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Ken's Continuing Successes with EO's system

  • #2,141
  • Oct 24, 2010 11:51am Oct 24, 2010 11:51am
EUR/CHF, Daily chart first 4H second. It broke out of a pretty serious resistance area on Friday which was also the location of a daily trendline, and the 61.8% fib retracement level from the previous swing on the daily (I didn't plot the fib on the chart because it cluttered it up, but 61.8% is literally right on my red line at 1.3477). It's heading back up to 1.3900-1.400 but I think we'll get a nice retracement back to the 1.3450-1.3500 area first. PA will lead the way. We can play the retracement short, and then take a long on the retest.
Attached Image(s) (click to enlarge)
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  • #2,142
  • Oct 24, 2010 6:08pm Oct 24, 2010 6:08pm
Quoting dr mongolia
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...
I just saw 0.9853 on my feed so I'll be taking the short after we close back under the 15M 10EMA which is also the gap up spot. We also have a nice pin on the 1H.
  • #2,143
  • Oct 24, 2010 8:00pm Oct 24, 2010 8:00pm
Quoting dr mongolia
I just saw 0.9853 on my feed so I'll be taking the short after we close back under the 15M 10EMA which is also the gap up spot. We also have a nice pin on the 1H.
Still haven't entered, never got a close below the 10EMA. However now its set a new high on the 15M AND broken out above Wednesday/Thursdays highs last week. I'm not really sure what's going on with this one so I'll probably sit on the sidelines unless it bounces right off last weeks high. Oh well, better than a loss.
  • #2,144
  • Oct 25, 2010 4:46am Oct 25, 2010 4:46am
Am in this on my oanda account with stop now at BE.

Sorry for the rubbish looking chart but basically I was looking for longs after H4 told me the markets were looking bullish and found a nice point to get in that was too obvious not to take. I actually took the touch off the ema on this one, an approach that i'm trying to get back into the habbit of but only at points of suitable confluence like here. The round number adds additional support for the trade so the stop is beneath there.
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  • #2,145
  • Oct 25, 2010 9:09am Oct 25, 2010 9:09am
Quoting Trotty
Am in this on my oanda account with stop now at BE.

Sorry for the rubbish looking chart but basically I was looking for longs after H4 told me the markets were looking bullish and found a nice point to get in that was too obvious not to take. I actually took the touch off the ema on this one, an approach that i'm trying to get back into the habbit of but only at points of suitable confluence like here. The round number adds additional support for the trade so the stop is beneath there.
Awesome entry, I completely missed that one
  • #2,146
  • Oct 25, 2010 9:31am Oct 25, 2010 9:31am
Quoting dr mongolia
Awesome entry, I completely missed that one
Thanks man. Didn't turn out to be the runner I hoped for and bailed out after the second pin formed against the trade. I'll almost always close down if i see two decent sized pins against me.

Still, made more than 1:1.
  • #2,147
  • Oct 25, 2010 9:53am Oct 25, 2010 9:53am
Quoting Trotty
Thanks man. Didn't turn out to be the runner I hoped for and bailed out after the second pin formed against the trade. I'll almost always close down if i see two decent sized pins against me.

Still, made more than 1:1.
There might be another entry opportunity coming up in an hour or so; After it formed a higher high it looks like it's coming down to retest the opening price of the day (on the GMT anyway, I don't look at the others) which will also be within 10-20 pips of where the 50/62MA's on the 1H are, as well as my 4H 10EMA.
  • #2,148
  • Oct 25, 2010 10:09am Oct 25, 2010 10:09am
short at AU after 4h pa reject ppa line 0.9965 ( got there weekly pivot also )
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  • #2,149
  • Oct 25, 2010 10:16am Oct 25, 2010 10:16am
Quoting kodziro
short at AU after 4h pa reject ppa line 0.9965 ( got there weekly pivot also )
We're in this one together; I took it after it showed rejection off of last week's high and then closed below the 15M 10EMA. I think we'll see quite a few pips on this one, unless it decides to turn upwards and retest parity again.
  • #2,150
  • Oct 25, 2010 11:03am Oct 25, 2010 11:03am
I took the 35/50 trade but closed way to soon .. Missed the Asian Low break retest
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Good Trading To All ; Ken Lee
  • #2,151
  • Oct 25, 2010 11:11am Oct 25, 2010 11:11am
Always remember that the first signal at a level is always Good for entering until it is broken. Like the 1 hr pin and the 15 min pin. They are formed at levels of interest and so they should always be observed for a second entry.

