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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,161
  • Mar 18, 2010 3:42am Mar 18, 2010 3:42am
I was scrolling down to see reaction at the rising TL and got this great pin bar with divergence and with the 1HR and 4HR trend...
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  • #3,162
  • Mar 18, 2010 4:37am Mar 18, 2010 4:37am
A BUY Trade with a cPB on M30 confirmed with a DIV on M30 and with a long DIV on M15.
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  • #3,163
  • Mar 18, 2010 5:11am Mar 18, 2010 5:11am
I passed on this as I didn't want to trade straight into the BRN @ 90.00 but
it worked out nicely for anyone who did take it.

S.
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"The more I practice, the luckier I get." (Gary Player)
  • #3,164
  • Mar 18, 2010 7:29am Mar 18, 2010 7:29am
Quoting supremeChaos
yes Sir, something related to gravity:
fear is a more powerful emotion than greed.
Great observation, SC!
One Chart is Worth Ten Thousand Words.
  • #3,165
  • Mar 18, 2010 7:31am Mar 18, 2010 7:31am
This might be a little off topic, but What do you guys do when your waiting for the pinbar setups?

Do you trade any other systems or just read car forums like me?

Right now i'm just trading the one setup, trying to maintain focus and improve my hit rate. Hopefully profitability is on the horizon.
  • #3,166
  • Mar 18, 2010 7:34am Mar 18, 2010 7:34am
Quoting mrsingha
I passed on this as I didn't want to trade straight into the BRN @ 90.00 but
it worked out nicely for anyone who did take it.
Good decision. The chart had a bearish bias to it. Price flirted with xx00 a few times and didn't move away, so it was reasonable to expect that it could RT to around xx00 and then continue moving further down.

If you view your trades through the prism of the following rule, it's easier to make a decision: if you are only allowed to make ONE trade a DAY (or a week!), is the trade you are planning to take worth it, i.e. is it in the category "THE trade of the day/week"?..
One Chart is Worth Ten Thousand Words.
  • #3,167
  • Mar 18, 2010 7:37am Mar 18, 2010 7:37am
Quoting Chasem
This might be a little off topic, but What do you guys do when your waiting for the pinbar setups?

Do you trade any other systems or just read car forums like me?

Right now i'm just trading the one setup, trying to maintain focus and improve my hit rate. Hopefully profitability is on the horizon.
Get yourself www.forextester.com, learn how to use it and start clocking in your screen time with it (in an accelerated mode, you can do 2-3 days' worth of chart watching in 1-2 hrs). If you do that for 5 yrs, you will not need car forums as you will then be able to afford to buy any car you like (not that you'll want to)...
One Chart is Worth Ten Thousand Words.
  • #3,168
  • Mar 18, 2010 7:41am Mar 18, 2010 7:41am
Quoting Forex007
Get yourself www.forextester.com, learn how to use it and start clocking in your screen time with it (in an accelerated mode, you can do 2-3 days' worth of chart watching in 1-2 hrs). If you do that for 5 yrs, you will not need car forums as you will then be able to afford to buy any car you like (not that you'll want to)...
The forextester is a great idea, thank you.

and I already have the car of my dreams... I just like to make it go faster and faster.

Mitsubishi EVO X MR
  • #3,169
  • Mar 18, 2010 7:58am Mar 18, 2010 7:58am
Quoting Forex007
Good decision. The chart had a bearish bias to it. Price flirted with xx00 a few times and didn't move away, so it was reasonable to expect that it could RT to around xx00 and then continue moving further down.
Good pin, good div just wrong location made it an easy pass for me.

Quote
If you view your trades through the prism of the following rule, it's easier to make a decision: if you are only allowed to make ONE trade a DAY (or a week!), is the trade you are planning to take worth it, i.e. is it in the category "THE trade of the day/week"?..
I'm using Jankone's analysis method:'Does this bar scream TRADE ME!!!?'
This one didn't.
Quote
Originally Posted by Forex007 http://cdn.forexfactory.com/images/buttons/viewpost.gif
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").
Spot on

S.
"The more I practice, the luckier I get." (Gary Player)
  • #3,170
  • Mar 18, 2010 7:59am Mar 18, 2010 7:59am
Quoting Chasem
This might be a little off topic, but What do you guys do when your waiting for the pinbar setups?
I usually do something useful in the house/room and listen for the alert from the Pinbar indicator. I change the original MT4 alert sound for a music sounding about 30 secs, and I always know when the PB appears. And I keep open M5, M15, M30, H1, H4 charts with Pinbar indicator. So the alert may come from any of them.

Besides at the beginning of the day I usually choose the direction, which I feel as less risky. So with the new PB it usually takes about 5-30 secs to decide if I enter the trade or I pass.
  • #3,171
  • Mar 18, 2010 9:05am Mar 18, 2010 9:05am
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*shrug*
  • #3,172
  • Mar 18, 2010 9:56am Mar 18, 2010 9:56am
Seems that this is a repeated mistake. There were recently several posts with loosing trades - one of mine also - in similar situations.

If RSI is showing the DIV - it is better not to take the trades with the trend. Trend is going to take a pause or to reverse.
  • #3,173
  • Mar 18, 2010 10:37am Mar 18, 2010 10:37am
hello,
Any one have an alert that send email or sms if (high-low=60) if equal 60 than it will alert me..
  • #3,174
  • Mar 18, 2010 10:58am Mar 18, 2010 10:58am
omg i missed the UJ M5 pin while calling a friend...what a beauty ~.~
Never whishing, always trading.
  • #3,175
  • Mar 18, 2010 11:22am Mar 18, 2010 11:22am
Great trade.
Good job man

Quoting Shaltay
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
  • #3,176
  • Mar 18, 2010 11:58am Mar 18, 2010 11:58am
Hi there Jankone,

First of all let me thank you for this amazing thread.

Now, if I may ask, would you take the second pin on my chart? It is CT with no div.

Nos
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  • #3,177
  • Mar 18, 2010 12:14pm Mar 18, 2010 12:14pm
Hello and thanks.
2nd pin is nice and attractive but it's no div and it's less reliable..
rules are rules . depend on youd own..

Quoting NosferatuMan
Hi there Jankone,

First of all let me thank you for this amazing thread.

Now, if I may ask, would you take the second pin on my chart? It is CT with no div.

Nos
  • #3,178
  • Mar 18, 2010 12:19pm Mar 18, 2010 12:19pm
Quoting Jankone
Hello and thanks.
2nd pin is nice and attractive but it's no div and it's less reliable..
rules are rules . depend on youd own..
That's what I thought you would say

Thanks.
  • #3,179
  • Mar 18, 2010 5:29pm Mar 18, 2010 5:29pm
Quoting Chasem
Attachment

*shrug*
No Divergence
Strong up trend = no trade ( Too risky as you found out)
every Saint has a past. Every Sinner has a Future
  • #3,180
  • Mar 18, 2010 8:33pm Mar 18, 2010 8:33pm
Quoting turnip15
No Divergence
Strong up trend = no trade ( Too risky as you found out)
At the time it didn't feel like a strong uptrend... I guess I need to get better at determining trend..
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