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James16+Rayanmcd(Jan kone) and ME 7 replies

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Jankone M5 thread

  • #3,561
  • Jun 8, 2010 1:52am Jun 8, 2010 1:52am
Quoting Walcott
Can someone explain me how to use BB as a filter for pinbar in the trend..
hello Walcott,
have u read the first few pages of this thread?
if not, the answer lies within them.

Quoting Walcott
.... Can make much more signals.....
do remember,
more signals doesnt necessarily mean more trades
also we are looking for quality setups, not necessarily quantity setups
  • #3,562
  • Jun 8, 2010 3:22am Jun 8, 2010 3:22am
Quote
also we are looking for quality setups, not necessarily quantity setups

Yes of course, I'm trying to balance these two aspects.
  • #3,563
  • Jun 8, 2010 8:11am Jun 8, 2010 8:11am
Quoting oneuniverse
hi,

this pps is not updated with trades till date! but have many beautiful trades
Hi! I have been trading PBs for few weeks and noticed something very similar. Double top/bottom with nice PB and RSI div gives great results! Thanks for posting your detailed rules .. will definitely help me a lot!
  • #3,564
  • Jun 8, 2010 8:20am Jun 8, 2010 8:20am
Quoting jajo
Hi! I have been trading PBs for few weeks and noticed something very similar. Double top/bottom with nice PB and RSI div gives great results! Thanks for posting your detailed rules .. will definitely help me a lot!
Hi Jajo,

wow! great! and I can say boldly that the detailed setup is really close to Holy grail! if anybody still doubts, can test on stocks, commodities but with the perfect following of the detailed rules. Infact till date I have seen more than 800+ setups on all time frames accross many diff liquid markets and they hit more than 80% right for atleast 1:1 RR. I trade stocks in India by the same method!


Just waiting for the new indicator development which would combine both RSI div detection and pin bar detection at the same time! so that it could benefit all of us and I would surely show the way I take such trades with NO SUBJECTIVITY at all!
Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,565
  • Jun 8, 2010 10:04am Jun 8, 2010 10:04am
Quote
Just waiting for the new indicator development which would combine both RSI div detection and pin bar detection at the same time! so that it could benefit all of us and I would surely show the way I take such trades with NO SUBJECTIVITY at all!

I'm working on pal.


Have you tried with success pinbar in trend with classic SMA & BB confirmation ? I mention that because it's way easier to program.


If you calculate, 4 TF and 9 pairs makes 36 screens to watch, unless you have ninja skills, alert can help you. You mentioned 12 trades a month in average, maybe you missed a lot signals and it's more arround 30 trades a month. Have you think of that ?

Nice setup anyway oneuniverse
  • #3,566
  • Jun 8, 2010 11:13am Jun 8, 2010 11:13am
Quoting Walcott
I'm working on pal.


Have you tried with success pinbar in trend with classic SMA & BB confirmation ? I mention that because it's way easier to program.

Hi,

now a days, I dont have SMA's or BB on chart. Just a plain chart with only RSI 6
For with the trend, RSI div is not needed as far as my research

what i look is
1) TIME factor for M5 and M15
2) Structure like Elliot 1-2-3-4 wave formation
3) Pin bar near the wave 4 LIKE STRUCTURE
4) Range of pins greater than previous bar ( visibly not just greater by pip or so )
5) pin should stand out from traffic
6) Very nice Pin

remmember it has nothing to do with elliot waves, just giving you s visual as how the structure must look, so please dont confuse that if wave 4 overlaps wave 1, then it is disqualified? just looks like the 1-2-3-4 elliot wave

If all above factors are satisfied, there are more than 70% chance of hittting atleast 2:1 RR and with Higher Time frame analysis one could either book entire at 2R or wait for runner by keeping positions at BE after 2R

Kind regards
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,567
  • Jun 8, 2010 11:21am Jun 8, 2010 11:21am
hi

see how the long and short setups look with no SMA,BB with Elliot wave like structure and proper TIME
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,568
  • Jun 8, 2010 11:31am Jun 8, 2010 11:31am
see below UC M5

such failed setups do happen but sometimes as 20 to 30% of time
But I really feel bored without them! enjoy those setups also
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,569
  • Jun 8, 2010 11:32am Jun 8, 2010 11:32am
Quote
remmember it has nothing to do with elliot waves, just giving you s visual as how the structure must look, so please dont confuse that if wave 4 overlaps wave 1, then it is disqualified? just looks like the 1-2-3-4 elliot wave

SMA + BB is a kind of elliot wave filter I think. In the trend and the wick pull back on a BB side.
Elliot wave are really subjective if I want to make a system with rules, maybe with a swing indicator, but subjective too.

I gone work on this one.

70% on 2:1 seems a bit too much ? It makes a profit factor of 4,6.
  • #3,570
  • Jun 8, 2010 11:36am Jun 8, 2010 11:36am
Quoting Walcott
70% on 2:1 seems a bit too much ? It makes a profit factor of 4,6.
seems very easy on finished charts or theory! but one need thousand of hours of real life exposure to live accounts for putting them into practise and this is where the psychology comes into play......one has to master and tame this untamed one!

