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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,101
  • Nov 18, 2009 2:49am Nov 18, 2009 2:49am
Quoting supermatt
I feel kinda bad and a tad guilty for trading on the 5 min chart seems i normally trade daily by j16 ways.

aud usd. 5 min pin div
This might be something TiaForex replies to later, but is was something him and I have talked about. We both fully felt that 'naughty' feeling when we started demoing the lower tf. We also both quickly realized, however, that we must get over those feelings if we intend to succeed on the lower tf. If we subconsciously think we will fail...then we will fail.

"We get from the market what we want from the market."

I now both feel comfortable moving down tf because I have spent many months on the higher tf, have read and studied the J16 entire thread, have read all the posts of senior traders several times, have demoed, and traded live the higher tf only, and have a good feel for the material I am trading. Only after completing this stuff, did I feel 'ready and guilt-free' to explore other tf to better match my personality.

Josh
  • #2,102
  • Nov 18, 2009 6:29am Nov 18, 2009 6:29am
So true! To me that is the most important quote out of Market Wizards.

It made me question myself:

Am I looking for excitement (such as from the s&p pit feed or cnbc/bloomberg)?
Am I looking for respect, honor and attention from friends, family and other FF members?
Am I looking to get excited from other peoples profits/pips?
Am I dreaming of big profits?
Or am I working towards being profitable and increase my profits?

I noticed that I have let myself become way too distracted by all of the above examples except the latter one.

Now I'm concentrating more and more on the latter question and that's what all of us should do.

Quoting Jduester
"We get from the market what we want from the market."
  • #2,103
  • Edited 8:05am Nov 18, 2009 7:39am | Edited 8:05am
Anyone take this one?.....I'm gutted as i had to go and answer the door and came back and missed the big move....bl**dy fast....got about 1/2 of it, Doh!
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  • #2,104
  • Nov 18, 2009 8:12am Nov 18, 2009 8:12am
Out at +19, yes it was fast.
Currently holding a gu short worth about +20 atm, although it wasn't a classic Jankone setup, there was divergence..

gu update; out at +18

cheers,

Dan


Quoting redart007
Anyone take this one?.....I'm gutted as i had to go and answer the door and came back and missed the big move....bl**dy fast....got about 1/2 of it, Doh!
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  • #2,105
  • Nov 18, 2009 8:42am Nov 18, 2009 8:42am
Hey guys, nice ballsy trades. It seems I always find reasons not to take trades like these. Both were countertrend, which have given me all sorts of trouble. Also there was some news about the USD, so I've decided to try and stay away from these m5 and m15 trades when news is coming out. Do you guys find that news about USD effects none USD crosses much. IE that EJ trade just posted happened the same time as the news.

Sometimes I think it's better to try and play the counter move of the news, (see e/u m15). But generally I just stay away from these trades until things calm down a bit.
-marc
  • #2,106
  • Nov 18, 2009 9:06am Nov 18, 2009 9:06am
Yes I was aware of the red news and pre-news I had as many as 5 positions open and closed them all except EJ which I left open on purpose hoping news would push it my direction, which it did. After news I took a few scalp trades which have nothing to do with this system. Theres one news per month, NFP that I have a solid rule about not trading during news unless its based on a higher time frame, but some of the other red news times I just reduce my exposure to at least half and then only if I have a good setup and indication of direction. One thing is for sure, if I have a trade open during news, I always have a stop in place!

One thing I like to do is to see if a clearly defined trend forms after news and hop aboard then if I see a good entry. Often as today, market waits for news before any major moves.

Crosses definetely move independent from the $ pairs at times but not other times so it's hard for me to predict when those times are. I just follow them as independent pairs instead. I have traded nice price action on the crosses when the $ pairs were stagnant, and vice versa

Quoting HawkI
Hey guys, nice ballsy trades. It seems I always find reasons not to take trades like these. Both were countertrend, which have given me all sorts of trouble. Also there was some news about the USD, so I've decided to try and stay away from these m5 and m15 trades when news is coming out. Do you guys find that news about USD effects none USD crosses much. IE that EJ trade just posted happened the same time as the news.

Sometimes I think it's better to try and play the counter move of the news, (see e/u m15). But generally I just stay away from...
  • #2,107
  • Nov 18, 2009 9:23am Nov 18, 2009 9:23am
HawkI, what gave me added confidence with this was that it was at R1, to be honest I didn't check the news, maybe I should have...although I'm not an economist...

its a simple setup and not sure if analyzing the news will effect your ability to pull the trigger...news can sometimes send the market both ways as it did with this trade, down...then up...so does it help knowing it...? If the trade fails you would have said...should have listened to the news....if it worked and you interpreted the news you might have said pleased I listened to the news...but its maybe the anticipation of traders all over the world that provides us with the setup before the news and with this insight puts us one step ahead and at the front of the que...just make sure you have a stop in place...

I think with these trade setups if you get a good setup i.e A+ or A++ - just take it....if it looses (some will) there will be another winning setup not too far away...if you don't take it you might wish you had and be inclined to take a not so good setup next time...

I took a cr*p trade yesterday and am now as Jankone has spelt out - only taking the best ones and you will make money...

Cheers

Red


Quoting HawkI
Hey guys, nice ballsy trades. It seems I always find reasons not to take trades like these. Both were countertrend, which have given me all sorts of trouble. Also there was some news about the USD, so I've decided to try and stay away from these m5 and m15 trades when news is coming out. Do you guys find that news about USD effects none USD crosses much. IE that EJ trade just posted happened the same time as the news.

