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Ken's Continuing Successes with EO's system

  • #521
  • Apr 12, 2010 6:44am Apr 12, 2010 6:44am
Quoting MCFly
Hi Ken,

I was in this trade a bit ealier but the green candle which broke the 5420 moved back and closed above 20 made me want to go out. I went short e/j instead and got some pips.

Yep just a bit early . That is one thing that can hurt you.. Not sure what your entry was but the next candle stayed below the 50 ema and dropped and closed below which is the one we were waiting for chek the earlier post wait for a close below the line then the retest.

it then wne t down we got a RED hammer But the next red candle closed below it, so it was voided. The next candle is a green Hammer more better signal for me same color as the direction I want to go. Just makes sense to me . so close or reverse. now getting a pin off that line and the 50 ema.. have to see
Good Trading To All ; Ken Lee
  • #522
  • Apr 12, 2010 6:54am Apr 12, 2010 6:54am
I want to comment here about that posted trade it was a clasic 5:00 trade. But as you saw the MA's were not required. The thing about using the ma's for trading is they give you a instant vizual to the possiblity of a trade.

Lets say you weren't concentrating on the gbp or just sat down . You see the 5 and 10 ema pointing toward the 5 on a clock face ( downward) This gives you the notion that maybe there is a short trade around here. So you look for more confirmation you first see the lower high then the lower low, ( not so much Lower) But you also see a desecending triangle another short sign. It then breaks or maybe it already had so you wait and yes it pulls back right to where your 10 ema WAS as it being a fast ema moved up just a bit as the price came at it. But as soon as price stalls and starts to fall you short with your stop above the 50 ema as it is so close. But I normally wait for a close above the 10 or 21 to cancel my order and in this case that is still a very tight stop.

The point is that is all any of the MA's are for . To show possiblities and aid you in making the correct choice. They aren't required but just another tool. I believe so many people get confused because most Ma systems are about one ma crossing another for a signal. That is not what they are for here.

Anyway hope some got that trade and the long also between the 2 could have been 80 to 100 pips. 2.5 hrs ..
Good Trading To All ; Ken Lee
  • #523
  • Apr 12, 2010 6:59am Apr 12, 2010 6:59am
Did we see the second retest right on the line and now the 50 ema was there. Tight stop again and boom another possible 40
Good Trading To All ; Ken Lee
  • #524
  • Apr 12, 2010 7:08am Apr 12, 2010 7:08am
Here's a chart
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Good Trading To All ; Ken Lee
  • #525
  • Apr 12, 2010 7:11am Apr 12, 2010 7:11am
remember Support becomes Resistance , even if it failed you should have been able to 1 cover 2 break even always worth the chance with lower lows and highs
Good Trading To All ; Ken Lee
  • #526
  • Apr 12, 2010 7:16am Apr 12, 2010 7:16am
not sure if it will come into play but >>>>
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Good Trading To All ; Ken Lee
  • #527
  • Apr 12, 2010 7:25am Apr 12, 2010 7:25am
Good Morning All,

I have a question about the famous one pip.

When do you consider a range broken? Very often price closes by the pip on the range boundaries. Sometimes coming out of the range and sometimes going back into the range.

Is the range considered broken on one hand and price back into the range on the other hand?

The same happens with PA lines - like a close at the end of the wick of a candle.

tdeu
  • #528
  • Apr 12, 2010 7:31am Apr 12, 2010 7:31am
Quoting tdeu
Good Morning All,

I have a question about the famous one pip.

When do you consider a range broken? Very often price closes by the pip on the range boundaries. Sometimes coming out of the range and sometimes going back into the range.

Is the range considered broken on one hand and price back into the range on the other hand?

The same happens with PA lines - like a close at the end of the wick of a candle.

tdeu
AS we are dealing with areas not exacts I would not consider one pip a break. Plus I have two brokers and their price is more that 2 pips different.
It could happen But i raely have seen it or if I had didn't pay attention to it. I want a nice clean break 7 10 pips normal then a pull back and I don't enter till price goes my way. Sometimes it will go back the otherside this is when you have to be carefull as it could have been a false breakout. So wait for it to pullback acrosss the line then enter Unless you know your in a very strong trend .


Hope this helps Ken
Good Trading To All ; Ken Lee
  • #529
  • Apr 12, 2010 7:52am Apr 12, 2010 7:52am
Hey Guys,

What are your thoughts?

I was aiming for the 1hr 50 ema touch/close, but we didnt get there. After that I entered on PA alone.

This was the open of the candle after the hammer(ish). I wanted some retracement but it didnt come, so I think my entry off PA was about as good as it got.

