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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,741
  • Jan 22, 2010 9:47am Jan 22, 2010 9:47am
Quoting Aguaman
Annnd fantastic outcome. 15 pips. Patience is a virtue in this. I've been staring patiently for about 3 hrs.
nice, I was in on the 2nd pin, didn't like how long the 3rd pin was. Just curious, where was your S/L at?
  • #2,742
  • Jan 22, 2010 9:52am Jan 22, 2010 9:52am
been a nice day after the past two days no pullbacks

3:1
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  • #2,743
  • Jan 22, 2010 9:53am Jan 22, 2010 9:53am
I took that (3rd one) too. Thats about the best Jankone setup for 3 days if not the week..IMO. Not much on offer the last few days.
All that matters is winning the week
  • #2,744
  • Jan 22, 2010 9:55am Jan 22, 2010 9:55am
you are faster.
This one was a really GREAT setup.



Quoting Aguaman
Annnd fantastic outcome. 15 pips. Patience is a virtue in this. I've been staring patiently for about 3 hrs.
  • #2,745
  • Jan 22, 2010 10:05am Jan 22, 2010 10:05am
Quoting Icehocey77
nice, I was in on the 2nd pin, didn't like how long the 3rd pin was. Just curious, where was your S/L at?
Got in at 1.4108. Set SL at 1.4092 although initially I did 1.4098 as I would usually only look for 10 pips with CT trades and I keep a 1:1 RR. But I really liked the confidence in each pullback.

Jankone thanks. This method requires a great deal of patience and in every trade that I've faltered thus far it has been my own ignorance of a negative signal that has caused me to stop out. Once I stay focused on the good trades though I'm fine.
  • #2,746
  • Jan 22, 2010 1:58pm Jan 22, 2010 1:58pm
Once again trying to keep the momentum I'd like to have some discussion on these two potential trades that played out at the end of the European session.

In the first trade (did not take) we see a previous pin bar (somewhat weak) that has moved from the middle band to the top where a new candle not only stands above the crowd but penetrates the top of the BB which I think signifies a potential trend reversal (again please correct me if I'm wrong trying to learn and I know I'm no expert). The candle then becomes bearish and begins a freefall after a great deal of bullish strength. My question is: Ignoring the great amount of momentum first- would it be wise or risky to enter a trade at the open of the next bar? That is; is this a solid pin bar? And secondly- now considering momentum is it a risky trade to consider with the size of the previous candles? My guess is with the bearish reversal it shouldn't be something to worry about but the trend before was on the verge of "riding the bands" and I know this isn't a good thing.

Now considering the second trade- again we see a CT trade but this time a movement from bearish to bullish. The open and closes are within the last candle and my confidence in the trade at the time was enough to attempt my 10pip CT rule which worked out. In retrospect now I have two issues with this trade. The first is that one div line shows clear divergence and the other does not. Is the a method of measuring or deciding which line to go with or if an average can be found? Secondly, we can see a double top prior to this suggesting a trend reversal (hence this was a CT trade) and this would have been the first pullback. Is it wise or too aggressive to trade on what appears to be the first pull back? Should the low made by the double top be considered in the div?

Thanks for inspiring this thought process guys and I hope it was not too wordy. I feel that we can all learn from these doubts that may arise in our minds when we are on the brink of a trade.
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  • #2,747
  • Jan 22, 2010 4:54pm Jan 22, 2010 4:54pm
I love simply things. even in trading. 1st trade is 100% , yes it's not best pinbar shape but look at div and location. 2nd.. I would be scared about that and I dont like that div. it was really fast down trending and not reliable div..... and when you look back, it was not clearly at the very low of the trend if you know what i mean..1st trade was clearly at the top of last trend. 2nd wasn't


if you have doubts, just don't trade. you have one trade 100% trade here and another was eur usd(few posts ago)

it's enough. Trade aces, not with some jacks or even tens.



Quoting Aguaman
Once again trying to keep the momentum I'd like to have some discussion on these two potential trades that played out at the end of the European session.

In the first trade (did not take) we see a previous pin bar (somewhat weak) that has moved from the middle band to the top where a new candle not only stands above the crowd but penetrates the top of the BB which I think signifies a potential trend reversal (again please correct me if I'm wrong trying to learn and I know I'm no expert). The candle then becomes bearish and begins a freefall after...
  • #2,748
  • Jan 22, 2010 5:10pm Jan 22, 2010 5:10pm
Quoting Aguaman
Once again trying to keep the momentum I'd like to have some discussion on these two potential trades that played out at the end of the European session.

In the first trade (did not take) we see a previous pin bar (somewhat weak) that has moved from the middle band to the top where a new candle not only stands above the crowd but penetrates the top of the BB which I think signifies a potential trend reversal (again please correct me if I'm wrong trying to learn and I know I'm no expert). The candle then becomes bearish and begins a freefall after...
Well overall today was sidways, so we're pro counter trades with divergence.

1. Pretty big bar before 21 pips or so, but the pinbar was about the same size, put a horizontal line at the top of the pin and check out the daily charts....pretty good S/R area. Throw in the 128 round number and it's got a lot going for it. Ideally would've liked price to slow down as it approached 128, and rejected right at 128. But it played out much like how the E/U giant pin did today, cleared out everyone's stops above the round number and turned right around. That in itself shows that there is a lot of bearing action taking charge. (On a side note, that with trend pinbar that created the big upswing was a beauty.)

