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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,141
  • Sep 17, 2009 4:46pm Sep 17, 2009 4:46pm
Quoting AnthonyC
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?
My divergence lines never go through other price bars... I always take them from one swing extreme to another swing extreme (however long that distance between swings)...

http://www.babypips.com/school/diver...eat_sheet.html

Josh
  • #1,142
  • Sep 17, 2009 4:49pm Sep 17, 2009 4:49pm
missed by 2.8 pips
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  • #1,143
  • Sep 17, 2009 5:21pm Sep 17, 2009 5:21pm
Quoting AnthonyC
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?

triple top, 3 drives to a top you can call it whatever, I missed the 1st setup because I was sleeping at 11:30, I opened the charts looked at it and got short. No need to think too much into it, RSI is going down price will follow.
Keep taking CT trades, I need more money
  • #1,144
  • Sep 17, 2009 5:28pm Sep 17, 2009 5:28pm
DHH, thanks for clearing that up. I didn't think you'd wait for the next bar to close as you could miss 50 points! You go for it, which is what trading is all about, your best educated guess with the right probability behind it, oh and pure guts off course.

I'm not new to fx trading, I work for a London bank and trade proffesionally but am always interested in what Forex Factory has to offer, you never know when you might find a new edge. I like the pin bar theory, it is a good illustration of strong buying or selling power. When the buyers come in and cause the candles with the long wick at the bottom it's called "Takuri", did you know that, sorry I'm rambling now. Cheers
Keep smiling
  • #1,145
  • Sep 17, 2009 5:43pm Sep 17, 2009 5:43pm
Why can't I see the chart? Some bug?



Quoting Ryanmcd
Trade I am currently in..
  • #1,146
  • Sep 17, 2009 8:45pm Sep 17, 2009 8:45pm
Quoting turnip15
are we sticking to the original 5 minute time scale cos there are charts here with 15 minute time scales?
i think timeframe does not matter much.
like Ryanmcd said, it's applicable in any TF.

imho, what matters most here is that we learn the concept (using PA/Price Action + BB + RSI + div.) & apply it consistently.
but thread topic-wise, we may opt to stick with charts on M5/M15.
  • #1,147
  • Sep 17, 2009 8:55pm Sep 17, 2009 8:55pm
Quoting pmn100
Thanks for the explanation...
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.......
same with Jduester & dhh, i use the green line.
to avoid confusion, better use the simplest way -- the green line.

what Jankone may be doing is a hybrid way of plotting divergence. it is a personalized/customized/subjective thing.

regarding the trade, looking exclusively at your chart:
-strictly speaking, the PB closed higher than its open
-your MA is below price, so trend is up
-MAJOR consideration is eur$ trend is up: eur is very strong right now
-MACD on your chart is going up too
-divergence in indicators is not enough to reverse price convincingly/significantly, specially considering eur$ strong uptrend (NOTE: look at eur$ trend at the daily chart)
-evidence of strong uptrend on that chart is mid-BB has not been touched (approx. 11 bars) before & (a few bars) after that PB
  • #1,148
  • Sep 17, 2009 8:56pm Sep 17, 2009 8:56pm
Quoting Jankone
Why can't I see the chart? Some bug?
i believe he is referring to this eur$ short trade posted on the other thread (james16).
  • #1,149
  • Sep 17, 2009 9:27pm Sep 17, 2009 9:27pm
Quoting pmn100
....
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....
what qualification are u referring to?
MA & BB-wise, i would take these 3 PB's, & yes they are 'with trend'.
the 3rd one did not even touch the mid-BB. to me, that says (down) trend is/can be pretty strong.
  • #1,150
  • Sep 17, 2009 9:31pm Sep 17, 2009 9:31pm
Quoting Misterdaz
....
I'm not new to fx trading, I work for a London bank and trade proffesionally but am always interested in what Forex Factory has to offer, you never know when you might find a new edge. I like the pin bar theory....
yes, there are a few gems here in FF.
like the one shared here by Ryanmcd & Jankone, & the james16 thread.

