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Trade what you see NOT what you expect

  • #21,041
  • Aug 5, 2009 3:47am Aug 5, 2009 3:47am
Quoting terje
are you sure you have the 62 set as an eMA? Mine is 6860 and this is a couple hours later than when you posted

You're so right. Had it set simple.....
And I went through these a few times too. Better check them all one more time.

Thank you!
Ghost Rider - WWTBMD?
  • #21,042
  • Aug 5, 2009 5:02am Aug 5, 2009 5:02am
Good Morning/afternoon


Ken,

I just read again your and Pippi's posts from the weekend.Both of you gave us a nice summary how we should trade here to become profitable.Since we try to catch the best entry i liked the most of your post that: " Then we finally get to the buttom/ (or top) and how we do know it is the buttom/ or top. We get this GREAT PIN then we get a RETEST of the SUPPORT/RESISTANCE and we start higher lows and higher highs (or vs.)

I am not on the Ball yet but on that way..Thanks for EO and all the Great guys on this thread to share their wievs, and keep us alive
  • #21,043
  • Aug 5, 2009 5:47am Aug 5, 2009 5:47am
Quoting Isty
Good Morning/afternoon


Ken,

I just read again your and Pippi's posts from the weekend.Both of you gave us a nice summary how we should trade here to become profitable.Since we try to catch the best entry i liked the most of your post that: " Then we finally get to the buttom/ (or top) and how we do know it is the buttom/ or top. We get this GREAT PIN then we get a RETEST of the SUPPORT/RESISTANCE and we start higher lows and higher highs (or vs.)

I am not on the Ball yet but on that way..Thanks for EO and all the Great guys on this thread...
And one more thing you pointed about booking partial profit..VERY IMPORTANT!!! Before this thread i tended to expecting 100-200 pips from each trade..I sit in the trade might have seen 50-80 pips profit and booked nothing...at the and my goal was not reached and the price came against me..Finally i closed my position at BE or even minus...Finishing a day with no profit or loss and keep saying that, oh i am so stupid and greedy i should have booked profit at that price..It happenned many times to me an i think i am not the only one...I know it is very hard to see when the price just flying and we kept our rules and booked partial profits..But in my case if i look behind it happenned less...So i decided to keep the rules EO set, and experienced for many years..What could go wrong then???
  • #21,044
  • Aug 5, 2009 6:48am Aug 5, 2009 6:48am
Quoting Isty
Good Morning/afternoon


Ken,

I just read again your and Pippi's posts from the weekend.Both of you gave us a nice summary how we should trade here to become profitable.Since we try to catch the best entry i liked the most of your post that: " Then we finally get to the buttom/ (or top) and how we do know it is the buttom/ or top. We get this GREAT PIN then we get a RETEST of the SUPPORT/RESISTANCE and we start higher lows and higher highs (or vs.)

I am not on the Ball yet but on that way..Thanks for EO and all the Great guys on this thread...
Thanks for the comments.. Don't woory it will take a little bit of time to get all the pieces together but when you do it will be worth it.. Even if you don't trade all the trades try and at least take notice of where you think you could have taken the trade. Maybe write down the entries and exits.. Risk free trading.. When you do start tradign if something doesn't feel right about a trade. You don't have to risk the same amount on ever trade lower your entry amount.. The number one goal is to make and hold on to money.

Have Great Day Ken
Good Trading To All ; Ken Lee
  • #21,045
  • Aug 5, 2009 6:57am Aug 5, 2009 6:57am
Quoting KENNETH lEE
Thanks for the comments.. Don't woory it will take a little bit of time to get all the pieces together but when you do it will be worth it.. Even if you don't trade all the trades try and at least take notice of where you think you could have taken the trade. Maybe write down the entries and exits.. Risk free trading.. When you do start tradign if something doesn't feel right about a trade. You don't have to risk the same amount on ever trade lower your entry amount.. The number one goal is to make and hold on to money....
I believe Buffet summed it up nicely:

Rule number one of investing is never lose money.
Rule number two is never forget rule number 1.

Warren Buffet

Now reality is you'll never win every trade, but I think the key takeaway here is that you need to keep your eyes on the risk and the potential rewards, and size your positions accordingly. Always better to miss a trade than to miss your capital.

