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Ken's Continuing Successes with EO's system

  • #601
  • Apr 13, 2010 11:22am Apr 13, 2010 11:22am
Thats about where I had mine to start with, however I moved it to just below the low of the day which was only another 10 pips...... but as we know, if that get hits, thats a painfull 10 pips.

The low was created by the 2xDBLHC candles. So, I am thinking its a decent point.

ps.... how did you do on your EJ short?
  • #602
  • Apr 13, 2010 11:29am Apr 13, 2010 11:29am
Quoting leemonk
Thats about where I had mine to start with, however I moved it to just below the low of the day which was only another 10 pips...... but as we know, if that get hits, thats a painfull 10 pips.

The low was created by the 2xDBLHC candles. So, I am thinking its a decent point.

ps.... how did you do on your EJ short?
I handled the e/j short as 35/50 trade and closed it when the price touched the 35 ema.
  • #603
  • Apr 13, 2010 11:40am Apr 13, 2010 11:40am
I'm out after the close of the last 15 min candle. I'm done for today.
  • #604
  • Apr 13, 2010 11:42am Apr 13, 2010 11:42am
Well done buddy, that was a great little run on the EJ!

I am suffering with this GU today!

I'll let this stop run and see if todays low can assist me in getting back into profit..... though with th 4hr about to close and looking like a double engulfing, its a little worrying.

Lee

*EDIT* Just reviewed that trade..... there was nothing little about it!!!
  • #605
  • Apr 13, 2010 11:52am Apr 13, 2010 11:52am
Ken,

What do you make of this? Do you see the flag I see or is something else/nothing else going on?

Lee

*EDIT* GU 4hr
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  • #606
  • Edited 12:50pm Apr 13, 2010 12:21pm | Edited 12:50pm
Hey Ken,

I know you are a fan of the Steve Nison material. Can I ask you what your thoughts on PPA are in relation to encorporating it into EO's system?

The reason I ask this is because I beleive EO seems to use a system to generate High's and low's that is different to Nisons.

So, I was wondering which you follow?

Lee

*EDIT*

I hope this chart makes my question clearer. EO takes the high or low of the candle and waits for something else to close above or below it, where as Nison takes the high or low of the pattern.... ie if its an engulfing he will take the highest or lowest regardless of bull or bear.
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  • #607
  • Apr 13, 2010 1:29pm Apr 13, 2010 1:29pm
Hi Ken,

How would you've defined today's pre DOW range for GU (10-13GMT)?

EO mentioned it some time ago.

Unfortunately I was caught in the false break to the upside.

But the downside break proved to be a very nice text book one. Although it had to clear some major MA's of the 15min and the 1hr around 5390.

I stayed short with her because I remembered EO saying "when she breaks the range she's usually good for 80 pips".

Cheers

Thomas
  • #608
  • Apr 13, 2010 1:52pm Apr 13, 2010 1:52pm
Ken,

I interpreted the descending triangle as the pre DOW range 5441-5419. Nice break and retest of the break 2 hours later.

tdeu

Quoting Kenneth Lee
and what now with the gbp.
  • #609
  • Apr 14, 2010 8:59am Apr 14, 2010 8:59am
Morning Ken --

I have now REREAD your 2nd manual and more of the thread. More powerful the second time through. Also, the screen shots are most useful. Thanks.

Of course you favor G.U and E.J. So here we are coming up on 10 am NY trading, are you just following these two pair? I know you wrote you leave your screen on pretty much all day.

This would mean you find enough entries on these two alone . . . for the 100 pips or so a day you gather in?

Lots of entries, really often scalping, on the 1 o'clock and 5 o'clock. That would add up.

Anyway, if you don't mind, just clarify on WHAT PAIRS you are following during this heart of the NY trading day. Perhaps just G.U and E.J.

Many thanks.

By the way, remember the old Michael Jordan commercials, "I want to be like Mike." Well, I am trying to be a little like Ken! Except I don't need to be a star in Bulgaria.

