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Ken's Continuing Successes with EO's system

  • #1,021
  • May 24, 2010 10:23am May 24, 2010 10:23am
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Good Trading To All ; Ken Lee
  • #1,022
  • Edited 10:45am May 24, 2010 10:36am | Edited 10:45am
You will find with good understanding of the trading zone (Fib Levels) entry areas and major S/R . That you can be a very successfull trader. All the tools indicators and stuff all point to the same thing.

Classic Fib trading was a entry around the 50% or 61.8% levels when price started back. Stop was either above to 78% level or the 100% depending on the Price Action .. Trending 78% ranging 100%. Plus it could be by the amount of the stops. You have to have limits.

So with what we know of price action , entry signals , and patterns plus our trading zone and s/r. We should be almost fearless. Then once you start to understand the roll of the MA strategy as a alert system.

Then you should be able to flip your charts on see price near a given MA look at your swings for trend or not. retrace by quesstoment. S/R which should be marked if not follow your price line left and look for PPA.

The edge is there we just have to see it first trust it second then take them all third. If you don't take them all . You can mess up the winning average. I know of guys that only seem to take the bad trades. Because it is what they see. PLus it is hard for some to understand that Green retracement candle is a short signal.

It isn't but the fib level the S/R maybe a trendline and possible pattern. Can be a combined signal. But if you need more confirmation wait for a 15 min candlestick entry. just don't wait to long . because the longer you wait the bigger your stop can grow.

You will see it is a lot to take in but it will come if you stick to it and don't jump from one system to the next . If this one isn't for you find one that is , but stay with it for a while at least long enough to understand why and where the trades are being called by price action moving the indicator or what not. Just to blindly follow a entry off a indicator is scarey to me. Like driving at night without the headlights on.

Enough babbling .
Good Trading To All ; Ken Lee
  • #1,023
  • Edited 1:35pm May 24, 2010 12:58pm | Edited 1:35pm
Quoting Kenneth Lee
You will find with good understanding of the trading zone (Fib Levels) entry areas and major S/R . That you can be a very successfull trader. All the tools indicators and stuff all point to the same thing.

Classic Fib trading was a entry around the 50% or 61.8% levels when price started back. Stop was either above to 78% level or the 100% depending on the Price Action .. Trending 78% ranging 100%. Plus it could be by the amount of the stops. You have to have limits.

So with what we know of price action , entry signals , and patterns...
Hi Ken
Want to start by saying Thank you for a wealth of trading Info and advice. I have been reading EO's thread and now yours and am slowly starting to understand ( from a very novice point of view) what PPA an PA + MA's are trying to tell me. My question is where do you start from when you are drawing a Fib retracement to establish your trading zone? Do you use the last Hi, Low or Hi, Low of the day ect..... Is there a specific rule, I guess is what I am trying to ask.
Thanks
Jay
update: I Think I found the answer on page 20 thanks
Always Learning
  • #1,024
  • May 24, 2010 2:43pm May 24, 2010 2:43pm
Quoting JayTrader
Hi Ken
Want to start by saying Thank you for a wealth of trading Info and advice. I have been reading EO's thread and now yours and am slowly starting to understand ( from a very novice point of view) what PPA an PA + MA's are trying to tell me. My question is where do you start from when you are drawing a Fib retracement to establish your trading zone? Do you use the last Hi, Low or Hi, Low of the day ect..... Is there a specific rule, I guess is what I am trying to ask.
Thanks
Jay
update: I Think I found the answer on page 20 thanks

That's funny. I just reposted everything from page 20 ...
Good Trading To All ; Ken Lee
  • #1,025
  • May 24, 2010 3:51pm May 24, 2010 3:51pm
Momentum was dead in the markets but I felt the itch for this one.. SL was 12pips to begin with.. not sure where to trail it too but it's slow so I like it hehe

It was based on the stalling at 50fib and 4450 number plus h1 forming a pin plus I thought the impulse required a retrace before going any higher in this momentum lacking market
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  • #1,026
  • May 24, 2010 5:52pm May 24, 2010 5:52pm
Quoting Sim
Momentum was dead in the markets but I felt the itch for this one.. SL was 12pips to begin with.. not sure where to trail it too but it's slow so I like it hehe

It was based on the stalling at 50fib and 4450 number plus h1 forming a pin plus I thought the impulse required a retrace before going any higher in this momentum lacking market

