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Ken's Continuing Successes with EO's system

  • #1,041
  • May 27, 2010 4:59am May 27, 2010 4:59am
Quoting Storeball
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?
Yes you could go right after 1h pin but keep in mind SL , 15m might give you shorter SL
  • #1,042
  • May 27, 2010 5:30am May 27, 2010 5:30am
my short with 15m PA, at +20 i covered it
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  • #1,043
  • Edited 7:25am May 27, 2010 6:54am | Edited 7:25am
Quoting kodziro
my short with 15m PA, at +20 i covered it

You definately seem to be doing very well with this system Kodziro! Im digging your screenshots. At what point did you feel that this way of trading "clicked" and came together for you?

And about that last trade, do you think you could elaborate why you went short there? Im not getting that at all. Is it a retest trade of the r3 line? In an uptrend when we're drawing trend lines arent we trying to draw it along the higher lows, not paying that much attention to the higher highs? Or are you takin the trade of the tl?

Just noticed weekly r1 on the chart, makes more sence, guessing that played a part?
  • #1,044
  • May 27, 2010 9:12am May 27, 2010 9:12am
Quoting Sim
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
Sorry I haven't answered earlier . Having some other issues at the moment. I added some entries toyour chart. Those areas where the trendline and the PPA - S/R lines cross tend to be pretty good.
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Good Trading To All ; Ken Lee
  • #1,045
  • May 27, 2010 10:05am May 27, 2010 10:05am
Thanks Ken, yeah my first entry was dumb so I averaged just because of the lack of focus in the first entry

So would you say the process was right? h4 location/pattern, h1 location/pattern and m15 trigger?

Or do you mean the other way round? m15 trigger, watch h1 to develop, then h4
  • #1,046
  • May 27, 2010 10:13am May 27, 2010 10:13am
Afternoon Ken & Co.

Long-time lurker, first-time poster. Just wanted to say thank you for your thread...I ploughed through EOHater's during March / April and dabbled on a demo account relatively successfully without perhaps knowing entirely why.

Started reading your thread beginning of May and suddenly everything is beginning to make sense.

I've taken a month-long break from work and been doing full-time demo account this week and so far grown the account by 62% since Monday. Still making a few mistakes and probably taking too many risky trades (neglecting to put in stops and hoping price will come back to me being one example!) but when I sit down and analyse why trades were successful / unsuccessful it is immensely satisfying to know exactly why something happened because of the work you have put in with your examples and explanations. Am constantly referring to the flashcards as similar patterns appear on the screen.

Anyhoo, hope you'll have me on board for the journey.

Thanks again Ken.

Magic Hat
  • #1,047
  • May 27, 2010 10:21am May 27, 2010 10:21am
Quoting Sim
Thanks Ken, yeah my first entry was dumb so I averaged just because of the lack of focus in the first entry

So would you say the process was right? h4 location/pattern, h1 location/pattern and m15 trigger?

Or do you mean the other way round? m15 trigger, watch h1 to develop, then h4

Sure it wat the best . Being able to get in wioth the trend that is still in effect on the higher time frames is great. Then once you start seeing those turning areas. PPA with the trading zone and possible MA's and trendlines on the higher you can start to maybe see hwen the trends start their turns. But a retracement entry on the 4 hr will look like a uptrned on the 15 min . Normally . That is why you see so many saying it is hard to take trades in the opposite direction. But you will start to see fi you keep looking and watching the price action unfold . .

When you look at your charts after trading and see those ares that confused you , Try and think what those candles looked like at the best entries with the tightest stops. Do that everyday and you will start to see them in real time.

I have even gone as far as to zoom in on candles and changed them in PAINT to really drive that home. What we see once candles close can be something totally different.
Good Trading To All ; Ken Lee
  • #1,048
  • May 27, 2010 11:17am May 27, 2010 11:17am
Awesome advice Ken, as usual

Cheers
  • #1,049
  • May 27, 2010 1:56pm May 27, 2010 1:56pm
Hi Ken! Lately you've been very much into trading with SR's. Now, as we take MA's to be a form of SR's can these strategies applied mutatis mutandis to MA's. E.g. long at a break of the 62 MA on the 1 h tf? Happy pippin' to you, mate.
  • #1,050
  • May 27, 2010 3:58pm May 27, 2010 3:58pm
Kenneth,

Good to see you are having continuing success, haven't read your thread for a while, so excuse for butting in, will reread, as I am still trying to find my own method that suits me. I have not had enough success with MA's to include them, unless market trending strongly. I have noted that a break from consolidation and spaghetti Ma's concurring, after a pullback to Ma's, trend continuation is a high probability trade, yet incurs hours of patience/non-trading despite sweeping moves in any direction.

