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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,301
  • Dec 8, 2009 5:18am Dec 8, 2009 5:18am
Quoting artov
I took a loss here.

I have not been taking lots of trades lately. That is because I ignore most of the CT setups. And most of the pinbar setups are CT setups.

I only trade a CT pin with confluence like PPZ, double top/bottom and round numbers.

By taking only quality trend and counter trend setups I hope to minimize the drawdowns.

EDIT: forgot to place the arrow, but I took the most recent with the trend pin at the 21EMA.
Me too but on three pairs.

But lessons were learned also.
  • #2,302
  • Dec 8, 2009 5:23am Dec 8, 2009 5:23am
It is sidewaying. I can't see the divergence, either regular or hidden. Am I the only one? Cheers.

Quoting artov
I took a loss here.

I have not been taking lots of trades lately. That is because I ignore most of the CT setups. And most of the pinbar setups are CT setups.

I only trade a CT pin with confluence like PPZ, double top/bottom and round numbers.

By taking only quality trend and counter trend setups I hope to minimize the drawdowns.

EDIT: forgot to place the arrow, but I took the most recent with the trend pin at the 21EMA.
  • #2,303
  • Dec 8, 2009 5:25am Dec 8, 2009 5:25am
Quoting artov
I took a loss here.

I have not been taking lots of trades lately. That is because I ignore most of the CT setups. And most of the pinbar setups are CT setups.

I only trade a CT pin with confluence like PPZ, double top/bottom and round numbers.

By taking only quality trend and counter trend setups I hope to minimize the drawdowns.

EDIT: forgot to place the arrow, but I took the most recent with the trend pin at the 21EMA.
Yep, I took that too and lost. Tough to decide if it was 1)flat trend - in which case it should be no trade (off midBB) or 2) if trend is up, then it's a great setup, and one that just failed.
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  • #2,304
  • Dec 8, 2009 8:17am Dec 8, 2009 8:17am
This might work. I didn't take it though because it looked more like riding the bb downward to me. Plus 1.63 resistance near ahead...

There are better one's out there.

Josh
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  • #2,305
  • Dec 8, 2009 8:25am Dec 8, 2009 8:25am
Exactly! I also think it might work out but dont like the rather large stop loss and round number R. Im going to watch it however and see if I can get a better entry with smaller SL. sometimes a number of candles later a smaller pin bar point in same direction before price goes higher

Quoting Jduester
This might work. I didn't take it though because it looked more like riding the bb downward to me. Plus 1.63 resistance near ahead...

There are better one's out there.

Josh
  • #2,306
  • Dec 8, 2009 9:03am Dec 8, 2009 9:03am
As Predicted! It'll probabaly go a lot more but 20 pips is 20 pips, and I closed by round number resistance.

Quoting dbeach777
Exactly! I also think it might work out but dont like the rather large stop loss and round number R. Im going to watch it however and see if I can get a better entry with smaller SL. sometimes a number of candles later a smaller pin bar point in same direction before price goes higher
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  • #2,307
  • Edited 10:26am Dec 8, 2009 10:00am | Edited 10:26am
Quoting artov
... ignore most of the CT setups. And most of the pinbar setups are CT setups.
I only trade a CT pin with confluence like PPZ, double top/bottom and round numbers....
Quoting Jduester
...Tough to decide if it was 1)flat trend - in which case it should be no trade (off midBB) or 2) if trend is up, then it's a great setup, and one that just failed.
im not at my PC, but i have a 'temporary' MT4 chart in the one im using now.
looked at your charts, & here's my view (no charts though):
* imo, bias seem to be ranging with a downside preference

looking at M5 exclusively,
1. to me, there were a lot of selling starting from 6-7 bars prior the PB
2. 1.4863 (FXPro 12.10 time) seem to be the second top of a double top. the first top, 1.48661 (3.30time), acted as resistance (note the PPZ confluence mentioned below)
3. assuming my downside bias is correct (let's pretend the PB has just formed), there is a RSI hidden bear.div if u connect the two tops.
4. im sure u are aware of this Josh (Jduester), the RSI hidden bull.div. u pointed out in your chart does not correspond exactly to the PB in question.
5. there was what i call a RSI "50LR" (50 Level/line Rejection; i believe i've mentioned this here before) at the same time the PB formed. the RSI 50LR happened coming from below the 50 level; i think this PB would've produced a profit, no matter how small it may be, if the 50LR came from above the 50 level.
6. 21ema & 50sma are flat/almost flat

looking at other Timeframes:
7. M15 seemed to show a headfake starting from the 1.4863 high (FXPro; this is the second top of the double top on M5)
8. there seem to be a PPZ (learn about PPZ in the james16 thread, for those interested) around 1.4845-50ish from Sept22/23 (daily chart)

