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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #4,081
  • Oct 13, 2010 8:35am Oct 13, 2010 8:35am
waiting the break
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  • #4,082
  • Oct 13, 2010 8:41am Oct 13, 2010 8:41am
Quoting judith
waiting the break
2 bars and no break, I will just leave it alone for now..
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  • #4,083
  • Oct 13, 2010 2:16pm Oct 13, 2010 2:16pm
chart.........
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FxHome
  • #4,084
  • Oct 13, 2010 4:23pm Oct 13, 2010 4:23pm
Quoting Muhammad989
chart.........
That was a beautiful setup...I missed it because I was position sizing and it wasn't coming out right. Next thing I know it took off on me lol...Here's my chart and thoughts on this setup.

I'm not sure why, but I use this position sizer, and sometimes when I calculate how many units to buy/sell on Oanda, the pip value is way off.

Can anyone shed some light on this or post up whatever you guys do to quickly position size? This is the first time where I've missed a trade due to sizing too slowly.

Scott
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  • #4,085
  • Oct 13, 2010 11:32pm Oct 13, 2010 11:32pm
Whoah Scott that method... I have seen the site.

Here is an Excel spreadsheet which is rough and ready. Check out the pip values for pairs you trade which aren't in the list and use a substitute or adjust your risk accordingly. Unless you are obsessive about exact percentage this will serve you very well.

Attached File(s)
File Type: xls FXRisktable.xls   17 KB | 664 downloads


Don't worry about the macros it's as clean as a whistle. Don't thank me thank whomever it was who gave me the same information.
Gone to a better place
  • #4,086
  • Oct 14, 2010 1:56am Oct 14, 2010 1:56am
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.
Brilliant summary Mike - discipline and selection are key traits needed-not the gamblers impulse to seek constant action.
every Saint has a past. Every Sinner has a Future
  • #4,087
  • Oct 14, 2010 2:03am Oct 14, 2010 2:03am
Quoting judith
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.
Thats right Judith. The mind is a great influencer on our trading career.
every Saint has a past. Every Sinner has a Future
  • #4,088
  • Oct 14, 2010 2:17am Oct 14, 2010 2:17am
Quoting scott087
That was a beautiful setup...I missed it because I was position sizing and it wasn't coming out right....
I keep a sheet of paper in front of me throughout the trading day that shows the appropriate position size based on the risk (pips). It's similar to your spreadsheet. I just have a line for all the various possibilities... 8pips, 10 pips, 12, etc.
It's not exact. Most of my e/u trades are 10pip risk and most g/u trades are 15 pip risk... so I use the corresponding position size (and stop loss placement) as my default in oanda for each pair. Then if the bar is larger/smaller, I adjust the size accordingly... I enter on the close of the bar so I found keeping it very simple allowed me to get in with minimal stress and less chance of making a mistake.
  • #4,089
  • Oct 17, 2010 7:12am Oct 17, 2010 7:12am
I havnt read through this entire thread yet. (up to page 32) but can anyone tell me in advance what MA RyanMCD uses to dertermine his trend (the thick yellow one in his charts - not 21 or 50) ?

Regards
Dan
  • #4,090
  • Oct 17, 2010 3:59pm Oct 17, 2010 3:59pm
100 linear weighted
  • #4,091
  • Oct 18, 2010 5:41am Oct 18, 2010 5:41am
Quoting dan89
I havnt read through this entire thread yet. (up to page 32) but can anyone tell me in advance what MA RyanMCD uses to dertermine his trend (the thick yellow one in his charts - not 21 or 50) ?

Regards
Dan
I'm guessing if you asked him, he'd say his eyes. keep it simple. If it's going up, then trend is up. if down, then trend is down. If it has to be a line, I use the middle of the bb (which is SMA(18) for me).
  • #4,092
  • Oct 18, 2010 7:45am Oct 18, 2010 7:45am
Quoting Icehocey77
100 linear weighted
Thanks for the reply
  • #4,093
  • Oct 18, 2010 7:48am Oct 18, 2010 7:48am
Quoting Jduester
I'm guessing if you asked him, he'd say his eyes. keep it simple. If it's going up, then trend is up. if down, then trend is down. If it has to be a line, I use the middle of the bb (which is SMA(18) for me).
I didnt ask him but yeah i agree with you with keeping it simple. im using the 21 ema which is similar to the middle band. Thaks for the reply.
  • #4,094
  • Oct 18, 2010 9:28am Oct 18, 2010 9:28am
Still new to this .. sticking with the trend trades. Would any of you taken these pins ? Do you think they are too far away from the 21/BB ?

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Thanks
Dan
  • #4,095
  • Oct 18, 2010 9:30am Oct 18, 2010 9:30am
Quoting Walcott
it's a bit off the topic, but I would like your critics and advices about my trading method :


I trade all majors on M15, M30 on London session.

First, I watch News of the day to be aware, just in case.
I watch H1/H4 timeframe and draw main S/R lines.

On 15M/30M, I look for pinbar in trend, big enough, off the traffic, close to middle BB.
I trade In Trend pinbar ON confluence zones...
I made some improvement in my method thanks to Jisaw especially after reading this interesting post (read it, it's really not a waste of time):
http://www.forexfactory.com/showpost...postcount=1089

Now I only trade PA (Pinbar DBLHC DBHLC BEOB BUOB) in trend with pullback on EMA21. Now I watch carefully the quality of the pullback, of the trend (eliott formation, good swing..)<-- very important.

