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Ken's Continuing Successes with EO's system

  • #661
  • Apr 19, 2010 8:20am Apr 19, 2010 8:20am
2010.04.19 13:44:44 '74809': order was opened : #2295118 sell 0.02 GBPUSD- at 1.5270 sl: 1.5285 tp: 0.0000

I took the GU sell @ the opening of the sunday gap with 15pips sl. I also had in mind to close if it failed to give good PA. Though I knew I entered early before the formation of the PA but that level is of high interest to me.

I also went down to 5 min and 1m to see the reversal immediately i enter the trade.

Any comment pls
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #662
  • Edited 10:04am Apr 19, 2010 9:52am | Edited 10:04am
Quoting ejiexe
2010.04.19 13:44:44 '74809': order was opened : #2295118 sell 0.02 GBPUSD- at 1.5270 sl: 1.5285 tp: 0.0000

I took the GU sell @ the opening of the sunday gap with 15pips sl. I also had in mind to close if it failed to give good PA. Though I knew I entered early before the formation of the PA but that level is of high interest to me.

I also went down to 5 min and 1m to see the reversal immediately i enter the trade.

Any comment pls
The basics always seem to provide great clues. Remember to check your swings.. The swing breaking in this instance also allowed the previous days low to break as well. As we know the areas always have cunflenceof different tools. in this case previous days low, 10 ema . and a retest of the 35/50 breakout. Is where your trade ended. still a 20 pipper or so against the trend not bad if you took the profits.

Good eye spotting the entry signal..And you never know could have been a great trade. short was prevelant. Would like to see it close that gap though..
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Good Trading To All ; Ken Lee
  • #663
  • Edited 3:12pm Apr 19, 2010 3:10pm | Edited 3:12pm
Quoting Kenneth Lee
Your chart didn't print . I will wait a bit for you to try and reload it As I like to use what others post to show it on their charts because me just posting a different setup may not get the point across in the right way..


But some basic info the 1 and 5 oclock entries arte in the opposite direction of a 35/50 as the 35/50 will be below or above the 1 or 5 . They are all retracemnt trades the 35/50 are just deeper retracements. You will find the BEST 1 and 5 oclock trades are the ones that retest the breakouts of the previous days range or...
Like after London opens a pullback to the Asian range will have the 5 or 10 ema sitting right on that same level. So that is your entry and it is a touch entry . Which a lot of times the ema has moved because price is coming at it . So you may have to enter where the ma was not where it is.

Thanks alot for your reply Ken!

However im still not quite sure if im grasping the trade.. The part i highlighted is what im not fully understanding. What do you mean with the touch trade?
If we got a chart where the trend is above the 50 ma, meaning we're looking for longs, the ma are beginning to move steeply north and we have a candle that retraces to one of our lower ma, then we're good to go?

Sorry about the lameo question btw still got lots of things to learn
  • #664
  • Apr 19, 2010 4:05pm Apr 19, 2010 4:05pm
What do you mean with the touch trade?

You have two types of trades ones you wait for a signal to enter to take a entry signal you must wait for the candle to print ( close) because even in the last seconds a candle can change dramaticly. A touch trade is where we take the trade when it touches a predetermined area. Like the 62 ema or the 1 and 5 oclcok trades.

If we got a chart where the trend is above the 50 ma, meaning we're looking for longs, the ma are beginning to move steeply north and we have a candle that retraces to one of our lower ma, then we're good to go?

Yes exactly ,Look at e/j today at the 124.00 area the 21 ema and the 50 ema gave a nice 5:00 entry or it could have been a retest of the break of the 50 But looking left you see strong PPA so everything aligned to take that long above the 50 ema.


There are no lame questions how else do any of us learn . It helps me to remember the rules explaining to others and those who won't ask learn because some will.. So don't worry your doing the right thing asking. Ken
Good Trading To All ; Ken Lee
  • #665
  • Apr 19, 2010 4:52pm Apr 19, 2010 4:52pm
Okey thats great!

So basically an easy checklist for finding good 1 or 5 o'clock trades could be something like this?

1) check the 50 ema and decide whether we're looking at long or short
2) wait for mas to turn steep either north or south
3) watch for a candle retrace to or at least near a 5, 10 or 21 ma
4) check pa for further confirmation on the level, basically taking a look at the past price and higher time frames to see what price has done at that level earlier
5) if pa is agreeing we're going to trade

http://cdn.forexfactory.com/images/icons/icon5.gif
  • #666
  • Apr 19, 2010 6:46pm Apr 19, 2010 6:46pm
Quoting Storeball
Okey thats great!

So basically an easy checklist for finding good 1 or 5 o'clock trades could be something like this?

1) check the 50 ema and decide whether we're looking at long or short
2) wait for mas to turn steep either north or south
3) watch for a candle retrace to or at least near a 5, 10 or 21 ma
4) check pa for further confirmation on the level, basically taking a look at the past price and higher time frames to see what price has done at that level earlier
5) if pa is agreeing we're going to trade

http://cdn.forexfactory.com/images/icons/icon5.gif...
That would be awesome.
Good Trading To All ; Ken Lee
  • #667
  • Apr 19, 2010 6:47pm Apr 19, 2010 6:47pm
nice levels on both e/j (double top) and gbp (triple top) Now to see if they will hold.
Good Trading To All ; Ken Lee
  • #668
  • Apr 20, 2010 3:17am Apr 20, 2010 3:17am
Hello.

