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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #661
  • Jul 15, 2009 8:59am Jul 15, 2009 8:59am
Quoting supremeChaos
lefteye,

just to add, price was hugging the lower Bolli even prior the two yellow circles, starting around 1.39 & below.
also, the RSI has had a divergence even before the the div. u have plotted, around the bars at 1.3875 & below.
You'll be seeing more lower/upper BB hugging/touching during trends. Just look around

Good job lefteye!
Hi supremeChaos,

Referring to thart (cyan color), did I get u correctly?

Thanks...
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  • #662
  • Jul 15, 2009 9:04am Jul 15, 2009 9:04am
Quoting supremeChaos
No....
re-read my post, u did not plot the RSI div. i was referring to.

i said "the divergence/s you plotted are for the 4th/5th bar prior the PB. draw a line over the highs of those bars & the PB high & u will get the divergence (i'm talking about)."
Oops, what a blunder! I got it! In fact it's two consecutive div, what a nice setup! Hope I can spot this in real-time soon
  • #663
  • Jul 15, 2009 9:12am Jul 15, 2009 9:12am
Quoting supremeChaos
....
U'll notice price "hugging"/touching the lower BB. when price is hugging/touching the upper/lower BB, it is usually (but not always) a trend continuation signal.
a confirmation for this would be using oscillators or other momentum/strength indicators (Stoch, MACD, CCI, Momentum, etc). if price is making a lower (or higher high, in an uptrend) high & the indicator/oscillator is doing the same, u can expect further trend continuation. if price is making a[b][color=Red] lower...
Hi supremeChaos,

just to clarify, should it be lower 'low' instead of lower 'high'

cheers
  • #664
  • Jul 15, 2009 9:27am Jul 15, 2009 9:27am
Quote
just to clarify, should it be lower 'low' instead of lower 'high'
Good eye, lefteye.
2 points for u.

but u missed the next sentence, which should go as:
"if price is making a lower low but the..."
("low" was originally "high" in the original sentence)

That should've been 3 points, or 3/3. Anyway, not bad.

Regards,
lefthanded
  • #665
  • Edited 10:48am Jul 15, 2009 9:39am | Edited 10:48am
Quoting Clode
great call Supreme.!!.
this stuff is very interesting...
Maybe we can consider different price action not only Pin Bars if we are going with the trend..
Let's study a little how far can we go.....
Just curious.. how did you guys arive to this setting of the RSI.. it seems very good..
Clode,
U can say Jankone's thread, is the little brother of the james16 thread.

if u will explore, u will notice that 1 broker is showing a PB, while another is not, but price on both will move on the same direction. this is due to brokers having different timezones.

I believe Ryanmcd has been using this setting (Bolli + RSI6) for like 4-9years.
  • #666
  • Jul 15, 2009 9:53am Jul 15, 2009 9:53am
Hi supremeChaos & all,

Suppose prices r trending down and we hv a nice PB rejected by middle BB. How do we judge that the PB is safe to trade ie. prices will not reach the other side of the BB.

cheers
  • #667
  • Jul 15, 2009 9:53am Jul 15, 2009 9:53am
Quote
Oops, what a blunder! I got it! In fact it's two consecutive div, what a nice setup! Hope I can spot this in real-time soon

Warren,
no worries.
we can spot them all of course...
Believe me, u will spot them sooner or later. It's only a question of how bad u really want success out of forex & it's only a matter of screen time.
Just practice, & never give up!


Quote
Referring to chart (cyan color), did I get u correctly?
lefteye,
yes, correct again.
end of the squeeze (eyeballing the chart) & start of the breakout (& eventual lower BB touch/hug) was at the intersection of that cyan horizontal line & ellipse around 1.39.
also, u can extend that cyan divergence line forward so that it shows triple bullish divergence. if u check M15 or M30 charts, that triple div. would possibly show up as a single or double div only. in this particular case, the M5 showed the "better" picture (or an earlier signal; than the M15, M30) of when/where the trend will end (trend reversal).

by the way, John Bollinger, creator of BBs, calls this (BB touch/hug) "walking the bands".
maybe we can abbreviate it as BB H/T &/or BB WTB.
  • #668
  • Jul 15, 2009 10:30am Jul 15, 2009 10:30am
Live chart, no chat

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  • #669
  • Jul 15, 2009 10:34am Jul 15, 2009 10:34am
Failed

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  • #670
  • Jul 15, 2009 12:16pm Jul 15, 2009 12:16pm
AstonDan,
u must consider the current trend, at least look at M15-H4's trend.
Remember, u are trying trade a very short timeframe (M5) here.
see my post here too.
  • #671
  • Jul 15, 2009 2:08pm Jul 15, 2009 2:08pm
Quoting supremeChaos
just a heads up, if $ weakens further (few hours/days), now is an opportune time to watch/study REAL-TIME (in different timeframes) the Bolli hug/touch. probably u'll get to see this in most $-based cross.
Quote
..........by the way, John Bollinger, creator of BBs, calls this (BB touch/hug) "walking the bands".
maybe we can abbreviate it as BB H/T &/or BB WTB.

