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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,621
  • Jun 16, 2010 7:06am Jun 16, 2010 7:06am
Quoting stoli7188

Do you look for PA setups on higher TF's first and then check the 5min for entries in that direction? or Do you watch the 5min and then check the 15min, 1hr bars as that time comes?
Hey Stoli, how's it goin brother?

Just like Supreme and Sho said, I normally see if there is anything on the higher timeframe and then move it to the lowers. My favorite setup while incorporating the 5 minute charts is to see price action on the 4 hour and then pinpoint various entries throughout to reduce risk and maximise profit potential.

I don't always just wait until I see higher timeframe setups though. Just as you do, if I see a solid setup on the 5 minute, I'll take it. Like Sho said though, I try to keep in line with the dominant trend always. That's one thing that has kept me out of a lot of losses. (For instance, just now, I'm noticing an hourly bearish bar on the gbp/chf at a key point and so I'd only be looking to take shorts on the 5 minute timeframe with it because I missed the entry on the hourly. I'm not willing to enter a trade late so I'll just wait and see what pans out.)

Like Supreme also said, what you're doing seems to be doing good for you Stoli. I've seen it too and you're doing a great job my man.
I dream, therefore I become.
  • #3,622
  • Jun 16, 2010 7:14am Jun 16, 2010 7:14am
Quoting trade price
if i may-
allways trade in the direction of higher time frame.
first look at the longer time frame then drill down to smaller time frame for entry and exit.
like-1 hour first then 15 min then 5 min.(if you follow three time frame).
if you chose 15 min .look at 15 min first and then 5 min for entry and exit.(if you follow 2 TF)
eventhough if you are wrong with smaller time frame ,sometime bigger TF trend will rescue you smaller trend.

hope that helps.
good trading
Regards
sho
Excellent view. BTW Sho, I just checked out your profile and I just wanted to say that I love your outlook on life my man.
I dream, therefore I become.
  • #3,623
  • Jun 16, 2010 7:51am Jun 16, 2010 7:51am
Thanks guys for the input. I think what I might end up doing, something I've actually been considering for a while, is continue to check the 5min for setups and once I get one I will check the 15min for some sort of confirmation. Doesn't necessarily need to be a setup but a previous PA bar in the direction or price illustrating the trend will continue in my 5min setup direction.

IF you don't mind, when you say you use the higher TF's first, for this method of trading, do you only scan the say 1hr charts every hour or the 15m charts every 15min until you see a setup, in which case you then sit down and keep checking the 5min charts for entries in that direction?

Thanks for the encouragement :-)
  • #3,624
  • Jun 16, 2010 8:14am Jun 16, 2010 8:14am
Quoting stoli7188
Thanks guys for the input. I think what I might end up doing, something I've actually been considering for a while, is continue to check the 5min for setups and once I get one I will check the 15min for some sort of confirmation. Doesn't necessarily need to be a setup but a previous PA bar in the direction or price illustrating the trend will continue in my 5min setup direction.

IF you don't mind, when you say you use the higher TF's first, for this method of trading, do you only scan the say 1hr charts every hour or the 15m charts every 15min...
Sounds excellent brother. Confirmation counts, that's for damn sure.

I personally check the 1 hour and 4 hour charts although I can't speak for SC and Sho. If I see a setup on the 5 minute, I'll typically check the hourlies to see if it's in line with the deeper trend. If not, I'll pass MOST of the time. There are some circumstances where I'd still take the trade, but not many. (I.E. a short on the 5 when the hourly has been bought for a few straight hours.)

