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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,181
  • Mar 18, 2010 11:54pm Mar 18, 2010 11:54pm
Quoting NosferatuMan
Hi...
would you take the second pin on my chart? It is CT with no div.
...
Hello Nos,
this is where personal style, discretion, chart time/experience/knowledge come in.

i will not post a chart but please put a line/rectangle around 90.60-70 or 90.65 area on the DAILY chart. then compare with your M5 chart. the above value acted as an S/R or PPZ (see the james16 thread for this, in case)

with the knowledge of this PPZ + this method, u could possibly have shorted it.
divergence & indicators like RSI are just added confluence/trigger/confirmation. S/R are more powerful & respected.

just my view. hope this helps
  • #3,182
  • Mar 19, 2010 4:52am Mar 19, 2010 4:52am
Quoting supremeChaos
Hello Nos,
this is where personal style, discretion, chart time/experience/knowledge come in.

i will not post a chart but please put a line/rectangle around 90.60-70 or 90.65 area on the DAILY chart. then compare with your M5 chart. the above value acted as an S/R or PPZ (see the james16 thread for this, in case)

with the knowledge of this PPZ + this method, u could possibly have shorted it.
divergence & indicators like RSI are just added confluence/trigger/confirmation. S/R are more powerful & respected.

just my view. hope this helps
Hi SC,

You are always helpful

There is definitely a PPZ on the daily. I totally agree with you that this is where your personal style determines if it is "tradeable" or not.

By the way, in this template I use for jankone's system I'm facing a problem. Whenever I draw a line/shape on daily or H4, when I drop down to M5 that line/shape disappears ("view in all time frames" is selected). Do you know what I might be doing wrong?

Nos
  • #3,183
  • Mar 19, 2010 5:03am Mar 19, 2010 5:03am
Quoting NosferatuMan
Hi SC,

You are always helpful

There is definitely a PPZ on the daily. I totally agree with you that this is where your personal style determines if it is "tradeable" or not.

By the way, in this template I use for jankone's system I'm facing a problem. Whenever I draw a line/shape on daily or H4, when I drop down to M5 that line/shape disappears ("view in all time frames" is selected). Do you know what I might be doing wrong?

Nos
got the same problem 2. its the pinbar indicator that deletes the lines
Never whishing, always trading.
  • #3,184
  • Mar 19, 2010 5:35am Mar 19, 2010 5:35am
Hello Nos, Hova,
if the pinbar indicator is the confirmed problem... then remove it.
& look for pinbar indicator made by Sir smjones

Hope this helps
  • #3,185
  • Mar 19, 2010 6:26am Mar 19, 2010 6:26am
Hova,

You are correct. It seems that the problem is the PB indicator.

SC,

I believe this is the indicator you referred
http://www.forexfactory.com/showpost...36&postcount=4

Thanks
  • #3,186
  • Mar 19, 2010 6:40am Mar 19, 2010 6:40am
Hello Nos,
i think that's it. (i have that indicator in another PC)
u can adjust the settings for the size of PB that u want.
u can have the arrows appear/disappear too. etc. etc..
just play around with the settings.
  • #3,187
  • Mar 19, 2010 8:38am Mar 19, 2010 8:38am
This is not a "pure" Ryan-style trade, but as I mentioned earlier - once you understand price dynamics, you can apply the same rules/principles in several ways.

Trade 1 entry was off M5, in fact (there was a PB and some RSI div), but the main reason for entry was price reaction to prior range (prior Highs) - i.e. the context.

Trade 2 was also PB-related (on M15 - but there was one on M5 too), however the main reason for entry was price reaction to a strong SR (1.3600). Here I used "possible scenarios" approach - if BO below 1.36 was false, price woud have reversed stronger, it made 2 attempts to reverse and still couldn't.

SL has been hit (overall RR - 13).
Attached Image (click to enlarge)
Click to Enlarge Name: EU_M15_-_two_trades.png Size: 52 KB
One Chart is Worth Ten Thousand Words.
  • #3,188
  • Mar 19, 2010 8:58am Mar 19, 2010 8:58am
I'm not going to lie, these past two days have been tough. Today, I'm looking at losses and yesterday was B/E. Let's see how the rest of the day progresses and best of luck to everybody.

Forex007,thanks for posting up the forextester man! That's a nice program. I'm getting acquainted with it right now and it's set up nicely.
I dream, therefore I become.
  • #3,189
  • Mar 19, 2010 9:22am Mar 19, 2010 9:22am
Quoting mike w
I'm not going to lie, these past two days have been tough. Today, I'm looking at losses and yesterday was B/E. Let's see how the rest of the day progresses and best of luck to everybody.

