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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,141
  • Mar 16, 2010 7:54pm Mar 16, 2010 7:54pm
Quoting Forex007
Not all trades are winner - you have to learn to accept you losses.
Also, good setups result, usually, in fast/hard moves.....
this is very important... must read post.
Thanks Sir!
  • #3,142
  • Mar 16, 2010 10:46pm Mar 16, 2010 10:46pm
Quoting supremeChaos
Hello Nos,
i cant see why it will help YOU if u look for others who lost on the same trade.
what will help u finding the reasons why u took this trade in the first place.

observations:
-the pin is small. look at the surrounding bars.
-technically speaking, that pin seemed to have closed(cant see clearly) below the previous bar.
-the pin is in traffic (not at a swing high/low)
-midBB & red ema is FLAT, so price can go either way.
-pin is in the middle of midBB & lowerBB. this is the second time i mentioned this 'today'. [b][u]imho, if u want a bullish...
also would add that time of day probably played a role in this trade: was 12:40 PM in NYC (think that was right, I usually step away from the computer from about 11:30 AM to 1:30 PM) most traders are eating lunch. Look how the volume dropped almost 50% from 1800 to 1900 vs. 1900 to 2000. Also with FOMC being announced, not many people wanting to put new positions on until after the announcement.

Just little things to be aware of. I'd suggest going back over all of Ryan's post. I read them all almost every week....always can pick up some good nuggets.
  • #3,143
  • Mar 17, 2010 12:05am Mar 17, 2010 12:05am
Quoting turnip15

Go to post 1 and re-read before ignoring people who try to help you.
Turnip your observations were certainly not ignored and infact were most helpful as they made me re-evaluate my trade from another's perspective.
To disagree with is not to ignore.
Apologies if I offended - that was not my intention.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #3,144
  • Mar 17, 2010 12:11am Mar 17, 2010 12:11am
Quoting Forex007
Things are really 100% clear with trading. 100 traders will see the same chart in 100 diff. ways. You have to know WHY you are asking certain questions, what sort of answers (and what for) you are looking for.

Ultimately, you'll have to figure out YOURSELF what's right (what's works) for YOU.

Consider the market as thick fog.

---

If you DO need an answer, Ryan's rules are dead simple. There is no need to make things look complicated. If a bar looks like a pinbar to you, trade it. If you are right, you'll learn something. If you are wrong, you'll...
Good advise and constructive criticism is never ignored.
Thanks for your input 007.

S.
"The more I practice, the luckier I get." (Gary Player)
  • #3,145
  • Mar 17, 2010 2:00am Mar 17, 2010 2:00am
Quoting Icehocey77
also would add that time of day probably played a role in this trade..
i have never mentioned time (im in Asia, so i need to convert time in the process) in my posts.
Another great post!
  • #3,146
  • Mar 17, 2010 3:10am Mar 17, 2010 3:10am
Thank you guys for the feedback.

SC, actually in the daily I'm quite picky so there is no reason not to be on M5 as well. Thanks a lot for your advices.
  • #3,147
  • Mar 17, 2010 4:38am Mar 17, 2010 4:38am
and pivot at 1.3812
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  • #3,148
  • Mar 17, 2010 4:41am Mar 17, 2010 4:41am
Quoting supremeChaos
Hello crakajack,
this is the internet. we ALL have FREE WILL.
so PLEASE do not try to impose upon us your own desire/s.
we do not need to think like all other traders. there is NO NEED TO FOLLOW THE HERD.
use candles if u want to; say shooting star if u want to. u are free to do so.
it differenciates a little more. that's all. pin bar it could be a shooting star or a hammer.only that was my question. nothing with "we ALL have FREE WILL and this bullshit,...
  • #3,149
  • Edited 5:22am Mar 17, 2010 4:52am | Edited 5:22am
Quote
...and this bullshit,...
LOL. u crack me jack.
why do u feel there's a need to differentiate a little more? we have charts for that. by looking at the charts, we can visualize if the pinbar is bullish or bearish, (in YOUR world, shooting star or hammer). therefore, we can just say pinbar & show a chart &/or look at your own chart. how hard is that for u to do??

& besides, not everyone is familiar with candlestick terms & not everyone uses candlesticks (there's your bullsxxt) AND i always hear jankone in my mind saying the words 'simple, simpler, & simplicity'. with that line of thinking, saying pin bar or bullish/bearish PB is simple; saying shooting star & hammer is not.
  • #3,150
  • Mar 17, 2010 5:16am Mar 17, 2010 5:16am
I bailed on this just before it took off. Reassuring to know I'm taking some great setups recently though...

