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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,001
  • Nov 12, 2009 8:37am Nov 12, 2009 8:37am
Quoting oneuniverse
the CHF/JPY trade almost run 1.5R and the stoploss was hit thereafter

AU trade has run 10R
This TP was hit when i was having a good nite's sleep


This week update
4 trades

winners 2
losers 2

Winners made 20%
losers took out 2%

Total weekly gain 18%

See ya next week since i am out for personal commitments

Cheers
Winston


Very nice
Keep taking CT trades, I need more money
  • #2,002
  • Nov 12, 2009 12:26pm Nov 12, 2009 12:26pm
Quoting Ryanmcd
lol Glad I could help everyone out, I don't sit around on this site much anymore because it clogs my brain and I look for new ways to trade and lose money and that's just not good. But I have been doing it for years with the BB and RSI and it worked even before I knew about this site or what forex was. I do read my PM's as it goes to my e-mail so if you really need something shoot me a PM, but don't ask dumb stuff.

I hope you all do well at this and it makes your life better from a $$$ view but don't let it run your life either.
Good to see you here Ryan. I read every single one of your FF posts every night for two weeks. Again and again. Stared at those 5M charts for a ton of hours too. Looking for a way to print them out but Met4 is lousy for that.

I'm sure I'll pm you one day with a question or two. but frankly, it's all here, it's all laid out and simple. The hard part is mastering our psych and emotions and that is nothing to do with the system. The system couldn't be simpler.

I'm less inclined to post on FF these days. But I'm grateful that just by telling us something as elegantly simple as "BB 18/2, 21EMA 50 SMA, RSI6. In a trend buy pullback to the middle BB. When flat, trade the extremes with divergence. And when going CT make sure you've got div" you've cut years and years of research and development time out of the equation. And those two lines are the method. After that it's about avoiding crap trades and waiting.

Thanks...
  • #2,003
  • Nov 12, 2009 2:23pm Nov 12, 2009 2:23pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
Good to see you here Ryan. I read every single one of your FF posts every night for two weeks. Again and again. Stared at those 5M charts for a ton of hours too. Looking for a way to print them out but Met4 is lousy for that.

I'm sure I'll pm you one day with a question or two. but frankly, it's all here, it's all laid out and simple. The hard part is mastering our psych and emotions and that is nothing to do with the system. The system couldn't be simpler.

I'm less inclined to post on FF these days. But I'm grateful that just by telling us...
Hi Aaron,
Thanks for summarising this method up in one paragraph. I just recently started looking at this thread and your post has made it all a lot clearer...I think I was over complicating what is really a simple method. The last time I spoke to you, you were trading the longer time frames over at J16 thread. Can I ask you if you are currently trading this method and, if so, on what time frame and how are you finding the change? I am finding it a little hard to adjust to the 5/15 minute charts after such a long time staring at the Daily and 4H charts...so much noise and little time to prepare. Perhaps I am looking at too many pairs, I have been watching eight (the ones with the lowest spreads).
Regards, Kean
  • #2,004
  • Nov 12, 2009 5:18pm Nov 12, 2009 5:18pm
Quoting kean
Hi Aaron,
Thanks for summarising this method up in one paragraph. I just recently started looking at this thread and your post has made it all a lot clearer...I think I was over complicating what is really a simple method. The last time I spoke to you, you were trading the longer time frames over at J16 thread. Can I ask you if you are currently trading this method and, if so, on what time frame and how are you finding the change? I am finding it a little hard to adjust to the 5/15 minute charts after such a long time staring at the Daily and 4H...
I still trade longer time frames. Weekly, daily, 4H and 1H. And I am a complete novice at this method so don't take anything I say too seriously, but I have had the best start with this stuff that I have had with any method. But I did around 6 months of study then seven months of demo and have been devoting myself to forex pretty much fulltime for the last 8-10 months. Only after all of that which was higher timeframe (initially just daily) stuff did I feel I could even look at this. And I still don't feel ready to look at more than one pair. I am just starting out on this, a few weeks of demo/tiny test account so far. A run of losers can come at any time. I've backtested over 500 trades through forextester of this method though.

