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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #2,961
  • Mar 7, 2010 5:33pm Mar 7, 2010 5:33pm
1st trade of the week, Counter Trend, but in a decent location. I've decided its more important for me to focus on, "with trend pins" and thats still my goal, but couldn't refuse a try for this one.
Should be a pretty active week!

Cheers,
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  • #2,962
  • Mar 8, 2010 1:30am Mar 8, 2010 1:30am
I have just made a quick trade with a nice PB going with the trend on GBPUSD. Went out with 13 pips of profit because the price reached the previous level and earlier there was a divergence here. To find a PB I just switched through 5-15-30 TF. It was on M30.
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  • #2,963
  • Mar 8, 2010 2:18am Mar 8, 2010 2:18am
And one more trade which I would take - Short after the PB because of the divergence. But I have already some strategic Short trades which are still under water so I just wait them to grow better (This is a Real Micro account and MM doesn't allow me to increase the number of Short trades).
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  • #2,964
  • Mar 8, 2010 9:00am Mar 8, 2010 9:00am
+25 pips. Rightmost side of the chart. Sorry couldnt show the divergence on the chart. However check it out. New high on the price compared to the last peak but no new high on the RSI
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If you think you can or cannot do it you are correct
  • #2,965
  • Edited 9:49am Mar 8, 2010 9:15am | Edited 9:49am
I like the PB on H1. More - my Sell trade, which I opened earlier, is now exactly at due place. Waiting for some optimistic results...
Edited: Closed with +75 pips within an hour. And seems there is still room for price to go down...
I would like to admit that I had a real problem with finding additional entries. That is - if I'm out I can't find a place to trade until the next global signal... Now, with this Pin Bar strategy, my trading jumps to the next stage.
My very deep and cordial gratitudes to the whole community who develop and support the development
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  • #2,966
  • Mar 8, 2010 9:33am Mar 8, 2010 9:33am
http://i48.tinypic.com/nyy9zs.gif

Pinbar at the top. Price did not stay above the D1 2-day high. Negative divergence after the big red bar.
  • #2,967
  • Mar 8, 2010 10:09am Mar 8, 2010 10:09am
Well done jaquille and shatay. It turned out that that pinbar was the tip of the iceberg and price continued to fall after my exit. Well done to all who could stay in. I had to exit since I was at work and profit target was met. By the way I dont know whether I would have stayed in if I was watching every tick ie itchy fingers syndrome

I agree with you shaltay. I usually trade based on the daily charts, sometimes 4hr however this technique/strategy fits nicely as a short term component of a all round strategy portfolio.
If you think you can or cannot do it you are correct
  • #2,968
  • Mar 8, 2010 10:43am Mar 8, 2010 10:43am
Quoting Olu
Well done jaquille and shatay. It turned out that that pinbar was the tip of the iceberg and price continued to fall after my exit. Well done to all who could stay in. I had to exit since I was at work and profit target was met. By the way I dont know whether I would have stayed in if I was watching every tick ie itchy fingers syndrome

I agree with you shaltay. I usually trade based on the daily charts, sometimes 4hr however this technique/strategy fits nicely as a short term component of a all round strategy portfolio.
i took this one on H1, nice and easy 70 pips more of this plzzzz

pinbars ftw !
Never whishing, always trading.
  • #2,969
  • Edited 12:25pm Mar 8, 2010 11:54am | Edited 12:25pm
Another 13 hours today and yesterday. Feel like I'm making slow improvements and my trade management is getting better, I managed 19 trades overall without taking a single full bar loss so pretty happy about that.

I also haven't been using any position sizing so my results are raw pins and trade management. At the moment doing 2/1 on WT Pins (With Trend), 1/1 CT Pins (Counter Trend) I take these seldom, 1/1 SW Pins (Sideways) these seem fairly reliable but my trade management is not good on them as they don't seem to take off as well as the WT Pins so I often kill it before it moves, think I need more work on them.

Attached my progress in case you dudes are interested. The starting account balance is just fictional based on what I think I will probably start with although my average risk on each position is around 0.4%
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Want what the market wants
  • #2,970
  • Mar 8, 2010 11:58am Mar 8, 2010 11:58am
I took a Buy trade with cPB on M15, taking in consideration the clear divergence on M5. The entry was 10+spread pips above the PB because it was not a perfect PB.

The divergence on M15 is also present. And сPB on H1 has appeared as well, rejecting the support on a favourite GPBUSD level of «X,XX30» (though without a divergence).

BTW, I prefer to draw the divergences with the close of the candles, because RSI is applied to “close”. For me such picture is more fair.

Red line is for a stoploss, if the M15 candle closes below the line. The price has already touched it, but went up again. If you have enough nerves and discipline to accept virtual stops, sometimes it can save a trade.

According to Jankone’s advise – if there is no enough impulse it is better to close the trade. One hour passed without significant changes and I closed the trade with +9 pips.


So much fun for today

Wish you all happy trading!
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  • #2,971
  • Mar 8, 2010 12:17pm Mar 8, 2010 12:17pm
Love pinbars & the m5 chart for price action.... Nice thread.
  • #2,972
  • Mar 8, 2010 1:01pm Mar 8, 2010 1:01pm
Keep workin man... make some more tests it's great material.
if you can do really great test with min. 100 trades and your tp / sl rules i could post it at #1

Quoting DangerBoy
Another 13 hours today and yesterday. Feel like I'm making slow improvements and my trade management is getting better, I managed 19 trades overall without taking a single full bar loss so pretty happy about that.

