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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,081
  • Mar 15, 2010 9:58am Mar 15, 2010 9:58am
Quoting Jduester
For some reason, I just felt like I couldn't take this. Sure, it was right into 1.37. Maybe that was the reason. We'll see how it plays out.
Hmmm.... Hope someone got this anyway
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  • #3,082
  • Mar 15, 2010 10:22am Mar 15, 2010 10:22am
Quoting Jduester
Hmmm.... Hope someone got this anyway
i took the pin on GU but exited faaar to early on 1R...someone got a good exit strategy for this pins ?

Like the one this morning, i know...20-30 pips may be enough for the day, but why not take some extra on runners like this ?
Never whishing, always trading.
  • #3,083
  • Mar 15, 2010 10:27am Mar 15, 2010 10:27am
Quoting Jduester
Hmmm.... Hope someone got this anyway
Hello everyone,

First post on this thread and first couple of trades (both with trend)

First one closed at BE (TP was 2R but I moved my SL to BE after reaching 1R)
Second one closed at 2R.

Maybe I shouldn't have moved SL on first one and maybe I should have moved my SL to 2R profit on the second.

Anyway, just starting to explore and create some rules.

Comments are welcome.

Nos
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  • #3,084
  • Mar 15, 2010 10:07pm Mar 15, 2010 10:07pm
Quoting mrsingha
This was a B/E trade for me. 10pip SL, +20TP, went to +15 then reversed.
...
Hey Steve,
BE is ok. i think u did a good job.

having said that, here are some observations:
-is eurjpy ranging or has a support to the left of the chart?
-RSI made a 'double bottom' before price stopped u out at BE. did u notice that?
- Ryan is in a different level than most of us. what he does is suited to his style & level. you may need to tweak your style & suit it to your personality/profile.
  • #3,085
  • Mar 15, 2010 10:18pm Mar 15, 2010 10:18pm
Quoting Jduester
For some reason, I just felt like I couldn't take this. Sure, it was right into 1.37. Maybe that was the reason. We'll see how it plays out.
Hey Josh.
we are trading lower TF here. round numbers will get crossed most of the time. i cant find the exact word/s, but u should be able to 'differentiate/move away' from the 'round number issue'. i think another way to say it is, round numbers are not always respected, or, we are trading M5 here so we employ a fairly different approach to trading. i hope u understand what im trying to say.

im not familiar of the eur$ situation at the time u saw this, for sure u are in a better position to determine
if the trend is down,
if the 1.3700 round number was respected or not on the left side (& non-visible part) of this chart

in the end, i think u did well because u didnt trade this as u had a hesitation to do so.
  • #3,086
  • Mar 15, 2010 10:21pm Mar 15, 2010 10:21pm
Quoting Hova
i took the pin on GU but exited faaar to early on 1R...someone got a good exit strategy for this pins ?...
YES.
exit based on S/R, based on RSI or BB.

dont get too fixated/stuck on the 1R, 2R, 3R issue. it's not/should not be the ultimate determinant of your exits. just my view..
  • #3,087
  • Mar 15, 2010 10:26pm Mar 15, 2010 10:26pm
Quoting NosferatuMan
Hello everyone,
First post on this thread and first couple of trades (both with trend)
....
Hey Nos,
Good to see u here.

well, almost same answer to my above post:
since u are starting out, find out what suits YOU. Experiment on demo.
  • #3,088
  • Mar 16, 2010 2:51am Mar 16, 2010 2:51am
Quoting supremeChaos
Hey Nos,
Good to see u here.

well, almost same answer to my above post:
since u are starting out, find out what suits YOU. Experiment on demo.
Hi SC,

I've noticed you are permanent presence in this thread and that's good news.

I'm still on demo yes and I'll try to find what suits me.
Thanks for your answer .

Nos
  • #3,089
  • Edited 4:12am Mar 16, 2010 2:58am | Edited 4:12am
Hi Nos ,
what u can do is open several positions per trade, exit 1/3 (or 2/3 or 1/2) of your positons at S/R's etc, & leave a few remaining positions(with stops at BE) to hit your longer-term targets or take advantage of possible trends.
Good luck!!
  • #3,090
  • Edited 4:38am Mar 16, 2010 4:36am | Edited 4:38am
I have to admit I'm a little confused as to current trend on this.
Jacko would say down, Ryan would say up?
Or maybe just unlucky on this one.
Next.

Steve.
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"The more I practice, the luckier I get." (Gary Player)
  • #3,091
  • Mar 16, 2010 4:49am Mar 16, 2010 4:49am
Quoting mrsingha
I have to admit I'm a little confused as to current trend on this.
Jacko would say down, Ryan would say up?
Or maybe just unlucky on this one.
Next.

