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Ken's Continuing Successes with EO's system

  • #2,121
  • Oct 22, 2010 5:22am Oct 22, 2010 5:22am
Quoting Storeball
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.
I use dealbook360 from efix, and mt4 admiral markets ( they will be ECN by the end of this year ).
Fxpro seems to be fine from what i heard from other traders. But entry 14 pips away is a lot.
  • #2,122
  • Oct 22, 2010 5:49am Oct 22, 2010 5:49am
Quoting kodziro
I use dealbook360 from efix, and mt4 admiral markets ( they will be ECN by the end of this year ).
Fxpro seems to be fine from what i heard from other traders. But entry 14 pips away is a lot.
Thanks man, i'll look into them. Been thinking of an ecn broker, also thought about alpari uk.

Yea it hasnt been a problem before, but these last weeks its just silly the problems there have been, its not uncommon to get two or three requotes in a row during normal trading hours and thats without news, massive delay before you get filled and error messages of invalid price so you got to spam the sell/buy button numerous times before you get through. It just adds up and im getting pretty fed up.
  • #2,123
  • Oct 22, 2010 6:06am Oct 22, 2010 6:06am
Quoting Storeball
Thanks man, i'll look into them. Been thinking of an ecn broker, also thought about alpari uk.

Yea it hasnt been a problem before, but these last weeks its just silly the problems there have been, its not uncommon to get two or three requotes in a row during normal trading hours and thats without news, massive delay before you get filled and error messages of invalid price so you got to spam the sell/buy button numerous times before you get through. It just adds up and im getting pretty fed up.
Look also at Dukascopy they are ECN, but dont know if mt4 platform is available right now, they got some beta version earlier
  • #2,124
  • Oct 22, 2010 8:43am Oct 22, 2010 8:43am
Quoting kodziro
Look also at Dukascopy they are ECN, but dont know if mt4 platform is available right now, they got some beta version earlier
I can vouch for Dukascopy, they are rock solid with the lowest spreads/commissions I've seen anywhere. However as far as I know they still don't have their MT4 platform ready. One is called "JForex" and personally I like it better then MT4 for charting, and definitely more than MT4 for executing orders. (I use prorealtime for my main charts anyway.. I was just used to them from trading equities but they make it really easy to watch a ton of charts at once) In my opinion the only drawback of Dukascopy is that they don't accept deposits via CC/paypal like some brokers -- wire transfer only. That is fine once your account is built up but I'm trying to deposit a little bit each day to gradually ease into it.. so I would get eaten alive by wire fees.
  • #2,125
  • Oct 22, 2010 8:45am Oct 22, 2010 8:45am
Potential short setup on AUD/USD forming; We had a pin on the 15M at PPA. It's also right around an HTF trendline (downtrend) and if price stalls right here it'll have formed a lower high. I'm waiting for a close back across the 15M 10EMA to enter.
  • #2,126
  • Oct 22, 2010 9:44am Oct 22, 2010 9:44am
PA says long 1 hr pins say short . I may say see you all next week .. Wish I had been here to short the top of the pin on e/j came off the 200 sma 1 hr and the 50 4 hr.

Those big number MA's on higher charts get some action normally . The 50 4 hr is the middle off the road on that chart . Just like the 62 is on the 1 hr and 50 on 15 min.

If you watch any finacial news channels about the only MA's they mention are the 50 and 200 ,, on the daily of course , But peole have tunnel vision and so they get play on most chart s..


Take care protect your gains Freaky Friday ken
Good Trading To All ; Ken Lee
  • #2,127
  • Oct 22, 2010 10:00am Oct 22, 2010 10:00am
Quoting Kenneth Lee
PA says long 1 hr pins say short . I may say see you all next week .....
Hey Ken,

I have no doubt about the effectiveness of the MAs we use, I’ve been using them long enough now to know that they work. Not always of course but often enough.

