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Ken's Continuing Successes with EO's system

  • #1,081
  • Edited 9:16am Jun 5, 2010 9:06am | Edited 9:16am
But ultimately the best traders enter off long term S/R areas and Target S/R off the same charts. But if and when those targets get a clsoe past them then we would look for the next S/R area .

It all comes down to what we have been going over and over . S/R - PPA lines are the primary key to trading. Those are the areas commercial traders are concerned with. Consolidation between areas normally continues to the next area . Consolidation at a area MAY reverse, but also can break then retest. the best entry is the reversal as close to YOUR STOP as possible. Then if it breaks. Close and catch the retest.

That is also a way to manage your trades.
Good Trading To All ; Ken Lee
  • #1,082
  • Jun 5, 2010 9:39am Jun 5, 2010 9:39am
more
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Good Trading To All ; Ken Lee
  • #1,083
  • Jun 5, 2010 9:40am Jun 5, 2010 9:40am
and
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Good Trading To All ; Ken Lee
  • #1,084
  • Jun 5, 2010 10:56am Jun 5, 2010 10:56am
Share my flash card 4-6-2010 EUR/JPY
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  • #1,085
  • Jun 5, 2010 1:00pm Jun 5, 2010 1:00pm
Nice chart. The best safest entries would be the ones that include both the 15 min and the 1 hr Trades. looking at your chart the majority of the 1 hr touch trades could also be 15 min touch trades with higher probablitity of success.

Also at the top the pin right before the entry arrow you have marked is also a retest of that strong S/R line and the line provides a great stop place ment area. which would also be the stop are for your entry I would guess

But nice chart with good entries .... Just some thoughts ...
Good Trading To All ; Ken Lee
  • #1,086
  • Edited 2:33pm Jun 5, 2010 2:20pm | Edited 2:33pm
Quoting Kenneth Lee
Nice chart. The best safest entries would be the ones that include both the 15 min and the 1 hr Trades. looking at your chart the majority of the 1 hr touch trades could also be 15 min touch trades with higher probablitity of success.

Also at the top the pin right before the entry arrow you have marked is also a retest of that strong S/R line and the line provides a great stop place ment area. which would also be the stop are for your entry I would guess

But nice chart with good entries .... Just some thoughts ...
Thank you very much your sharing. I learnt a lot from you in this thread. 4/6/2010 is a strong trend day. Easy to take some trades.

1. I want to ask when do you use touch trade and when do you wait for the close of candle. What factors you take in the consideration?? and How big SL for the touch trade generally??

2. How do you deal with some difficult day like 26/5/2010 GBP/USD. I find it not easy to to deal with. I know it is in the horizontal range after the end of day. However, i am no idea during trading. I just follow the HH, HL, LL, LH to trade with the trend. My trades mostly got stop lose. Could you tell me how do you exit the trades ?? How can we stay in the market at strong trend day and how can we exit nicely at consolidating day?? Most profit are gone when SL hitted....

Thanks you so much~ May be i asked some silly question.~
  • #1,087
  • Edited 11:25pm Jun 5, 2010 10:45pm | Edited 11:25pm
Quoting Berserk_r
Thank you very much your sharing. I learnt a lot from you in this thread. 4/6/2010 is a strong trend day. Easy to take some trades.

1. I want to ask when do you use touch trade and when do you wait for the close of candle. What factors you take in the consideration?? and How big SL for the touch trade generally??

2. How do you deal with some difficult day like 26/5/2010 GBP/USD. I find it not easy to to deal with. I know it is in the horizontal range after the end of day. However, i am no idea during trading. I just follow the HH, HL, LL,...

I just posted a bunch of charts addressing staying in trades using the minor ma's .. as a guide .. the best traders of EO's system use the 1 hr 10 ema at least if price dosen't closes across it they stay in. But they also cover their trades and take profit along the way as well as add on. Maybe go back and read the sections in the pdf on trade management.

I will address your other questions later Ken
Good Trading To All ; Ken Lee
  • #1,088
  • Jun 5, 2010 11:17pm Jun 5, 2010 11:17pm
5/26/2010 chart .. but rememeber we don't have to trade the gbp when it isn't clear to you. There are plenty pairs to trade. Why I look at the E/J a lot I like it's action.
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Good Trading To All ; Ken Lee
  • #1,089
  • Edited 9:31am Jun 6, 2010 8:35am | Edited 9:31am
Quoting Kenneth Lee
35/50 -62 ema trades should be the easist to take . the 35/50 is taken on the open of the next candle not thinking and no hesistation. The 62 ema is when the candle touches the 62 or crosses it then starts to pull back. They are bot reversal trades. That is why being at a decent FIB level tends to make them better to take.. I believe EO will use a 35 pip past the cross as a stop on those trades. Which is about the same as what people consider a clean break of a line. In other words if a candle closed 30 to 35 pips past a s/r or any line the chance...
Hi Ken
Wanted to bring this post forward ( I will not do it again if this is not cool) . This post http://www.forexfactory.com/showthre...216241&page=44 (Page 44) and the few posts and charts following helped me tremendously. You broke the trades down and made them simple, for me anyway, and then followed up with charts on stop placements later used as S/R ( It seems to stick better in my head if i have a visual of what you are saying, so Thank You for the follow up with the charts ) Thought these posts would lend to the Discussion at the moment. Thanks again Ken you have been a true teacher to me.
Jay
Always Learning
  • #1,090
  • Jun 6, 2010 8:41am Jun 6, 2010 8:41am
Quoting JayTrader
Hi Ken
Wanted to bring this post forward ( I will not do it again if this is not cool) . This post (Page 43) and the few posts and charts following helped me tremendously. You broke the trades down and made them simple, for me anyway, and then followed up with charts on stop placements later used as S/R ( It seems to stick better in my head if i have a visual of what you are saying, so Thank You for the follow up with the charts ) Thought these posts would lend to the Discussion at the moment. Thanks again Ken you have been a true teacher to me.
Jay...

