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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,481
  • Dec 21, 2009 6:14am Dec 21, 2009 6:14am
Quoting lovejoy80
Just took this for a quick 1R...not willing to let trades run in pre-xmas low volume markets...target was obvious PPZ area
Wow, look how different our RSI(6) looks...Mine is RSI to the close of bar... yours?
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  • #2,482
  • Dec 21, 2009 6:16am Dec 21, 2009 6:16am
My RSI(6) is set to show RSI on high of bars rather than close...I use high and lows rather than close.
  • #2,483
  • Dec 21, 2009 6:16am Dec 21, 2009 6:16am
Quoting Jduester
Took this with-trend trade. It was into 1.43, but that round number had recently been broken.
..
just noticed... after i made a 'fun backtest' (backtest on holidays)
the opposing pin corresponded wit a RSI 50 level rejection.
then noticed the 1.43 round number (somehow overlooked your mention of the 1.43 round number --- a mental lapse in my part, lol).

i would ideally short this if the pin formed 10-20 pips higher (the pin here was about 5pips above 1.43), regardless if 1.43 has been broken or not.

since there was a RSI 50 level rejection off of 1.43, i assumed price will move up 'quite significantly' after the pin. i checked current charts & it did. current high is 1.43488 (FXPro). Josh's charts top is 1.4357ish.

if u noticed too, Josh, the extreme right side of your chart, constitutes a "break & retest move": that is, break above 1.43 (big bullish bar, the 8th bar from the right), retest of 1.43 (with that opposing pin, the 2nd bar) before going up.

nice teaching tool, Thanks Sir for the chart!
  • #2,484
  • Dec 21, 2009 6:24am Dec 21, 2009 6:24am
Quoting lovejoy80
My RSI(6) is set to show RSI on high of bars rather than close...I use high and lows rather than close.
i thought we all had different FXPro's
can u explain this? sorry i didnt get it.
what advantages/benefits did u derive from using such an RSI setting? for how long have u used this?
can u also kindly post an updated eurjpy M5 chart?
Thanks!
  • #2,485
  • Dec 21, 2009 6:33am Dec 21, 2009 6:33am
Quoting supremeChaos
i thought we all had different FXPro's
can u explain this? sorry i didnt get it.
what advantages/benefits did u derive from using such an RSI setting? for how long have u used this?
can u also kindly post an updated eurjpy M5 chart?
Thanks!
I'm not sure why I started using this, but I just find it easier to compare extreme lows and highs when looking for divergence rather than bar closes..especially when bar closes are similar, it can take a while to see of there is divergence and thus I just found it much easier, clearer to measure the extremes...whatever works for ppl I guess.

The falling TL is the 4H/1H trendline...

Note divergence on both close and high at current levels...waiting for PA.
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  • #2,486
  • Dec 21, 2009 6:37am Dec 21, 2009 6:37am
Missed the two on EU today so far...the long off 1.4300 and the recently CT setup too...
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  • #2,487
  • Dec 21, 2009 6:41am Dec 21, 2009 6:41am
Quoting lovejoy80
I'm not sure why I started using this, but I just find it easier to compare extreme lows and highs when looking for divergence rather than bar closes....
hanging question:
what is your RSI setting?
when u click the RSI indicator's properties.. the 'Apply to' options are Close, Open, High, Low, Median Price, Typical Price, Weighted... which do u use?

u said u use RSI on highs & lows. does it mean u use two RSI all the time (one RSI on high, another RSI for low)?
somehow your initial post was unclear.
Thanks!


EDIT:
Quote
My RSI(6) is set to show RSI on high of bars rather than close...I use high and lows rather than close.
did u mean highs & lows on price, not as an RSI setting? & u use RSI (Applied to) high?
i get it now. that last sentence confused me, lol.
  • #2,488
  • Dec 21, 2009 6:51am Dec 21, 2009 6:51am
Quoting lovejoy80
Missed the two on EU today so far...the long off 1.4300 and the recently CT setup too...
that has no div, although i mentioned that potential trade above.
  • #2,489
  • Dec 21, 2009 6:55am Dec 21, 2009 6:55am
Yes to be clear.. I use RSI high when looking for divergence when price has made a new high and low for when price has made a new low etc.

