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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #4,321
  • Jul 19, 2011 7:10pm Jul 19, 2011 7:10pm
Hi all,
Time seems to off proven this system,
Would any one like to share there
Templates, Indicators, setups.
as post one is from 2009,
and the paperclip does not show anything new,
which in itself is a good sign.

Would anyone like to share there thoughts,
on
How & why this works so well,
How & why would you improve it,
is anyone using an EA, to hunt & auto trade this system.

I know someone is going to tell me to just read the thread
my answer is "Yes I am"
( I have just jumped to the end to read the last chapter of the book)

Regards Davros
  • #4,322
  • Jul 20, 2011 6:36am Jul 20, 2011 6:36am
Hi! Sorry if this question was asked before, but the setups are very clear, has anyone tried to write an EA to this method?
  • #4,323
  • Jul 20, 2011 7:19am Jul 20, 2011 7:19am
Hi,

I started to read this thread until page 13 (not a lucky number ) and I saw different users here struggling to understand this system and how it works, posting different setups but with time they got lost and I didn't see anything posted lately by them, only new users asking the same questions and posting the same setups that aren't working most of the time. So I suspect this method can be used only time to time using EXACTLY the setup in the first post of Jakone:

http://www.forexfactory.com/showthread.php?t=163972

Now I would like to know if anyone makes a constant profit using this method and in short what are the results.

Thanks a lot.
  • #4,324
  • Jul 20, 2011 8:43am Jul 20, 2011 8:43am
Quoting Pinbars
Hi,

I started to read this thread until page 13 (not a lucky number ) and I saw different users here struggling to understand this system and how it works, posting different setups but with time they got lost and I didn't see anything posted lately by them, only new users asking the same questions and posting the same setups that aren't working most of the time. So I suspect this method can be used only time to time using EXACTLY the setup in the first post of Jakone:

http://www.forexfactory.com/showthread.php?t=163972

Now...
This is a consistently profitable method. I use this method daily with a 70%-80% success rate so I'm not quite understanding your comment. The pinbar is a very reliable signal when combined with other confirming factors. My main trading method is pinbars combined with divergence (hidden/regular). As for results, I've been posting winners and losers in here quite often.
  • #4,325
  • Jul 20, 2011 8:58am Jul 20, 2011 8:58am
Quoting jdcompute
This is a consistently profitable method. I use this method daily with a 70%-80% success rate so I'm not quite understanding your comment. The pinbar is a very reliable signal when combined with other confirming factors. My main trading method is pinbars combined with divergence (hidden/regular). As for results, I've been posting winners and losers in here quite often.
I think the most important is to take the good setup, and not the pseudo setup which failed most of time. And this needs lot of screentime and help by the experiment user of this method like you JD
I hear and I forget. I see and I remember. I do and I understand.
  • #4,326
  • Jul 20, 2011 9:23am Jul 20, 2011 9:23am
Quoting jdcompute
This is a consistently profitable method. I use this method daily with a 70%-80% success rate so I'm not quite understanding your comment. The pinbar is a very reliable signal when combined with other confirming factors. My main trading method is pinbars combined with divergence (hidden/regular). As for results, I've been posting winners and losers in here quite often.
Thank you for your reply. I much appreciate being here with you.

I'm new in Forex and started to read about it 1 1/2 months ago (while having my day job) and I'm still losing a lot.. I fond this forum couple of days ago and I just want to stick with this method because when I look back on the charts I can spot this pattern but when I have to make the trade I fail... I'm currently reading Steve Nison - "Japanese Candlestick Charting Techniques" and also downloaded the pin bars pds uploaded there in this thread... also I'm kinda lost in systems and methods that everybody is posting everywhere on the internet and I filled my computer with PDFs I think starting with the beginnings of markets.. started everything and finished nothing..

Another thing is that I'm starting to get depressed doing this, my boyfriend is saying that is a scam and I should quit and he is angry that we're not going out, just stay home every day(reading forex). My parents are saying that I'm going mad and I should go to work like everybody and quit with this madness ... From here the need of having a confirmation I guess.

Now I understand why on the top page of many books, writers are dedicating the book to their families lol...

My goal at this point is to make 1000 euro/ month to quit my day job and to read more about forex... that's all and it's all in my head

Cheers
  • #4,327
  • Jul 20, 2011 9:52am Jul 20, 2011 9:52am
Quoting jdcompute
This was an easy +30 pips. I closed out at +30 but it's still going.
Is your RSI set on high or close?

