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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #4,061
  • Sep 30, 2010 6:20pm Sep 30, 2010 6:20pm
Quoting Dhb
Hi Muhammed,

Why didn't you get out of that trade much sooner (for breakeven or a very small loss)? The first three candles that formed after you went short indicated that the bearish momentum of the hours before was over.

Now please correct me if I'm wrong, but it seems you stayed in because you were HOPING for price to still go down. Hope is never a good thing in trading, and there's always a new trade just around the corner. Taking a small loss because the trade doesn't take off is not a bad thing to do, my friend. On the contrary.
Great post Sir
FX
  • #4,062
  • Oct 1, 2010 1:54am Oct 1, 2010 1:54am
Quoting Dhb
Hi Muhammed,

Why didn't you get out of that trade much sooner (for breakeven or a very small loss)? The first three candles that formed after you went short indicated that the bearish momentum of the hours before was over.

Now please correct me if I'm wrong, but it seems you stayed in because you were HOPING for price to still go down. Hope is never a good thing in trading, and there's always a new trade just around the corner. Taking a small loss because the trade doesn't take off is not a bad thing to do, my friend. On the contrary....
Hi ya Dhb..

Could you please explain the bold point as I see if you go back through that down trend move you see the same momentum with the candles happening on price moves on the way down....
Are we suppose to get out on most of those moves against us or were some of them not tradable price action at all?....
How should you actually play these types of moves to save pips and get out early?...

Thanks for any help you can give on this

Adrian
  • #4,063
  • Oct 1, 2010 7:52am Oct 1, 2010 7:52am
Just take at the picture below, and see how the indicated candles differ from any other combination of 4 consecutive candles in the rest of the picture. If you're in a trade and price starts moving like it does here, you'd better lock in some profit if you have any, or otherwise just get out, because the probability that price will go sideways or even reverse direction has just increased a lot. Just look at the candle that followed the 4 crappy pins I indicated. A big upward candle.

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It's not about how much you make, it's about how much you don't lose.
  • #4,064
  • Oct 1, 2010 8:09am Oct 1, 2010 8:09am
Another attempt at shorting the aussie... Counter trend I know but trends gotta stop sometime right... managing risk however.
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  • #4,065
  • Oct 1, 2010 10:07am Oct 1, 2010 10:07am
I'm wondering if somebody trade on TF M10.

What changes compared to M5 :

More informations by candle.
Less spread influence.
Still a reasonable amount of candles per day.


To use on small spread paires of course in addition to M5 and M15. Maybe M20 is useful too.
  • #4,066
  • Oct 2, 2010 9:42am Oct 2, 2010 9:42am
Quoting Dhb
Just take at the picture below, and see how the indicated candles differ from any other combination of 4 consecutive candles in the rest of the picture. If you're in a trade and price starts moving like it does here, you'd better lock in some profit if you have any, or otherwise just get out, because the probability that price will go sideways or even reverse direction has just increased a lot. Just look at the candle that followed the 4 crappy pins I indicated. A big upward candle.

Attachment
Hi ya Dhb..

Thanks muchly for your help and explaination..much appreciated!

Adrian
  • #4,067
  • Oct 4, 2010 9:42am Oct 4, 2010 9:42am
Quoting Dhb
Just take at the picture below, and see how the indicated candles differ from any other combination of 4 consecutive candles in the rest of the picture. If you're in a trade and price starts moving like it does here, you'd better lock in some profit if you have any, or otherwise just get out, because the probability that price will go sideways or even reverse direction has just increased a lot. Just look at the candle that followed the 4 crappy pins I indicated. A big upward candle.

Attachment
Excellent post
every Saint has a past. Every Sinner has a Future
  • #4,068
  • Oct 9, 2010 7:25am Oct 9, 2010 7:25am
Quoting supremeChaos
1 suggestion, dont be 'too engrossed' with R/R. better to base your exits on S/R, PPZs.
u can read more here
http://www.forexfactory.com/showpost...ostcount=71842...
Not to step on any toes, but SC knows and probably agrees on what I'm to say... I trade with a straight R:R profit target. Ryan (at least in the past) has done the same. I firmly believe R:R targets vs. trailing stop vs. S/R targets are less relevant to profitability. It has much more to do with finding a strategy that gives an edge and only taking trades that fit that strategy (and provide that edge over many trades).

