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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #601
  • Jul 9, 2009 12:32pm Jul 9, 2009 12:32pm
Quoting lefteye
Hi Everyone,
Referring to the chart, both PBs would hv produce profits. Which one do u guys fancy with a. or b.? comments r welcomed.

I took a. , exited at R/R 1.0
I liked the very first one on your chart yes I did
  • #602
  • Jul 9, 2009 3:52pm Jul 9, 2009 3:52pm
Quoting lefteye
Hi Everyone,
Referring to the chart, both PBs would hv produce profits. Which one do u guys fancy with a. or b.? comments r welcomed.

I took a. , exited at R/R 1.0

Hi.

I think (b) is a better option. Because of divergence and support test by pb.

Cheers.
  • #603
  • Jul 10, 2009 2:09am Jul 10, 2009 2:09am
Hey guys,

For those interested to move SL and TP by mouse, try this out.

Happy trading.
Attached File(s)
File Type: mq4 e-MoveSLTPbyMouse.mq4   16 KB | 583 downloads
  • #604
  • Jul 10, 2009 2:16am Jul 10, 2009 2:16am
Hi Everyone,
If in realtime (ignore the shaded area), would the 2 HLs make u take the PB and go long?

Your comment, pls.
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  • #605
  • Jul 10, 2009 3:41am Jul 10, 2009 3:41am
Greetings lefteye.

are u referring to the green PB?
if ever... NO.

i think this is 1 which John Bollinger (creator of Bolli. bands) calls as a "headfake":
it seems to be going up (the top was the bearish candle time 5.45) but the real direction is to the downside (which did happen). i think this headfake is more clear/evident in the M15.

The RSI & MACD on your chart has just made a top.
& i often say that not all PBs are tradeable or should be taken at face value, that is, in this case, a bullish PB failed
in short not all bullish PBs will go up/long, not all bearish PBs will drop
  • #606
  • Jul 10, 2009 3:42am Jul 10, 2009 3:42am
Is the stop placed jus above/below the pinbar using this method?

thanks
  • #607
  • Jul 10, 2009 4:30am Jul 10, 2009 4:30am
Quoting lefteye
Hi Everyone,
If in realtime (ignore the shaded area), would the 2 HLs make u take the PB and go long?

Your comment, pls.
No, there is no divergence at pinbar.
  • #608
  • Jul 10, 2009 1:37pm Jul 10, 2009 1:37pm
there are more and more charts guys ! We are doing great thread !
  • #609
  • Jul 10, 2009 1:40pm Jul 10, 2009 1:40pm
m5 gu!

some more inspiration!

1) CT . Div + pin= Trade.
2) same
3) same :-)
4) no div, small pin... i don't feel ok with this. skipped
5) nice pin, but no div = skipped (trend is down, so you need div)





ps . do you see? sometimes 3 trades a day, sometimes 0 ...
Enjoy winner's day
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  • #610
  • Jul 10, 2009 2:41pm Jul 10, 2009 2:41pm
Also on the GBP the BB = FLAT, when they are flat CT do good because you have no trend.
Keep taking CT trades, I need more money
  • #611
  • Jul 10, 2009 7:29pm Jul 10, 2009 7:29pm
Quoting Ryanmcd
Also on the GBP the BB = FLAT, when they are flat CT do good because you have no trend.
Lol this seems so simple yet it hadn't occured to me. Been having luck with this system, will post some charts next week. Thanks Jankone and Ryan.
  • #612
  • Jul 11, 2009 2:08am Jul 11, 2009 2:08am
Quoting Jankone
m5 gu!

some more inspiration!

1) CT . Div + pin= Trade.
2) same
3) same :-)
...
Hi Jankone,
May I ask, where should be the entry for trade 1), 2) and 3)? Do u wait for divergence confirmation?

Cheers
Attached Image (click to enlarge)
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  • #613
  • Jul 11, 2009 6:13am Jul 11, 2009 6:13am
Usually I enter the trade after close of the pinbar...or few seconds later.
I dont wait for break.

Quoting lefteye
Hi Jankone,
May I ask, where should be the entry for trade 1), 2) and 3)? Do u wait for divergence confirmation?

Cheers
  • #614
  • Jul 11, 2009 11:03pm Jul 11, 2009 11:03pm
Quoting supremeChaos
Go for high probability setups. u should try & take trades on 3 areas:
upper & lower bolli band (the two ideal spots), & the mid-band.
Anything in between these 3 areas is usually no-man's land & could go anywhere. just mho.
Hi SupremeChaos,

For entry at upper/lower BB, I suppose there are three cases:
1) counter-trend, so we trade against extremes (with div on indicators)
2) range-bounding, also trade against extremes
3) with trend. I have some concern here. Let's consider a downtrend. If the downtrend is strong, price will only hit the upper BB if the upward correction is strong. Do you think in this case the correction may be so strong that a reversal is actually happening?

Appreciate your help!
  • #615
  • Jul 12, 2009 2:53pm Jul 12, 2009 2:53pm
Hello Jankone and others

I have some questions regarding those setups,if you could take some time to look and tell me what you think I would greatly appreciated.

I belive pin #1 totaly meet the criteria for counter trend trade as well as pin#2. By your rules,do you think trade 1 could be avoided somehow or is this just one of those trades that you can not do nothing about and you take a loss?
I think trade 2 is obvious.