Good to see the usual characters (PippiNole, Ken Lee, EO, Infinity, etc) still around here keeping this thread rocking..
  • #21,046
  • Aug 5, 2009 7:20am Aug 5, 2009 7:20am
Thanks NYJETFAN..

We are always talking about the avoidance of risk and how we can trade risk free. The truth of the matter is if we didn't enjoy some amount of risk we wouldn't be doing this or would end up very unhealthy doing it.

I came across this a while ok on Baby Pips someone had posted it there.. It is a book of some thoughts of a group of Swizz bankers that used to meet once a week in New York. They decide to write down some of their thoughts of why and how their thought process worked for them to achieve what they had. The premise or what sticks in my mind is the idea. That most of us are not very far from being really broke just one incident and it could wipe us out. But being wealthy the skys the limit. So instead of trying not to be poor . Focus on trying to become rich..

Here is a little portion of the start of the book...

"But if you do not mind taking reasonable risks -- or better, if you enjoy risk, as the

Swiss do -- then this book is for you. are all about risk and its management. If you
study the Axioms with the diligence they deserve, they can enable you to win more of
your bets than you ever thought possible.

Let's not mince words. They can make you rich."



I don't advocate anything it is just given freely for each person to enjoy and take from it what you see as relavent.. Have a great day .. Ken
Attached File(s)
File Type: pdf Zurich_axioms[1].pdf   346 KB | 346 downloads
Good Trading To All ; Ken Lee
  • #21,047
  • Aug 5, 2009 7:52am Aug 5, 2009 7:52am
thanks Ken, it looks interesting.
'The past will always show us the future'
  • #21,048
  • Aug 5, 2009 8:00am Aug 5, 2009 8:00am
I had taken shorts on both pairs but failed to leave anything on them .. DARN IT !!! So instead of possiblly trying to scalp some pippage and jumping in the wrong way basiclly trading agianst myself. I thought I would post some charts.

The first is the Cable second E/J. This is showing some MA trades that were available last night. These come up a lot during consolidation at times you may only have 1 ma to come off and have to pick a S/R or Trendline for the opposite side. But the main thing to remember is we use the MA's as floating S/R lines. The jey is to try and get your best entry as we can see on the Cable the price was pullinr throught the ma but was failing to make new lows so using Previous Price Action. Taking the minor risk using tight stops. We could get in early or wait for it to cross back above the 200 SMA.

The E/J was oh so much better. Right between the 62 EMA 1 Hr. and the 200 SMA 15 Min. almost spot on.5 trade for ovr 30 pips each lasting 30 mins .. What more can you want.. Just remember wait for the retest of the MA's take the trade. The 62 EMA 1 Hr. is easy as according to the rules we take that one on the touch anyway..

So Good Luck and Trade Smart. Ken
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gpdusdmisc.jpg Size: 173 KB
Click to Enlarge Name: Misc EJ Chart.jpg Size: 151 KB
Good Trading To All ; Ken Lee
  • #21,049
  • Aug 5, 2009 8:27am Aug 5, 2009 8:27am
Quoting KENNETH lEE
I had taken shorts on both pairs but failed to leave anything on them .. DARN IT !!! So instead of possiblly trying to scalp some pippage and jumping in the wrong way basiclly trading agianst myself. I thought I would post some charts.

The first is the Cable second E/J. This is showing some MA trades that were available last night. These come up a lot during consolidation at times you may only have 1 ma to come off and have to pick a S/R or Trendline for the opposite side. But the main thing to remember is we use the MA's as floating S/R lines....
Great charts again Ken. Were you watching me trade on web cam.

I actually took the longs off the 1 hr 62 on EJ and 3 longs from the area of 6900-6910 on GU. Just had a gut feeling we were going back up with both and didn't want to get caught in a short.

For those of you who read my post over the weekend the statement of always look to the left definitely was helpful on the GU trades. If you looked to the left on the 1hr chart you should have noticed 3 failed attempts to go below 6900. Those failed attempts gave me some confidence that 6900 would hold for support. But keep in mind when I was taking these trades I had a tight stop.
  • #21,050
  • Aug 5, 2009 8:28am Aug 5, 2009 8:28am
Excellent
Quoting KENNETH lEE
I had taken shorts on both pairs but failed to leave anything on them .. DARN IT !!! So instead of possiblly trying to scalp some pippage and jumping in the wrong way basiclly trading agianst myself. I thought I would post some charts.

