Trade what you see NOT what you expect | Page 1188 | Forex Factory

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Why did you start trading and what do you expect from it? 19 replies

How soon after you put on a trade do you expect to be "in the money"? 28 replies

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Trade what you see NOT what you expect

  • #23,741
  • Aug 22, 2009 11:30am Aug 22, 2009 11:30am
Quoting KENNETH lEE
Ok now that is out of the way,, Some better useful stuff.. Lets continue with our Price Action Trading but let's focus on what I like to call immediate price action. We will say this normally accures inside a 4 hr and some times a 1 hr candle. In other words you can a have a price action entry during that time frame. Normally showing up on the 15 Min. chart. Because what can happen we take the first entry get stopped out because of a retest of the area then if we don't take the second or even third trade. We end up missing the big move once the...
Ken, don't just be stuck on the one way of going long on her. Notice how the PA on the m15 sent price up. Key way to play is to get in long after the bullish hammer, TP and reverse off the m15 10 targeting the wick of the PA that sent it north to reverse your position there. You've turned the area into about 60 pips worth of profit. Most of the time, as I've discussed and you've shown on your charts, price will go back to where it came from to confirm it's movement. So we take the first long and TP off the m15 10 and reverse our position targeting the PA to reverse again and look to hold that position. We want to see price make higher highs when we get back in long for the hold position to cross the m15 35/50.
Just digging in the trenches like everyone else!
  • #23,742
  • Aug 22, 2009 11:31am Aug 22, 2009 11:31am
Last thing for the weekend I believe my ideas on covering might have been a bit off the mark.. From a scalpers point of view I looked for price to move in my favor and when it starts to turn back take profits. This gives you small gains. So in my mind I was thinking take the majority off there and just leavea tiny bit on.. That works but not real profitable. The way I see that most do it here and a better idea.. Is the first covering is just to protect the entry not really make any money. But if it turns back you don't lose any either. The stop if moved at all is small amount. I really see that the stop isn't moved until a considerable distance has been achieved. That prevents stops from being trigered prematurelly.

Then at critical areas. main MA's or S/R lines more profit is taken and the stops adjusted. During different times the covering can change. If we are late or end of a sesion you might take it all after 20 pips and reverse. This will come with expreince and skill. But the main thought behind covering is to cover your butt. Don't lose if you don't have to. Lock in some profits or BE and the worste but don't lose.

And once your out start at that point looking for the next trade. Like we showed in the last post it might be a second away. Your stop being hit doesn't make your trade wrong . Your stop just got hit. That is what will start to show the real traders when they don't get choked up by a stop being hit. They might have just tested that area a bit harder but if it still fails to break your trade is still good you were just protecting yourself and that is always a good thing.

So figure your best way to cover. My new way is to take a small amount to make trade risk free yet leave enough on to make it a profitable trade when it continues in my direction and also having the ability to take more off at different levels. Don't forget to add some back on when you get a retrace on the ride your in also.. That can really compound your gains without any risk, because your already in profit. Look at your GBP for friday 15 min .. It is crystal clear where you could have added to that trade. on that retrace..

Take Care Ken
Good Trading To All ; Ken Lee
  • #23,743
  • Aug 22, 2009 11:38am Aug 22, 2009 11:38am
Quoting eohater
Ken, don't just be stuck on the one way of going long on her. Notice how the PA on the m15 sent price up. Key way to play is to get in long after the bullish hammer, TP and reverse off the m15 10 targeting the wick of the PA that sent it north to reverse your position there. You've turned the area into about 60 pips worth of profit. Most of the time, as I've discussed and you've shown on your charts, price will go back to where it came from to confirm it's movement. So we take the first long and TP off the m15 10 and reverse our position targeting...
Thanks Ken

I did mentiion Both directions just not such detail..
Good Trading To All ; Ken Lee
  • #23,744
  • Aug 22, 2009 11:40am Aug 22, 2009 11:40am
Quoting KENNETH lEE
Thanks Ken

I did mentiion Both directions just not such detail..
Here's a chart
Attached Image (click to enlarge)
Click to Enlarge Name: chart.PNG Size: 68 KB
Just digging in the trenches like everyone else!
  • #23,745
  • Aug 22, 2009 11:46am Aug 22, 2009 11:46am
Quoting eohater
Excellent post Ken! Very heartfelt and I really want to see you succeed! You know the setups and you know the system very well, no you need to apply it like you said, to fit your personality.

