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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,181
  • Nov 25, 2009 9:02am Nov 25, 2009 9:02am
Quoting artov
That was a nice 2R trade for me.
nice trade. I'm new to this trading method, but I passed on this as the trend was up and there was no divergence for this counter-trend trade...is this correct?
  • #2,182
  • Nov 25, 2009 9:16am Nov 25, 2009 9:16am
This was definately a with the trend trade.

Prior to the pinbar you can see that price broke the 21ema clearly. Then it tried to come back above the 21ema but got rejected, which formed this nice pinbar. Also, the 21ema was descending at that point.

I made a post earlier of how to define whether we are in a trend or not. Here you go.

Quoting lovejoy80
nice trade. I'm new to this trading method, but I passed on this as the trend was up and there was no divergence for this counter-trend trade...is this correct?
  • #2,183
  • Nov 25, 2009 9:29am Nov 25, 2009 9:29am
Quoting artov
This was definately a with the trend trade.

Prior to the pinbar you can see that price broke the 21ema clearly. Then it tried to come back above the 21ema but got rejected, which formed this nice pinbar. Also, the 21ema was descending at that point.

I made a post earlier of how to define whether we are in a trend or not. Here you go.
So am I rightn in thinking that as price broke through the 21EMA...you then are working on the basis that the trend is down and thus the pin at the pullback to the 21EMA was a with trend trade?
  • #2,184
  • Nov 25, 2009 9:44am Nov 25, 2009 9:44am
As long as it is a strong/clear break. When price is ranging, it will break the 21ema or mid BB many times in both directions. If you would assume every break of those levels to be a new trend, you will end up with a lot of false signals.

So this is what I look for:

1. A clear/strong break of the 21 EMA or mid BB where we have a couple of consecutive candles which close above or under the 21ema/mid BB. Sometimes such a move also breaks a support/resistance level which makes the break even more clear.

2. Wait for a pullback to the 21 EMA or mid BB, because you don't want to sell at a low nor buy at a high. So wait for a pullback and look for a nice pinbar rejection of that level which would confirm the trend.

Quoting lovejoy80
So am I rightn in thinking that as price broke through the 21EMA...you then are working on the basis that the trend is down and thus the pin at the pullback to the 21EMA was a with trend trade?
  • #2,185
  • Nov 25, 2009 10:20am Nov 25, 2009 10:20am
From what i have observed so far it seems if u trade the ones with div the winrate seems higher and setup seems more reliable. But thats just me!
  • #2,186
  • Nov 25, 2009 11:01am Nov 25, 2009 11:01am
Quoting Razorman
From what i have observed so far it seems if u trade the ones with div the winrate seems higher and setup seems more reliable. But thats just me!
Yes sir. Once you gain a solid understanding of price breakdowns, it helps a lot as well. The trades with the trend are an even better probability to see gains IF you play them right. After a while, you begin to gain an idea of when it will turn into a runner and when to just take your 10.
I dream, therefore I become.
  • #2,187
  • Nov 25, 2009 11:04am Nov 25, 2009 11:04am
Guys,

what do you think of this Pinbar?

 

  1. Trading with the trend
  2. Pinbar at Bollinger Band and Moving Avergae
  3. Support Zone nearby


http://s2.imgimg.de/uploads/27cc70c38png.png

  • #2,188
  • Nov 25, 2009 11:13am Nov 25, 2009 11:13am
hey Mike,

By trend do u mean the 5 min one or the overall trend ?

Quoting mike w
Yes sir. Once you gain a solid understanding of price breakdowns, it helps a lot as well. The trades with the trend are an even better probability to see gains IF you play them right. After a while, you begin to gain an idea of when it will turn into a runner and when to just take your 10.
  • #2,189
  • Nov 25, 2009 11:29am Nov 25, 2009 11:29am
Quoting Razorman
hey Mike,

By trend do u mean the 5 min one or the overall trend ?
5 minute and overall. If you see a solid trend developed on the 5 minute, it's normally money. I like to check the latest 4 hour bars as well. If the 4 hours are giving a directional bias (e.g. BEOB, Bearish pin, bullish pin, etc.) then I'll move to the 15 minute and 5 minute charts and be looking for short or long opportunities depending which was shown.

For instance, one of the previous bars on the gbp/jpy 4 hour was a bearish outside vertical bar on my feed. (it may be different on yours) Then a 15 minute pin came along an hour ago. I entered on it and am planning on holding due to the 4 hour. If that 4 hour BEOVB hadn't shown up, I would only be holding for my 10 or 20 pips and exiting. Let me know if you need charts for that, or if my explanation wasn't on par for what you needed.
I dream, therefore I become.
  • #2,190
  • Nov 25, 2009 1:28pm Nov 25, 2009 1:28pm
Hey Mike,

Do u use the 21 ema when u take any trades on the 5 or 15 min?
  • #2,191
  • Nov 25, 2009 1:50pm Nov 25, 2009 1:50pm
Quoting Razorman
Hey Mike,