Having messed around with various strategies i have come to the conclusion that everything works to a degree, whether it be fibs, pivots, ma's, whatever...some of the time brilliant, some of the time not so. We (I) are always gathering information with the benefit of hindsight and with the assumption that historical information will repeat...just not always...

I read somewhere/from someone on FF a helpful site, re PA. I found it beneficial for warnings on failed set-ups, so passing it on.

I have bought the recommended book, called 'reading price action bar by bar, by Al Brooks, fairly tough to get thro (still wading) but on the site if you google the man, there is a free first chapter which gives (IMO) a good grounding for when in a trade on typical candles which indicate warnings to either TP, cut and run or last chance to TP/get out/switch direction. I have found this beneficial, geting a bad trade you know how to deal with, getting a good trade and watching it retrace 110%, (whether still in or out at B/E) then it turns around is tough. These days there are deep retraces, or fib/pivot/MA level to the letter (but which one) or no second chance, just tanks. stalls, tanks...then possibly completely reverses...

I'm sure you are well aware of all this, I wasn't tho, so hope if it helps someone on the PA route...

cheers.
  • #1,051
  • May 27, 2010 4:55pm May 27, 2010 4:55pm
Quoting Storeball
You definately seem to be doing very well with this system Kodziro! Im digging your screenshots. At what point did you feel that this way of trading "clicked" and came together for you?

And about that last trade, do you think you could elaborate why you went short there? Im not getting that at all. Is it a retest trade of the r3 line? In an uptrend when we're drawing trend lines arent we trying to draw it along the higher lows, not paying that much attention to the higher highs? Or are you takin the trade of the tl?

Just noticed...
Sorry for late reply. I`m not full time trader, usually trade with London session ( about 4-6 hours) and stick at this thread mostly at this time. Sometimes got some problem with my English ( sorry for my grammar mistakes ) so it takes me extra time to build sentences.

Most important chapter of Ken`s ebook is about PA. You must understand them and use it with ideas of this thread. At the end of the day look for possible setup, make notes.

As for the last trade we were beyond of average daily range, got daily trend line with weekly R1 there ( got PO there but missed with 2 pips ) but most Important look how price fail to close above last wick - same thing happened yesterday at around 11.00 BST - . If price did close above wick look for o`clock entries.
  • #1,052
  • May 27, 2010 10:25pm May 27, 2010 10:25pm
Quoting AnonYmos
Hi Ken! Lately you've been very much into trading with SR's. Now, as we take MA's to be a form of SR's can these strategies applied mutatis mutandis to MA's. E.g. long at a break of the 62 MA on the 1 h tf? Happy pippin' to you, mate.

Yee , AS stated may times in the past the MA" in EO's system are mainly floating S/R and . A lot of space ahs been given on his thread to waht they are calling a 35/35 possiblity if the psice makes past the 35/50 MA area then it is good for another 80 or so. a breakout trade .

But the major MA's on the refrenced time frame . Have always been to me the line in the sand> Just as in the 35/50 reversal . If the trend is in flux and trying to turn a retest of that are is only what you will get. So a touch or retest ios a entry. Our 1 and 5 oclock trades are breakout retesst trades. So yes .. youcan look at them as S?R what they are.

I have been giving more space to just Price Action trading as I have a few peole that PM me saying that don't understand each MA's use. AS if each one is a seperate indicatort on it's on. They are just a warning or alert system to trade possiblity. . If a person would loom at thier charts they can clearly see . Price following above or below the mani MA's.

IF they then try and use EO's Daily work sheet. They can see a bit more . Then if they add the S/R or PPA lines it should add more. . It is like building with cement . It is a recipe each part is important but get them all in the rgiht place and it is bullet proof.
Attached File(s)
File Type: doc Intraday Trading Worksheet.doc   5 KB | 541 downloads
Good Trading To All ; Ken Lee
  • #1,053
  • May 27, 2010 10:31pm May 27, 2010 10:31pm
Quoting Magic Hat
Afternoon Ken & Co.

Long-time lurker, first-time poster. Just wanted to say thank you for your thread...I ploughed through EOHater's during March / April and dabbled on a demo account relatively successfully without perhaps knowing entirely why.

Started reading your thread beginning of May and suddenly everything is beginning to make sense.

I've taken a month-long break from work and been doing full-time demo account this week and so far grown the account by 62% since Monday. Still making a few mistakes and probably taking too many risky...
yes that is the main thing Knowing why or why not somethi9ng happened. Then We start to see in real time both the good ones and the bad . So we can learn to wait or jump. depending on what we see , But key is your risk.
Don't let your desire ( emotions ) to keep building at that pace over ride your knowledge. " Always look out for your best interest" ( Emotion free trading quote,) Gald your getting some value from the thread I always try and answer all the questions. It is starnge like this one slipped between my response and I am just now seeing it.

