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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,201
  • Nov 26, 2009 1:00pm Nov 26, 2009 1:00pm
Quoting artov
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?
Thanks! Yeah I closed mine at 144 as it was my target and my plan. That was the beginning of support but I did know better than to think it wouldn't landslide once we broke that area.

The reason I didn't do that is because of the 4 hour BEOVB previously shown before that 15 minute bar came along. I know this sounds like bullshit, but sometimes you can just tell.
I dream, therefore I become.
  • #2,202
  • Nov 26, 2009 5:56pm Nov 26, 2009 5:56pm
Uuuuuuuhm I really think you should have hold on

Just kidding with you lol. You traded the plan and that's the way it should be

One more question: that 10 pip stop, I assume it was not including your spread. How much is the spread at your broker?

Quoting mike w
Thanks! Yeah I closed mine at 144 as it was my target and my plan. That was the beginning of support but I did know better than to think it wouldn't landslide once we broke that area.

The reason I didn't do that is because of the 4 hour BEOVB previously shown before that 15 minute bar came along. I know this sounds like bullshit, but sometimes you can just tell.
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  • #2,203
  • Nov 26, 2009 6:55pm Nov 26, 2009 6:55pm
I dont normally trade the Aussie..especially this time of day but happened to be watching it and this setup materialised and it was too nice to let it go. In honour of Mikes brilliant trade I checked the 1 and 4hr charts just in case it was supported by a higher timeframe setup but it was not. So I went for my normal 1r TP.
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All that matters is winning the week
  • #2,204
  • Nov 26, 2009 8:39pm Nov 26, 2009 8:39pm
Sentiment continues strongly downwards. A nice with trend pin taken after closing prior trade..result +4R. Entered this one with a reduced positon as it was just above a minor ppz..got it to BE and let it either stop me out or make 0.900. Good result.
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All that matters is winning the week
  • #2,205
  • Edited Nov 27, 2009 1:42am Nov 26, 2009 11:38pm | Edited Nov 27, 2009 1:42am
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

Nice trade.
only comment is divergence was plotted incorrectly (but there was indeed divergence).
plot like this:
price highs/lows & indicator/oscillator highs/lows
u plotted on price highs but indicator's lows

http://www.babypips.com/school/diver...eat_sheet.html
  • #2,206
  • Nov 27, 2009 1:35am Nov 27, 2009 1:35am
Quoting supremeChaos
Nice trade.
only comment is divergence was plotted incorrectly (but there was indeed divergence).
plot like this:
price highs/lows & indicator/oscillaotr highs/lows
u plotted on price highs but indicator's lows

http://www.babypips.com/school/diver...eat_sheet.html
Hi supremeChaos,

thank you for reviewing my Chart and the tips for the divergence!

Cheers
  • #2,207
  • Nov 27, 2009 1:40am Nov 27, 2009 1:40am
Still experimenting with timeframes. This was a no brainer I thought after all those massive moves down today!
I was at work though but managed to get some off the table and im still in! i think we are at a good level to push up

hope some of you caught a few of these moves
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  • #2,208
  • Nov 27, 2009 1:42am Nov 27, 2009 1:42am
Quoting j0ker
Hi supremeChaos,
thank you for reviewing my Chart and the tips for the divergence!
Cheers
Sure.
it's great to review Jankone & Ryanmcd's charts to get a better "feel" of what we are trying to do here.
then u can follow up with posts/charts by other posters here.
  • #2,209
  • Nov 27, 2009 2:24am Nov 27, 2009 2:24am
Also for a text book trend trade you really want the pin coming of the middle bollinger - not the outer one..

I think the pin itself is shadowed by quite abit of previous price action, I think the best pins are ones that stand out on there own or as much as possible...

Cheers


Quoting supremeChaos
Nice trade.
only comment is divergence was plotted incorrectly (but there was indeed divergence).
plot like this:
price highs/lows & indicator/oscillator highs/lows
u plotted on price highs but indicator's lows

http://www.babypips.com/school/diver...eat_sheet.html
  • #2,210
  • Nov 27, 2009 4:52am Nov 27, 2009 4:52am
Very interesting trading session, for last 4 hours every trade win, just can't lose what ever I do. If market moves like this every time, trading would be so easy but unfortunately on one trading session like this 5 bad one. I wish I knew how to keep myself out of trading in bad ones.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #2,211
  • Nov 27, 2009 5:39am Nov 27, 2009 5:39am
looking for a runner

All energies lined up , CT in harmony with the Trend trade
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,212
  • Nov 27, 2009 9:45am Nov 27, 2009 9:45am
Not the best pin - good for a few pips
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  • #2,213
  • Nov 28, 2009 8:14am Nov 28, 2009 8:14am
I took the following trade yesterday and got stopped out...in retropect putting the stop below the round number would have been more sensible.