I would say shut down all the charts but EU. There are enough opportunities for 2:1 trades. It's a high yield method. Why bother with 8 pairs? It'll just overwhelm you. Stick to one pair, and as Ryan would say, if it burns your ringpiece then spend some time on the highers first.

The main difference is just being glued to the charts waiting. But I watch movies, listen to music, play games, do reading.

Win or lose this method feels like it suits my personality. Let's see what tune I am singing in 6 months.
  • #2,005
  • Nov 12, 2009 5:53pm Nov 12, 2009 5:53pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
I still trade longer time frames. Weekly, daily, 4H and 1H. And I am a complete novice at this method so don't take anything I say too seriously, but I have had the best start with this stuff that I have had with any method. But I did around 6 months of study then seven months of demo and have been devoting myself to forex pretty much fulltime for the last 8-10 months. Only after all of that which was higher timeframe (initially just daily) stuff did I feel I could even look at this. And I still don't feel ready to look at more than one pair. I...
Thanks I agree, the first thing for me to do is reduce the amount of pairs. However, I am surprised that you suggest just one pair. Would there be enough trading opportunities on just one pair? If so, how many hours would you need to be glued to the charts for per day? I may be wrong as I am fairly new to this method, but my intention was to cut down to a more managable two or three pairs, achieve more trading opportunities and therefore spend less time watching the charts.

Also, can I ask you, did you decide to demo/small account trade the 5M or the 15M?

Regards,
Kean
  • #2,006
  • Nov 12, 2009 6:02pm Nov 12, 2009 6:02pm
Quoting kean
Hi Aaron,
Thanks for summarising this method up in one paragraph. I just recently started looking at this thread and your post has made it all a lot clearer...I think I was over complicating what is really a simple method. The last time I spoke to you, you were trading the longer time frames over at J16 thread. Can I ask you if you are currently trading this method and, if so, on what time frame and how are you finding the change? I am finding it a little hard to adjust to the 5/15 minute charts after such a long time staring at the Daily and 4H...
Theres nothing at all wrong with watching eight pairs, actually if anything i would recommend it, because you have more choice so you take the best of the best. Theres no advantage to watching just one in my humble opinion. I used to watch loads but now just 6.

As for little time to prepare - try a fixed sl, i never bother measuring the size of the bars, I used to trade the higher timeframes but now I just trade this, the hourly and I have a one minute system. It's fine once you don't get over exposed and watch your risk.

Just some thoughts,
Jig
  • #2,007
  • Nov 12, 2009 6:13pm Nov 12, 2009 6:13pm
Quoting kean
Thanks I agree, the first thing for me to do is reduce the amount of pairs. However, I am surprised that you suggest just one pair. Would there be enough trading opportunities on just one pair? If so, how many hours would you need to be glued to the charts for per day? I may be wrong as I am fairly new to this method, but my intention was to cut down to a more managable two or three pairs, achieve more trading opportunities and therefore spend less time watching the charts.

Also, can I ask you, did you decide to demo/small account trade the...
Jig's got far more hours under his belt than me on this so I would listen to him.

My daily average is around 3R on the EU which at the moment is more than enough for me. I absolutely will watch more pairs eventually but I think like anything this has a learning curve and one pair is a good place to start to get the ebb and flow of price movement. I just want to get my feet wet in such a way as I don't end up feeling overwhelmed. I got a sense you were feeling a little overhwhelmed from your post which is why I suggested it.

I can't speak for someone who watches multiple pairs but I think one of the trade offs of the 5M style is that you have to sit at the computer and watch. Ryan once watched every 5M bar during the NY session for a week without taking a trade.

It's funny, before Ryan shared this, I would have thought anyone who tried to trade the 5M was crazy. I think we all just find our own way of making it work. THe core of the method is simple, then you work on the psych, whether you watch multiple pairs, whether you take profit at 2R or look for runners, how much higher timeframe confluence you look for.

