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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,441
  • Apr 26, 2010 7:48pm Apr 26, 2010 7:48pm
Quoting takingthepip
Hello everyone.
.......
Here's my only trade from today. Took this PB on the GBPUSD 5m chart.
...
Should I have avoided this one because of the divergence shown?
....
Hello takingthepip,

observations for your trade: (looking exclusively at your chart)
-price seems range bound (looking at price & the MA's)
-very nice pin, imho, but it was not triggered on the next bar. it was triggered 4 bars after the pin (in case u still opted to trade it).
did u trade this pin on the close instead of putting an order above the pin?
-as i said, the pin was nice but the location was unideal ---it there is no space on the left/it is sort of in the middle of the range.
ideally, this kinds of pins are situated at a swing low (for bullish pin; swing high for bearish pins)
-divergence on M5/lower timeframes may/may not have a bearing on the subsequent price action.
[divergence occuring on higher timeframes potentially have more weight.]
in this case, the divergence happened several bars away from the pin, so IMHO it (divergence) has already played out/'expired' (price already went down after the divergence).

get more picky, demo, & learn more.
if u havent yet, read more on the james16 thread. IMHO, reading that thread is step 1. once more knowledgeable, only then should anyone venture into this thread, specially since this is an M5 method (a fast timeframe to trade).
Hope this helps
  • #3,442
  • Apr 27, 2010 7:52am Apr 27, 2010 7:52am
Quoting supremeChaos
Hello takingthepip,

observations for your trade...Hope this helps
Thanks SC. I'll take a closer look at your suggestions. I actually followed the J16 thread for a few months, with success on the higher timeframes. I guess I just need to take some time to adapt to the 5/15 minute charts.

Regards,

- TTP -
  • #3,443
  • Apr 27, 2010 9:42am Apr 27, 2010 9:42am
1 trade today so far. USD/JPY M5 PB. Great looking pin at swing high with the trend. Not exactly open/close within the previous candle, and close to the center BB and 21 EMA, so watched it carefully. Closed the trade for a few pips when the bullish PB formed on M5.

Comments welcome.

Regards,

- TTP -
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  • #3,444
  • Apr 27, 2010 11:13am Apr 27, 2010 11:13am
Takenthepips

LooK my chart. Good good Setup and the pinbar bounce in a suport I draw last Sunday In 4hīs TF in confluence with 2 fibo levels and pivot point... I wasnīt trandig in this moment so I donīt know when I would take exit, probably in next pivot point that was in confluece with fibo level too.... if my fear let me did.

In James16 thread I read to someone, I don`t remember who, that he never exits only beause a pinbar in the other direccion appear.
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  • #3,445
  • Edited 6:15pm Apr 27, 2010 12:25pm | Edited 6:15pm
Quoting Miset
Takenthepips

LooK my chart. Good good Setup and the pinbar bounce in a suport I draw last Sunday In 4hīs TF in confluence with 2 fibo levels and pivot point... I wasnīt trandig in this moment so I donīt know when I would take exit, probably in next pivot point that was in confluece with fibo level too.... if my fear let me did.

In James16 thread I read to someone, I don`t remember who, that he never exits only beause a pinbar in the other direccion appear.
Funny thing is, last week I made the resolution to never exit a trade until it reached TP or stop loss, and there was improvement in my trading. Had I continued that strategy, I would be a happy bunny today.

I've purchased a strategy tester, and will be spending many hours on it I'm sure, so hope to improve over the next few weeks.

Regards,

- TTP -
  • #3,446
  • Apr 27, 2010 9:55pm Apr 27, 2010 9:55pm
Quoting takingthepip
1 trade today so far. USD/JPY M5 PB. Great looking pin at swing high with the trend....
...
Hey takingthepip,

-to be exact, it's at a lower swing high.
-did u notice that your trade was off a minor PPZ (looking at Miset's chart, 93.62ish support turned resistance)?
- u can opt to close your trade when an opposite PB occurs, or let 1/2 position open, if u so choose.

personally, similar to what Miset said, i wont exit the trade simply because an opposing PB forms.
my reason (looking exclusively at your chart)... there is potential that the (down)trend may continue.{this idea was validated by Miset's chart, showing an extension of the downmove}
price is below 50sma, & eventually below 21ema a few bars after the pin. also, price was making lower highs & lows.
if we look at the higher timeframes, i believe it will further cement my view that price has downside potential/bias.

what strategy tester did u purchase? Forex Tester?
Improvement will surely follow after constant practice
  • #3,447
  • Apr 27, 2010 11:52pm Apr 27, 2010 11:52pm
go try to trade this profitably on a daily cart. If you are successfull and profitable after 6 months try the 5m.

