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Ken's Continuing Successes with EO's system

  • #2,021
  • Oct 15, 2010 8:30am Oct 15, 2010 8:30am
Some good techincals on e/j last night and this morning..
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Good Trading To All ; Ken Lee
  • #2,022
  • Oct 15, 2010 8:37am Oct 15, 2010 8:37am
notice the first run up and shallow pullback .. Try and think of those as a single candle and the pullback as a wick . hit a area and was rejected.

on a larger time frame may have been ,, it is why some can trade faster charts as easy as others do longer time frame the information is the same just more detail..
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Good Trading To All ; Ken Lee
  • #2,023
  • Oct 15, 2010 8:48am Oct 15, 2010 8:48am
Quoting Kenneth Lee
notice the first run up and shallow pullback .. Try and think of those as a single candle and the pullback as a wick . hit a area and was rejected.

on a larger time frame may have been ,, it is why some can trade faster charts as easy as others do longer time frame the information is the same just more detail..
Hi Ken!
Thanks for posting. Good stuff!

BTW I know your big on self development and im almost through a ten days audio program by Tony Robbins called Creating Lasting Change, its incredible and has given me tons of aha moments on how we operate. Shouldnt be to hard to find online, so if you got the time I definitely think you would enjoy it
  • #2,024
  • Oct 15, 2010 9:39am Oct 15, 2010 9:39am
Whoa! I had to close out all my trades. I've been using Oanda lately and something crazy is going on with their feed. It's very laggy and prices are way off from prorealtime.com and other feeds. I can't find any big time news so I'm not sure what the deal is.. Who knows, maybe it saved me from having a losing Friday.
  • #2,025
  • Oct 15, 2010 9:53am Oct 15, 2010 9:53am
Quoting dr mongolia
Whoa! I had to close out all my trades. I've been using Oanda lately and something crazy is going on with their feed. It's very laggy and prices are way off from prorealtime.com and other feeds. I can't find any big time news so I'm not sure what the deal is.. Who knows, maybe it saved me from having a losing Friday.
I started using Oanda a couple of months ago, even though i'm British and was using Alpari - a British FSA regulated broker (and all the protection that comes with it).

I couldn't be more happy to be frank. What I lose in terms of risk exposure is more than made up for by the fact that their spreads are so low, execution so swift, no re-quotes and really accurate charts.

I can only assume this is a freak oddity because by and large, they've been really impressive since I started to use them.
  • #2,026
  • Oct 15, 2010 10:11am Oct 15, 2010 10:11am
Quoting Trotty
I started using Oanda a couple of months ago, even though i'm British and was using Alpari - a British FSA regulated broker (and all the protection that comes with it).

I couldn't be more happy to be frank. What I lose in terms of risk exposure is more than made up for by the fact that their spreads are so low, execution so swift, no re-quotes and really accurate charts.

I can only assume this is a freak oddity because by and large, they've been really impressive since I started to use them.
Thanks, thats great to hear because I was actually doing some google searches to try and figure out if this was normal for them. I haven't been using them for long but I've been very impressed with them for order execution so far.

I like Oanda for building up an account since it's so easy to deposit money (paypal, etc). I started with a very small amount of money in my account and I deposit an additional $50 for each profitable day that I get, plus a couple other bonuses as well (I deposit an additional $100 for each profitable week, same with a profitable month, and an additional $100 when I set a new "record high" for earnings in a day). It's a slow accumulation but I really like it better this way -- When I first started, I tried to dump all my trading money into the account at once, and I was a very passive trader as a result.
  • #2,027
  • Oct 15, 2010 10:18am Oct 15, 2010 10:18am
Got a horrible experience an hr ago........

http://www.forexfactory.com/showpost...postcount=1068
http://www.forexfactory.com/showpost...postcount=1069
http://www.forexfactory.com/showpost...postcount=1070
http://www.forexfactory.com/showpost...postcount=1072

Quoting dr mongolia
Thanks, thats great to hear because I was actually doing some google searches to try and figure out if this was normal for them. I haven't been using them for long but I've been very impressed with them for order execution so far.

