Trade what you see NOT what you expect

i see that we have a nice shooting star on weekly... or am i wrong?

Amytrade thank you very much for the input, but on this thread we all have a common goal on trading the same way that is taught.

Your way sounds profitable also, but we just do not want to confused those that are learning to trade as EO and Infinity teach.

I thank you for posting to the thread. If you have any questions about the setups and stuff in this thread, please feel free to ask. Someone will be more than willing to answer you questions.

HOLLA

Looks like one to me.....I would like to see some kind of pullback up around the 4400 area or even higher before putting in a short entry.

The thought process is that she was not able to get under the 4280 level pretty much since the start of the US session on Friday.

If it does break, then I will look for a pullback to enter.

HOLLA

Ken Lee, once again nice job!

I was reviewing all of these trades you discussed last night!!! :nerd:

Already printed out and posted to flashcards as we speak.

HOLLA

Well....it seems there is another UK(scotish ) Bank in trouble...Uk Goverment looking in to the situation.....
keep watching Cable on OPEN....


http://news.bbc.co.uk/1/hi/scotland/7969882.stm


baz

Hey baz,

The US had another bank failure on Friday as well. 21st of the year.

http://money.cnn.com/2009/03/27/news...ion=2009032718

Hi Amytrade, I appreciate your dropping in the thread, but I don't so much appreciate your comment about our trading style. Trading is not an easy job, and just like any other job, it has to fit your personality. I'm glad to read that you've found a style that fits your personality and your having success. For this, I applaud you! I've never said that I have a holy grail or pushed my way of trading on anyone. I definately don't believe my way of trading is the only way to trade, nor do I believe it's for everybody.

I wish you continued success in your method!
EO

Eoh,hope everything is ok and fine...
Regards to bank failures...it can really be a Shock to the British Public....as this has not happened for a Long Time....if it carries on like this....i see PANIC,and FEAR in the Publics Mind...
I presume a Gap down on Sunday OPEN...

baz

Nice work Ken Lee! You put forth some excellent contributions to the thread, please continue as I appreciate and I'm sure others do as well.

.....Maybe you should start your own thread then....

Hats off to Mr KEN LEE...====>

I hope you guys are having a good weekend. Taking a look at my 4h this morning I see a clear up channel

There's a lot of info to absorb, do u recommend just picking one or two set ups, (e.g. 1hr 62 ma bounce) and getting proficient at them before attempting trying to pick up anything else?

This would be your prefrence but that trade comes MAYBE 2-3 times aweek max. and you would have to be there to get it, I would just watch them all during the time you normally have to trade and see which trades are available most the time and work on those first. That way you can take some trades regularly.

What is triple interest, TIW? U mention that a few times and I have no idea what it is - but can google it, so no problem either way.

Interest is paid on your open positions ( or you pay depending of course) Wed. interest is paid for Sat,Sun and Wed. Hence triple interest wed, TIW

Eohater - when u say the best place to buy/sell on a pin is in the wick, do u mean as it is retracing to become a pin or do u mean rather than buy/sell break of pin on the next candle u wait for it to come up/down a bit before entering? That way u may miss the trade but won't have much of a negative trade?

Back up and look at the 1hr hangman trade, If that doesn't explian it. ask again.

How many hours a day do u trade on average? I'm UK based with schoolkids, so school hours are vital to me. I've tried to trade the asian close/europe open but as it is same time as I'm getting kids out to school its pretty tricky. Is it possible to just trade the London, early NY session for instance and still be profitable?

I know EO and the guys trade ALOT as I do. I tradethe open of must sessions. and what most people consider the quite times are great for the Pric Action or scalp trades, So it is all good. Just focus on when you can really concentrate on it and you will see there are always trades. the only time it gets really slow is between USA close and Asia open 4;00 - 7;30

Finally - there are few chart examples of losing (non-profitable) trades, I personally would find it helpful to see some instances of times when the trade set-ups don't work out, to get an idea of drawdown experienced, or a picture of when u would call it a negative trade and bail - do you wait for stop loss to be hit?

Drawn Down is a function of your Money Management. It is not a result of stops hit. Amount of draw down depends on amount of risk per trade. I would suggest demo trading to get a feel for that, or lower your risk. If you have been trading in the past PA, some of these trades should already be close to some you have taking and will just confirm the trades. Trading and this style in particular SHOULD BE mechanical. See the trade take the trade and repeat. The Idea is that there is a higher success to failure rate, if you start to cherry pick trades you will mess with the ratio and you could just pick nonprofitable trades . Then you say dam strategy didn't work anyway. That is the most common thing that happens to traders who can't succeed.


Am i right in saying the usual stop loss is 25 - 35 above the wick? Depending on entry off the candle body that would be quite a hit, about 50 pips, is that about right and do you find that fairly easy to make that back up?

That could be said but 15 is also a number it depends on the risk of the trade. Follow along and you will get to speed pretty quick with this. Also you will see that as with most trading it isn't the stop that is important as the correct entry. If you prempt the close of your trigger candle you can end up taking what wasn't a trade at all and get stopped.. So Number 1 enter correctlly and your stops are just for looks. LOL Most the times anyway.

Welcome to EO's thread and ask away, as it helps us all when people answer questions . Because most of us don't want to show our lack of knowledge... If anyone should have a contradicting reply please jump in, I will admit I know enough to get in trouble a lot of times ... Trade well.. Ken

Thanks for taking the time to submit such a detailed reply Kenneth and Baz, A great help and much appreciated. So decent of everyone invovled to spend so much time to help others and each other.
Now all i need to do is study the setups, study and study some more!! Going to take a bit of time as along with the PDF there are lots of wee nuggets of info in the thread too. I'm sure I'll get there soon. I'll concentrate on the visuals first off.
Good luck and thanks again.

When I was younger, my father used to tell me-

"A little knowledge is a dangerous thing."

Over the years I've found that to be very true.

The Mark Douglas video was removed I guess. Here is a audio presentation he gave which is actually better than the video. As for as information. Although aduio quality is poor.... here is the Link.. Ken


http://club.ino.com/trading/2008/07/...aders-mindset/

KEN,

Good work as ever. much appreciated.

you'll have a book in no time. or should I say we'll all have books in no time.

OK PA BY KL..

Thanks KEN.

The pound is dropping pretty good. Friday I closed a trade 1.4327 after 4:30. I just checked on ex.com and the present price is1.4267.

Nice work Ken.

If you get tired of living on a postage stamp sized island, let me know. We can get you some acreage where you can move without hitting someone in the nose.


Come on up and I'll put you on the backside of a 2500 pound bull and make a cowboy out of you.

hello people... happy week for all !!!