Jankone M5 thread

dont worry Lindsay, BUOB on H4!!!!!! what we see on lower time frames is retracement, hope next 2-3 H4 candles continue in the direction of Now H4 BUOB!

here is a chart of USD CAD

BEOB H4
Downtrend on H4

Nice pin on M15
False break to the upside

Released 50%
Rest 50% prepared for runner

Cheers
Winston

pretty choppy today, here's S&P mini worth 12.50 per tick

Took this for a conservative 10 pips..as not much room to 21ema and local SR. But I do like the location and volume on the pin..it may push through.

That turned into a nice hourly pin as well. That's why I love the 5 minute- there's always the chance of it turning into a higher timeframe move. Good trade btw!

Afternoon everybody!

Signing off for the week as The millennium's longest celestial spectacle is unfolding on Friday,15th Jan 2010 within half an hour from now in Mumbai!

Happy weekend

Seeya
Winston

oneuniverse,
yes, u seem to be in a prime spot (India & nearby areas) for the annular solar eclipse viewing.

here in Manila (Philippines), we are currently looking at it. the spectacle seems to have just started.
Our universe is awesome!

In this...


update: half out at 17 pips (at US open)..rest out at BE

I think it's a small correction....I'm bearish.

you may well be right...but I am tempted by the look of the 1 hour chart

This is my trade on GBPUSD...WE will see...

nice entry Petar..enter without PA?

Yea without PA,Daily charts confirm my trade m30 conifrm and 50 pips +...





Cheers

Here is a chart of EUR USD

EUR USD H4 Price on Fib confluence Zone
Would be looking for BUOB or Pin bar on H4 or H1

Jankone A+++ setup on M15 or M5

Let's see how it pans out!

Cheers
Winston

Hi Petar,

what i liked here is confirmation from daily

Divergence and then trendline break
Price retesting trendline break and showing four spikes.

At such times i would look for M5 Jankone setup!

Nice work Petar

Good nite everybody!!!!!!!
Cheers
Winston

Tnx my friend

Good relax during the week

Cheers

Took a loss on this one.

lindsayf,
u mentioned "these bars may have been a warning? not a perfect lead up to a CT trade" --- u got this right. we have to consider prior bars. in this case u pointed out a fairly huge bearish bar prior the ('bullish') pinbar.
price seemed to be in a SLOW grind down... the pin broke upward BUT encountered resistance on two MA's? (the violet & dotted one, which MAs are those?) on your chart: price is too weak to reach the mid-BB. also the big bearish bar prior the PB looks like a QUICK rejection off the mid-BB (& 21 yellow ema?).


also: the skill of 'Killing a bad trade'...
('detecting a bad trade' is one skill, 'killing a bad trade' is another)

i think this is a good skill to practice/master. i personally need to improve in this arena. as traders, i believe we should be able to determine good & bad trades; & if we are in a bad trade, we should be able to accept our mistakes & kill the trade ASAP. often, hesitation in trading leads to more losses [not killing a trade/exiting ASAP] &/or lesser profits [not pulling the trigger at the right moment].

Hi SC thanks for your comments,
The to kill or not to kill question is a vexed one for me to. Based on the trades that I enter I am at the point where I can say that the optimal way to manage the trade is to not touch it until it gets at least to 1R in profit (where I often close out). Many times I have 'felt' like a trade is going to reverse at a stalling point and tightened the stop..only to be stopped out with price then going on to the original TP. Having said that I do still sometimes move the stop intra trade..and more often than not I have this lesson reinforced. My challenge is to trust my setups..I have put many hours into identifying (on average-the one above wasnt great but hey Im not perfect) quality setups...and killing or moving stops too soon has been counter productive for me so far. Maybe I need more screen time on this timeframe to develop this further.

One great thing about a good entry off a good sized well located pin bar is that the stop level does mean something...so even if this level does get re tested..it may well hold. This allows me to stay somewhat confident even if the trade moves into drawdown early in its life.

The image shows some examples of pin tails being tested but holding in the Euro yesterday..I traded the middle one and I did feel like killing it but chose to let it play out.

I would like to hear more of your thoughts and experience on this.

regards
Lindsay

hi lindsay and supremechaos,

I think there's only one sure way to get an answer to which way is better (for yourself): Doing hundreds of trades (may it be in backtest, or at best forward).
That gives you confidence and will show you, as you know, if it works. Well, best if you can compare different ideas, like e.g. sticking to your setup or killing a bad trade fast. But I find thats that hard part, as it consumes very much screen time, as lindsay says. But hey that's the deal..
I'm a master in making big theories and weigh what might run best, but whenever I try to trade what I found, I realize that the trades themselves are so much more suitable to see if it works, and often I get disappointed by the theories I built up in my head..

Have a nice WE,
Lowen