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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,281
  • Mar 25, 2010 8:17am Mar 25, 2010 8:17am
Quoting mike w
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...
Mike,
Is this the situation you mentioned above? It looks like this one may (or may not) work but your reasoning makes sense. That's something I'll be paying attention to in my continued testing.
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  • #3,282
  • Mar 25, 2010 7:01pm Mar 25, 2010 7:01pm
Quoting Jduester
Mike,
Is this the situation you mentioned above? It looks like this one may (or may not) work but your reasoning makes sense. That's something I'll be paying attention to in my continued testing.
Yeah, that's what I'm talking about, but that is a fantastic pin and price didn't "drift" up to it. The ones that I noticed not to play out were when price was drifting up to that point, instead of basically exploding up to it. Personally, I would trade that pin setup.

I guess I need to figure out a way to better explain it. lol
I dream, therefore I become.
  • #3,283
  • Mar 25, 2010 10:01pm Mar 25, 2010 10:01pm
Quoting lovejoy80
nice Is that book (Al Brooks) useful? i've got it next on my list to read, had a quick look through and the thing that struck me was how bl*ody hard the charts were to read. lol.
You can download bigger and clearer charts of the book from his publisher. Should be under the Downloads tab.

http://www.wiley.com/WileyCDA/WileyT...-DOWNLOAD.html
  • #3,284
  • Mar 26, 2010 1:01am Mar 26, 2010 1:01am
emerson,
Thanks a lot!
  • #3,285
  • Mar 26, 2010 1:05am Mar 26, 2010 1:05am
Quoting mike w
Yeah, that's what I'm talking about..
I guess I need to figure out a way to better explain it. lol
yes, please do.
& maybe another chart too.
& that CT divergence recurring setup too.
Thanks bro

(to me, the midBB slope is still downward, in your chart... or do u mean it's flat-lining?)
  • #3,286
  • Mar 26, 2010 2:42am Mar 26, 2010 2:42am
Quoting emerson
You can download bigger and clearer charts of the book from his publisher. Should be under the Downloads tab.

http://www.wiley.com/WileyCDA/WileyT...-DOWNLOAD.html

Wow, just took a look, this really helps a lot, thanks very much
  • #3,287
  • Mar 26, 2010 2:53am Mar 26, 2010 2:53am
waited for it to cross the 50 MA before placing a buy...
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  • #3,288
  • Mar 26, 2010 3:05am Mar 26, 2010 3:05am
Quoting lovejoy80
waited for it to cross the 50 MA before placing a buy...
nice.

edit: closed both: EURUSD @ 1.3370 (TP), GBPUSD @ 1.4837 (pin off 21EMA, with trend).

Everything is on demo, so don't mind me.
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  • #3,289
  • Mar 26, 2010 3:45am Mar 26, 2010 3:45am
Quoting neutro
nice.

edit: closed both: EURUSD @ 1.3370 (TP), GBPUSD @ 1.4837 (pin off 21EMA, with trend).

Everything is on demo, so don't mind me.
I closed half of mine @ 1.3365 (1HR PPZ area) and moved the remainder to BE - it's a trade with trend so trying to catch part of a larger move.

I'm on demo too...need to spend much more time looking at past charts to guage a feel for price movements, I feel that is important on the lower timeframes.
  • #3,290
  • Mar 26, 2010 3:52am Mar 26, 2010 3:52am
Quoting lovejoy80
I closed half of mine @ 1.3365 (1HR PPZ area) and moved the remainder to BE - it's a trade with trend so trying to catch part of a larger move.

I'm on demo too...need to spend much more time looking at past charts to guage a feel for price movements, I feel that is important on the lower timeframes.
Lower TF is another dog food than higher J16 TF trades. Reaction time is critical. I don't know if I will be able to pull it out on a live account in the near future, but with small steps, it can be done.
  • #3,291
  • Mar 26, 2010 4:36am Mar 26, 2010 4:36am
This is off-topic, but still relevant - trading PBs blindly is asking for troubles.

This guy gave a clear simple and concise example of how we can to our advantage the situations when the market didn't do what we expected it to. He also shows how volume can be used too (not that much applicable to FX, though).

