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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,321
  • Mar 31, 2010 10:20am Mar 31, 2010 10:20am
Some good setups today. EU trending strong, pins with the trend off MidBB/ EMA21/SR Flip.

1st arrow, 8:45 EST +4R
2nd arrow, 10:15 EST BE

Possible third trade, didn't take because pin was too small, didn't seem strong enough.

When I placed the second trade, my first was already locked at BE so I wasn't increasing my risk on the original position.
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  • #3,322
  • Mar 31, 2010 10:37am Mar 31, 2010 10:37am
Quoting stoli7188
Some good setups today. EU trending strong, pins with the trend off MidBB/ EMA21/SR Flip.

1st arrow, 8:45 EST +4R
2nd arrow, 10:15 EST BE

Possible third trade, didn't take because pin was too small, didn't seem strong enough.

When I placed the second trade, my first was already locked at BE so I wasn't increasing my risk on the original position.
Nice Stoli. Way to trade with the strong trend there. I for some reason was picking tops today! Ended up b/e and was reminded that I can't stop a moving train...
  • #3,323
  • Mar 31, 2010 10:56am Mar 31, 2010 10:56am
Keep it simple
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  • #3,324
  • Mar 31, 2010 11:17am Mar 31, 2010 11:17am
Quoting Jankone
Keep it simple
I assume you passed on this one then? Care to explain why?
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  • #3,325
  • Mar 31, 2010 1:11pm Mar 31, 2010 1:11pm
Quoting Jduester
I assume you passed on this one then? Care to explain why?
have you considered waiting for the entry bar to break the PB?? I was hesitant to do this, since you usually lose 2-3 pips from close to tip, plus 1.5pips (personally) to break, plus slippage (sometimes) but I think it's the better choice so far. it can save you from failed good looking setups like that one.
  • #3,326
  • Mar 31, 2010 1:17pm Mar 31, 2010 1:17pm
Maybe details 1) pinbar is in BB even his high of "nose" is in bb
2) there was a little chop, look at few 5 minutes bars before this "pin"
3) no room for tp (maybe .3500 ) so it's bad RRR
4) for some conservative traders - it wasn't confirmed (breaked down)


this is my opinion...


Quoting Jduester
I assume you passed on this one then? Care to explain why?
  • #3,327
  • Mar 31, 2010 5:37pm Mar 31, 2010 5:37pm
Quoting judith
have you considered waiting for the entry bar to break the PB?? I was hesitant to do this, since you usually lose 2-3 pips from close to tip, plus 1.5pips (personally) to break, plus slippage (sometimes) but I think it's the better choice so far. it can save you from failed good looking setups like that one.
Agreed - I like to put buysell order in front of the pin to avoid situations shown in the posted graph
every Saint has a past. Every Sinner has a Future
  • #3,328
  • Mar 31, 2010 9:28pm Mar 31, 2010 9:28pm
Quoting Jduester
I assume you passed on this one then? Care to explain why?
Quoting Jankone
Maybe details...
Hello Josh,
im sure one of his reasons, although he forgot to mention, is that PB's size.
he want something a bit bigger, bolder than that PB.
  • #3,329
  • Apr 1, 2010 4:22am Apr 1, 2010 4:22am
Quoting supremeChaos
Hello Josh,
im sure one of his reasons, although he forgot to mention, is that PB's size.
he want something a bit bigger, bolder than that PB.
Size is a questionable quality (of a PB). In fact, I prefer SMALL PBs... - at the right location (they have better RR potential)

Think about why PBs work: they trapped suckers who jumped in too early. I.e. at some point they were fully-blown Bull or Bear bars which broke through some level and prompted many traders to open BO positions (some positions were triggered via Limit orders). When price subsequently retreated, those traders were trapped in their positions. When they exit - voluntarily or when their SLs are hit - the move escalated further.

So, from that perspective, it is more important where/why PB occured, rather than how big or small it was. But that's just my USD0.02.
One Chart is Worth Ten Thousand Words.
  • #3,330
  • Apr 1, 2010 5:18am Apr 1, 2010 5:18am
Quoting Jankone
Maybe details 1) pinbar is in BB even his high of "nose" is in bb
2) there was a little chop, look at few 5 minutes bars before this "pin"
3) no room for tp (maybe .3500 ) so it's bad RRR
4) for some conservative traders - it wasn't confirmed (breaked down)


this is my opinion...
Thanks Jankone. Those reasons sound pretty good for me too.