Quoting takingthepip
Hello everyone.

I've been demoing this interesting method for 2 or 3 weeks but have not been taking the best setups, and as a result, perhaps, have been losing mostly.

I've been improving over the last week, though.

I'm trying to be more picky and to help, I've decided to post my trades.

Here's my only trade from today. Took this PB on the GBPUSD 5m chart.

1. Great Pin
2. With the Trend
3. Off the center BB and MAs.

Should I have avoided this one because of the divergence shown?

- TTP -
  • #3,448
  • Apr 28, 2010 6:43am Apr 28, 2010 6:43am
Thanks guys.

Yes SC, it's Forex Tester, and thanks for the encouragement.

I hope to reverse my equity curve over the next few weeks. I've gone from taking lots of trades down to just one or two a day, so already much improved.

@pizdun. Yes, I've done that and am making the transition to the lower timeframes. I haven't really been applying the j16 material, though, so that will be something to add to the mix.

Regards,

- TTP -
  • #3,449
  • Apr 28, 2010 10:24am Apr 28, 2010 10:24am
i'll forward test this live next week.
{Promotion Removed}
  • #3,450
  • Apr 29, 2010 11:36am Apr 29, 2010 11:36am
Hey man, it's great idea, sometimes set up the trade (tp, sl) and leave your pc is sometimes best thing you can do.
some people are really impatient and you want to " save your sl " then you "save" 4 pips but you didn't stay with your goal and trade can change his way. you lose money only because you didnt trade your plan.
if it hit sl it's ok you trade your plan and it makes money

I think it's simple . you if you can trade good plan, make a good money management and keep your fear/greed " healthy " than you are profitable.
There's no secret. it's ONLY about psycho, mm and trade whatever you want.

I remember most important words from Ryan " give me whatever other system and i will still make money "

Your system is YOU . System is a trader. Holy grail is a trader.

It can't be more simply than it is.


Quoting takingthepip
Funny thing is, last week I made the resolution to never exit a trade until it reached TP or stop loss, and there was improvement in my trading..
Regards,

- TTP -
  • #3,451
  • Apr 29, 2010 5:24pm Apr 29, 2010 5:24pm
Quoting Jankone
Hey man, it's great idea, sometimes set up the trade (tp, sl) and leave your pc is sometimes best thing you can do.
some people are really impatient and you want to " save your sl " then you "save" 4 pips but you didn't stay with your goal and trade can change his way. you lose money only because you didnt trade your plan.
if it hit sl it's ok you trade your plan and it makes money

I think it's simple . you if you can trade good plan, make a good money management and keep your fear/greed " healthy " than you are profitable.
There's no secret....
Hey Jankone, good to hear from you and thanks for your reply.

I waited my trades today and made 1.5% gain. I also had one trade where I didn't set TP, and drove my wife to work. When I came back, it had gone 3R and came back to breakeven where I got out.

Waiting for the good setups, taking them and then 'letting go', seems to be the best way for me.

- TTP -
  • #3,452
  • Edited 11:57am Apr 30, 2010 10:37am | Edited 11:57am
Quoting Jankone
Hey man, it's great idea, sometimes set up the trade (tp, sl) and leave your pc is sometimes best thing you can do.
some people are really impatient and you want to " save your sl " then you "save" 4 pips but you didn't...
Hi Jankone

Im going too tell you since my experience.

Prehaps the great dificult in trading- is at least for me- isnīt my mind, is design plan. I miss in #1 an exit in the plan. A plan or system is full when you have an entry and different exits for all potential scenes.