That is fine you could also attach a link back to the start of those areas. It is very true that we are just going over and over the same material. Because in reality there isn't a lot to trading if you keep it simple.

http://www.forexfactory.com/showthre...216241&page=44

Thanks for the help Ken
Good Trading To All ; Ken Lee
  • #1,091
  • Edited 3:01am Jun 7, 2010 2:02am | Edited 3:01am
Putting my neck on the line, I think EurGbp is screaming short right now

missed the top by 14 pips, but I'm covered at breakeven now
  • #1,092
  • Jun 7, 2010 3:11am Jun 7, 2010 3:11am
Quoting BenScoobert
Putting my neck on the line, I think EurGbp is screaming short right now

missed the top by 14 pips, but I'm covered at breakeven now
I agree with u.. and i am looking for a retracement @ 826# considering the trading zone (50 fib) + 50SMA 15M + PPA....

P.S. I am newbie... so don't follow me... i am just writing what i see...
I don't want a job, i want money!
  • #1,093
  • Jun 7, 2010 4:01am Jun 7, 2010 4:01am
Quoting BenScoobert
Putting my neck on the line, I think EurGbp is screaming short right now

missed the top by 14 pips, but I'm covered at breakeven now

it seems that top was defined by 1h trend line, sometimes it is worth to look at corelation pair G/U to define better entry, becouse of probability.
  • #1,094
  • Jun 7, 2010 11:20am Jun 7, 2010 11:20am
I was looking at me charts this morning. I had mentioned that we don't have to just trade the gbp and last night and today is a perfect example. I watch 8 pairs ( don't trade them all) but have charts on them. everyone had a good entry signal at 10:00 pm eastern 3:00 am uk time. That would have held till u.s. open . The Loonie (usd/cad) has been a one way ticket since then.

Keep a open mind .. It isn't always about the ATR ( average trading range) it is about consistency. If you can get a solid number of positive pips trading a easier pair with less voliatility , Then why wouldn't we ? Just because everyone says you should doesn't mean you have to. If Bob jumps off the cliff are you following?

http://www.openhandweb.org/files/ope...%20jumping.jpg

I used to trade in a room with a guy that said the Loonie and OZ were considered old mens pairs because they were easy to trade. I used to trade usd/cad a lot. Not sure why I don't much anymore. I guess the herd mentality. But we all need to do what is best for us personnally. But the ATR on those pairs is a lot more than it used to be.


Trade well Ken
Good Trading To All ; Ken Lee
  • #1,095
  • Jun 8, 2010 3:56am Jun 8, 2010 3:56am
E/J breakout trade
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  • #1,096
  • Jun 8, 2010 5:18am Jun 8, 2010 5:18am
thanks kodziro
  • #1,097
  • Edited 9:16am Jun 8, 2010 7:51am | Edited 9:16am
Quoting kodziro
E/J breakout trade

The breakout on the 5 min is ok. But be aware that we don't have any MA values for the 5 min if you see that they are aligning with price action. You can always us them. But it is a personal choice. I have shown some 5 min and even 1 Min trading but none were using the MA's. But good entries anyway.

Fast charts can be good for getting a entry where the 15 min doesn't even show anything. Like around news releases. But it is a riskier trading method as with any trading the faster the charts the more noise or eratic moving candles. But just as we use the daily 4 hr and 1 hr . then enter on the 15 min, You can use the 1 hr and 15 min and maybe enter on the 5 min. Just do your analysis first always .


Hope you didn't get stopped by the wick a bit later ..
Good Trading To All ; Ken Lee
  • #1,098
  • Jun 8, 2010 9:03am Jun 8, 2010 9:03am
Quoting Kenneth Lee
The breakout on the 5 min is ok. But be aware that we don't have any MA values for the 5 min if you see that they are aligning with price action. You can always us them. But it is a personal choice. I have shown some 5 min and even 1 Min trading but known were using the MA's. But good entries anyway.

Fast charts can be good for getting a entry where the 15 min doesn't even show anything. Like around news releases. But it is a riskier trading method as with any trading the faster the charts the more noise or eratic moving candles. But just as...

I see what you mean. I Used 5m 200 sma/ema mainly for breakouts.

It did stop me but only for about 1/6 positon, my main TP was at sunday low.
  • #1,099
  • Jun 8, 2010 10:53am Jun 8, 2010 10:53am
Nice share Ken.

Have went through your 1st page PDFs. Got the general idea on 35/50, 5 OC entry. Nice work, but still a bit mix up the functions on several MAs.

Thanks for the sharing, and hope you don't mind if I have silly questions later on.

Cheers
City

Quoting Kenneth Lee
The breakout on the 5 min is ok. But be aware that we don't have any MA values for the 5 min if you see that they are aligning with price action. You can always us them. But it is a personal choice. I have shown some 5 min and even 1 Min trading but none were using the MA's. But good entries anyway.

Fast charts can be good for getting a entry where the 15 min doesn't even show anything. Like around news releases. But it is a riskier trading method as with any trading the faster the charts the more noise or eratic moving candles. But just as we...
  • #1,100
  • Edited 3:51am Jun 9, 2010 3:34am | Edited 3:51am
EJ trade with London open.
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