Like the entry up the wick on the 1 hr. you can get a great entry that way. Plus your stop placement can be even tighter as we are expecting the top of those pins to hold as they have in the past.

The first run into a level of interest can always be the strongest as it maybe the one that test the level.

Never take my word for anything look back on your charts and you will see what i am talking about.

Trade well Ken
Good Trading To All ; Ken Lee
  • #2,152
  • Oct 25, 2010 11:25am Oct 25, 2010 11:25am
Just grabbed a quick scalp off a e/j short .. the 112.80 area had formed a nice top , or shelf .
Good Trading To All ; Ken Lee
  • #2,153
  • Oct 25, 2010 11:38am Oct 25, 2010 11:38am
chart
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Good Trading To All ; Ken Lee
  • #2,154
  • Oct 25, 2010 11:42am Oct 25, 2010 11:42am
Quoting Kenneth Lee
Just grabbed a quick scalp off a e/j short .. the 112.80 area had formed a nice top , or shelf .
Ken, quick question about this trade-- I was stuck thinking "long" on E/J because of the bounces off the previous daily low and the close proximity to the daily 35/50MA. In a situation like this you'll take the short scalps until the shelf gets taken out (or a breakout downward), and then reverse and go long for a runner if it breaks?
  • #2,155
  • Edited 11:48am Oct 25, 2010 11:47am | Edited 11:48am
Quoting dr mongolia
Ken, quick question about this trade-- I was stuck thinking "long" on E/J because of the bounces off the previous daily low and the close proximity to the daily 35/50MA. In a situation like this you'll take the short scalps until the shelf gets taken out (or a breakout downward), and then reverse and go long for a runner if it breaks?
Remember the other day we showed a bunch of posts off different time charts. That once price stopped a run , we draw a straight line at the first high which here is our 112.80 shelve, So till it breaks I think short . When it breaks we will get a higher low as confirmation.

as of right now it is building a flag and should break south .. But is a double bottom on the 1 and 4 hr. so why a scalp was taken and not held. a break and retest would beb need to hold, 112 .60 area also 200 sma 4 hr .
Good Trading To All ; Ken Lee
  • #2,156
  • Oct 25, 2010 11:49am Oct 25, 2010 11:49am
The steps drawn on the 15 min I posted are showing those straight line .. again .
Good Trading To All ; Ken Lee
  • #2,157
  • Edited 1:36pm Oct 25, 2010 11:51am | Edited 1:36pm
Trading can be as simple as that trading the check marks I draw or the steps. Just let the runners run and anything closes above a step close asap. . If it drops back below the step wait for a signal to try again . If it bounces off the step it can be gump traded e/j had a couple of trades not great but they all count.
Good Trading To All ; Ken Lee
  • #2,158
  • Oct 25, 2010 11:58am Oct 25, 2010 11:58am
Quoting dr mongolia
Ken, quick question about this trade-- I was stuck thinking "long" on E/J because of the bounces off the previous daily low and the close proximity to the daily 35/50MA. In a situation like this you'll take the short scalps until the shelf gets taken out (or a breakout downward), and then reverse and go long for a runner if it breaks?

There is no wrong answer you could have taken the long off the Hammer . it is the lowest point. and the bottom may hold. a 112.60 entry would have been will protected, I just wasn't watching then . So the short scalp was available to me. and I will wait for it to turn and as we saw last week If I happen to be here the retest of the move backup will not cost me many pips.

But I am not short either I am now waiting for a sign ..
Good Trading To All ; Ken Lee
  • #2,159
  • Oct 25, 2010 12:20pm Oct 25, 2010 12:20pm
Quoting Kenneth Lee
Just grabbed a quick scalp off a e/j short .. the 112.80 area had formed a nice top , or shelf .
May I ask you if this trade wasn't too risky?

There was PA (bullish Pin) before and she came from an area of PPA/S&R @120.60. Also my 4 hr closed above the 200 sma.
  • #2,160
  • Oct 25, 2010 12:33pm Oct 25, 2010 12:33pm
Quoting Kenneth Lee
There is no wrong answer you could have taken the long off the Hammer . it is the lowest point. and the bottom may hold. a 112.60 entry would have been will protected, I just wasn't watching then . So the short scalp was available to me. and I will wait for it to turn and as we saw last week If I happen to be here the retest of the move backup will not cost me many pips.

But I am not short either I am now waiting for a sign ..
I think as you said we'll get the chance for a nice long after we get a higher low as confirmation

Edit: Especially if the shelf now holds as support.. we might get a bounce off the shelf plus 10EMA
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