Any comments about the trade would be welcome.
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  • #2,214
  • Nov 28, 2009 8:47am Nov 28, 2009 8:47am
You didn't clarify which trade you took, and where you got stopped out but if you went long at the pin bar with the red x underneath it, I'd say that was a good entry and espesially so since it was above, not below the round number. I usually do add a few more pips to a SL if its that close to a round number, and I'm also more hesitant in entering a trade contrary to my entry being above or below a round number acting as S/R.

Quoting lovejoy80
I took the following trade yesterday and got stopped out...in retropect putting the stop below the round number would have been more sensible.

Any comments about the trade would be welcome.
  • #2,215
  • Nov 28, 2009 10:56am Nov 28, 2009 10:56am
Quoting lovejoy80
I took the following trade yesterday and got stopped out...in retropect putting the stop below the round number would have been more sensible.

Any comments about the trade would be welcome.
I think the setup is perfectly fine to take but I would have had my stop to break even after it hit 1:1 (I enter on the close). I can't quite see from your charts whether you would have made 2:1 by the time of the high at the upper BB in which case I would have taken profit. But I wouldn't have allowed it to stop me out after making that kind of move up. Protect yourself from the losses and the winners will take care of themselves.

Unless of course you are at a critical level based on higher timeframes (like MikeW's recent GJ trade) and you believe that price will move big from that point. But that's an advanced technique IMO.

Hope that helps.

Aaron
  • #2,216
  • Nov 28, 2009 2:48pm Nov 28, 2009 2:48pm
Quoting lovejoy80
I took the following trade yesterday and got stopped out...in retropect putting the stop below the round number would have been more sensible.

Any comments about the trade would be welcome.

My view is it is a good pin (pin with red up arrow) at a good location, just above a 'minor' round number. It made 1:1 then eventually exceeded the pin low by a pip. It would have been fair enough to put the stop under the RN to maximise chance of a multiR win if that was your goal at entry.
All that matters is winning the week
  • #2,217
  • Nov 29, 2009 5:15am Nov 29, 2009 5:15am
Entry was pin with arrow underneath it and cross was where I was stopped out. I was aiming for the 50% line i.e. where it had hit previously, but obviously got stopped out before then. It didn't quite reach 1:1 R:R, but in anycase I wasn't watching my screen, I prefer to set TP's before I get into the trade and let the trade play itself out - I find it easier from a psychological / emotional / trade management perpective to pre-set TP's for each trade i.e. stick to a trading plan and let it do it's thing.
  • #2,218
  • Nov 29, 2009 8:05am Nov 29, 2009 8:05am
Hi Lovejoy, I understand you weren't watching the screen, and in such cases you just have to rely on your stops but here is the way I would've probably managed the trade had I been watching the screen, based on my current understanding and thinking of price action.

I will say though, I do tend to take profits earlly and thus usually miss the runners, which I really want to change this coming year!

I also prefer ema 60 instead of 50, and thus I place a heavier line on the 60 as I really love and respect what price does around ema 60!

Cheers,

Dan



Quoting lovejoy80
Entry was pin with arrow underneath it and cross was where I was stopped out. I was aiming for the 50% line i.e. where it had hit previously, but obviously got stopped out before then. It didn't quite reach 1:1 R:R, but in anycase I wasn't watching my screen, I prefer to set TP's before I get into the trade and let the trade play itself out - I find it easier from a psychological / emotional / trade management perpective to pre-set TP's for each trade i.e. stick to a trading plan and let it do it's thing.
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  • #2,219
  • Edited 7:38am Nov 30, 2009 7:18am | Edited 7:38am
Here is a short trade playing out on GJ. My TP is the 142.13 area.

K.I.S.S.

Edit: Stopped out @ 142.71
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  • #2,220
  • Nov 30, 2009 10:54am Nov 30, 2009 10:54am
Would you trade this PinBar?
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