Ken's Continuing Successes with EO's system | Page 139 | Forex Factory

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Ken's Continuing Successes with EO's system

  • #2,761
  • Nov 16, 2010 12:03pm Nov 16, 2010 12:03pm
Quoting Kenneth Lee
I Know a lot of people don't have the time to trade full time . What we have to learn is to find the areas of best confluence and start using P.O.'s ( Pending Orders) Do this by just making marks or demo to begin. But picking areas off the higher time charts then zoom into the 15 min or hrly chart for the best entries should work well. You may have to adjust your risk to allow for a bit of wiggle room . Depedent on what your TP is you can either go for quick quarnteed trades or just the best entry for a long term trade.

But don't let the fact...
I agree with that http://cdn.forexfactory.com/images/icons/icon14.gif

PS. I like 113.38 line on EJ this week.
  • #2,762
  • Nov 16, 2010 1:36pm Nov 16, 2010 1:36pm
E/J bottomed on the 50% fib off the 4 hr . Might send it back to the top , where your looking 113.38 area. Of course might not straight away.

Plus loads of bad funamentals (news) coming out of the euro zone couintries, Not helping . just need that counter view statement now.

trade safe ken
Good Trading To All ; Ken Lee
  • #2,763
  • Nov 16, 2010 7:09pm Nov 16, 2010 7:09pm
Seems dead for the Asian here, I might as well call it a night.

See you guys tomorrow.
  • #2,764
  • Nov 16, 2010 10:59pm Nov 16, 2010 10:59pm
If it pulls back to 112.50 I may get back long on e/j
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Good Trading To All ; Ken Lee
  • #2,765
  • Nov 16, 2010 11:05pm Nov 16, 2010 11:05pm
when counter trend trading I will take profit at the first fib ,I know some guys that take it at the 27 line or whatever that closer fib is I don't have that one on my chart . But the point is that till it makes a higher low it is still down for me anyway.

The 38.2 line was a bit higher intially I was able to lower it a bit when I got home as price made a little lower low after I left for work . My stop was never threatened.
Good Trading To All ; Ken Lee
  • #2,766
  • Nov 16, 2010 11:08pm Nov 16, 2010 11:08pm
That white line 112.32 ia a 4 hr PPA line. that was already on my chart . The 50 fib on the 4 hr and that line gave me confluence. also Price Action was clearlly showing that price had sloweed and was thinking of a turn.

Lots of spinning tops. for over two hrs price did not make a lower low than the intial run down to this area.
Good Trading To All ; Ken Lee
  • #2,767
  • Nov 16, 2010 11:19pm Nov 16, 2010 11:19pm
this area would have given some nice gump trades during asia that line below and the 50 fib giving excelent support. 3 longs could have been had for about 20 pips or so each , maybe 15, but x 3 is 45 . and the last one could have been left on maybe . for a 40 ,,

It all depends on what you see then if you can act upon it.

Just managing a intial entry would have been easier . taking half off at the top and adding it back at the support. Then when it finally broke north a bit, add on at the retest of the 21 ema. ( Brown Line)

price closed above 112.50 then pulled back to the 21 ema and closed above again. A touch entry was risky but a very tight stop is in order there. you wait for price to start back up before entering or you could wait for the close above the line after the retest.

That is one error we can make not waiting for it to start going the way we want it to. Don't jump the gun wait for it to start coming off the area your watching. A loss of a few pips is ok if you can not have any drawdown .

Once we start having more trades with very little draw down your confidence will soar. Just don't get cocky . Trading has a way of getting even with arrogant folks.
Good Trading To All ; Ken Lee
  • #2,768
  • Nov 16, 2010 11:31pm Nov 16, 2010 11:31pm
Wait for a signal for a long !!!!!
Good Trading To All ; Ken Lee
  • #2,769
  • Nov 16, 2010 11:41pm Nov 16, 2010 11:41pm
hope you could see why the 112.50 area very clear PPA and just counting the lines on the chart gives you the knowledge it is around the 50% fib as well of that last swing up.

112.30 to 112.70 is 40 pips

112.70 to 112.50 is 20 pips 50%..

112.50 had 4 touches and pull backs on the 15 min alone. PPA
Good Trading To All ; Ken Lee
  • #2,770
  • Nov 16, 2010 11:49pm Nov 16, 2010 11:49pm
Quoting Kenneth Lee
Wait for a signal for a long !!!!!
For EJ, this morning took a long trade after the nice round bottom, took 10+ in the 1st round (actually late entry too).

Missed the 2nd entry point at 112.5 around, now see any pull back.

Good tips, as always.

Eric

EJ M15 chart below, took 1st pofit at top, 2nd half later as didnt seem good.
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  • #2,771
  • Nov 16, 2010 11:55pm Nov 16, 2010 11:55pm
Quoting Buildcity
For EJ, this morning took a long trade after the nice round bottom, took 10+ in the 1st round (actually late entry too).

Missed the 2nd entry point at 112.5 around, now see any pull back.

Good tips, as always.

Eric

EJ M15 chart below, took 1st pofit at top, 2nd half later as didnt seem good.

Nice trades . Good call closing it . But could have added back at the 112.50. What i am working on as well , But so hard to give any back , that hungry emotion.

Hope some took the DBLHC entry retested the 50 ema. If it doesn't break the last swing straight away will not hold it long. Not giving back on this one.
Good Trading To All ; Ken Lee
  • #2,772
  • Nov 17, 2010 12:05am Nov 17, 2010 12:05am
Yeah, very nice formation of DBLHC right on 112.5.