Steve.
not a pin (in traffic-not at swing high)
No divergence
every Saint has a past. Every Sinner has a Future
  • #3,092
  • Mar 16, 2010 5:01am Mar 16, 2010 5:01am
Quoting mrsingha
I have to admit I'm a little confused as to current trend on this.
Jacko would say down, Ryan would say up?
,..
Hey Steve,
observations:
small pin, in traffic, no div (edit: like turnip said).

Jacko is a longer term trader, correct?
Ryanmcd is an M5 trader.
so their views will definitely be different.
  • #3,093
  • Edited 5:38am Mar 16, 2010 5:23am | Edited 5:38am
Quoting supremeChaos
Hey Steve,
observations:
small pin, in traffic, no div (edit: like turnip said).

Jacko is a longer term trader, correct?
Ryanmcd is an M5 trader.
so their views will definitely be different.
Ok, just to play devil's advocate here,
I see a break low, pullback to the 21ma, and a double pb.
Turnip, I respectfully disagree - they are pins. Not perfect but pins nonetheless.
DIV - only required for CT trades, not pullbacks to the 21ma/CBB (am I correct in saying that?)
Traffic? Sorry guys don't see it.
Just made it up and more besides on UY so all's well that ends well.

Steve.
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"The more I practice, the luckier I get." (Gary Player)
  • #3,094
  • Mar 16, 2010 5:39am Mar 16, 2010 5:39am
I find many CT trades with a decent longish pin will have a >10 pip sl by the time you include the spread but the distance to the 21 is often just barely 10 pips. In other words, R:R will be less than 1. Should these set ups be ignored/avoided?? Thanks.
Isolate yourself from the herd
  • #3,095
  • Edited 6:05am Mar 16, 2010 5:44am | Edited 6:05am
here's one I just entered: TC, pin, revdiv
against some pivots.....sl is pretty tight though, only 8 pips

perhaps this pin has gone too far down below the 21??

UPDATE: TP (+20) hit. I haven't decided if a TP or trail or just how to exit a TC trade? (except to end it it profit )
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Isolate yourself from the herd
  • #3,096
  • Edited 6:23am Mar 16, 2010 6:10am | Edited 6:23am
Quoting mrsingha
Ok, just to play devil's advocate here...
Hey Steve,
it's ok.
i checked your charts & my chart...
more specific observations:
-the pins were smaller than the previous bars
-price is not making significant highs, so market at that time is ranging. IMHO
-pins are not at a swing high.
-the 2 pins on my FXPro (live), their lows are 1.3676 & 1.3675. the bar next to it has a 1.36741 low
-the pins are IN Traffic (look to the left of original chart) AND heading into immediate traffic, that is, the bar highs of the 2nd & 3rd bar PRIOR the first pin were both 1.36731. check/compare with the prices above. (remember Traffic, in a way, is taught/discussed a lot in the james16 thread)
-imho, strictly speaking, the 2 pins touched the midBB BUT are in the middle of midBB & lower BB (i talked about this recently). personally, i like pins to pierce the midBB (compared to just touching it).
-pins did not break convincingly; some will say the pin/s did not break at all (if u include a buffer below d pin's low). again, check the prices above.
  • #3,097
  • Mar 16, 2010 6:21am Mar 16, 2010 6:21am
Quoting forexweasel
I find many CT trades with a decent longish pin will have a >10 pip sl by the time you include the spread but the distance to the 21 is often just barely 10 pips. In other words, R:R will be less than 1. Should these set ups be ignored/avoided??
the answer is:
-ask yourself if u are willing to take the risk, &/or comfortable to take such setups.
-are u willing & ready/fast enough to exit QUICKLY &/or with 10pips or less?
-dont concern yourself too much about R:R. just my view. concern yourself more of what S/R tells u (if S/R is telling u to exit or not). the market DOES NOT care about our R:R's, but the market respects, 1 way or another, S/R's.

btw, no silly quesiton, forexweasel!

Quoting forexweasel
here's one I just entered...
perhaps this pin has gone too far down below the 21??
...
perhaps.
but remember, the market does not care about/get 'scared' with our 21ema; 21ema is just our gauge/tool.
this happens from time to time. if the pin is accompanied by a hidden div (possibly signalling a trend continuation in your trade's favor) &/or if the pin is accompanied by/followed by a bar with momentum (this is ideal), then price can possibly carry on in favor of your trade.
  • #3,098
  • Mar 16, 2010 6:24am Mar 16, 2010 6:24am
A nice one here.
-with trend
-pullback to midBB
-124RN
Kaboom.

I tend to watch the higher tf PPZ to help steer me on this lower tf. That being the case, I personally watch the RNs pretty closely. To each their own.
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  • #3,099
  • Mar 16, 2010 6:26am Mar 16, 2010 6:26am
that is one pretty setup..I hope you took it.
All that matters is winning the week
  • #3,100
  • Mar 16, 2010 6:31am Mar 16, 2010 6:31am
thanks for the quick reply SC
Isolate yourself from the herd
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