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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,321
  • Oct 5, 2009 7:51am Oct 5, 2009 7:51am
Thanks Artov, Josh and Tom.

@ Artov, how much TP and SL you usually use?

@ Tom, how do you trail? with a fixed SL and trail without TP?

Thanks.

Kakyn
  • #1,322
  • Oct 5, 2009 8:11am Oct 5, 2009 8:11am
You're welcome sir.

SL for me is size of the bar + 2 pips for spread. I do prefer it to be at max 10 pips on the 5m chart.

If the 'size of the bar + spread' is for example 14 pips, then I would usually limit the SL to 10 pips and aim for 2R. That's to keep my TP close to entry area.

On the other hand I don't like to have a very close SL either, so 5-6 pips would be the minimum to allow price to breath a little bit.

That is what I feel comfortable with at the moment. As Tom said it is important to find something what suits you personally.

Quoting Kakyn
Thanks Artov, Josh and Tom.

@ Artov, how much TP and SL you usually use?
  • #1,323
  • Oct 5, 2009 8:11am Oct 5, 2009 8:11am
Quoting Kakyn
Thanks Artov, Josh and Tom.

@ Tom, how do you trail? with a fixed SL and trail without TP?

Thanks.

Kakyn
Kakyn,

usually trail at 1R (candle + spread) and just let it go...

no TP unless theres a really obvious PPZ S/R somewhere.

like I said I do this because it suits me - not neccessarily because I think its the best way of doing things!!

Tom
  • #1,324
  • Oct 5, 2009 8:23am Oct 5, 2009 8:23am
Roger that,

BTW how do you guys set SL and stuffs if it is based on candle, manually? I'm using Swiss Army and IMHO I don't feel comfortable doing it manually (have to count the SL and after the thing is set there's a risk of losing the trade etc)

Kakyn
  • #1,325
  • Oct 5, 2009 8:47am Oct 5, 2009 8:47am
Quoting Kakyn
Roger that,

BTW how do you guys set SL and stuffs if it is based on candle, manually? I'm using Swiss Army and IMHO I don't feel comfortable doing it manually (have to count the SL and after the thing is set there's a risk of losing the trade etc)

Kakyn
I begin setting up the trade with about 1 min or so to candle close. You should know the important high (or low) at that point to base your SL around and if this changes during the last few seconds and still manages to form a pin I usually don't hit the go button! - I'm waiting for the break as well so often don't trade for a good few seconds (sometimes minutes!) after the candle is closed.

HTH

Tom
  • #1,326
  • Oct 5, 2009 9:52am Oct 5, 2009 9:52am
Quoting fat_tom
I begin setting up the trade with about 1 min or so to candle close. You should know the important high (or low) at that point to base your SL around and if this changes during the last few seconds and still manages to form a pin I usually don't hit the go button! - I'm waiting for the break as well so often don't trade for a good few seconds (sometimes minutes!) after the candle is closed.

HTH

Tom
Tell me if I get you right, you enter only when the price break the pinbar's range right?

AFAIK Jankone enter the trade ASAP to catch the early move.(I know different people different strategy)

Also, about the pinbar, we should by choosy with both pins or just the B pin? I find it rare to have both A B pins together with div, I sometimes enter when B pin is good pin and A is not really good (not A++ IMHO)

Kakyn
  • #1,327
  • Oct 5, 2009 10:20am Oct 5, 2009 10:20am
EUR/GBP 10:15 CDT, 11:15 EDT.

Nice pin with div.

Has anyone else taken this? Is it a proper trade?
  • #1,328
  • Oct 5, 2009 10:23am Oct 5, 2009 10:23am
Quoting Kakyn
Tell me if I get you right, you enter only when the price break the pinbar's range right?

AFAIK Jankone enter the trade ASAP to catch the early move.(I know different people different strategy)

Also, about the pinbar, we should by choosy with both pins or just the B pin? I find it rare to have both A B pins together with div, I sometimes enter when B pin is good pin and A is not really good (not A++ IMHO)

Kakyn
I wait for the break but thats just me - yes it increases the R so will affect your profit/postion size but thats just me... maybe Jankone is better at picking trades than me (most likely!!) but I filter out a few loosers this way.

Pin quality is as always subjective.... I will trade substandard pins in good locations and have seen many a+++ pins fail if not in the right place. I would say (and this is just my opinion) that location (trend, div etc) are more important that pin quality using this trading style.

Tom
  • #1,329
  • Oct 5, 2009 10:25am Oct 5, 2009 10:25am
2 more pips away from hitting TP.
Attached Image (click to enlarge)
Click to Enlarge Name: jankone 18.16 5oct.gif Size: 44 KB
  • #1,330
  • Oct 5, 2009 10:26am Oct 5, 2009 10:26am
Quoting Alswel
EUR/GBP 10:15 CDT, 11:15 EDT.

