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Ken's Continuing Successes with EO's system

  • #1,501
  • Aug 9, 2010 4:22am Aug 9, 2010 4:22am
Quoting kodziro
Hi

I`m back to trading. Still busy so switched myself to a long term - fallow 4h mostly. I hope Ken don`t mind If i post some trades or some thoughts about trading here from time to time.

He`s my short u/ch.


Cheers.
Did you short the touch or on close of candle here?
  • #1,502
  • Aug 9, 2010 6:22am Aug 9, 2010 6:22am
Quoting Kenneth Lee
The last couple of questions have brought home the continuing problem of why do people even try to trade . I understand and have acknowledged the reason I am not as successfull as I want to be.

But when I get questions like the the ones I have got lately it makes me always wonder why waste your time if your not even going to try and understand something you want to change your life.

I hate to be critical of those few asking questions but when it is obvious that there has been no reading of all the material that was put into the pdf on the...
I just want to echo some of Ken's comments here..... not because it has suddenly all clicked for me, because bits have, but overall, I am still very much learning.

The one thing that is really working for me, and you're gonna hate it, is to re-read the manuals to the threads that you like AND re-read the threads too.

Once you start learning things and things start making sense, you should re-read the thread and manual!

I promise you, it will read like something new, like something you have never read before. The simple reason being that you are now looking at it in a different light. It makes more sense to you, you can see 'what they were saying', you see the trades forming on the charts (even if you lack the conviction to take them - I'm very guilty of this).

Just try.......... it's worth it and in some cases it's worth starting over before you even finish the thread..... I have done this several times with Ken's manual and EO's orginal thread.

Please do not take these comments the wrong way, I just wanted to point out what has helped 'ME' learn.

Regards

Lee
  • #1,503
  • Aug 9, 2010 7:32am Aug 9, 2010 7:32am
Quoting kodziro
Hi

I`m back to trading. Still busy so switched myself to a long term - fallow 4h mostly. I hope Ken don`t mind If i post some trades or some thoughts about trading here from time to time.

He`s my short u/ch.


Cheers.
Post away ...

Just wondering are you entering using . Pending Orders (PO's) or are you using the 15 at those levels of interest ?

Or are you just entering based off what you see on the 4hr and higher and setting stopa at the proper levels ?

Just wondering...
Good Trading To All ; Ken Lee
  • #1,504
  • Aug 9, 2010 7:37am Aug 9, 2010 7:37am
Quoting leemonk
I just want to echo some of Ken's comments here..... not because it has suddenly all clicked for me, because bits have, but overall, I am still very much learning.

The one thing that is really working for me, and you're gonna hate it, is to re-read the manuals to the threads that you like AND re-read the threads too.

Once you start learning things and things start making sense, you should re-read the thread and manual!

I promise you, it will read like something new, like something you have never read before. The simple reason being that you...
Yes I went through the same thing and still do, when it is brand new material or studies of a different idea.

I rememeber in particualar the Technical template thread on Baby Pips. Was a lot of post by a family of commercial traders. the ideas are straight Price action using lower time frames for tight entries which is how I look at things .

But just how the explianed things and their use of certian adjectives kept me quessing a lot. Now I understand very clearly.

When we first start to learn to trade. It is a brand new idea. Would be no different if you opend the hood ( bonnet) of a car for the first time you would have no clue as to what your looking at.

So don't feel bad just try and get the basics first and connect some of the dots. The things shown are clear and easy to find on almost any chart on a daily basis.

Trade well and happy . Ken
Good Trading To All ; Ken Lee
  • #1,505
  • Aug 9, 2010 8:00am Aug 9, 2010 8:00am
chart
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Good Trading To All ; Ken Lee
  • #1,506
  • Aug 9, 2010 8:14am Aug 9, 2010 8:14am
Quoting Kenneth Lee
Yes I went through the same thing and still do, when it is brand new material or studies of a different idea.

I rememeber in particualar the Technical template thread on Baby Pips. Was a lot of post by a family of commercial traders. the ideas are straight Price action using lower time frames for tight entries which is how I look at things .

But just how the explianed things and their use of certian adjectives kept me quessing a lot. Now I understand very clearly.

When we first start to learn to trade. It is a brand new idea. Would be no...
Whilst we are on this naval gazing sidetrack, i'll throw in my two penneth, Kenneth (ha!).

I think Lee and I may be on similar curves. Curves that have involved an inching toward success but I think in a way that will ensure that when success is achieved with consistency, it’ll be for the long haul. I think there are very many people who trade that get lured into a false sense of security because they can make good returns for a period without ever actually learning the business. Then, market conditions change and their system or approach falls over. They lose what they had made because they expect it to turn back around but don’t know when. It may do, but it may not and by then it may be all too late.

