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Ken's Continuing Successes with EO's system

  • #681
  • Edited 10:43am Apr 21, 2010 10:13am | Edited 10:43am
are we dealing with a shampoo on M15 GU?

starting at 5gmt this morning with upward sloping neck line

neckline at the moment at 5390

o.k. - right shoulder looks a bit messy because of the two dojis on H1

tdeu
  • #682
  • Apr 21, 2010 11:22am Apr 21, 2010 11:22am
Hi Ken
Late to the party.....

An old EO thread reader here, that never really "got it" unlike yourself.

You seem to thrive on this method and as ever you produce great charts for us to see and learn from.
Thank you Ken

Here's to you
  • #683
  • Apr 21, 2010 12:20pm Apr 21, 2010 12:20pm
Quoting tdeu
are we dealing with a shampoo on M15 GU?

starting at 5gmt this morning with upward sloping neck line

neckline at the moment at 5390

o.k. - right shoulder looks a bit messy because of the two dojis on H1

tdeu

Quasimodo, shapepd little high on the right but may playout it is still testing the high and failing which is what a shampoo Is but ideally we get one test and middle test with more strength behing it. then the third right shoulder is preferablly weaker lower than the left as the majority of the players were in the middle and just a few dieahards can't give up.

But the perfect head and shoulders the right shoulder is a little bit lower then the left. But any pattern of this type is just sowing the strength of the resistance with numerouse failed attempts to break higher.
Good Trading To All ; Ken Lee
  • #684
  • Apr 21, 2010 12:26pm Apr 21, 2010 12:26pm
Quoting BenScoobert
Hi Ken
Late to the party.....

An old EO thread reader here, that never really "got it" unlike yourself.

You seem to thrive on this method and as ever you produce great charts for us to see and learn from.
Thank you Ken

Here's to you
I see the entires pretty well. But long trades are still not what I would like them to be. If I can get to where I am taking at least 50% of the gains off the trades I would be happy. But I believe we will grow with our trading as long as we continue to do the same things over and over. The problem comes when we jump from idea to idea as they are either never given a chance to develop or we don't learn them well enough to really understand them .

Which is where I try to fit in. I am the living version of the dummies book to trading. Keep it simple and basic. then combine those basic ideas to build confidence.

Hope your doing well and feel free to hang out and comment as you please.

Ken
Good Trading To All ; Ken Lee
  • #685
  • Apr 21, 2010 3:19pm Apr 21, 2010 3:19pm
I show a lot of E/J charts as I am always looking for the cleanest entries with the best confluence. Why struggle to see if it isn't obvious it isn't there.
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #686
  • Apr 21, 2010 4:53pm Apr 21, 2010 4:53pm
Can we trade all pair in the same way? Seems better to trade e/j in the evening (gmt +1) looks more volatile.
  • #687
  • Apr 21, 2010 5:19pm Apr 21, 2010 5:19pm
Ken --

In one of your posts you mentioned that your computer in on all day long. Can you share when you are fully following things and other times perhaps less attentively?

I generally don't follow the NY trading after their lunch too closely but perhaps I should with this method.

Then I think the first couple of hours of Asia can be interesting. Then I have usually had it.

How do you do it. It is obviously working.
  • #688
  • Apr 21, 2010 5:28pm Apr 21, 2010 5:28pm
Quoting Forest-Sea
Ken --

In one of your posts you mentioned that your computer in on all day long. Can you share when you are fully following things and other times perhaps less attentively?

I generally don't follow the NY trading after their lunch too closely but perhaps I should with this method.

Then I think the first couple of hours of Asia can be interesting. Then I have usually had it.

How do you do it. It is obviously working.
it mainly depends on your own personal comitments. The best moves are during the session overlaps of course. If you live in the U.S. and work then the Asian session may be your only chance. But it has good oppurtunities as well. Some times over watching the charts aren't doing you any well. Because each session moves in its on way. Like the start of the Asian session usually has very small signals they are good but they can be only a 10 or so pip candle.

I use to try and be here at the begining of every session but gave up London as the lack of sleep causes me lack of concentration. Late U.S. can be a good trading time as the volaility can be over and the trades can be easier to take, But of course your trades are normally smaller.

So pick a time you can always be at your computer and try and be there consistently to learn how price moves then.

Ken
Good Trading To All ; Ken Lee
  • #689
  • Apr 21, 2010 8:05pm Apr 21, 2010 8:05pm
Quoting Storeball
Can we trade all pair in the same way? Seems better to trade e/j in the evening (gmt +1) looks more volatile.