Large 2b PB off weekly open

(Is it baled or bailed? )
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  • #3,151
  • Mar 17, 2010 5:20am Mar 17, 2010 5:20am
i think it's 'bailed', Josh
i think 'bale' for other definitions.
  • #3,152
  • Mar 17, 2010 6:20am Mar 17, 2010 6:20am
Also off the 1hr 21ma Josh.
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"The more I practice, the luckier I get." (Gary Player)
  • #3,153
  • Mar 17, 2010 6:44am Mar 17, 2010 6:44am
4 hour divergence. dont forget temporarily broken resistance @ 1.3800.
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If you think you can or cannot do it you are correct
  • #3,154
  • Edited 12:02pm Mar 17, 2010 8:54am | Edited 12:02pm
Quoting supremeChaos
LOL. u crack me jack.
why do u feel there's a need to differentiate a little more? we have charts for that. by looking at the charts, we can visualize if the pinbar is bullish or bearish, (in YOUR world, shooting star or hammer). therefore, we can just say pinbar & show a chart &/or look at your own chart. how hard is that for u to do??
use other rakish, dissipated, volutuously markers when you answer to me, feel free to do so, ...lol you crack me superchaos.
"pin bar isn't new. it's so old like candles are at forex,...,he's falsely taking all the credit.


Quoting supremeChaos
& besides, not everyone is familiar with candlestick terms & not everyone uses candlesticks (there's your bullsxxt) AND i always hear jankone in my mind saying the words 'simple, simpler, & simplicity'....
wow, very impressive! ... make it stupid and simple feel free to do so,...lol you crack me superchaos
  • #3,155
  • Mar 17, 2010 10:18am Mar 17, 2010 10:18am
I passed on this. let's watch and learn...

Edit: decided to take on next 5min close; out with -1R.

Stick with your instinct buddy.
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  • #3,156
  • Mar 17, 2010 3:08pm Mar 17, 2010 3:08pm
Apart from the entry rules, it is important to see (a) the context of where the setup occurs, and (b) possible scenarios (if you think you KNOW what is going to happen, you are asking for trouble - read "Trading in the zone").

As for the scenarios, it helps to analyze the current situation "backwards". E.g. when "blue arrow" PB occurred, it would be natural to expect some continuation of the prior trend (red arrow), e.g. re-test of prior High (the "white arrow" move). That's a good logic, and we can enter into a trade on that basis.

However, if the market/price does not do what we expected, it could be that the market has a different idea. So, when price stalled at some prior Highs (yellow arrow 1), that was the first alarm bell - price didn't move as hard and fast as it should after a good PB. When priced stalled again (yellow arrow 2) and formed a PB just below xx00 level, the market was telling us something. That "something" was - time to go short as the bulls are out of steam. That's why PB at yellow arrow 2 was a good Short, and that's why it was logical to stay in that trade for longer - we had, at that point, reasons to believe that the trend reversed and bears will push the market down hard (typically, Shorts are more "fierce" than upward moves - perhaps something to do with the gravity (just kidding)).

To sum it up, if - when entering or after entry - we keep two possible scenarios in head, we'll avoid unnecessary losses and will ride our winners for longer.
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One Chart is Worth Ten Thousand Words.
  • #3,157
  • Mar 17, 2010 3:41pm Mar 17, 2010 3:41pm
Quoting Forex007
Apart from the entry rules, it is important to see (a) the context of where the setup occurs, and (b) possible scenarios (if you think you KNOW what is going to happen, you are asking for trouble - read "Trading in the zone").

As for the scenarios, it helps to analyze the current situation "backwards". E.g. when "blue arrow" PB occurred, it would be natural to expect some continuation of the prior trend (red arrow), e.g. re-test of prior High (the "white arrow" move). That's a good logic, and we can enter into a trade on that basis.

However,...
Great Insight FX007! You have some great posts in general.
  • #3,158
  • Mar 17, 2010 6:42pm Mar 17, 2010 6:42pm
Quoting mrsingha
Turnip your observations were certainly not ignored and infact were most helpful as they made me re-evaluate my trade from another's perspective.
To disagree with is not to ignore.
Apologies if I offended - that was not my intention.

Steve.
Okay - friends again
every Saint has a past. Every Sinner has a Future
  • #3,159
  • Mar 17, 2010 11:47pm Mar 17, 2010 11:47pm
Quoting Forex007
Apart......(typically, Shorts are more "fierce" than upward moves - perhaps something to do with the gravity (just kidding)).
To sum it up, if - when entering or after entry - we keep two possible scenarios in head, we'll avoid unnecessary losses and will ride our winners for longer.
yes Sir, something related to gravity:
fear is a more powerful emotion than greed.

having a plan... visualization
  • #3,160
  • Edited 4:35am Mar 18, 2010 3:40am | Edited 4:35am
A BUY trade with cPB on M5 confirmed with two DIVs.

On my charts I see some more signs pointing North, and I'm going to keep this trade for some longer period.

Edit: An hour later - out with +27 pips at 21 EMA on M15
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