Best, Forest
  • #610
  • Edited 10:14am Apr 14, 2010 10:11am | Edited 10:14am
Ken and others,

At 10 and 1015 I think we had a DBLHC on EU. (I know you stay away from this . . . just a learning exercise)

Would you have entered on the open of the 1030 bar at about 1.3628 (my platform is Oanda which runs a couple of pips high from MT4)?

Subsequently, it was a good trade [last look as high as 3660], BUT did I see the set-up correctly?

Now noting that it hit an area of interest from PPA at about 3665 and initially backed off some. That would have been a good place to cover . . . ?

Thx, Forest
  • #611
  • Edited 10:46am Apr 14, 2010 10:38am | Edited 10:46am
Ken,

Where did you see entries today from NY open?

~ 0845 touch down to the 21

~ 0945 touch down to the 21

~ possibly a later 1 o'clock trade off the 5

Which (or all) of these could correctly be taken?

Forest
Attached Image (click to enlarge)
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  • #612
  • Apr 14, 2010 6:57pm Apr 14, 2010 6:57pm
Quoting leemonk
Hey Ken,

I know you are a fan of the Steve Nison material. Can I ask you what your thoughts on PPA are in relation to encorporating it into EO's system?

The reason I ask this is because I beleive EO seems to use a system to generate High's and low's that is different to Nisons.

So, I was wondering which you follow?

Lee

*EDIT*

I hope this chart makes my question clearer. EO takes the high or low of the candle and waits for something else to close above or below it, where as Nison takes the high or low of the pattern.... ie if its an...
I don't think I have ever mentioned Nison. I do have a couple of his books but really have never studied them.. Yes EO's system would be considered jumping by many. But after lots of fiddling around they came up with these MA's that help so levels that produce good signals also. So between the single candle entries the S?R or PPA and then the MA's we have more confluence than just Candles stick patterns which tend to be 2 or 3 candles. We also can have a chance to enter mulitiple times at the same level as our risk or lower, because of that.

Hope that explains it some.
Good Trading To All ; Ken Lee
  • #613
  • Apr 14, 2010 6:59pm Apr 14, 2010 6:59pm
Quoting tdeu
Hi Ken,

How would you've defined today's pre DOW range for GU (10-13GMT)?

EO mentioned it some time ago.

Unfortunately I was caught in the false break to the upside.

But the downside break proved to be a very nice text book one. Although it had to clear some major MA's of the 15min and the 1hr around 5390.

I stayed short with her because I remembered EO saying "when she breaks the range she's usually good for 80 pips".

Cheers

Thomas
I have never heard that and Those kind of statements taken to heart can cost folks money as you can see we got no where near 80 today. Just learn to wacth the pa for entries and profit taking. It is the key to the treasure chest. The breakout of the ranges are some of the best entries and do produce the most pips usually as it is the start of a session and the bias can remain all day.
Good Trading To All ; Ken Lee
  • #614
  • Apr 14, 2010 7:03pm Apr 14, 2010 7:03pm
Quoting Forest-Sea
Morning Ken --

I have now REREAD your 2nd manual and more of the thread. More powerful the second time through. Also, the screen shots are most useful. Thanks.

Of course you favor G.U and E.J. So here we are coming up on 10 am NY trading, are you just following these two pair? I know you wrote you leave your screen on pretty much all day.

This would mean you find enough entries on these two alone . . . for the 100 pips or so a day you gather in?

Lots of entries, really often scalping, on the 1 o'clock and 5 o'clock. That would add up.

Anyway,...

Yes the GBP and EUR/JPY are my favored pairs. and yes you should be able to get 100 a day or even a session with practice. The key is let me give you what they will. I am terrible at holding trades and take profit to soon . But if you continue to take trades away from the MA's or with the trend even scalping you willl see how much you leave on the table and you start to slowlly hold them longer.

But watch your PA if it says take profit take it. You can make lots of pips taking the gains . Don't let a great trade turn into a loser.

