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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #1,881
  • Nov 4, 2009 7:47am Nov 4, 2009 7:47am
Quoting kojak
Sure mate, its no problem telling...
The alert file scan the pa for 12 currency pairs. When there is a pinbar the alarm notice me on the screen. Then i open that chart and looks for divergence..No divergence = i usually dont trade that pair.
I find pin WITH divergence much more safe...

Hours per day i actually dont know... I work on different projects on my computer so im sitting there anyway .
And i used to trade 60 min chart before..But i really like this fast tradingstyle here in 5 min ...In and out, and your done...
And 20-30 pip/day also...
Actually, I should congratulate you for finding such an effective mode of operation. Well done! Good method!!!
  • #1,882
  • Nov 4, 2009 8:18am Nov 4, 2009 8:18am
I must confess that I'm finding the basic strength of these entries to be encouraging, even in the absence of divergence.
This is an excellent thread, and hats off to Jankone for starting it, and of course James and Ryan for 'siring' it.
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  • #1,883
  • Nov 4, 2009 1:27pm Nov 4, 2009 1:27pm
Quoting kojak
oh i forgot..i trade during london session......
and sometimes london-ny

If you are trading the M5 only during the london/NYC session, there must be a lot of time when there is no signal at all, or?
  • #1,884
  • Nov 4, 2009 1:29pm Nov 4, 2009 1:29pm
Two trades today.
first trade was a great one, but Oanda widened spreads to 10pips and stopped me out before reaching 2R... so b/e trade.

Second one was a weak BUOB on 5min and a small pin on 15min (with div). 3.5R just before the FOMC announcement.

nap time.

Josh
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  • #1,885
  • Nov 4, 2009 5:44pm Nov 4, 2009 5:44pm
I love seeing these setups when in accordance with higher timeframe setups. This time, the higher setup was the bearish 4 hour pin bar. this is simply a waiting game. I actually like seeing price action at the 50 like this more than any other. Entry at 150.41 and exit will be at 149 IF we get a break of that 4 hour bar as well. I've found that these trades off the 50 while, at the same time, seeing PA on the higher timeframes turns in the big money.
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I dream, therefore I become.
  • #1,886
  • Nov 4, 2009 6:03pm Nov 4, 2009 6:03pm
Quoting mike w
I love seeing these setups when in accordance with higher timeframe setups. This time, the higher setup was the bearish 4 hour pin bar. this is simply a waiting game. I actually like seeing price action at the 50 like this more than any other. Entry at 150.41 and exit will be at 149 IF we get a break of that 4 hour bar as well. I've found that these trades off the 50 while, at the same time, seeing PA on the higher timeframes turns in the big money.
Awesome Mike. I'm looking forward to expanding my trading on this tf to more pairs in the future... biggest thing I focus on now is not overtrading (ie, taking every pinbar that shows up on a 5min tf...)... but I've been amazed at my results so far this month, being the first live month with this strategy...

Keep it up big guy.

Josh
  • #1,887
  • Nov 4, 2009 6:18pm Nov 4, 2009 6:18pm
Quoting Jduester
Awesome Mike. I'm looking forward to expanding my trading on this tf to more pairs in the future... biggest thing I focus on now is not overtrading (ie, taking every pinbar that shows up on a 5min tf...)... but I've been amazed at my results so far this month, being the first live month with this strategy...

Keep it up big guy.

Josh
Thanks my man. I'm not going to lie, this is even more exciting than my work with I4Bs. I added again at 150.13 on the retracement and now I'll just be waiting, considering that we just broke that 4 hour pin downwards. I love the fact that a 7 pip stop is able to net this large of a profit in this small of a time.

This trading is netting more money for me in a day than what I normally see in a week's time considering how much more I put into any setup due to the tiny stops, where I am used to stops of 30 pips and up when working on higher timeframes.

I'm not worried about overtrading on this timeframe at all. I'm simply concerned about trading the setups that I'm comfortable with taking. When Ryan talked about time, he wasn't lying. Normally, trading at this time is a no go for me for this timeframe. The news today has quite a bit riled up however and so I waited because I saw the juicy 4 hours. Any other day, I'll just trade it during new york up until around 3.

I know you're having a good time with it as I read your testing. Fantastic, I'm lovin it!