BTW, GU is also in interesting area, now still under 1.59 for 50p range in last 10 hrs, could be a good move later on, keep watching this!! (of course pay attention on todays UK news)

Cheers
Eric

Quoting Kenneth Lee
Nice trades . Good call closing it . But could have added back at the 112.50. What i am working on as well , But so hard to give any back , that hungry emotion.

Hope some took the DBLHC entry retested the 50 ema. If it doesn't break the last swing straight away will not hold it long. Not giving back on this one.
  • #2,773
  • Edited 12:48am Nov 17, 2010 12:35am | Edited 12:48am
Good morning guys! Its definitely taking a turn for winter here

That ej was nice. Thanks for sharing your view as your seeing things ken, always appreciated.

Gu in an ascending triangle and eu held in a flag pattern atm. Lets see how that goes
  • #2,774
  • Nov 17, 2010 4:52am Nov 17, 2010 4:52am
Quoting Storeball
Good morning guys! Its definitely taking a turn for winter here

That ej was nice. Thanks for sharing your view as your seeing things ken, always appreciated.

Gu in an ascending triangle and eu held in a flag pattern atm. Lets see how that goes
Morning mate.

Taken a good few pips off EJ this morning. Winter is starting to set in here too. Heavy snow by next week they are saying
  • #2,775
  • Nov 17, 2010 5:34am Nov 17, 2010 5:34am
Here is the EJ trade.

I took a short at the 62 ema touch as it was in my fib trading zone from the previous swing low and there was the weekly pivot there as well. It took a wee while to develop but the hanging man candle was great confirmation that I was in at the right spot and that time was just needed for it to play out. Don't know if you guys use VSA but the increase of volume on that hanging man was also an indication that sellers were entering the market.

This sort of trade, especially after the hanging man, is an absolute doddle. I have no fear now that these won't play out, there is just too much going on there for it to be likely to fail. They can fail, of course but the odds are massively in your favour when you have that level of confluence.

There was some decent ppa resistance as well but you can't see it on this chart.

I know that chart is a bit messy, sorry about that.
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  • #2,776
  • Nov 17, 2010 6:16am Nov 17, 2010 6:16am
Here is one entry I had this morning.

With the discussion we had about keeping trades longer i'v added a coupple of pairs that i only mark of some key areas I see on 4h and will take entries of 15min . The intention being holding them for a longer term gain. This is what pippinole had a post on. It fits quite nicely with intraday trading as it takes less then 2minutes to quickly click through the charts and see if they're approaching an area.

So got this on usdcad. Saw price touching the trendline on 4h, switched to 15min and jumped on the pin. Easy trade. Might've messed up on the trade management though. Live and learn.
Attached Image(s) (click to enlarge)
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  • #2,777
  • Nov 17, 2010 7:39am Nov 17, 2010 7:39am
Quoting Storeball
Here is one entry I had this morning.

With the discussion we had about keeping trades longer i'v added a coupple of pairs that i only mark of some key areas I see on 4h and will take entries of 15min . The intention being...
Nice entry http://cdn.forexfactory.com/images/icons/icon14.gif, also shorted with that area twice because of weekly R2 pivot there. I was against trend so left only about 10-20 % position open. Got left more with long at asia sesion 1.0205 but price hit my SL.
I wonder if we go south deeper.
  • #2,778
  • Nov 17, 2010 7:59am Nov 17, 2010 7:59am
Quoting Storeball
Here is one entry I had this morning.

With the discussion we had about keeping trades longer i'v added a coupple of pairs that i only mark of some key areas I see on 4h and will take entries of 15min . The intention being holding them for a longer term gain. This is what pippinole had a post on. It fits quite nicely with intraday trading as it takes less then 2minutes to quickly click through the charts and see if they're approaching an area.

So got this on usdcad. Saw price touching the trendline on 4h, switched to 15min and jumped on the...

Yes EO's last post was in regards to that trading style , Using just the 200 and 50 ma's on the 4 hr . able to fit about 6 or 8 charts on a screen (Tab). Then using the same ma's on the 15 min . So when price nears a area you can just click to maximize your chart for that pair ,

Then if interested change the time from 4 hr to 15 minute. basicly on same chart . Get the entry, moves in your favor cover and forget, Keep the small charts around to glance at now and again , So when price crosses a area you can manage the trade.

This would be the ultimate trading style I believe , You may get B.E ( break even) some but when you get a runner and it is in profit on a pair you don't intraday trade, Keep all that in mind, It is basiclly a free trade and the NEED to close might be lessened.

Nice going both off you on the entries .
Good Trading To All ; Ken Lee
  • #2,779
  • Nov 17, 2010 10:08am Nov 17, 2010 10:08am
Quoting Kenneth Lee
This would be the ultimate trading style I believe ...
Yes.. the grail! It obviously took EO thousands of hours of intraday experience to get to that point but it certainly payed off.
  • #2,780
  • Nov 17, 2010 10:25am Nov 17, 2010 10:25am
Quoting Storeball
Here is one entry I had this morning.

With the discussion we had about keeping trades longer i'v added a coupple of pairs that i only mark of some key areas I see on 4h and will take entries of 15min . The intention being...
Nice trade bud. I also noticed I would have been stopped out at a similar point if i'd been in it and managed it my way.

I don't think it was badly managed to be fair. Pips are pips
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