Jankone M5 thread

stockEX, do you trade pin bars only?

Yes thats right,I only trade the two setups that are outlined in this thread.

hi mate,on the chart I uploaded the FTA is in the region marked by red line,isn't it? Do you agree with me here?

Yes this is a good place to put it , but give it a little time price usually moves to this area and may come back just to move up again.If it stalls out or moves up and down at this area stop at BE or close the trade ,if it breaks good stop at BE, if it comes back at you right away bad luck wait for the next trade.

I personally might give it just a little more room to somewhere between the Blue lines I drawn into your Charts.

Well here is how it played out as you can see price went right where you thought it would.To the pip.Now you different people will have different results with trades like this but remember you can take BE trades all day but if you take a loss on a trades like this you are going to have a hard time ending up in profit in the long run.

Well,I've taken the trade (AUDUSD) and moved SL to BE once FTA was hit. And it returned back, did hit my SL, turned around and hit TP only I wasn't in the trade at that time anymore It happens though. I managed to catch the profitable one in the morning. Attached

Good one.

stockEX, just to summarise. You don't move SL to BE once price hit FTA. You're observing PA for a couple of bars and then you decide whether you move your stop or close the trade. Do I follow your drift? In the end if price just touched it and went backwards you lost. If it stalled for several bars you won/be. And just to clarify. What would you do with the trade on the attached chart? Cheers

I don´t have a definitive answer to that.
The FTA is an area where price is has some likelihood to reverse, and good Setups that do not reach their FTA are extremely rare. So putting your stop to BE once Price gets there means you will have very few losses.But it will also stop you out in many trades that would have been profitable.If you leave the trade more room you will have more losses ,but also less BE and more winners.

I really don´t want to evade your question but there is no one size fits all rule for this, and I decide what I do from trade to trade. On countertrend trades I get my stop to BE asap ,with trend I might give it some room ,in sideways it depends.And of course it depends on how strong the FTA is.If its only a couple of Bar lows/highs it bears less weight than a PPZ or a former Swing Low/High.

Only you can know what works best for you and the only way to find that out is by practice.

Much appreciated, mate I agree with you that from the psychological point of view it's much easier to have less losses and less winners than to face some large draw down and cover it with several consequent winners. Horses for courses though

hello everybody, thanks jankone for the great thread!
i'm just reading that very interesting thread since days and hours and hours..
just two questions, hope you can help me:

1. on page 20 / post 286 jankone was posting the pinbar indicator (zip), i have downloaded it, i have two files (mq4 and ex4) wich one do i have to install? or both? can you tell my exactly in wich folder?
2. for what you use the 21ema and 51sma? wich signal do they show?

thank you so much for answering, god bless you all and lets have thousends of pips!

cheer mex

stockEX just one more question. Do you use Take Profit orders? I mean do you put your TP at the next PPZ or alternatively you observe PA at this level and then decide whether you close the trade or not as it happens to be with FTA? The reason I'm asking is that I noted that if you're in the "with trend" trade price can just briefly stop at the PPZ (10-15 min) and take off.

I use TP´s only when trades run very long. On 15min I sometimes have trades that run for several hours. Apart from that I don´t really need them. I just use the term because everybody understands what I´m talking about, and it´s short.

If you use them put them a couple of pips below or above your area because sometimes Price doesn´t quite make it there and thats safer.But if you trade the 5min you are probably watching your trade anyway so you might just aswell exit manually.

Here is a little guide on how to get the work done http://i1.fxf5.com/forums/images/smilies/wink.gif

NOTE: An indicator can be of 2 format (extensions), .MQ4 and .EX4. MQ4 is the source code, and EX4 is the compiled version of the code.

Step By Step

1) Download/Copy/Save the MQ4/EX4 file into your Crogram FilesMetaTrader 4expertsindicators folder
2) Close your MetaTrader application (assuming it's currently open ... Ignore this if the application hasn't been launched)
3) Launch your MetaTrader application
4) On the left hand side, look for the "Navigator" window
5) Under the "Common" tab, look into the "Custom Indicators" directory
6) Locate the indicator which you have just downloaded into the folder stated in Step 1
7) Drag (Click and drag) the indicator onto the chart
8) Voila... done http://i1.fxf5.com/forums/images/smilies/wink.gif

PS: I copied this from another Site

Here the today's GBPUSD trade. I took the profit at the first support using limit order. On the other hand I might as well have waited for a couple of bars as price took off and hit the second support. The question is whether it pays in long run. What would you do, stockEX? Would you stay in trade or just close it at first support?

Well , that is literally the one million dollar question.

I´m still figuring this one out for myself so yeah can´t say whats best here. What I do at the moment is I try to let trades with trend run as long as possible locking in profit behind important S/R areas.When I trade Countertrend I usually get out pretty quick. Your trade came out of a fairly sideways movement so I would probably have taken profit at first support ,too.

Thanks for nice tips And how do you feel about this method?Are you profitable month-wise?

YES I AM
At the end of this month I will have traded this method(I don´t call it a system for a reason) for ten months and last month I had my 6th consecutive month in Profit.
To be absolutely honest I don´t think many people that have posted in this thread have made this work for them. Of course I can´t say for sure but its what I suspect. I have read this thread back and forth a million times , and I can´t count how many posts I´ve read that sound like "I just had a loser this does not work".
It´s just like Jankone writes in his first post here: He can show you his method but he can´t turn you into a good trader. Thats something you have to do yourself. Most people that have posted here sound to euphoric in their first post and too discouraged in their last posts.
I won´t lie it´s hard. But this is not a game for me it is my goal to become a Fulltime Trader. I want to live of my trading and I want to live well,and judging from from my trading at the moment it looks like I am not so far away from that goal anymore.So it´s not surprising that my head is exploding on a regular basis right now.
I´m trading a small account at the moment and my original plan was to invest more after 6 consecutive winning months, but I´m going nuts trading this small account already,so putting more pressure on me by risking more of my money does not seem like a smart move at the moment.

My head is my biggest problem,its really hard to do this and keep cool , but I´m trying my best to get over this last hurdle. I even purchased a video course on meditation LOL.I know it sounds wierd but anything that might help me keep my head straight is fine by me.

If I can do this anybody can. Just remember " Win or lose , if you feel any different you´re not in control."

　

I'm really glad for you,mate! Well done! I will have traded it fourth month this month and can tell you for sure that it works BUT there's a so called human factor. If one is able to remain cool and calm for 9 hours 5 days a week then I believe he/she will be able to make a great deal of return. But it's damn hard to remain calm and cool

Thanks, but 9 hours per day seems a bit much , I trade between 3-4 hours and some days I don´t trade at all.

Take Care