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Ken's Continuing Successes with EO's system

  • #1,141
  • Jun 21, 2010 4:55pm Jun 21, 2010 4:55pm
was at very top, although exit also at 112.80
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  • #1,142
  • Jun 21, 2010 5:33pm Jun 21, 2010 5:33pm
and on EU, this type of area also react
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  • #1,143
  • Jun 21, 2010 9:53pm Jun 21, 2010 9:53pm
Hi Ken,

Interesting that I did similar analysis on yesterday GU M15, I only picked one of the short trades cos most of the time I traded with EJ. Anyway, what I want to say is no matter what kind of setup we used to play, similar decision would make as our core focus is price action (I'm still learing though).

Cheers
City

Copy from my yesterday post

".....See pic, ............, you got enough profit then
1. IB bar out break, 2 top pins (bit risky);
2. IB out break again;
3. Still with the down trend, end of corrective wave;
4. OB out break

All depend on how aggressive / conserative you arehttp://cdn.forexfactory.com/images/s...m/thumbsup.gif. Happy trading"

Quoting Kenneth Lee

.........
Like today the gbp hit a 50% fib level ( Trading Zone) on the dailly. And we can see the 3 steps (retraces) each accuring right at a very recent PPA area on your same 15 min chart .

No big picture required. But just glancing at the daily and you can see the major downtrend and the s/r area at the 50% level, Any questions speak up ..
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  • #1,144
  • Edited 4:06am Jun 22, 2010 2:43am | Edited 4:06am
Quoting Kenneth Lee
We have to learn to see PA ( price action as well as PPA (Previous Price ACtion) You cna still have a edge just trading of Price Action . Which is what price is doinng right now not in the past. That can provide a edge to trading as well as anything. It is the ability ot get a good entry get positive then manage the trade correctlly that is key.

I know scalpers that use the 1 min and 5 min charts but when their trades break the closest swing they move stops to that area and let them run . taking at times hundreds of pips.

Money and Trade Management...
I'm sure I would have taken a long at the last lower white circle, and probably the 3rd white circle as well.

EDIT: like now for example, im looking at eurjpy long
  • #1,145
  • Jun 22, 2010 7:39am Jun 22, 2010 7:39am
Amazingly the UK budget hasnt moved the GBP
  • #1,146
  • Edited 8:42am Jun 22, 2010 8:15am | Edited 8:42am
Quoting BenScoobert
I'm sure I would have taken a long at the last lower white circle, and probably the 3rd white circle as well.

EDIT: like now for example, im looking at eurjpy long

Yep top of support no doubt. Was just showing areas that could be used to manage trades on that chart. The difference is if your in a trade short and looking to close or out of a trade looking to go long. The important thing is having some areas indetified to help make those choices. Long term (Big Time Charts ) or short term for scalping. Just remember that just because we get in trades thinking a quick scalp they sometimes are the best entries for some huge moves.

If we have the time always take a glance around the other charts to see if you happen to have gotten in a big trade even if by mistake ( LOL). Then maybe manage it off the hourly.

Hope everyone got some of those drops.

Now longs . GBP budget I guess slow to react though.
Good Trading To All ; Ken Lee
  • #1,147
  • Jun 22, 2010 11:05am Jun 22, 2010 11:05am
Instead of just posting charts how about you guys drawing a few lines on your own. Maybe that will help you to see more better. If you draw a couple of lines on your charts in both directions at the begging of trading it will help us to spot the retracements and possible places price might stall or turn around then wait for a trigger to enter or posiblly exit right on the line. Then if it pulls back like at 1.4783 re-enter.

e/j 111..92 and 111.60 gbp 1.4783 and 1.4822
Good Trading To All ; Ken Lee
  • #1,148
  • Jun 22, 2010 11:11am Jun 22, 2010 11:11am
Quoting Kenneth Lee
Instead of just posting charts how about you guys drawing a few lines on your own. Maybe that will help you to see more better. If you draw a couple of lines on your charts in both directions at the begging of trading it will help us to spot the retracements and possible places price might stall or turn around then wait for a trigger to enter or posiblly exit right on the line. Then if it pulls back like at 1.4783 re-enter.

e/j 111..92 and 111.60 gbp 1.4783 and 1.4822
Hi Ken, how about this?
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  • #1,149
  • Jun 22, 2010 11:26am Jun 22, 2010 11:26am
Yes the gbp needs to decide up with the 4 hr or continue down on the daily . bit of confusion right now. just let PA lead the way and protect ourselves with stops is the best we can do.. late in the trading day might be a bit squirlly rest of day but good for a few quick gains .. Nice chart ..

Probably why we been in this range ,, something will give I am sure . just will we be ready ?
Good Trading To All ; Ken Lee
  • #1,150
  • Jun 22, 2010 11:48am Jun 22, 2010 11:48am
Hi Ken,

May be I missed, but didn't find the meaning of "previous price action", can you further elaborate it or point me where to refer?