Quoting Dhb
Just take at the picture below, and see how the indicated candles differ from any other combination of 4 consecutive candles in the rest of the picture. If you're in a trade and price starts moving like it does here, you'd better lock in some profit if you have any, or otherwise just get out, because the probability that price will go sideways or even reverse direction has just increased a lot. Just look at the candle that followed the 4 crappy pins I indicated. A big upward candle.

Attachment
Again, my trading rules state I don't modify a trade until one thing happens: I reach 1R. That means there are some trades where I have a 10 pip stop and price moves in a tight range for an hour, only to stop me out with -1R. I wrote my rules out like that and then tested it like crazy... it gives me an edge and so I left it in. I've learned the fewer quick spontaneous decisions I have to make while a trade is on, the better. This is a personal preference.

The main point I make in both of these responses is there is no 'right' way or even 'better' way universally. But there certainly is a 'better' way for each individual. Finding that 'better' way, where you aren't fighting with yourself but instead keeping it simple, and to an extent, easy - is the key.

Just my 0.02. Happy weekend all!

Josh
  • #4,069
  • Oct 9, 2010 11:17am Oct 9, 2010 11:17am
Quoting Jduester
Not to step on any toes, but SC knows and probably agrees on what I'm to say... I trade with a straight R:R profit target....
well said. my plan is a solid 4:1 tp. On the 5min you cant really expect every little s/r level to hold, therefore I really like my 4:1 tp. Plus this is what I tested and have made a part of my system. The less discretion you need in order to follow your plan/ to make decisions, the better IMO. But as long as you tested what your doing and follow it consistently, there is no right or wrong here.
  • #4,070
  • Oct 10, 2010 7:00am Oct 10, 2010 7:00am
Quoting stoli7188
well said. my plan is a solid 4:1 tp. On the 5min you cant really expect every little s/r level to hold, therefore I really like my 4:1 tp. Plus this is what I tested and have made a part of my system. The less discretion you need in order to follow your plan/ to make decisions, the better IMO. But as long as you tested what your doing and follow it consistently, there is no right or wrong here.
Mr. Jankone, I have read this thread from start to finish. I have been trading live for a long time on a small account with Oanda. I have used many systems that I have paid dearly for, some worked for a while some did not. I also have paid a lot of money for two courses in trading, only to find out that my mentors are marketers and not traders themselves.

Your method is most consistent if you are not in a hurry, I am old, so there is no hurry, but young people are always in a hurry. Guard against that, guys.

The only thing I added to your system is I draw the channels in on the five minute chart. Just a line joining the highs and the lows. Just draw it in and see how it helps with your method. Remember to notice that once price breaks through the line, it always comes back to the line before it moves away in a direction.

I also want to caution the youth, move your stop loss immediately to BE point, no loss is in the long run much better for the growth of your account.
There are so many members here that supplied positive ideas that I can not mention them, thank you guys, and for those critisising in the wrong manner, keep it cool, we are all getting this for free. Always remember that.

Greetings from dark Africa. Uncle Kudu.




I have great respect for you and everybody taking part on this thread.
  • #4,071
  • Oct 10, 2010 11:56am Oct 10, 2010 11:56am
I'm working these days on a EA/alert project about CT setup (PB + Div).

I need someone using successfully this technique to help me making the right rules. If interested, let me know
  • #4,072
  • Oct 10, 2010 3:39pm Oct 10, 2010 3:39pm
Quoting Dhb
Hi SC,

I believe you're right about that. But that still would not have been proper divergence, imho.

Hopefully my chart explains things a little bit better for those who might still be wondering what I'm on about.

