Jankone M5 thread | Page 162 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

James16+Rayanmcd(Jan kone) and ME 7 replies

Attachments: Jankone M5 thread
Exit Attachments

Jankone M5 thread

  • #3,221
  • Mar 22, 2010 9:46pm Mar 22, 2010 9:46pm
Quoting Forex007
I consider all BE trades as "winners" (not for stats, but from a trade management view point). Every trade is a risk and a potential looser. Not letting a trade to end as a loser is a good result.
Quoting Forex007
Sometimes M5 (or even M15) could be too noisy, then higher TF helps. Other times - the opposite would be true.
...
Sir.
  • #3,222
  • Mar 23, 2010 2:58am Mar 23, 2010 2:58am
Quoting supremeChaos
Hello Nos, judith,
i examined the chart & looked for reasons
-your MA's are bullish, so trend at the time (of your trading) is up, so this pin is countertrend. (your chart even looks like a inverted H&S)
-pin is almost same size of previous bullish bar.
-pin is not exactly at a swing high(please look to immediate left)
-immediate traffic below pin around 1.3525 ppz.
-pin did not break with momentum. in fact, your yellow dotted MA held price & acted as immediate support. this was your warning sign
-my conclusion, this pin was...
Thanks a lot once again.

The fact of not being a clear swing high, some of traffic right after the break and against a strong trade should keep me out of these trades in a method that I want quite picky.



Nos
  • #3,223
  • Mar 23, 2010 3:23am Mar 23, 2010 3:23am
Hello Nos,
i forgot to mention this:
from your chart's low (middle part of your chart, 1.3462ish) to the chart's high(1.3568ish), please check (& compare) the following:
-number and size of bullish candles,
-number and size of bearish candles,
-retracements (zigzag movement of price as it moved up from the low to high)

no need to post your observations here.. but what did u notice?

btw, i'd like to reiterate checking higher TF charts (M15 to H4/Daily/W) helps us get a proper perspective too.
  • #3,224
  • Mar 23, 2010 3:41am Mar 23, 2010 3:41am
Quoting supremeChaos
please check (& compare) the following:
-number and size of bullish candles,
-number and size of bearish candles,
-retracements (zigzag movement of price as it moved up from the low to high)
There seems to be no chaos in SupremeChaos... Very good thinking!

P.S. IMO, that was still a valid trade - have a look at the very beginning of the chart, where that downmove started. I would have taken that setup if I saw it (with good trade management, it would be BE or a small loss - both are Ok for a good setup, we cannot win them all).
One Chart is Worth Ten Thousand Words.
  • #3,225
  • Mar 23, 2010 4:08am Mar 23, 2010 4:08am
Quoting Forex007
...
P.S. IMO, that was still a valid trade - have a look at the very beginning of the chart, where that downmove started. I would have taken that setup if I saw it ...
are u referring to judith's chart?

without a doubt, i might have considered that pin & traded it. personally, i often take aggressive setups like that (crappy pins, with traffic/not much space, etc) . & if i did take it, there's a good chance i'll get a loss on it, as i often hesitate to kill a trade (at BE or minor loss) even if i see warning signs that the trade wont go my way.
what would make me pass on that pin is the immediate traffic & slope of price (minor retracements), MA's, BB.
  • #3,226
  • Mar 23, 2010 9:52am Mar 23, 2010 9:52am
I have been taking trades in recent days without really getting into the zone with price. I do much better when I simply watch price for a while and get a feel for where it's going. This is especially necessary for me when we have these days where the trend reverses around the US open... Mike W has also mentioned - keep your higher tf handy to give you potential direction.

I took the first highlighted region today on e/u. Just watched on the second one, but it makes sense that it came back to the previous swing high/resistance/weekly open...

