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Ken's Continuing Successes with EO's system

  • #2,041
  • Edited 12:14pm Oct 18, 2010 11:02am | Edited 12:14pm
We can get a lot of grieve from folks that these trades are not based of real technical analysis. I disagree and the risk is what you want to make it . We have a defined line on our chart top and bottom , Stop tight to those lines is how we trade those maybe a 7 or 8 pip stop max.

So the risk to reward is in our favor by loads. One succesfull trade and you can try 3 more for free. But the key to this and lots of our trading is knowing your areas of interest.
Good Trading To All ; Ken Lee
  • #2,042
  • Oct 18, 2010 11:21am Oct 18, 2010 11:21am
Quoting Kenneth Lee
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.
At last it came out from the mess
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  • #2,043
  • Oct 18, 2010 11:23am Oct 18, 2010 11:23am
Quoting Buildcity
At last it came out from the mess
Im eyeballing this as well. First obstacle on a journey up will be resistance at 5925.
  • #2,044
  • Oct 18, 2010 11:39am Oct 18, 2010 11:39am
Quoting Kenneth Lee
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.
I haven't been able to get more than 20 pips on any pair this morning. It has been frustrating, but I guess I need to learn when to close the trade after 10-20 pips instead of waiting for a 50 pip move that won't happen.
  • #2,045
  • Oct 18, 2010 12:27pm Oct 18, 2010 12:27pm
Try this excrise, Not a offical journal but just a scrap piece of paper. Jot down how many pips you could grab when your entries make their first move. Just write it down and then at the end of the week add them up and see if you beat what you actually made , That would be a less stressfull way to trade. In and out Money in the bank.

Plus when it makes it first move adjust your stop and if it runs the more better.

Cheers
Good Trading To All ; Ken Lee
  • #2,046
  • Oct 18, 2010 12:36pm Oct 18, 2010 12:36pm
I am not suggesting everyone should be a scalper , but if you keep being positive then end up with a loss, Maybe that would help.

But remeber the whole idea behind our type of trading is to enter as a scalper and hold like a swing trader. So grab a few lock them in and hope for more but account needs gains .. to grow , then the bigger it grows it needs less pips to give the same $$$$$,, Then maybe 1 hr in the morning and you can go fishing,hunting sking or whatever thrills you..

Just a thought..

I have the honor of watching different style traders trade in realtime and some trade very well . But normally London open which I can't make right now. But others trying fro those same gains during the U.S. session just feel like a basketball getting bounced around.. Plus in the past some of these guys were just aimng for 100 pips a week or so and hitting that with ease. but now trying for more struggle.

Figure out what you want to make pip wise to be happy, Then build the account to set the cash amount you want.. Trying for to much cash first is unrealistic. That will naturally grow on it's own..

Just food for thought..
Good Trading To All ; Ken Lee
  • #2,047
  • Edited 1:58pm Oct 18, 2010 1:28pm | Edited 1:58pm
Yeah I've been guilty of making a lot of errors on both sides of that coin -- I have had days where I find myself taking profit much too early, and days where I find myself taking profit much too late. I came from equity trading where I tended to enter with a set target in mind, so adjusting to forex is taking some time for me.

It seems like the best price action traders are confident at entering from a lot of different spots on the chart, which makes them never afraid to take some profit off the trade. They know they can always re-enter later on. I am the complete opposite -- I am only confident enough to enter at my confluence spots, where I know the trade has a very low probability of going against me ("find your stops first", etc).

EO/Infinity seem to almost always have a lot or two running based on the HTFs, and then they add more lots on at certain points, remove/reverse lots at other points based on the 15M. At this point I would be very uncomfortable trading like that, I'm still seeing "black and white" versus "shades of gray".
  • #2,048
  • Oct 18, 2010 2:00pm Oct 18, 2010 2:00pm
Quoting dr mongolia
Yeah I've been guilty of making a lot of errors on both sides of that coin -- I have had days where I find myself taking profit much too early, and days where I find myself taking profit much too soon. I came from equity trading where I tended to enter with a set target in mind, so adjusting to forex is taking some time for me.

It seems like the best price action traders are confident at entering from a lot of different spots on the chart, which makes them never afraid to take some profit off the trade. They know they can always re-enter later...

Yes it is the rare traders that pull them both off successfully , It isn't a must but would be grand to catch every little wave . Why us in america hate that we can't hedge just have to have two accounts open at once. keep the higher trend running while scalping the countertrend trades.

Although I have often wonder wouldn't it be more profitable to close and re-enter totally. Maybe a commision issue But for us spread traders the cost of 4 pips or less is minor to letting even a partial trade run very far against us just to say we have been in for a month .. Just my two cents.. But again you have to be confident that your closing at the right spot to catch those swings ..

So i will just keep getting what i can and try to let the runner now and then run .

