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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,941
  • Mar 5, 2010 10:08am Mar 5, 2010 10:08am
ct/div setup with round 90.50. stopped out above pin.
hope ppl have better luck than this.
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  • #2,942
  • Mar 5, 2010 10:18am Mar 5, 2010 10:18am
Quoting dhh
ct/div setup with round 90.50. stopped out above pin.
hope ppl have better luck than this.
I took the same for a loss. Looking back on it, it was pretty simple why it turned to be a loss at that. Look at the uptrend on the hourly! Damn man. That's when divergence will get you owned...after news on a really strong uptrend.

2 gains and a loss with this method for today, not bad but no shutout. On higher timeframes, it's golden following the 21 however. I've been trading that way for years and it's primetime (a little differently but still the same setup with the 21- I just used different MAs to plot out the same exact thing).

For instance, the hourly eur/gbp beovb that just popped up on the charts. That's my bread and butter. This strategy works on all timeframes with common sense. I'm not saying anything bad; I'm just saying we have to focus on the surroundings of price.
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I dream, therefore I become.
  • #2,943
  • Mar 5, 2010 10:32am Mar 5, 2010 10:32am
it's funny to see all the J16ers coming to lurk in this thread whenever Ryan makes an appearance. I too, got a little curious when Ryan reappeared, having been frustrated waiting for pullbacks on mega moves that never occur. Spent the last week or so reading up on bill williams, he might be on to something...Risk 22/Reward 143......who says you have to sit out on NFP day?
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  • #2,944
  • Mar 5, 2010 10:35am Mar 5, 2010 10:35am
Quoting Icehocey77
it's funny to see all the J16ers coming to lurk in this thread whenever Ryan makes an appearance. I too, got a little curious when Ryan reappeared, having been frustrated waiting for pullbacks on mega moves that never occur. Spent the last week or so reading up on bill williams, he might be on to something...Risk 22/Reward 143......who says you have to sit out on NFP day?
In your opinion, does all the Bill Williams stuff just add more junk to the screen or is it useful? I'm happy with what I know now, but if it's worth it, I'd definitely buy the book and learn the content. Does it go hand in hand with this setup as well?

P.S. mannn, that gbp/jpy trade was badass brother. You do realize that you could probably hold that for a few weeks now...check out the higher TF charts. I didn't have the cojones to trade lol I've been burnt on NFP too many times...like 3.
I dream, therefore I become.
  • #2,945
  • Mar 5, 2010 10:40am Mar 5, 2010 10:40am
In my world if a trade doesn't break violently in the first 1-2 bars i move my stops quickly and reduce my risk. It will keep you out of some moves but it avoids losses and that is much more important!

It comes with experience!
  • #2,946
  • Mar 5, 2010 10:44am Mar 5, 2010 10:44am
Quoting dhh
ct/div setup with round 90.50. stopped out above pin.
hope ppl have better luck than this.
I too got blown out of that pinbar but entered short again @55 and now closed @41 for breakeven
If you think you can or cannot do it you are correct
  • #2,947
  • Mar 5, 2010 10:59am Mar 5, 2010 10:59am
Now it appears I got the trade right but exited too early...
If you think you can or cannot do it you are correct
  • #2,948
  • Mar 5, 2010 11:02am Mar 5, 2010 11:02am
http://i46.tinypic.com/2s8r6ug.gif

A negative divergence short was signaled.
  • #2,949
  • Mar 5, 2010 11:39am Mar 5, 2010 11:39am
On the hourly chart of the eurusd. check it out
If you think you can or cannot do it you are correct
  • #2,950
  • Mar 5, 2010 11:48am Mar 5, 2010 11:48am
Quoting Olu
On the hourly chart of the eurusd. check it out
http://i47.tinypic.com/akzvw4.gif

No divergence.
  • #2,951
  • Mar 5, 2010 11:50am Mar 5, 2010 11:50am
Quoting Jaquille
http://i970.photobucket.com/albums/a...s/jaquille.gif

How's that look?
Excellent- thats all you need
every Saint has a past. Every Sinner has a Future
  • #2,952
  • Mar 5, 2010 11:59am Mar 5, 2010 11:59am
Quoting Olu
On the hourly chart of the eurusd. check it out
You really have to look at the surroundings my man. Sorry this took so long to write back, but I wouldn't have traded that to begin with. It ran right into the support and bounced back. Look at the 15 minute charts and you can see very clearly when and why that happened.
I dream, therefore I become.
  • #2,953
  • Mar 5, 2010 12:14pm Mar 5, 2010 12:14pm
Point taken Mike W
If you think you can or cannot do it you are correct
  • #2,954
  • Mar 5, 2010 1:04pm Mar 5, 2010 1:04pm
i see what you mean by strong news and hourly trend. you obviously have absorbed this system and added personal touches to it, seems working great for you.

for me, i'm just sticking to the system's simplicity for now.
Quoting mike w
I took the same for a loss. Looking back on it, it was pretty simple why it turned to be a loss at that. Look at the uptrend on the hourly! Damn man. That's when divergence will get you owned...after news on a really strong uptrend.