It's a journey and I am at the very very very beginning of it. Which is why I prefer watching the action on just one pair and demoing while I get a feel for it. I don't even look at 15M. If I had limited time to look at charts I wouldn't be trading this method but I have a lot of time at the moment.

Your mileage may vary. I also would add that I am absolutely happy as always to answer your questions Kean about what works for me, but I can't stress enough that I am just feeling this out like the rest of us. Jig, Jankone, Ryan...these guys make bank with this and have been doing so for a while. Just give it a whirl and see. If it overwhelms you, then cut down the pairs till you get comfortable on one, two or whatever and then build them up again. Listen to how you feel trading this and adjust accordingly. That's what I've been trying to do.
  • #2,008
  • Nov 12, 2009 6:17pm Nov 12, 2009 6:17pm
Quoting Jigsaw
It's fine once you don't get over exposed and watch your risk.
IMHO this is key. I am a large account holder and my risk works out at 0.1% of my total account. It really is just a test drive with small position size (i've discovered I prefer live trading with tiny risk to demo). What is amazing is that this method is so far producing a very decent income on just that percentage. (which is why i don't fancy watching extra pairs...I am also working on other research and development during the day as well)

But as I said, early days, and as with any method there will be a run of losers. Probably sooner rather than later as I am a beginner. Then the rubber will really hit the road. Early on in a method a run of losers brings its own unique form of despair I have found. With 10,000 trades under one's belt I am sure it's a different matter altogether.
  • #2,009
  • Nov 12, 2009 6:23pm Nov 12, 2009 6:23pm
Quoting oneuniverse
the CHF/JPY trade almost run 1.5R and the stoploss was hit thereafter

AU trade has run 10R
This TP was hit when i was having a good nite's sleep


This week update
4 trades
.......
Hey Winston, nice trading. Have you played around with a risk of ruin calculator? I have a lot and off the top of my head I'd say that 1% of total account risk on a 20% win rate and 10:1 payout system will eventually suffer some large draw-downs. 10 losses in a row will happen every once in a while and even 20 or 30 will happen occasionally. Please be careful of your act % risk size on such a high variance system (unless you are ok with that kind of act draw-down.) Keep in mind that moving stops to reduce risk part way or taking profit outright sooner may reduce expectancy of total return vs risk on each trade but will also reduce variance. A lower variance means we can safely risk a higher % of our account on each trade.
  • #2,010
  • Nov 12, 2009 8:20pm Nov 12, 2009 8:20pm
Quoting kean
hi aaron,
thanks for summarising this method up in one paragraph. I just recently started looking at this thread and your post has made it all a lot clearer...i think i was over complicating what is really a simple method. The last time i spoke to you, you were trading the longer time frames over at j16 thread. Can i ask you if you are currently trading this method and, if so, on what time frame and how are you finding the change? I am finding it a little hard to adjust to the 5/15 minute charts after such a long time staring at the daily and 4h...
remember ryans advice on timing, ny traders are busy for a couple of hours, at opening time....then a long, long lunch, followed by an hour of work, to tidy up for the day....
This is easily seen on a ym 5m chart.
There is often a trade on the euro/ london open,,,and most times you can forget the rest of the day..
The eur/usd is the best to learn on 5m. Much less volatile than any others with a low spread.
Graham
  • #2,011
  • Nov 13, 2009 1:50am Nov 13, 2009 1:50am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Jigsaw
Theres nothing at all wrong with watching eight pairs, actually if anything i would recommend it, because you have more choice so you take the best of the best. Theres no advantage to watching just one in my humble opinion. I used to watch loads but now just 6.

As for little time to prepare - try a fixed sl, i never bother measuring the size of the bars, I used to trade the higher timeframes but now I just trade this, the hourly and I have a one minute system. It's fine once you don't get over exposed and watch your risk.

Just some thoughts,...
Hi Jig, a fixed stop loss does sound like a very good idea for this method. Can I ask what size fixed stop loss and take profit that you use.
I can't imagine trading a 1 minute system!
Thanks for your thoughts,
Kean
  • #2,012
  • Nov 13, 2009 2:01am Nov 13, 2009 2:01am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
Jig's got far more hours under his belt than me on this so I would listen to him.

