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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,441
  • Dec 17, 2009 8:15am Dec 17, 2009 8:15am
not strictly a JankoneRyan trade but I was able to catch it because i was looking for signs the daily PPZ (orange line) might be broken today. Just before europe open there was a strong bearish bar (marked with a tick). This gave me enough confidence to place a sell under it. It triggered next bar but the break didnt happen until 830 news. Have closed 80% ..see if the rest will run.
Just showing off on this one...sorry about that..but its the best move I have caught so far off a low time frame chart.
All that matters is winning the week
  • #2,442
  • Dec 17, 2009 8:15am Dec 17, 2009 8:15am
.
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All that matters is winning the week
  • #2,443
  • Dec 17, 2009 12:55pm Dec 17, 2009 12:55pm
Quoting supremeChaos
u mean the 'big' PB (the 5th candle prior the PB sir6 pointed out)?
everyone trades differently, but just to point out this PB seem to have not been triggered (looking exclusively at that chart).

plus, before the fact, it was near the upsloping mid-BB... & the 21ema & 50sma were upsloping as well. the BB was quite tight though, potentially signaling an impending consolidation or substantial move/breakout coming.
lol, as I said, " retro-after the fact analysis" is also very tricky! one can never be wrong, right?
  • #2,444
  • Dec 18, 2009 7:18am Dec 18, 2009 7:18am
..out at swing high.

On my other brokers platform this pin was off a RN so this added confidence to the trade.

done for the week.

Enjoy the weekend all
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All that matters is winning the week
  • #2,445
  • Dec 18, 2009 7:34am Dec 18, 2009 7:34am
I missed that nice setup trade, and now trying to short it, can you believe that! SL above the 90.50 round number. Note, this is not a system setup, just me trying to do my thing... I did just close in profit a GU and EU CT trade, less then perfect, M5 setup trade as well.

So Lindsay, you didn't post your weeks tally? :-)

Mine was up real nice earlly in the week, now barely above where I started the week.. main thing I look at is I really don't want a down week... Days may happen but week, thats my rock bottom, and with trading like I do, thats well within reason.


Quoting lindsayf
..out at swing high.

On my other brokers platform this pin was off a RN so this added confidence to the trade.

done for the week.

Enjoy the weekend all
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  • #2,446
  • Dec 18, 2009 8:44am Dec 18, 2009 8:44am
took a loss on this, shoulda been on the earlier one but overslept oh well.
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  • #2,447
  • Dec 18, 2009 8:53am Dec 18, 2009 8:53am
Quoting supremeChaos
...

in a strong trend, u cannot rely on div alone.
My bro is a strong advocate of 5min tf and avid reader of this thread..., so I thought I'd pay a visit.... with a chart...
I see you guys are doing great with Ryan's treasure....
.
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  • #2,448
  • Dec 18, 2009 9:12am Dec 18, 2009 9:12am
Quoting raczekfx
My bro is a strong advocate of 5min tf and avid reader of this thread..., so I thought I'd pay a visit.... with a chart....
.

rac? rac?! rac!!!!
who's your bro?
me?
strong advocate huh . not really, it's just because i cant play around with H4 & up trades as much as i want to. im still a very small fish so i stay in the M5-H1 pond more often.

Thanks, u made my day Sir
  • #2,449
  • Dec 18, 2009 9:28am Dec 18, 2009 9:28am
Well you can't get em all, but I got a few :-)

Some really nice action for me this morning.

I usually do better in ranging PA rather then strong trends.

Think I'll quit for the week as well!
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  • #2,450
  • Dec 18, 2009 9:36am Dec 18, 2009 9:36am
Quoting Icehocey77
took a loss on this, shoulda been on the earlier one but overslept oh well.
Took a loss on this one too. I shouldn't have taken it though as it wasn't at the midBB. One of those days I'm glad I'm still using my small account. Petty mistakes have brought my nice week back to even. Time to wrap it up.

Have a good weekend guys/gals.

