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Ken's Continuing Successes with EO's system

  • #2,781
  • Nov 17, 2010 10:43am Nov 17, 2010 10:43am
Quoting dr mongolia
Yes.. the grail! It obviously took EO thousands of hours of intraday experience to get to that point but it certainly payed off.
Actually I believe it was the opposite, I know he studied J16, Think that they saw lots of intraday oppurtunity and worked on that . As sometimes with these screwy markets . The longer term trading is tough.

Plus he always had a bussiness to run . So longer term was better for that. But during ranging markets can be frustrating to see it positive then Break even.

Whatever way we get there does not matter as long as we do.

But if you come from long term first as J16 teaches. That can help with knowing how to hold. Going from scalping the other way has been difficult for me.

been a tough day , plus been out most of it. Trying a short here off the double top on gbp. But with a tight stop.
Good Trading To All ; Ken Lee
  • #2,782
  • Edited 11:00am Nov 17, 2010 10:48am | Edited 11:00am
Quoting Kenneth Lee
.

............A. Going from scalping the other way has been difficult for me.

........... B. Trying a short here off the double top on gbp. But with a tight stop.
Hi Ken,

A. Same here, trying to play longer......

B. Same here again, its been the 5th bar I am waiting from the DT, but now seems no good, should have out for few + pips........ right after the 2nd bar I entered

Cheers my good guidance.

Eric
  • #2,783
  • Nov 17, 2010 10:57am Nov 17, 2010 10:57am
Quoting Buildcity
Hi Ken,

A. Same here, trying to play longer......

B. Same here again, its been the 5th bar I am waiting from the DB, but now seems no good, should have out for few + pips........ right after the 2nd bar I entered

Cheers my good guidance.

Eric
Oh well next
Good Trading To All ; Ken Lee
  • #2,784
  • Nov 17, 2010 10:59am Nov 17, 2010 10:59am
Quoting Kenneth Lee
Oh well next
Same x 3
  • #2,785
  • Nov 17, 2010 11:27am Nov 17, 2010 11:27am
Quoting Kenneth Lee
Actually I believe it was the opposite, I know he studied J16, Think that they saw lots of intraday oppurtunity and worked on that . As sometimes with these screwy markets . The longer term trading is tough.
Yeah I know he had mentioned a few times that he traded off the higher time frame charts initially and then moved down to 15M charts after a couple years (or maybe more).

I meant that the way him and pippinole are able to make such high returns off of watching 8 4H charts is probably because they now have the ability to drop down to the 15M and get a very tight entry. That way you can trade 10 pips = 1% or 0.5% of account balance instead of 100 pips = 1% or 0.5% of account balance (just using these percentages as an example, I'm sure the risk they are using now is probably much less but I'll bet it sure helped building the account up).

As you've said before, "enter like a scalper, profit like a position trader" -- I think the concept of watching the 4H charts and then dropping down to the 15M for entry is the epitome of that slogan. The obvious catch is that it requires mastery of two very different skills, one that he picked up from J16 and the other that he picked up from Infinity and all the intraday practice.

But yeah, in the end, it's about what works for the individual trader. If I could hit a consistent 20% per week I don't care WHAT the strategy is.. it could be "pat your head while rubbing your stomach then bark 3 times and hit the sell button" as long as it works
  • #2,786
  • Nov 17, 2010 11:34am Nov 17, 2010 11:34am
Quoting Kenneth Lee
Trying a short here off the double top on gbp. But with a tight stop.
I tried that same trade.. Same result.. Looks like it bounced right off the 4H 50 (1.5948 on my chart), my stop was too tight for that. Oh well, I think we'll get a bounce off the 50/50 (which is also the Asian high) to go long and then maybe another opportunity to go short
  • #2,787
  • Nov 17, 2010 11:42am Nov 17, 2010 11:42am
Quoting dr mongolia
I tried that same trade.. Same result.. Looks like it bounced right off the 4H 50 (1.5948 on my chart), my stop was too tight for that. Oh well, I think we'll get a bounce off the 50/50 (which is also the Asian high) to go long and then maybe another opportunity to go short
Men,

I attended the 2nd CT trade on the same spot after the fail of 1st one.

Seems the price cant go further the PPA, so all closed with few pips.

Good night all.

Eric
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  • #2,788
  • Nov 17, 2010 12:57pm Nov 17, 2010 12:57pm
Quoting Buildcity
Men,

I attended the 2nd CT trade on the same spot after the fail of 1st one.

Seems the price cant go further the PPA, so all closed with few pips.

Good night all.

Eric
I actually held it . the close of the spike up closed 1 pip higher than the high and then price came down. But draw down was more than I wanted . A entry higher up would have been better. my entry was off the first pin in this swing up. 1.5 hrs before this last spike.