1 perfect example of BB H/T or BB WTB is happening currently & for the past few hours&days on $CAD's downtrend, H4 chart.
See how price can't even breach the mid-point between the mid-BB & lower BB. Now, that's a pretty strong downtrend. if Michael Jackson has "moon-walk", John Bollinger has Band-walk.
  • #672
  • Jul 15, 2009 2:15pm Jul 15, 2009 2:15pm
Quoting supremeChaos
1 perfect example of BB H/T or BB WTB is happening currently & for the past few hours&days on $CAD's downtrend, H4 chart.
See how price can't even breach the mid-point between the mid-BB & lower BB. Now, that's a pretty strong downtrend. if Michael Jackson has "moon-walk", John Bollinger has Band-walk.
Caught a piece of that yesterday, wish I had held on, only caught 1:1 on it
  • #673
  • Jul 15, 2009 2:32pm Jul 15, 2009 2:32pm
Jlr,
well.. this is where short-timeframe trading ends/wins a little & higher TF trading starts/maximizes profits.
if u concentrate on short TF trades, u will miss out on big moves -- unless u incorporate higher TF trading with it (u are experienced enough to adapt a trade from being a trade for a few bars of M5/M15 into letting it run into a H1, H4 or even Daily+ trade)
That is why higher TF trading is recommended. lesser stress & bigger profits.
If we all study enough, in the future we can all combine these 2 (short TF & higher TF trading). the ideal situation is catch a big move , like this $cad, early on, by entering via an M5/M15 entry & letting it run for a few hours/days/weeks.
It also helps, in both cases, if we have 2-3positions on a trade. 1 position we exit at an immediate target, 1-2 or more remaining positions are let open to take advantage of possible trending opportunity (with stops behind strong S/Rs).
  • #674
  • Jul 15, 2009 2:55pm Jul 15, 2009 2:55pm
Quoting supremeChaos
Jlr,
well.. this is where short-timeframe trading ends/wins a little & higher TF trading starts/maximizes profits.
if u concentrate on short TF trades, u will miss out on big moves -- unless u incorporate higher TF trading with it (u are experienced enough to adapt a trade from being a trade for a few bars of M5/M15 into letting it run into a H1, H4 or even Daily+ trade)
That is why higher TF trading is recommended. lesser stress & bigger profits.
If we all study enough, in the future we can all combine these 2 (short TF & higher TF trading). the...
Interesting, thanks. Haven't considered much to hold these 15 min trades for days, seems like it would create a lot of variance, but I guess if partial profits are taken, should decrease that. Also u/c had broken through a key resistance area pretty hard, should have considered that I suppose. I just saw asian session approaching, thought that resistance level might be restested, and me be taken out. I like the ideas you are saying, they do seem difficult though.

Curious, what would have made you thought to sell and hold? Or are you always taking partial profits, and trying to let things run, as long as some kind of trend seems to be in place?
  • #675
  • Jul 16, 2009 2:45am Jul 16, 2009 2:45am
Hello,
Thanks for the previous reply guys,it was very helpfull to me!
Now I have posted EUR/JPY chart. The question is, would you take this trade?
You can se #1 and #2, 1 is not divergence so no trade, 2 is divergence so yes it is trade. I did not take it because I was not sure and want to get confirmation from the experts. Is #2 a tradable divergence or not?

Thank you
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  • #676
  • Jul 16, 2009 3:28am Jul 16, 2009 3:28am
Quoting happy camper
Hello,
Thanks for the previous reply guys,it was very helpfull to me!
Now I have posted EUR/JPY chart. The question is, would you take this trade?
You can se #1 and #2, 1 is not divergence so no trade, 2 is divergence so yes it is trade. I did not take it because I was not sure and want to get confirmation from the experts. Is #2 a tradable divergence or not?

Thank you
I like the pinbar you have marked above 1 a lot better, div or no div (that one had a ton of div tho).. and no not sure I would call that div really, at least nothing special
  • #677
  • Jul 16, 2009 4:18am Jul 16, 2009 4:18am
Quoting Jlr
I like the pinbar you have marked above 1 a lot better, div or no div (that one had a ton of div tho).. and no not sure I would call that div really, at least nothing special
Hi Jlr,
Was this u mean?
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  • #678
  • Jul 16, 2009 4:23am Jul 16, 2009 4:23am
Ya, nice div, s/r/even number, nice reaction on 2nd test of area.. nice looking ct trade imo, good enough pin too not junky (tho it did look nicer on my chart)
  • #679
  • Jul 16, 2009 5:06am Jul 16, 2009 5:06am
That is no pinbar. Both open and close must be within previous bar.

Quoting AstonDan
Failed

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  • #680
  • Jul 16, 2009 8:14am Jul 16, 2009 8:14am
Going on with H4..
EU and GU showing some divergence.. waiting for decent price action..
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