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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,581
  • Jan 5, 2010 8:05am Jan 5, 2010 8:05am
a cool 30 pips there ..
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  • #2,582
  • Jan 5, 2010 9:40am Jan 5, 2010 9:40am
shooting for 3:1, but will trail at S/R areas.
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  • #2,583
  • Jan 6, 2010 8:48am Jan 6, 2010 8:48am
2 trades on UJ today two losses -2%.

When taking second trade I missed the GU trade which took off like a train.
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  • #2,584
  • Jan 6, 2010 10:08am Jan 6, 2010 10:08am
3:1, probably done for the day
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  • #2,585
  • Jan 6, 2010 10:19am Jan 6, 2010 10:19am
Another go at UJ...a winner to end the day. Pin, divergence, PPZ area (from hourly chart)...obvious target, profit taken
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  • #2,586
  • Jan 6, 2010 10:21am Jan 6, 2010 10:21am
Quoting Icehocey77
3:1, probably done for the day
Nice trade result...though technically that's an inside bar and not a pin. But hey, whatever works for you
  • #2,587
  • Jan 6, 2010 10:30am Jan 6, 2010 10:30am
Quoting lovejoy80
Nice trade result...though technically that's an inside bar and not a pin. But hey, whatever works for you
yeah, I guess you could call it a psuedo M10 pinbar



Main focus was on the double touch and rejection of the mid BB.

On review, USDCHF did put out a nice pin at the same time.
  • #2,588
  • Jan 6, 2010 10:37am Jan 6, 2010 10:37am
Quoting Icehocey77
yeah, I guess you could call it a psuedo M10 pinbar



Main focus was on the double touch and rejection of the mid BB.

On review, USDCHF did put out a nice pin at the same time.
Yeah that was a good spot...I missed it. I quite like trading IB's too on this method in situations like that a price is just winding up.

Just checked USDCHF...that was a nice move, it's not a pair I follow on this method though.
  • #2,589
  • Jan 6, 2010 12:48pm Jan 6, 2010 12:48pm
another trade ...
Ct + div pin.
really fast money and if you are patient - really great reward.
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  • #2,590
  • Jan 6, 2010 2:25pm Jan 6, 2010 2:25pm
I choose to break even because of the pinbar in the opposite direction. I got stopped out but price did reach the 21ema later on...my question: should I pay antention to pinbars in the opposite direction or just wait for a touch of the 21ema?
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  • #2,591
  • Jan 6, 2010 3:21pm Jan 6, 2010 3:21pm
Quoting runkarn
I choose to break even because of the pinbar in the opposite direction. I got stopped out but price did reach the 21ema later on...my question: should I pay antention to pinbars in the opposite direction or just wait for a touch of the 21ema?
I took this trade too (see earlier post with chart). Notice that there is previous resistance turned support at the bottom of your pin bar...this is where I took profit. Before I enter a trade I look for where price might stall and this in my opinion was a glaring decent support area and thus I had pre-decided (i.e. my trade plan) was to exit for a profit if price hit this area - it was late in the day for me, on another day I might have moved price to BE and see if it would break - the point is to decide where you expect price to go and what you will do if/when price gets there and stick to your plan.
  • #2,592
  • Jan 6, 2010 3:24pm Jan 6, 2010 3:24pm
Quoting Jankone
another trade ...
Ct + div pin.
really fast money and if you are patient - really great reward.
Great set up there and price moved pretty fast...it's always handy when it does that avoids the need to decide whether to take profit or not
  • #2,593
  • Jan 6, 2010 8:59pm Jan 6, 2010 8:59pm
Quoting lovejoy80
2 trades on UJ today..
what were your reasons going into these two trades?
is divergence 1 of the reasons (for both)?
Thanks!
  • #2,594
  • Jan 6, 2010 8:59pm Jan 6, 2010 8:59pm
Quoting Icehocey77
yeah, I guess you could call it a pseudo M10 pinbar
Main focus was on the double touch and rejection of the mid BB...
& RSI went in favor too... rejection off of 50 level & it continued upwards.
  • #2,595
  • Jan 6, 2010 9:24pm Jan 6, 2010 9:24pm
Quoting runkarn
...my question: should I pay antention to pinbars in the opposite direction or just wait for a touch of the 21ema?
it's up to you. your preference always comes first. u can test it, see what u are comfortable with: wait for 21ema to get hit (or your stop) or go breakeven as soon as u see reasons to do so (but u may get more breakeven trades, which is fine in a way). u can also experiment with trading with 2 or more positions.

pinbars pointing at the opposite direction (in this case pointing up) does not always make a follow through move (in this case price did not move up convincingly after the 'opposite pinbar'). it's what we call 'pause pinbars' (temporary pause in a prevailing trend, whether short-term or long-term trend).
maybe u also noticed these: your pinbar & the 'opposite' pinbar acted as support/resistance. (looking at the chart's subsequent price move) that 'opposite' pinbar acted as support for a few more bars but eventually got broken.
u can take these (possible/expected S/R's) into account when trading (to see if they hold or not/ how strong/weak they are, & therefore act accordingly).

Hope this helps..
In behalf of all, Welcome & Keep posting!!
  • #2,596
  • Jan 7, 2010 12:55am Jan 7, 2010 12:55am
Quoting supremeChaos
what were your reasons going into these two trades?
is divergence 1 of the reasons (for both)?
Thanks!
The first one was a bit iffy. reason was divergence and pullback...but in retrospect I could see that teh trend was in the process of changing (lower high BB tightening and flattening).

Second was was divergence at a decent PPZ area plus fib.
  • #2,597
  • Jan 7, 2010 1:32am Jan 7, 2010 1:32am
Happy new year to everybody!

Here is a chart of IBM M5 , pardon me to attach this chart but i could not resist. What I like is that the setups and the psychology behind them are almost universal in their application
CT trade

Nice Pin
Nice Div
Nice False Breakout or Bear trap
Let's see what IBM does now?

2R? 3R ? or begining of a new trend on 5min time frame?

Cheers
Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,598
  • Jan 7, 2010 2:40am Jan 7, 2010 2:40am
How did it go Winston?
All that matters is winning the week
  • #2,599
  • Jan 7, 2010 3:06am Jan 7, 2010 3:06am
Quoting lindsayf
How did it go Winston?
Hi Lindsayf,

it is a live setup, let's see it during market hours today
Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,600
  • Jan 7, 2010 3:09am Jan 7, 2010 3:09am
1st trade of today nice pin, nice div, round nuimber..out for 2R
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