It only takes one a day to make a fortune on this tf....
Attached Image (click to enlarge)
Click to Enlarge Name: eu 032310 jankone.gif Size: 22 KB
  • #3,227
  • Mar 23, 2010 10:21am Mar 23, 2010 10:21am
Quoting Jduester
I have been taking trades in recent days without really getting into the zone with price....
I've been doing the same...just focusing on EU with a couple of MA's, RSI, pivots and higher frame PPZ's...it's amazing how you can get a feel for how price will behave, I suppose it's much like ROASO in a way/...but after a while you get to know where price will react, spot some price patterns and S/R areas.

I'll post some charts at some point of areas I marked and demo trades I took.
  • #3,228
  • Mar 23, 2010 10:36am Mar 23, 2010 10:36am
I have thee same areas marked as you...notice how we had fib confluence on the first area you marked...a pni bar at the pivot for the second area you marked and then a pin bar with divergence as a reason to exit long and start entering as short.

(ignore the sell lines these are something else)
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 22 KB
  • #3,229
  • Mar 23, 2010 11:32am Mar 23, 2010 11:32am
Quoting lovejoy80
I have thee same areas marked as you...notice how we had fib confluence on the first area you marked...a pni bar at the pivot for the second area you marked and then a pin bar with divergence as a reason to exit long and start entering as short.

(ignore the sell lines these are something else)
Hey LJ, a nice chart. I'm just getting comfortable on this tf again, but man the potential is really there. I still find myself making beginner mistakes which I'll need to learn from in order to proceed. But it's nice to be able to trade/learn every day, which is difficult to do on the higher tf.

I'm confident I can be profitable using this strategy. It's just a matter of time and effort/experience.

Glad to have you around LJ. I can learn a lot from you!

Josh

(I'm posting a link to my 5min journal. It's just a thread documenting my thoughts and trades. I don't intend for it to be a discussion thread, but feel free to view.) http://www.forexfactory.com/showthread.php?t=206598
  • #3,230
  • Mar 23, 2010 11:47am Mar 23, 2010 11:47am
Quoting Jduester
Hey LJ, a nice chart....

Defintely a lot of potential... if you can handle the stresses of the lower time frame. It's all about chart time I reckon on this time...wathching, learning and demoing and then you will get the confidence to take trades automatically and like you say there is a potential to make some high %R...which lets face it is so attractive when trying to build your account.

Cool, I'll take a look later when I get more time...that's what I love about FF lots of people in the same boat with the same goals and I find iut always helps to share and learn of each other, it's such a good community.
  • #3,231
  • Mar 23, 2010 12:26pm Mar 23, 2010 12:26pm
A trade at one of the levels Lovejoy mentioned.

P.S. Forgot to put white arrow - it at the 1sy PB that went close to grey rect.
Attached Image (click to enlarge)
Click to Enlarge Name: EU_M5.jpg Size: 99 KB
One Chart is Worth Ten Thousand Words.
  • #3,232
  • Mar 23, 2010 12:55pm Mar 23, 2010 12:55pm
Hi Jankone and friends.

I think this timeframe might be for me.

Would it be okay to join in?

I've been demoing the J16 method for a few months with some success and yesterday started trading live with a micro account and found that the few hundred dollars I want to risk, initially, is not enough to trade the higher timeframes with sensible money management.

Today, I'm up 1% thanks to trading this style on the M5 chart, and a few hours practise last night using a tester, to get a feel for this M5 timeframe. Probably overtraded a little today. Trades were mostly setups taken with the trend on pullbacks.

I have a habit of pulling out of winners too soon, so that's one thing that needs addressing and, of course, waiting for the best setups.

I look forward to improving over the next few months.

- TTP -
  • #3,233
  • Mar 23, 2010 1:27pm Mar 23, 2010 1:27pm
Quoting Forex007
A trade at one of the levels Lovejoy mentioned.