My daily average is around 3R on the EU which at the moment is more than enough for me. I absolutely will watch more pairs eventually but I think like anything this has a learning curve and one pair is a good place to start to get the ebb and flow of price movement. I just want to get my feet wet in such a way as I don't end up feeling overwhelmed. I got a sense you were feeling a little overhwhelmed from your post which is why I suggested it.

I can't speak for...
Thanks Aaron, your opinion is very useful and most appreciated. Glad to hear that you are already having some success with this system. I think the eight pairs I have been watching was a bit much for me at the stage I am at with this system. So, I think that I will cut back to just two for now, until I get more of a feel for it, maybe the E/U and one other.
Regards,
Kean
  • #2,013
  • Nov 13, 2009 2:05am Nov 13, 2009 2:05am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Janegra
remember ryans advice on timing, ny traders are busy for a couple of hours, at opening time....then a long, long lunch, followed by an hour of work, to tidy up for the day....
This is easily seen on a ym 5m chart.
There is often a trade on the euro/ london open,,,and most times you can forget the rest of the day..
The eur/usd is the best to learn on 5m. Much less volatile than any others with a low spread.
Graham
Hi Graham, yes that is a good point regarding the core times to trade. Have you been trading this method long? How are you finding it?
Thanks for your thoughts.
Kean
  • #2,014
  • Nov 13, 2009 6:16am Nov 13, 2009 6:16am
I took this one today. Nice sized pb at the upper bb with divergance. Got out a couple of bars later for breakeven when it wasn't going anywhere. No harm done.
Attached Image (click to enlarge)
Click to Enlarge Name: gu1311.gif Size: 17 KB
  • #2,015
  • Nov 13, 2009 6:21am Nov 13, 2009 6:21am
Quoting kean
hi graham, yes that is a good point regarding the core times to trade. Have you been trading this method long? How are you finding it?
Thanks for your thoughts.
Kean
hi kean, you must find the time frame that suits you.
And 5m works best for me.
If you are serious about learning, remember the importance that rac places on the dow.
If you put ym, eur/usd, and gbp/usd, all on the same screen. Study them..
Rac also reads the tape..
Just something to think about...
Graham
  • #2,016
  • Nov 13, 2009 8:06am Nov 13, 2009 8:06am
Quoting kean
Hi Jig, a fixed stop loss does sound like a very good idea for this method. Can I ask what size fixed stop loss and take profit that you use.
I can't imagine trading a 1 minute system!
Thanks for your thoughts,
Kean
Timeframe really does not matter all that much, I may trade the 1Min but I am always looking for say . . . 100pips on the gbpusd. I think of it as long term trading the smaller TF's.

On EURUSD my stop is now always 10pips + spread, with a TP of 50. Actually I started off trying to measure the bars but did not have time, then I started using 2xATR 14 as my SL, I would update the SL at the beginning of every new hour. But now I just stick with simplicity, on USDJPY my SL is 10+spread, on GU and EJ it's 20. Demo and backtest to find out what suits you is the order of the day here. The ATR method works well though.

Jig
  • #2,017
  • Nov 13, 2009 9:25am Nov 13, 2009 9:25am
Just sold EU m5 1.4849
  • #2,018
  • Nov 13, 2009 9:38am Nov 13, 2009 9:38am
I'm in too.
now SL hitted . -9 pips.
it gone crazy.


Quoting Sim
Just sold EU m5 1.4849
  • #2,019
  • Nov 13, 2009 9:41am Nov 13, 2009 9:41am
Same SL at -9, great thing with these is the tiny SL compared to wins

Bad start to the day! Ha
  • #2,020
  • Nov 13, 2009 9:42am Nov 13, 2009 9:42am
I was in that too, I was not sure what way it wanted to go but we did have some resistance on it so I thought the PB would hold, oh well.
Keep taking CT trades, I need more money
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