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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,381
  • Apr 15, 2010 8:43pm Apr 15, 2010 8:43pm
2 great trades in Asia session, in and out +20

pictures should be self explanatory
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  • #3,382
  • Apr 15, 2010 8:48pm Apr 15, 2010 8:48pm
you enver have to be glued as ny open to london close will almost always yield a money in the bank trade if you look at a few pairs...

i still dont really understand your big revelation but thanks for trying

Quoting mike w
No, actually I won't "go broke". When price hits those highs/lows on a fifteen minute chart (Highs/lows on the rsi as well), that usually shows that there is divergent price on the 5 minute timeframe. It's just a simpler way of looking at this in my opinion without being literally glued on the 5 minute bars. Just a tad bit of let up. I guess I should have clarified a bit better, although I doubt that you'll run through the testing portion to find out for yourself. I'm always looking for ways to run my business more efficiently and profitably....
  • #3,383
  • Apr 15, 2010 9:54pm Apr 15, 2010 9:54pm
Quoting mike w
What's up ladies and gents? I'm just posting because I've been doing a ton more testing and trading in between my last posts here (To the tune of around 10-12 hours a day as of late) and have come to the realization that others have come to and even more will in due time. With the trend trades are your money makers HOWEVER, more CT trades with divergence tend to give you large runners that turn in for days.

I've noticed and continue to notice that if price is just divergent and it's not crazy O/B-O/S, the chances of you getting busted on it are...
Hello Mike
how r u doing! I agree with you buddy !

see EUR AUD M30 chart below, I had posted it here some pages back,
since the price at that point of time was touching daily and H4 down trendline and also had PA on H4, i went on M30 for Jankone setups and the first setup with Pin div did not turn out as runner though one could have manage the trade at BE, look at second setup soon after that. THe second setup was BEOB DIV and that turned out to be nice runner

Finding strong PA on H4 and above and taking CT setups on may be M15 or M5 or M30 makes money most of the time and runner not that infrequently! When we have such runners, life becomes much relax as we dont care even if we lose 3 times consecutively with right MM.

You are doing great! Infact I have learned from you a lot! please continue to spread your light of wisdom .......

Seeya
Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,384
  • Apr 16, 2010 1:32am Apr 16, 2010 1:32am
Quoting mike w
What's up ladies and gents? I'm just posting because I've been doing a ton more testing and trading in between my last posts here (To the tune of around 10-12 hours a day as of late) and have come to the realization that others have come to and even more will in due time. With the trend trades are your money makers HOWEVER, more CT trades with divergence tend to give you large runners that turn in for days.

I've noticed and continue to notice that if price is just divergent and it's not crazy O/B-O/S, the chances of you getting busted on it are...
Hey Mike,

Thanks for the update on your testing material.
I haven't had the time to test M5/M15 lately and I appreciate your posts in this thread.

Please keep us posted.

Nos
  • #3,385
  • Apr 16, 2010 7:06am Apr 16, 2010 7:06am
Another good trade +15 with 10 pips risk,

Just like Jankone said, Divergence + Pinbar + Patient = $$
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  • #3,386
  • Apr 16, 2010 7:31am Apr 16, 2010 7:31am
Quoting mike w
What's up ladies and gents? I'm just posting because I've been doing a ton more testing and trading in between my last posts here (To the tune of around 10-12 hours a day as of late) and have come to the realization that others have come to and even more will in due time. With the trend trades are your money makers HOWEVER, more CT trades with divergence tend to give you large runners that turn in for days.

I've noticed and continue to notice that if price is just divergent and it's not crazy O/B-O/S, the chances of you getting busted on it...
Mike please correct me. Beause I can speak english very well itīs probably I unterstood you.

I think you talking about an Alexander Elderīs explanation in "Trading for a living". An RSI divergence (bearish for example) is stronger if the frist swing high is above 80 and the next next swing high is below this level.

you mean that?

tks and regards from Spain
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  • #3,387
  • Apr 16, 2010 8:05am Apr 16, 2010 8:05am
I saw divergence + pin bars on EU & UC, so i took them both.

EU Long has hit my SL (-15) before it went down and hit my actual TP level (25) no biggie...there are always next time..

While on UC, just stopped out at break even..

Hope my chart will help in anyway..

