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Ken's Continuing Successes with EO's system

  • #1,241
  • Jun 29, 2010 6:06am Jun 29, 2010 6:06am
Quoting kodziro
Exactly this one.
I'm not sure, you might catch 10+ pips with short, but what I see is a corrective move after the red pin (the red arrow), so under observation.

My view for share.
City
  • #1,242
  • Jun 29, 2010 6:17am Jun 29, 2010 6:17am
Quoting Buildcity
I'm not sure, you might catch 10+ pips with short, but what I see is a corrective move after the red pin (the red arrow), so under observation.

My view for share.
City
that is why we should ( i did ) entering by PO at imortant s/r after 35/50 cross, it gives us chance to cover soon. ( with tight sl ), and our risk reward ratio would be greater.
  • #1,243
  • Jun 29, 2010 6:26am Jun 29, 2010 6:26am
Quoting Kenneth Lee
anyone notice the patterns that played out last night ??
Head and shoulder maybe?
Attached Image (click to enlarge)
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  • #1,244
  • Jun 29, 2010 6:44am Jun 29, 2010 6:44am
Quoting Storeball
Head and shoulder maybe?

yep that is one ...
Attached Image (click to enlarge)
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Attached Image
Good Trading To All ; Ken Lee
  • #1,245
  • Jun 29, 2010 6:51am Jun 29, 2010 6:51am
Quoting kodziro
did someone take 35/50 trade at 5074 ( low of the yesterdays spinning top testing brekout ) ?

I took for a quick scalp, Now to see if the mid ground holds. looking at 4 hr and daily a uptrend still exsists.
Good Trading To All ; Ken Lee
  • #1,246
  • Jun 29, 2010 7:39am Jun 29, 2010 7:39am
Quoting Kenneth Lee
I took for a quick scalp, Now to see if the mid ground holds. looking at 4 hr and daily a uptrend still exsists.
It`s seems that we going north, 5045 support along with 200sma/ema was good chance for long.
  • #1,247
  • Jun 30, 2010 6:10am Jun 30, 2010 6:10am
Quoting Kenneth Lee
yep that is one ...
For gu im not seeing anything else. Thought it could be a flag after the first consolidation after HS, but doesnt seem to quite fit the criteria..
  • #1,248
  • Edited 12:44pm Jun 30, 2010 11:02am | Edited 12:44pm
Yep there was a flag a bit later I think than you posted on the gbp
but the other was a descending tiangle on e/j. Prior to the last big drop before Midnight

The whole idea is to always be looking at your charts and analysising what you see if you don't know everything by heart that is OK have a folder on your computor with easy access to patterns and signal candlesticks . until you start seeing everything clearer.

But a rule of thumb, unless price is bumping against major s/r . price almost always continues a trend after consolidation. and even then ascending and descend triangles for tell a break of those levels.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 12g Ascending Triangles.JPG Size: 117 KB
Click to Enlarge Name: 12h Descending Triangles.JPG Size: 147 KB
Click to Enlarge Name: 12i Wedges.JPG Size: 180 KB
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Good Trading To All ; Ken Lee
  • #1,249
  • Jun 30, 2010 12:53pm Jun 30, 2010 12:53pm
A little more detail on these patterns and why they form and how we should see them .
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Good Trading To All ; Ken Lee
  • #1,250
  • Jun 30, 2010 10:58pm Jun 30, 2010 10:58pm
Here is a trade I took then bailed on. I guess a few lessons could be learned here. If we take a trade we should commit to it for gain or loss. But because I couldn't get it covered before I had to step out I lost on a good trade. Also shows that yes other pairs can be traded for that drift.

I choice this one because looking at the pairs this one had the best PPA at the time.

You can see E/J also had some entries then as well and would have paid better. But at the time E/U was cleanest.
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Good Trading To All ; Ken Lee
  • #1,251
  • Jun 30, 2010 11:26pm Jun 30, 2010 11:26pm
Patterns and gumping
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Good Trading To All ; Ken Lee
  • #1,252
  • Jun 30, 2010 11:46pm Jun 30, 2010 11:46pm
So why take the first entry at 1 ?
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Good Trading To All ; Ken Lee
  • #1,253
  • Jul 1, 2010 6:19am Jul 1, 2010 6:19am
Quoting Kenneth Lee
Here is a trade I took then bailed on. I guess a few lessons could be learned here. If we take a trade we should commit to it for gain or loss. But because I couldn't get it covered before I had to step out I lost on a good trade. Also shows that yes other pairs can be traded for that drift.

I choice this one because looking at the pairs this one had the best PPA at the time.

You can see E/J also had some entries then as well and would have paid better. But at the time E/U was cleanest.
Nice trade opportunity. Can`t trade manually with Asia drift but I must think about set and forget trade with this setup.
  • #1,254
  • Jul 1, 2010 6:54am Jul 1, 2010 6:54am
A new low on the UsdJpy for this year, this could go one of 2 ways, but whichever way it goes I think it will be swift. Careful with your SL
  • #1,255
  • Jul 1, 2010 7:33am Jul 1, 2010 7:33am
A few days before what Ken told us
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  • #1,256
  • Jul 1, 2010 8:24am Jul 1, 2010 8:24am
[9:19:03 AM] Kenneth Lee: can you see the small shampoo on the gbp this morning ?
[9:19:27 AM] Kenneth Lee: spread the candles out and you will see
[9:19:42 AM] Kenneth Lee: main point is the price action that happens
[9:19:49 AM] Kenneth Lee: pushes down
[9:19:56 AM] Kenneth Lee: tries once more harder
[9:20:10 AM] Kenneth Lee: tries a third time but is even less than the first
[9:20:19 AM] Kenneth Lee: so shows sellers are relenting
[9:20:43 AM] Kenneth Lee: right shoulder at 1.4895ish
[9:20:56 AM] Kenneth Lee: head at 1.4870ish
[9:21:29 AM] Kenneth Lee: left shoulder 1.4890ish
[9:21:42 AM] Kenneth Lee: inverted head and shoulders '(shampoo)

There was a pin on the 1 hr a entry after could have been taken . But the second candle after the pin also is what formed the right shoulder of the head and shoulders pattern. Taken all together a good bit of price action and safe trade.
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #1,257
  • Jul 1, 2010 8:29am Jul 1, 2010 8:29am
chart
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Good Trading To All ; Ken Lee
  • #1,258
  • Jul 1, 2010 8:39am Jul 1, 2010 8:39am
So probably think that looking for patterns on such a small space of time is not very good. But the price action invloved and what the market is doing is exactlly the same. Almost everything we all study is from the dily charts most of the candlestick patterns as well.

But they have been shown to also have some value on the faster charts. But of course the higher the time frame on the chart the betteer the signal. So we have a nice pin on the 1 hr. along with this head and shoulders on the 15. The lowest point looked like stop hunting by itself this morning . a very common practice prior to a move up

Go collect the stops at the most common spot and buy a bit cheaper for part of your billion dollar position . or whatever.
Good Trading To All ; Ken Lee
  • #1,259
  • Jul 1, 2010 9:09am Jul 1, 2010 9:09am
the chat above was with my sister trying to teach her to trade ..
Good Trading To All ; Ken Lee
  • #1,260
  • Jul 1, 2010 10:23am Jul 1, 2010 10:23am
Thanks for the refresher ken Got to be better at looking for price patterns, its something so simple really but for me easy to overlook.

Asian drift time coming up now
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