I like Oanda for building up an account since it's so easy to deposit money (paypal, etc). I started with a very small amount of money in my account and I deposit an additional $50 for each profitable day that I get, plus a couple other bonuses as well (I deposit an additional $100 for each profitable week, same with...
  • #2,028
  • Oct 15, 2010 10:33am Oct 15, 2010 10:33am
Quoting Buildcity
Got a horrible experience an hr ago........

http://www.forexfactory.com/showpost...postcount=1068
http://www.forexfactory.com/showpost...postcount=1069
http://www.forexfactory.com/showpost...postcount=1070
http://www.forexfactory.com/showpost...postcount=1072
Yeah, that's the same thing that was happening to me. I also noticed the prices on the feed were way off at some ponts, so I got afraid of being spiked out and just closed everything. For a few minutes I noticed that the CJF/JPY bid was 15 points lower than my prorealtime feed

The other broker that I have an account with is Dukascopy, they are an ECN so they charge a commission but its very low, and if you use an introducing broker to sign up you get like 40% of your fees back at the end of the month. The platform is java based just like Oanda and the spreads are lower. The only downside is that it's more difficult to deposit money -- you have to use a bank wire, which isn't a problem if you're just making a couple deposits a month, but as I mentioned in the post above I like to make very frequent deposits to "ease in" to my full account so thats a problem for me.
  • #2,029
  • Oct 15, 2010 10:41am Oct 15, 2010 10:41am
Quoting dr mongolia
Thanks, thats great to hear because I was actually doing some google searches to try and figure out if this was normal for them. I haven't been using them for long but I've been very impressed with them for order execution so far.

I like Oanda for building up an account since it's so easy to deposit money (paypal, etc). I started with a very small amount of money in my account and I deposit an additional $50 for each profitable day that I get, plus a couple other bonuses as well (I deposit an additional $100 for each profitable week, same with...
In some ways, I wish I had taken that approach.

I started with a pretty big account and a pretty big position size, suffice to say I had some dark and depressing days early on!

Thankfully, I came out of the other side still in one piece. Ken has helped probably a great deal more than he realises with this thread. I have a feeling I might owe him a pint!

A lot of new starters could learn plenty from your approach, very sensible to take a step back to then take steps forward again.
  • #2,030
  • Oct 15, 2010 10:47am Oct 15, 2010 10:47am
any idea what was wrong with this setup? Or maybe I was wrong?
[IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-4.png[/IMG][IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-5.png[/IMG][IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-6.png[/IMG]
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  • #2,031
  • Edited 11:20am Oct 15, 2010 10:57am | Edited 11:20am
Quoting aljosas
any idea what was wrong with this setup? Or maybe I was wrong?
[IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-4.png[/IMG][IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-5.png[/IMG][IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-6.png[/IMG]
Did you just trade this candle because it was a "pin" on M15? Did you look at the higher time frames?

A quick peek at H1 or H4 would have told you that you are trading against the market sentiment. We were in an uptrend. That's not to say we can't trade reversals or even the odd retrace but there has to be a really good reason to. If we are coming up against a known area of resistance and we get a candle like this, you might think about taking the short. Even then, you might want to take even more care and wait for price action to clear the candle south by a few pips.

The fact that price is in an uptrend and even on M15, we are trading above the 35 and 50 MAs should preculde you being interested in any shorts unless you have a really good reason to. All signals point for a long and this candle faked you.