Nice pin with div.

Has anyone else taken this? Is it a proper trade?
Alswel,

I did watch this one go by myself - didn't trade it - the div was with a bar grouping some 18-20 bars previously... I personally like them closer - there was no div with the closer high so passed on the trade.

(Quick glance at the chart suggests a pass was the right thing to do!)

Tom
  • #1,331
  • Oct 5, 2009 10:30am Oct 5, 2009 10:30am
Very well, will keep the div closer in respect to time frame. Thanks. -10pips : (

Quoting fat_tom
Alswel,

I did watch this one go by myself - didn't trade it - the div was with a bar grouping some 18-20 bars previously... I personally like them closer - there was no div with the closer high so passed on the trade.

(Quick glance at the chart suggests a pass was the right thing to do!)

Tom
  • #1,332
  • Oct 5, 2009 10:35am Oct 5, 2009 10:35am
Quoting Alswel
Very well, will keep the div closer in respect to time frame. Thanks. -10pips : (
Alswel,

Don't worry best way to learn is by making mistakes!! (as long as your not on a large acct )

Also on my feed (alpari uk) the pin never broke downwards so that would have kept me out of the trade anyway even if I did decide it was a goer...

Tom
  • #1,333
  • Oct 5, 2009 10:42am Oct 5, 2009 10:42am
Quoting Kakyn
2 more pips away from hitting TP.
i personally don't see pin(or other PA) on the chart, but nice ct/div.
not sure what you mean by 'rsi pop out' question on the chart, pls clarify.
  • #1,334
  • Oct 5, 2009 10:45am Oct 5, 2009 10:45am
Quoting Kakyn
2 more pips away from hitting TP.
Closed even without hitting the TP due to CT trade and there's a sign of trend continuation.
  • #1,335
  • Edited 11:44am Oct 5, 2009 11:31am | Edited 11:44am
Cheeky little one here for just over 1R

CT trade with divergence.

Pin was a bit to small to be honest so spread (2pips) became a factor here.

and I managed to make a mess of my position sizing (again!!) so only got 1% on this but its good nevertheless.

Tom

EDIT: looks like I should have held on to it!!! - oh well I will remeber my crystal ball in future... lol
Attached Image
  • #1,336
  • Oct 5, 2009 11:44am Oct 5, 2009 11:44am
Down to 91.80 like you would expect. Again, thanks for the help. Shorter time frames for div.

Quoting fat_tom
Cheeky little one here for just over 1R

CT trade with divergence.

Pin was a bit to small to be honest so spread (2pips) became a factor here.

and I managed to make a mess of my position sizing (again!!) so only got 1% on this but its good nevertheless.

Tom
  • #1,337
  • Oct 5, 2009 1:50pm Oct 5, 2009 1:50pm
Quoting Kakyn
2 more pips away from hitting TP.
"If i see this RSI pop out do i still take this trade"
Answer: imho, if it does pop out, then u have to redraw your div.line, IF there is still div.
OR u have incorrectly plotted a div. line.

alternative view: a div. line should correspond with a PA setup, mainly PB (is discussed here). so if RSI 'pops out' then i surmised it will correspond to a different PA shape (that is, in your chart's case, a bearish bar will form as opposed to an 'expected' bullish bar like a PB). looking again at that chart, a bearish bar did, in fact, form, corresponding to a 'pop' down in RSI.
  • #1,338
  • Oct 5, 2009 3:21pm Oct 5, 2009 3:21pm
http://img.dreamlife.cz/photo/-thumb/13358_200x0x75.jpg
  • #1,339
  • Edited 7:32am Oct 6, 2009 7:19am | Edited 7:32am
Another small one here...

less than 1R but a win nonetheless.

CT with divergence.

Happy trading all

Tom

EDIT : Looks like its going for more... oh well....
Attached Image
  • #1,340
  • Edited 10:40am Oct 6, 2009 10:16am | Edited 10:40am
YOU CAN NOT TRADE LIKE THIS ONE.

Soon or later you will burn your account.
please and again please- Learn how the pinbar LOOKS LIKE AND WHERE HE SHOULD BE.
Than search for my comments " m5 or m15 charts"
and learn from AA++ trades.

It's your money, but we trade like the winners.
I trade for money, not for fun. It's tough business and you can't survive you if want to trade some little funny "bars" .


Quoting fat_tom
Another small one here...



less than 1R but a win nonetheless.

CT with divergence.

Happy trading all

Tom

EDIT : Looks like its going for more... oh well....

this is your C-- trade. I'm wondering, that you make money.

http://cdn.forexfactory.com/attachme...1&d=1254831569

This is my Aa++ trade.
http://www.forexfactory.com/attachme...0&d=1241176579




DO YOU SEE THE DIFFERENCE?
Attached Image (click to enlarge)
Click to Enlarge Name: again great a++.gif Size: 21 KB
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