Jankone M5 thread

Two pinbar seems is good:

hi , i am a busy mum with kids and dont have time to sit in front of screen for long periods. can u trade this on 4hour or daily chart

I think I havent say this properly,

Hi Mr Jankone...
Thanks for everything.
You are awesome...


NG

If I were you...I would backtest it and then demo trade it for a while. After I do so, I will know exactly how well or not well it works. It's impossible to say it works/doesn't work without putting in the time and testing, because we all manage trades differently.

Happy Trading!

Josh

Firstly I'd just like to say this thread is awesome. I've been trying every indicator and method under the sun since September 2010 and I've learnt more here in a week.

I have a question that appears simple on its face - but might draw some interesting observations:

Are traders biased by the way a currency is quoted and appears on the chart?

I've tried Jankone's counter-trend method by hand by back test and I had much more success when going long (as opposed to short) over a 3 year period (this is over a substantial time period with all types of market movements). I thought this was statistically strange but might just be me, so I wrote a basic EA to test the hypothesis. The EA used MA spread, RSI(6) level with divergence, and a pin identifying method that only identified the most pure pins.

The results from 2008 until today at M15:
LONG
EUR/USD
Profit factor: 2.98
Trades: 23
Win %: 82.61%

USD/CHF
Profit factor: 3.03
Trades: 17
Win %: 82.35%


Sounds pretty good right? Statiscally nearly identical after hundreds of thousands of ticks. Furthermore, the trades didn't match up by date so each one was a distinct market movement. And before you ask, only a small part of the EUR/USD timeframe was used for tuning the variables - the rest and the entire USD/CHF was clean data. I thought I'd hit the jackpot, but then..

SHORT (using same variables& i've double checked all is working as desired)
EUR/USD
Profit factor: .70
Trades: 34
Win %: 52.94%

USD/CHF
Profit factor: 1.06
Trades: 23
Win %: 60.87%


My hypothesis:
It doesn't matter what the term or commodity currency is, people are more used to, and better judging at, "buying up" based on a chart than going short. I feel this comes from many traders coming from stocks and being more used to going long than short and therefore more skilled at judging pins at bottom of trends than high pins.

Thoughts? How do you feel you go with Jankone's and J16's methods on any time frame? Any biases from your experience? (We can keep the discussion about this rather than about that EA mentioned above if you like)

Another NFP predictor. I have found it very common that these PA 'predictors' pop up prior to NFP reports

I waited all day long for this trade to setup and take off. Price retraced to the 61.8% fib area, then I entered on the break of the pinbar for 60+ pips. This trade was also backed up by some hidden divergence on the stoch below.

Very well done

I agree completely with your thoughts. Another + for me was that it pulled back to the trendline.

Late day trade here that worked out just fine.

I entered on the break of the pinbar. Small pinbar and not usually what I would trade but it worked out very nicely.

Good call... I was watching that as well, then got side tracked and missed the drop. Am watching it again on the retrace for a sell opportunity

I'm waiting on an ej long entry right now.

[EDIT]: Finally got an entry and what a beauty it was!

Quick counter trend trade with div and pinbar.

This is Fridays M5 Price action on the EU... Also the Daily... I didn't take the signals Friday as I wasn't around at that time but this method works, and it works well! Not always, but with High Probability and although it does take a lot of screen time to catch these on small time frames, they do happen, although a lot less frequently, on larger time frames.... See the Potential ROI gained on every single signal???
Prosperous Trading!

Got +13 off of this one.

Hey guys, im happy you post here and some people here can see really nice trades.. it's easy
hope you enjoy trading . it's all the game.

which indicator do you need on MT4 to display the higher time frame charts on the right hand side of the screen as it appears in your post?

pipware mini charts version 3.0
http://www.pipware.com/software/mini-charts.html
Its a little more complicated to install on metatrader then most indicators as you have to set it up and all, including installing a font file on your computer, although I believe this is true only if you want the moving average to display.
All instructions are on the web page

Hi everybody I just wanted to bump this thread because it completely changed my life. I spent last year watching 5M charts for 12 hours/day including weekends and analyzed all pin setups on major pair for last few years. I picked up my own setups and situations when I have the highest probability to enter a successful trade. And guess what? I paid off. Last 5 months I finally have started making some serious money and quit my daily job Suddenly I have no boss, more time and some real LIFE! THANKS JANKONE!

great !

maybe you can share some info on your setup "with high probability"

thanks in advance