the BB to take a trend trade? Having said that I can see reasons to take it...the bar on my MT4 feed was a very neutral one so not of interest.
Lindsay
All that matters is winning the week
  • #1,968
  • Nov 9, 2009 3:47am Nov 9, 2009 3:47am
Quoting lindsayf
Hi Jduester
If going strictly by Ryans method that he has described..isnt it too low in the BB to take a trend trade? Having said that I can see reasons to take it...the bar on my MT4 feed was a very neutral one so not of interest.
Lindsay
Yes, it is not a strict Ryan trade.

Josh
  • #1,969
  • Nov 9, 2009 5:18am Nov 9, 2009 5:18am
Quoting Jduester
I didn't take this but was tempted.
With - trend
- depends on where you take your divergence...
alternatively, u can plot the hidden bull.div. from the Fib low (1.4928-ish).


Quoting lindsayf
if going strictly by Ryan's method that he has described.. isnt it too low in the BB to take a trend trade?...
this actually got Josh in at a better price --think about that.

i am very sure Ryanmcd only shared a small part of how he trades.
since he uses BB in this method, there are many ways to trade using BB.
u will notice that this particular case (Josh's trade off the lower BB) happens from time to time.
just remember that, using BB, u can take trades at/near lower BB, upper BB, & mid-BB.

like the james16 method, this method can be 'modified'/used as a "base method"/used in several ways (depends on the trader using it)
Hope this helps,
  • #1,970
  • Nov 9, 2009 5:34am Nov 9, 2009 5:34am
Quoting oneuniverse
First trade of the week

8 R done...on it's way to 10R

Great Div, Pin bar after Gap , Nice trend

Now only 10R or 1R

UPDATE

10R achieved and the trade has run much beyond 10R
But i squared off near 10R as a rule
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,971
  • Nov 9, 2009 7:10am Nov 9, 2009 7:10am
Quote
...Now only 10R or 1R
Quoting oneuniverse
UPDATE
10R achieved and the trade has run much beyond 10R
But i squared off near 10R as a rule
Awesome!
it's great to know that u are following your rules...

But... isn't your rule a bit strict/rigid?
1R vs 10R? u are giving back way too much, dont u think?
specially once/when u have a big account, 1R & above makes a BIG difference to your bottomline.

also, some trends will go past 10R. so dont limit yourself to "just" 10R. to take advantage of "past 10R", u can use a trail.stop &/or have 2 or more positions per trade.

since i assume u have a lot of time... maybe u can backtest/incorporate these ideas/flexibilities.

Hope this will help for the betterment & make u think further
  • #1,972
  • Nov 9, 2009 8:13am Nov 9, 2009 8:13am
GU doing very good today.
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  • #1,973
  • Nov 9, 2009 11:00am Nov 9, 2009 11:00am
Hi everyone,

Want to ask what kind of money management do you use while trading on 5 min. TF?

Do you close all your position as soon as it hits 10 pips target or you just close half of it and another half you track with SL?
  • #1,974
  • Nov 9, 2009 11:04am Nov 9, 2009 11:04am
Quoting Tingus
Hi everyone,

Want to ask what kind of money management do you use while trading on 5 min. TF?

Do you close all your position as soon as it hits 10 pips target or you just close half of it and another half you track with SL?
I follow this simple method.

bar + spread + entry should equal 2% of your account - this is then 1R

double up this as your TP for a full 2R tp.

Simple...

others do different things and I don't think theres a right or wrong here...

Just don't be tempted into 'curve fitting' your TP strategy based on a handful of trades.

Tom
  • #1,975
  • Nov 9, 2009 11:07am Nov 9, 2009 11:07am
Another beauty on the GU, missed that because my 2nd monitor was for some time on the EU chart.

Often I feel the need for at least 4 monitors to keep an eye on everything I want to follow.

Now I'm on 2 monitors, my main one is for news, FF etc. Anyone of you guys on more than 2 monitors?

Quoting Tingus
Do you close all your position as soon as it hits 10 pips target or you just close half of it and another half you track with SL?
Target 2R. For EU: SL 10, TP 20 would be the usual setting.
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  • #1,976
  • Nov 9, 2009 12:32pm Nov 9, 2009 12:32pm
Quoting supremeChaos
Awesome!
it's great to know that u are following your rules...