Saw your post after I posted...good analysis IMO. I wouldn't be looking for divergence for that trade...I know classically it is CT by the definitions on this thread but for me the short term trend had changed (on 5 min chart - due to as you mentioned a break above round number and retest) and I was looking for a position long as on weekly we are at a PPZ area.
  • #2,490
  • Dec 21, 2009 10:01am Dec 21, 2009 10:01am
Quoting Jduester
I see improvement in how I look at things every week though.
You are doing great, Josh!
One Chart is Worth Ten Thousand Words.
  • #2,491
  • Dec 21, 2009 10:06am Dec 21, 2009 10:06am
Quoting supremeChaos
im not sure i get what u mean here, but i think it's the opposite.
Price relative to BB means a lot. it helps to determine confirmation/nonconfirmation, overbought/oversold, ranging or trending.

if i understood Sir Bollinger's teachings correctly, it is in fact a reversal (in Jankone's chart, price made lower low but inside the outer/lower BB, + RSI div).
Sorry, I was not clear: John Boll said in his articles that price reached outer BB line means little as it can ride and ride and ride BB for a long time. He does pays attention to what the indies (say RSI) say at the point when the price comes back inside the BB - i.e. he is looking for a divergence.

I think BB could still be helpful: e.g. their angle, width, plus middle line etc.

As for MAs, I use some of the them form J15 as well as Ryan's 20: on each TF I have EMA20, I then have it's equivalent for higher TFs, e.g. EMA20 on H1 is EMA240 on M5. I have EMA365 on D1 (and SMA50 on M5 - don't ask )
One Chart is Worth Ten Thousand Words.
  • #2,492
  • Dec 21, 2009 11:19am Dec 21, 2009 11:19am
Second trade of today for me...deliberated whether to take it and decided to because of the PPZ support..got in a bit late but made 1R, that's 2R today.
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  • #2,493
  • Dec 21, 2009 11:24am Dec 21, 2009 11:24am
Missed this one...not the best pin, but at PPZ and with trend so would have taken it...
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  • #2,494
  • Dec 21, 2009 11:27am Dec 21, 2009 11:27am
Another two potential trades from today...second one being a pin by proxy.
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  • #2,495
  • Dec 21, 2009 6:09pm Dec 21, 2009 6:09pm
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  • #2,496
  • Dec 21, 2009 8:44pm Dec 21, 2009 8:44pm
Quoting lovejoy80
Another two potential trades from today...second one being a pin by proxy.
for clarity, is it safe to say that from hereon u will post charts with RSI (applied) on HIGH instead of the 'usual' RSI on CLOSE?

Thanks!
  • #2,497
  • Dec 22, 2009 12:26am Dec 22, 2009 12:26am
Quoting lovejoy80
Another two potential trades from today...second one being a pin by proxy.
You mean this one....it went very well. December has been a good month for me.
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All that matters is winning the week
  • #2,498
  • Dec 22, 2009 2:54am Dec 22, 2009 2:54am
entering on the break of the pin saved me a loss on this one..it didnt trigger

on reflection it was a risky setup as price has put in several higher highs and entry is right into a ppz.
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All that matters is winning the week
  • #2,499
  • Dec 22, 2009 3:02am Dec 22, 2009 3:02am
Quoting lindsayf
You mean this one....it went very well. December has been a good month for me.
how often did u trade this month? using purely this method (M5/M15 trades)?
did u not take time off?
Glad to hear u did well!
  • #2,500
  • Dec 22, 2009 3:17am Dec 22, 2009 3:17am
Quoting supremeChaos
how often did u trade this month? using purely this method (M5/M15 trades)?
did u not take time off?
Glad to hear u did well!
I have spent about 4 or 5 hours a day for about 2 months trading mainly this method ( and many hours reading the thread and various post compilations)after my day job...as you can guess the social life has suffered somewhat..so bring on Xmas, family and the Victorian alps!

But the hours spent watching the screen and dealing with the psychological demons has been time well spent I believe.

Hope you all have a wonderful break over the coming weeks.
All that matters is winning the week
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