How can I exit if the price becomes? I put the Stop in b/e, when I where winning 10 pips, or the pips of stop loss, ATR*3, the first ppz is touched? too many possibilities... too many possibilities... all trades are different.

If price continues in my direccion? I exit in BB, or PPZ or traillins STOP or Fibo extensions or an exactly pips wins? too many possibilities... too many possibilities... all trades are different.

The system must be profitable in exit, so I think I need a great exit. If you donīt have a rule you canīt be profitable, .. too many possibilities... that confuse you to exit in a trade and makes you feel pain and exit in the frist singal like a pinbar against you or a divergence.. so soon and not enougt to win losses.... ... You need feel the security of rules and then.. donīt matter losses.

I know deep inside my mind, losses are part of the way, I can trade like profitable traders Im mentally prepared and trained, but is very very important have full plan... and then.. Im sure you, and only you are de holy grial. Your job isnīt make money, your job is follow your plan.. the money is a consequence, itīs easy. but you need a plan.

I think your mind is the most important but we are in mistake if we donīt value the important of a full system.

" give me whatever other system and i will still make money " Great RYANMCD, only I will add, very modestly, this system must be in confluence with you and this system must be full.

Donīt hit me a lot, please I wear glasses.

Regards and 1.000.000 thanks.
  • #3,453
  • Apr 30, 2010 9:35pm Apr 30, 2010 9:35pm
Hello Miset,
Yes, there are several possibilities.
all u can do is test, try, experiment, & see what u are comfortable with & what works for YOU.
once u found what u are comfortable with & what works for you, then try to stick to it & do it repetitively & consistently
  • #3,454
  • May 1, 2010 3:17am May 1, 2010 3:17am
Thanks SC for your reply,

Of course I think like you, only I wanted to express my difficult, make a full system. If you have rules trading is easier from a psychological point of view

Since I began in trading I was training my mind and pshyco, I always read this was the holy grail... but I think is not he only trouble... my trouble is the exit and Im agree with you that your exit no necesary will works for me... while im writting this post I notice perhaps my problem is im looking for the best exit, and this one doesnīt exist I will take one and run.

Thanks SC you are always there.

Regards.
  • #3,455
  • May 4, 2010 8:02am May 4, 2010 8:02am
watch out for setups like this guys!
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  • #3,456
  • May 4, 2010 8:02am May 4, 2010 8:02am
I've been noticing a lot as of late that the trending moves have been coming on earlier in the day. What to do, what to do. Just trade the pairs that are USD prominent, IMO. Anyone else been noticing the London takeover for the trend?
I dream, therefore I become.
  • #3,457
  • May 4, 2010 8:04am May 4, 2010 8:04am
Quoting xeqter
watch out for setups like this guys!
That's where it's at Xeqter. Nice trade man!
I dream, therefore I become.
  • #3,458
  • May 4, 2010 8:06am May 4, 2010 8:06am
Quoting mike w
I've been noticing a lot as of late that the trending moves have been coming on earlier in the day. What to do, what to do. Just trade the pairs that are USD prominent, IMO. Anyone else been noticing the London takeover for the trend?
Yeah me! Because all of a sudden I can get a trade to B.E. and go to bed at a reasonable time again.
Bundy's status today: "Waiting..."
  • #3,459
  • May 4, 2010 8:12am May 4, 2010 8:12am
Quoting bundyraider
Yeah me! Because all of a sudden I can get a trade to B.E. and go to bed at a reasonable time again.
haha Heck yeah brother. I'd love to be in Australia right now. These pins that have been popping up around the London open normally take the day with them, unless we're in a range of course.
I dream, therefore I become.
  • #3,460
  • May 4, 2010 9:09am May 4, 2010 9:09am
Quoting mike w
I've been noticing a lot as of late that the trending moves have been coming on earlier in the day. What to do, what to do. Just trade the pairs that are USD prominent, IMO. Anyone else been noticing the London takeover for the trend?
Yeah, I try to start watching 5min at 4:30CST. (London opens at 2:00am CST). I often find I've just missed something great to trade. But I think there are decent patterns throughout London... I don't find much after 11:00amCST though... London Close.
Do you guys trade right through to the NY close or do you rarely take anything after London close?
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