What I’ve never quite understood is why. The only thing that makes sense is that they become self-fulfilling prophecies because so many trading the smart money are using them. Do we know this to be true? Does the smart money trade with these MAs enough for them to work the way they do?
  • #2,128
  • Oct 22, 2010 10:14am Oct 22, 2010 10:14am
Quoting Trotty
Hey Ken,

I have no doubt about the effectiveness of the MAs we use, I’ve been using them long enough now to know that they work. Not always of course but often enough.

What I’ve never quite understood is why. The only thing that makes sense is that they become self-fulfilling prophecies because so many trading the smart money are using them. Do we know this to be true? Does the smart money trade with these MAs enough for them to work the way they do?
Just my thoguhts on this: I think "a self-fulfilling prophecy" accurately describes it. I know that a lot of instutitional traders are required to keep the 200MA on their charts for each timeframe they trade. So at the very least, you've got a whole bunch of traders with the 200, and the 4H 200 equals the 1H 50, the 1H 200 equals the 15M 50, etc. I also know that the 10 is used by many traders to manage trades, so a lot of buying and selling goes on at touches of the 10, and when price is above/below the 10 it tends to move quicker in that direction when it takes off. I think this gives a lot of additional weight to both the 35 and the 50, since the 1H 10 is right between the 15M 35/50, and the 4H 10 is right between the 1H 35/50.

The 1H 62 is a bit harder to understand because there's no way a lot of traders look at it specifically. But, it does very frequently line up with the 61.8% fib level, which I think is what makes it so effective. Also, 62 multiplied by 4 is 248, just shy of 250, and a lot of people do use the 250 moving average. So, the 1H 62 is basically equal to the 4H 250.
  • #2,129
  • Oct 22, 2010 10:29am Oct 22, 2010 10:29am
Quoting dr mongolia
Just my thoguhts on this: I think "a self-fulfilling prophecy" accurately describes it. I know that a lot of instutitional traders are required to keep the 200MA on their charts for each timeframe they trade. So at the very least, you've got a whole bunch of traders with the 200, and the 4H 200 equals the 1H 50, the 1H 200 equals the 15M 50, etc. I also know that the 10 is used by many traders to manage trades, so a lot of buying and selling goes on at touches of the 10, and when price is above/below the 10 it tends to move quicker in that direction...
Also very common MA among traders is 10 day sma ( witch corespond 4h :60 1h:240 ).
S/R + major MA ( 1h,4h ) = trade
  • #2,130
  • Oct 22, 2010 11:28am Oct 22, 2010 11:28am
Quoting dr mongolia
Just my thoguhts on this: I think "a self-fulfilling prophecy" accurately describes it. I know that a lot of instutitional traders are required to keep the 200MA on their charts for each timeframe they trade. So at the very least, you've got a whole bunch of traders with the 200, and the 4H 200 equals the 1H 50, the 1H 200 equals the 15M 50, etc. I also know that the 10 is used by many traders to manage trades, so a lot of buying and selling goes on at touches of the 10, and when price is above/below the 10 it tends to move quicker in that direction...
Very good answer, i'll take that off with me and muse it all over during my friday pint!

A good weekend to one and all.
  • #2,131
  • Edited 5:31am Oct 23, 2010 5:12am | Edited 5:31am
Something to read, got this from another forum some time ago
Attached File(s)
File Type: zip Alternative Technical Templates.zip   1.9 MB | 1,109 downloads
  • #2,132
  • Edited 6:28am Oct 23, 2010 6:13am | Edited 6:28am
Hi All,

Having just read all 143 pages of this thread I would first like to say a big thankyou to Ken and all the regular contributors to this thread for supplying some great informative content which as whole quite easily brings this to be one of the best resources here on forex factory.

Having spent many hours reading and understanding the methods implemented, I have a potential problem which I hope I can overcome so I can regularly contribute here on this fanastic thread.