Cheers,
Alex
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  • #3,388
  • Apr 16, 2010 9:36am Apr 16, 2010 9:36am
Quoting Miset
Mike please correct me. Beause I can speak english very well itīs probably I unterstood you.

I think you talking about an Alexander Elderīs explanation in "Trading for a living". An RSI divergence (bearish for example) is stronger if the frist swing high is above 80 and the next next swing high is below this level.

you mean that?

tks and regards from Spain
How's it goin brother? I hope everything is great in your part of the world my man.

And yeah! That, in a sense, is exactly what I'm talking about! Actually, if either is above 80, then I feel these have more strength as setups than if they don't meet that criteria. For instance, if you see a setup that is divergent but the RSI is only printing at 30 or so, it's more likely to be a failure IMO. That is just my opinion that I've come to after testing setups with it and nothing more however, the work is up to everyone here who is willing to test and get a better feel for the markets.

I was also showing the relationship between bars on a fifteen minute timeframe that meet the criteria for trading (I.E. RSI above 80 or at 80 and also at the BB extremes) and the charts on a 5 minute chart. More often than not, these 15 minute bars are showing a 5 minute divergent setup for trade. It's something for everyone to test and discover, that's all. No insane revelation other than the fact that a lot of money is to be made by these setups with more reliability.

I hope that cleared it up a bit for ya man and like I said previously, this doesn't mean anything until you make it yours by studying the material (charts) on your own and getting that "feel" and confidence". Without the confidence to trade, we're lost in this business.

If that didn't clear it up though, let me know and I'll try to elaborate on my thinking which, I admit, is sometimes scattered when trying to show another person what's in my mind.

Other than that, have a great weekend everybody! Get off these computers for a bit and have fun with life!
I dream, therefore I become.
  • #3,389
  • Apr 16, 2010 9:49am Apr 16, 2010 9:49am
Quoting oneuniverse

Finding strong PA on H4 and above and taking CT setups on may be M15 or M5 or M30 makes money most of the time and runner not that infrequently! When we have such runners, life becomes much relax as we dont care even if we lose 3 times consecutively with right MM.


Seeya
Winston
Winston, that eur/aud was a hell of a nice trade my man! You got it down with your thoughts on this as well. That's exactly what I'm talking about with these 15/30 minute bars. In the right spots, they are money in the bank time after time. Of course, we're going to take losses but with gains like that, who cares?

I don't often look at the thirty minute timeframe, but maybe I'll start after I do some work looking into it over the next few weeks. What would you say is your preferred timeframe for trading these? I love learning form other intelligent people so I'm game to experiment with what you've learned as well.

Have a great weekend Winston and keep it up brother!
I dream, therefore I become.
  • #3,390
  • Apr 16, 2010 10:27am Apr 16, 2010 10:27am
Hey Mike,

your words are always encouraging and I really feel inspired

I see guiding TF charts with trendlines , PPZ's and Fib confluence + PA ( Pins, BEOB , BUOB ) and offcourse BRN
once, that is in place, I look for Lower TF for Jankone setups and boom! bang!.....

here is what i look for trade setup

Guiding TF Lower TF

weekly H4 / H1

daily M30 / M15

H4 M5

Eg. See the below chart of GC daily
When the Jankone setup was forming on GC M15 on last late Friday, GC price was off BRN and has resistance from One Red TL, one yellow TL and also PPZ marked in blue. Also, the div was formed in the 80 zone! though I saw 80 zone div now! lol!

I love these setups Mike, It makes my life easy and relaxed, Frankly I cant get glued on M5 screens for hours....it's verrry strssing....

So I mark all my levels on guiding TF and then look for trades

And I want to thank you for your Research on RSI !!!!!
Ya, div near 80 or 20 zones work very nice!

Please do input your suggestions in my working strategy for more improvements !!!!

Have a very nice weekend

Best Regards
Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,391
  • Apr 16, 2010 11:17am Apr 16, 2010 11:17am
Quoting alex2412
I saw divergence + pin bars on EU & UC, so i took them both.

EU Long has hit my SL (-15) before it went down and hit my actual TP level (25) no biggie...there are always next time..

While on UC, just stopped out at break even..

Hope my chart will help in anyway..

Cheers,
Alex
Hi Alex!