But... isn't your rule a bit strict/rigid?
1R vs 10R? u are giving back way too much, dont u think?
specially once/when u have a big account, 1R & above makes a BIG difference to your bottomline.
Yes , i follow rules very stictly because i am trading for living. i have been trading stocks, bonds and commodities from last six years and recently started trading forex live

I have incorporated the Ryan/Jankone setup as the Base setup and apply my own basics of elliot wave to get quality trades.
I have backtested such quality trades on 4 major pairs and variety of markets accross most time frames and have analytically conlcuded atleast 20% of time 10R is true.
But if i try to " curve fit " the MM styles like breakeven after 3R or 5R, then probability of 10R highly reduces and will adversely affect my returns.

I know one sure thing that with this 10R , i am goining to get many losing trades but i still beleive and follow the old saying " Run your profits and cut your losses"


Quoting supremeChaos
also, some trends will go past 10R. so dont limit yourself to "just" 10R. to take advantage of "past 10R", u can use a trail.stop &/or have 2 or more positions per trade.
what i have found is 10R is realistic target at least 20% of time


Quoting supremeChaos
u can use a trail.stop &/or have 2 or more positions per trade
yes, i would start using trail if the trade runs beyong 10R

Quoting supremeChaos
since i assume u have a lot of time... maybe u can backtest/incorporate these ideas/flexibilities.

Hope this will help for the betterment & make u think further
yes thank you very much SC for your valuable advice

Cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,977
  • Edited 6:55pm Nov 9, 2009 6:34pm | Edited 6:55pm
Quoting oneuniverse
Yes , i follow rules very stictly.....
that's nothing, i was just sharing a perspective.

Interesting Winston... so u are also 1 of the traders in your 20's, huh. (weren't u the one with a Bruce Lee avatar?)

if this is your 'base setup' now... Prior this method, what was your 'base setup'?
as far as u are concerned, are Bollinger bands & james16 PA setups (pinbar, etc) not prevalent/widely known&used in the markets u've mentioned?
from time to time, maybe u can share charts of this method used in other markets that u trade.
  • #1,978
  • Nov 9, 2009 6:52pm Nov 9, 2009 6:52pm
Quoting Tingus
Hi everyone,
Want to ask what kind of money management do you use while trading on 5 min. TF? ...
oneuniverse, Jduester, fat_tom, artov recently made related-posts about this.
i highly suggest u read them.
  • #1,979
  • Nov 9, 2009 9:57pm Nov 9, 2009 9:57pm
Quoting supremeChaos
that's nothing, i was just sharing a perspective.

Interesting Winston... so u are also 1 of the traders in your 20's, huh. (weren't u the one with a Bruce Lee avatar?)

if this is your 'base setup' now... Prior this method, what was your 'base setup'?
as far as u are concerned, are Bollinger bands & james16 PA setups (pinbar, etc) not prevalent/widely known&used in the markets u've mentioned?
from time to time, maybe u can share charts of this method used in other markets that u trade.

Greetings SC,

I have been following J16 thread and it has changed my trading tremendoulsy from last 3 years.
IMO what we do here has it's root in the James16 style and hence we can see the tree bearing the fruits!
Prior to this, i have incorporated BUOB , BEOB and pinbars to pick then end of 4th wave , i used the james16 price action in simple trendline breakout / fakeout trading.All my methods in other markets are based on James 16 price action

I will surely post charts from other markets, what i love abt Jankone style is if properly applied it is UNIVERSAL

I must agree and really grateful to James16
group for changing my life!

cheers,
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,980
  • Nov 10, 2009 1:44pm Nov 10, 2009 1:44pm
Yes j16 is great. I've learned a lot things about trading in there and got inspired by Ryanmcd. Later, I've found my own style and just made this thread for m5.. j16 is more about daily and weekly ...
I don't have patience for weekly trades lol...

Quoting oneuniverse
Greetings SC,

I have been following J16 thread and it has changed my trading tremendoulsy from last 3 years.
IMO what we do here has it's root in the James16 style and hence we can see the tree bearing the fruits!
Prior to this, i have incorporated BUOB , BEOB and pinbars to pick then end of 4th wave , i used the james16 price action in simple trendline breakout / fakeout trading.All my methods in other markets are based on James 16 price action

I will surely post charts from other markets, what i love abt Jankone style is if properly applied...
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