Good call. I was short but lost interest and closed to soon on e/u. Then a sell off takes place. Oh well plenty of chances. But I was short for 2.5 hrs, and it didn't drop for another 1.5 That isn't patience that is torture. LOL But could have left it covered .
Good Trading To All ; Ken Lee
  • #1,027
  • May 24, 2010 5:57pm May 24, 2010 5:57pm
Haha damn

tell me about it though, was waiting for the TP to be hit and after the sluggish manual trail I did to get 30 pips it dropped another 30 but about 10x faster! hehe
  • #1,028
  • May 25, 2010 8:04am May 25, 2010 8:04am
Hope everyone saw all the 5:00 entries on e/j and gbp, But e/j was cleaner signals. Thos are the entries in a strong trend as you can see. But there were a few 50 pip counter trend trades as well. But with the trend is easier and if you make a mistake the move against you is normally slower so you have a moment to think .

But if you see it going against oyu look for the next entry or a re-entry as you might have just been early.
Good Trading To All ; Ken Lee
  • #1,029
  • May 25, 2010 9:53am May 25, 2010 9:53am
Hi Ken,

Just drop by, and find we are the same to play GU & EJ only (but you play longer TF & I play shorter TF)

2 pics from today for share

Cheers
City

PS - Hope I have not bother your thread


Quoting Kenneth Lee
Hope everyone saw all the 5:00 entries on e/j and gbp, But e/j was cleaner signals. Thos are the entries in a strong trend as you can see. But there were a few 50 pip counter trend trades as well. But with the trend is easier and if you make a mistake the move against you is normally slower so you have a moment to think .

But if you see it going against oyu look for the next entry or a re-entry as you might have just been early.
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  • #1,030
  • May 25, 2010 11:40am May 25, 2010 11:40am
Quoting Buildcity
Hi Ken,

Just drop by, and find we are the same to play GU & EJ only (but you play longer TF & I play shorter TF)

2 pics from today for share

Cheers
City

PS - Hope I have not bother your thread
Most of our entries are off the 15 Min. time frame . some even like the 5 . even if that is your primary entry a understand of the higher pric emovements can only be a help. yes loads of entries off those areas . if you add some Horizontial lines connecting the lows to the highs you will see our prefered entries called 5:00 entries as the fast ma's are pointing towards the 5 On a clock face.

Feel free to post your trades here it is a open forum. We just try to stick to price action without to mnay indicators juts tools . I try and teach naked trading the most.

Welcome Ken
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Good Trading To All ; Ken Lee
  • #1,031
  • May 25, 2010 3:48pm May 25, 2010 3:48pm
slow, but nice h1 support and 90.00
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  • #1,032
  • May 25, 2010 8:55pm May 25, 2010 8:55pm
Hi Ken,

Thanks for the sharing. Just want to say that my trades also based on higher TF's supports and resistances (mostly from daily and H4), pay attention on relevant round numbers around, identify the trend whether up / down or sideway, then active my trade based on the momentum of price (still learning though). The indicators I used are only Stoch & Keltner channel. Are that still too many indicators that you think?

I learnt the above from another great trader who I respected so much (whose trade naked too), and just want to learn something more about price action form those seniors like you, here are 2 quick trades (basically I used M15 for entry & exit) this morning for your comment.

Cheers
City

PS - For the GU, the entry is at the top of last red, both trades are ended on the same bars.
Edit: Forgive my English as not my native langage.


Quoting Kenneth Lee
Most of our entries are off the 15 Min. time frame . some even like the 5 . even if that is your primary entry a understand of the higher pric emovements can only be a help. yes loads of entries off those areas . if you add some Horizontial lines connecting the lows to the highs you will see our prefered entries called 5:00 entries as the fast ma's are pointing towards the 5 On a clock face.

Feel free to post your trades here it is a open forum. We just try to stick to price action without to mnay indicators juts tools . I try and teach naked...
Attached Images
  • #1,033
  • May 26, 2010 2:45am May 26, 2010 2:45am
Was some nice PA in asian session for EJ .. all congested mainly since I woke for frankfurt
  • #1,034
  • May 26, 2010 8:56am May 26, 2010 8:56am
Quoting Buildcity
Hi Ken,

Thanks for the sharing. Just want to say that my trades also based on higher TF's supports and resistances (mostly from daily and H4), pay attention on relevant round numbers around, identify the trend whether up / down or sideway, then active my trade based on the momentum of price (still learning though). The indicators I used are only Stoch & Keltner channel. Are that still too many indicators that you think?