I took PP 25% at the 10ema and another pp 25% at the 15m50EMA. After that I moved to a SL of +3 and got stopped out.

I recall from EO's thread that the system doesnt like gaps so i was planning on closing the gap, which has been done and then heading back up... but this is where I am stuck.....

what happens next?

Lee
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  • #530
  • Apr 12, 2010 7:54am Apr 12, 2010 7:54am
Quoting Kenneth Lee
not sure if it will come into play but >>>>
slight error there buddy. Isn't it the previous day's high?

Lee

*EDIT*

I am convinced this price is going back up..... but that is based on almost nothing...... so I need someone to tell me to trade what I see and not what I expect !
  • #531
  • Apr 12, 2010 8:05am Apr 12, 2010 8:05am
Quoting leemonk
slight error there buddy. Isn't it the previous day's high?

Lee

*EDIT*

I am convinced this price is going back up..... but that is based on almost nothing...... so I need someone to tell me to trade what I see and not what I expect !

Nope it is the low of the previous day .. Sunday short day
Good Trading To All ; Ken Lee
  • #532
  • Apr 12, 2010 8:08am Apr 12, 2010 8:08am
Quoting leemonk
Hey Guys,

What are your thoughts?

I was aiming for the 1hr 50 ema touch/close, but we didnt get there. After that I entered on PA alone.

This was the open of the candle after the hammer(ish). I wanted some retracement but it didnt come, so I think my entry off PA was about as good as it got.

I took PP 25% at the 10ema and another pp 25% at the 15m50EMA. After that I moved to a SL of +3 and got stopped out.

I recall from EO's thread that the system doesnt like gaps so i was planning on closing the gap, which has been done and then heading...
Yes price is starting to consolidate lower highs and higher lows. triangle.
I will wait for a break one way or the other. Sure would like e/j to close some of that gap. Yes it takes a while for the MA's to get all back in order with large gaps but most of them closed so should be ok .
Good Trading To All ; Ken Lee
  • #533
  • Apr 12, 2010 8:09am Apr 12, 2010 8:09am
Ah..... my sincere apologies.

Is this the difference in brokers then? Mine (myfxpro) is GMT +2 so, the 10pm (gmt) asia open is always midnight and a new day.

Regards

Lee
  • #534
  • Apr 12, 2010 8:10am Apr 12, 2010 8:10am
If it keeps this up, it'll drag up the 1hr 62 and 50, which might give us a bit of s spring board.
  • #535
  • Apr 12, 2010 8:13am Apr 12, 2010 8:13am
Quoting leemonk
Ah..... my sincere apologies.

Is this the difference in brokers then? Mine (myfxpro) is GMT +2 so, the 10pm (gmt) asia open is always midnight and a new day.

Regards

Lee

Plus where we trade Mine opens 5 eastern U.S. gmt +5 Ithink so 7 hrs of data .. My other account Oanda opens at 1 so almost 12 hrs.


all good ..
Good Trading To All ; Ken Lee
  • #536
  • Apr 12, 2010 8:17am Apr 12, 2010 8:17am
Hey,

Which pairs do you trade here?

I am active on EJ and GU. Those okay? or do you wish to keep it GU only? I am happy to roll with your rule Boss.

Lee
  • #537
  • Apr 12, 2010 8:22am Apr 12, 2010 8:22am
Quoting Kenneth Lee
..............I will wait for a break one way or the other. ...........
Soon?

WARNING - I AM NEW - PLEASE DON'T TRADE MY CHARTS UNLESS YOU AGREE WITH THEM
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  • #538
  • Apr 12, 2010 8:44am Apr 12, 2010 8:44am
Quoting leemonk
Hey,

Which pairs do you trade here?

I am active on EJ and GU. Those okay? or do you wish to keep it GU only? I am happy to roll with your rule Boss.

Lee

Yes those are the ones i primary look at but will take trades on others at times . but focus on those two. I am not normally very active during trading hours so don't feel neglected. I try and concentrate on my trading then . but will answer the odd question now an dagain . I wil answer all in time .
Good Trading To All ; Ken Lee
  • #539
  • Apr 12, 2010 9:19am Apr 12, 2010 9:19am
Just took the bounce off the 1hr 62ema.

Lets see what happens. Me thinks I should be taking profit fairly quick on this one.

Lee

*EDIT* On the GU
  • #540
  • Apr 12, 2010 9:44am Apr 12, 2010 9:44am
yes it has gotten below last weeks high may struggle a bit to go up this time of day .. but it is a good level so worth holding if your green.
Good Trading To All ; Ken Lee
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