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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,201
  • Mar 22, 2010 4:58am Mar 22, 2010 4:58am
Euphoria, if that's what you want to call it, is when the worst drawdowns come to us as traders. The last time I was really euphoric about a trade, I ended up blowing through a couple grand in the next coming days.

Hi Mike,

I'm sure that rings true to everyone who's been in the game for a while.... a big win or a few losses in a row have an effect (less the longer you trade and understand your emotions ) the hardest part is understading that your compromised "on tilt".

I take a time out, go play golf or go "exploring" with my son... it's always a better use of my time than hemorrhaging money :0D

note the above wasn't advice to you old trading dogs just for the young ones.

ps I meen nothing derogoatory in my terminology... lol just covering the bases as things get lost in translation on the net
  • #3,202
  • Mar 22, 2010 7:16am Mar 22, 2010 7:16am
I like this location, but didn't like the bar formation enough to take it... will watch though.
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  • #3,203
  • Mar 22, 2010 7:37am Mar 22, 2010 7:37am
First trade of the week.

Was looking for 2R but got stopped at BE.
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  • #3,204
  • Mar 22, 2010 7:40am Mar 22, 2010 7:40am
Quoting Jduester
I like this location, but didn't like the bar formation enough to take it... will watch though.
Good reason to avoid this and glad I did.

Took the same G/U pinbar off 1.5 Nos. Similar results too
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  • #3,205
  • Mar 22, 2010 8:15am Mar 22, 2010 8:15am
Quoting Jduester
Good reason to avoid this and glad I did.

Took the same G/U pinbar off 1.5 Nos. Similar results too
Little less posting and a little more chart watching Josh! Hope some of you guys got this runner.

I got a bit on g/u 15 min bar and then 5min add in.

Have a great day guys and gals.

Josh
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  • #3,206
  • Mar 22, 2010 9:24am Mar 22, 2010 9:24am
had an eurjpy pin with trend off mid bb that failed. two bars later a new pin ran my stop and was the start of the move

an hour later samething happened on eu. pin with trend off mid bb failed by another pin that started a move.

the two setups were both good setups. used market orders for both. still testing the market order on close of pin or limit on break of pin.

obviously market orders will get you a better price and using the bar size to calculate your position still, having your stop hit wont be a full loss- which is nice. but limit orders may have prevented these two losses today, however the larger stop size (end of pin bar +1 or 2 pips) will need a bigger move. anyone else play around with this limit vs market order? i know jankone uses market orders.

anyone else notice a setup where the first pin fails bc a second pin that is the one to start the move? i think this might only be relevant to trend trades.
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  • #3,207
  • Mar 22, 2010 9:32am Mar 22, 2010 9:32am
hey josh i like your s/r lines. i've kind gotten away from horizontal lines and been more focusing on the bb/ ema as my support and resistance. i do understand the importance of ppz levels and am not sure why ive gotten away from the basics. do you use the rectangle tool to draw those (MT4?) at the start of each trading day?
  • #3,208
  • Mar 22, 2010 9:44am Mar 22, 2010 9:44am
Just 2 trades for me so far today on this timeframe.

A loss of 7 pips on the aud/usd (Kinda simple really when you look at the 15 minute timeframe as to why it was a loss). The 15 minute was retracing back upwards and the 5 minute was just a stall in the movement. D'oh!

The chf/jpy pin at 21 that was in line with the 4 hour pin bar (bearish). Closed for 60 pips and now it's time to concentrate on the higher ups again. That one was decent. I've been noticing a lot, through real time and testing, that when you wait for the momentum to kick in from the higher ups, you'll be kept out of a lot of junky movements.

Have a good one everybody.
I dream, therefore I become.
  • #3,209
  • Mar 22, 2010 9:51am Mar 22, 2010 9:51am
Quoting stoli7188
had an eurjpy pin with trend off mid bb that failed....
I'm new to this method but in the trades I take, I wait for the break of the pinbar (1pip).

On your first trade, that candle is not a pinbar (at least the way I see them). The close was not within the previous candle.

In your second trade, as you mention, a wait for the break would have kept you out of it and maybe short in the next one

Just some thoughts.

Nos
  • #3,210
  • Mar 22, 2010 9:55am Mar 22, 2010 9:55am
Quoting stoli7188
hey josh i like your s/r lines. i've kind gotten away from horizontal lines and been more focusing on the bb/ ema as my support and resistance. i do understand the importance of ppz levels and am not sure why ive gotten away from the basics. do you use the rectangle tool to draw those (MT4?) at the start of each trading day?
Yeah, I use the insert shape - rectangle to make my big ppzs. I just use a line to show minor ones...
  • #3,211
  • Mar 22, 2010 9:58am Mar 22, 2010 9:58am
Quoting NosferatuMan
I'm new to this method but in the trades I take, I wait for the break of the pinbar (1pip).

On your first trade, that candle is not a pinbar (at least the way I see them). The close was not within the previous candle.

In your second trade, as you mention, a wait for the break would have kept you out of it and maybe short in the next one

Just some thoughts.

Nos
Yes, some wait for a break, others not. I personally enter on/near the close of the bar, so occasionally price never triggers the bar I entered on... I was finding I was missing moves when I tried to enter on the break. Whatever works for you, stick with it.