Attachment
This explanation was very important to me, made it all clear. Thank you.
  • #4,073
  • Oct 11, 2010 11:31am Oct 11, 2010 11:31am
Quote
This explanation was very important to me, made it all clear. Thank you

My only problem is that you rarely come accross a set up that has three higher lows in order in the RSI like sugested-- mostly it is only two higher lows you find -- and they still mostly work out.
  • #4,074
  • Oct 11, 2010 3:45pm Oct 11, 2010 3:45pm
If this method is using pinbars, why is everybody showing candles in their charts here? Is it not much easier to find resistance and support lines with the pin bar?
Today I noticed again how the price will move away from the SMA 50, hit the top boundary of the BB line and move back to the SMA 50, go through it and hit the bottom boundary of the BB line. Everytime making a nice pinbar before turning around. This alone could have been my successfull trading method for the day.
No, trading is like boxing, every day the fight is different, but if I have the knowledge to adapt my style for the day's fight, I can win. Small stoplosses and small bites all the time on the 5 and 1 minute timeframes.
Thanks Jankone, Ryan and Phillip Nel for all the knowledge, also Mohammed and DTM, (hope I got the last name right.)
  • #4,075
  • Oct 11, 2010 11:09pm Oct 11, 2010 11:09pm
Quoting Jduester
Not to step on any toes, but SC knows and probably agrees on what I'm to say.......
Yes Josh, i agree.
my previous post was just a caution for newer traders. (i've been through that 'new trader path': trading without knowledge of S/R's)
once one is more experienced, a multitude of options are available.

Quoting kudu
If
...
also Mohammed and DTM, (hope I got the last name right.)
i believe u are referring to Dhb.
  • #4,076
  • Oct 12, 2010 1:48am Oct 12, 2010 1:48am
From my pinbar 3 hour chart there is support at 1.3800 on the Euro/USD. On our BB pinbar chart with Jankome's method there is on the 1 hour chart a nice pinbar outside the BB boundary. And notice how far above is the 50 SMA line. With my little knowledge I might come to the conclusion that I can make a bit of profit going long on the 1 hour chart with tiny stop below 1.3800.
Just a thought as I sit here watching.
  • #4,077
  • Oct 13, 2010 9:46am Oct 13, 2010 9:46am
This method gives too few trades er day, it is also not so easy to find the divergence, even on this site we differ if it was a divergence.
The indicators settings on the 5 minute charts work very well. I can sit all day infront of the computor, but it is boring not to trade anything.
I like Nasirs's support and resistance zones. I now make a combination of BB and the other indicators of Jankome, Nasirs's zones and I use Oandas pinbars instead of candles.

That is how I feel my way around to find something that works for me. You can take an expensive course for six months and still it won'nt work for you. Because we are all different. Mine must be on the 5 minute chart, I want action and I want to feel I am working for a living.

An old friend of mine once gave me his trading method in five seconds and that is all he trades. A 15 minute chart, just two indicators and the candles : EMA 12 and SMA 89. When they cross he enters. Does not give a lot of trades per day, but it works for him. We go for lunch every Friday, the one that made the most (percentage} on his account, pay for the lunch.
We are not shy to show our live accounts to each other, and I must say, I work much harder, but somehow he pays the most lunches.
  • #4,078
  • Oct 13, 2010 9:54am Oct 13, 2010 9:54am
Quoting kudu
Mine must be on the 5 minute chart, I want action and I want to feel I am working for a living.

and I must say, I work much harder, but somehow he pays the most lunches.
Think about what you wrote here. There's a correlation with these two thoughts.

This isn't a hard working business, it's a smart working business. You work when you are presented with work and not one minute more or less. If you want to have a "hard working" career, apply at a factory, because that mentality will bring you a lot of pain in this arena.
I dream, therefore I become.
  • #4,079
  • Oct 13, 2010 10:10am Oct 13, 2010 10:10am
less is more in fx
  • #4,080
  • Edited 10:47am Oct 13, 2010 10:23am | Edited 10:47am
Quoting mike w
Think about what you wrote here. There's a correlation with these two thoughts.

This isn't a hard working business, it's a smart working business. You work when you are presented with work and not one minute more or less. If you want to have a "hard working" career, apply at a factory, because that mentality will bring you a lot of pain in this arena.
Exactly!
I'll tell what will happen, when you make a couple of bucks by clicking the mouse 3 times in 30 minutes, you will somehow make a mistake and return all of that money to the market, just because internally you think you don't deserve it because it was too easy.

edit: thats because we're honest and we don't want something for nothing, but certainly 5+ years of hard work should count as something.
I know this cause it has and it is still happening to me.
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