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Ken's Continuing Successes with EO's system

  • #1,321
  • Jul 5, 2010 10:05am Jul 5, 2010 10:05am
Quoting Storeball
Thanks for your reply, and congrats on your vouch, well deserved

Yes short would be preferable, no doubt about that really. But on the first trade price was still in the range from friday and hadnt broken the hammer which messed with my thinking, but yea good point about asian breakout. We also do have the general rule of looking for shorts when under the 50ma, how strickt do you follow that though?

And second was mainly cause of 62ema but perhaps I was a bit premature..

Got short in on the retrace to 5148 as you mentioned, fib...
Mostly I fallow this rule, but if I see some reasons to go against it I would trade.
Remember 62 ema is just a line always look for another reason to enter, your trigger should be pa after cross or earlier ppa.
  • #1,322
  • Jul 6, 2010 9:09am Jul 6, 2010 9:09am
This is a trade I took this morning on EJ.

I was very wary about my entry because it had already moved a fair way. The green line is PPA off H4, don't know if you guys had this at the same place. Anyway, when I saw the two retracement candles fail to break it and then the bullish long wicked candle/pin rest on it, I entered long only aiming for it to reach the area where it had retraced from. My stop was the brown marked area, under the recent lowest push.

I got out for roughly 1:1 risk and a little profit.

Any thoughts other than it being a bit risky after the big move?
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  • #1,323
  • Jul 6, 2010 9:45am Jul 6, 2010 9:45am
Chart
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Good Trading To All ; Ken Lee
  • #1,324
  • Jul 6, 2010 9:56am Jul 6, 2010 9:56am
Quoting Kenneth Lee
Chart
Cheers Ken, excellent work.

These trades are the easiest to take. Even if it has gone a long way, you'll often get a retest of the high it's made and that retest is opportunity if you get a candle that shows you it might happen.

Thanks for the feedback, invaluable!
  • #1,325
  • Jul 6, 2010 10:23am Jul 6, 2010 10:23am
after that news release pushed the gbp up
now looking for it to close below 1.5200 then form a lower high to confirm the reversal back down might be the asian drift trade
Good Trading To All ; Ken Lee
  • #1,326
  • Jul 6, 2010 10:45am Jul 6, 2010 10:45am
Quoting Kenneth Lee
after that news release pushed the gbp up
now looking for it to close below 1.5200 then form a lower high to confirm the reversal back down might be the asian drift trade
It looks like area near 5206 may define our lower high ( change of polarity )
  • #1,327
  • Jul 6, 2010 11:07am Jul 6, 2010 11:07am
Quoting kodziro
It looks like area near 5206 may define our lower high ( change of polarity )
yeah and below the big number 00 is always good because the 00 faders can take a scalp anywhere from 95 to 80 , either right to 00 or a bit higher .. I know it is one of my favorite scalp trades. LOL

But didn't take it actually had to run to Home Depot just got back.. Hope I can see a lower High before work now..
Good Trading To All ; Ken Lee
  • #1,328
  • Jul 6, 2010 11:08am Jul 6, 2010 11:08am
a short froma retest of 1.5200 would work actually from here
Good Trading To All ; Ken Lee
  • #1,329
  • Jul 6, 2010 11:28am Jul 6, 2010 11:28am
So we printed a DBHLC on the hrly so a pullback up the body to around the 1.5200 would be perfect . But this tme of day we might not see it. May go into consolidation.
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Good Trading To All ; Ken Lee
  • #1,330
  • Jul 6, 2010 11:29am Jul 6, 2010 11:29am
guess the highs aren't equal but second candle being lower can't hurt a short idea..
Good Trading To All ; Ken Lee
  • #1,331
  • Jul 6, 2010 12:38pm Jul 6, 2010 12:38pm
Oh well guess the dragonfly doji at the very top was the entry but that was right after the news. then the the retest of 1.5194 stop above kodziro's 206.. But sure was looking for that lower high for confirmation.

Trade well guys be safe .
Good Trading To All ; Ken Lee
  • #1,332
  • Jul 6, 2010 1:17pm Jul 6, 2010 1:17pm
Quoting Kenneth Lee
Oh well guess the dragonfly doji at the very top was the entry but that was right after the news. then the the retest of 1.5194 stop above kodziro's 206.. But sure was looking for that lower high for confirmation.

Trade well guys be safe .
I missed that retest I though price would retrace much higher.

After 1h pa I always looking for retest of previous sup/res ( near pa, easy to spot ). Usually got PO there. Look at my yesterday trade example of EU trade or todays E/J after 1h doji -retest 110.75 or G/U after 1h hammer -retest 1.5098.


Ps. sup becomes res with 200 sma at 5158 now I wonder if it hold.
  • #1,333
  • Jul 7, 2010 3:48am Jul 7, 2010 3:48am
Hi Ken! Hope you're fine. Another one concerning what we discussed. Entered based on the spin tops and the res. Closed 1st half at supp (and there was a nastydoji on the 15m). 116 pips profit. Now letting the 2d half do its thing. Hoping for a retest of the bottom. Maybe that bottom falls. We'll see. Focused on the 116 I already got. C'mon you can do that too. You're better than me!

