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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,121
  • Mar 16, 2010 9:03am Mar 16, 2010 9:03am
Forgive me if I am wrong. I know that the FEDs are speaking this evening UK time. Everywhere is basically in a holding pattern. I bailed out when we didnt break 3714 to the downside. Glad I did so too
If you think you can or cannot do it you are correct
  • #3,122
  • Mar 16, 2010 9:17am Mar 16, 2010 9:17am
Hello Olu,
what do u mean holding pattern?
i have been looking at $jpy all day. it almost literally went to the moon AND back, i traded it too.
several charts here posted too.

it would be best if u dont concern yourself of what others are doing/not doing. in most cases, it's (listening/watching others) not beneficial for Your trading.
if u are fearful of the news, then dont trade it/ prior it.
dont bother yourself if others look at the news or not: it is not your business & it doesnt help YOU at all (learning about people trading news or not does not make YOU profitable, right?), specially IF u are fixated with the thought of avoiding the news.

this is not a rant, btw.
hope this helps.
  • #3,123
  • Mar 16, 2010 9:29am Mar 16, 2010 9:29am
Quoting supremeChaos
Hi Nos ,
what u can do is open several positions per trade, exit 1/3 (or 2/3 or 1/2) of your positons at S/R's etc, & leave a few remaining positions(with stops at BE) to hit your longer-term targets or take advantage of possible trends.
Good luck!!
That is definitely something I will try. It's incredible the potential that a M5 trade can have if in confluence with higher TF.

From my observation there were 2 chances so far today (London session) on EURUSD. Didn't take any of them.

A question for you seniors.

- First one I was not in front of screen.
- Second one I hesitated because of the two larger pins formed a few bars before in the opposite direction. Should I ignore these counter signals if the pin is with the trend and with div?

Nos
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  • #3,124
  • Mar 16, 2010 9:44am Mar 16, 2010 9:44am
Quoting supremeChaos
oh brother, u can't get away from this topic, can u?
haha It's a tough one to get away from SC! How's it goin my man? The eur/usd just printed a nice pin with divergence on the 5 minute. Should be good for a quick 10 pips.
I dream, therefore I become.
  • #3,125
  • Mar 16, 2010 10:22am Mar 16, 2010 10:22am
good idea, but why not say shooting star or hammer like all other traders who use this in his candlestick charts?
  • #3,126
  • Mar 16, 2010 11:00am Mar 16, 2010 11:00am
Quoting crackajack
good idea, but why not say shooting star or hammer like all other traders who use this in his candlestick charts?
Someone thought us different.

http://www.forexfactory.com/showthread.php?t=2331

Call it whatever you want, it does the same thing.
  • #3,127
  • Mar 16, 2010 12:23pm Mar 16, 2010 12:23pm
A loss on this one. anyone else took this one?
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  • #3,128
  • Mar 16, 2010 1:14pm Mar 16, 2010 1:14pm
Quoting NosferatuMan
A loss on this one. anyone else took this one?

Did not take that trade, if I was around I probably would have... looked really good.

*shrug* nothing is 100%
  • #3,129
  • Mar 16, 2010 1:57pm Mar 16, 2010 1:57pm
Quoting supremeChaos
Hello Olu,
what do u mean holding pattern?
i have been looking at $jpy all day. it almost literally went to the moon AND back, i traded it too.
several charts here posted too.

it would be best if u dont concern yourself of what others are doing/not doing. in most cases, it's (listening/watching others) not beneficial for Your trading.
if u are fearful of the news, then dont trade it/ prior it.
dont bother yourself if others look at the news or not: it is not your business & it doesnt help YOU at all (learning about people trading...
Many thanks for your advice. I really do not care about what other people trade. I do pride myself on the fact that that I have made and lost money based on what I think alone. I had a quick look at the yen chart and I agree with you - holding pattern ? couldnt have been more wrong. Why didnt I see the trades on the yen?

Lastly I do not consider your post as ranting. Thats why we are here - to mix opinions and learn. So SupremeChaos I am learning from your rant, i mean post
If you think you can or cannot do it you are correct
  • #3,130
  • Mar 16, 2010 2:26pm Mar 16, 2010 2:26pm
Quoting mrsingha
Ok, just to play devil's advocate here,
I see a break low, pullback to the 21ma, and a double pb.
Turnip, I respectfully disagree - they are pins. Not perfect but pins nonetheless.
DIV - only required for CT trades, not pullbacks to the 21ma/CBB (am I correct in saying that?)
Traffic? Sorry guys don't see it.
Just made it up and more besides on UY so all's well that ends well.

Steve.
It's a pin - yes. But a CRAP pin !

Go to post 1 and re-read before ignoring people who try to help you.
every Saint has a past. Every Sinner has a Future
  • #3,131
  • Mar 16, 2010 3:24pm Mar 16, 2010 3:24pm
Test it.
in trend trades is good previous lows/highs, s/r, round numbers..
in ct - ema21, fix tp like 1,5:1 or 2:1or again S/R + round numbers..
choose

(for example in trend there are more ways... what about more pt? 1st close on 10 pips, second with 20. and 3rd let run and sl is at b/e.. you can test everything you want)

Quoting tentoerun
Hi Jankone

Do you have any exit rules for this system?

Thanks,
Simon
  • #3,132
  • Mar 16, 2010 3:33pm Mar 16, 2010 3:33pm
notice :

Guys before you trade forget about million non-saying words from theory and just imagine poker. Do you trade ACES or KINGS?
Some trades here are like J-3 combo and some are really KK or AA.
If you play with bad cards (bad setups) you will lose money in the long therm.
If you play with best cards (best setups with rules) you will earn money...