I hope you're having a great week too brother, and I'll catch ya tomorrow. I'll post some trades after I take them again considering that it IS too fast to post then trade, unlike my beloved dailies lol
I dream, therefore I become.
  • #1,888
  • Nov 4, 2009 6:56pm Nov 4, 2009 6:56pm
Here's the same deal on the eur/jpy as on the gbp/jpy. Just entered based on this setup and will be hoping to see 134. Thanks again Ryan.
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I dream, therefore I become.
  • #1,889
  • Nov 4, 2009 7:04pm Nov 4, 2009 7:04pm
Quoting mike w
Here's the same deal on the eur/jpy as on the gbp/jpy. Just entered based on this setup and will be hoping to see 134. Thanks again Ryan.
yes Sir, Ryanmcd has propagated the use of Bollinger bands.
looking forward to your posts here from time to time, mike.
u are showing us all how u trade off of a small TF & turn it into a long-term trade if possible. good influence
  • #1,890
  • Nov 4, 2009 7:17pm Nov 4, 2009 7:17pm
Quoting supremeChaos
yes Sir, Ryanmcd has propagated the use of Bollinger bands.
looking forward to your posts here from time to time, mike.
u are showing us all how u trade off of a small TF & turn it into a long-term trade if possible. good influence
It's fantastic and thanks brother! Believe me when I say the feelings are mutual my man. IMO, that's the best way to trade any method. Let those winners run, easier said than done and it does take practice.
I dream, therefore I become.
  • #1,891
  • Nov 5, 2009 2:50am Nov 5, 2009 2:50am
Quoting fxterrapin
If you are trading the M5 only during the london/NYC session, there must be a lot of time when there is no signal at all, or?
trading only? during the london and ny session, is pretty much i think?
My screen time starts at 02.00 eastern time, thats one hour before london open.
Scanning those 12 pairs during the sessions gives pretty ok signals.
But of course there are moments when the pinbar alert is pretty low...

Like someone in here said: its a waiting thing..

Happy trading!
  • #1,892
  • Nov 5, 2009 3:31am Nov 5, 2009 3:31am
Took this one! Nice pin with div. Nice fast trade
Good for 25pips!
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  • #1,893
  • Nov 5, 2009 3:51am Nov 5, 2009 3:51am
Quoting brasilero
Took this one! Nice pin with div. Nice fast trade
Good for 25pips!
great ! bro
do you wait for 2R?

Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,894
  • Nov 5, 2009 3:59am Nov 5, 2009 3:59am
Some good moves on the pound today so far....
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All that matters is winning the week
  • #1,895
  • Nov 5, 2009 4:08am Nov 5, 2009 4:08am
Quoting brasilero
Took this one! Nice pin with div. Nice fast trade
Good for 25pips!
Great brasilero,
  • #1,896
  • Nov 5, 2009 4:16am Nov 5, 2009 4:16am
Quoting oneuniverse
great ! bro
do you wait for 2R?

Winston
I am trying to get 2R normaly but this time I exited at 21ema and previous lows wich gave me 1,2R! I would get my 2R but that lows scared me out !!!
Still learning :nerd:
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  • #1,897
  • Nov 5, 2009 4:21am Nov 5, 2009 4:21am
Hi,
this is the alert that im using..It will pop up a window on your computer: pin bar alert on eur/usd or something..
Pretty basic, and it doesnt take any notice where the pin is located....
So sometimes there is no divergence, and sometimes there is no good location of the pin..But it does the hard job for you, looking at all your pairs at the same time :nerd:

Everytime i get an alert, i open the chart and look for divergence and the location of pin..If it looks good i just go for it...

And BEFORE i take the trade i plot my exitlevels as well....
Happy trading....
Attached File(s)
File Type: mq4 PinBar All Types With Alert.mq4   4 KB | 783 downloads
  • #1,898
  • Nov 5, 2009 5:11am Nov 5, 2009 5:11am
Quoting kojak
Hi,
this is the alert that im using..It will pop up a window on your computer: pin bar alert on eur/usd or something..
Pretty basic, and it doesnt take any notice where the pin is located....
So sometimes there is no divergence, and sometimes there is no good location of the pin..But it does the hard job for you, looking at all your pairs at the same time :nerd:

Everytime i get an alert, i open the chart and look for divergence and the location of pin..If it looks good i just go for it...

And BEFORE i take the trade i plot my exitlevels as...
Thanks kojak...

Got a toy to play with now.

kk007
  • #1,899
  • Edited 6:05am Nov 5, 2009 5:23am | Edited 6:05am
Will forward test 10R
with 10R , even if stop is hit 80% of time ,
we make 10*2-8*1 = 12% on 10 trades with 1% risk
we make 20*2-8*2= 24% on 10 trades with 2% risk

i am comfortable with 1% risk since i can have 10 consecutive loosers at some point of trading life


UPDATE : stop loss hit!

Any views appreciated
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #1,900
  • Nov 5, 2009 5:45am Nov 5, 2009 5:45am
Quoting oneuniverse
Will forward test 10R
with 10R , even if stop is hit 80% of time ,
we make 10*2-8*1 = 12% on 10 trades with 1% risk
we make 20*2-8*2= 24% on 10 trades with 2% risk

i am comfortable with 1% risk since i can have 10 consecutive loosers at some point of trading life


Any views appreciated
sorry, was looking at wrong chart...(the pivot)
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