I would want to be like EO myself. Thousands of pips a week.
Good Trading To All ; Ken Lee
  • #615
  • Apr 14, 2010 7:08pm Apr 14, 2010 7:08pm
Quoting Forest-Sea
Ken and others,

At 10 and 1015 I think we had a DBLHC on EU. (I know you stay away from this . . . just a learning exercise)

Would you have entered on the open of the 1030 bar at about 1.3628 (my platform is Oanda which runs a couple of pips high from MT4)?

Subsequently, it was a good trade [last look as high as 3660], BUT did I see the set-up correctly?

Now noting that it hit an area of interest from PPA at about 3665 and initially backed off some. That would have been a good place to cover . . . ?

Thx, Forest

That was a reaction to bernanke's statement. (NEWS) . Not sure if I would have taken it. BUt it bounced right off the 200 ma the equal to the 50 on the 1 hr. You will notice during news that price will turn at these high interest areas. Big ma's s/r off the higher time frames . etc. it is better to wait for something like this than just try and turn news . But yes it is a DBLHC. normally apullback into the body could happen so be aware of that and watch as the next candle opens to see if it is heading for a retrace or going up.
Good Trading To All ; Ken Lee
  • #616
  • Apr 14, 2010 7:10pm Apr 14, 2010 7:10pm
Quoting Forest-Sea
Ken,

Where did you see entries today from NY open?

~ 0845 touch down to the 21

~ 0945 touch down to the 21

~ possibly a later 1 o'clock trade off the 5

Which (or all) of these could correctly be taken?

Forest
These are the best I saw not much today. Damn missed the breakout ... Asian
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #617
  • Apr 14, 2010 7:29pm Apr 14, 2010 7:29pm
Here were some subtle entries for tonights Asian session they were a bit early they tend to appear around 6:30 or later, Bt the retest did. I missed both was out at the time. Also you could catch the breakouts if your quick and watch a fast chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Misc.jpg Size: 226 KB
Good Trading To All ; Ken Lee
  • #618
  • Apr 14, 2010 8:07pm Apr 14, 2010 8:07pm
Thanks for showing us your 'reading' of the Asian opportunities.

Really helpful.
  • #619
  • Apr 15, 2010 5:21am Apr 15, 2010 5:21am
should have sold the e/j last night saw that last push up before bed and thought that might be the last attempt. But ddin't take it. It would have survived a stop right above the high the point of taking those. It is strange how the e/j will not hit a tight stop like that but looking at the gbp it seems to almost always make a bit of a more extreme move just enough to take out a tight stop. wouldn't have to be great but over 20 not what I like to call tight . Would rather be a couple over the high of where I entered. But if the precentages say it will fail most times why even risk it. Because the risk to reward is normally high just like this drop last night would have coverd a bunch of 20 pip losers with the fall. oh well shoulda coulda didn't.

See a couple of breaks and retest entries at eur and london open hope some took them. remember support becomes resistance.

If you take a glance at a 5 min or 1 min chart on e/j you will see a mini retest of yesterdays low. at 126.90 the 15 looks to not even had slowed down but there was a mini retest. You would have seen it on the 15 min as it was at least 5 min long . has 1 green 5 min candle. Those are good entries in a strong trend just a hiccup someone taking profit or concerned at those levels.

Not telling you to trade the 1 or 5 min but looking at history it can tell you things you can't see after the fact. Plus you would have seen the pullback on the 15 in real time if you were watching that is the point I am making.

Trade well. Ken

ps. Plus there is s/r line there also at 126.95 more confluence and e/j went spot on to another s/r line 125.80 again that big number 80 ..
Good Trading To All ; Ken Lee
  • #620
  • Apr 15, 2010 5:30am Apr 15, 2010 5:30am
also anyone notice the double top on e/j why the short after that last push was of interest. But now look at your 1 hr and you can see the rejection right on the tp area of where you look for profit from a double top trade. little over 60 pips peak to neck and from neck lower. These are good to watch for . I will try and post this on a chart later .
Good Trading To All ; Ken Lee
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