It's rigth the way you trace div? Cos sometimes you trace from body to shadow, some times body to body and other tomes shadow to shadow? The rigth way to trace it is from hh or ll rigth? Or you are forcing trades?
Have a good one and take care!
passion and discipline
  • #3,392
  • Apr 16, 2010 11:47am Apr 16, 2010 11:47am
Keep up the good work Mike. Your posts always give an interesting perspective.

cheers

fxp

Quoting mike w
No, actually I won't "go broke". When price hits those highs/lows on a fifteen minute chart (Highs/lows on the rsi as well), that usually shows that there is divergent price on the 5 minute timeframe. It's just a simpler way of looking at this in my opinion without being literally glued on the 5 minute bars. Just a tad bit of let up. I guess I should have clarified a bit better, although I doubt that you'll run through the testing portion to find out for yourself. I'm always looking for ways to run my business more efficiently and profitably....
  • #3,393
  • Apr 16, 2010 2:09pm Apr 16, 2010 2:09pm
Quoting mike w
What's up ladies and gents? I'm just posting because I've been doing a ton more testing and trading in between my last posts here (To the tune of around 10-12 hours a day as of late) and have come to the realization that others have come to and even more will in due time. With the trend trades are your money makers HOWEVER, more CT trades with divergence tend to give you large runners that turn in for days.

I've noticed and continue to notice that if price is just divergent and it's not crazy O/B-O/S, the chances of you getting busted on it are...
i think the rsi 80/20 is a good filter for better quality div. trades. thanks for sharing.

it's also a good place to be reminded for how close/far the div. should be. ryan 'prefer less than 10 bar'.

just things to think abt when making counter-trend trades.
  • #3,394
  • Apr 16, 2010 3:46pm Apr 16, 2010 3:46pm
Quoting fxprocessor
Keep up the good work Mike. Your posts always give an interesting perspective.

cheers

fxp
I second that
One Chart is Worth Ten Thousand Words.
  • #3,395
  • Apr 19, 2010 8:37am Apr 19, 2010 8:37am
Finished last week -2%... good start to this week.

Only took the arrow on the GU but the first thumbs up would've been another +4%. Also passed on a UJ (3pip pin) that worked out well.

Life is easy with the trend.
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  • #3,396
  • Apr 20, 2010 12:44pm Apr 20, 2010 12:44pm
Maybe it was not picky trade?. I think the divergence wasnīt below 30 and wasnīt very clear. Itīs too easy wen the trade past.

opinions?

tks and regards from Spain.
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  • #3,397
  • Apr 20, 2010 1:11pm Apr 20, 2010 1:11pm
you could have done so well by only following the trend.
One thing you must keep in mind is that no system/method works all time
Never whishing, always trading.
  • #3,398
  • Apr 20, 2010 1:27pm Apr 20, 2010 1:27pm
Quoting Hova
you could have done so well by only following the trend.
One thing you must keep in mind is that no system/method works all time
lol I know trend trades are better but just me just sitting on the computer at that time .
  • #3,399
  • Apr 20, 2010 6:26pm Apr 20, 2010 6:26pm
Quoting Miset
Maybe it was not picky trade?...
opinions?...
Ola Miset,
yes, unfortunately, u have not been picky in this trade.

some observations:
- as mentioned by Hova, u made a countertrend trade. since the middle of your chart, trend was down. (u can also check other timeframes to determine trend)
- since this is countertrend, u like to trade bigger, bolder setups. this pin is pretty small. compare its size with the rest on the chart.
- if u dont know if u are trading with the trend or countertrend, it can help by looking at the MAs. in your chart, price is below the 50 sma (violet?), 21ema (red?), so price is in a downtrend.
- in trending conditions, avoid relying solely on divergence to trade countertrend.
- put a horizontal line right at the top of the pin. u are going into a previous support area/PPZ. u even have a horizontal line at 1.3447.
1.3447 & 1.3450 are near each other: remember a PPZ is a zone/range, a PPZ is not a specific price.
(learn more about S/R & PPZs in james16 thread --- this is a MUST, IMHO)

Hope this helps
  • #3,400
  • Apr 20, 2010 9:59pm Apr 20, 2010 9:59pm
Hi all,
Does anyone have an indicator or know of another way to display the current bar's range on the chart. The indi's I've looked at add an extra window to my chart with histograms and oscillators - all I want is the number of pips, preferably top left with the ohlc data.
Any ideas?

Steve.
"The more I practice, the luckier I get." (Gary Player)
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