Jankone M5 thread

hi all,
started to trade pa two weeks ago.
trade from today:
only 6 pips cause i couldnt manage the trade on screen because i needed to left the house for an hour unfortunatly right after have had entered the market.



USD/JPY long entry 90,5900 sl
90,4200 tp
90,7600 closed
90,6500 since this was a CT trade
my exit strategy was to close half of position after 1R put sl to be and let the other run till tp2 and trail the stop or sl were hit on be. how i said i couldnt manage this, so i closed the trade when i arrived back home with +6pips

how you see on the big picture there was a s/r zone + divergence + 50 level nice zone, pinbar gave me entrytrigger.
what do you guys think about this trade, beside the fact that you never should let a trade alone....

Hi Makaveli,
In my view divergence on your charts is not really div.
Look at my example.
With Regards FX

Fxfighter is right, there is no div.

see here
http://www.babypips.com/school/divergence_trading.html

BUT, on M30 & H1, there is div.
location is nice (S/R, 50 level, double bottom) & nice pin.

you guys are right, thx for the hint.
here one more trade from this week +24 pips
17.06.10
EUR/CHF short 1,3790 sl 1,3812 tp
1.3766

Makaveli,
nice trade.
pin with trend, off 1.3800 round number, good momentum off of the pin.
nice exit (good identification of potential trouble area/ support)
Keep it up!

thx for the answer.
i really need some feedback in this. cause i think, after the journey (4 years) i have been made in trading (systemhopping, indicators, first liveaccount crushed, search for holygrail, dream of fast money,close to quit cause i thougt its not possible, a ton of books and forums read,etc.......), i belive this method to trade is working, but i have to test it for me with demo first. thanks to james16 and jankone. and why should it work? cause pa its the mirror of the market, all information is given. its like a book in a different language (languag wich isnt known in this world), you have to learn this language and then you can read this book...

also after few pages in james16 and here i think, no i know now ,how important it is to be really picky with your trades----> thats why i read so many times you have to patience in trading and i didnt understand what was meaned with that. succsefull trading starts in your head. its all about patience, greed and fear. patience to be really picky with your trades, and greed not to overtrade, fear not to close to early and belive in your method or trading style.
i hope i can bring up the energy after my journey to stick up with this method cause it gave me hope to reach my dream make a living with trading.

here the big picture for my decision for the trade above

another trade i made this week in EUR/USD +21 Pips

entry trigger was the pinbar and and the resistance area of price with BB.
it was one trade but since i was expecting that price will move more to south (cause candle broke the 50 level clean and was very long) i splitted the trade into two. first trade i would close after it reachs my tp (>1-1,5R), then i put sl to BE and let the other half run till it reaches middle of earth...

after i closed first position the market moved back north, support was to big, my sl at BE was hit. any way for me it was a good trade cause i could grap 21 pips with a RRR of 1,75.

17.06.10 08:15:00 EUR/USD
short entry 1,2273, sl 1,2285, tp 1,2252
short entry 1,2273, sl 1,2273, tp 1,2200

Evening All,

I posted this chart just after the setup formation on J16. There it was M30. Here posting M15 for more clear view

GJ M15

What interests me is that the beautiful Trend pin off from BRN 135 and if you look at H1, the target was obvious. Price had turned from 136 two times before. Also before the setup, price had a upside break of I4B on daily

Such setups are also gold!

Hope this helps everybody

Kind Regards
Winston

short EUR/CHF +15 Pips

entry 1,3732, sl 1,3748, tp 1,3714, close 1,3717
this was my first trade today morning. price was near a strong s/r zone with 50 level + 1hour chart downtrend. i closed the trade manual since price was fighting to break 1,3715 and i didnt like to loose my 15 pips profit only because of one or two pips more gain.

this was my second trade today and unfortunatly it was a small minus trade of -4 pips.
EUR/JPYshort
entry 113,24 , sl 113,43, tp 113,03, close 113,2800

this trade was a classical emotions trade. because the position went short after my entry against me, i feared to lose my win from the first trade of today. so i wasnt confident and focused enough to let this one run. after i closed price changed direction and hit tp. i was really upset about my behavior.
next time i have to be more confident.

I almost took this EJ trade too ... PA was rejected from previous week high resistance, there was divergence but Pin was NOT perfect (too big body?) I would really appreciate some input if this pin was tradable or not.

Hello jajo,
can u share a chart so we can understand why u say pin was "NOT perfect/too big body"?

i checked eurjpy in my charts & Makaveli's.
if u look at H1/H4, price is in a range (111.60 - 113.35).

so, the pin was off the high (price did a minor break of that high, 113.39ish), with RSI div.
if u agree that price is currently in a range,then we are essentially selling at the top of that range, giving us a tight stop/good potential reward or good R/R (price can potentially move towards the range low or beyond; price currently at 111.87, & made a 111.75 low).

so is it tradable? imho, yes.
the main issue is each trader's trade management.
a trader either exits too early (with a small profit or loss, or BE), or lets it breathe. (if u notice the pinbar's high was never breached; so if a trader put his/her stop above the PB, watched price action, then he/she most likely closed this trade with a profit)

Hope this helps

Hi SupremeChaos!

Here is chart with pin I am talking about. I don't like size of body of this pin. My opinion is that price closed too far from where it started (difference is about 5 pips). When in countertrend ... there should be definitely "perfect" pin. I am talking about pin A. Perfect pin shape is pin B (but it has bad location)

hmm ... I see that on H1/H4 price was in range and I was looking at M15 where I saw uptrend

jajo,
dont forget, u correctly pointed out a weekly resistance.

u can think of it this way:
"M15 mini uptrend in a H1/H4 range"
u always have to put things in perspective.... see the forest & the trees

Thanks SupremeChaos!

Now you exactly pointed out my biggest weakness I just did almost the same mistake. Today traded EUR/JPY. I was on M15 when I saw this PIN touching S/R line and middle of BBs. I jumped on this trade. Waiting few candles, but nothing happened Unfortunately after I killed the trade at BE I looked at H1 chart. It was obvious that uptrendline there was broken, retested and new trend (downtrend) was established. It seems that I should work much more on understanding trends.

exactly my trade ! but i had a loser on this one, price went 2 pips above my sl^^

and then i missed the outside bar few candles after the pin...

jajo,
u did better than me.
i exited my gbpjpy (aggressive) short with a loss, due to very tight stop (about 30pips).
if i didnt get stopped out,then i would've had about +60-65pips (my target was 133.10 area --near the round number).

Next trade

Is this Pinbar is correct one?

lol, it seem I am the winner this time