P.S. Forgot to put white arrow - it at the 1sy PB that went close to grey rect.
nicely played...do those RR lines represent risk / reward i.e. do those lines represent when price is at risk / reward 1,2,3 etc...if so how did you do that - was it automatic or manaul?
  • #3,234
  • Mar 23, 2010 1:36pm Mar 23, 2010 1:36pm
Two trades today. Two BE (winners for me).
The potential was there, though.
Still a lot to learn.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 230310_eurjpy.PNG Size: 63 KB
Click to Enlarge Name: 230310_gbpusd.PNG Size: 66 KB
  • #3,235
  • Mar 23, 2010 2:43pm Mar 23, 2010 2:43pm
Quoting NosferatuMan
Two trades today. Two BE (winners for me).
The potential was there, though.
Still a lot to learn.
Hey NosferatuMan, Just wondering how you have got the 15 min, 1h, and 4h charts to overlay to m5? If it's an indicator, do you know where I can find it?

Thanks a lot.
  • #3,236
  • Mar 23, 2010 2:58pm Mar 23, 2010 2:58pm
Quoting lovejoy80
nicely played...do those RR lines represent risk / reward i.e. do those lines represent when price is at risk / reward 1,2,3 etc...if so how did you do that - was it automatic or manaul?
Risk/Reward. I use Fibo Extensions for that and mark my trades manually. I don't use RR levels as such for exits, purely for a quick visual check where the trade is RR-wise.
One Chart is Worth Ten Thousand Words.
  • #3,237
  • Mar 23, 2010 4:35pm Mar 23, 2010 4:35pm
Hello, welcome and good luck


Quoting takingthepip
Hi Jankone and friends.

I think this timeframe might be for me.

Would it be okay to join in?

I've been demoing the J16 method for a few months with some success and yesterday started trading live with a micro account and found that the few hundred dollars I want to risk, initially, is not enough to trade the higher timeframes with sensible money management.

Today, I'm up 1% thanks to trading this style on the M5 chart, and a few hours practise last night using a tester, to get a feel for this M5 timeframe. Probably overtraded a little today....
  • #3,238
  • Mar 23, 2010 7:27pm Mar 23, 2010 7:27pm
Quoting newjack
Hey NosferatuMan, Just wondering how you have got the 15 min, 1h, and 4h charts to overlay to m5? If it's an indicator, do you know where I can find it?

Thanks a lot.
Newjack,
It's called the Stratman Mini Chart Indicator and you can check it out here.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #3,239
  • Mar 23, 2010 8:47pm Mar 23, 2010 8:47pm
I'm just posting up a setup that is recurring in my daily trading and testing.

When price creates a bearish signal at the 21, but the bollinger bands are changing slope, these setups barely ever play out profitably IMO. I've gone through years of data and this setup failing is one of those notations that ring true on all timeframes quite a lot of the time. Not all the time, but enough that I'm not willing to place my money into them.

This setup is actually a stall in price movement in order to gain more buyers/momentum to move higher into a correction/reversal. Do I know why? Not totally, at least to the point that I could explain thoroughly to another person. Have I seen it happen on over 9 years of data on certain pairs and at least 5 on others? Yes.

As the Buddha said though, "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." What I'm saying with that is to do your own due diligence and testing to see for yourself if it agrees with your own common sense. That's the only way after all, right?

I'm going to post tomorrow about a divergence C/T setup that I've been noticing A LOT as well if I can find it in the charts. These are the only divergent setups that I will trade now as others have a higher fail rate and I don't like that noise. Have a great night everybody and best of luck to you in your trades!
Attached Image (click to enlarge)
Click to Enlarge Name: zip it up and zip it out.gif Size: 26 KB
I dream, therefore I become.
  • #3,240
  • Mar 23, 2010 9:22pm Mar 23, 2010 9:22pm
Here's a question for you J16ers that have crossed over....have any of you taken what you've learned here and applied it to your higher level trading (Daily and Weekly)? I've been doing pretty well trading the with trend pullbacks.


Overall today was a pretty odd day, first time I didn't at least take one M5 trade. Oh well, glad to see the thread more active...not posting as much as before, trying to cut out the noise and just focus on trading my plan.
7 traders viewing now