hope to see more posts from u here.
would love to hear insights from time to time
  • #1,151
  • Sep 18, 2009 6:14am Sep 18, 2009 6:14am
Got out of this nice with the trend pinbar. It bounced back from the 21 EMA and had a nice "ledge" where Jigsaw was talking about.
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  • #1,152
  • Sep 18, 2009 9:48am Sep 18, 2009 9:48am
Jackone, new to your thread and loving what you are doing...Im already scalping on 5 min with simple support/resistance / trendline strategy but Im curious as to what setting your bollinger bands you show are? Im going to be studying pin bar pdf's found earlier in this thread this weekend. Thanks for everything.
Going to make it big by age 21.
  • #1,153
  • Sep 18, 2009 10:04am Sep 18, 2009 10:04am
Quoting dstryr
Jackone, new to your thread and loving what you are doing...Im already scalping on 5 min with simple support/resistance / trendline strategy but Im curious as to what setting your bollinger bands you show are? Im going to be studying pin bar pdf's found earlier in this thread this weekend. Thanks for everything.
Click the paperclip in the top right of the thread (next to page numbers) and then click 'hide images'. You'll find a word doc there (RYANMCD.doc)with everything you need to know about the system.
  • #1,154
  • Sep 18, 2009 10:46am Sep 18, 2009 10:46am
Quoting Misterdaz
DHH, thanks for clearing that up. I didn't think you'd wait for the next bar to close as you could miss 50 points! You go for it, which is what trading is all about, your best educated guess with the right probability behind it, oh and pure guts off course.

I'm not new to fx trading, I work for a London bank and trade proffesionally but am always interested in what Forex Factory has to offer, you never know when you might find a new edge. I like the pin bar theory, it is a good illustration of strong buying or selling power. When the buyers come...
sorry for making the wrong guess. good to know you like the pin too. it's my favorite PA together with beob/buob.

the term 'takuri' is new to me, but i have my fair share of studying candlesticks and i call it 'hammer'. and in different context, different authors term them a little differently. in the PA world here, it's call pin.

whatever you call it, it works it works.
  • #1,155
  • Sep 18, 2009 11:10am Sep 18, 2009 11:10am
finally!
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  • #1,156
  • Sep 18, 2009 4:21pm Sep 18, 2009 4:21pm
Nice pin bar CT divergence trade this morning on the AUD/JPY 5 min time frame. I took 17 pips on this one. See the purple vertical dotted line on the entry candle. The candle before this was the pin bar. Cci and rsi both showing divergence to the price. Paris
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  • #1,157
  • Sep 18, 2009 5:25pm Sep 18, 2009 5:25pm
Paris Hilton,
why do u prefer the 50 line on the CCI instead of the 0 level? or is this just your presonal 'visual' thing?
the equivalent of RSI's 50 level is CCI's 0 level, correct?
Thanks
  • #1,158
  • Sep 18, 2009 7:07pm Sep 18, 2009 7:07pm
Quoting supremeChaos
Paris Hilton,
why do u prefer the 50 line on the CCI instead of the 0 level? or is this just your presonal 'visual' thing?
the equivalent of RSI's 50 level is CCI's 0 level, correct?
Thanks

I don't know the answer. This is just the way I learned it. It's not too important. I do use the 62EMA as sometimes this will become good support and resistance. Paris
  • #1,159
  • Sep 20, 2009 8:23pm Sep 20, 2009 8:23pm
Quoting Paris Hilton
Nice pin bar CT divergence trade this morning on the AUD/JPY 5 min time frame. I took 17 pips on this one. See the purple vertical dotted line on the entry candle. The candle before this was the pin bar. Cci and rsi both showing divergence to the price. Paris
paris, i'm wondering do you take the trades only when all three indicators give you the signal at the same time? if yes, what has been your winning % given the entry criteria is so strict?
thanks.
Attached Image
  • #1,160
  • Sep 20, 2009 9:49pm Sep 20, 2009 9:49pm
Quoting Paris Hilton
I don't know the answer. This is just the way I learned it. It's not too important. I do use the 62EMA as sometimes this will become good support and resistance. Paris
Ok, thanks.
u use CCI & two RSI's in your above chart.
how do u use those 3 indicators? are u aware that multicollinearity could set in?
Thanks

[multicollinearity - 2 or more indicators are all ''singing the same song'', as John Bollinger have said; "great trap of multicollinearity --several series (indicators; CCI & RSI in this case) containing very similar information used as though they were separate, independent inputs"]
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