Welcome to thread. There are others we great information as well. So don't be shy .. Ken
Good Trading To All ; Ken Lee
  • #1,054
  • May 27, 2010 10:37pm May 27, 2010 10:37pm
Quoting annieb
Kenneth,

Good to see you are having continuing success, haven't read your thread for a while, so excuse for butting in, will reread, as I am still trying to find my own method that suits me. I have not had enough success with MA's to include them, unless market trending strongly. I have noted that a break from consolidation and spaghetti Ma's concurring, after a pullback to Ma's, trend continuation is a high probability trade, yet incurs hours of patience/non-trading despite sweeping moves in any direction.

Having messed around with various...
I agree almost anything can work to some degree and lots of times it can just be the way a certain person uses things. Sometimes you see the most unconventinual be very successfull for people . Reminds me of a guy I read about used a 1000 pip stop. When all his trades totaled 1000 pips loss he closed them all. May just be one trade maybe 3 or 4. The funny thing was he was looking for tp's of 5 to 15 pips normally a scalper. But he thought tight stops were a issue . So withion his money management he buolt that in.

He showed statement of over 2 years trading and was making enough for a good living. Also his broker was making almost as much as he was in spreads.. Just shows if you can stay positive it doesn't matter how you do it.

I also go around and try and collect information that is in tune with what I like to look for. But never change my core believes . That Naked trading is where I want to be. Good luck on your quest for your own trading Ken
Good Trading To All ; Ken Lee
  • #1,055
  • May 28, 2010 3:51am May 28, 2010 3:51am
GU London open trade
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  • #1,056
  • May 28, 2010 3:56am May 28, 2010 3:56am
Quoting Kenneth Lee
yes that is the main thing Knowing why or why not somethi9ng happened. Then We start to see in real time both the good ones and the bad . So we can learn to wait or jump. depending on what we see , But key is your risk.
Don't let your desire ( emotions ) to keep building at that pace over ride your knowledge. " Always look out for your best interest" ( Emotion free trading quote,) Gald your getting some value from the thread I always try and answer all the questions. It is starnge like this one slipped between my response and I am just now seeing...
Spot on Ken - the thing I need to get better at is not getting too emotional...if a trade is going badly there is no point opening new positions (badly) trying to counter the trend just because it suits your previous trade - no one person can change the trend by themself no matter how much praying you do!

There was a great touch reversal trade on Cable this morning 9.45am UK time - down trend followed by a hanging man with the shadow exactly touching the 1hr 200ma / 15min 50ma and then a huge bounce back of 100pips from 1.4490 to 1.4590 (where it is currently). I scaled down at the various MAs on the way up - it is amazing how much price stalls at the MAs before deciding what to do - they really are useful floating S/R levels.
  • #1,057
  • May 28, 2010 3:59am May 28, 2010 3:59am
hi Ken

A BIG thank you for all the help you have given us in this thread. I am trying to learn as much as I can and beginning to get a sense trading this method.

Thought i post a trade. Price retraces, outside bar formed and ma's in 1 o'clock direction.

So entered long after the outside bar (blue bold line) and collected 60pips.

Comments are welcome.
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  • #1,058
  • May 28, 2010 4:16am May 28, 2010 4:16am
Quoting ingit
hi Ken

A BIG thank you for all the help you have given us in this thread. I am trying to learn as much as I can and beginning to get a sense trading this method.

Thought i post a trade. Price retraces, outside bar formed and ma's in 1 o'clock direction.

So entered long after the outside bar (blue bold line) and collected 60pips.

Comments are welcome.
Nice bro http://cdn.forexfactory.com/images/icons/icon14.gif. ( notice also that 35+35 rule was filled so looking of oclock trades was good idea )
  • #1,059
  • May 28, 2010 6:36am May 28, 2010 6:36am
Quoting Kenneth Lee
I agree almost anything can work to some degree and lots of times it can just be the way a certain person uses things. Sometimes you see the most unconventinual be very successfull for people . Reminds me of a guy I read about used a 1000 pip stop. When all his trades totaled 1000 pips loss he closed them all. May just be one trade maybe 3 or 4. The funny thing was he was looking for tp's of 5 to 15 pips normally a scalper. But he thought tight stops were a issue . So withion his money management he buolt that in.

He showed statement of over...
It all that matter whatever works for us. Because nobody could argue with putting money in the bank.
  • #1,060
  • May 28, 2010 7:08am May 28, 2010 7:08am
Quoting ingit
hi Ken

A BIG thank you for all the help you have given us in this thread. I am trying to learn as much as I can and beginning to get a sense trading this method.

Thought i post a trade. Price retraces, outside bar formed and ma's in 1 o'clock direction.

So entered long after the outside bar (blue bold line) and collected 60pips.

Comments are welcome.
Nice entry Great trade. Ken
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Good Trading To All ; Ken Lee
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