More here: http://www.YourTradingCoach.com
Attached File(s)
File Type: pdf Profiting From What the Market Doesn't Do.pdf   92 KB | 993 downloads
One Chart is Worth Ten Thousand Words.
  • #3,292
  • Mar 26, 2010 4:52am Mar 26, 2010 4:52am
Another off-thread info:

http://traderfeed.blogspot.com/2006/...raders_11.html

Enjoy!
One Chart is Worth Ten Thousand Words.
  • #3,293
  • Mar 26, 2010 5:34am Mar 26, 2010 5:34am
Quoting lovejoy80
waited for it to cross the 50 MA before placing a buy...
Update:
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  • #3,294
  • Mar 26, 2010 5:37am Mar 26, 2010 5:37am
Neutro from J16 thread shared this chart....very nice obvious patterns to play. The same patterns that appear on the higher time frame also appear on the 5 / 15 min timeframe and are equally tradable.

Right Im diverging away from the meaning of this thread, might start my own or a journal to share further thoughts as I progress so we can discuss these time frames in more detail.

Have a good weekend
Mark
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  • #3,295
  • Mar 26, 2010 6:31am Mar 26, 2010 6:31am
Quoting lovejoy80
Neutro from J16 thread shared this chart....very nice obvious patterns to play. The same patterns that appear on the higher time frame also appear on the 5 / 15 min timeframe and are equally tradable.

Right Im diverging away from the meaning of this thread, might start my own or a journal to share further thoughts as I progress so we can discuss these time frames in more detail.

Have a good weekend
Mark
Hi Mark,
Nice trade this morning. Wish I had gotten up earlier Be sure to keep us posted if you start a new thread... (no pun intended )

Josh
  • #3,296
  • Mar 26, 2010 6:44am Mar 26, 2010 6:44am
Quoting lovejoy80
Update:
Closed the trades just now as about to go out...first chart shows what I'm watching on higher time frames and why I closed here.

Second charts gives the trade details, not bad for a few hours (all on demo of course).
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  • #3,297
  • Mar 26, 2010 6:48am Mar 26, 2010 6:48am
Quoting Jduester
Hi Mark,
Nice trade this morning. Wish I had gotten up earlier Be sure to keep us posted if you start a new thread... (no pun intended )

Josh
lol, thanks I will do.

Probably will start something , just somewhere where I can keep all my charts and thoughts and people can share and input and thus a thread where we can all help each other. I look at the 5 min charts a bit randomly at the moment as I mainly trade the higher time frames still (j16 style and general trend trading) but the 5 / 15 min time frame is definitely one of my main next projects to focus on when I get any spare time.

All the best.
  • #3,298
  • Mar 26, 2010 7:18am Mar 26, 2010 7:18am
1st trade GU, 9:15am EST - BE at 1R, TP at 4R
2nd trade EU, 10:25am EST - BE at 1R
3rd trade GU, 2:10pm EST - Loss 1R

Total +3R

All trades were pins with trend that formed after swings/retraces of current trend.
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  • #3,299
  • Mar 26, 2010 7:27am Mar 26, 2010 7:27am
Quoting lovejoy80
Neutro from J16 thread shared this chart....very nice obvious patterns to play. The same patterns that appear on the higher time frame also appear on the 5 / 15 min timeframe and are equally tradable.
As for "tradable", I guess that depends: it's one thing to observe some "patterns", it's the other - what to do with them. Those two triangles look similar, yet broke to the opposite sides. So, when we see such a triangle next time, what do we do?..

Have a look at this video (
Inserted Video
it looks convincing, but that is post-factum analysis. I.e. if you pause it at any moment, can you see - based on a previous analysis - where and when precisely you'd enter and exit?

I used to be on a lookout for many diff. patterns, until I realize that once I spot them, I am not 100% clear what I am to do with them.

I am not being critical, just my USD0.02.
One Chart is Worth Ten Thousand Words.
  • #3,300
  • Mar 26, 2010 8:06am Mar 26, 2010 8:06am
Quoting Forex007
As for "tradable", I guess that depends: it's one thing to observe some "patterns", it's the other - what to do with them. Those two triangles look similar, yet broke to the opposite sides. So, when we see such a triangle next time, what do we do?..

Have a look at this video (http://www.youtube.com/watch?v=VTtqsmCqMhQ&feature=player_embedded): it looks convincing, but that is post-factum analysis. I.e. if you pause it at any moment, can you see - based on...
No, you're right in what you're saying. That video really did nothing to open my eyes. I can draw 100 lines pointing that it touches here and there and that I can make money off of it, but there's no real knowledge there.

I didn't take the USDJPY triangle (I would have taken it if it would have broken up). It a continuation pattern and I was waiting for the continuation that came after the pullback. That M5 pin sure looks nice where it's standing there. (didn't take that either)
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