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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #901
  • Aug 17, 2009 8:43am Aug 17, 2009 8:43am
Quoting ira
This is what I like most of all - pin from 21 with the trend.
In my opinion this is where the money is at in 5m trading. Pin Bars with the trend
  • #902
  • Aug 17, 2009 8:50am Aug 17, 2009 8:50am
First day with some nice simple charts, In the morning, I kinda saw this divergence on the EU coming, I was expecting price to drop lower around new york, the way it was moving told me the RSI wasn't going to make a lower-low though, and it didn't, so we had some positive divergence + Pinbar for a nice buy.

Just before the Pinbar I had to rush out to collect some money, was urgent, so I missed the trade I waited for all morning lol.
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  • #903
  • Aug 17, 2009 11:06am Aug 17, 2009 11:06am
Quoting WilteredFire
First day with some nice simple charts, In the morning, I kinda saw this divergence on the EU coming, I was expecting price to drop lower around new york, the way it was moving told me the RSI wasn't going to make a lower-low though, and it didn't, so we had some positive divergence + Pinbar for a nice buy.

Just before the Pinbar I had to rush out to collect some money, was urgent, so I missed the trade I waited for all morning lol.
It happens from time to time, if I am not mistaken it is Murphy's law. You wait long for setup, go out of the room for 1min and here it comes . But there is always tomorrow.
  • #904
  • Aug 17, 2009 11:07am Aug 17, 2009 11:07am
Quoting biz0101
price tends to get back to the divergence trend line in the rsi for a third visit before taking off, so i would look to enter another buy when that happens.
Good info, thanks.
  • #905
  • Aug 17, 2009 6:27pm Aug 17, 2009 6:27pm
Quoting Jlr
Well to start off, I don't trade CT much, just personal preference, but if I do, I prefer it to be at some good location, or a really nice setup, and this is neither. Sort of just floating there in space. Could still very well be profitable, but just a personal preference thing. Trade I took today for CT, check e/j 5 min, nice location, breaking just below some nice resistance and pulling back, plus div, plus end of week profit taking, I don't trade CT much, has to be very appealing.
Quoting kodziro
Hi.
Very poor risk/reward ratio, you bought almost at resistance.
Cheers.
for a moment there, i felt this was the J16 thread i understand your points abt location and sup/res. i do two things, 1. PA at sup/res confluence at high timeframe 2. this method intraday. and i try not to mix them(even though this method uses PA for entry). i can see how adding sup/res location can improve the odds for winning, but i need to give it enough time and practice first, made big mistakes before changing things around(you know what i mean?).


Quoting Ryanmcd
I lost on this one as well, no biggie it happens, as long as your MM is tight you can always take the risk. As I said before I take some crap setups and risk $1 for $4 or at least $1 for $2 so it does not matter as long as you win 25% or 50%... Also most of the time they work out well but nothing works 100%.
good to know you took the same trade, that's confirmation to me the setup was valid and i followed the rules. for that, this is a good trade in my trading log
  • #906
  • Aug 17, 2009 6:35pm Aug 17, 2009 6:35pm
Quoting biz0101
price tends to get back to the divergence trend line in the rsi for a third visit before taking off, so i would look to enter another buy when that happens.
wow, nice to hear you're observing the same thing. sometimes it'll take off after the 1st div is formed, but the impression just keep getting clearer that the 2nd div is a more reliable setup. i guess things like this come with chart time and practice.
good trading.
  • #907
  • Aug 17, 2009 6:50pm Aug 17, 2009 6:50pm
Quoting WilteredFire
First day with some nice simple charts, In the morning, I kinda saw this divergence on the EU coming, I was expecting price to drop lower around new york, the way it was moving told me the RSI wasn't going to make a lower-low though, and it didn't, so we had some positive divergence + Pinbar for a nice buy.

Just before the Pinbar I had to rush out to collect some money, was urgent, so I missed the trade I waited for all morning lol.
'First day'? nice to see one more person starting adventure with this method.

i was observing it too, but it formed more a neutral bar on my chart. even if we got a pin, looks like it would be a b/e trade by the 2nd or 3rd bar(the way i would manage). so you didn't really miss anything.
  • #908
  • Aug 17, 2009 9:37pm Aug 17, 2009 9:37pm
Quoting Icehocey77
very nice. Another 6 months into backtesting.....
great. do update us here.
Thanks!
  • #909
  • Aug 18, 2009 7:13am Aug 18, 2009 7:13am
saw two trades this morning, 15m and 30m, in the euro session. same setups, but every chart is different. i hope people don't mind me posting these.
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  • #910
  • Aug 18, 2009 8:47am Aug 18, 2009 8:47am
again good old setup

countertrend trade, big pinbar, nice div. again fast money in bank
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  • #911
  • Aug 18, 2009 8:52am Aug 18, 2009 8:52am
I looked through the thread and couldn't find a template.