Just my two penneth worth, i'm sure others will have a different take on it.
  • #2,032
  • Oct 15, 2010 11:14am Oct 15, 2010 11:14am
Quoting Buildcity
Got a horrible experience an hr ago........

http://www.forexfactory.com/showpost...postcount=1068
http://www.forexfactory.com/showpost...postcount=1069
http://www.forexfactory.com/showpost...postcount=1070
http://www.forexfactory.com/showpost...postcount=1072

I can't remember the last time I Lost Oanda but it does happen . STOPS

But I have also lost every broker I have had at one point or the other. usually during high usage times news etc..

Then there is the odd server issue. It is why they all have the disclaimers..

Not sure I would change brokers over it. Oanda has just added a server to their system . removed the demo accounts to a seperate one..

Maybe drop them a note and see if you get a response you can live with ..


Thanks for the heads up on the Tony robbins..


and yes slowlly building your account can be a plus.. for anyone emtions have a chance to grow with it.


the bottom of that pin is higher than anything I see left , But will look closer later

Late night, napping before work Cheers.. Ken
Good Trading To All ; Ken Lee
  • #2,033
  • Oct 15, 2010 11:20am Oct 15, 2010 11:20am
Quoting aljosas
any idea what was wrong with this setup? Or maybe I was wrong?
[IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-4.png[/IMG][IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-5.png[/IMG][IMG]file:///D:/DOCUME%7E1/Slapnik/LOCALS%7E1/Temp/moz-screenshot-6.png[/IMG]
If you're trying to scalp for a few quick pips, I don't think it was a bad entry because there's the pin and it does have some PPA to the left. But if you're trying to catch a bigger move, wait for a key level -- the top of the trading range, a pivot point, the current sessions high, the day's high, strong S/R from the H4, etc. As Ken always says, we want to see some confluence before entering.

Here's my 15M, that rectangular range in the pink was originally drawn about 24 hours ago after price rested the 1.597 area. As you can see it's held several times since then (although it did get that big break once, but price reentered the range after 45 minutes). GU likes to range back and forth for a while before making the big moves. So when it's ranging like this, I'd be looking for signals off the bottom of the range for longs, and signals off the top of the range for shorts. The top of the range is also in confluence with two pivot areas, the weekly R1 and the daily R1.
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  • #2,034
  • Oct 15, 2010 12:28pm Oct 15, 2010 12:28pm
Quoting dr mongolia
If you're trying to scalp for a few quick pips, I don't think it was a bad entry because there's the pin and it does have some PPA to the left. But if you're trying to catch a bigger move, wait for a key level -- the top of the trading range, a pivot point, the current sessions high, the day's high, strong S/R from the H4, etc. As Ken always says, we want to see some confluence before entering.

Here's my 15M, that rectangular range in the pink was originally drawn about 24 hours ago after price rested the 1.597 area. As you can see it's held several...
Thank you and Troty for answers. I decided for short according to htf S/R (in purple) at 1.6014 and according to that candle which was right on the S/R line. Was that not enough confluence?
  • #2,035
  • Oct 15, 2010 1:04pm Oct 15, 2010 1:04pm
I plotted the line on my 1HR zoomed out a bit so that we can have a visual (first chart) and also put it on my 15M. As I said before I don't think the trade was a bad trade at all, but here's my full take on it (I went back and reread my response and realized I talked a whole lot about confluence, but not really about your trade):

Price is clearly respecting the 1.6014 line -- I'd say its definitely a valid S/R line (and if you zoom out even more on the 1H, you can see that it's respected it in the past).

Looking at the 1H we can see that price broke through the line and formed a new high, then went down below the line and came back up to retest it a few times. I've zoomed in on the 15M showing the last few retests of the line before the one you took. As you can see any one of those prior trades would have been profitable, you just got unlucky in that the one you took was the one that finally broke through.

But hey -- those are good odds, I'll take 2 out of 3 any time. And as you can see you could have taken the retest after the line was broken to the right for quite a bit of pips.

