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Ken's Continuing Successes with EO's system

  • #2,181
  • Oct 26, 2010 7:32am Oct 26, 2010 7:32am
Quoting Buildcity
Man,

I have not join the long team on this as a quite a strong s/r 113.26 there.

Yes I have that line as well a ppa -s/r off the daily . price pushed through a bit tried again and failed as well. Now to see if U.S. session makes another run at it. Or do we go back below our 50 ema ?
Good Trading To All ; Ken Lee
  • #2,182
  • Oct 26, 2010 7:42am Oct 26, 2010 7:42am
So if you entered off the double bottom , off that pin on the 15 min and you got stoped at BE or maybe took your 50 pips at the 50 EMA . Then price pushed through and failed . This is when we pay close attention to what forms next. we can see on the 15 min that the 112.60 then held very well and the long was back in play.

It is when your trade fails once and you notice that it was just a bit early that can start to really make the difference in our trading. Don't change your plan without first giving consideration to what you see price really doing.
Good Trading To All ; Ken Lee
  • #2,183
  • Oct 26, 2010 7:46am Oct 26, 2010 7:46am
Quoting Kenneth Lee
Yes I have that line as well a ppa -s/r off the daily . price pushed through a bit tried again and failed as well. Now to see if U.S. session makes another run at it. Or do we go back below our 50 ema ?
A close below the 50ema would pretty much be final push of a 1-2-3 reversal trade as well. So that would at least be another check for a possible short.
  • #2,184
  • Oct 26, 2010 8:12am Oct 26, 2010 8:12am
Looks like the move higher has failed for now.

H4 view shows an initial bounce from the 38 fib level but then the long fails at the upper trendline for this doward channel.

Shorts only now for the time being?
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  • #2,185
  • Oct 26, 2010 9:28am Oct 26, 2010 9:28am
Quoting Trotty
Looks like the move higher has failed for now.

H4 view shows an initial bounce from the 38 fib level but then the long fails at the upper trendline for this doward channel.

Shorts only now for the time being?
I'm long on the 35/50 reverse, took it once it hit 112.71 (prior PA). I don't like all these wicks on the M15 that I'm getting so I may bail if the hourly closes below 112.65ish, I'll have to take another look. I mainly took the trade because of all the buyers you can see on the H4/H1.
  • #2,186
  • Oct 26, 2010 9:33am Oct 26, 2010 9:33am
Quoting dr mongolia
I'm long on the 35/50 reverse, took it once it hit 112.71 (prior PA). I don't like all these wicks on the M15 that I'm getting so I may bail if the hourly closes below 112.65ish, I'll have to take another look. I mainly took the trade because of all the buyers you can see on the H4/H1.

What TF did you take the long off? I can only presume D1?

It is a tough one to trade right now. I was hoping to go short for a scalp off the 50 ema M15 but it didn't get there by a pip or two, missed my entry and about 20 pips
  • #2,187
  • Oct 26, 2010 9:36am Oct 26, 2010 9:36am
Quoting dr mongolia
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.
I just closed and reversed on this short that me and kodrizo took yesterday on the AUD/USD. I've got the H4 attached first and then the M15. I think it was a pretty easy trade to take short but I'm working on getting better at reversing when the time is right instead of just closing out. I might be a little early here.

I did not get the reverse from the bottom but rather where it closed over the 10EMA on the 15M, which was also where it passed the 50MA on the H4.
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  • #2,188
  • Oct 26, 2010 9:49am Oct 26, 2010 9:49am
Quoting dr mongolia
I just closed and reversed on this short that me and kodrizo took yesterday on the AUD/USD. I've got the H4 attached first and then the M15. I think it was a pretty easy trade to take short but I'm working on getting better at reversing when the time is right instead of just closing out. I might be a little early here.

I did not get the reverse from the bottom but rather where it closed over the 10EMA on the 15M, which was also where it passed the 50MA on the H4.
Nice trading man
  • #2,189
  • Oct 26, 2010 9:53am Oct 26, 2010 9:53am
Quoting Trotty
What TF did you take the long off? I can only presume D1?

It is a tough one to trade right now. I was hoping to go short for a scalp off the 50 ema M15 but it didn't get there by a pip or two, missed my entry and about 20 pips
The daily and the 4H with a wide stop (35 pips, so I reduce risk to 1% = 35pip). But as I said if price breaks that S/R I'm out.. Right now it is clearly respecting that S/R but it won't bounce off of it, without a close above the 15M 10EMA soon I may bail even if it doesn't break S/R.

Here's my 4H. You can see the buyers around there, 112.50-112.70.. I don't know who these guys are or what they're thinking, but as EO/Ken say I'm trying to learn to give up what I expect to happen and just go by whats on the charts. So I hope these buyers are right . I also noticed the hangman on the 4H and how it stopped dead at 112.70, I've seen this before several times and gotten fooled by it more than I'd like to admit.
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  • #2,190
  • Oct 26, 2010 10:03am Oct 26, 2010 10:03am
Quoting dr mongolia
The daily and the 4H with a wide stop (35 pips, so I reduce risk to 1% = 35pip). But as I said if price breaks that S/R I'm out.. Right now it is clearly respecting that S/R but it won't bounce off of it, without a close above the 15M 10EMA soon I may bail even if it doesn't break S/R.

