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Trade what you see NOT what you expect

  • #26,621
  • Oct 12, 2009 8:44am Oct 12, 2009 8:44am
1.5857 could prove tough resistance off the daily chart
  • #26,622
  • Oct 12, 2009 8:45am Oct 12, 2009 8:45am
That bang bang really passes the time
  • #26,623
  • Oct 12, 2009 9:03am Oct 12, 2009 9:03am
The 1hr closed above the 10ma again but wont point north this seems like a good area for price to close today, have a great day everyone bang bang!!
  • #26,624
  • Oct 12, 2009 12:41pm Oct 12, 2009 12:41pm
And the final three trade entries
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Good Trading To All ; Ken Lee
  • #26,625
  • Oct 12, 2009 2:32pm Oct 12, 2009 2:32pm
35/50 cross trades
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Good Trading To All ; Ken Lee
  • #26,626
  • Oct 12, 2009 3:00pm Oct 12, 2009 3:00pm
62 EMA 1 Hr. Touch trade
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Good Trading To All ; Ken Lee
  • #26,627
  • Oct 12, 2009 3:17pm Oct 12, 2009 3:17pm
1 and 5 oclock trades
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Good Trading To All ; Ken Lee
  • #26,628
  • Oct 12, 2009 5:51pm Oct 12, 2009 5:51pm
Hi Ken,

Thanks for your very impressing presentations.

Souldn't be the 35SMA above the 50EMA for a 1 o'clock trade?

Cheers

Thomas

Quoting KENNETH lEE
1 and 5 oclock trades
  • #26,629
  • Oct 12, 2009 8:20pm Oct 12, 2009 8:20pm
Quoting tdeu
Hi Ken,

Thanks for your very impressing presentations.

Souldn't be the 35SMA above the 50EMA for a 1 o'clock trade?

Cheers

Thomas

The 50 is a ema and the 35 is a sma .. As I posted before in the definitions of the MA's the EMA 's respond quicker than the SMA's ..
So as you see the 35 is always the slowest to move into place.. We are more interested in the lower ema's and that they have straightened out and got into order on the proper side of the 35/50.. Hope this helps
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Good Trading To All ; Ken Lee
  • #26,630
  • Oct 13, 2009 3:52am Oct 13, 2009 3:52am
Ken, thanks for making such fantastic contributions to the thread.

One small thing I would like to add to the 35/50 cross and reverse, that helps to filter out some of the flakier setups is the importance of the small wick on the candle that crosses the 35/50 ma's.

The small wick signifies that price has just met support/resistance and may be heading back into the ma's.

If there is no wick ie flat ended then sentiment is very strong and it may just keep going. If there is a long wick on close, then price has already moved quite a way back in to the ma's already and you've probably missed the boat as your risk reward ratio will now be too low.

Carl
There is no top. There are always further heights to reach. Jascha Heifetz
  • #26,631
  • Oct 13, 2009 4:02am Oct 13, 2009 4:02am
What do you think seems simple enough.
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Good Trading To All ; Ken Lee
  • #26,632
  • Edited 7:17am Oct 13, 2009 4:07am | Edited 7:17am
Quoting Trader131
Ken, thanks for making such fantastic contributions to the thread.

One small thing I would like to add to the 35/50 cross and reverse, that helps to filter out some of the flakier setups is the importance of the small wick on the candle that crosses the 35/50 ma's.

The small wick signifies that price has just met support/resistance and may be heading back into the ma's.

If there is no wick ie flat ended then sentiment is very strong and it may just keep going. If there is a long wick on close, then price has already moved quite a way back...
This can be true but I have found and you can look back to see. That when you get a flatop on or near a major ma it can also signify that the area is very strong and it couldn't even test that area..I even forgot one of our trades. in my postings the falttop /tweezers. which is a reversal trade. I like to see small wicks also espicially on hammers.. Thanks for your input ..

I do agree a small wick would be nice ..
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Good Trading To All ; Ken Lee
  • #26,633
  • Oct 13, 2009 7:50am Oct 13, 2009 7:50am
Hello Ken,

yesterday and today weren't good days for me. I think I have to practice more. Maybe you are so kind to post a chart with the trades you took?
  • #26,634
  • Oct 13, 2009 8:09am Oct 13, 2009 8:09am
Quoting MCFly
Hello Ken,

yesterday and today weren't good days for me. I think I have to practice more. Maybe you are so kind to post a chart with the trades you took?

Both the charts are from today ..you could have sold off those Ma's and taken the 35/50 cross trade for some.. The touch off the 200 sma is hwere it turned... Just when you take trades of just ma's use a very tight stop..
Good Trading To All ; Ken Lee
  • #26,635
  • Oct 13, 2009 8:37am Oct 13, 2009 8:37am
This is the same place 1.5842 we retraced to yesterday at this time then the sellers took back over, I missed the 62ma touch. It looks like it wants to push higher 1.5857 to 1.5900 just plain tough resistance.
  • #26,636
  • Oct 13, 2009 9:31am Oct 13, 2009 9:31am
Quoting 4fun
This is the same place 1.5842 we retraced to yesterday at this time then the sellers took back over, I missed the 62ma touch. It looks like it wants to push higher 1.5857 to 1.5900 just plain tough resistance.
nice m15 PA at the h1 62ema level for a short as usual cover half for 15pips and see what happens to the rest...h4 looking bit bullish after that pin though.
  • #26,637
  • Oct 13, 2009 9:33am Oct 13, 2009 9:33am
Quoting MCFly
Hello Ken,

yesterday and today weren't good days for me. I think I have to practice more. Maybe you are so kind to post a chart with the trades you took?
some perfect 5 o'clock trades in london am, as Ken has shown everything was lined up for those just a shame they never ran further.
  • #26,638
  • Oct 13, 2009 9:36am Oct 13, 2009 9:36am
Quoting KENNETH lEE
Both the charts are from today ..you could have sold off those Ma's and taken the 35/50 cross trade for some.. The touch off the 200 sma is hwere it turned... Just when you take trades of just ma's use a very tight stop..
Hi Ken,

I haven't read/saved your charts from today because I was busy so I didn't noticed that your charts showed trade set ups from today. I will take a look at your charts.

thx
  • #26,639
  • Oct 13, 2009 11:04am Oct 13, 2009 11:04am
Well after months and months of being subscribed to this thread out of respect for Ken Lee and to just keep an eye on what he is teaching, I finally decided to watch the price and the h1 62 ema this morning.

So price breaks through and closes above the 62. After watching it on the 1 minute test the 62 as support for awhile I placed my trade long proceeded to watch a nice 50 pip move in my favor.

So the moral of the story for me is......I got a lot of SERIOUS reading to do.

So thank you KL and others for keeping this thread running. I might get caught up someday.

http://i36.tinypic.com/1zejsbq.jpg
  • #26,640
  • Oct 13, 2009 11:24am Oct 13, 2009 11:24am
Quoting sandpipper
Well after months and months of being subscribed to this thread out of respect for Ken Lee and to just keep an eye on what he is teaching, I finally decided to watch the price and the h1 62 ema this morning.

So price breaks through and closes above the 62. After watching it on the 1 minute test the 62 as support for awhile I placed my trade long proceeded to watch a nice 50 pip move in my favor.

So the moral of the story for me is......I got a lot of SERIOUS reading to do.

So thank you KL and others for keeping this thread running. I might...

There were lots of breakout trades today...
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Good Trading To All ; Ken Lee
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