Sorry missed your post . Yes Price Action trading is the same for all pairs. The ma's seem to align better on some but it is obvious when you see it. I tend to to watch the yen pair more during Asia of course. Same if your trading OZ or Kiwi. Loonie is good also. I don't know why everyone has to trade the gbp. it can be very voliatile at times. Or consolidates while e/j moves. So watching both gives you more trades.
Good Trading To All ; Ken Lee
  • #690
  • Apr 22, 2010 6:57am Apr 22, 2010 6:57am
Just something to keep you looking to the left
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #691
  • Apr 22, 2010 8:20am Apr 22, 2010 8:20am
Quoting Kenneth Lee
I see the entires pretty well. But long trades are still not what I would like them to be. If I can get to where I am taking at least 50% of the gains off the trades I would be happy. But I believe we will grow with our trading as long as we continue to do the same things over and over. The problem comes when we jump from idea to idea as they are either never given a chance to develop or we don't learn them well enough to really understand them .

Which is where I try to fit in. I am the living version of the dummies book to trading. Keep it simple...
I'm doing better since I switched to automated trading, manual was just too stressful for me, I don't have much hair as it is, and that was thinning due to trade worry. Even trades I'd placed manually with a SL I was happy with were causing me sleep issues and I had to go check on them.
Funny how the market teaches you a lot about yourself. I can have the same set up on automation and not even think about it as I know it is following rules and will be handled by the EA.

As for holding longer trades, I use what I refer to as stacking, rather than, as EO used to say, closing half and letting half run.
I open a new trade in the same direction, a 50/15 ratio is working well for me, when I'm 50 pips up I open another trade 10% bigger than the last and move the SL for both trades to 15 pips. If price reverses at that point I still Nett 18.5 pips equivalent, if it doesn't, I stack again at 100 pips and move sl to 15 again.
It has worked better for me, rather than closing winners, I add to them.

Right now I shorted GBPUSD at 1.5458 added at 1.5408 and 1.5356, its looking like a reversal might occur now and if it does I'll bank +85 @ 1 lot, +35 @1.1lots and -15 @1.21 lots.
Hopefully it wont reverse and I get a 4th stack level.

Maybe this is of some use to you, maybe not.

Ironically, the dummies forex book, I bought it twice as I'd forgotten I bought it the 1st time, what a dummy
  • #692
  • Apr 22, 2010 9:09am Apr 22, 2010 9:09am
Quoting BenScoobert
I'm doing better since I switched to automated trading, manual was just too stressful for me, I don't have much hair as it is, and that was thinning due to trade worry. Even trades I'd placed manually with a SL I was happy with were causing me sleep issues and I had to go check on them.
Funny how the market teaches you a lot about yourself. I can have the same set up on automation and not even think about it as I know it is following rules and will be handled by the EA.

As for holding longer trades, I use what I refer to as stacking, rather than,...
Hi,

do you choose your entries manually and your EA only manage your trades?
  • #693
  • Apr 22, 2010 9:19am Apr 22, 2010 9:19am
Quoting MCFly
Hi,

do you choose your entries manually and your EA only manage your trades?
Full automation

Generally I use a H1 with 80LWMA, when price gets 80 pips from that MA it enters towards the MA for my initial entry.
Keep it simple.

Ken I hope this doesn't come across as a hijack
  • #694
  • Apr 22, 2010 10:05am Apr 22, 2010 10:05am
Quoting Kenneth Lee
Just something to keep you looking to the left
seems to have failed to beat the low of the 19th, im long now

don't know how to draw on my charts like ken
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  • #695
  • Apr 22, 2010 10:20am Apr 22, 2010 10:20am
Quoting BenScoobert
I use what I refer to as stacking, rather than, as EO used to say, closing half and letting half run.

I open a new trade in the same direction, a 50/15 ratio is working well for me, when I'm 50 pips up I open another trade 10% bigger than the last and move the SL for both trades to 15 pips. If price reverses at that point I still Nett 18.5 pips equivalent, if it doesn't, I stack again at 100 pips and move sl to 15 again.

It has worked better for me, rather than closing winners, I add to them.
This is one thing I greatly appreciate about Forums. So many freely share their good ideas. So, thanks to you too, Ben.

'Stacking' is a little different than other continuation ideas I am familiar with. The really different part is your opening new trades in profit but at larger sizes. Certainly interesting.

When you first take a trade what do you use as your stop loss in the EA?

I must admit that I find manual trading a little unnerving, too, but I have never had the courage to turn the trade over to an EA. I suppose we would not call this trading on Price Action, though.