I wish I had known what I know now a year ago. These forums can be as much a blessing as they can be a massive hindrance. I spent too much time thinking that if I bounced around enough indicator based systems, I would find the one that would make me a millionaire. Sure, i'd learnt a bit about trendlines, S and R and fibs but not enough and I thought you could get by without any of that. Of course, you can but I have seen little to suggest that there are many traders surviving today who are using the same indicator system they were using 5 years ago. It tells you a lot.

Learning the business is an ongoing experience but you get there, little by little. If you are willing to put the time and effort in, there will be a reward at the end of it. At the moment, my reward to be making some profit now most days. The next step for me is making profit on much larger scales and then making life changing sums. Step, step, step.

The hardest part in the learning curve is that threads like Ken's are deeply confusing at the start, for a newbie. I personally believe you need to put in 6 months of hard reading before even starting to get your head around the content of this thread. Then, as Lee has said, arse about on a demo account for a bit and then come back and read it all again. I have personally read EO hater's manuals 4 times and will read them probably another 2 or 3 times before I'm done.

Unfortunately, for many, it'll be too late by then as they'll have shot their wad through impatience and will be found trolling the forums telling everyone that their broker is a scam!

In short, don't underestimate the effort required in this game. Everyone wants it to be simple and easy. If you want to actually learn the business, properly, it isn't. Put some in and you'll maybe, hopefully get some out.
  • #1,507
  • Aug 9, 2010 8:16am Aug 9, 2010 8:16am
chart
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Good Trading To All ; Ken Lee
  • #1,508
  • Aug 9, 2010 8:27am Aug 9, 2010 8:27am
Partial close on second account just happened abit above the 61.8% last TP set right above 1.3200 big number.

May reverse here for abit .. Big bounce .. the major fibs arer always good for a quick scalp especially with the trend. Problem happens when we get use to taking those small gains and they are really the start of something big. So i will hold for now but a close above the 38.0% will be my new stop.
Good Trading To All ; Ken Lee
  • #1,509
  • Aug 9, 2010 9:53am Aug 9, 2010 9:53am
Quoting Kenneth Lee
Post away ...

Just wondering are you entering using . Pending Orders (PO's) or are you using the 15 at those levels of interest ?

Or are you just entering based off what you see on the 4hr and higher and setting stopa at the proper levels ?

Just wondering...
I enter with PO at my level of interest but with SL 10-12.
  • #1,510
  • Aug 9, 2010 9:59am Aug 9, 2010 9:59am
Quoting Trotty
Did you short the touch or on close of candle here?
Always on touch ( with PO ) because I want to be at very top.
Check my other filled PO although I took some profit +30 at trend line ( because of main trend ).
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  • #1,511
  • Aug 9, 2010 10:17am Aug 9, 2010 10:17am
Quoting kodziro
Always on touch ( with PO ) because I want to be at very top.
Check my other filled PO although I took some profit +30 at trend line ( because of main trend ).
Thanks. I'm never barve enough to take the touch, I always wait for confirmation which is a double edged sword. you miss some of the move but you sometimes get a safer trade.
  • #1,512
  • Aug 9, 2010 6:37pm Aug 9, 2010 6:37pm
still holding the e/u short ,looks like I may get my last tp during asian session. moved stop above the 50% fib 1.3246 . tempted to move last TP lower and stop above 61.8% instead of closing but will take the TP.
Good Trading To All ; Ken Lee
  • #1,513
  • Aug 9, 2010 7:07pm Aug 9, 2010 7:07pm
Hi Ken and All.

I am a faithful reader of your thread but don't post much.

Back to the work involved with learning the Forex Mkt. I Don't want to even attempt to count the numbers of hours I have spent studying, watching charts etc. I know it is well into the 10000"s.

One guys opinion here I found.

There’s only one way to become good at something:
1. First, you must learn it by reading or listening to others who know how to do it, but most especially by doing.
2. Then do some more. At this point, you’ll start to understand it, but you’ll suck. This stage could take months.
3. Do some more. After a couple of years, you’ll get good at it.
4. Do some more. If you learn from mistakes, and aren’t afraid to make mistakes in the first place, you’ll go from good to great.
It takes anywhere from 6-10 years to get great at something, depending on how often and how much you do it. Some estimate that it takes 10,000 hours to master something, but I think it varies from person to person and depends on the skill and other factors.

Of course this is one mans opinion. I would have to agree with the 10,000 hours though. I don't necessarily agree with 6-10 years.

I am a finish carpenter by trade and have been doing it for 40 years. (My Dad started me at it when I was 8) I can say with all confidence that I am one of the best. I have hung over 10,000 doors. Often I will try to teach someone how to do something and they are immediately frustrated that they can't do it as fast or as smoothly as I. (I have hired to many to count over the years)

Now there are those I have hired that knew nothing of finish work and I taught them all they know, that have worked for me for over 10 years. They still continue to learn. But here is the kicker I am still learning things as well.

To be the best at something you will always be a student, even if you teach.

