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Ken's Continuing Successes with EO's system

  • #1,261
  • Jul 1, 2010 10:48am Jul 1, 2010 10:48am
Quoting Storeball
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

Yeah that bad U.S. news hasn't helped . Charts a bit unclear . But don't favor a continuation trade off news. Today anyways.
Good Trading To All ; Ken Lee
  • #1,262
  • Jul 1, 2010 10:54am Jul 1, 2010 10:54am
If the 1h on gu close as a shooting star I can see a short. Dailys hitting Resistance line, and got shooting star on previous candle on 15min as well.
  • #1,263
  • Jul 1, 2010 10:58am Jul 1, 2010 10:58am
Price touching weekly high on 1H, supporting a short.
  • #1,264
  • Jul 1, 2010 11:14am Jul 1, 2010 11:14am
I agree if you took it, the stop would be pretty big though
Good Trading To All ; Ken Lee
  • #1,265
  • Jul 1, 2010 11:16am Jul 1, 2010 11:16am
I wasn't watching it close there was a small shooting star on the 15 . But after that last push I kinda turned away from it . for a bit
Good Trading To All ; Ken Lee
  • #1,266
  • Jul 1, 2010 11:22am Jul 1, 2010 11:22am
Quoting Kenneth Lee
I agree if you took it, the stop would be pretty big though
Took it and put it to be after 20+. But yea where to put the stop made me a bit confused. Put it on top of the shooting star on the 15min. Where would you put it? Or is it even a trade you would take?
  • #1,267
  • Jul 1, 2010 11:34am Jul 1, 2010 11:34am
Yeah it is fine I had just started looking else where aft the last big push. because no other usd pair was moving so gbp strengh. So I ended up taking the e/u again which is really a pair I don't trade very much . but price was forming more a top to my liking.

That is exactly where the stop would be . But if someone waitied to enter off the 1 h r pin it would been big/ But off the 15 min it was nce and tight.

Hope we both got the trade we were looking for.

If you get the chance move your stop to where you would normally take profit and leave to see what happens / If it moves below other s/r -ppa lines maybe adjust your stop. Just try not to crowd to much .
Good Trading To All ; Ken Lee
  • #1,268
  • Jul 1, 2010 1:26pm Jul 1, 2010 1:26pm
Had to run an errand shortly after I put it at breakeven, just got back stopped out. It was a pretty strong move up so perhaps a good 20 pips was what she offered. Could've gotten a 50pips if we took her after the shooting star on the 15min, but that might be pushing it.

What do you generally go for on this type of trade?

What if we manage the asian drift of the 1h, could that possible make it easier to get the bigger long term pippage?
  • #1,269
  • Jul 1, 2010 2:39pm Jul 1, 2010 2:39pm
Quoting Storeball
Had to run an errand shortly after I put it at breakeven, just got back stopped out. It was a pretty strong move up so perhaps a good 20 pips was what she offered. Could've gotten a 50pips if we took her after the shooting star on the 15min, but that might be pushing it.

What do you generally go for on this type of trade?

What if we manage the asian drift of the 1h, could that possible make it easier to get the bigger long term pippage?

Well I tend to close way to soon . That is why i am trying to just find trades i cna set and get covered then check on later . Like th asian drift which doesn't seem to be happening today.

Must of my trades end at some type of PPA or s/r level. I will take the first movement and get out. This scalping mindset That I am trying to break. Instead try to wait for the price to push through then adjust stop.

But with counter trend trades. taking profit at these levels is also OK as it can and does turn on you in a flash. But if your in with the trend and at a good level try and let your stop get you out . That way when you get in on a runner you can be happily suprised.

I took a couple of shorts on e/j Hoping for a chance at the Asian drift didn't happen . But got 17 and 22 pips. NFP week can be a hard week to trade. But we still saw a few good drift trades. So I am still looking for them everyday.
Good Trading To All ; Ken Lee
  • #1,270
  • Edited 5:46pm Jul 1, 2010 5:34pm | Edited 5:46pm
Quoting Storeball
Had to run an errand shortly after I put it at breakeven, just got back stopped out. It was a pretty strong move up so perhaps a good 20 pips was what she offered. Could've gotten a 50pips if we took her after the shooting star on the 15min, but that might be pushing it.

What do you generally go for on this type of trade?

What if we manage the asian drift of the 1h, could that possible make it easier to get the bigger long term pippage?
Notice that with 15m shooting star you got divergence also. I would trade it for sure.

After strong up move, if you expect continuation move, you may consider after short lock your profit with long ( hedge profit ).Then it doesn`t matter how far it retrace more. Don`t forget to set your sl to be later. If it fail you still got your locked profit. ( worst case you end up with zero ). Of course that shoting star was above daily range so I wouldn`t expect continuation move (and also breakout of the high defined by shooting star) .
  • #1,271
  • Jul 2, 2010 2:13am Jul 2, 2010 2:13am
Quoting kodziro
Notice that with 15m shooting star you got divergence also. I would trade it for sure.

