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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,741
  • Jul 1, 2010 7:23am Jul 1, 2010 7:23am
Quoting jajo
...ll I need is to spend some time live with experienced traders to see how you think and what are your views on current market situation. It is different to "read" and to "see in action" .. at least for me
read my reply to dzero. & re-read my reply to u above.
we dont need to see a trader trade live for us to learn.
we just need to learn what is needed to be done. threads like this & james16 thread (&many others) do that --- teach what is needed to be done.

if u are a 'visual' person, u can watch the free videos in james16.
http://www.james16group.us/Guests/guestmaterial.html
  • #3,742
  • Jul 1, 2010 7:24am Jul 1, 2010 7:24am
Quoting Jduester
No trade here as the trend was too strong... great location, but just too strong a trend for me. CT will kill when we're in a strong trend.
I took that, just experimenting, just for +7p and close. Looks i awas right to jump out.
  • #3,743
  • Jul 1, 2010 7:30am Jul 1, 2010 7:30am
Quoting Jduester
No trade here as the trend was too strong... great location, but just too strong a trend for me. CT will kill when we're in a strong trend.
good decision not to enter, Josh.
i took a small chunk on that upmove. (looking to get back in, if given a good chance)
  • #3,744
  • Jul 1, 2010 7:36am Jul 1, 2010 7:36am
You know, there is two different persons in this thread mentioned mostly, Ryanmcd an Jancon. If they could make education team that would be great for new traders, why:
Ryanmcd: He is really good person of psychology, he can give you right thinking, he can say you what he is thinking about you and even not nice things, but he is right. And that is what I like from him mostly. No charts which help me in trading, maybe I haven’t found any which explain more clearer then Jankone .
Jankone: He is really good on presenting and explanation charts, like man who make nice presentations, easy understand and easy catch.
  • #3,745
  • Jul 1, 2010 7:47am Jul 1, 2010 7:47am
Quoting Makaveli
would you be so kind and post a chart with this entry and exit for better understanding you can use the same chart as i posted before eur/jpy.
I posted my setup there is few days on this thread, just check
  • #3,746
  • Jul 1, 2010 12:01pm Jul 1, 2010 12:01pm
yesterday June 30 took this "with trend", gave 12 pips, moved to BE and got stopped out.
Today I actually took the first "withtrend" (green arrow) but closed 30 seconds later cause I thought it couldn't go higher , result +1 pip.
And the took the Counter trend (yellow arrow) with optimum results.
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  • #3,747
  • Jul 2, 2010 8:04am Jul 2, 2010 8:04am
m30 chart..

h4 market flow is down, price made lower high on m30, m15 made a nice pinbar, too;
off of daily r1 and previous resistance zone.. just like described before.
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  • #3,748
  • Jul 2, 2010 8:05am Jul 2, 2010 8:05am
my trades from wednesday
eur/chf, half of positon -5pips the other half +23
long@1,3217, sl@1,3212 exit@1,3212 (half of position)
exit2@1,3240 (second part for the trade)

my first trade of this wednesday. after price didnt move in my direction i closed half of the trade to minimize the loss if its going to hit my sl. i closed little to early (but anyway after 4 candle since entry i had to do this), because right after it went in my direction. i trailed tp on 1minTF and got stoped out with a gain of +23pips.
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  • #3,749
  • Jul 2, 2010 8:16am Jul 2, 2010 8:16am
second trade
aus/nzd +20
short @1,2318, sl@1,2338, tp@1,2303

this was a nice trade nothing to say about it.
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  • #3,750
  • Jul 2, 2010 8:26am Jul 2, 2010 8:26am
third trade -25
nzd/jpy long@61,53 ,sl@61,28

i thought this would be a pinbar in uptrend since on the 1hour TF was a small support zone. got stopped out with -25. this was the biggest loss of the week!
anyway life goes on...
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  • #3,751
  • Jul 2, 2010 8:39am Jul 2, 2010 8:39am
last trade of wednesday
gbp/usd +23
short@1,5041, sl@1,5064, tp@1,5008, exit@1,5018

this was a special trade. because i have a special relationship to cable a love/hate relationship. this pair gave me nice profits but also kicked my a.. really often. so this was my fourth trade of the day, before this trade i made a loss a big one. i know you should never think on the trade before if you are in a new one! but i couldnt and i was fine with that. because i closed this one manual since it gave me a nice profit that coverd my loss trade from before and gave me a nice daily profit (daily target was reached) with my winners before. so my thoughts on this was, come one why should you risk to lose this profit and need to search/wait for another entry, if you take this one you have your daily profit and you can stop to trade for today.
so i closed and finished. i know this is not the optimum since the trade went further to sout but, hey i am fine with that. if this happen to me from one or two months ago i would be really angry and tryed to take some trades to gain the profits that i missed with this one....

so my daily profit was +36 pips or 417US (demo)
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  • #3,752
  • Jul 7, 2010 10:12am Jul 7, 2010 10:12am
entered long at the break of the bearish bar for 2:1 (20 pips aprox), TP reached
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  • #3,753
  • Jul 7, 2010 2:17pm Jul 7, 2010 2:17pm
lost on this one, maybe it was just too late in the day (closing US session)
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  • #3,754
  • Jul 8, 2010 5:27am Jul 8, 2010 5:27am
Missed this one, but was a nice trade setup.
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  • #3,755
  • Jul 8, 2010 8:03am Jul 8, 2010 8:03am
Question for Jankone or someone else :

How many nice CT pinbar + div setups can I espect on M5 (one pair) in a month during London time, in average ?