I learnt the above from another great trader who I respected so much (whose trade naked too), and just want to learn something...
I don't know enough about Keltner Channels to comment on their value. Stochastics used for divergence purposes I do Understand and looking at the channel it is very much the same. Breakout or near top of channel looking for a move back to center or lower. But I am no expert on their use.

If it is something you have been using and have some success with it by all means continue , but if your trying to use it and failing more than not . maybe you should not use it. Before you get rid of it maybe see if some of the things we talk about can aid in their use.

One of the best uses of Stochastics is divergence. because just like the MA's price and the stochs are always trying to come together . When you have a large difference in the price and stochastics you can get divergence . price raisng stochs dropping or reversed. But they will try and meet up. Baby Pips has a decent section in their school on divergence.

I still think with time you can see the over bought or over sold price just using PA. But till you can, adding tool or two maybe help. Just study up on what they are using to achieve thier results and understand that, to maybe one day not need them.
Good Trading To All ; Ken Lee
  • #1,035
  • May 26, 2010 9:07am May 26, 2010 9:07am
I don't care what anyone uses or not. but you will find. That most indicators use so much of the same information that they don't really compliment each other but are more Mirror tyhe same results . They can just cause clutter and confusing.

Take the time to search and read up on any idicator or tool you may want to use. With true understanding of the reasoning behind them . At the very least you may find that you can fine tune them to actually give better results.

But just to throw things on your charts because someone else has them on theirs may not help you at all. I have seen the same with all this MA trading entries . if you can't understand what it is about in it's basic ideaology. then you may be better with them off your charts. I know some that did remove them . Then with some of the Price action information we use . could trade better.

I am always saying find the one thing you understand the best . Start there and add to it. Trying to learn everything at once is to much to keep seperated. if you have something that was working ok maybe some of this PA /S/R trading action can help make that better . It could show you why maybe you have been a bit late or early on your entries.

Just don't try and reinvent the wheel. Go with the flow .


Trade Happy Ken
Good Trading To All ; Ken Lee
  • #1,036
  • May 26, 2010 9:15am May 26, 2010 9:15am
Ths Ken,

Yes, Stoch for me is for divergence only, not for entry. Very nice that you have again reconfirmed my trust. Really appreciated.

I think I'm still long way to trade naked, but it is surely my direction to go.

Tks mate, if I can, hope you don't mind I keep on share my trading here.

Cheers
City

Quoting Kenneth Lee
I don't know enough about Keltner Channels to comment on their value. Stochastics used for divergence purposes I do Understand and looking at the channel it is very much the same. Breakout or near top of channel looking for a move back to center or lower. But I am no expert on their use.

If it is something you have been using and have some success with it by all means continue , but if your trying to use it and failing more than not . maybe you should not use it. Before you get rid of it maybe see if some of the things we talk about can aid in...
  • #1,037
  • May 26, 2010 9:54am May 26, 2010 9:54am
Is this the sorta stuff Ken? h1/h4 bearish sigs, m15 entry, quite weak about 5 pips out but still on a bearish signal nonetheless ( to me anyway ) SL like 7pips
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  • #1,038
  • May 26, 2010 11:59am May 26, 2010 11:59am
Quoting Kenneth Lee
Bare with me I promise this is my last post on the law of attraction stuff. I just want to write it down to put together all my views and what I have learned regarding it and how it can effect our trading.

First we all have heard of Positive thinking and how that is how we can proceed to change our lives. The problem with positive thinking is that what we can be really doing is giving...
Very well said Thanks Ken
Always Learning
  • #1,039
  • May 27, 2010 3:13am May 27, 2010 3:13am
On GU I have on the 4H price hitting resistance line, the candle although it hasnt closed is showing a shooting star, and on the 1H i've got ppa and also a closed shooting star candle.

Is this enough confirmation to go short allready or do we have to wait for 15min to give us the final go ahead?
  • #1,040
  • May 27, 2010 4:37am May 27, 2010 4:37am
my long although I was affraid about 1h pin on top.
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