I also haven't been using any position sizing so my results are raw pins and trade management. At the moment doing 2/1 on WT Pins (With Trend), 1/1 CT Pins (Counter Trend) I take these seldom, 1/1 SW Pins (Sideways) these seem fairly reliable but my trade management is not good on them as they don't seem to take off as well as the WT...
  • #2,973
  • Mar 8, 2010 2:10pm Mar 8, 2010 2:10pm
I traded GU on M5/M15 today (seems those of you who posted here did so too), but H1 had the cleanest setup.

In the morning (GMT), price failed to make higher three times, forming a triple top (and RSI div).

Price then started coming down and made one more attempt to rally to 1.5200, forming nice PB (it was on mid-BB too). TP was at RR2, at prior strong SR level.
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One Chart is Worth Ten Thousand Words.
  • #2,974
  • Mar 8, 2010 2:17pm Mar 8, 2010 2:17pm
Quoting Jankone
Keep workin man... make some more tests it's great material.
if you can do really great test with min. 100 trades and your tp / sl rules i could post it at #1
Thanks for the encouragement bro. Page number 1?? Watch me go into major draw down now Lol

How's your trading going? I've read up to about half way through the history so far, you full time yet?
Want what the market wants
  • #2,975
  • Mar 8, 2010 3:27pm Mar 8, 2010 3:27pm
Hey dangerboy,I hope you don't really spend that much time in front of the screen,way to much.If you can get up @ 1am est and stay up until 5am believe me you have ample opportunities to make pips !!!
Quoting DangerBoy
Another 13 hours today and yesterday. Feel like I'm making slow improvements and my trade management is getting better, I managed 19 trades overall without taking a single full bar loss so pretty happy about that.

I also haven't been using any position sizing so my results are raw pins and trade management. At the moment doing 2/1 on WT Pins (With Trend), 1/1 CT Pins (Counter Trend) I take these seldom, 1/1 SW Pins (Sideways) these seem fairly reliable but my trade management is not good on them as they don't seem to take off as well as the WT...
  • #2,976
  • Mar 8, 2010 5:01pm Mar 8, 2010 5:01pm
Could not resist taking a Short trade with a nice little "pinny" on M5 (only 4.6 pips of size) going with the trend from higher TF. While writing this - I closed the trade with +36 pips, because I saw the first signs of divergence on H1.
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  • #2,977
  • Mar 9, 2010 1:37am Mar 9, 2010 1:37am
Quoting monikroc
Hey dangerboy,I hope you don't really spend that much time in front of the screen,way to much.If you can get up @ 1am est and stay up until 5am believe me you have ample opportunities to make pips !!!
Hey monikroc, I meant 13 hours for both days, Sunday and Monday, I wouldn't say that's excessive. I tend to limit myself to about 9 hours a day max on a good day and take breaks every 2.5 since I've noticed that my performance tends to go down when my concentration lapses which is generally around 2.5-3

Also I live in the Isle of Man so fortunately for me I don't have to get up in the middle of the night, my day starts at 7:00am although it's not really a factor at the moment since I'm only simulation trading. Means I can switch the market on and off whenever I like
Want what the market wants
  • #2,978
  • Mar 9, 2010 4:28am Mar 9, 2010 4:28am
had a buy limit overnight interestingly all timeframes have given in the pressure, pins on m5 up to h1.. let's see how it plays out
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  • #2,979
  • Edited 11:10am Mar 9, 2010 7:50am | Edited 11:10am
I took a BUY trade with a non-perfect cPB on M5 because:

1) there was a clear divergence on M5, and the market was obviously slowing down its impulse
2) the price touched the low 3 times and rejected the strong level
3) I beleive in my charts which show the probability of a significant pullback. That is why I refused to take a profit of 28 pips - it was already possible. But I feel like a fisherman

Red line is for a virtual stop-loss.

A few minutes ago I felt like the trade is over, but we are still in.

Edit: Out with +50 pips. See the second example (between the marked candles). I expected more movement, at least 70 pips, but it seems that the range bound market is developing - because candle closed higher but the upper band of BB is not higher than at the previous high. So I closed the trade
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  • #2,980
  • Mar 9, 2010 8:23am Mar 9, 2010 8:23am
Quoting Shaltay
I took a BUY trade with a non-perfect cPB on M5 because:

1) there was a clear divergence on M5, and the market was obviously slowing down its impulse
2) the price touched the low 3 times and rejected the strong level
3) I beleive in my charts which show the probability of a significant pullback. That is why I refused to take a profit of 28 pips - it was already possible. But I feel like a fisherman

Red line is for a virtual stop-loss.

A few minutes ago I felt like the trade is over, but we are still in.
Nice one Shaltay, I took the same one but on the gbp/jpy. They both had the same PA. I plan on holding mine for a while as well. Here's another that looks like it may end up netting a couple thousand. The usd/chf- I checked where we are on the higher timeframes and this is looking phenomenal. If not, I'll end up getting stopped out either at B/E or for a loss of 5 pips, I haven't decided yet.
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I dream, therefore I become.
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