Forex007,thanks for posting up the forextester man! That's a nice program. I'm getting acquainted with it right now and it's set up nicely.
Not all trades are winners (sometimes I post interesting losers too), that's why RR is important for me. Not that I get sloppy after a good win - I simply need to see that the overall odds are in my favour.

FT - my pleasure. It is a great programme (it was Rob Booker who rec'd it to me) - I've done hundreds of hours with it (it would have taken me years to get the same screen time in real time).
One Chart is Worth Ten Thousand Words.
  • #3,190
  • Mar 19, 2010 9:39am Mar 19, 2010 9:39am
Quoting Forex007
Not all trades are winners (sometimes I post interesting losers too), that's why RR is important for me. Not that I get sloppy after a good win - I simply need to see that the overall odds are in my favour.

FT - my pleasure. It is a great programme (it was Rob Booker who rec'd it to me) - I've done hundreds of hours with it (it would have taken me years to get the same screen time in real time).

I have an old version of forextester at home (can't remember witch version) and I don't know if that is what you guys are talking about?

Where can I find your post regarding FT (if it is public info)?

Thanks in advance.

Nos
  • #3,191
  • Mar 19, 2010 9:56am Mar 19, 2010 9:56am
Quoting NosferatuMan
I have an old version of forextester at home (can't remember witch version) and I don't know if that is what you guys are talking about?

Where can I find your post regarding FT (if it is public info)?

Thanks in advance.

Nos
I have a paid for version, the programme checks for updates itself.

Buy via this link and get some discount - http://www.forextester.com/partners/robbooker.html

Enjoy!
One Chart is Worth Ten Thousand Words.
  • #3,192
  • Mar 19, 2010 10:19am Mar 19, 2010 10:19am
Quoting Forex007
Not all trades are winners (sometimes I post interesting losers too), that's why RR is important for me. Not that I get sloppy after a good win - I simply need to see that the overall odds are in my favour.

FT - my pleasure. It is a great programme (it was Rob Booker who rec'd it to me) - I've done hundreds of hours with it (it would have taken me years to get the same screen time in real time).
Is there any way to setup the pinbar indicator in forex tester? I am trying to replicate the exact way I would trade with it.

If not I will have to setup a system to make a screenshot of all pinbars between a certain time, and try to learn better that way...
  • #3,193
  • Mar 19, 2010 10:35am Mar 19, 2010 10:35am
Quoting Forex007
I have a paid for version, the programme checks for updates itself.

Buy via this link and get some discount - http://www.forextester.com/partners/robbooker.html

Enjoy!
A great post on why simulation is important. I agree with Brett 100%

http://traderfeed.blogspot.com/2010/...lation-in.html
One Chart is Worth Ten Thousand Words.
  • #3,194
  • Mar 19, 2010 10:39am Mar 19, 2010 10:39am
Great. Thanks
  • #3,195
  • Mar 19, 2010 10:41am Mar 19, 2010 10:41am
Quoting Chasem
Is there any way to setup the pinbar indicator in forex tester? I am trying to replicate the exact way I would trade with it.

If not I will have to setup a system to make a screenshot of all pinbars between a certain time, and try to learn better that way...
Why do you need an indi for a PB?! PB is a dead simple concept. Besides, the LOCATION of where PB is occurring is MUCH more important than the "characteristics" of PB itself. No indi can help you with that.

Taking screenshots is a great idea (I use http://www.jingproject.com/), I do it all the time - you can then go back, after the event, and try to see all the conditions around your entry to see if you can spot some consistent factors which make an entry good or bad.

As for the latter, I came up (by mistake ) with the following neat trick: print out 3-4 copies of the same chart; cover it with a blank sheet and reveal it bar by bar, marking your trading decisions. Repeat the same in 2-3 days, then in 10-14 days, then in a month or so.

When you are done with all those identical copies, have a look how many similar setups you actually marked. The setups which will be present on all copies are the ones you should be focusing on when trading.
One Chart is Worth Ten Thousand Words.
  • #3,196
  • Mar 19, 2010 12:42pm Mar 19, 2010 12:42pm
Quoting Forex007
Why do you need an indi for a PB?! PB is a dead simple concept. Besides, the LOCATION of where PB is occurring is MUCH more important than the "characteristics" of PB itself. No indi can help you with that.

Taking screenshots is a great idea (I use http://www.jingproject.com/), I do it all the time - you can then go back, after the event, and try to see all the conditions around your entry to see if you can spot some consistent factors which make an entry good or bad.