Got fast +10, with gap close.
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  • #669
  • Edited 10:08am Apr 20, 2010 9:51am | Edited 10:08am
Thanks to Ken and Storeball for questions and clarification on the 1 and 5 o'clock trades.

I was not entering on the touch and, of course, by the cdl close PA had moved back toward trend.

Quick SL question relating to these trades. Place our SL no further than just beyond the 50 for a 1 o'clock trade . . . or even closer to current price action? Probably no more than 15 pips max?
Ken, I think you called these Gump trades in your manual. I guess I need to pay more attn to this 'box of chocolates.' (although I think you would say we do [usually] know what we are going to get if we carefully watch price action)

Thanks.
  • #670
  • Apr 20, 2010 10:05am Apr 20, 2010 10:05am
Quoting kodziro

Got fast +10, with gap close.

I am noticing you are doing a lot of things right. Thanks for also posting your charts so those of us coming up to speed can also learn from you.
  • #671
  • Apr 20, 2010 10:24am Apr 20, 2010 10:24am
We have got nice 35/50 trade chance in GU , however price is ranging now ( look at 15 min tf ). Ended BE for me just now. Have no more time to watch. Done for today.
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  • #672
  • Apr 20, 2010 1:12pm Apr 20, 2010 1:12pm
Quoting Forest-Sea
Thanks to Ken and Storeball for questions and clarification on the 1 and 5 o'clock trades.

I was not entering on the touch and, of course, by the cdl close PA had moved back toward trend.

Quick SL question relating to these trades. Place our SL no further than just beyond the 50 for a 1 o'clock trade . . . or even closer to current price action? Probably no more than 15 pips max?

Ken, I think you called these Gump trades in your manual. I guess I need to pay more attn to this 'box of chocolates.' (although I think you would say we do...
Gump Trades are in refrence to the table tennis part of that movie .. Playing both directions of a ranging market like today on e/j Between yesterdays high and That S/R line 125.47 or a bit higher but where mine is. Sometimes you will find the 35/50 ma's right in the middle of a prolonged consolidation acting just like the net.

My power was out all day till about 1 hr ago ...
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Good Trading To All ; Ken Lee
  • #673
  • Apr 20, 2010 2:14pm Apr 20, 2010 2:14pm
Try and learn to keep your eyes on everything . It is important to see all the time frames as they will always have things to say. Plus they can help you get into a trade you missed. Maybe a bit late but better late than never, Also once rememebr to watch the higher time frame charts to see if they are in agreement with your trade. That will help you to decide if this is a quick scalp trade or something that can run all day.
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Good Trading To All ; Ken Lee
  • #674
  • Apr 20, 2010 3:29pm Apr 20, 2010 3:29pm
Quoting Kenneth Lee
Gump Trades are in refrence to the table tennis part of that movie .. Playing both directions of a ranging market like today on e/j Between yesterdays high and That S/R line 125.47 or a bit higher but where mine is. Sometimes you will find the 35/50 ma's right in the middle of a prolonged consolidation acting just like the net.

My power was out all day till about 1 hr ago ...
Hi Ken,

are you sure that you have the right 35/50 ma's on your e/j chart? My ma'shave a complete different slope (broker software and mt4).
  • #675
  • Apr 20, 2010 3:59pm Apr 20, 2010 3:59pm
They may differ with sundays gaps and different opening times... Mine are the white 35 sma and green solid line 50 ema on the 15 min. Have to use what the broker gives I guess
Good Trading To All ; Ken Lee
  • #676
  • Apr 20, 2010 5:10pm Apr 20, 2010 5:10pm
Have a look People at today`s setup on EU. (really strong wall,-best entry with trend line touch.)
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  • #677
  • Apr 20, 2010 5:54pm Apr 20, 2010 5:54pm
Quoting kodziro
Have a look People at today`s setup on EU. (really strong wall,-best entry with trend line touch.)

yep and all that could have been seen before price neared it.. Great chart.. Been thinking of a score card type check sheet. Different values for different levels of tools. then a total over a certain total would score entries . Poor , Fair , Good , and Great. That e/u wuld be either good or great. But yet your stop could be tight above any of those levels you choose.
Good Trading To All ; Ken Lee
  • #678
  • Apr 20, 2010 7:30pm Apr 20, 2010 7:30pm
Great thread Ken.
FF journal: Peaks and Troffs
  • #679
  • Apr 21, 2010 4:37am Apr 21, 2010 4:37am
Hello.

todays 35/50 and my short position that I`m holding at this moment
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  • #680
  • Edited 8:48am Apr 21, 2010 8:23am | Edited 8:48am
Quoting kodziro
Hello.

todays 35/50 and my short position that I`m holding at this moment

Yeah one of those 35/50 that waiting for the close wouldn't have worked . But I like it when you get some rejection at areas you want to enter. Kinda like getting a push start going down hill plus if you hesitated you had the retest of that area two candles later. Hope someone noticed the double top at major resistance on e/j 125.47 area. was a cracker. Weird time of day though. But we do get moves that time of the day a good bit.

Nice Going Ken
Good Trading To All ; Ken Lee
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