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Ken's Continuing Successes with EO's system

  • #81
  • Jan 19, 2010 11:52am Jan 19, 2010 11:52am
Quoting Deputy Dawg
Ah ok gotcha,I don't know how anyone else feels about this,but I think it would help if we stated what we are potentially looking for in our trades,by that I mean a scalp, or hold ,get s/l to b/e and ride it for what it's worth,or longer term trade if taken off a higher t/f like 1/4 hr chart.

Good job btw.
Yes Could help people trying to learn and follow ,also us that are trying for longer trades.

If we all keep a eye open and say what we see coming up and how we may see it for a entry and then your intial targets and concerns.

But rememeber some are more comfortable getting in and taking their profits quick , Scalping.

But everyone should be interested in progressing to holding for those longer trades that way we can take less trades, for more gains.

Great idea,
Good Trading To All ; Ken Lee
  • #82
  • Jan 19, 2010 1:05pm Jan 19, 2010 1:05pm
I was going to post the shooting star on the 1 hr that just closed but took the trade and already closed it . Myself. for 20 pips . time of day i usually scalp . Which is what I mormally do anyway but not looking for long trades this time of day. Though they can happen.
Good Trading To All ; Ken Lee
  • #83
  • Jan 19, 2010 1:38pm Jan 19, 2010 1:38pm
Nice bunch of 1 hr pins today for almost every trade.
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Good Trading To All ; Ken Lee
  • #84
  • Jan 19, 2010 1:51pm Jan 19, 2010 1:51pm
here is the 15 Minute showing the shooting star on it as well.
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Good Trading To All ; Ken Lee
  • #85
  • Jan 19, 2010 1:56pm Jan 19, 2010 1:56pm
Hi Ken and everyone,

I have been reading this thread and the one on BP also read the PDF twice.
Some of it is starting to sink in. I tried trading it yesterday and lost 11 pips and then 8 pips. Not got set-ups tried to force PA to turn.

This morning I traded two trade in my mind and watched them progress they went even better then I expected. So I know this system works now I just have to believe it and act at the proper time.

This afternoon I took a quick scalp for 10 pips it worked perfectly.

Now all I have to do is put all this info together an see what happens.

I'll try to post a chart, haven't tried that yet.
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  • #86
  • Jan 19, 2010 2:06pm Jan 19, 2010 2:06pm
Quoting jcgibson
Hi Ken and everyone,

I have been reading this thread and the one on BP also read the PDF twice.
Some of it is starting to sink in. I tried trading it yesterday and lost 11 pips and then 8 pips. Not got set-ups tried to force PA to turn.

This morning I traded two trade in my mind and watched them progress they went even better then I expected. So I know this system works now I just have to believe it and act at the proper time.

This afternoon I took a quick scalp for 10 pips it worked perfectly.

Now all I have to do is put all this info together...

Welcome, Nice chart. I am having Ram issues or I would have put some notes on your chart but evertime I make a chart I have to close my trading platform to free up ram space. Have some ordered but not sure how long till I get it.

That was a good entry but you could have entered two candles back right after the shooting star. Long wicked candle. Same gain probably as that next candle shot down then pulled all the way back up.

But either way great trade..
Attached Image
Good Trading To All ; Ken Lee
  • #87
  • Jan 19, 2010 2:19pm Jan 19, 2010 2:19pm
That's my main problem I was watching and wanted to enter there but still a little gunshy but I am working on it. I am tired of missing trades from waiting to long or entering at the end.

I need to remember to look at more then just fast moving bars. An see the whole picture also waiting for PA to do it's thing. I found out the hard way I can't make it do what I think or want.

John
  • #88
  • Jan 19, 2010 2:28pm Jan 19, 2010 2:28pm
Quoting jcgibson
That's my main problem I was watching and wanted to enter there but still a little gunshy but I am working on it. I am tired of missing trades from waiting to long or entering at the end.

I need to remember to look at more then just fast moving bars. An see the whole picture also waiting for PA to do it's thing. I found out the hard way I can't make it do what I think or want.

John
We all started there and if we were cocky lost alot of money too. If it worries you about what your risking try lowering your trading amount where you feel no emotions entering or closing a trade until it becomes as easy as fliipping through the tv channels.

Yes and the Higher time frame confirmation can do two things help take trades right now or actually allow us to plan the entry in the near future. Like the last couple of charts. You see the pin on the one hour and the entry was 15 or 30 minutes later off the 15 min chart.

It will come to you . Just keep trying and limit any losses to bare Minnuims. Better to close a good trade by mistake then let losers run away.

Trade Happy Ken
Good Trading To All ; Ken Lee
  • #89
  • Jan 19, 2010 2:30pm Jan 19, 2010 2:30pm
Ken

Until I started reading your posts I never looked at the Daily chart and rarely the 4Hour, but I just noticed the daily might end as a spinning top. That could make for some good shorts this week. I am going to keep my eye on it.

John
  • #90
  • Jan 19, 2010 4:53pm Jan 19, 2010 4:53pm
Here is a chart for tomorrow based on the daily which hasn't closed yet.

You look at something like this and say what the $%&&. That is no help but it is. The favored move is two. a new low then retest up the wick. A move just down. This is where if you have your S/R areas they can give you a good place to look for that turn. We also will watch our 4 HR 1 HR then 15 Min to enter.

