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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,521
  • May 26, 2010 10:50pm May 26, 2010 10:50pm
Quoting khairul81
Hi guys,dont you just love this method! Anyway anybody using Fxpro for this this?...
several here do use FXPro.
u are free to choose which one/s u are comfortable with.
  • #3,522
  • May 27, 2010 5:32am May 27, 2010 5:32am
Hi there,been reading about your posts in Jakone and I think you are doing incredible.The question is i read that you are using fxpro and I am using it too but how do you deal with the 50 pips minimum for tp/sl if you we are risking 10 pips and tp at 20 pips??

I hope you can reply me Josh.

Thank you

Quoting Jduester
As promised, I'm posting my demo results below.

Only E/U 5min trades
56 Trades in about 2months
60.7% of trades reached 1:1 (E=0.25)
46.4% of trades reached 2:1 (E=0.393)


I had slightly more With trend than Against trend trades, but the results were very similar....
  • #3,523
  • May 27, 2010 7:08am May 27, 2010 7:08am
Quoting supremeChaos
if i remember correctly, he likes to take pins on swings (swing high/low).
the previous blue pin is more of a double bottom pin rather than being at a swing point.

Ahh, that's clever

thanks SC
  • #3,524
  • May 27, 2010 8:40am May 27, 2010 8:40am
I think the previous blue pin is also a swing low, or is there another definition of swing low?

PS: can you please also PM me if you have the PPS file?

thanks in advance, Henry


Quoting supremeChaos
if i remember correctly, he likes to take pins on swings (swing high/low).
the previous blue pin is more of a double bottom pin rather than being at a swing point.
  • #3,525
  • May 27, 2010 8:41am May 27, 2010 8:41am
henry bro think of swings as in swing high, swing low
  • #3,526
  • May 27, 2010 8:44am May 27, 2010 8:44am
wtf i saw spread was 6 and still clicked sell :s why not just do AU which was 3 :S
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  • #3,527
  • May 27, 2010 10:34am May 27, 2010 10:34am
Quoting khairul81
Hi there,been reading about your posts in Jakone and I think you are doing incredible.The question is i read that you are using fxpro and I am using it too but how do you deal with the 50 pips minimum for tp/sl if you we are risking 10 pips and tp at 20 pips??

I hope you can reply me Josh.

Thank you
FxPro for charting.
Oanda for trading.
  • #3,528
  • May 29, 2010 8:56am May 29, 2010 8:56am
hi guys,does it matter if the rsi is on close but we take divergence from highs or lows of the bars?

Kai
  • #3,529
  • May 30, 2010 1:12pm May 30, 2010 1:12pm
Hi guys any comment on this Pin i took on Friday where i had -21 pip loss??

Was that a good set up and resoult just fall into the game of probabilties??

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Patience is essential
  • #3,530
  • May 30, 2010 1:38pm May 30, 2010 1:38pm
I planned to take this trade too but ... if you look at possible TP1 it gives you bad risk/reward ratio (2:1). This trade could only work if you will close it on previous lows (TP2), but that was risky. Also ... pin was nice but it was not screaming "trade me" because of its previous candle.
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  • #3,531
  • May 30, 2010 3:38pm May 30, 2010 3:38pm
Quoting jajo
I planned to take this trade too but ... if you look at possible TP1 it gives you bad risk/reward ratio (2:1). This trade could only work if you will close it on previous lows (TP2), but that was risky. Also ... pin was nice but it was not screaming "trade me" because of its previous candle.
Thanks for the replay...anyway i had to be more nimble....i did have the possibility to grab 7-8 pips and price crashed exactly where we would expect it.