Keep accumulating your pips.

Forest
  • #696
  • Apr 22, 2010 10:40am Apr 22, 2010 10:40am
Quoting Forest-Sea
This is one thing I greatly appreciate about Forums....
Ah yes I remember when I discovered forums, what a wealth of ideas. You are welcome to my thoughts and methods, it is a system you can trade manually if you like.

Stacking, I like it because if you get a good size spike it banks profit every 50 and you are in a win:win situation, why not use that advantage to trade larger than you normally would, if only in 10% increments.

When I have the initial trade, I use 150sl, I allow 2 re-entries at 50pip steps to try recover the trade if it didn't go as planned. It works well and losses are rare, you can see on my chart above how that worked with the 2 previous longs. Total nett loss is 300 pips if it runs to it but easily outweighed by the many gains. Basically you have many ways to close for profit and 1 way to lose.

I wouldn't trust just any EA to trade, although I didn't code it, i designed it, so I know exactly what it will attempt to do.

You are right it isn't really price action based, it is simply catching rebounds off the LWMA.
I had a little play with a similar idea with a 5m chart, using a 5LWMA and entering 8pips from it, much tighter for scalping but the EA needs reworking for tight SL/TP setting as it wasn't made for that.
  • #697
  • Apr 22, 2010 11:45am Apr 22, 2010 11:45am
On the re-entries . . . those would be at -100 and -50 as things come back up or move back down from the SL at -150 from entry, I presume.

From your experience, the LWMA 80 seems good for the E.J. Do you trade other pairs? Assuming yes, you must have optimized the LWMA for each pair.

For instance, it seems to me if E.J is suited for 80 than something life A.U or U.Cf might be 35.

Make sense?

Forest
  • #698
  • Apr 22, 2010 12:14pm Apr 22, 2010 12:14pm
Quoting Forest-Sea
On the re-entries . . . those would be at -100 and -50 as things come back up or move back down from the SL at -150 from entry, I presume.

From your experience, the LWMA 80 seems good for the E.J. Do you trade other pairs? Assuming yes, you must have optimized the LWMA for each pair.

For instance, it seems to me if E.J is suited for 80 than something life A.U or U.Cf might be 35.

Make sense?

Forest
yes, at -50 and -100 from the original entry

LWMA is a good starting point for most pairs, I have 9 pairs running on it
click summary on here and you'll see the 9
http://www.myfxbook.com/members/BenScoobert/5050/25876

optimizing for specific pairs is on my list of things to do

the eurjpy i took earlier just stacked, hope for less than 15 pip reversal now
  • #699
  • Apr 22, 2010 12:46pm Apr 22, 2010 12:46pm
I agree Ben would be nothing better than adding to winners. That is covered in great detial under managing trades . The only difference is that I would like to ad on at a known area that is showing continuation. I hate drawdown. But I have heard of such around other forums some even mention taking away froma trade piece by piece until it is closed then adding when it turns in the right direction. seems like it was subtract every 20 and add every 50 or just the opposite.

Fell free to discuss what you will but if it turns into a complete system maybe move up. But all good. There are many ways to succeed in this game and different views may let us see something that has been hididen.

Glad you have found something that is working for you.Not sure I would ever do a EA but thinking of absentee trading get in get covered and walkaway. Might be the only way to big profits for me. I know one guy that is how it works for him. He makes over 500 a day whe he doesn't watch the monitor. But has losing days when he does.

The mental aspect is a bear that most don't consider and some won't admit or don't see it . I am at least glad to know that is my issue without that knowledge i could still be jumping from system to system wondering why one will not work for me.

Take care and feel free to post .. Ken
Good Trading To All ; Ken Lee
  • #700
  • Apr 22, 2010 4:06pm Apr 22, 2010 4:06pm
The beauty and essence of Ken's Continuing Successes is the significance of PA. The MAs are useful, but learning to spot PA in real time is the BIG DEAL.

Surely, no one can argue that IF (well, for me, it's still an IF) you achieve this you WILL succeed handsomely in forex and attain exceptional entries with limited risk.

Isn't that every trader's goal?

So, this forum can always benefit from useful ideas from other sources, but Ken, we hope you will indefinitely continue your excellent work with its essential emphases.

And, thinking about Ben's posts, he has called attention to 'Looking to the Left' and incorporating appropriate MAs in his work, too. So there is some complement between the systems. We can certainly salute his successes.

I also doubt an EA can read price action well but may be very useful on fully objective entries and exits that are essentially counting functions.

Forest
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