This is why your own style is the only way for you to trade we can all tweak the same ideas into what we feel the best doing and then hopefully add to it. but to be consistentlly profitable is always the first goal to achieve after that as long as you can remember how your doing it you can play around a bit to achieve the goals of the masters..
Good Trading To All ; Ken Lee
  • #2,049
  • Oct 18, 2010 4:23pm Oct 18, 2010 4:23pm
Nice 62 ema touch trade worked on both e/j and the gbp. It is always worth a try when it hasn't been near in a while . Plus again we know where we want our stop other side of it .
Good Trading To All ; Ken Lee
  • #2,050
  • Oct 18, 2010 4:38pm Oct 18, 2010 4:38pm
I got the E/J, missed the GBP. On the E/J the 1H 62/50 were both lined up in between the 61.8 and 50% fib levels so I had to take that one. It'll be interesting to see how the E/J daily closes. I saw the long opportunity off of the daily 50 and chickened out earlier (was also a hammer on the H1).
  • #2,051
  • Oct 18, 2010 4:39pm Oct 18, 2010 4:39pm
Chart
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Good Trading To All ; Ken Lee
  • #2,052
  • Oct 18, 2010 4:41pm Oct 18, 2010 4:41pm
I usually dont look at my charts at this hour, but for some reason i did and got in on this one. Its the same area ken posted earlier, and as have been said before the levels are allways in play. My entry was on the retrace of the engulfing, dblhc.
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  • #2,053
  • Oct 18, 2010 4:42pm Oct 18, 2010 4:42pm
Quoting dr mongolia
I got the E/J, missed the GBP. On the E/J the 1H 62/50 were both lined up in between the 61.8 and 50% fib levels so I had to take that one. It'll be interesting to see how the E/J daily closes. I saw the long opportunity off of the daily 50 and chickened out earlier (was also a hammer on the H1).

Plus if you notice the first candle that came down after breaking last weeks low . Went as low and nothing else closed below the bottom of the wick. I watch those for a first sign of a reversal building. yes nice pins on 1 hr and then a engulfing on 4 hr. .
Good Trading To All ; Ken Lee
  • #2,054
  • Oct 18, 2010 4:48pm Oct 18, 2010 4:48pm
Quoting Storeball
I usually dont look at my charts at this hour, but for some reason i did and got in on this one. Its the same area ken posted earlier, and as have been said before the levels are allways in play. My entry was on the retrace of the engulfing, dblhc.

yeah that level has been pretty solid lately,, Nice eyes
Good Trading To All ; Ken Lee
  • #2,055
  • Oct 18, 2010 4:51pm Oct 18, 2010 4:51pm
Quoting Storeball
I usually dont look at my charts at this hour, but for some reason i did and got in on this one. Its the same area ken posted earlier, and as have been said before the levels are allways in play. My entry was on the retrace of the engulfing, dblhc.
The funny thing about trading these hours is that they FORCE you to look at the HTFs for opportunities, since the 15M charts aren't moving fast enough. I've found that some of my biggest trades are entered after the London close either during or after the US session, and left to run for several hours. I guess that should be my clue that I'm not looking at the HTFs enough during the London hours .
  • #2,056
  • Oct 18, 2010 4:54pm Oct 18, 2010 4:54pm
Quoting Kenneth Lee
yeah that level has been pretty solid lately,, Nice eyes
Pretty blurry eyes atm! Tired and time for bed locked in a few and set tp on 5910 with 50ema and below resistance. Have a good morning, evening or night everyone!

See you all for some pippin tomorrow!
  • #2,057
  • Oct 18, 2010 4:55pm Oct 18, 2010 4:55pm
Quoting Kenneth Lee
Plus if you notice the first candle that came down after breaking last weeks low . Went as low and nothing else closed below the bottom of the wick. I watch those for a first sign of a reversal building. yes nice pins on 1 hr and then a engulfing on 4 hr. .
I didn't look far enough to the left on the daily and I missed that price was retesting sept 24 low. Plus you can see a lot of other traffic at that price, like the upper wicks on sept 16th and 20th. Solid S/R on the daily.. I definitely would have taken the long if I would have noticed that. Oh well, it's only 100+ pips..

(EDIT: Just to note, my daily is set to GMT time. I figure that's probably the "most watched" closing time, but I could be wrong)
  • #2,058
  • Oct 18, 2010 4:58pm Oct 18, 2010 4:58pm
Quoting dr mongolia
The funny thing about trading these hours is that they FORCE you to look at the HTFs for opportunities, since the 15M charts aren't moving fast enough. I've found that some of my biggest trades are entered after the London close either during or after the US session, and left to run for several hours. I guess that should be my clue that I'm not looking at the HTFs enough during the London hours .

Plus I find it is easier ti trade with all the wild moves out of the way caused by rumor mongers. Like you said it moves just slower which I find ok, Because it also doesn't move against you at the speed of light.. But then again I just wnat a positive trade to start ,
Good Trading To All ; Ken Lee
  • #2,059
  • Oct 18, 2010 5:08pm Oct 18, 2010 5:08pm
Quoting dr mongolia
Yeah I've been guilty of making a lot of errors on both sides of that coin -- I have had days where I find myself taking profit much too early, and days where I find myself taking profit much too late. I came from equity trading where I tended to enter with a set target in mind, so adjusting to forex is taking some time for me.

It seems like the best price action traders are confident at entering from a lot of different spots on the chart, which makes them never afraid to take some profit off the trade. They know they can always re-enter later...
You have to be more disciplined in profit taking. Even then you will suffer taking profit too early or late. But statistic will be on your site. After 5-8 trades you will see no differences ( and sometimes you may wonder that swiching style for taking profit really pays off). But after 30-50 trades you will see the true.
If you aim at nothing, you will hit it.
  • #2,060
  • Oct 18, 2010 9:09pm Oct 18, 2010 9:09pm
Quoting kodziro
You have to be more disciplined in profit taking. Even then you will suffer taking profit too early or late. But statistic will be on your site. After 5-8 trades you will see no differences ( and sometimes you may wonder that swiching style for taking profit really pays off). But after 30-50 trades you will see the true.
If you aim at nothing, you will hit it.
Yeah I absolutely agree. I love that last line by the way, so true: "If you aim at nothing, you will hit it."

My problem is that I'm a far cry from being "fluent" at mixing the HTFs with the 15M. But I'll get there, slowly, with more screen time. A lot more screen time. I need a lot more practice at reading the HTFs, and I need to know when to lay the HTFs aside and accept the small profits that the 15M is giving up.
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