If I see a 4 hour bar at the 21 that is to my liking, it's on. Just like yesterday's jpy pairs, I'd trade that way every time and happily at that.
I dream, therefore I become.
  • #3,625
  • Jun 16, 2010 8:49am Jun 16, 2010 8:49am
good thing i followed my trading plan only pinbars on 21ema, seeing this gives extra confidence
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Never whishing, always trading.
  • #3,626
  • Jun 16, 2010 9:45am Jun 16, 2010 9:45am
Here's another one of those setups I was talking about. I'm going to end up opening a journal back up for this as I don't want to dilute Jankone's thread. I'm just posting on the power of it so that maybe somebody can gain something. That 4 hour setup on the euro printed out and then the follow up with the fives. Have a good day ladies and gents, I'm logging off for the day.
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I dream, therefore I become.
  • #3,627
  • Jun 16, 2010 11:43am Jun 16, 2010 11:43am
Look and think about POSITION of this bar.
he had long lose, not hidden in shadows of the previous bars,
if you see 5 bars before, technically they were "pinbars"
one for short and 2nd for long, BUT LOOK at the positions and where is he placed..
can you see it?
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  • #3,628
  • Jun 16, 2010 12:17pm Jun 16, 2010 12:17pm
Quoting mike w
Here's another one of those setups I was talking about. I'm going to end up opening a journal back up for this as I don't want to dilute Jankone's thread. I'm just posting on the power of it so that maybe somebody can gain something. That 4 hour setup on the euro printed out and then the follow up with the fives. Have a good day ladies and gents, I'm logging off for the day.
I like the setup Mike. Quick question if you don't mind... what type of exit strategy do you use for these trades? Obviously you're trying to ride the trend so I would assume its some kind of exit shooting for high RR. I remember one of your posts way back you said you look for 10:1.

Feel free to PM, and thanks.
  • #3,629
  • Edited 3:16pm Jun 16, 2010 1:28pm | Edited 3:16pm
Quoting Jankone
Look and think about POSITION of this bar.
he had long lose, not hidden in shadows of the previous bars,
if you see 5 bars before, technically they were "pinbars"
one for short and 2nd for long, BUT LOOK at the positions and where is he placed..
can you see it?
This is beautifull trade! I see I should definitely check also 15M TF But I noticed this pin on M5 Today I did two trades and both winners! I still have a lot to improve ... but I am NOT loosing money finally! ( Dakujem Jankone za super techniku a pozrdavujem do Ciech! Ty a Ryanmcd ste mi mooooc pomohli )
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  • #3,630
  • Jun 17, 2010 8:20am Jun 17, 2010 8:20am
I didn't like the close too much on this one, but good location. But I entered after we had a retrace. Unfortunately I cut it early after we formed a bearish continuation bar on the 5min (and reversed). This 15min entry has turned into a nice 2+R run though.
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  • #3,631
  • Edited 8:32am Jun 17, 2010 8:32am | Edited 8:32am
Quoting Jduester
I didn't like the close too much on this one, but good location. But I entered after we had a retrace. Unfortunately I cut it early after we formed a bearish continuation bar on the 5min (and reversed). This 15min entry has turned into a nice 2+R run though.
There was also 23.6 Fibo level. I almost took this trade .. unfortunately candle was doji which means for me "uncertain market"
  • #3,632
  • Jun 17, 2010 10:03am Jun 17, 2010 10:03am
Quoting Jduester
I didn't like the close too much on this one, but good location. But I entered after we had a retrace. Unfortunately I cut it early after we formed a bearish continuation bar on the 5min (and reversed). This 15min entry has turned into a nice 2+R run though.
my view on your setup.
see the chart and red circle where pin did break after the consolidation.this is where price will find some resistant or at least they will give you a pause.
if over all trend is up,allways try to close half position and let the other half run.

price revisited ,did find some sell orders.
overall trend is up.

in this situation if you can allway close half position and let the other half run.
when ever pin breaks next time price will find some support or resistant at that zone.
but you did good job

good trading to you
regards
sho
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  • #3,633
  • Jun 17, 2010 2:08pm Jun 17, 2010 2:08pm
Have been waiting whole day for this one EU M15, Head and shoulders pattern with MACD divergence
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  • #3,634
  • Jun 17, 2010 2:41pm Jun 17, 2010 2:41pm
Quoting jajo
Have been waiting whole day for this one EU M15, Head and shoulders pattern with MACD divergence
One question i noticed watching Steve Nison Dvd's was:

"When is a Head and Shoulders pattern confirmed ?"

