Jankone M5 thread | Page 232 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

James16+Rayanmcd(Jan kone) and ME 7 replies

Attachments: Jankone M5 thread
Exit Attachments

Jankone M5 thread

  • #4,621
  • Oct 24, 2012 9:06am Oct 24, 2012 9:06am
Quoting stockEX
Chazzle, donīt knock yourself for a failed trade. You did everything right ,there was strong div and a double bottom about to form ,I would have taken this trade without even thinking about it.You have to understand that this will happen over and over again ,its just simple statistics.Itīs bound to happen and no analysis in the world will help.The most important thing is that you donīt start doubting yourself now ,it was a losing trade and thatīs that.
my bias also - I still got the faith -- will still have a look back at failed pins later tho - cheers
  • #4,622
  • Oct 24, 2012 10:25am Oct 24, 2012 10:25am
Yeah I wrote this as much for you as for myself. Iīve been trading this way for several months now, and at first I only had winners , evreything I touched turned into profit, and I took some D-minus trades.Then suddenly ....Baaam, five or six losers in a row. I was devastated, I didnīt know what I was doing wrong.But it turned again and then again...and again.Sometimes it will look very very grim but you canīt start questioning everything whenever you are in a drawdown.Thats what I had to learn over the past couple of months.
Personally I donīt know what you hope to find by looking at failed Pins,but if it helps you ,fine go ahead. The only problem I see with that is that you are entering a downward spiral with this kind of behaviour.

You lose a trade, you think to yourself what you did wrong you try to aviod setups like this in the future, maybe add some stuff to work as filter.You lose again....and so on and so forth.Before you know it you will be in Indicator-Hell again like the famous 95% of all traders.

As I said Setup was good ,I take stuff like this all the time and I win .Yes sometimes I lose,too. I would have with this trade.But there is nothing you can do about it. Yes I know some guys here claim to have a almost 90% accuracy when picking winners. But for us normal humans it just wonīt happen man. And you donīt need that to win in the long run.Just stick to the method keep your R:R in check and define your FTAīs and PTīs before you enter(thats super important on low timeframes, because Pipdistances travelled are sometimes just to small to manage even if the trade looks good otherwise).

Sorry for the wall of text and you probably know all that already but I just had to get that out there.
  • #4,623
  • Oct 24, 2012 10:46am Oct 24, 2012 10:46am
Quoting david_bell
That is a valuable lesson learned. Patience.
I wouldn't quite say that, he could have taken both signals and ended up positive on the day since they where both valid signals.

For counter trend trades it might be worth looking into extended divergence vs regular divergence to see if that affects the strenght of a signal.
  • #4,624
  • Oct 25, 2012 3:31am Oct 25, 2012 3:31am
CT short
Attached Image (click to enlarge)
Click to Enlarge Name: eum15.JPG Size: 77 KB
  • #4,625
  • Oct 25, 2012 4:13am Oct 25, 2012 4:13am
Quoting chazzle
CT short
took 14
Attached Image (click to enlarge)
Click to Enlarge Name: 14.JPG Size: 71 KB
  • #4,626
  • Oct 31, 2012 1:00pm Oct 31, 2012 1:00pm
EG CT - what's a good tg for this pair with a pin trade though? 5 ? - not taking this one - just looking with interest
Attached Image (click to enlarge)
Click to Enlarge Name: ms.JPG Size: 75 KB
  • #4,627
  • Nov 5, 2012 3:47am Nov 5, 2012 3:47am
Cable CT new low on the day - see if it's good for 8 or so pips
Attached Image (click to enlarge)
Click to Enlarge Name: cct.JPG Size: 76 KB
  • #4,628
  • Nov 5, 2012 4:20am Nov 5, 2012 4:20am
Quoting chazzle
Cable CT new low on the day - see if it's good for 8 or so pips
bailed -8 ... had a chance to get out at b/e - should have taken it
  • #4,629
  • Nov 5, 2012 8:05am Nov 5, 2012 8:05am
Quoting chazzle
bailed -8 ... had a chance to get out at b/e - should have taken it
Where do you take profit or move your SL to BE, chazzle?
  • #4,630
  • Nov 5, 2012 9:13am Nov 5, 2012 9:13am
Quoting liopro
Where do you take profit or move your SL to BE, chazzle?
Hi mate - around 10 pips profit for these m5 pins - and you don't really want less than 1:1 RR - so I look at the size of the pin - a couple of pips below should be where the stop is . For tp - next micro level of s/r above or some use the MAs - I suppose you could exit half at around 10 ... here's the "coulda woulda shoulda" chart from my trade
Attached Image (click to enlarge)
Click to Enlarge Name: EX.jpg Size: 30 KB
  • #4,631
  • Nov 5, 2012 9:19am Nov 5, 2012 9:19am
Hi mate How's your trading so far? Are you happy with this system? I've been trading it live for 3 month now. Don't know what to say actually. It seems to be a good one but I'm in the red most of the time Nothing to do with the system though. My fault entirely. The most annoying thing about it is when you review your charts in the end of the week and realise that you must have earned a bit in theory. Practically you've lost.
  • #4,632
  • Nov 5, 2012 9:39am Nov 5, 2012 9:39am
Quoting liopro
Hi mate How's your trading so far? Are you happy with this system? I've been trading it live for 3 month now. Don't know what to say actually. It seems to be a good one but I'm in the red most of the time Nothing to do with the system though. My fault entirely. The most annoying thing about it is when you review your charts in the end of the week and realise that you must have earned a bit in theory. Practically you've lost.
You should try 15min or 30min, 15min is my favourite timeframe.
  • #4,633
  • Nov 5, 2012 10:01am Nov 5, 2012 10:01am
Quoting stockEX
You should try 15min or 30min, 15min is my favourite timeframe.
Why so? Because this style of trading is less hectic? Or there're some other reasons I can't think about?
  • #4,634
  • Nov 5, 2012 11:50am Nov 5, 2012 11:50am
Yes its less hectic, you also donīt have to discard so many trades due to better TP areas.
  • #4,635
  • Nov 5, 2012 11:57am Nov 5, 2012 11:57am
Quoting stockEX
Yes its less hectic, you also donīt have to discard so many trades due to better TP areas.
As for now I don't aim for some specific profit target. I enter the trade, it goes to BE at 1:1 or 15 min and that's about it. I trail it with 21 SMA or close it at 5pm CMT. I miss a lot of 1:1 and 1:2 wins but it's possible to hit 1:6 or 1:8 occasionally. I'm not sure it works in long run though
  • #4,636
  • Nov 5, 2012 12:06pm Nov 5, 2012 12:06pm
You should use S&R to manage your trades it makes a world of difference.Look up James 16 thread and watch James Video "Rants and Charts" its the first Video in the Guest section of the James16Group Site.Good Stuff that applies to this a 100%. Especially the Concept of First Trouble Area is immensely imptortant and I am convinced that understanding this Concept will make or break you when trading this method.