One other thing :
I would like to use an additional entry on 50%fibs retracement of pinbar range. The issue is : on M5 it makes a pretty tight SL in term of pips and increase a lot the spread hit, for instance the pinbar wick size is 14 pips, my SL is 15pip + spread, fine for me, but with 50%fib entry my SL is 7/8 pips !

I must focus this type of entries on higher TF I guess with a SL>10pip at least for a 2 pips spread (spread < 20% fees).
  • #3,756
  • Jul 8, 2010 9:32am Jul 8, 2010 9:32am
nice trend trade. i missed it though, hope someone got some pips from it.
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  • #3,757
  • Jul 8, 2010 11:47am Jul 8, 2010 11:47am
I broke Even on this one after 7 bars, I looks like it could still work, but I'm not taking that chance with price so close to my entry point.
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  • #3,758
  • Jul 8, 2010 11:28pm Jul 8, 2010 11:28pm
Quoting Walcott
Question for Jankone or someone else :
How many nice CT pinbar + div setups can I expect on M5 (one pair) in a month during London time, in average ?
One other thing :
I would like to use an additional entry on 50%fibs retracement of pinbar range. .....
I must focus this type of entries on higher TF I guess with a SL>10pip at least for a 2 pips spread (spread < 20% fees).
depends on the currency pair & situation (trend or no trend environment).
u can test it out for yourself.
but remember, the focus should be quality, not quantity. the reality is u wont be available to trade ALL the setups (quantity), but u can focus on improving your performance (quality).

Kindly read my previous related posts
http://www.forexfactory.com/showpost...ostcount=67879
http://www.forexfactory.com/showpost...ostcount=67920

yes, u can enter an additional position in a retracement (if a retracement happens). but it wont necessarily be 10pips for higher Timeframes
  • #3,759
  • Jul 9, 2010 4:51am Jul 9, 2010 4:51am
Thx sC,

My favorite sentence :
Quote
the main objective is for us to find & trade the high probability setups


My opinion, maybe I'm wrong :
Pinbar strategies are fractal (can be use on any TF and pairs until it's candles).

In theory :
It's better to trade your strategy on :

  1. The maximum of pairs
  2. The maximum of TF


On practice :
You must choose the pairs with a good spread/volatility ratio (majors and some exotic pairs). Better the spread/volatility ratio is, smaller the TF can be (spread hit). I don't give an accurate selection because it depends of your own interpretation of a too high spread and whatever it depends of your strategy and results. I calculate spread/volatility ratio with ADR/average spread on trading hours.

According your strategy you must choose TF compatible with your trading style (M5, M15, M30 for daytrading, H1, H4, D1 for mid/long term trading). Just remember: higher is the TF, better are your chances in term of probability for your trades.


For instance, I use TF over M15 on better spread/volatility ratio majors. TF over M30 for the rest. I avoid pairs with bad spread/volatility ratio.

This way, I can be more selective for taking A+++ setups only, good benefits for my results and system solidity. I tried 5M but too fast, spiky, possible re-quote and too much spread hit for me.

I don't focus on having more setups, I focus on being more selective with +/- the same number of trades.

My last though is about create custom TF (in red) with time space between them to be enough consistent. I will try and post my review on this idea :

M15, M22, M30, M45, H1, M150, H4, H9, H14, H19, D1

I hope I brought useful ideas
King regards, Wal

  • #3,760
  • Edited Jul 10, 2010 4:18am Jul 9, 2010 8:59pm | Edited Jul 10, 2010 4:18am
Hello.
i think you can start your trading platform a and search for m5 pin bars , which you like. sometimes 2 trades a day, sometimes 3 days nothing.
i really trade for money, no just " trade for the feeling i trade"
im really picky and i follow my rules.
spread is with m5 tf really problem, but i trade only low spreads pair eu, gu, ej. you can test it million ways.... open trade, take some fast 6 pips with 1/3 size of lots. then let's say 10-15 pips another...
or use fix...use ema etc...if i see really monster pin, for example 20-25 pips, i trade with small sl or simply i don't trade if there is not enough space.
some people trade with sl 20 for tp 10 but i dont like this way.

anyway if you have problem with this, you can watch h4, h1 etc...i trade m15 sometimes, it's good too

once again, be winner in 51% trades with 1:1 and you will make money in the long run.it's so simple.


Quoting Walcott
Question for Jankone or someone else :

How many nice CT pinbar + div setups can I espect on M5 (one pair) in a month during London time, in average ?

One other thing :
I would like to use an additional entry on 50%fibs retracement of pinbar range. The issue is : on M5 it makes a pretty tight SL in term of pips and increase a lot the spread hit, for instance the pinbar wick size is 14 pips, my SL is 15pip + spread, fine for me, but with 50%fib entry my SL is 7/8 pips !

I must focus this type of entries on higher TF I guess with a SL>10pip at...
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