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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,121
  • Edited 1:07am Sep 17, 2009 12:54am | Edited 1:07am
Quoting pmn100
I see, so you want the tail protruding far beneath previous bars? ...
yes, the more protruded/the longer the tail/nose, the better.

the body of the PB u referred to was about 70% within the previous bar. it may have been good for 5-10pips (almost touched the mid-BB + failed to touch/breach RSI's 50 level)

1 great trade on that chart was the red PB at 1.6650-ish which could be considered a BB head-fake prior a big downmove. WTB/Walking the bands occurred (WTB/price 'hugging' the lower BB is a confirmation of a trend or trend continuation) until the fairly big red bar (closing around 1.6475-ish --the 20th bar before Jankone's traded PB), after that price made new lows while the lower BB was not touched (non-confirmation of current trend: A WARNING SIGN of possible end of trend) & RSI making higher lows/divergence --- price is getting exhausted of going down.
  • #1,122
  • Edited Sep 18, 2009 2:13am Sep 17, 2009 5:16am | Edited Sep 18, 2009 2:13am
Thanks for the explaination SC, very useful.

For anyone, can you tell me what, if anything, would have kept you out of the trade (attached) EUR/USD M5 chart, pin bar today (7.25 GMT).

Also, been going over some of Jankone's charts and he seems to be specific about how you should plot the divergence on price. He has said about drawing the line from bar close to bar close (in case of divergence in an up trend as per my chart).

So in my chart I have plotted three possible ways of plotting divergence on price when corresponding with divergence on RSI.

Green line: High to High
Black line: High to Close
Red line: Close to Close

Which is correct?

Attached Image (click to enlarge)
Click to Enlarge Name: ec2.gif Size: 27 KB
  • #1,123
  • Sep 17, 2009 5:46am Sep 17, 2009 5:46am
Quoting pmn100
Thanks for the explaination SC, very useful.

For anyone, can you tell me what, if anything, would have kept you out of the trade (attached) EUR/USD M5 chart, pin bar today (7.25 GMT).

Also, been going over some of Jankone's charts and he seems to be specific about how you should plot the divergence on price. He has said about drawing the line from the bar high to the bar close (in case of divergence in an up trend as per my chart).

So in my chart I have plotted three possible ways of plotting divergence on price when corresponding with...
Main reason I didn't take it was because I was sleeping. I probably would have taken it if it happened during the hours I trade 5min charts (3am-2pmish CT)... when I'm around...

Some win, some lose... the goal is to manage them correctly.
  • #1,124
  • Sep 17, 2009 6:32am Sep 17, 2009 6:32am
Quoting Ryanmcd
Nice to see you guys doing well, nothing new to add just stopping by. Let me know if you have any questions and I will try to help.
are we sticking to the original 5 minute tme scale cos there are charts here with 15 minute time scales?
every Saint has a past. Every Sinner has a Future
  • #1,125
  • Sep 17, 2009 6:35am Sep 17, 2009 6:35am
Quoting pmn100
Thanks for the explaination SC, very useful.

For anyone, can you tell me what, if anything, would have kept you out of the trade (attached) EUR/USD M5 chart, pin bar today (7.25 GMT).

Also, been going over some of Jankone's charts and he seems to be specific about how you should plot the divergence on price. He has said about drawing the line from the bar high to the bar close (in case of divergence in an up trend as per my chart).

So in my chart I have plotted three possible ways of plotting divergence on price when corresponding with divergence...
I don't think you include the Pin candle when drawing your line thus you would not take a trade?
every Saint has a past. Every Sinner has a Future
  • #1,126
  • Sep 17, 2009 8:27am Sep 17, 2009 8:27am
Quoting pmn100
Thanks for the explaination SC, very useful.

For anyone, can you tell me what, if anything, would have kept you out of the trade (attached) EUR/USD M5 chart, pin bar today (7.25 GMT).

Also, been going over some of Jankone's charts and he seems to be specific about how you should plot the divergence on price. He has said about drawing the line from the bar high to the bar close (in case of divergence in an up trend as per my chart).

So in my chart I have plotted three possible ways of plotting divergence on price when corresponding with...
I use the green line.
  • #1,127
  • Sep 17, 2009 10:18am Sep 17, 2009 10:18am
Hi all, been reading this thread today. I haven't read all of I must admit so if my question's already been answered just ignore me.

I appreciate a lone pin bar is one of the prerequisites for a good trade but you can not really tell if it's out there on it's own until the next bar closes. i,e the next bar could close lined up exactly parallel to it. So my question is do you wait until the next bar has closed before you take the trade?
Keep smiling
  • #1,128
  • Sep 17, 2009 10:52am Sep 17, 2009 10:52am
Quoting turnip15
are we sticking to the original 5 minute tme scale cos there are charts here with 15 minute time scales?

I still use just the 5min but it does work on all times I have seen. It's not magic it's just PA with divergence or with trend.
Keep taking CT trades, I need more money
  • #1,129
  • Sep 17, 2009 10:58am Sep 17, 2009 10:58am
Trade I am currently in..
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 94 KB
Keep taking CT trades, I need more money
  • #1,130
  • Sep 17, 2009 11:07am Sep 17, 2009 11:07am
Quoting Ryanmcd
Trade I am currently in..

Hi Ryan,

What would you say the trend is on that chart? Have you just played the pin bar on its own as i don't see any divergence.

Thanks,
  • #1,131
  • Sep 17, 2009 11:31am Sep 17, 2009 11:31am
Quoting Pirabuji
Hi Ryan,

What would you say the trend is on that chart? Have you just played the pin bar on its own as i don't see any divergence.