Thanks in advance.

City
  • #1,151
  • Jun 22, 2010 12:53pm Jun 22, 2010 12:53pm
Quoting Buildcity
Hi Ken,

May be I missed, but didn't find the meaning of "previous price action", can you further elaborate it or point me where to refer?

Thanks in advance.

City

Previous Price Action . IS where price as reacted to a price level in the past maybe a few hours or even days or weeks in the past. S/R levels are PPA areas of course, but a last high of a swing on a 15 min chart is also.

Price Action is what price is doing right now at this moment at a any level. Normally setting up a candlestick pattern or just building a pattern like a flag or pendant. But is current not historical.

Hope that helps if not I can find the pages off the pdf and post them . Might anyway if I can find them quick enough LOL. The amount of stuff I have is unreal now days.

I think I posted all the relative pages from my PDF on PA and PPA . If anyone needs more info let me know on what and I will try to explain clearer.
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Good Trading To All ; Ken Lee
  • #1,152
  • Jun 22, 2010 1:28pm Jun 22, 2010 1:28pm
a page I found looking for the other I wrote a while back might be interesting to some.
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Good Trading To All ; Ken Lee
  • #1,153
  • Jun 22, 2010 5:24pm Jun 22, 2010 5:24pm
Good read!

Had a relatively calm day at work today so got in a few hours infront of the charts. Got a sence of how one trade leads to another wich has been mentioned here before. Pretty cool.
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  • #1,154
  • Jun 22, 2010 8:06pm Jun 22, 2010 8:06pm
Thks Ken,

It takes time to go through.

All the best
City

Quoting Kenneth Lee
Previous Price Action . IS where price as reacted to a price level in the past maybe a few hours or even days or weeks in the past. S/R levels are PPA areas of course, but a last high of a swing on a 15 min chart is also.

Price Action is what price is doing right now at this moment at a any level. Normally setting up a candlestick pattern or just building a pattern like a flag or pendant. But is current not historical.

Hope that helps if not I can find the pages off the pdf and post them . Might anyway if I can find them quick enough LOL. The...
  • #1,155
  • Jun 22, 2010 10:25pm Jun 22, 2010 10:25pm
Quoting Storeball
Good read!

Had a relatively calm day at work today so got in a few hours infront of the charts. Got a sence of how one trade leads to another wich has been mentioned here before. Pretty cool.

It wasn't a 35/50 because as you said it didn't close above . But it is in the trading zone and left even on your small chart shows strong PPA. May have taken that on a touch. Sometimes a 35/50 just doesn't form becasue of timing ( The close of the candles).. Nice set of entries you are showing there .

Yes it becomes clearer with time and finding a trade easier. key is your stops amd what side of the line the closes are on. As you saw sometimes it just doesn't workout . But that is part of the game. Key is to take the next trade and that loss is made up very fast.

Great chart . Ken
Good Trading To All ; Ken Lee
  • #1,156
  • Jun 23, 2010 3:30am Jun 23, 2010 3:30am
Hi y'all,
GBPUSD H4, Andrew's pitchfork trend line with immediate PPA and PA. Can this be drawn better?
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  • #1,157
  • Edited 6:26am Jun 23, 2010 3:44am | Edited 6:26am
Quoting Storeball
Good read!

Had a relatively calm day at work today so got in a few hours infront of the charts. Got a sence of how one trade leads to another wich has been mentioned here before. Pretty cool.
Hello Storeball

Don`t be afraid to be at very top, after 35/50 enter with a touch of ppa ( long players got tp here, more important area and easiest to see with confluence of other factors- ma or such more players close their positions and price reacts ).
As for second white circle, if you got some many reasons to go long consider to take with a touch or better at end of the pa ( this case wick 4690 ).
Sometimes it`s all about where players had their TP.
And always you must know what are you waiting for.

Cheers.
  • #1,158
  • Jun 23, 2010 4:14am Jun 23, 2010 4:14am
Thanks Ken and Kodziro! Your advice and this thread is priceless to me!

Yea in hindsight I was actually thinking that the candle that went up to the weekly piv could probably be taken as a touch trade. Got a lot of good signs there telling us is its going down. I tend to look for a pin bar close to be the final go ahead to enter a trade, but in certain areas as mentioned we should just pull the trigger regardless. Something I need to improve.

Its even said in the pages of the pda that ken just posted that candlesticks patterns happens because of pa, and as we all know it is pa we ultimately want to trade.
  • #1,159
  • Jun 23, 2010 7:02am Jun 23, 2010 7:02am
my short 1.4936 ( important ppa with 15m divergence ), exec. by PO
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  • #1,160
  • Jun 23, 2010 7:08am Jun 23, 2010 7:08am
Quoting kodziro
my short 1.4936 ( important ppa with 15m divergence ), exec. by PO
Kodziro, what is your TP?
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