Rules are pretty much the same as Jisaw method.
I'm allow myself to try the M10 timeframe for EU and GU.

that's it for now. If you have some more ideas to improve my approach, be my guest.

Good trade guys,
Wall
  • #4,096
  • Oct 18, 2010 2:08pm Oct 18, 2010 2:08pm
Quoting dan89
Still new to this .. sticking with the trend trades. Would any of you taken these pins ? Do you think they are too far away from the 21/BB ?

Attachment

Thanks
Dan
Hi Dan,

You're looking at the right things. I personally would not have been so keen to take the first pin you indicated, but the second one was great. As to why I wouldn't have traded the first pin you indicated, please see the included chart.

As far as distance from the 21/BB is concerned, there's no definitive answer. It all depends on the speed of the trend. If there's a strong trend going on, often you'll see that price will not fully retrace to the 21/mid-BB. If there's a slow trend going on, you'll see that price will go through the 21 and/or mid BB, but bounces off the 50 SMA. If a pin or engulfing bar occurs during such a trend around the 50 SMA, it can still be a good setup. It's all about evaluating the price action. Which way is the momentum going. What candles/bars are being formed. Evaluating the speed of the trend is something that'll come naturally by watching a lot of charts.

Hope this helps somewhat.

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It's not about how much you make, it's about how much you don't lose.
  • #4,097
  • Oct 19, 2010 6:08am Oct 19, 2010 6:08am
Quoting Dhb
Hi Dan,

You're looking at the right things. I personally would not have been so keen to take the first pin you indicated, but the second one was great. As to why I wouldn't have traded the first pin you indicated, please see the included chart.

As far as distance from the 21/BB is concerned, there's no definitive answer. It all depends on the speed of the trend. If there's a strong trend going on, often you'll see that price will not fully retrace to the 21/mid-BB. If there's a slow trend going on, you'll see that price will go through the 21...
Thanks DHB for the reply. I will take this onboard. I never thought about evaluating the size of prior bars lol .. now i know. Cheers

Dan
  • #4,098
  • Edited 11:51pm Oct 19, 2010 7:04am | Edited 11:51pm
Took this pin. Looked good to me .. downtrend, swing high, 21/BB, previous resistance. Any ideas as to why this went wrong ?. Mabey just one of those good trades that did not work out ?

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Edit: just noticed the whole bunch of bar highs and dogi bars just before it. mabye this is why
  • #4,099
  • Oct 19, 2010 5:06pm Oct 19, 2010 5:06pm
Quoting dan89
Took this pin. Looked good to me .. downtrend, swing high, 21/BB, previous resistance. Any ideas as to why this went wrong ?. Mabey just one of those good trades that did not work out ?

Attachment

Edit: just noticed the whole bunck of bar highs and dogi bars just before it. mabye this is why
I can appreciate and respect the fact that you are posting a losing trade and are humble enough to ask for help because the trade wasn't a win for you.

Having said that, I personally hate when someone posts a losing trade and asks what went wrong? Before you do that you should ask your self:

Why did I take this trade?
Did I follow my plan?

If you don't know why you took the trade - thats a problem. If you didn't follow your plan (the plan that you've tested, and practiced with, the one that you trust will be profitable over time) - thats a problem.

One point that is difficult to grasp (it was for me) is that you can have a losing trade while absolutely nothing has gone wrong. Its part of the edge, especially when it comes to lower time frame trading. RyanMCD who was the original poster of this method says he wins about 60% or so of his trades. That means out of every 10 trades 4 of them will lose, yet nothing went wrong, it is just part of the business and nature of trading.

Accept the risk, trust and know your plan/method, and don't worry when you get a losing trade. Have a rule in place that if your account goes into 30% drawdown then stop trading live until you figure out the problem.

So let me reiterate - you can have a losing trade without doing anything wrong. Read Trading in the Zone by Mark Douglas.


As per your chart; the pin looks excellent and it is right off the ppz of the bar lows at 1.3915 area to the left. The trend was down. But yes those highs to the left (right where the pin broke) would be a ppz area to watch out for. I count about 7 bars there making it a pretty significant intraday mark for this trade. Sure enough the pin bar broke, this ppz (of the highs to the left) didn't break, price touched this level and shot up.

The trade could've gone either way. I can't say if I would've traded this live because I didn't see it live. One thing I can say is I probably would have taken a loss on it, maybe have paid enough attention to the bar highs and gotten to BE when I saw it hit that level, however as part of my plan I try not to touch trades til the 5min bar closes.

Don't take this post personal, just trying to help out.
  • #4,100
  • Oct 19, 2010 11:55pm Oct 19, 2010 11:55pm
Quoting stoli7188
I can appreciate and respect the fact that you are posting a losing trade and are humble enough to ask for help because the trade wasn't a win for you.

Having said that, I personally hate when someone posts a losing trade and asks what went wrong? Before you do that you should ask your self:

Why did I take this trade?
Did I follow my plan?

If you don't know why you took the trade - thats a problem. If you didn't follow your plan (the plan that you've tested, and practiced with, the one that you trust will be profitable over time) - thats...
Hey Stoli, thanks for taking the time to reply to my post. I totally agree with what you have said about loosing trades. I need to work on that more. As for the trade, i did not actually notice all those bar highs below the pin bar untill after i posted the chart which is when i realised i probably should not have taken the trade. Anyway thanks for the help Stoli, appreciate it.

Dan
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