The first is the Cable second E/J. This is showing some MA trades that were available last night. These come up a lot during consolidation at times you may only have 1 ma to come off and have to pick a S/R or Trendline for the opposite side. But the main thing to remember is we use the MA's as floating S/R lines....
  • #21,051
  • Aug 5, 2009 8:30am Aug 5, 2009 8:30am
Did we notice the return to the 200 sma on the E/J .. Had 3 options to buy The touch off the 200 SMA.. The Higher the MA number the better is it's turning or stoping power. It did touch the 35 SMA and closed above the 50 EMA . All of those were a entry opportunity and none would have failed.


Profit taking or Covering at the 137.26 area where we had shorted yesterday. PPA in play again..

Now Go Make Some Money ....
Attached Image (click to enlarge)
Click to Enlarge Name: Misc EJ Chart a.jpg Size: 117 KB
Good Trading To All ; Ken Lee
  • #21,052
  • Aug 5, 2009 8:32am Aug 5, 2009 8:32am
Quoting PippiNole
Great charts again Ken. Were you watching me trade on web cam.

I actually took the longs off the 1 hr 62 on EJ and 3 longs from the area of 6900-6910 on GU. Just had a gut feeling we were going back up with both and didn't want to get caught in a short.

For those of you who read my post over the weekend the statement of always look to the left definitely was helpful on the GU trades. If you looked to the left on the 1hr chart you should have noticed 3 failed attempts to go below 6900. Those failed attempts gave me some confidence...
I think drinking Crown makes you really tight...
Good Trading To All ; Ken Lee
  • #21,053
  • Aug 5, 2009 8:38am Aug 5, 2009 8:38am
Good morning everyone! There have been some nice posts since yesterday!
Just digging in the trenches like everyone else!
  • #21,054
  • Aug 5, 2009 8:39am Aug 5, 2009 8:39am
Quoting AmeriTrini
Just saw this!!! i say we will test the closest support and then continue upward..................
I figured you had already logged off. No worries bro! I hope you got a piece of the upmovement!
Just digging in the trenches like everyone else!
  • #21,055
  • Aug 5, 2009 8:40am Aug 5, 2009 8:40am
Quoting eohater
Good morning everyone! There have been some nice posts since yesterday!
Good Morning EO
  • #21,056
  • Aug 5, 2009 8:41am Aug 5, 2009 8:41am
shampoo on 15m perhaps...
'The past will always show us the future'
  • #21,057
  • Aug 5, 2009 8:42am Aug 5, 2009 8:42am
Quoting PippiNole
Great charts again Ken. Were you watching me trade on web cam.

I actually took the longs off the 1 hr 62 on EJ and 3 longs from the area of 6900-6910 on GU. Just had a gut feeling we were going back up with both and didn't want to get caught in a short.

For those of you who read my post over the weekend the statement of always look to the left definitely was helpful on the GU trades. If you looked to the left on the 1hr chart you should have noticed 3 failed attempts to go below 6900. Those failed attempts gave me some confidence...
Did you get in short on EJ at 137.50? I did this morning, along with shorts on GU at 7035. Booked some profit and covered on both positions.
Just digging in the trenches like everyone else!
  • #21,058
  • Aug 5, 2009 8:49am Aug 5, 2009 8:49am
Quoting eohater
Did you get in short on EJ at 137.50? I did this morning, along with shorts on GU at 7035. Booked some profit and covered on both positions.
Got in on EJ last night and rode her down to the 1 hr 62 and took a few longs there until she finally decided to go back up. Got back up in time to see the beautiful pin on the 15 min for the short.

Rode GU up from 6909 but was slow on the short trigger (7020).
  • #21,059
  • Aug 5, 2009 8:50am Aug 5, 2009 8:50am
Here's why I entered short on GU.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.PNG Size: 51 KB
Just digging in the trenches like everyone else!
  • #21,060
  • Aug 5, 2009 8:53am Aug 5, 2009 8:53am
Here's why I went short on EJ.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.PNG Size: 44 KB
Just digging in the trenches like everyone else!
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