Here's my 4H. You can see the buyers around there, 112.50-112.70.. I don't know who these guys are or what they're thinking, but as EO/Ken say I'm trying to learn to give up what I expect to happen and just go by whats on the charts. So I hope these buyers...
Ha!

I know what you mean by being fooled. I used to try and jump in on breakouts or what I thought were breakouts some while ago. Lost count of the number of times that I waved goodbye to equity by getting fooled by false breakouts.

One of the parts of trading that's most vital to success is to weedle out your bad habbits. That could be the difference between profitability and losing money for some people.

There's some fairly high volume activity around this area on EJ, keeping my eyes open for something clear to develop....
  • #2,191
  • Oct 26, 2010 10:04am Oct 26, 2010 10:04am
Well it looks like everything is pretty much stalling now. The calendar shows a lot of important speakers lined up this afternoon but I don't know enough about fundamentals to know if this is the market waiting on them. I'm looking at closing my trades out going into the afternoon.

EDIT: Things start exploding right as I say that..
  • #2,192
  • Oct 26, 2010 10:13am Oct 26, 2010 10:13am
Quoting Trotty
Ha!

I know what you mean by being fooled...
Count me in again

Looks like we're going to get a retest of today's open/low? Could even get a breakout below the low, price has tested that 35/50 area on the daily a few times now
  • #2,193
  • Oct 26, 2010 11:05am Oct 26, 2010 11:05am
Hi Ken,

firstly thanks for putting the thread together, really great stuff..!

I have been trading using bollinger bands and refrencing PA on the higher tf's... trend trading I suppose..

stumbled on your thread and really like your trading style... going to demo it and see how it goes...

hope you dont mind me joining the thread?

I am trading just gu but i may add ej as it seems lots on here are trading that pair.. hope i can learn lot's from you all and hope I dont ask too many stupidly obvious questions, I am a newb and have only been trading for 2 months.
  • #2,194
  • Oct 26, 2010 12:50pm Oct 26, 2010 12:50pm
Hey Darren, welcome to the thread, and don't worry about asking obvious questions -- I do that on a daily basis and they haven't kicked me out yet!

When I started following Ken's posts I was a bollinger band trader as well. I still keep them on my HTF charts for reference, sometimes they help by giving me some extra confirmation on a trade (like if I see one of the M or W patterns that Bollinger outlines in his book). Also a lot of traders watch BB's so they tend to function as floating S/R in the same way as the MAs, trend lines, horizontal S/R, fibs, pivots, etc we watch.
  • #2,195
  • Oct 26, 2010 2:53pm Oct 26, 2010 2:53pm
Thought I might star posting some trades as I go, I'm here to learn so do be afreaid to shoot me down in flames if my thinking is wrong...

I was a bit late on this trade but pa on the 1hr tf touching the 200 and ppa, combined with the hanging man on 15m gave me enough confidence to pull the triggger...

closed +15..

could of got more off this trade, but a winner is a winner

p.s cheers for the welcome Dr Mongolia
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  • #2,196
  • Oct 26, 2010 4:16pm Oct 26, 2010 4:16pm
Quoting darrenlittle
Thought I might star posting some trades as I go, I'm here to learn so do be afreaid to shoot me down in flames if my thinking is wrong...

I was a bit late on this trade but pa on the 1hr tf touching the 200 and ppa, combined with the hanging man on 15m gave me enough confidence to pull the triggger...

closed +15..

could of got more off this trade, but a winner is a winner

p.s cheers for the welcome Dr Mongolia
Hello

Nice one bro, I play with this ppa line twice today. See how 14.00 1h candle close and respect our ppa line 5831
  • #2,197
  • Oct 26, 2010 4:26pm Oct 26, 2010 4:26pm
Quoting Kenneth Lee
Yes that is why FADING ZEROS is one of the scalpers favorite trades. But if you have it plotted as a PPA line of past reversal more than a fade can be had . AS you said it does turn there often . The yen pairs especially like the 00 and 50's .
Ken how do you define Fading zeros scalp trade opportunity ? ( Price must respect it in the past or close htf candle under/beyond and later test it or maybe some small tf retest after breakout zero area or as a pullback of high momentum move ??? )
  • #2,198
  • Oct 26, 2010 5:30pm Oct 26, 2010 5:30pm
im expecting this to go long, but im waiting for some more signals
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  • #2,199
  • Oct 26, 2010 7:54pm Oct 26, 2010 7:54pm
I got a lucky 35/50 reverse on AUD/USD a few minutes ago. I'm not sure what happened, maybe news but I couldn't find anything relevant.

Here's the 15M chart, entry was at the opening of the candle with the red arrow above it. I was just expecting 10-20 pips.
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  • #2,200
  • Oct 26, 2010 8:05pm Oct 26, 2010 8:05pm
Quick GU scalp for 30; 4H chart shows the obvious line where buyers are hanging out, 15M shows the exact entry
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