Something that I think many traders in here are having a problem with is trying to pick a cherry seat at the top or bottom. This can be either in the range time on the m15 shooting for the breakout or after the breakout has occurred and tring too soon on pushing price in the other direction. I will tell everyone, picking a top or bottom with minimal draw...

That is what is so frustrating with me is that I do pick the top and bottom taking my 10 or so and then watching the awesome gains of others.. But as I said I am really working on it.. Covering is a key issue to succeed I believe it is a skill we must all learn as it alone could make many mediocore traders excelent ones..

It is as if you could enter almost anywhere and you weren't risking to much on your trade, you could almost manage any trade to make a profit by scaling in and out. Not a great idea but Just don't buy at the top or sell at the bottom. Unless it is a clear break..

Thanks For the support.. always appreciated.. Ken
Good Trading To All ; Ken Lee
  • #23,746
  • Aug 22, 2009 11:48am Aug 22, 2009 11:48am
Quoting eohater
Here's a chart

I added it all to the first post.. I made .. Thanks Ken
Good Trading To All ; Ken Lee
  • #23,747
  • Aug 22, 2009 11:54am Aug 22, 2009 11:54am
Quoting KENNETH lEE
That is what is so frustrating with me is that I do pick the top and bottom taking my 10 or so and then watching the awesome gains of others.. But as I said I am really working on it.. Covering is a key issue to succeed I believe it is a skill we must all learn as it alone could make many mediocore traders excelent ones..

It is as if you could enter almost anywhere and you weren't risking to much on your trade, you could almost manage any trade to make a profit by scaling in and out. Not a great idea but Just don't buy at the top or sell at the...
Don't be frustrated, just be willing to get back into the trade when the turn is confirmed. You'd be amazed how many times myself and even Infinity will take the same price 2 or 3 times because we were stopped out.
Just digging in the trenches like everyone else!
  • #23,748
  • Aug 22, 2009 12:12pm Aug 22, 2009 12:12pm
Quoting eohater
Don't be frustrated, just be willing to get back into the trade when the turn is confirmed. You'd be amazed how many times myself and even Infinity will take the same price 2 or 3 times because we were stopped out.

That is what I was trying to show on that last chart .. The area can be tested many times before the turn happens.. I will succeed my resolve is being tested but what doesn't kill us makes us better.

Also wanted to comment on the 1000 pip a week thought, You are so right .. if you trade a $1 a pip for every $1,000 in your account and you made 40 Pips a day that is 20% a week. Then just compound it up. It doesn't take long to grow. You can refigure your risk dailly compound as you go. This also helps in with the fear that happens at different risk levels. Until a person opens a trade and finds themselves hundreds or thousands in the red it can't be appreciated.

It is so much easier to close a small loss than a large one also to jump back in. So trade small until you can see and feel for yourselves that what you are doing is correct. Plus those small $ risked can and do really grow.

Also it should feel fun it shouldn't be a struggle to enter or close a trade. It should become like a video game or driving a car. That is what makes it so hard for some to explain what they are doing or seeing. They just know to do it at the right time. Think about that, How would you teach some one to drive on paper. Taking into consideration any and all hazards and conditions .. This is no different..

So be considerate and glad that EO and Infinity were willing to start this thread to at least attempt to teach us knuckle heads.
Good Trading To All ; Ken Lee
  • #23,749
  • Aug 22, 2009 12:43pm Aug 22, 2009 12:43pm
you guys have been a great help with these posts, thanks for the charts Ken and further explanations EO
'The past will always show us the future'
  • #23,750
  • Aug 22, 2009 1:05pm Aug 22, 2009 1:05pm
A little something to think about on this weekly EJ chart.

Attached Image (click to enlarge)
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  • #23,751
  • Aug 22, 2009 1:18pm Aug 22, 2009 1:18pm
Quoting PippiNole
A little something to think about on this weekly EJ chart.

Attachment

Damn you drew a circle Thanks for the chart.....
Good Trading To All ; Ken Lee
  • #23,752
  • Aug 22, 2009 1:23pm Aug 22, 2009 1:23pm
Quoting KENNETH lEE
Damn you drew a circle Thanks for the chart.....
(mooning)
  • #23,753
  • Aug 22, 2009 1:47pm Aug 22, 2009 1:47pm
Ken,
You said you lived on a boat. What the hell do you do when the big storms hit? Do you pull it out on land or do you ride it out or what?