I was already long from 1.598X or I might have been right there with you on this one. I was going for the range trade up to the previous high. There's another one setting up right now -- as price nears 1.5970-80 we'll either see a bounce or a big break downward.
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  • #2,036
  • Oct 15, 2010 1:14pm Oct 15, 2010 1:14pm
Here's the trade setup I'm talking about..

Price is approaching the bottom of the range/rectangle in pink on the 15M (first chart). The bottom of that range is also the daily low, and the GMT close of yesterday. It's also forming a hammer as I type, although it's got about a minute and 45 seconds until the close. PLUS we've got the 62EMA on the 1hr (second chart).

So a lot of confluence.. of course there's no guarantee of it working, but it's a high probability trade. Stop loss is below the 62EMA/rectangle.
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  • #2,037
  • Oct 17, 2010 1:41pm Oct 17, 2010 1:41pm
Quoting dr mongolia
Here's the trade setup I'm talking about..

Price is approaching the bottom of the range/rectangle in pink on the 15M (first chart). The bottom of that range is also the daily low, and the GMT close of yesterday. It's also forming a hammer as I type, although it's got about a minute and 45 seconds until the close. PLUS we've got the 62EMA on the 1hr (second chart).

So a lot of confluence.. of course there's no guarantee of it working, but it's a high probability trade. Stop loss is below the 62EMA/rectangle.
Being a , I closed out on Friday (at around BE or -1/-2 I think).. But today's open will be interesting.. If we gap below the 1.5960-70 area I think I'll pass, but if we open around where we're at then I think we'll see at least a retest of 1.6070
  • #2,038
  • Oct 17, 2010 2:24pm Oct 17, 2010 2:24pm
Quoting dr mongolia
Being a , I closed out on Friday (at around BE or -1/-2 I think).. But today's open will be interesting.. If we gap below the 1.5960-70 area I think I'll pass, but if we open around where we're at then I think we'll see at least a retest of 1.6070
I watched the setup form as well and I guess like you, was sat wishing it was the middle of a Wednesday, not last thing on a Friday, lol.

Lovely looking setup though.
  • #2,039
  • Oct 18, 2010 7:56am Oct 18, 2010 7:56am
This was in a E-mail from oanda this morning. Kinda falls in line with what we talked about the difference between willpower and discipline. Maybe if you think of trading as a sport or game and each trade as a play or level. Give your all to each level or play, and you will find yourself in the winners circle..

Trade Happy Ken


Concentrate or Lose Money

You can be highly motivated to trade, have abundant capital, and a dummy-proof trading system, but if you don't apply your FULL concentration to the trade that you have on at the moment, you'll rarely make profits. It's imperative that you learn how to concentrate while executing a trade and meticulously monitor the market while you're in the trade.

The more you can stay focused on your ongoing experience, the more you can trade effortlessly and skillfully. But how can you concentrate more easily?

First, it's useful to remember that concentration takes psychological energy, and your supply of psychological energy has limits. If you want to maintain your focus, you must be rested and relaxed. Get proper sleep and nutrition. If you're tired or hungry, you won't be able to keep your mind focused on trading.

Second, it's important to control your stress levels. Stress depletes psychological energy. Even when you are excited rather than agitated by stress, your psychological energy is depleted a little bit each time you encounter an event that gets your adrenalin pumping. The best way to limit stress is through risk management. If you know that you are doing your best to keep potential losses to a minimum, you'll feel more comfortable and can focus most of your psychological attention on trading.

Concentration is essential for profitable trading. The more you concentrate, the more you feel you are in control. And when you feel your body and mind are in sync with the markets, you'll trade profitably.


By Dr. Pipslow
Pipsychologist
Good Trading To All ; Ken Lee
  • #2,040
  • Oct 18, 2010 10:44am Oct 18, 2010 10:44am
enough babbling how about a chart , showing the classic Gumptrading, No trades my foot. Nice 20 pip range all morning. Just have to know where they might happen . plus not every trade is a 100 pipper.
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Good Trading To All ; Ken Lee
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