Because if it set on close, on your chart, there is no divergence, isn't it?
I hear and I forget. I see and I remember. I do and I understand.
  • #4,328
  • Jul 20, 2011 10:04am Jul 20, 2011 10:04am
Quoting Pinbars
Thank you for your reply. I much appreciate being here with you.

I'm new in Forex and started to read about it 1 1/2 months ago (while having my day job) and I'm still losing a lot.. I fond this forum couple of days ago and I just want to stick with this method because when I look back on the charts I can spot this pattern but when I have to make the trade I fail... I'm currently reading Steve Nison - "Japanese Candlestick Charting Techniques" and also downloaded the pin bars pds uploaded there in this thread... also I'm kinda lost in systems...
I understand you, make a living with forex is possible, but certainly not easy.

You have to much pression (parents, boyfriends,work..) and emotions is bad for consistent results. Learn a methoid (this one if you want, and stick with it. As Jankone said, one setup cam make you a living if you learnto master it)

Demotrade this method day after day, month after month, and become the master of Jankone method. Be disciplined, respect the rules and take the A++ setup.

I advise you a golden book from Mark Douglas"Trading in the Zone", for me it has been a revelation

Good luck
I hear and I forget. I see and I remember. I do and I understand.
  • #4,329
  • Jul 20, 2011 10:14am Jul 20, 2011 10:14am
Quoting boubafx
Is your RSI set on high or close?

Because if it set on close, on your chart, there is no divergence, isn't it?
I'm using 14,3,3 Stochastics set on close.
  • #4,330
  • Edited 11:13am Jul 20, 2011 10:38am | Edited 11:13am
I fond another indicator that works the same way - CCI (Period 10, Levels 200 100 -100 -200) When it goes in those zones between 200/100 or -100/-200 it means is overbought or oversold but I'm not sure yet if this indicator can be used in forex, for me is as good as RSI, STO or MACD.. even though are not the same thing - using different prices to calculate the averages(another topic )

..and set to Typical price HLC/3... I will try it with "Close" and see how it goes

I'm using Pivots to spot support and resistance and Bollinger bands sometimes.


Thank you.
  • #4,331
  • Edited 4:45pm Jul 20, 2011 10:49am | Edited 4:45pm
In on this eurusd trade right now. I'll update as it goes.

**update: -25 at one point but back to -7 right now. Still waiting on a break lower. I have a -40pip SL in place.
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  • #4,332
  • Jul 20, 2011 10:55am Jul 20, 2011 10:55am
Quoting jdcompute
In on this eurusd trade right now. I'll update as it goes.
Ok jd, but it is not really a a+PB. How do you take the decision to go short so? Myebe becuase the two bars formed a PB?

Threre's supply level and montly pivot too, maybe you use them to take your decision

Great div too
I hear and I forget. I see and I remember. I do and I understand.
  • #4,333
  • Jul 20, 2011 11:11am Jul 20, 2011 11:11am
Quoting boubafx
Ok jd, but it is not really a a+PB. How do you take the decision to go short so? Myebe becuase the two bars formed a PB?

Threre's supply level and montly pivot too, maybe you use them to take your decision

Great div too
Price rejected three times at resistance level, inside bar, and break of that inside bar. That's not a perfect pinbar but with these confirmations it was enough for me to enter.
  • #4,334
  • Jul 20, 2011 11:22am Jul 20, 2011 11:22am
Quoting jdcompute
This is a consistently profitable method. I use this method daily with a 70%-80% success rate so I'm not quite understanding your comment. The pinbar is a very reliable signal when combined with other confirming factors. My main trading method is pinbars combined with divergence (hidden/regular). As for results, I've been posting winners and losers in here quite often.

Very impressive ratio.

What is you average R:R for this 70-80% winner.
I hear and I forget. I see and I remember. I do and I understand.
  • #4,335
  • Jul 20, 2011 11:38am Jul 20, 2011 11:38am
Quoting boubafx
Very impressive ratio.

What is you average R:R for this 70-80% winner.
Varies but more often than not, 1:1.
  • #4,336
  • Jul 25, 2011 11:46am Jul 25, 2011 11:46am
Nice trade this morning with no drawdown other than the spread...
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  • #4,337
  • Jul 30, 2011 6:20am Jul 30, 2011 6:20am
Quoting Davros
Hi all,
Time seems to off proven this system,
Would any one like to share there
Templates, Indicators, setups.
as post one is from 2009....