I am currently working on a new business which consquently doesnt enable be to be present in the London and New York sessions, it also means I dont have the opportunity to check the 15m or 1 hour timeframes. With this in mind I can safely say my screen time is limited to perhaps the 4 hour timeframes and small periods of time in asia.

I am still looking to trade price action and support resistance zones with success like other people here on this thread however was wondering how best to implement this with limited screen time available?

Many Thanks,

TheDell

  • #2,133
  • Oct 23, 2010 6:49am Oct 23, 2010 6:49am
Quoting kodziro
Something to read, got this from another forum some time ago

Thanks , Loads of imformation in that pdf. Was one of the threads I visited a good deal in my begining. The three people listed are from a commercial trading company. Family believe they are related brother and sisters . Mom and Dads company.

Like everyting I try and show you guys, Take what you can understand and skip the rest. then in the future read it again and other points will become clear and help you to see maybe things that weren't so clear.

This is how we can gain knowledge that is usefull and not just fill the mind with cobwebs.

But thanks for the post it is very nice to review and has great points that support our style of looking at the market , Plus other describe hings differentlly that you may understand better .

I can remmeber when I first started reading threads how much made no sense to me at all. Now there is very little i don't get the main idea from . Though some like to write to impress with there complicated instructions . which to them may be nothing more than excellent details. Why it is never bad to look for information from different sources as long as they are still on the basic same track. You may understand one better than the other..


Hope you all enjoy Kodziro's post and have a great weekend.

Maybe at some point you need to start taking notes from all the different places your gathering information . That way you can see and use the minor differences each has, and maybe find the small part that wasn't clear to you.


Cheers Ken
Good Trading To All ; Ken Lee
  • #2,134
  • Oct 23, 2010 6:51am Oct 23, 2010 6:51am

If your current method of trade planning, execution & management is working &
maintaining the positive flows, don’t whatever you do, start tinkering & dismantling it.

Look to see if adding certain elements to your templates improves something? Keep very
detailed notes on your structures & templates. Try identify area’s where you’re weakest
or certainly less confident & focus on those area’s to establish a “test & improve”

exercise? Gradually incorporate & explore new idea’s into your regimen.

from the PDF
Good Trading To All ; Ken Lee
  • #2,135
  • Oct 23, 2010 7:09am Oct 23, 2010 7:09am
summary of what att is about
Attached File(s)
File Type: pdf ATT[1].pdf   36 KB | 985 downloads
Good Trading To All ; Ken Lee
  • #2,136
  • Oct 23, 2010 7:40pm Oct 23, 2010 7:40pm
Quoting thedell
I am still looking to trade price action and support resistance zones with success like other people here on this thread however was wondering how best to implement this with limited screen time available?
You can definitely trade price action on the higher time frame charts like the 4 hour and the daily. EO, Infinity, Ken, etc use the higher time frame charts to find important confluence zones (based on channels, trend lines, fib levels, S/R, pivots, PPA, etc) and then they drop down to the 15M to time the entry better. As long as you can find some time to peak at your charts briefly throughout the day I think you can make it work -- just do all your major analysis and entry during the Asian session when you have time. I scan about 20 pairs and I usually find at least 2 solid setups during Asia that I'll enter, cover, and leave running until the morning. Plus, there are usually plenty of 20 pip scalps available on the Yen pairs. By focusing on just one session you might even find that you progress faster then you otherwise would have.
  • #2,137
  • Oct 23, 2010 7:48pm Oct 23, 2010 7:48pm
[quote=Kenneth Lee;3372694] (4) We will be kind to each other. Don't forget we all had to start somewhere and we all learn at different speeds. This is probaly what got me in trouble at the other thread was my slow learning curve LOL.
If you can help each other by all means do so. " We Teach The Best That Which We Need To learn The Most" So help each other and you will help yourselves.quote]

Excellent ground rules! I agree, it shouldn't NEED to be said, but I'm glad you said it because not everyone has a strong memory in that area! LOL

A lot of sites reg. forex trading are pretty intimidating, messages like this really help encourage participants. THANKS!
  • #2,138
  • Oct 24, 2010 4:42am Oct 24, 2010 4:42am
If You Think You're Beaten

If you think you're beaten, you are,
If you think you dare not, you don't.
If you'd like to win, but think you can't,
It's almost for sure, you won't.