ok i've learnt the lesson....we are here for that....next set-up.
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Patience is essential
  • #3,532
  • May 30, 2010 8:32pm May 30, 2010 8:32pm
Quoting khairul81
hi guys,does it matter if the rsi is on close but we take divergence from highs or lows of the bars?
some people do that.
some people plot the the divergence on the bar's close (instead of from highs or lows)
try it out for yourself & see what u are comfortable with.
  • #3,533
  • May 30, 2010 8:44pm May 30, 2010 8:44pm
Quoting benem
Hi guys any comment on this Pin i took on Friday where i had -21 pip loss??
Was that a good set up and resolt just fall into the game of probabilties??
..
u & jajo correctly identified the potential first trouble area (jajo's TP1 & red arrow in your chart)

other observations:
-if the blue MA is the 50sma, its slope has turned flat 2-3bars prior your pin. u should always consider the slope of the MA's (& midBB which is an 18SMA)
-if the RED MA is the 21, its slope has turned flat too about 2 bars prior your pin
-another warning sign is a reverse pin formed right after your bearish pin. after which, price printed a bullish bar. if u have a high momentum setup, usually after your bearish (traded) pin, the immediately succeeding bars are bearish (instead of bullish in your chart). the fact that after your traded pin, price got rejected off the TP1 & formed a bullish pin, means there must be something wrong.
-what was the trend on M5 (try zooming out)? &/or the trend on M15 & up? this will help too.

yes, we have to be very nimble (& very choosy with our trades), as this is a fast timeframe to trade.
  • #3,534
  • Jun 1, 2010 10:10am Jun 1, 2010 10:10am
Hey guys,anybody took the ct pinbar on them?
  • #3,535
  • Jun 1, 2010 10:47am Jun 1, 2010 10:47am
No i was not at home,but i would not have traded that Pin because i could not see any Divergence un the last 6 bars....
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Patience is essential
  • #3,536
  • Jun 1, 2010 11:00am Jun 1, 2010 11:00am
tats so true Ben..anyway i am a little confuse about looking at the trend.Do we follow the 5min trend to trade or refer to the higher timeframe??

On GU now,5min is trending down but the 4hr & Daily is trending up..This subject is a little hazy for me.

Need some help guys..
  • #3,537
  • Jun 1, 2010 11:21am Jun 1, 2010 11:21am
Quoting khairul81
tats so true Ben..anyway i am a little confuse about looking at the trend.Do we follow the 5min trend to trade or refer to the higher timeframe??

On GU now,5min is trending down but the 4hr & Daily is trending up..This subject is a little hazy for me.

Need some help guys..
Honestly i would let other memebers to tell u this.... i am a newbie,but for me every TF has it's own trend,if you start to look at higher Tf you get confused.
What i would prefer is maybe to take note of the Supp/Res that shows up on higher time frame just for reference,but here on 5 min you can easily see those area too. You are almost scalping so 10-15 it's a micro move you should grab indipendently of the higher trend.....
Patience is essential
  • #3,538
  • Jun 1, 2010 1:24pm Jun 1, 2010 1:24pm
Today was boring for me ... no real signals I almost took this trade ... there was divergence, price was rejected from both daily and weekly pivots. It was double bottom. The reason I did not take this trade was that previous red cadle had too long lower shadow and pinbar was not down enough for me What are your opinions? Whould you take this trade?
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  • #3,539
  • Jun 1, 2010 2:08pm Jun 1, 2010 2:08pm
Quoting jajo
Today was boring for me ... no real signals I almost took this trade ... there was divergence, price was rejected from both daily and weekly pivots. It was double bottom. The reason I did not take this trade was that previous red cadle had too long lower shadow and pinbar was not down enough for me What are your opinions? Whould you take this trade?
That's not a Pin bar..... is an inside bar.....
Patience is essential
  • #3,540
  • Jun 1, 2010 11:01pm Jun 1, 2010 11:01pm
Quoting khairul81
....i am a little confuse about looking at the trend.Do we follow the 5min trend to trade or refer to the higher timeframe??....
Benem's correct.
every TF has it's own trend.
for every TF, it's recommended that u zoom out to see the underlying trend. when u zoom in u can only see a few bars & it does not give a good representation of what price has been doing.

depending on your perspective & experience, you may get confused if u consult the higher TFs. experiment & see what u are comfortable with.
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