Ken's Continuing Successes with EO's system

Okay, here's the post I was looking for just now, it's Ken talking about how the fastest way to progress is getting rid of what doesn't work:

http://www.forexfactory.com/showpost.php?p=2753300&postcount=13168

Very true. I know that there are certain types of setups that I'm probably breakeven or worse at. So I either don't make money on them, or I lose money, but either way they take time away from focusing on other setups which I do make money at -- might as well take 2 steps forward instead of 3 steps forward and 2 steps backward.

I'v missed that post. Thanks alot for sharing, good stuff

Here is something that could be interesting on ej 1h. Possible inverted head and shoulder pattern.

New Inverted H&S or just a retest of the trendline that connected the head and the shoulder of yesterday's pattern (that worked very good). Seems to be the classical formation where to put an order but be ready to stop and reverse!

for sure... the cross worth attention in this spot!

cheers guys!

Yepp worth taking a look at eu as well. Things might get cooking for a nice bull run.

chart, some observations and some trdes I took today , Not all but some..

Hey Ken,

Good trades. Here is the reason for those bounces from the lows on your GU chart around 5740.

If you look at the gbp chart you can see prior to *:00 a nice descending triangle was in form. The news might be what pushed it for a last run up. but the descending triangle did workout and price broke that 1.5740 area.

As the captian shows there are many ways to spot a a area of interest .. but even just the formation of a pattern flag or , triangle or wedge can help us see . they tend to work more times than they fail. So with some other tiems to help see they are just additional confluence.


The fib trades on e/j I took as quick scalps as the long red candles was a worry so just quick in and out .

These are not things to forgo plotting from your higher time charts first just some things you can use to confirm entries. Or if you are a scalper some entry points. Like the short retest on e/j 113.50 area you could still be short from there or the very top.

Thanks again Ken, charts like that are a fantastic learning tool

Just before i saw your post i also went through todays session and looked at the possibilities that occured. Here is how i viewed gu, and its interesting eventhough my thought process were slightly off from you we still ended up with the same conclusion on some key trades. So that im at least coming to the point where i see some of the trades you do is nice, eventhough the route was a little different

I lost it ,, Sorry

In hand with someone asking the otherday about how to stay in trades , I have said in the past. Look at Mike's chart, the black line I drew. Once price stops it's trend and makes the first pullback draw a line. This is now your line in the sand for a reversal. If it doesn't CLOSE above it . Keep looking to continue the trend. if it breaks watch for a confirming Higher low and a entry . That is the safest way to turn price.

If you look back on your charts you will see at almost every trend reversal a entry off a first swing . will cost you very little in gains. Where as if your wrong on a touch can cost you equity.

Also remmeber . Lower or equal highs SHORT
Higher or equal Lows LONG
Enter on the short retracement legs. ( Check Marks)
You want your trade to be the long leg of the check mark

chart shwoing some of htose check marks and trend turning lines. This is a daily chart but htey all work the same no matter what time frame. Plus I used The captian's chart just to so it doesn't matter we all can see things off any chart.

Information overload.

Thanks for the feedback Ken! Very helpful information.

Thanks again for all the charts and help Ken. I've finally had a couple aha moments this week, and my returns today were finally right where I want them to be (but only for 1 day so far ). I'm sure I've still got a long way to go before I'm going to be consistently getting solid numbers but atleast I had a taste of it to keep my motivated.

Ironically, focusing on the HTFs has really helped me out in understanding the 15M charts -- apparently it was a change in perspective that I really needed. I'm the type of person that always needs to understand the big picture to do anything so this makes sense.

I've also found it ironic that dropping what I'm not good at and focusing on waiting for additional confirmation has given me higher returns. The entire reason I was chasing the trades that I wasn't very good at was to get better returns, I figured I would never be where I wanted to be without them. But obviously, when you cut out the losers, you increase your returns.. DUH

I have fallen in love with the 10EMA.. when price starts moving the 15M 10EMA and the 1H 10EMA are both incredibly useful, especially when combined with swings as previously discussed.

yes it is kinda of funny when you consider the different types of traders , The one that just trades from the big picture allowing for large stops and going for 100 pip plus trades and the guy that scalp for 20 to 40 a day off maybe 5 to 8 pip trades , They can both be risking the same amount per trade and the returns can be the same.

I find the ones that go for big trades with bigger stops , seem to look at trading more as a market like equites with steady small gains that yes you can live off but the account has to be pretty hefty.

While those that have the same risk but use tighter stops see it more as speculation , whch is where you tend to feel like your taking more of a risk. like the guys that sold all they had to drill oil wells in the first days of that. Strike oil or bust..

But with some very basic , ( don't over think it rules) and understanding of Price action . You can be a speculator that kicks butt . Just remember money management .

Beware if you trade multiple pairs that your not exceding your risk by trading pairs that all act the same . it suxs when they all move against you at once and your in two or more trades. One reason i like mixing up the major currencies on my pairs.

yes keeping a eye on the higher time frame charts is where alot of folks miss the plot. this is why you hear traders say that everything on 15 min and even 1 hr charts is noise. It is clear to see what they are talking about just look,

just as some pairs seem to flow with less agetated movements. normaly the ones that aren't the movers and shakers of the worlds economies. The higher time frames look smoother , But just like the 3 charts posted the same price action works on all the time frames. it is your job to know when your in a crucial spot. That is the start of a new large move or even a continuation. It isn't hard unless you make it hard.

if the price is higher on the right of your chart it is a up trend if it is lower it is down. Let it pull half way back and enter . it is that simple. find the old levels close to that pullback area and your risk is less.

Need to think of trading like that . Each item of confluence is another bit of risk taken away. Just add them up the more the less risk .then look left into the past and see what possiblly can happen again.

Sorry bit tired and rambling . But it is just the best trades are the ones that you start taking and they are just easy to take , you turn on your computer and price is at a level and you have two or three items that confirm the trade and boom your in , no questioning. the more you do it ,. you may find yourself in good trades before you realize how good they are.

You take them off one or two things then see they also align with a much bigger picture , These are the ones that you then want to switch to at the least the hrly to manage, enough rambling trade well Ken

gu ppa lines ( always check how 1h/4h candles react/close with them, this s/r lines are our trigger )

which platform do you use kodziro?

I need to change, fxpro is just horrible these days, just got filled 14 pips away from where i entered wasnt even during the news release, this shit happens all the time, if its not requotes its invalid price or huge delays. Eventhough the spreads are great what does that matter when your not getting filled.