I took a loss on that e/u great looking pinbar too. But it was just what I look for, so no complaints from me.
  • #3,212
  • Mar 22, 2010 10:23am Mar 22, 2010 10:23am
Quoting NosferatuMan
I'm new to this method but in the trades I take, I wait for the break of the pinbar (1pip).....
you are correct in the definition of the pin bar but ive never really understood how being inside the eye makes much of a difference, unless it shows that momentum is slowing and that pin isn't flying away with the current move. however when i look for a pin i am looking more for a long tail and a small body. but thank you for pointing that out.
  • #3,213
  • Mar 22, 2010 10:29am Mar 22, 2010 10:29am
Quoting Jduester
I was missing moves when I tried to enter on the break. Whatever works for you, stick with it.
I come from the j16 thread (as I believe most of us come) so I'm a bit more conservative.

Quoting Jduester
I took a loss on that e/u great looking pinbar too. But it was just what I look for, so no complaints from me.
That's the spirit. They can't all turn out winners.
  • #3,214
  • Mar 22, 2010 10:31am Mar 22, 2010 10:31am
Quoting stoli7188
you are correct in the definition of the pin bar but ive never really understood how being inside the eye makes much of a difference, unless it shows that momentum is slowing and that pin isn't flying away with the current move. however when i look for a pin i am looking more for a long tail and a small body. but thank you for pointing that out.
Let me reinforce that I'm quite new to this M5 method. Maybe in a few weeks I'll change my opinion regarding the entry points

Nos
  • #3,215
  • Mar 22, 2010 12:11pm Mar 22, 2010 12:11pm
Quoting mike w
9 or 10 pips risk can bring 30+ when traders understand where to trade the setups...

All I could do was laugh at myself for being so naive about this TF.

Euphoria, if that's what you want to call it, is when the worst drawdowns come to us as traders.
That was the key word - WHERE. Easy to understand, hard to implement: for a successful trade it must be WHAT (setup) + WHERE (location/context)!

I think euphoria is a positive feeling (associated with winning) - which is very dangerous too. Depression is what most would experience when losing (hard to overcome nevertheless). I used to be hyped up after winning. It took me a while to engrave in my brain that any successful trade had to part: (a) good analysis on my part and (b) "luck", i.e. good move on the market's part. In other words, my analysis is always the same more or less; big winnings (vs small ones) are not the result of a "better" analysis but the bigger momentum being there (i.e. "luck" as I have no input there).
One Chart is Worth Ten Thousand Words.
  • #3,216
  • Mar 22, 2010 12:16pm Mar 22, 2010 12:16pm
Quoting NosferatuMan
First trade of the week.

Was looking for 2R but got stopped at BE.
I consider all BE trades as "winners" (not for stats, but from a trade management view point). Every trade is a risk and a potential looser. Not letting a trade to end as a loser is a good result.
One Chart is Worth Ten Thousand Words.
  • #3,217
  • Mar 22, 2010 1:09pm Mar 22, 2010 1:09pm
Quoting Jduester
I like this location, but didn't like the bar formation enough to take it... will watch though.
Sometimes M5 (or even M15) could be too noisy, then higher TF helps. Other times - the opposite would be true.

Anyway, some "hindsight" thoughts on today's EJ.
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One Chart is Worth Ten Thousand Words.
  • #3,218
  • Mar 22, 2010 3:02pm Mar 22, 2010 3:02pm
I hope you don't find I'm posting too much. Just sharing my trades and some thoughts.

Took this loss today on EURUSD. It was not a perfect pin but the size was OK and with RSI DIV. It also bounced from a PPZ.
It was against a strong move up and there wasn't great momentum on the break.
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  • #3,219
  • Mar 22, 2010 5:43pm Mar 22, 2010 5:43pm
Quoting NosferatuMan
I hope you don't find I'm posting too much. Just sharing my trades and some thoughts.

Took this loss today on EURUSD. It was not a perfect pin but the size was OK and with RSI DIV. It also bounced from a PPZ.
It was against a strong move up and there wasn't great momentum on the break.
I was just about to post the same trade, I could't find a reason to not take it, I think it's just a good setup that failed. I will definitly take it again!
as yo mention:
1. good pinbar size and shape
2.divergence
3.london/us session swing high
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  • #3,220
  • Mar 22, 2010 9:43pm Mar 22, 2010 9:43pm
Quoting NosferatuMan
I hope...
Quoting judith
I was just about to post the same trade, I could't find a reason to not take it, I think it's just a good setup that failed. I will definitly take it again!...
Hello Nos, judith,
i examined the chart & looked for reasons
-your MA's are bullish, so trend at the time (of your trading) is up, so this pin is countertrend. (your chart even looks like a inverted H&S)
-pin is almost same size of previous bullish bar.
-pin is not exactly at a swing high(please look to immediate left)
-immediate traffic below pin around 1.3525 ppz.
-pin did not break with momentum. in fact, your yellow dotted MA held price & acted as immediate support. this was your warning sign
-my conclusion, this pin was just a 'pause pin'... a pause in the underlying M5 trend which is up

if trend is indeed up, then, i'll reiterate:
divergence &/or a pinbar (of this size, in an M5 chart) wouldnt matter much.
divergence cant & wont stop a strong (minor or major) trend.
Hope this helps u both
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