What about pin# 3, Is that a good enough pin for you, and is this a valid divergence or it must be just clean divergence conecting just next highs/lows(on RSI)?
Would you consider this a good trade?

Thank you in advance for the answers
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  • #616
  • Jul 12, 2009 3:42pm Jul 12, 2009 3:42pm
Quoting happy camper
Hello Jankone and others

I have some questions regarding those setups,if you could take some time to look and tell me what you think I would greatly appreciated.

I belive pin #1 totaly meet the criteria for counter trend trade as well as pin#2. By your rules,do you think trade 1 could be avoided somehow or is this just one of those trades that you can not do nothing about and you take a loss?
I think trade 2 is obvious.

What about pin# 3, Is that a good enough pin for you, and is this a valid divergence or it must be just clean divergence conecting...
Heres the divergence I spotted, is this correct? Seems others draw their divergence from much further away hmm? I saw both of those live, thought they both were ok, though didn't take either. Problem with CT is that is what tends to happen, price chops around and sometimes will take you out, before taking price where you wanted to go. Although this seems more neutral, then trend, or CT, still tougher. Also, as you know I'm sure, this isn't 100 percent method, and you can see you almost had it right on both of those trades Of course almost doesn't pay, but gives you an idea you weren't that far off. Anyway, I think both were fine, personally prefer the pin before pin #1, that did fail, luckily wasn't quick enough to play the pinbar break before it turned against me Also note, the best divergence will be 100 percent the divergence that is clear and easy for all traders to spot... trying to fit divergence to a pin probably isn't the best idea.

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  • #617
  • Jul 12, 2009 3:46pm Jul 12, 2009 3:46pm
Also, as Ryan says, you can wait for the BB's to flatten out before taking a trade that is CT. This will keep you out of a lot of bad ones. You can see it only really flatten out on trade #2 and 3, trade 1 didn't appear to be flat.
  • #618
  • Jul 12, 2009 4:25pm Jul 12, 2009 4:25pm
Quoting happy camper
Hello Jankone and others

I have some questions regarding those setups,if you could take some time to look and tell me what you think I would greatly appreciated.

What about pin# 3, Is that a good enough pin for you, and is this a valid divergence or it must be just clean divergence conecting just next highs/lows(on RSI)?
Would you consider this a good trade?

Thank you in advance for the answers
Hi.
I think pin# 3 is most valuable here. Just look how he test very important resistance ( tested before 3 times ). Perfect trade.

Cheers.
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  • #619
  • Jul 13, 2009 10:03am Jul 13, 2009 10:03am
Quoting Warren
Hi SupremeChaos,

For entry at upper/lower BB, I suppose there are three cases:
1) counter-trend, so we trade against extremes (with div on indicators)
2) range-bounding, also trade against extremes
3) with trend. I have some concern here. Let's consider a downtrend. If the downtrend is strong, price will only hit the upper BB if the upward correction is strong. Do you think in this case the correction may be so strong that a reversal is actually happening?

Appreciate your help!
Hi Warren,
Yes, these 3 cases happen. of course, #3 is the most profitable.
#1 & #2 are profitable too once a trader is experienced enough.

with regards to #3, if downtrend (or uptrend) is really strong, price will rarely breach the mid-Band, unless u are using a small value for your BB [example, BB with value of 10 or less (the value of 10 here is a random number) , specially on higher timeframes, say H1 & up]. u can try experimenting on BB values & on different timeframes (& on different currency pairs) to see what i mean (try this on a trending period).

If on a strong downtrend, price hits the upper BB, it is possible that
a. a temporary pause in downtrend,
b. start of ranging, or
c. an actual reversal is starting to take shape/has started

What to do in these 3 possibilities:
if a. is the possibility, u can wait for price action at/near the upper BB for a possible short or reentry short
if b is the possibility, u can sit on your hands & wait for a trending period (BB extremes diverging/"spreading"/"opening wide"). if experienced enough, trade the range on BB extremes (sell on upper Bolli, buy at/near lower BB, using price action &/or divergence indicator; overbought/oversold indicators help too in this case)
if c. is the possibility, u can wait for a higher low + price action (ex. pinbar or BUOB, in the above example) to enter long.if an actual reversal is taking shape/has started, u will notice the BB extremes diverging/"spreading"/"opening wide" as price moves continually upward

I won't promise when, but i'll try to put up some charts to illustrate these.
Hope this helps
  • #620
  • Jul 13, 2009 10:20am Jul 13, 2009 10:20am
Quoting happy camper
Hello Jankone and others
I have some questions regarding those setups,if you could take some time to look and tell me what you think I would greatly appreciated...
happy camper,
i think those 3 PBs are tradeable. if the stop above the 1st PB is 5-10+, i think the stop would not be hit (i'm just eyeballing the price on that chart)
there is also an RSI bear.div. from PB #1 to PB #2.

I think PB #3 can be classified as a headfake (prices moves towards one Bolli extreme but eventually ends up reversing toward the other Bolli extreme & trends to that direction). in this case, the headfake to the upside, but price price really intended or evntually decided to go down.. down.. down..


Quote
Heres the divergence I spotted, is this correct? Seems others draw their divergence from much further away hmm?
Jlr,
yes that is a valid div. & that is the better div for that 3rd PB.
u can use/draw divs from as farther away as possible, no problem with that.
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