Thanks,

If you do not see the divergence you are missing the boat, looks at RSI on a LINE ON CLOSE chart with price and tell me that rsi goes lower and price goes higher, market is sideways and a PB = take the trade. BTW out +20 or 4% gain...
Keep taking CT trades, I need more money
  • #1,132
  • Sep 17, 2009 11:46am Sep 17, 2009 11:46am
Quoting Ryanmcd
If you do not see the divergence you are missing the boat, looks at RSI on a LINE ON CLOSE chart with price and tell me that rsi goes lower and price goes higher, market is sideways and a PB = take the trade. BTW out +20 or 4% gain...
Hi Ryan

Do you always wait for the third divergence signal or do you go on the second. i.e. On your chart, I demo shorted the pin bar before your one because it made divergence. Why did you skip that one?
  • #1,133
  • Sep 17, 2009 11:49am Sep 17, 2009 11:49am
Quoting Ryanmcd
If you do not see the divergence you are missing the boat, looks at RSI on a LINE ON CLOSE chart with price and tell me that rsi goes lower and price goes higher, market is sideways and a PB = take the trade. BTW out +20 or 4% gain...
Hey Ryan,

what was your entry level and stop on that trade?

thanks
  • #1,134
  • Sep 17, 2009 11:59am Sep 17, 2009 11:59am
Quoting FOURX
Hey Ryan,

what was your entry level and stop on that trade?

thanks

Short @ 1.4744 Stop at 10 points for that, target was 20 points lower.
Keep taking CT trades, I need more money
  • #1,135
  • Sep 17, 2009 12:01pm Sep 17, 2009 12:01pm
Quoting pmn100
Hi Ryan

Do you always wait for the third divergence signal or do you go on the second. i.e. On your chart, I demo shorted the pin bar before your one because it made divergence. Why did you skip that one?

I was sleeping, you are thinking too much into it and I would of took the one before it as well. The more RULES you add into it the harder it is, PB with Divergence = trade that is it no magic.
Keep taking CT trades, I need more money
  • #1,136
  • Sep 17, 2009 12:14pm Sep 17, 2009 12:14pm
Quoting Ryanmcd
I was sleeping, you are thinking too much into it and I would of took the one before it as well. The more RULES you add into it the harder it is, PB with Divergence = trade that is it no magic.
LOL. Thanks Ryan.

I was watching GU M5 today and took note of these 'with trend' pin bars. Do the three pin bars shown on my chart qualify for that type of pin bar, or should we wait for a more definite retrace to the 21ema/mid bollinger. The pin bars shown seem to be 'skidding' down the 21ema with very small retraces.

Attached Image (click to enlarge)
Click to Enlarge Name: ec2.gif Size: 29 KB
  • #1,137
  • Sep 17, 2009 2:38pm Sep 17, 2009 2:38pm
Quoting Ryanmcd
If you do not see the divergence you are missing the boat, looks at RSI on a LINE ON CLOSE chart with price and tell me that rsi goes lower and price goes higher, market is sideways and a PB = take the trade. BTW out +20 or 4% gain...
Question about divergence...

at what point(s) do we measure divergence? Looking at the attached chart, there seems to be divergence with the red line, but not the blue line. Or do I have it all wrong?
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 23 KB
  • #1,138
  • Sep 17, 2009 3:05pm Sep 17, 2009 3:05pm
Quoting pmn100
Thanks for the explaination SC, very useful.

For anyone, can you tell me what, if anything, would have kept you out of the trade (attached) EUR/USD M5 chart, pin bar today (7.25 GMT).

Also, been going over some of Jankone's charts and he seems to be specific about how you should plot the divergence on price. He has said about drawing the line from the bar high to the bar close (in case of divergence in an up trend as per my chart).

So in my chart I have plotted three possible ways of plotting divergence on price when corresponding with divergence...
Quoting Jduester
I use the green line.
i use the green line too.

i read jankone's posts multiple times and don't remember 'high to close'. can you point me to the specific post? thanks.

(price is price, wick or body)
  • #1,139
  • Sep 17, 2009 3:19pm Sep 17, 2009 3:19pm
Quoting Misterdaz
Hi all, been reading this thread today. I haven't read all of I must admit so if my question's already been answered just ignore me.

I appreciate a lone pin bar is one of the prerequisites for a good trade but you can not really tell if it's out there on it's own until the next bar closes. i,e the next bar could close lined up exactly parallel to it. So my question is do you wait until the next bar has closed before you take the trade?
we make educated forecast of the market base on price history(price to the left of the most recent bar).

the next bar could go up, down, or sideways. and this is true for any moment in time. but until after the fact, we don't really know. we only make educated forecasts.

i'm guessing you're new to trading in general?! you are reading this thread(and hopefully together with the J16 thread), so you are in better shape than how i started. take it by the steps. learn the setups here and pratice the rules: the rule doesn't say wait for next bar to close, so don't wait.
good trading..

(the above was base on context in this thread. there are material outside talks about waiting for confirmation after you get the signal, but it's not related to here.)
  • #1,140
  • Sep 17, 2009 3:29pm Sep 17, 2009 3:29pm
Quoting dhh
i use the green line too.

i read jankone's posts multiple times and don't remember 'high to close'. can you point me to the specific post? thanks.

(price is price, wick or body)
Its from a word doc I must have downloaded at some point with lots of Jankone's and Ryan's charts in. You made me go back and double check, and I got it wrong, he actually said from close to close (not high to close). I've searched the thread and found the post here:

http://www.forexfactory.com/showthre...+close&page=18 (post 265 half way down).

Jankone says:

Quote
"nice pin nice div - but pls use div from close to close (from last swing low to pin close)"

I believe this is because RSI is set to calculate 'on close'.
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