So only got 22 off it closed at 1.5901

may come further down but fixing to go to work and entry wasn't the best. My drawdown was within my money management. was only -20 or so.

take care guys .. trade well Ken
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Good Trading To All ; Ken Lee
  • #2,789
  • Nov 17, 2010 12:58pm Nov 17, 2010 12:58pm
Quoting dr mongolia
Yeah I know he had mentioned a few times

But yeah, in the end, it's about what works for the individual trader. If I could hit a consistent 20% per week I don't care WHAT the strategy is.. it could be "pat your head while rubbing your stomach then bark 3 times and hit the sell button" as long as it works

I've just nailed 5 straight winners using this approach.

I'm now going to concentrate solely on this strategy from here on in!
  • #2,790
  • Nov 17, 2010 1:00pm Nov 17, 2010 1:00pm
Quoting Kenneth Lee
I actually held it . the close of the spike up closed 1 pip higher than the high and then price came down. But draw down was more than I wanted . A entry higehr up would have been better. my entry was off the first pin in this swing up. 1.5 hrs before this last spike.


So only got 22 off it closed at 1.5901

may come further down but fixing to go to work and entry wasn't the best. My drawdown was within my money management. was only -20 or so.

take care guys .. trade well Ken
Hey ken appreciate hard work you are doing here. Also this wonderful thread. However, even after reading the manual i find it difficult to understand trades you people are taking. Wondering if things have changed? or i haven't just spent enough time with manual? Would love to fooloow such successful thread with such helpful members.
Making money is easy- Just dont take losing trades
  • #2,791
  • Nov 17, 2010 3:31pm Nov 17, 2010 3:31pm
Quoting Survivor
Wondering if things have changed? or i haven't just spent enough time with manual? Would love to fooloow such successful thread with such helpful members.
Any charts in particular that you have questions about? If you give some specific examples of the trades then I'm sure Ken as well as the others on the thread will definitely provide commentary/etc.

I don't think the method has changed at all; the trades in here are based on S/R in some form -- PPA lines drawn horizontally, trendlines, session highs/lows, candlesticks, fibs, etc. And the MAs of course providing floating S/R.
  • #2,792
  • Edited 5:15pm Nov 17, 2010 3:43pm | Edited 5:15pm
Quoting dr mongolia
Any charts in particular that you have questions about?
Did you understand the previous G/U trade that was posted? We had some resistance at 1.593X and you can see what happened the last time price hit that price, it had the possibility of forming a double top. So it's primarily a PPA trade but if you look at the daily you can see the 35MA, and also the 200 on the 4H.

You could have gotten in at the first touch of 1.5935, or after the close of the pin that hit 1.5938. I set my stop too tight and got stopped out on the spike later on. If I would have payed better attention to the 4H I would have known that I needed to either put my stop above the 4H 200 or be ready to get back in if I got stopped out below it.
  • #2,793
  • Nov 17, 2010 9:22pm Nov 17, 2010 9:22pm
OK went short, as there was a pinbar as seen in the arrow. and also above the 50% fib. But it continued going up.
Can someone comment on how i could have looked at this trade from another perspective?
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  • #2,794
  • Nov 17, 2010 9:50pm Nov 17, 2010 9:50pm
Quoting artieboy
OK went short, as there was a pinbar as seen in the arrow. and also above the 50% fib. But it continued going up.
Can someone comment on how i could have looked at this trade from another perspective?
Do you see the 112.7X area on your chart, which was the previous day's Asian high, as well as today's US and London high? Once price broke out of that area you want to try to find a long seat, it gave us a couple safe opportunities in the 112.8X area. This is a classic use of the 1 o'clock trade that EO taught.

Now, obviously price is going to turn around somewhere. But after it breaks out of a range like that I'm usually weary to take pins unless they happen at key areas, in this case I'm considering 113.22 because it was the Asian high from 2 sessions ago but 113.4X is more likely because of the daily 35 and also all the daily wicks.

So in summary I guess the idea is to adjust the strategy a little bit in relation to where you are on the chart: If you're within the current range, look at your 15M chart and play the tops/bottoms, PPA lines, 35/50 reverses, etc. If you break out of the range, check your daily chart to see if there's a big potential reversal area coming up (like the 35 MA, 50 MA, 200MA, big fib level, several wicks in the same place, etc). Also check your 4H/1H for MAs and S/R. You want to make sure that any candlestick you play is off of one of these areas -- don't just take one "in space" because it's a lower percentage entry, especially after a range breakout.

During the Asian session price tends to either stay inside a range, or break out of the range, hit a key level off the daily, and then reverse -- you don't get a whole lot of sustained trending, but it does happen sometimes.