As for the latter, I came up (by mistake ) with the following...

I know Pinbar is a dead easy concept, I just wanted to replicate exactly how I will be doing regular day to day trading.

I think I will try out the screenshot idea though.

I really like your idea about printing off the setups, very ingenious
  • #3,197
  • Mar 19, 2010 4:48pm Mar 19, 2010 4:48pm
Quoting mike w
I'm not going to lie, these past two days have been tough. Today, I'm looking at losses and yesterday was B/E. Let's see how the rest of the day progresses and best of luck to everybody.

Forex007,thanks for posting up the forextester man! That's a nice program. I'm getting acquainted with it right now and it's set up nicely.
I'm glad you thought so too, and said something. I had a horrible day yesterday. Some good trades that just didn't work out but a few trades I shouldn't have taken too.

Today was better but I quit when I was ahead. Had to watch my Badgers eek out a win this afternoon

Have a great weekend everyone. See you Monday.

Josh
  • #3,198
  • Mar 21, 2010 9:05am Mar 21, 2010 9:05am
Quoting Forex007
Not all trades are winners (sometimes I post interesting losers too), that's why RR is important for me. Not that I get sloppy after a good win - I simply need to see that the overall odds are in my favour.

FT - my pleasure. It is a great programme (it was Rob Booker who rec'd it to me) - I've done hundreds of hours with it (it would have taken me years to get the same screen time in real time).
Agreed completely. It's the ones that run, for me anyway, that bring the large profit. For instance, that usd/chf trade I put on around 9 days ago down to 1.0550. Other than that, I do take a decent amount of losses but it's worth it for the money-makers. Last week, it was probably 40/60 and normally I'm around 60/40 to 50/50. That's fine for this timeframe because the gains offset the losses by a tremendous amount. It was a shell shock when I started studying the 5 minute and realizing the potential. 9 or 10 pips risk can bring 30+ when traders understand where to trade the setups...All I could do was laugh at myself for being so naive about this TF.

Your style is the style of professionals, not many people are able to stay off of cloud nine after a few good gains. Euphoria, if that's what you want to call it, is when the worst drawdowns come to us as traders. The last time I was really euphoric about a trade, I ended up blowing through a couple grand in the next coming days. That's what getting sloppy is and I believe that it happens to everyone at some point in their career until they've experienced it a few times and understand when it's happening again. Keeping the emotions in check is the most important aspect of this business IMO. Until I burnt Douglas' and a few other books into my brain, I experienced it a LOT. It's a very thin line between confidence and cockiness, and that line turns into a whip when we try to cross it (It's funny how that/life works).

As for the forextester, I logged about 18 hours into it this weekend lol I'm loving it so far brother. Hmm, I haven't heard from Rob in a long time. He lives right by me or did anyway, just a couple hours out.

Anyway, best of luck to everybody in this upcoming week and have a great day everybody!
I dream, therefore I become.
  • #3,199
  • Mar 21, 2010 9:18am Mar 21, 2010 9:18am
Yea, Forex Tester is great! Ive had it for years... even forgot but I think it was Rob Booker turned me on to it.

Great post as always Mike

Quoting mike w
Agreed completely. It's the ones that run, for me anyway, that bring the large profit. For instance, that usd/chf trade I put on around 9 days ago down to 1.0550. Other than that, I do take a decent amount of losses but it's worth it for the money-makers. Last week, it was probably 40/60 and normally I'm around 60/40 to 50/50. That's fine for this timeframe because the gains offset the losses by a tremendous amount. It was a shell shock when I started studying the 5 minute and realizing the potential. 9 or 10 pips risk can bring 30+ when traders...
  • #3,200
  • Mar 21, 2010 9:18am Mar 21, 2010 9:18am
Quoting Jduester
I'm glad you thought so too, and said something. I had a horrible day yesterday. Some good trades that just didn't work out but a few trades I shouldn't have taken too.

Today was better but I quit when I was ahead. Had to watch my Badgers eek out a win this afternoon

Have a great weekend everyone. See you Monday.

Josh
Yeah brother, friday was an overall loss for me because I stepped away, decided to shut down, and go for a run- that's the first overall daily loss I've had in a while and it was a bugger. I've been at that point before and it doesn't end well when you try to keep going and you're frustrated lol It's like taking a .45 ACP and blowing a hole through your foot, what's the reasoning?! It's only gonna hurt. ha

BTW, check out that forextester that Forex007 posted about. It's a great program to test with.

Have a good one Josh!
I dream, therefore I become.
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