2 gains and a loss with this method for today, not bad but no shutout. On higher timeframes, it's golden following the 21 however. I've been trading that way for years and it's primetime...
  • #2,955
  • Mar 5, 2010 1:08pm Mar 5, 2010 1:08pm
i guess you took the somewhat '2 bar pin' after the pin. breakeven is good.
i keep it simple, no pin no trade

Quoting Olu
I too got blown out of that pinbar but entered short again @55 and now closed @41 for breakeven
  • #2,956
  • Mar 5, 2010 2:15pm Mar 5, 2010 2:15pm
Quoting mike w
In your opinion, does all the Bill Williams stuff just add more junk to the screen or is it useful? I'm happy with what I know now, but if it's worth it, I'd definitely buy the book and learn the content. Does it go hand in hand with this setup as well?

P.S. mannn, that gbp/jpy trade was badass brother. You do realize that you could probably hold that for a few weeks now...check out the higher TF charts. I didn't have the cojones to trade lol I've been burnt on NFP too many times...like 3.
pretty useful. I'd get the book just for the psychology involved....you might be able to find a sneak preview around the internet.


yeah that was a pretty nice trade eh? Could've held on but it was probably time for it to have a breather and with time being around 11:30 est figure that was as high as it was going to go for the time being.
  • #2,957
  • Mar 6, 2010 7:17am Mar 6, 2010 7:17am
Man, I've spent a good 50 hours on the simulator this week working on my with trend pins and I can tell you guys one thing, when it comes to picking pins right before a deep pull back or trend change, I have a masters degree... sigh...

ah well, I think I'm about a 100 hours in total now for the last few weeks. Hopefully by a 1000 I will wake up a bit..

It all hasn't been for waste though, I've been pondering the thought of to cut or not to cut for a year now, I finally fully understand these two thoughts that I read from two different books.

Reading Price Action Bar by Bar - Al Brookes: he says trade the 5minute rather than the 1minute as you won't have enough time to pick the best trades and will end up cherry picking the losers. (I never really understood this at the time but it rattled around ever since.)

The Logical Trader by Mark Fish - Similar concept, he stresses the importance of time in his trading always and specifically in relation to taking a trade and cutting it if it doesn't go anywhere. He feels that the longer price sits at a particular level the more chance there is for people to get in on that trade, if the masses are usually wrong then it follows that it's not going to be a great trade is it).

So anyway, after observing a couple of hundred pins over the last few months I now understand these ideas intricately. Good trades do not hang around!! and the ones that do are usually hungry for your stop.

If I can have 1 revelation like this every 100 hours, I'll be a happy man.

Happy trading dudes.
Want what the market wants
  • #2,958
  • Mar 6, 2010 7:31am Mar 6, 2010 7:31am
Quoting DangerBoy
Man, I've spent a good 50 hours on the simulator this week working on my with trend pins and I can tell you guys one thing, when it comes to picking pins right before a deep pull back or trend change, I have a masters degree... sigh...

ah well, I think I'm about a 100 hours in total now for the last few weeks. Hopefully by a 1000 I will wake up a bit..

It all hasn't been for waste though, I've been pondering the thought of to cut or not to cut for a year now, I finally fully understand these two thoughts that I read from two different books....
Hey dangerboy, it is important to have those time frames up on your screen at the same time if at all possible the 30 sec shows what the 1min is doing the 1 min shows what the 5 min is doing etc...
  • #2,959
  • Mar 6, 2010 8:18am Mar 6, 2010 8:18am
Quoting monikroc
Hey dangerboy, it is important to have those time frames up on your screen at the same time if at all possible the 30 sec shows what the 1min is doing the 1 min shows what the 5 min is doing etc...
Yeah I use 2 higher time frames as it is, the problem I find though with the trend pins is that often when you think to much about what lies ahead on the same timeframe or others you can usually talk yourself out of just about everything by saying well we're at a 60minute PPZ, 15minute outer bolly high, daily range high/ consolidation etc., the thing is that rarely does the trend pullback without a reason, there is always some justification for the PB.

I think maybe I'm late on the mark with the change on the same TF so I'm pressing to late up the trend when I should already know I'm 20minutes late for the party.

My other thought is that perhaps I need to spend more time looking at the character of the trend and if it's overly volatile then adjust or wait for calmer waters.

Practice and patience I guess.. all good fun anyway
Want what the market wants
  • #2,960
  • Mar 6, 2010 4:26pm Mar 6, 2010 4:26pm
Jankone,

Thanks for creating this thread. Nice work. You have shown great examples on how your trading style works. Patients and consistency is the key.

Thanks again for sharing.
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