2. Not sure what double top you are referring to? the RSI? I think the conventional wisdom is you want to go with the closer divergence, but I might have that wrong....I know ryan had a post that dealt with the subject. This one we have a large bar going down to the tune of 18 pips vs. 9 of the pinbar. What does stick out very largely is that the pin is completely outside of the BB, which is a major trend reversal sign (I think? SupChaos can set up straight) , let me quote here:

Quote
Strong buying or selling may push price well outside a band. A tall bar can even print completely through the barrier in extreme conditions. General tactics suggest that violent reversals often follow these major band violations. But trading against these events carries risk since markets can print a short series of these volatile bars before the reversal takes place. Also note that this price action rarely occurs during intraday markets, except at the open.
But I'd probably agree with Jankone on the 2nd.

Keep them coming, I think everyone can get something new (or atleast something to think about) out of this.
  • #2,749
  • Jan 22, 2010 6:19pm Jan 22, 2010 6:19pm
Thanks a lot for the responses.

Jankone after reading through this thread so much and learning as much as I could in the time I've taken so far I should have known the response you would have given. And I definitely cannot argue it. Very good analysis and as you said I need to simply keep it simple. I'll continue to back test and re back test to perfect this art and understand PA more and more.

Icehocey your response as well is much appreciated. It shows us as well the slight differences in thought processes for everyone, where we each hold the most weight and importance when placing a position. In our heads whether or not we realise it we're running percentages and probabilities. Once we cross a certain point of confidence then we're in. The outright beauties such as the first one in this discussion show an alignment of everyone's ideals being met. A++ trade.

This thread has great things going for it and I will continue to do my part to contribute. We can continue to show good trades for everyone to see for repetition but I think another part is for learning traders (all of us ) to understand what the thought process was behind the decision. Teaching men to fish as opposed to giving them the fish so to speak.
  • #2,750
  • Jan 24, 2010 3:11pm Jan 24, 2010 3:11pm
You are what you think you are.

It's really old citation but really true.


If you think you are winner, you are becoming winner.
if you think you are looser, you are becoming loser.
if you think you are good trader. you are becoming good trader.

Other things are not so important, they are easy.

I have dreams, my goals. There is a long way but I already know -

I WILL WIN.
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  • #2,751
  • Jan 25, 2010 2:52am Jan 25, 2010 2:52am
Took 10 pips on this one +1R

My goal is to hold longer for multi R wins on selected trades. Remains to be seen if I have the trading experience to pick the correct trades to leave to run.

Trend isn't established on this so I closed with a quick profit.

Need to learn how to deal with my anxiety when a trade moves away then retraces to entry.
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All that matters is winning the week
  • #2,752
  • Jan 25, 2010 11:38am Jan 25, 2010 11:38am
first trade this week.
+10 done.
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  • #2,753
  • Jan 25, 2010 1:07pm Jan 25, 2010 1:07pm
got stopped out, was considering moving the stop to just below 90.00, but played it save.


oh well, live to fight another day.
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  • #2,754
  • Jan 25, 2010 7:00pm Jan 25, 2010 7:00pm
One sell smal risk SL 20 TP 20 ....We will see...
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"Buy on fear, sell on greed !!!
  • #2,755
  • Jan 26, 2010 5:57am Jan 26, 2010 5:57am
Evening everybody!

very nice trade on GBP JPY M5

took at the close of Pin bar and out for a Fast profit and overhead PPZ resistances

Nice Pin
Unique double divergence
Divergence not more than 8 to 10 bars

Sorry, running out of time, will update chart.......

Cheers
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #2,756
  • Jan 26, 2010 10:17am Jan 26, 2010 10:17am
wow, the fiber made such a quick move I couldn't move my TP up before it hit... just a 2:1 lol.
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  • #2,757
  • Jan 26, 2010 11:24am Jan 26, 2010 11:24am
I wonder if you win. I guess you've lost money.

If you want to trade againts the trend, don't trade without div. (remember rules)

if you wanna play a game vs trend like this one, you will lose money in the long term.



( and pls, how you can read in your charts? I see only colors and some funny lines )))


KEEP IT SIMPLE. !

Quoting Petar_Serbia
One sell smal risk SL 20 TP 20 ....We will see...
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  • #2,758
  • Jan 26, 2010 11:31am Jan 26, 2010 11:31am
good job man, really nice trade.
but don't be sad about 2:1. you are winner, you know why to trade, you did trade and you have money now. No greed no fear. you did it great
( Keep clean mind about think about CT, it's not the rule that exactly our pin+div will change trend, yes it happens sometimes but many time it just make correction (it should be our goal to profit on it ) and you did it great.
Next five your you could say " god, i want 5:1" and you will lose because trend will not change after m5 pin bar...
once again. you did it great.



(look, there's even bigger div )


Quoting Icehocey77
wow, the fiber made such a quick move I couldn't move my TP up before it hit... just a 2:1 lol.
  • #2,759
  • Edited 10:59pm Jan 26, 2010 10:26pm | Edited 10:59pm
Quoting Icehocey77
wow, the fiber made such a quick move I couldn't move my TP up before it hit.......
try atclarkson's J16 manager EA. it might help u in your stop & profit management. [i havent tried it yet as i trade with a non-MT4 based platform; several in the James16 thread have been using it]


btw, your trade is a great example of my post before:
Quoting supremeChaos
.....
good trades with pinbars are high momentum setups: after the pinbar, price usually 'takes off' 1 - 5 bars after the PB.
if price does not take off with the above scenario, then it means there is no/weak momentum on your side. so u trade accordingly: kill the trade or monitor price....
  • #2,760
  • Jan 27, 2010 10:23am Jan 27, 2010 10:23am
Slow morning session, only thing that caught my eye:
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