After strong up move, if you expect continuation move, you may consider after short lock your profit with long ( hedge profit ).Then it doesn`t matter how far it retrace more. Don`t forget to set your sl to be later. If it fail you still got your locked profit. ( worst case you end up with zero ). Of course that shoting star was above daily range so I wouldn`t expect continuation move (and also breakout of the high defined by shooting star) .
Would you tell me which indicator do you use to find the divergence and on which TF?
  • #1,272
  • Jul 2, 2010 3:09am Jul 2, 2010 3:09am
Quoting aljosas
Would you tell me which indicator do you use to find the divergence and on which TF?
I use MACD and Stoch, mostly at 15m and 1h tf.
  • #1,273
  • Jul 2, 2010 3:37am Jul 2, 2010 3:37am
Quoting kodziro
I use MACD and Stoch, mostly at 15m and 1h tf.
...and the parameters for the indicators ?

MACD
-fast EMA
-slow EMA
-MACD SMA
-Apply to

Stoch:
-%K period
-%D period
-slowing
-price field
-MA method

I found these parameters for the indicators on MT4 platform.

Thank you.
  • #1,274
  • Jul 2, 2010 3:51am Jul 2, 2010 3:51am
Quoting kodziro
Notice that with 15m shooting star you got divergence also. I would trade it for sure.

After strong up move, if you expect continuation move, you may consider after short lock your profit with long ( hedge profit ).Then it doesn`t matter how far it retrace more. Don`t forget to set your sl to be later. If it fail you still got your locked profit. ( worst case you end up with zero ). Of course that shoting star was above daily range so I wouldn`t expect continuation move (and also breakout of the high defined by shooting star) .
Good morning to you Kod!

I dont really have any experience using divergence, but I can see that it would surely help taking that short. Going to give it a bit of study time
  • #1,275
  • Jul 2, 2010 3:56am Jul 2, 2010 3:56am
Anyone else took that hammer which also tested asian low on GU? Just locked in some positive pips.
  • #1,276
  • Jul 2, 2010 4:09am Jul 2, 2010 4:09am
Nice entry
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #1,277
  • Jul 2, 2010 4:11am Jul 2, 2010 4:11am
Quoting aljosas
...and the parameters for the indicators ?

MACD
-fast EMA
-slow EMA
-MACD SMA
-Apply to

Stoch:
-%K period
-%D period
-slowing
-price field
-MA method

I found these parameters for the indicators on MT4 platform.

Thank you.
Only one I have ever used was the slow stoch settings 8,3,3

80 over bought 20 over sold

on the 15

But haven't in a long time
Good Trading To All ; Ken Lee
  • #1,278
  • Jul 2, 2010 4:24am Jul 2, 2010 4:24am
Quoting Kenneth Lee
Well I tend to close way to soon . That is why i am trying to just find trades i cna set and get covered then check on later . Like th asian drift which doesn't seem to be happening today.

Must of my trades end at some type of PPA or s/r level. I will take the first movement and get out. This scalping mindset That I am trying to break. Instead try to wait for the price to push through then adjust stop.

But with counter trend trades. taking profit at these levels is also OK as it can and does turn on you in a flash. But if your in with the trend...
Don't have that problem. My problem is finding good entries. Most of the time get stopped out. However, if I got one no problem to keep the 2d half of the pos running. E.g. still got a GY open from down at 128. Got a bit nervous about it during the last days but feel fine about it for now. Advice: just forget abotu the 2d half of the pos. either it gets stopped out at BE. Then so what? you covered the 1st half with a small profit. Or it keeps going. After a while you can raise sl to somewhere liek plus 100 pips or so (the GY is sl'd at 130 atm). The trick is not to care about the 2d half of the pos.
  • #1,279
  • Jul 2, 2010 5:04am Jul 2, 2010 5:04am
Quoting aljosas
...and the parameters for the indicators ?

MACD
-fast EMA
-slow EMA
-MACD SMA
-Apply to

Stoch:
-%K period
-%D period
-slowing
-price field
-MA method

I found these parameters for the indicators on MT4 platform.

Thank you.
I use default settings of this mt4 indicators. I think parameters is not that important.
  • #1,280
  • Edited 5:43am Jul 2, 2010 5:26am | Edited 5:43am
Quoting Kenneth Lee
Nice entry
Thanks. The candle after the first circle was my first trade, closed shooting starish and was also the london open. With all the pin bars earlier it was showing that sellers were coming into the markeet and only needed some london players to send it higher. That was atleast my newbieish thought process.

But what was interesting to see, at least for me , was that when price came down from the hammer, it actually reversed again on pretty much the exact spot. Was a pretty big bearish candle so didnt enter, but just goes to show how the signals are valid until something actually breaks past them.
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