Would anyone like to share there thoughts,
on
How & why this works so well,
How & why would you improve it...

Regards Davros
Hi Davros and All,

According to my experience the system is profitable, reliable, works fine. I've been using it for half a year now, still on demo account. After a full year of practising J16 method I went live in May and quit after a week due to loss bigger than I would accept.

As for price action, price patterns, this system is based on knowledge earned from reading the full J16 thread, that I recommend to all of you (takes months). The change is, that I added BB and RSI and shorter MA-s, and most importantly I changed the timeframe to M5. Thanks to Ryanmcd and Jankone for sharing their experiences.

There is a permanent debate whether M5 is suitable for those who do not have many years of experience in Forex trading. I think it depends on your personality. I demo traded J16 method on D1, W1, sometimes H4, but when I went live, I almost died of nervousness while being in trade for hours or days. M5 is fast, you get an answer from the market if you were right or wrong within 15-20 minutes, this is more suitable for me.

To begin with, I share my EUR/USD trades from yesterday, if you find it interesting, I send my indicators and templates and more thoughts about the system.

Imre
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  • #4,338
  • Jul 30, 2011 2:53pm Jul 30, 2011 2:53pm
Quoting hupipko
Hi Davros and All,

According to my experience the system is profitable, reliable, works fine. I've been using it for half a year now, still on demo account. After a full year of practising J16 method I went live in May and quit after a week due to loss bigger than I would accept.

As for price action, price patterns, this system is based on knowledge earned from reading the full J16 thread, that I recommend to all of you (takes months). The change is, that I added BB and RSI and shorter MA-s, and most importantly I changed the timeframe to M5....
Thanks hupipko, even if Jankone's is not the main system i trade, i try all the days to looks the pins as explain by Jankone in order to learn and to have another profitable method.

I'm interesting to see the way you use this system, so don't hesitate to post your trade and your analysis, it's always important to see how a profitable trader think and use a system.

Thanks
I hear and I forget. I see and I remember. I do and I understand.
  • #4,339
  • Jul 31, 2011 1:45am Jul 31, 2011 1:45am
Quoting boubafx
Thanks hupipko, even if Jankone's is not the main system i trade, i try all the days to looks the pins as explain by Jankone in order to learn and to have another profitable method.

I'm interesting to see the way you use this system, so don't hesitate to post your trade and your analysis, it's always important to see how a profitable trader think and use a system.

Thanks
Hi boubafx,

Thanks for the comments.

So I must tell you frankly, I am not yet profitable with this method in live conditions, which is quite different from that on demo.

Anyway, the key is, like with any other systems out there, that you have to be "rigid in your rules and flexible in your expectations" (Mark Douglas).

My winning percentage is well above 50%, if I do not break my rules, but unfortunately I still make this mistake quite often, that is why I am still on demo. Don't forget: "In trading you will ultimately have to overcome what is likely to be your own biggest challenge: yourself." (Steve Ward).

So here are my basic rules:

1., I trade only between 08.00 a.m. and 06.00 p.m. Central European Time due to volume requirements.

2., I, almost exclusively trade PA-s (price action) with trend on a pullback. I am surprised, that most of the traders here send in successful CT (counter trade) setups, which can be O.K., of course, but according to my experience it is much riskier, than the setups with the prevailing trend.
See my first setup from 29th, July on EUR/USD. Nice pullback, excellent pin bar, high probability trade. So there must be a well definied up or down trend in this case. I play these setups only if it crosses the middle band or EMA21.

3., I trade CT setups only with RSI divergence but ONLY after a big run, that you can see on the second PB. The pin bar formed after a 50 pips run in 15 minute, and reversed at a round number (!), 1,4400.

4., I first of all trade pin bars (PB), but in a solid up or down trend, I play other price action setups, too, namely inside bars (IB), double bar high lower close (DBHLC), double bar low higher close (DBLHC), bullish or bearish outside bars (BUOB, BEOB). I use J16 terminology.

5. When we have a sideways market, the BB is flat, SMA50 is within the upper/lower band, I like to play pin bars at BB extreme. This is more difficult anyway with little experience.

These are the rules I use, seems to be very sipmle, still temptation is too strong to break them, believe me, so you have to work a lot on yourself to become disciplened.

Any comments are welcome.

Imre
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  • #4,340
  • Jul 31, 2011 1:53am Jul 31, 2011 1:53am
perfect explanation Hupipko !

that is all you need in order to succed...and a lot of patience to wait for a proper setup

keep up the good work
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