Do u use the 21 ema when u take any trades on the 5 or 15 min?
Yes sir.
I dream, therefore I become.
  • #2,192
  • Nov 25, 2009 9:59pm Nov 25, 2009 9:59pm
Quoting mike w
For instance, one of the previous bars on the gbp/jpy 4 hour was a bearish outside vertical bar on my feed. (it may be different on yours) Then a 15 minute pin came along an hour ago. I entered on it and am planning on holding due to the 4 hour. If that 4 hour BEOVB hadn't shown up, I would only be holding for my 10 or 20 pips and exiting. Let me know if you need charts for that, or if my explanation wasn't on par for what you needed.
God, I love this method. 117 pips off a risk of 10 so far. Hopefully, we'll see another 100 before it's all said and done but most likely, I'll be closing at 144.50. This is what it's about, getting runners with low risk.
I dream, therefore I become.
  • #2,193
  • Nov 25, 2009 10:58pm Nov 25, 2009 10:58pm
Quoting mike w
God, I love this method. 117 pips off a risk of 10 so far. Hopefully, we'll see another 100 before it's all said and done but most likely, I'll be closing at 144.50. This is what it's about, getting runners with low risk.
Scratch that, 217 off of a 10 pip overall risk. Ryan and Jankone, you have no idea how much I owe to you. I had the knowledge before this, but now I have the power to implement it in a way that I didn't know existed before. I doubt I'll ever forget this day before thanksgiving as this is a huge landmark for me. Thank you for yet another pivotal point in my career.
I dream, therefore I become.
  • #2,194
  • Nov 25, 2009 11:01pm Nov 25, 2009 11:01pm
Hi mike. im looking to get into this method . Would you care to give a tuturial on ur entry? was this the pin u were talking about? sorry
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  • #2,195
  • Nov 25, 2009 11:15pm Nov 25, 2009 11:15pm
Quoting supermatt
Hi mike. im looking to get into this method . Would you care to give a tuturial on ur entry? was this the pin u were talking about? sorry
Hey Matt, I entered on the 15 minute pin shown on this chart with the red arrow above it. It looks tiny right now due to the massive move but it was solid. 4 hour BEOVB before and then it came along = perfect setup.

The reason I held was due to the 4 hour BEOVB and also, after looking at the daily charts, noticing that there was no support underneath for 200 pips. It was plain as day that a freefall was coming. Something coming to mind right now is "I just wait until there is money over in the corner and I can just go pick it up." Simple stuff.
Attached Image (click to enlarge)
Click to Enlarge Name: fifteern minute pin.gif Size: 13 KB
I dream, therefore I become.
  • #2,196
  • Nov 25, 2009 11:29pm Nov 25, 2009 11:29pm
thanks mike. inspirational
  • #2,197
  • Nov 26, 2009 5:15am Nov 26, 2009 5:15am
anyone with a feedback to this pinbar, which i posted on the last site?

Quoting j0ker
Guys,

what do you think of this Pinbar?

 

  1. Trading with the trend
  2. Pinbar at Bollinger Band and Moving Avergae
  3. Support Zone nearby


http://s2.imgimg.de/uploads/27cc70c38png.png

  • #2,198
  • Nov 26, 2009 8:13am Nov 26, 2009 8:13am
Quoting mike w
Hey Matt, I entered on the 15 minute pin shown on this chart with the red arrow above it. It looks tiny right now due to the massive move but it was solid. 4 hour BEOVB before and then it came along = perfect setup.

The reason I held was due to the 4 hour BEOVB and also, after looking at the daily charts, noticing that there was no support underneath for 200 pips. It was plain as day that a freefall was coming. Something coming to mind right now is "I just wait until there is money over in the corner and I can just go pick it up." Simple stuff....

Very impressive stuff. There is no way I couldhave watched a trade go into what looks like 4R profit and then nearly hit my SL twice...I'm just not there yet psychologically...well done!
  • #2,199
  • Nov 26, 2009 10:56am Nov 26, 2009 10:56am
Very nice Mike! That bar went very far, 142.70 at the moment.

As you can see in the attachment, price came back within the pinbar range. Personally I would have brought the SL to BE which would have stopped me out obviously, why didn't you do that?

Quoting lovejoy80
Very impressive stuff. There is no way I couldhave watched a trade go into what looks like 4R profit and then nearly hit my SL twice...I'm just not there yet psychologically...well done!
Attached Image (click to enlarge)
Click to Enlarge Name: jankone56.png Size: 38 KB
  • #2,200
  • Nov 26, 2009 12:58pm Nov 26, 2009 12:58pm
Quoting lovejoy80
Very impressive stuff. There is no way I couldhave watched a trade go into what looks like 4R profit and then nearly hit my SL twice...I'm just not there yet psychologically...well done!
It takes time, I promise you man. The only reason I'm able to do that is that I've seen it happen over and over again. I've gone through hell to be able to do that very thing my man. If you can do the same, I promise you the view from the top is the best. I hope the best for all of you guys and gals who come into this room. We have a lot to be thankful for on this thanksgiving. Have a great day!
I dream, therefore I become.
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