Post a pic of it with you and the Mrs.
Hi, my name is Barry and you can keep your doctor...
  • #23,754
  • Edited Aug 23, 2009 2:18am Aug 22, 2009 3:34pm | Edited Aug 23, 2009 2:18am
Quoting cisco
Ken,
You said you lived on a boat. What the hell do you do when the big storms hit? Do you pull it out on land or do you ride it out or what?

Post a pic of it with you and the Mrs.
We just make sure she's tied up well and normally go to a hotel . We have never left the island.. To hard to get back and the traffic is a mess. The Boat is a Harbor Master 450 Coastal. 45' shallow draft 3.5'. 454 inboards through Vdrives so the engines are right at the back of the boat..

http://newimages.yachtworld.com/2/0/...?1242217573000
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pastMSqare.jpg Size: 180 KB
Click to Enlarge Name: pirate us.jpg Size: 161 KB
Attached Image
Good Trading To All ; Ken Lee
  • #23,755
  • Aug 22, 2009 4:20pm Aug 22, 2009 4:20pm
Thanks for the pics Ken. I really enjoyed them!
Hi, my name is Barry and you can keep your doctor...
  • #23,756
  • Aug 23, 2009 12:21am Aug 23, 2009 12:21am
Quoting cisco
I'm kicking myself right in my ass. I didn't get down there soon enough and they sold the one I had my eye on. It was $16k and had one hour of flight time on it and I could have had it for $8700.
Hey Cisco,

Check out this bird I'm building.
It will be my Avitar after it's built and in the air.

Dr. D.

http://www.cozyaircraft.com/mvc-015s.jpg

http://www.cozyaircraft.com/mvc-015s.jpg
  • #23,757
  • Aug 23, 2009 2:48am Aug 23, 2009 2:48am
Quoting PippiNole
A little something to think about on this weekly EJ chart.

Attachment
Careful on this. I believe Pippinole is indicating a bullish move, however, Hussin says that in forex, a bearish in/on neck pattern is different to how it is in equities.

Here's a link of Hussin giving an example of it

http://www.forexfactory.com/showpost...postcount=7221

If you go back a couple of pages from that post, there should be a bit more to the discussion.

And here is a link that shows the differences in how the pattern manifests in forex vs equities

http://www.fxwords.com/b/bearish-in-...-patterns.html

My understanding, was that for the pattern to be valid, it needed to appear after a bearish signal. You have said signal in the bearish engulfing.

In my experience, after such a signal, you may get an up move initially, but you need to watch for a reversal, and not get married to the bullish direction. Ofcourse, no signal in candlesticks is valid until after confirmation, so we may get no continuation at all, just keep your wits about you and your eyes open.
  • #23,758
  • Aug 23, 2009 6:59am Aug 23, 2009 6:59am
Quoting fourxtrader
Hey Cisco,

Check out this bird I'm building.
It will be my Avitar after it's built and in the air.

Dr. D.

http://www.cozyaircraft.com/mvc-015s.jpg

http://www.cozyaircraft.com/mvc-015s.jpg
That's a beautiful bird you've got there. You're obviously the real deal when it comes to flying. I'm just a wannabe that would be perfectly content with a paraglider.

Where's this pic taken? It looks like an AF museum.

Thanks for sharing.
Hi, my name is Barry and you can keep your doctor...
  • #23,759
  • Aug 23, 2009 8:46am Aug 23, 2009 8:46am
Hi eohater

I've been looking at your trades, very simmilar to the way I trade. I use the 62EMA also but with a trading envelope, it helps me to see when the reversals are ready for entry (countertrend) , also I enter on a revesal bar when bouncing off the 62ema for a trend entry.

I usually trade the 1hr chart, but will trade 4 hr on the asian-london (overnight) session.

Roger
  • #23,760
  • Aug 23, 2009 10:59am Aug 23, 2009 10:59am
Quoting daffy
Careful on this. I believe Pippinole is indicating a bullish move, however, Hussin says that in forex, a bearish in/on neck pattern is different to how it is in equities.

Here's a link of Hussin giving an example of it

http://www.forexfactory.com/showpost...postcount=7221

If you go back a couple of pages from that post, there should be a bit more to the discussion.

And here is a link that shows the differences in how the pattern manifests in forex vs equities

http://www.fxwords.com/b/bearish-in-...-patterns.html...
I agree with this.

I believe there will be an initial up movement on EJ, EU and GU, then we'll have a downward thrust on all three.
Just digging in the trenches like everyone else!
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