Jankone M5 thread

Hi Kakyn,

Can you tell me please where to find the RSI Divergence indicator that you use on your chart? Also, is it OK to use with higher TFs?

Many thanks

It is posted many times in this thread along with pinbar alert etc.

Yes it is OK to use with higher TF, but I don't depend on the Divergence alert, just pinbar alert and manually see the Divergence regardless of the Divergence on the indicator (it is not perfect than human eye IMHO)

BTW there you go :

Many thanks - sorry to be a pain.

Have a nice Christmas.

imho, u can interpret this as such:
RSI made a bull. hidden divergence, if im not mistaken, 2 bars prior the pin. this (earlier divergence) signals a possible turn/reversal or weak (down) move. the pin then becomes a confirmation of that (divergence), giving u added confidence to take a trade (long). further confirmation is break of pin plus RSI crossing up the 50 level, on the succeeding bar (the bar right after the pin).

in short, RSI divergence appeared, then the pin formed (acting as confirmation).

hope this made sense.
Happy Holidays!

U are not being a pain, it's Christmas.
Click "Attachments". it's located beside the 'pages links' above. that RSI indicator should be there.

Happy Holidays!

Merry Christmas every one. Thanks a lot for the great thread . I'm currently successful on demo and hopefully this method will make me a better trader in the future.

Thanks!!!!

Good pin bar
Round Number
Divergence

Yea i think that is good setup for 20-30 pips...But dont forget GBP Holyday...
Ma advice dont trade live today...

Good New Year to you all.

I have a thought about turning this method into an EA. Personally, I work during the day and thus on the whole trade only higher timeframes but have been looking for a good intraday 'system' to leave on and gain some pips during the day and this method has potential in my view to be automated. I'm in no doubt that it would not be as successfull as manually trading it as there are some discretionary elements to it, but I'd be interested in hearing views of other people on this and if anyone knows anyone who can code it (as I have no idea about programming) that would be great.


My initial thoughts on things that need to be considered are as follows:

1. Setup
Bollinger Band, MA's, RSI etc as per the original setup described at beginning of this thread.

2. Time frame of operation and period
e.g. 5min bars and 8.00 - 6.00 GMT

3. Define a pin bar
- open and close within high/low of previous bar with tail twice as big as body
- size in relation to surrounding bars?

4. Define the trend
- Using the MA's?
- Lower bar highs etc?

5. When to initiate a trade
- Trend / Counter-trend
- RSI Divergence
- Position of bar in relation to BB? e.g. wouldn't want to initiate a trade after a strong move upwards and a pin bar was formed on the outer BB
- Other supporting confluence - PPZ, floor pivots, Fibs?

6. When to exit a trade
- multiple of %R? MA? BRN? middle/outer bb?
- Different for with trend / counter-trend trades?
- move to to breakeven?

I think initiating a trade 'with trend' would potentially be easier i.e. if we initiated a trade when a pin bar was formed on a pull back to the middle of the BB in the direction of the trade (defined by direction of MA or previous bar highs/lows over a set period?)

Looking forward to hearing thoughts / opinions as I'd like this to a be a public project.

As mentioned above, I in no way imagine that this would be as profitable as manually trading as the discretionary parts of the method cannot be coded and can make us take trades / exit trades / not take trades an automated system would, but I would like to investigate the potential of making and experimenting with an EA to see of a simpler automated version of this method can be made which consisitently makes some pips.

This indicator that I have developed raises an alert once a retracement has started to happen.

For a short setup, anytime a new low fractal is formed and if 21 ema is below 50 sma (downtrend), this indicator finds the recent swing high before that low fractal formed. If the total swing from that swing high to the new swing low that has formed , is greater than 30 pips (configurable) , then it raises an alert.

Opposite for long setup.

I hope someone finds it useful.

Tested only on FXPRO

We have a new year and some fresh trades...

I took this E/U pin off resistance for 2R. Nice trades Jankone.

Hey Jankone,I love your method of trading pins, it happens everyday on every pair.Thank you for making it simpler to trade this method with good explanation of your strategy

Hi all, and happy New Year to all!

Today was some grate setups all around, some was shown already. I took g/u for short, but on 1h pin, doable top,good div., was nice profit. Also usd/jpy work out quit good, the same as for gbp/usd, 1h chart, double top, div., pin.
I know that here is more about 5min, but for thous who don't have so much time for monitoring i wanted to show that 1h is also really good!

Thanks to all!!!

Hi all... great thread - i like it because it can get u some pips here and there when the larger TFs are not producing ...

But could u comment on this - i think u dont wait for the break ? If so this one is looking dire ( i took it on demo, stop is under pin, so still alive )

i am looking for a valid pin

I've been pondering your idea for the past day trying to figure the logistics of this...an alerter seems possible...but the issue of an auto EA seems difficult as I think this is more of a feel than an exact science. Anyone check out seendhi's alerter? that could be the building blocks if it can be refined.

I wouldn't have considered that to be a pin bar my man. You want to see the open and close within the previous bar's body.

it's all about your preference:
trade pins at the close or after it breaks;
trade 'technically correct' pins only or not.

also, the divergence line u plotted on RSI doesnt seem to correspond correctly (;that 'pin' seem to correspond to a RSI right on the 30 level, not below it; im just eyeballing it though)
another thing, u seem to have some resistance right above around 133.15 - 133.45.

I would agree with pure J16, but if u scroll above to Jankones latest post, he has a similar looking pin - open/close not within previous