Judith, I have tested entering on the break vs. entering on the close and entering on the close came out ahead, so that's what I do. Do whatever works for you.
  • #3,331
  • Apr 1, 2010 5:44am Apr 1, 2010 5:44am
Quoting Forex007
Size is a questionable quality (of a PB). In fact, I prefer SMALL PBs... - at the right location (they have better RR potential)
...
So, from that perspective, it is more important where/why PB occurred, rather than how big or small it was. But that's just my USD0.02.
u made good points, Sir. i fully agree on all 3 below.
1. small PB's are preferable R:R-wise.
2. small PB's at the right location (it's important u mentioned 'location')
3. location is more important than PA size.
but u have to admit, trading small PB's is a bit advanced.
my response was more of a "basic PB utilization & trading/less advanced PB trading' reply.

my view about PB formation:
suckers &/or profit-taking/heavy selling came in.

im sure u'll agree that a bigger PB (or PA setup) means bigger orderflow/volume/buying&selling. (this is the essence of my reply)

in conclusion, i believe your reply comes from an advanced trader's perspective (which i understand because i trade crappy PB's too).
i believe, for those new/unfamiliar, it's better to trade larger PB's (much better with confluences like div, round # etc). trade small PB's once u are a bit ahead on the learning curve.

-----------
btw, i thought u were 'a bit' against scpb recently (here, here)
[i also thought u were on vacation with your wife & baby , u cant miss posting on FF can u? hahah]
  • #3,332
  • Apr 1, 2010 6:59am Apr 1, 2010 6:59am
Quoting supremeChaos
btw, i thought u were 'a bit' against scpb
That was re "crappy"

Have a look at this chart: Similar location, compare price dynamics and RR (based on where you'd place your SL in both cases).
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One Chart is Worth Ten Thousand Words.
  • #3,333
  • Apr 5, 2010 7:57am Apr 5, 2010 7:57am
anyone taking the day off? With Europe on holiday, it seems the range on these 5min bars is too small to bother. Oanda still has it's normal spreads though...
  • #3,334
  • Apr 5, 2010 3:16pm Apr 5, 2010 3:16pm
would've been a nice day to trade, 2 nice pullback pinbars.
  • #3,335
  • Apr 5, 2010 5:16pm Apr 5, 2010 5:16pm
Quoting Icehocey77
would've been a nice day to trade, 2 nice pullback pinbars.
Care to show with a chart?
  • #3,336
  • Apr 5, 2010 5:47pm Apr 5, 2010 5:47pm
Quoting Jduester
Care to show with a chart?
Hi Josh,
I saw on my chart(Fxpro) 2 pins with trend .First at 6.30am London time 1.3516,which wasn,t great pin but head to Ppz + div. and second about at 6.30pm london time as pullback to RBn 1.3500 no div.

Happy trading.
  • #3,337
  • Apr 5, 2010 6:30pm Apr 5, 2010 6:30pm
Quoting Jduester
Care to show with a chart?
.
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  • #3,338
  • Apr 5, 2010 6:39pm Apr 5, 2010 6:39pm
Quoting Icehocey77
.
Hi,

What's the name of indicator you are using on your chart (up and down arrow).

Thanks
The purpose of knowledge is action, not knowledge
  • #3,339
  • Apr 5, 2010 6:44pm Apr 5, 2010 6:44pm
Quoting alifari
Hi,

What's the name of indicator you are using on your chart (up and down arrow).

Thanks
It's a fractal, you can find it under bill williams stuff on MT4. I actually use a different variation on my other platform, but I'm too embarrassed with how messy the chart is to show it.
  • #3,340
  • Apr 5, 2010 6:56pm Apr 5, 2010 6:56pm
Quoting Icehocey77
It's a fractal, you can find it under bill williams stuff on MT4. I actually use a different variation on my other platform, but I'm too embarrassed with how messy the chart is to show it.
Thanks, appreciate it.
The purpose of knowledge is action, not knowledge
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