So the 10,000 hours may look ominous when you are looking at hour number 1. Before you can earn a million dollars you have to earn one. So for those who are starting out and are frustrated, join the club we all get frustrated at times. But always be the student humble to learn. The pips will be there.

“Only one who devotes himself to a cause with his whole strength and soul can be a true master. For this reason mastery demands all of a person.” - Albert Einstein

So it requires devotion, the more focused you are the less time it takes to achieve it. Right now there are 335 looking at Trading Systems" here on FF. How many of these will always be unfocused in there study looking for the golden goose. That Goose is the focused time with charts and study.

Ah well enough rambling here

Rufus:nerd:
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,514
  • Aug 9, 2010 8:07pm Aug 9, 2010 8:07pm
well my last tp was hit while I was watching a movie.. 1.3204 bit above 200. Oh well really made drive below but all good. Just nice to hold it an let it do what we know it could..

I have so many trades that I pick the areas but never have the patience to wait for them to deliver the goods. As I mentioned a little bit ago. Maybe just sliding down my stop would have been better.

But as long as you can live wih your choices is all that is required

Thanks everyone for you veiws on , what it may take to succeed in trading. I know only very few that just got it right off the start. But their are prodigies in everything. Trading isn't any different.

Just everyone keep trying and it will come..
Good Trading To All ; Ken Lee
  • #1,515
  • Aug 10, 2010 4:52am Aug 10, 2010 4:52am
retest of the breakout although got major MA at top and bearish diveregence so I have to be careful
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  • #1,516
  • Aug 10, 2010 8:49am Aug 10, 2010 8:49am
The reasoning behind my eur/usd, short was the thought that news can push price away from where large concerns Goverment, big business and the like think it should be. To high of a exchange can slow the economy of countries and limit tourism. Everyone is looking for a good deal now days.

So when we get large moves off news , The retracement can and does come all the way back sometimes. It did a complete retrace and then some ,as I think the market had made a substantial prerelease move as well. Now we are waiting on FOMC.

Which if you made some nice gains off the NFP , you may have been taking some of your gains, another reason to support short term shorts.
Anyway These are some reasons that there are some traders out there that trade just the news retracements not the news itself. But it can take patience as sometimes it may take days to totally retrace.

Anyway hope some got some of these drops. Ken
Good Trading To All ; Ken Lee
  • #1,517
  • Aug 10, 2010 10:13am Aug 10, 2010 10:13am
AU long- fibo 50, weekly S1 area, my trigger was multitested area 0.9065
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  • #1,518
  • Aug 10, 2010 4:49pm Aug 10, 2010 4:49pm
some important levels on gu this week, definitely worth to pay attention in the future
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  • #1,519
  • Aug 12, 2010 5:58pm Aug 12, 2010 5:58pm
Quoting Kenneth Lee
Anyway These are some reasons that there are some traders out there that trade just the news retracements not the news itself. But it can take patience as sometimes it may take days to totally retrace.

Anyway hope some got some of these drops. Ken
Hi Ken.

It just amazzes me sometimes that in spite of a violent reaction to the news, price more often then not soon returns to the pre-news area. This action often times will blow right through S/R and fibs etc. I have a hard time trading news releases,I like the ability to let things "cook" for a while. But a retracement on a news release will often obey the "Rules" of price action. Slow at fib levels, respect PPA, pivots etc. So with this in mind it is easyer to plan the trade out.

This last one I was a part of (After NFP) worked wonderfully untill I forgot to look at my calendar to see that FOMC was coming late in the morning. I should have closed out most or all before the anouncement. This oversite cost me 55 pips on the last part of the position.

Anyway I like the retracements.

Thanks a lot for all the work you have put into this thread. I have impimented a lot of it to my trading style. If all people looked at were PPA's you could be profitable. So many of them fall on fib levels and/or pivots. Their ability to stop price in thier tracks is neat to watch.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,520
  • Aug 12, 2010 8:09pm Aug 12, 2010 8:09pm
Quoting Rufus
Hi Ken.

It just amazzes me sometimes that in spite of a violent reaction to the news, price more often then not soon returns to the pre-news area. This action often times will blow right through S/R and fibs etc. I have a hard time trading news releases,I like the ability to let things "cook" for a while. But a retracement on a news release will often obey the "Rules" of price action. Slow at fib levels, respect PPA, pivots etc. So with this in mind it is easyer to plan the trade out.

This last one I was a part of (After NFP) worked wonderfully...

I was going to paste a article I read a few days ago about the yen. How it being so much higher than normal against the dollar that exports were hurting and the goverment was working on some way to figure out how to revalue it. You see this all the time with the swiss they like manipultaing their curreny.

But I couldn't find it.. oh well.. See you had a great day the other day or maybe today. But great ... Just keep following the advise of Yoda.. Trust in yourself..

“[Luke:] I can’t believe it. [Yoda:] That is why you fail.”
Good Trading To All ; Ken Lee
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