Jankone M5 thread | Page 192 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

James16+Rayanmcd(Jan kone) and ME 7 replies

Attachments: Jankone M5 thread
Exit Attachments

Jankone M5 thread

  • #3,821
  • Jul 28, 2010 6:40pm Jul 28, 2010 6:40pm
Quoting rohule
hi guys, i enteret at 1.3006 and hit my sl, i enteret again at 1.3016 and also i hit my sl, the trade was with good res, and downd trend in chanel. that you guys think im did wrong?
Looks to me like you are trying to combine your system above with the THV system in the lower windows. Put the same question in the THV thread and there will be ppl that can answer you easily about what you did wrong.
  • #3,822
  • Edited 10:10pm Jul 28, 2010 8:57pm | Edited 10:10pm
Quoting stoli7188
your chart has waaaaay too much crap on it... i can't even see the price!!
it may be crap...
but more importantly, it has nothing t do with this thread.

Quoting Freddyfx
Looks to me like you are trying to combine....
yes Sir, & possibly wrong thread to post it on.
& if he's using THV Trix, no need to use RSI. or vice versa.


Quoting rohule
hi guys, i enteret at 1.3006 and hit my sl, i enteret again at 1.3016 and also i hit my sl,...
im not sure your trade had 'good' resistance, like u said. possibly your timing was off a bit.
all your indicators (rainbow MAs, etc) were bullish. so in a way, u made a counter trend trade/scalp.
Hope this helps
  • #3,823
  • Jul 28, 2010 8:58pm Jul 28, 2010 8:58pm
Quoting Icehocey77
I really need to find a bar close alert for MT5. I was watching this like a hawk.
try a similar MT4 indicator, if u have one.
i remember some people saying some MT4 indicators are compatible with MT5.
  • #3,824
  • Jul 29, 2010 6:47am Jul 29, 2010 6:47am
hi guys! this is the same trade, firts i place trade short in 1.3005, sl hit at 1.3014 enteret again at 1.3012 and sl hit again, rsi was over the 70, and the pin bar was in the res of a downtrend chanel (better pic). it was only market noise or i did a bad entry?
thank you people have a good one!
Attached Image
passion and discipline
  • #3,825
  • Jul 29, 2010 7:21am Jul 29, 2010 7:21am
Quoting rohule
hi guys! this is the same trade, firts i place trade short in 1.3005, sl hit at 1.3014 enteret again at 1.3012 and sl hit again, rsi was over the 70, and the pin bar was in the res of a downtrend chanel (better pic). it was only market noise or i did a bad entry?
thank you people have a good one!
Hi rohule,
Just what I see on your chart:First entryPB look prior two bars,they are very strong bullish,yes that is RN but still we can see momentum is chaged to up.
Second entry after firtst failed PB trend is changed up so you enter CT which u should enter only with divergence and agai that momentum is still up so very riskie enter short.

Only my opinion Sir,here is many seniors who give you better advise.

FX
  • #3,826
  • Jul 29, 2010 7:29am Jul 29, 2010 7:29am
Quoting Fxfighter
Hi rohule,
Just what I see on your chart:First entryPB look prior two bars,they are very strong bullish,yes that is RN but still we can see momentum is chaged to up.
Second entry after firtst failed PB trend is changed up so you enter CT which u should enter only with divergence and agai that momentum is still up so very riskie enter short.

Only my opinion Sir,here is many seniors who give you better advise.

FX
And one more thing in second short.You can see after that second PB price just tested that RN,so if you see like say third bar doesn't have momentum and just playing around,just kill that trade with smaller loss and wait for another opurtunity.
If you trading on small TF like 5 min is u just must be like robot,machine and dance with market,(doesn't go down ,just kill and wait for another shot)
  • #3,827
  • Jul 29, 2010 8:36am Jul 29, 2010 8:36am
thank you guys for all the help you bring, it helps a lot, take care and have a good life all!
passion and discipline
  • #3,828
  • Jul 30, 2010 12:31am Jul 30, 2010 12:31am
Quoting supremeChaos
try a similar MT4 indicator, if u have one.
i remember some people saying some MT4 indicators are compatible with MT5.