Is there one available?
If you only trade long, then you can't always be wrong.
  • #912
  • Aug 18, 2009 9:26am Aug 18, 2009 9:26am
second didn't really work, dow futures had a similar move that trying to hit the 18/21.









EDIT: Bar right after the last broke to the 18/21
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  • #913
  • Aug 18, 2009 12:21pm Aug 18, 2009 12:21pm
I'm slowly learning the power of a pinbar with the thrend and counter to the 21ema and 50sma when divergence and strong support and resistance is present.

All these trades were good for at least 5 pips which is my target for now as I learn. The Gu trade was nailed for 50 on the long and I freaked on the countertrend short for only a few even though it paid 50.

The Gu 9:00am EDT long (checkmark) was the trade of the day but the pinbar didn't close inside of last candle so I called it a bad setup...the divergence looked great. Still looking for a way to take that "almost" trade. Someone wiser than I may have a comment how to safely enter into 150 pips.

I stuck a zigzag indy on there that helps me see when the move might be ending. Otherwise, its pure Jankone, one brilliant man for taking something so powerful and presenting it so simple.

Thank you Jankone and everyone who preceded to teach you. Your kind for sharing. Other trader's comments have been helpful in this thread too.
Thanks again,

Steve
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  • #914
  • Aug 18, 2009 4:11pm Aug 18, 2009 4:11pm
Quoting Icehocey77
second didn't really work, dow futures had a similar move that trying to hit the 18/21.









EDIT: Bar right after the last broke to the 18/21

I took this trade, 10 pip stop 20 target and it hit +20.
I also took a PB trend short before that and kill it for +12 before it did a trip bottom with divergence and went up.
Keep taking CT trades, I need more money
  • #915
  • Aug 19, 2009 5:31am Aug 19, 2009 5:31am
Absolutely an A+ setup with divergence.

If you look closely, it's not only a 5m pin but also a 10m pin which makes it even better. The more rejection of a certain price level, the better the setup is.
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  • #916
  • Aug 19, 2009 8:20am Aug 19, 2009 8:20am
Quoting FrankenPip
I looked through the thread and couldn't find a template.

Is there one available?
there is no template i know of. takes just a min to set up, parameters are at the beginning of thread.
  • #917
  • Aug 19, 2009 8:36am Aug 19, 2009 8:36am
Quoting stevewide
I'm slowly learning the power of a pinbar with the thrend and counter to the 21ema and 50sma when divergence and strong support and resistance is present.

All these trades were good for at least 5 pips which is my target for now as I learn. The Gu trade was nailed for 50 on the long and I freaked on the countertrend short for only a few even though it paid 50.

The Gu 9:00am EDT long (checkmark) was the trade of the day but the pinbar didn't close inside of last candle so I called it a bad setup...the divergence looked great. Still looking for...
i'm still learning. some of the trades i wouldn't take, but it's personal choice, by the charts they all made money and that's what counts.

i'm curious though, why are you using 5 pip targets at the beginning? seem too small for good MM. what's your initial stoploss? if you don't mind sharing. (maybe you're more experienced than my guess??)
  • #918
  • Aug 19, 2009 8:45am Aug 19, 2009 8:45am
another great setup. great pin, nice trend.
really A++ trade.
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  • #919
  • Aug 19, 2009 5:27pm Aug 19, 2009 5:27pm
Quoting Jankone
another great setup. great pin, nice trend.
really A++ trade.

Nice job, I was sticking to the 5min eur/usd sometimes it's slow like today. 1 short at 1.4260 but killed it at cost due to going sideways.
Keep taking CT trades, I need more money
  • #920
  • Aug 20, 2009 6:46am Aug 20, 2009 6:46am
slow week, first trade, +13.

i decided to add this range market setup to my practice, but only take the clear ones i can identify, will see how it goes.
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