overall, i think *, 2, 5, 6, 8 are the critical pieces of the puzzle.
Hope this helps
  • #2,308
  • Dec 8, 2009 10:03am Dec 8, 2009 10:03am
Quoting hoichoi
Hey can anyone post the HeadFakes setup ... like showing in a chart?..
Greetings,
i think i have posted about this here before.
kindly look for it if interested.
  • #2,309
  • Dec 8, 2009 10:20am Dec 8, 2009 10:20am
6 pip stop, 22 pip win
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  • #2,310
  • Dec 8, 2009 10:28am Dec 8, 2009 10:28am
Quoting supremeChaos
...
* imo, bias seem to be ranging with a downside preference
...
Quoting Icehocey77
6 pip stop, 22 pip win
so, the trend must be really down...
nice trade!
  • #2,311
  • Dec 9, 2009 3:18am Dec 9, 2009 3:18am
This is the type of trade I look for. I was still sleeping though.

Being picky and patient to wait for those will help me reach my goals. There is no substitute for experience.

Josh
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  • #2,312
  • Dec 9, 2009 3:33am Dec 9, 2009 3:33am
First trade for the day: Nice higher timeframe support for this-but my TP was the swing high plus a few. Might regret taking full profit on this one but I aim for logical nearby TP's that give at least 1:1. This is the kind tho that I suspect mike/oneuniverse might look to take for a runner.
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All that matters is winning the week
  • #2,313
  • Dec 9, 2009 3:56am Dec 9, 2009 3:56am
Lindsayf,

this was a very good trade, though i missed it.
However i would not expect a runner for this one because it will meet H1 PPZ resistance in a short while. However,during such time we could release 50% position for 1R+spreads and rest 50% trade for a free trade ride!

nice trade!

Cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,314
  • Dec 9, 2009 4:14am Dec 9, 2009 4:14am
Nice setup with a 2 bar pin forming at local PPZ - this also has good higher timeframe support..If it get above 1.63 it may be a good runner. What do you think Winston? I have a 4hr OB with a high just above 1.63. In any case I am out but watching.
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All that matters is winning the week
  • #2,315
  • Dec 9, 2009 4:27am Dec 9, 2009 4:27am
Lindsayf,

would look at as a medium runner as of now, however would wait for a retracement of 4hrs OB ......this translates a reaction move on 5min time frame. So definitely look for a nice re-entry.
however market will only follow it's own path rather than our thought out path. So let's see how the things develope
Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,316
  • Dec 9, 2009 5:15am Dec 9, 2009 5:15am
I have been thinking divergence is a necessary condition here, but once again it is not so here...

Just my thought, nothing serious. I keep reading but not using this system...:>

Cheers,
KK


Quoting Jduester
This is the type of trade I look for. I was still sleeping though.

Being picky and patient to wait for those will help me reach my goals. There is no substitute for experience.

Josh
  • #2,317
  • Dec 9, 2009 5:19am Dec 9, 2009 5:19am
Quoting Jduester
This might work. I didn't take it though because it looked more like riding the bb downward to me. Plus 1.63 resistance near ahead...

There are better one's out there.

Josh
i took that one and got stopped out. price just kept going sideways. perhaps i should of just killed it when price was acting like that.
  • #2,318
  • Dec 9, 2009 5:26am Dec 9, 2009 5:26am
Quoting Jduester
This is the type of trade I look for. I was still sleeping though.

Being picky and patient to wait for those will help me reach my goals. There is no substitute for experience.

Josh
i feel a lot more confident with taking trend setups as well. (rac's RTL is based on a simialr idea, which is another thing i am demoing on 1hr)

i have noticed you are look at more pairs josh. Do you look at 5m and 15m on your pairs?

im looking at eur/usd 5m and 15m, gbp/usd 15m, usd/jpy 15m and eur/jpy 15m.

not sure if i want to look at 5m on too many pairs yet becuase of lack of experience / spread.

hope a nice juicy pin with trend comes along soon!
  • #2,319
  • Dec 9, 2009 5:33am Dec 9, 2009 5:33am
Quoting kk007
I have been thinking divergence is a necessary condition here, but once again it is not so here...

Just my thought, nothing serious. I keep reading but not using this system...:>

Cheers,
KK
Hi KK

its a "with the trend" setup so therfore divergence is not needed as the short term trend is your confluence / support for the trade.
  • #2,320
  • Dec 9, 2009 5:35am Dec 9, 2009 5:35am
Hi KK, Divergence is only required with Counter trend trades, not pin bars that go with the trend. Keep reading and you'll find plenty of good examples and nothing is left unexplained :-)

Cheers

Quoting kk007
I have been thinking divergence is a necessary condition here, but once again it is not so here...

Just my thought, nothing serious. I keep reading but not using this system...:>

Cheers,
KK
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