We will look again tomorrow afternoon to see what took place.
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Good Trading To All ; Ken Lee
  • #91
  • Jan 19, 2010 7:06pm Jan 19, 2010 7:06pm
Hi Ken!
I'm following this thread now on I was just wondering, are you making a living with your system?
  • #92
  • Jan 20, 2010 3:43am Jan 20, 2010 3:43am
Quoting givduL
Hi Ken!
I'm following this thread now on I was just wondering, are you making a living with your system?
First it isn't my system, It was put together by EO and Infinity, Over a long period of successful trading. They had years, over 7 of exprience. each I believe in Forex. So it is tried and tested well. I am scratching out a living using the ideas here but should be able to do much more than that. Hence the name of my thread.

Welcome Ken
Good Trading To All ; Ken Lee
  • #93
  • Jan 20, 2010 6:45am Jan 20, 2010 6:45am
[quote]Hi Ken,

I am a bit confused regarding the 1hr pin bar on post#63. Do you mean we will first identify a pin bar on the 1hr chart, after the pin bar had been formed on the 1hr, switch to the 15min chart and wait for a retracement for an entry? From post #63, do you enter at 1.6427 or do you enter at the closed of the 2nd red candle(the candle with the arrow)?[/quote]

The way the shooting stars are traded. Off the 15 min . Normally you would enter the next candle after a shooting star candle closes. But as you can see by the 1 HR canlde we get a retracement up the wick after that close . This would cause a drawdown - pips.

So if we are taking the trade off the 1 HR chart we could wait for that pullback first then enter. Using that shooting star as our entry. OR you could have waited for the 15 min shooting star to close then entered. Either way is fine.

Waitng would give a bit more confirmation but cost a few pips. Plus entering up the 1 HR wick you are closer to your stop past the top of that candle so less risk.

It is a ballance you will have to decide on based on your ability and risk. Some wait for a pullback everytime missing some trades that just start straight down. Like the daily pin on the gbp no retest.

Others will open with a partial trade then if it retraces add to it. Limiting thier risk.

I know you may not like posting on the thread and I will anwser all questions but may take longer by pm and I like to share with everyone so we all learn..

Welcome Ken
Good Trading To All ; Ken Lee
  • #94
  • Jan 20, 2010 7:28am Jan 20, 2010 7:28am
Inverted Hammer On the 4 HR a couple on the 15 Min but 1 Hr not so good. We seem to be building a floor here through PA and PPA. I will wait for some confirmation before trying a long. Trying to turn price to soon is one of the most common ways to lose big.

When we hit areas like this either way it goes we will almost always get a second chance to enter. That retest of either direction will normally not cost us very many pips. Where if you enter to soon it can be a very stressfull trade.

That red candle on the 4 hr is not helping, Plus we have been short all morning. So sitting on my hands here for now.
Good Trading To All ; Ken Lee
  • #95
  • Jan 20, 2010 7:49am Jan 20, 2010 7:49am
I have a line from the Daily charts at 1.6276 . Now this line was drawn by hand about 6 weeks ago. But I never take mine off just add to them if they shift. I will probablly wait for it to close above and retest before I would try a long here. And a close below the 50 ema 4 Hr for a short.

But you have to make your own choices. I am trying for longer trades for now..
Good Trading To All ; Ken Lee
  • #96
  • Jan 20, 2010 7:54am Jan 20, 2010 7:54am
If your a scalper you could have been Gump trading off that resistance line.

The prefered thought in a consolidation area is that price will break down continuing the trend. So most would short from that line , Plus this gives us a great spot to place our stop just the otherside of that line.

If you check the pfd under patterns. Flags pendants etc. You will have a clearer view.
Good Trading To All ; Ken Lee
  • #97
  • Jan 20, 2010 8:15am Jan 20, 2010 8:15am
Quoting KENNETH lEE
First it isn't my system,

Yeah I know that the base isn't your system but i thought maybe you had done some small changes already, which is why I said "your system". I was just curious because I almost never see anyone say that they are making a living. Just "yeah the system is very good, it's working i use it everyday". So I'm wondering what people usually mean when they say it's good. If it is profitable or if they are making a living with it. Why be shy if they can make a living from it. It should be celebrated
  • #98
  • Jan 20, 2010 8:27am Jan 20, 2010 8:27am
Quoting givduL
Yeah I know that the base isn't your system but i thought maybe you had done some small changes already, which is why I said "your system". I was just curious because I almost never see anyone say that they are making a living. Just "yeah the system is very good, it's working i use it everyday". So I'm wondering what people usually mean when they say it's good. If it is profitable or if they are making a living with it. Why be shy if they can make a living from it. It should be celebrated

I am anythng but shy .. .. Just give credit where credit is earned . people take lots of time and trial and error to buildup something like this and desrve all the credit than can get.

With this system a gain of 10% to 20% per week risking 1% $1 per $1000 should be a walk in the park.

I know of a good many that are living off it and some that are getting down right rich. But as we all know two people doing the same thing don't see the same results. So all we can do is our best.
Good Trading To All ; Ken Lee
  • #99
  • Jan 20, 2010 8:28am Jan 20, 2010 8:28am
I'm long G/U aiming for the right shoulder of a 4 hr H&S pattern
  • #100
  • Jan 20, 2010 8:33am Jan 20, 2010 8:33am
darn missed E/J had a pin 1 hr then a pullback and boom. also a S/R line daily at 128.45

Now what ? up or a retest then more down ?

But 40 pips and covered would have been awesome
Good Trading To All ; Ken Lee
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