afraid not, the process involves having to convert the mq4 to mq5 and even then the source code has different variations for certain things. It's going to be a big mess whenever people start trying to switch over. Oh well, guess I'll be attempting to code this weekend. :nerd:
  • #3,829
  • Jul 30, 2010 1:49pm Jul 30, 2010 1:49pm
Your trading diary is the third essential record. Whenever you enter
a trade, print out the charts that prompted you to buy or sell. Paste
them on the left page of a large notebook and write a few words
explaining why you bought or sold, stating your profit objective and a
stop. When you close out that trade, print out the charts again, paste
them on the right page and write what you’ve learned from the completed
trade.
  • #3,830
  • Jul 30, 2010 5:14pm Jul 30, 2010 5:14pm
here is the way i find good divergence trades i dont want to put trade on when wave 3 comes to and end because wave 4 is short so i wait and behold there it is my risk 1 to make 2 trade
Attached Image (click to enlarge)
Click to Enlarge Name: divergence.jpg Size: 168 KB
  • #3,831
  • Jul 30, 2010 11:58pm Jul 30, 2010 11:58pm
Quoting rohule
hi guys! this is the same trade, firts i place trade short in 1.3005, sl hit at 1.3014 enteret again at 1.3012 and sl hit again...
well, if u go by conservative pinbar entries, the first pin DID not break. that bearish pinbar which didnt break is sometimes a sign that the market is not bearish/not yet bearish.
the second pinbar barely broke, after which price stalled. the price stalling is another warning sign.

also, S/R wise, there were much higher resistance areas, based on your chart. (see left side of your chart)

RSI wise, an RSI reading of +/-70 does NOT mean price should go down. in trending markets, oscillators can stay overbought for a long time.
rely mainly on PA, & use indicators only for confluence/confirmation. DO NOT base decision solely or mainly in indicators.


Quoting Divergence
here is the way i find good divergence trades...
im not very sure...
but i think, it's either u made an improper wave count &/or labelling.
from what i know, a 5-wave is followed by a corrective wave. this was not the case in your charts as price continued up from the 5th wave.

btw, if u compare your indicators (RSI & Stoch.Dinapoli), they are practically similar in look.so u can benefit more if u remove 1 of them.
  • #3,832
  • Jul 31, 2010 2:12am Jul 31, 2010 2:12am
He probably means ... ABC elliot correction after which price should go in previous trend direction ... like on this picture
Attached Image (click to enlarge)
Click to Enlarge Name: improv32.gif Size: 19 KB
  • #3,833
  • Jul 31, 2010 2:12am Jul 31, 2010 2:12am
But problem is ... that to see elliot waves on M5 needs a LOT of experience
  • #3,834
  • Jul 31, 2010 3:47am Jul 31, 2010 3:47am
jajo,
yes, that's why try to stick with the easier stuff first:
pinbar + MAs + RSI ( + BB )
  • #3,835
  • Jul 31, 2010 7:36am Jul 31, 2010 7:36am
what i am trying to say is when you have a 123 pattern form and price takes out point 2 you are then in a wave 3 so if you have divergence at that high of wave 3 and take trade you will be trading into wave 4 which will be a short wave so let it go till price takes out wave 3 high and than is wave 5 then look for divergence
  • #3,836
  • Jul 31, 2010 10:02am Jul 31, 2010 10:02am
Quoting supremeChaos
jajo,
yes, that's why try to stick with the easier stuff first:
pinbar + MAs + RSI ( + BB )
Well said - the problem with newer traders is that they have a need to win all the time; forgetting that in trading that losses are part of the business. hence their need for more indicators etc.
Stick to price action i.e. KEEP IT SIMPLE
every Saint has a past. Every Sinner has a Future
  • #3,837
  • Jul 31, 2010 2:23pm Jul 31, 2010 2:23pm
Quoting supremeChaos
jajo,
yes, that's why try to stick with the easier stuff first:
pinbar + MAs + RSI ( + BB )
Supreme is right. You don't need anything more than this to make money. Once you gain more experience, it almost becomes instinct on which trades to take and which not to. I know that sounds ridiculous but that's how it goes IMO.
I dream, therefore I become.
  • #3,838
  • Jul 31, 2010 2:42pm Jul 31, 2010 2:42pm
Quoting turnip15
Well said - the problem with newer traders is that they have a need to win all the time; forgetting that in trading that losses are part of the business. hence their need for more indicators etc.
Stick to price action i.e. KEEP IT SIMPLE
That is EXACTLY my problem. I analized last 1.5 years of charts and made stats based on many different factors. At the end I come to conclusion that if you want to have 90+% success probability you need to have perfect pin + divergence + double top/bottom + stoch in extreme position + pierced daily pivot or resistance + with trend + round number + outside BBs Now try to find such a trade
  • #3,839
  • Jul 31, 2010 2:42pm Jul 31, 2010 2:42pm
and I forgot FIBO levels
  • #3,840
  • Jul 31, 2010 10:37pm Jul 31, 2010 10:37pm
the need for all the extra indicators will only hinder your progress use rsi and the k line of the stock to find divergence use pin bars morning star evening star and railroad tracks spinning tops to find the trigger bar the difference between the indicator and price is the indication price is going the other way i cant explain it any better than that
0 traders viewing now