Take Care
  • #4,637
  • Nov 5, 2012 12:47pm Nov 5, 2012 12:47pm
Quoting stockEX
You should use S&R to manage your trades it makes a world of difference.Look up James 16 thread and watch James Video "Rants and Charts" its the first Video in the Guest section of the James16Group Site.Good Stuff that applies to this a 100%. Especially the Concept of First Trouble Area is immensely imptortant and I am convinced that understanding this Concept will make or break you when trading this method.

Take Care
So you say that taking profit at first S/R level is the wisest method? The thing is that if you trade 5min these levels will be too close to the entry most of the time. 1:1 if not less then that.
  • #4,638
  • Nov 5, 2012 1:26pm Nov 5, 2012 1:26pm
No, look at the Chart the blue area is the FTA for this Pinbar.Look at the Bar lows and former Support there. As soon as this area is reached( wich happens almost always) I wont take a loss on this trade period. I will not take profit there (Take Profit would be at the red line located at previous Swing Low) but my stop would be at Break Even. Naturally you get stopped out at BE alot if you trade it like this but thats better than taking losses.

Look up the sources I posted earlier and you will understand.
Attached Image
  • #4,639
  • Nov 5, 2012 2:23pm Nov 5, 2012 2:23pm
Quoting stockEX
No, look at the Chart the blue area is the FTA for this Pinbar.Look at the Bar lows and former Support there. As soon as this area is reached( wich happens almost always) I wont take a loss on this trade period. I will not take profit there (Take Profit would be at the red line located at previous Swing Low) but my stop would be at Break Even. Naturally you get stopped out at BE alot if you trade it like this but thats better than taking losses.

Look up the sources I posted earlier and you will understand.
Thanks for your advice mate. I'll give it a try. In your experience, what's the average R:R you would expect? I'm speaking about 5min here.
  • #4,640
  • Nov 5, 2012 3:19pm Nov 5, 2012 3:19pm
Hard to say,I shoot for about 2:1 but I try to take trades that I think have a reasonable chance to get there.But my R:R on individual trades is very inconsistent ,it all comes down to support and resistance.
Once Iīm in a trade I donīt care so much about R:R , its better to identify exits at reasonable levels in the chart .I wait till the trade reaches itīs FTA and then move my stop to BE then I usually let it run till Price reaches the next PPZ, from there you can either lock in some profit or close the trade.Depends on the trade.Some just take off.
Attached Image (click to enlarge)
Click to Enlarge Name: Unbenannt.PNG Size: 36 KB
0 traders viewing now