If you think you're losing, you've lost.
For out in the world we find -
Success begins with a person's will,
It's all in the state of mind.

If you think you're outclassed, you are,
You've got to think high to rise.
You have to stay with it,
In order to win the prize.

Life's battles don't always go,
To the one with the better plan.
For more often than not, you will win,
If only you think you can.

Poem from Napoleon Hills book. I always enjoy reading a couple of chapters from it during the weekends
  • #2,139
  • Oct 24, 2010 8:59am Oct 24, 2010 8:59am
Quoting thedell
Hi All,

Having just read all 143 pages of this thread I would first like to say a big thankyou to Ken and all the regular contributors to this thread for supplying some great informative content which as whole quite easily brings this to be one of the best resources here on forex factory.

Having spent many hours reading and understanding the methods implemented, I have a potential problem which I hope I can overcome so I can regularly contribute here on this fanastic thread.

I am currently working on a new business which consquently doesnt...

Like Doc. Said the first key is to be ready so find the ares of interest off the higher time frames using your tools of choice , PPA- S/R being the most important I look for ,

Then block off the section of time you have to really devote to trading wiether it is 2 hrs in the evening or whatever.Then study that time frame looking for the most successfull set ups from the pdf.

You will find that there is rarelly a time frame that some type of trade CAN'T be taken . Sure you may not hit the homers. But the punts bring in the runs as well. Then as Doc said you might find the perfect entries to get locked into profits and let run.

The other idea is if you have acceess and a few moments during your day is to set alarms to alert ( alertfx.com) you when price is near a level you have marked on your charts then maybe you can find the entry off the 15 min to get in and place a realistic stop .. This actually what the major players of EO's teahcings are doing now , they watch levels on 8 pairs on the 4 hr then enter off the 15 , Once they are covered they leave them to churn out the $$ or hit BE.

Anyway there are many ways to use this information to trade Long term . as well as just some scalping. We did some post last week on two different pairs showing gump trading , scalping at two different times of day .. late U.S and Asia.

So just study your charts and remember that each time frame of the day has it's own personanlity . Don't look for huge candles signals at low volume times , If you look close you will see the miniature vesions of the same signals. Prior to Asia open you can find small pins that work just as well as their 30 pip cousins at the start of London.

All trading is in the ability to see what is on the charts. You have no limits to what you can achieve , Don't let yourself get in the way either. Don't for a second think because your not able to be here during prime time that you can't succeed that is not the truth. A good deal of folks do better trading lower volume times of the day.

Plus if you practice when it might take a keen eye to spot the trades , When you do have the time to trade the bigger moving times . They may jump off the chart at you then .

Have Fun with it and it will come .. Ken
Good Trading To All ; Ken Lee
  • #2,140
  • Oct 24, 2010 11:38am Oct 24, 2010 11:38am
Just a couple weekend observations..

The first chart is the AUD/USD weekly, second chart is the 4H. It wasn't able to close above parity the last two weeks, and then this week we got a hangman off a PPA area. Ever since it broke out of the upward channel on the 4H and started trending lower the PA has been pretty predictable. I think we'll see a retest of the 0.9850 - 0.9900 area (you can see lots of sellers here on the 4H, plenty of PPA; it is Wednesday and Thursdays high as well) and then down to at least 0.9660 before a significant retrace. On the weekly the next major support area is 0.9400-0.9450 so we could see that next week or the week after. Of course, we trade it both ways, but it looks like the short opportunities are going to be the ones to let run, while locking in early on the retracement opportunities.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUD_USD weekly.png Size: 31 KB
Click to Enlarge Name: AUD_USD 4h.png Size: 30 KB
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