Comments welcome.
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  • #1,334
  • Edited 5:36am Jul 7, 2010 5:10am | Edited 5:36am
Quoting AnonYmos
Hi Ken! Hope you're fine. Another one concerning what we discussed. Entered based on the spin tops and the res. Closed 1st half at supp (and there was a nastydoji on the 15m). 116 pips profit. Now letting the 2d half do its thing. Hoping for a retest of the bottom. Maybe that bottom falls. We'll see. Focused on the 116 I already got. C'mon you can do that too. You're better than me!

Comments welcome.
http://cdn.forexfactory.com/images/icons/icon14.gif nice

I`m not a good position holder (usually hold very little of my position ) but I tell you : remember of risk/reward ratio and always think about adding to your position ( to max your profits ) and be ready to trade against if pa tells you.

ps. Was with that doji also and got 45 pips. ( 1:4.5 r/r ratio ).
  • #1,335
  • Jul 7, 2010 5:16am Jul 7, 2010 5:16am
Quoting kodziro
http://cdn.forexfactory.com/images/icons/icon14.gif nice

I`m not a good postion holder (usually hold very little of my position ) but I tell you : rember of risk/reward ratio and always think about adding to your position ( to max your profits ) and be ready to trade against if pa tells you.

ps. Was with that doji also and got 45 pips. ( 1:4.5 r/r ratio ).
Good point, mate. Risk/reward is an issue as you carry risk of the entire position but ony cash in on half of it. Haven't worked that out completely. Not very much focused on the question atm as probability of winning or losing the trade goes into the equation and my entries are terribly bad. Got to improve on that. Btw: you're calling great entries! Keep up the good work!
  • #1,336
  • Jul 7, 2010 6:52am Jul 7, 2010 6:52am
short with ppa and 1h ma`s
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  • #1,337
  • Jul 7, 2010 7:34am Jul 7, 2010 7:34am
Hi Ken! Got a question: how do you draw your ppa-lines. Noticed that you are not merely connecting lo's and hi's but somehow try to find the, how shall I put it, balance point of the action. Observation correct? Any more detail about the process available? Thanks in advance.
  • #1,338
  • Jul 7, 2010 7:35am Jul 7, 2010 7:35am
Quoting AnonYmos
Hi Ken! Hope you're fine. Another one concerning what we discussed. Entered based on the spin tops and the res. Closed 1st half at supp (and there was a nastydoji on the 15m). 116 pips profit. Now letting the 2d half do its thing. Hoping for a retest of the bottom. Maybe that bottom falls. We'll see. Focused on the 116 I already got. C'mon you can do that too. You're better than me!

Comments welcome.

Hope you saw and added your part you took off at the 110.00 area 505 fib 35/50. When looking to add on just think where you would get in if you weren't in the trade.

Everything we do is based on entries . Even where we exit is because we see a trade going the other way or should be.

Great going.. on that trade.

I am not trading much or maybe any this week . We have freinds coming in from Texas. that we haven't seen in 10 years. so Honey Do list is incredible.. LOL.. Will stop by as I can and still would like to get my 100 this week.
Good Trading To All ; Ken Lee
  • #1,339
  • Jul 7, 2010 8:05am Jul 7, 2010 8:05am
Quoting AnonYmos
Hi Ken! Got a question: how do you draw your ppa-lines. Noticed that you are not merely connecting lo's and hi's but somehow try to find the, how shall I put it, balance point of the action. Observation correct? Any more detail about the process available? Thanks in advance.

exactlly They maynot be accurate but i dtry and average out the action i see. If you use a auto drawing tool for MT4 it is going to average whatever the parameters are that you set up . weitherit be the closing price or the extremes of the wicks. Which is what I do.

But also i applu some human thought to it. if there is a rogue candle form news or whatever and it doesn't make much sense I will ignore it. Just rememeber that they are just showing a area and it will be ok.


Hope that helps . Why i suggest that people start evenbefore trading just drawing lines on mnay pairs until they start to see how price reacts to them . then you will see how and if you need to do any tweeking..
Good Trading To All ; Ken Lee
  • #1,340
  • Jul 7, 2010 8:13am Jul 7, 2010 8:13am
Quoting Kenneth Lee
Hope you saw and added your part you took off at the 110.00 area 505 fib 35/50. When looking to add on just think where you would get in if you weren't in the trade.

Everything we do is based on entries . Even where we exit is because we see a trade going the other way or should be.

Great going.. on that trade.

I am not trading much or maybe any this week . We have freinds coming in from Texas. that we haven't seen in 10 years. so Honey Do list is incredible.. LOL.. Will stop by as I can and still would like to get my 100 this week.
Closed 2d half of the EY pos with 103 pips plus and reopened another short in the meantime which is not looking too good atm. Can't chart. Got to run.

Have a great week with your friends. Guess the fact that the world cup is coming to its dramatic climax is not relevant to you guys in the US?
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