even though im not trading these patterns it was revealing.

have a great day
Never whishing, always trading.
  • #3,635
  • Jun 18, 2010 12:25am Jun 18, 2010 12:25am
Quoting jajo
There was also 23.6 Fibo level. I almost took this trade .. unfortunately candle was doji which means for me "uncertain market"
a doji is said to mean 'there is indecision'..
but dont forget the context:
possible 'uncertain market' at that point in time (meaning, "uncertain" for that single candle, for the M15 doji only)

after that candle (M15 doji), price still needs to move in 1 of 2 direction (up or down). price wont stay within the range of that doji (the range was +/-10pips?) forever, specially in trending markets.

if we are talking of a doji in H4 or higher timeframes, then that is a different matter (since a doji in a higher timeframe will have a much larger range).

also, dont forget a doji in Broker X, is not necessarily a doji in Broker A ( example, it might be a fairly good looking PB in Broker A).

so it would be ideal to read price action (& base your trade decision) based on several bars (based on trend; &/or PA making higher high & lows; &/or combining 2 or more bars to see/create a 2- or 3-bar PB etc), & not based on any single bar (in your post, a doji).
assuming it was a doji (see Jduester's first chart). what was the next bar? an outside bar (a BUOB infact). & the next bar? it closed as a BUB (Bullish bar: see Jduester second chart)... &so on,so forth..


Hope that was clear.
  • #3,636
  • Jun 18, 2010 3:42am Jun 18, 2010 3:42am
Look what I just did This is plain newbie mistake GU 1H Trend UP. On M5 we had nice retrace where ugly pin appeared on previous support which become resistance now. After PIN closed I entered LONG position. In this second I was immediately -15 pips on OANDA. I realized it must be NEWS time Now what? Thanks God ... price went long and I grabbed few pips despite my stupidity Lesson taken ... always watch spread and news on your broker before you jump on trade!
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  • #3,637
  • Jun 18, 2010 3:46am Jun 18, 2010 3:46am
Also special thanks to all of you. I realized that I am still far away from understanding PA and full time trading. I should consider moving back to demo account ... I feel really bad even won this trade and I am able to make some (about 0.5% per week) profit.
  • #3,638
  • Jun 18, 2010 6:50am Jun 18, 2010 6:50am
Quoting jajo
Also special thanks to all of you. I realized that I am still far away from understanding PA and full time trading. I should consider moving back to demo account ... I feel really bad even won this trade and I am able to make some (about 0.5% per week) profit.
Don't rush the process of becoming a trader. I used to have issues with this, thinking a I needed to be a millionaire by the time I graduated college. When I put this idea to the back of my mind and focused on becoming a better trader good things began to happen. Don't be too result oriented at first, meaning don't worry how about how much % you are returning just yet. Focus on becoming a better trader. Learn, test and have confidence in your system. Eliminate greed and fear as best you can and learn to just trust the edge of your system to play out over time. If you try to become a better trader and get consistently profitable, you will slowly grow an account and earn a nice living.

Take a deep breath, relax, realize the markets will be here forever.

Move back to demo if your not comfortable yet, absolutely no point in blowing real money to learn -just stay very disciplined and treat your demo like it was your real account and treat your trading like it is a business you are running.
  • #3,639
  • Jun 18, 2010 9:43am Jun 18, 2010 9:43am
Quoting stoli7188
Don't rush the process of becoming a trader. I used to have issues with this, thinking a I needed to be a millionaire by the time I graduated college. When I put this idea to the back of my mind and focused on becoming a better trader good things began to happen. Don't be too result oriented at first, meaning don't worry how about how much % you are returning just yet. Focus on becoming a better trader. Learn, test and have confidence in your system. Eliminate greed and fear as best you can and learn to just trust the edge of your system to play...
And that's just what it is.
I dream, therefore I become.
  • #3,640
  • Jun 18, 2010 11:10am Jun 18, 2010 11:10am
when do you go from "learning to trade" to "being a trader"
when do you go from "learning to play music" to "being a musician"
they are not two separate things, it's just one never-ending process.
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