Sometimes I think it's better to try and play the counter move of the news, (see e/u m15). But generally I just stay away from...
  • #2,108
  • Nov 18, 2009 3:02pm Nov 18, 2009 3:02pm
Is it just me or has the action out there been awful recently?

(And I only trade this method on EU 5M. I hear it's been equally bleak for you 4 pair 5M and 15M traders too)
  • #2,109
  • Nov 18, 2009 3:54pm Nov 18, 2009 3:54pm
Quoting TiaForex
Is it just me or has the action out there been awful recently?

(And I only trade this method on EU 5M. I hear it's been equally bleak for you 4 pair 5M and 15M traders too)
I watch G/U and E/U 15min and 5min. One CT trade on Monday for BE, nothing even close to decent since. Slowest its been in over a month of demo for me.
  • #2,110
  • Nov 18, 2009 5:52pm Nov 18, 2009 5:52pm
Quoting TiaForex
Is it just me or has the action out there been awful recently?

(And I only trade this method on EU 5M. I hear it's been equally bleak for you 4 pair 5M and 15M traders too)
It's tough for me to differentiate changing conditions versus me simply taking inferior setups. I will simply say trading this tf doesn't seem to be quite as simple for me as it was 3 weeks ago...

These are times for patience and discipline development. You're very good at these. Keep it up Aaron. I think you're on the right track by being very intentional (read picky) on the trades you take. Opportunities will come...

Night all...
  • #2,111
  • Nov 18, 2009 6:09pm Nov 18, 2009 6:09pm
You're not the only one.

I'm watching the eur/usd, gbp/usd and usd/jpy on the 5m. So far 1 trade this week (Tuesday).

Most of the time I end up backtesting, checking news and working on other business.

Quoting TiaForex
Is it just me or has the action out there been awful recently?

(And I only trade this method on EU 5M. I hear it's been equally bleak for you 4 pair 5M and 15M traders too)
  • #2,112
  • Nov 18, 2009 6:31pm Nov 18, 2009 6:31pm
Seems to be the concensus then.

Quiet weeks when trading daily, weekly or 4H I don't tend to notice . But 5M has me glued to a chart all day and so it can feel a bit tedious.

So it's just a question of keeping my powder dry until those juicy slam dunk trades show up again.

Other methods and timeframes are keeping me busy.
  • #2,113
  • Nov 19, 2009 2:51am Nov 19, 2009 2:51am
Very neat setup for 1R win
Is this market going to give us a little more today?
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All that matters is winning the week
  • #2,114
  • Nov 19, 2009 8:39am Nov 19, 2009 8:39am
After 4 consecutive losses, this one seems a winner


the nice thing about this trade is on broader view it is Trend trade and on side view it is CT , all energies lined up for a big move!

will ride it enough if market permits! lol

Cheers
Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,115
  • Nov 19, 2009 8:50am Nov 19, 2009 8:50am
Quoting oneuniverse
After 4 consecutive losses, this one seems a winner


the nice thing about this trade is on broader view it is Trend trade and on side view it is CT , all energies lined up for a big move!

will ride it enough if market permits! lol

Cheers
Winston
Why not post those losses, and maybe we can all learn from them? I'm now posting all my trades in my journal. More for accountability to myself as I feel like I'm struggling lately with patience. But maybe it's more that the market conditions are testing my limited experience too. Either way, I'm getting a lot of b/e or losses. Feel free to check it out. I may or may not respond to posts though. Stay tuned...

http://www.forexfactory.com/showthre...98#post3243698
  • #2,116
  • Nov 19, 2009 8:57am Nov 19, 2009 8:57am
What is the indicator you have to mark spur pin bars?
Thanks.
Sasa

Quoting redart007
Anyone take this one?.....I'm gutted as i had to go and answer the door and came back and missed the big move....bl**dy fast....got about 1/2 of it, Doh!
  • #2,117
  • Nov 19, 2009 9:04am Nov 19, 2009 9:04am
Quoting oneuniverse
After 4 consecutive losses, this one seems a winner


the nice thing about this trade is on broader view it is Trend trade and on side view it is CT , all energies lined up for a big move!

will ride it enough if market permits! lol

Cheers
Winston
UPDATE

squared off for 7R

losers 4 took 4%
winners 1 got 7%

net weekly gain 3% , not bad!

Cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,118
  • Nov 19, 2009 9:06am Nov 19, 2009 9:06am
Quoting Jduester
Why not post those losses, and maybe we can all learn from them? I'm now posting all my trades in my journal. More for accountability to myself as I feel like I'm struggling lately with patience. But maybe it's more that the market conditions are testing my limited experience too. Either way, I'm getting a lot of b/e or losses. Feel free to check it out. I may or may not respond to posts though. Stay tuned...

http://www.forexfactory.com/showthre...98#post3243698
i have posted those losses in this thread itself, looking forward for journal

cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,119
  • Nov 19, 2009 9:22am Nov 19, 2009 9:22am
This one...found it earlier in the thread...

Quoting sasavisnic67
What is the indicator you have to mark spur pin bars?
Thanks.
Sasa
Attached File(s)
File Type: mq4 ATM_MasterCandle_IB_PB.mq4   10 KB | 494 downloads
  • #2,120
  • Nov 19, 2009 9:41am Nov 19, 2009 9:41am
Quoting oneuniverse
i have posted those losses in this thread itself, looking forward for journal

cheers
Winston
Ah, sorry about that. Nice trade!

Josh
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