Josh
  • #2,451
  • Dec 18, 2009 9:51am Dec 18, 2009 9:51am
Quoting Icehocey77
took a loss on this, shoulda been on the earlier one but overslept oh well.
simple comment
we have seen this many times here & in the james16 thread:
we should pay attention to preceding bar/s.
here, your small entry bar was preceded by a bigger bull. bar. also, the swing low was a BUOB, another bigger bar.
noticed the pattern in that chart? small bear. bar, then bigger bar (the BUOB), then a small bear. bar., then the bigger bull.bar prior your entry bar. clearly there were more buyers than sellers.

detailed comment, looking exclusively at your chart:
- for a trend trade off of mid-BB (or from any location for that matter), u want a more convincingly sized PB/any PA setup.
- 21ema turned flat 2 bars prior your entry bar.
- from your entry bar, BB has started to flatten.
- the RSI hidden bear.div occurred with RSI topping at 60ish level. imho, i'd prefer RSI to bump 50 level (coming from below) & get rejected. IMPORTANT: correct me if im wrong, i zoomed in your chart, at the time your trade got triggered, RSI bumped the 50 level from above & got rejected: a case of RSI '50LR' (50 level/line rejection)
- also, price has just produced a RSI bull.div 5 bars prior your entry pinbar. this div. may have signified that the downtrend/momentum has been weakening/has ceased, & u can say that u traded against this.
- was there support around 1.4315? probably the 1.4300 round number has something to do with the bounce around 1.4315ish.
- put a horizontal line at 1.4330: support turned resistance, then turned into support again. at this point, u may have opted to exit with a lesser (or near zero?; cant see from that chart) loss [NOTE: at this point also, BB has continued to flatten: flat BB means possible consolidation mode or change of trend; to be more precise, lower BB flattened first, right at or in between the big bull. bar & your entry].

I believe i have covered many aspects of the trade/chart, so hopefully no one will say/think 'after the fact'

Hope this helps
  • #2,452
  • Dec 18, 2009 9:55am Dec 18, 2009 9:55am
Quoting Jduester
... as it wasn't at the midBB....
hey Josh,
can u please clarify the above? FXPro feed right?
Thanks!
  • #2,453
  • Dec 18, 2009 10:10am Dec 18, 2009 10:10am
Quoting raczekfx
My bro is a strong advocate of 5min tf and avid reader of this thread..., so I thought I'd pay a visit.... with a chart...
I see you guys are doing great with Ryan's treasure....
.
Rac and M5?..

I wonder whether that's just a hobby or a diversification?..
One Chart is Worth Ten Thousand Words.
  • #2,454
  • Dec 18, 2009 10:14am Dec 18, 2009 10:14am
Quoting Forex007
...
I wonder whether that's just a hobby or a diversification?..
hmmm.. diversification.
or probably just a peek at this thread.
  • #2,455
  • Dec 18, 2009 10:39am Dec 18, 2009 10:39am
Quoting supremeChaos
hey Josh,
can u please clarify the above? FXPro feed right?
Thanks!
First one was fine for me. Second one was poor.
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  • #2,456
  • Dec 18, 2009 10:57am Dec 18, 2009 10:57am
Quoting Jduester
First one was fine for me. Second one was poor.
i dont think your second one was poor. it was a trend trade imo.
i think it's another case of market 'teasing' us: stopping us out before proving we are correct.
the bar that stopped u out produced a bear div. off RSI, too. & then it dropped...
  • #2,457
  • Dec 18, 2009 11:07am Dec 18, 2009 11:07am
Quoting supremeChaos
i dont think your second one was poor. it was a trend trade imo.
i think it's another case of market 'teasing' us: stopping us out before proving we are correct.
the bar that stopped u out produced a bear div. off RSI, too. & then it dropped...
Yeah, you could be right. It stopped me out by 1.5 pips before falling so hard... a little frustrating. But the bar didn't meet my criteria either, which is what actually irks me. As you know, I get a little anal about being as mechanical as I can with PA trading...

I'm done for the week. Overall, I think a good one, where I practiced being patient and stayed relaxed overall.

I will succeed in this business. As our recent 'lurker' always says, "We are what we believe we are."

Josh
  • #2,458
  • Dec 18, 2009 11:12am Dec 18, 2009 11:12am
Quoting Jduester
...
I will succeed in this business. As our recent 'lurker' always says, "We are what we believe we are."
Nice affirmation.
Amen.
  • #2,459
  • Dec 18, 2009 12:55pm Dec 18, 2009 12:55pm
Quoting raczekfx
My bro is a strong advocate of 5min tf and avid reader of this thread..., so I thought I'd pay a visit.... with a chart...
I see you guys are doing great with Ryan's treasure....
.

Honoured to have you visit us here Rac. I've read your posts with great interest over at the J16 thread and I must say...you rock some serious trades! Lets hope this won't be the last time you visit. Cheers!
  • #2,460
  • Dec 18, 2009 1:10pm Dec 18, 2009 1:10pm
Quoting Jduester
First one was fine for me. Second one was poor.
Did you pass on this one? I know EU is falling, but that's M5 and retracements do happen. Sizeable ones...
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One Chart is Worth Ten Thousand Words.
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