It really can't be more simpler.
  • #3,133
  • Edited 7:26pm Mar 16, 2010 3:34pm | Edited 7:26pm
has taken two bars before an enter at 1.3728 (little pin bar "at the bottom") but has to say nothing concerning the news - only random profit.
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  • #3,134
  • Edited Mar 17, 2010 7:41am Mar 16, 2010 5:51pm | Edited Mar 17, 2010 7:41am
Quoting mrsingha
Turnip, I respectfully disagree
Things are rarely 100% clear with trading. 100 traders will see the same chart in 100 diff. ways. You have to know WHY you are asking certain questions, what sort of answers (and what for) you are looking for.

Ultimately, you'll have to figure out YOURSELF what's right (what's works) for YOU.

Consider the market as thick fog.

---

If you DO need an answer, Ryan's rules are dead simple. There is no need to make things look complicated. If a bar looks like a pinbar to you, trade it. If you are right, you'll learn something. If you are wrong, you'll learn something too (hopefully). Eventually, you will (could) learn all you need. Getting random opinions on some specific setups, even from good traders, will not take you anywhere. It's like driving: you'll never learn to drive if you keep stopping to ask somebody's opinion as to whether it's OK to do this or that - you know the rules, so just drive (if you don't - learn them before driving).

It's not a criticism, but an opinion. You may disregard it if you wish.
One Chart is Worth Ten Thousand Words.
  • #3,135
  • Mar 16, 2010 5:54pm Mar 16, 2010 5:54pm
Quoting Jankone
notice :

Guys before you trade forget about million non-saying words from theory and just imagine poker. Do you trade ACES or KINGS?
Some trades here are like J-3 combo and some are really KK or AA.
If you play with bad cards (bad setups) you will lose money in the long therm.
If you play with best cards (best setups with rules) you will earn money...

It really can't be more simpler.
Well said, Jankone! That's really the only advice (in addition to reading the first few pages of this thread) one needs to understand this message. If you don't (yet) know what the best cards are, choose another game or sit at another table. It's your money, after all - do you homework and put the effort in.
One Chart is Worth Ten Thousand Words.
  • #3,136
  • Mar 16, 2010 5:58pm Mar 16, 2010 5:58pm
Quoting NosferatuMan
A loss on this one. anyone else took this one?
Not all trades are winner - you have to learn to accept you losses.

Also, good setups result, usually, in fast/hard moves. When price stalled, it gave you an opportunity to get out at BE or with a small loss. Seeing a setup and entering is only (small) part of trading - it's the trade management that determines how profitable you are.
One Chart is Worth Ten Thousand Words.
  • #3,137
  • Mar 16, 2010 7:11pm Mar 16, 2010 7:11pm
Quoting Forex007
Not all trades are winner - you have to learn to accept you losses.

Also, good setups result, usually, in fast/hard moves. When price stalled, it gave you an opportunity to get out at BE or with a small loss. Seeing a setup and entering is only (small) part of trading - it's the trade management that determines how profitable you are.
I totally understand.

Thanks for the feedback (also to chasem).
  • #3,138
  • Mar 16, 2010 7:41pm Mar 16, 2010 7:41pm
Quoting crackajack
good idea, but why not say shooting star or hammer like all other traders who use this in his candlestick charts?
Hello crakajack,
this is the internet. we ALL have FREE WILL.
so PLEASE do not try to impose upon us your own desire/s.
we do not need to think like all other traders. there is NO NEED TO FOLLOW THE HERD.
use candles if u want to; say shooting star if u want to. u are free to do so.
  • #3,139
  • Mar 16, 2010 7:48pm Mar 16, 2010 7:48pm
Quoting NosferatuMan
A loss on this one. anyone else took this one?
Hello Nos,
i cant see why it will help YOU if u look for others who lost on the same trade.
what will help u finding the reasons why u took this trade in the first place.

observations:
-the pin is small. look at the surrounding bars.
-technically speaking, that pin seemed to have closed(cant see clearly) below the previous bar.
-the pin is in traffic (not at a swing high/low)
-midBB & red ema is FLAT, so price can go either way.
-pin is in the middle of midBB & lowerBB. this is the second time i mentioned this 'today'. imho, if u want a bullish pin, it should pierce the midBB with the body ideally above the midBB (reverse for bearish pin/PA)
-it seems there's no hidden div on RSI. (again, cant see clearly)




This goes to ALL reading this thread for the first time/just recently:
Stop trading (even demo), read this thread first.
if possible, i highly suggest reading james16 thread prior this thread.
if u have a slow learning curve (be honest TO YOURSELF), do NOT read a few posts then go immediately applying what u 'learned'.
For many, trading is simple but not easy; do not think otherwise.
in james16 thread, get to know the basics: about S/R's, PPZs, patience, & quality of setups. this thread will help u immensely in trading this method.

here in this thread, read ALL of Ryanmcd & jankone's charts.
PLEASE COMPARE YOUR trades/charts with Jankone's trades/charts.
jankone trades quality setups. almost every week, i see some people taking small/very small pins &/or UNIDEAL/POOR RSI &/or BB situation.
if u truly want & crave for success, please TAKE THE TIME TO READ & hear my advice. it's for your own good, NOT mine; if u disregard this post, it's not MY loss.

AGAIN, TAKE THE TIME TO READ, LEARN & PRACTICE. THIS IS NOT A WALK IN THE PARK.
Hope this helps some people out there
Thank you Nos
  • #3,140
  • Mar 16, 2010 7:50pm Mar 16, 2010 7:50pm
Quoting Olu
Many...
Glad u liked my rant, i mean post
Seriously, good for you!
Post more, learn more
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