Best Wishes
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,571
  • Jun 8, 2010 11:41am Jun 8, 2010 11:41am
Just I don't wabt to spend my day on 5M chart without alarms. But for making alarms I need codable way to interpret charts . If you have any idea unless BB/SMA, it will be very appreciate.
  • #3,572
  • Jun 8, 2010 11:49am Jun 8, 2010 11:49am
Hi,
Sure!

for trend pins coding

buy setup code purpose only!
1) 20 EMA above 50 SMA
2) Range of pin must be greater than previous bar
3) perphas the low of Pin must not touch lower BB

more things could be added

let's see
Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,573
  • Jun 8, 2010 1:04pm Jun 8, 2010 1:04pm
ok Thx.

I think it's less profitable compared to a good visual analyse, but I feel better with rules.

by "2) Range of pin must be greater than previous bar" you mean the pinbar high and the low ?
  • #3,574
  • Jun 8, 2010 1:15pm Jun 8, 2010 1:15pm
yes, the high - low of pin bar must be greater than the high - low of previous bar!

thnxs
Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,575
  • Jun 8, 2010 3:38pm Jun 8, 2010 3:38pm
see the EJ m30 below

perfect setup as per the detailed rules.

do u see the Pin bar and RSI div at the same time?
we need such an alert with only modification in Pin bar indicator that the range of pin must be greater than the previous bar. Rest places, you wont find them occuring simultaneously.

This setup give 1R sure and was wise to get out at 1R as H4 was bearish
Attached Image (click to enlarge)
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,576
  • Jun 8, 2010 4:51pm Jun 8, 2010 4:51pm
Yes ok, I see very well. It's easy.
Maybe it's better to rebuild PB indi with strong and clear rules.
RSI Div indi should be find.

About Stop Loss, every body places it after the candle wick.
Is here any other way to set SL, like 68%fibs of candle wick for tighter SL ? Or "candle wick size" - "candle body size" = "SL size". Maybe other ideas ?

Quote
This setup give 1R sure and was wise to get out at 1R as H4 was bearish

So, a highter TimeFrame confirmation is better ? Can you confirm Winston.

Best Regards,
Wal
  • #3,577
  • Jun 8, 2010 9:54pm Jun 8, 2010 9:54pm
Hello Wal,

the stop loss is 1 pip + spread below the low of pin bar
Unlike others, I enter at the completion of pin bar and not wait for breakout. Normally I enter first 1% on candle close and other 1% if the next candle retraces the pin bar. Anyways the reward is 1R from the candle close entry to stop loss distance so if the retrace happens on next candle, you get more than 1R for another 1% position.

I always see Higher time frames. It gives you an idea whether you should hold your position for a runner or quite at 1R or 2R. Also sometimes it saves us from just buying near very very strong resistance and shorting near strong support

hope this helps Wal

Regards
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
  • #3,578
  • Jun 11, 2010 8:59am Jun 11, 2010 8:59am
Hi everybody,
It seems that there was only 1 good setup for me today and I completely missed it I was watching it but not being able to decide if I should enter or not Shame. Here is why I was so hesitant. From the chart there was downtrend (lower highs). I saw nice pin touching nice S/R level with additional power of monthly pivot. It was also outside BBs. Now ... what made me confused was divergence. There was divergence between previous lows and current PB (Point A and point C on chart), but there was no CURRENT divergence (point B to point C on chart). Would you take this trade? I am afraid to be a bit paranoid with those RSI divergences
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  • #3,579
  • Jun 11, 2010 9:21am Jun 11, 2010 9:21am
Quoting jajo
Hi everybody,
It seems that there was only 1 good setup for me today and I completely missed it I was watching it but not being able to decide if I should enter or not Shame. Here is why I was so hesitant. From the chart there was downtrend (lower highs). I saw nice pin touching nice S/R level with additional power of monthly pivot. It was also outside BBs. Now ... what made me confused was divergence. There was divergence between previous lows and current PB (Point A and point C on chart), but there was no CURRENT divergence (point B to point...

would not be a pin for me, i took a look @ fxpro chart and i would not consider this a+ pin, however for a better look you should hope that supremeChaos takes a look at it. His analysis is the best response you can get, besides from jankone/ryanmcd

attached is the only trade i took today, notice that i only trade with trend, no CT stuff for my account

its AU M15, beautiful but stopped out @ BE (first blue rectangle) Target was daily pivot (2nd blue rectangle)
Attached Image (click to enlarge)
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Never whishing, always trading.
  • #3,580
  • Jun 11, 2010 9:37am Jun 11, 2010 9:37am
Quoting jajo
Hi everybody,
It seems that there was only 1 good setup for me today....
hello jajo,
i checked my $jpy M5 chart (FXPro too)
quick observations:
-why did u say trend was Down?
if u look at late June10 or early June11, price was moving up, making higher highs & lows (when i look at higher timeframes, price seem to be in a range from around June7)
-that pin is a proof that price has not made a good/strong lower swing low. during the formation of that pinbar, price did move down (compared to the price low around point A), BUT price quickly pushed up forming a big M5 PB.
u had analysis paralysis because u gave more weight on RSI (to produce divergence) rather than putting more weight on price action. (another mistake, IMHO, is that u presumed price is now in a downtrend)
price action is a more important/superior indicator than RSI etc.
-do not fret about missing trades. missing & losing trades are normal & a regular part of this business.
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