Let me know if this doesn't make sense.. I've been a little sick this week so my brain is moving at half speed, LOL.
  • #2,795
  • Nov 17, 2010 10:08pm Nov 17, 2010 10:08pm
Quoting dr mongolia
Do you see the 112.7X area on your chart, which was the previous day's Asian high, as well as today's US and London high? Once price broke out of that area you want to try to find a long seat, it gave us a couple safe opportunities in the 112.8X area. This is a classic use of the 1 o'clock trade that EO taught.

Now, obviously price is going to turn around somewhere. But after it breaks out of a range like that I'm usually weary to take pins unless they happen at key areas, in this case I'm considering 113.22 because it was the Asian high from...
Am overwhlemed by so many qick responses.
I had seen few of them but certainly not as clearly as explained by you all here.

Wonderful. Will read the manual few more times and try to see if i can take the same trades as you all.. Thanks for all the help.
Making money is easy- Just dont take losing trades
  • #2,796
  • Nov 17, 2010 10:27pm Nov 17, 2010 10:27pm
Thanks for the insight, i think the key is to be aware of the previous daily high/low.....and this was mentioned in the worksheet, just did not think of it at the time.

Quoting dr mongolia
Do you see the 112.7X area on your chart, which was the previous day's Asian high, as well as today's US and London high? Once price broke out of that area you want to try to find a long seat, it gave us a couple safe opportunities in the 112.8X area. This is a classic use of the 1 o'clock trade that EO taught.

Now, obviously price is going to turn around somewhere. But after it breaks out of a range like that I'm usually weary to take pins unless they happen at key areas, in this case I'm considering 113.22 because it was the Asian high from...
  • #2,797
  • Nov 17, 2010 10:43pm Nov 17, 2010 10:43pm
Quoting artieboy
Thanks for the insight, i think the key is to be aware of the previous daily high/low.....and this was mentioned in the worksheet, just did not think of it at the time.
Hey mate,

One little suggestion, play more continuation, less on counter trend trade. Unless the price approaches those areas like PPA, fib and MAs etc. then check carefully how the price act and react in these areas.

Hope this helps
Cheers
Eric
  • #2,798
  • Nov 18, 2010 1:49am Nov 18, 2010 1:49am
Morning Trotty!

Your in the 62 62 on gu? Also doubble top on 15min with yesterdays high.

I thought about taking profit at 10ema, but the area is so strong so i'll keep it on. Would be nice to see the 1h close as a pin as well.
  • #2,799
  • Edited 2:13am Nov 18, 2010 1:58am | Edited 2:13am
Quoting Survivor
Am overwhlemed by so many qick responses.
I had seen few of them but certainly not as clearly as explained by you all here.

Wonderful. Will read the manual few more times and try to see if i can take the

same trades as you all.. Thanks for all the help.
I wouldn't want to put anyone off learning to trade this way because other than the mas, it's indicator free trading which will stay with you forever and a methodology that you will be able to use in any market conditions, in any market at any time between now and when you shuffle off.

There is a but, though. It's a deep and involved labour of love. You have to be prepared to stick with it and be really determined not to be distracted by other methods and "quick win strats". I've made those mistakes and have been learning this for over a year now. Getting sidetracked with other approaches has just held me back from learning what I should have been sticking with all along.

Ken teaches us to intially concentrate on one or two entries that seem the most obvious to us. It's great advice. I personally like candle formations at key areas, 10 ema bounces with confluence and 50 ema/50 fib trades. You will start to find yours. If you aren't getting it, ask. There are enough of us now with a reasonable level of understanding of the approach to help Ken out with the more basic questions and I think we are all willing to do so.

Regarding the "pin" entry question. As has been said, it's counter trend so you need a really strong resistance reason to try that trade. The other thing, though, is that the entry candle isn't a pin. For it to be a pin, you need the open and close to be right toward the bottom of the candle with the wick around 3 times or more the length of the body. This has a larger body that opens and closes more toward the middle of the candle. What that means is that the buyers have pushed it up, the sellers have pushed it down but then the buyers have pushed it back up again to close near the middle of that period. What does this sound like? It sounds like the market isn't quite sure what it wants to do at this point. It's a spinning top (a large one) which is indecision. Best to stay away at this point and wait for decision.
  • #2,800
  • Nov 18, 2010 2:18am Nov 18, 2010 2:18am
Quoting Storeball
Morning Trotty!

Your in the 62 62 on gu? Also doubble top on 15min with yesterdays high.

I thought about taking profit at 10ema, but the area is so strong so i'll keep it on. Would be nice to see the 1h close as a pin as well.
Now that is a classic no-brainer trade mate!

Haven't had the chance to trade yet but would have been all over than one like a rash, great entry
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