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Ken's Continuing Successes with EO's system

  • #2,941
  • Nov 23, 2010 5:08am Nov 23, 2010 5:08am
Chart for above
Attached Image (click to enlarge)
Click to Enlarge Name: tuesday.JPG Size: 308 KB
Good Trading To All ; Ken Lee
  • #2,942
  • Nov 23, 2010 5:17am Nov 23, 2010 5:17am
after it got going the many retest and 5:00 O'Clock entries started again.

35 sma 113.30 again at 113.10 area the retest of the daily line and big number 113.00 and just now 112.80

TRUST THE FORCE !

IT IS WITHIN US ALL.
Good Trading To All ; Ken Lee
  • #2,943
  • Nov 23, 2010 5:21am Nov 23, 2010 5:21am
Quoting Kenneth Lee
Hope some of you guys that are in the right time zone, or early risers got that e/j right off that 113.70 area . ..
If I'm seeing this right, looks like a support around the 112.35 area.
Consistency separates luck from Skill
  • #2,944
  • Nov 23, 2010 5:34am Nov 23, 2010 5:34am
Quoting wingnut
If I'm seeing this right, looks like a support around the 112.35 area.

Yes , it does

I have a 4 hr line at 112.32
Good Trading To All ; Ken Lee
  • #2,945
  • Nov 23, 2010 6:58am Nov 23, 2010 6:58am
Quoting Kenneth Lee
Yes , it does

I have a 4 hr line at 112.32

I guess it blew right through it anyway and I would expect that it would now make this an area of resistance.

I had my TP for 112.350 with ST in the money. Was I premature in setting the TP or should I have waited for signs of a bounce?

Trying to stay in my positions longer, but still find merit with closing them out with a good profit. I've been taught in the past not to try for the last dollar. The old "pigs get slaughtered" adage.

Just curious as to how others approach these PPA areas.
Consistency separates luck from Skill
  • #2,946
  • Nov 23, 2010 7:39am Nov 23, 2010 7:39am
I'm catching some moves today!
  • #2,947
  • Nov 23, 2010 7:51am Nov 23, 2010 7:51am
Quoting Trotty
I'm catching some moves today!


Just got my new broker up and running properly now. Lets see if the market got something saved up for me to!
  • #2,948
  • Nov 23, 2010 7:56am Nov 23, 2010 7:56am
Quoting Storeball


Just got my new broker up and running properly now. Lets see if the market got something saved up for me to!
Dont use up the whole leverage ......
  • #2,949
  • Nov 23, 2010 7:58am Nov 23, 2010 7:58am
Somebody got the nice E/J bounce from the lower 4h channel line and the 111.00 RN? Normaly it's too risky for me to take CT trades in such a trending market but it was chance for a good R:R trade.
  • #2,950
  • Nov 23, 2010 8:00am Nov 23, 2010 8:00am
Quoting wingnut
I guess it blew right through it anyway and I would expect that it would now make this an area of resistance.

I had my TP for 112.350 with ST in the money. Was I premature in setting the TP or should I have waited for signs of a bounce?

Trying to stay in my positions longer, but still find merit with closing them out with a good profit. I've been taught in the past not to try for the last dollar. The old "pigs get slaughtered" adage.

Just curious as to how others approach these PPA areas.
Taking profits is never a bad thing , But it is a very personal choice , I would recomend to take just some of at your first TP level. then it would be easier to add a bit more to your position if your tp area gives way as it did.

There was a bit of a shelve formed right at 112.45 ish that acted as resistanced you could have reenterd some position size there also a 5:00 entry off the 5 ema , stop above that line and the 10 ema .

But putting profits in the bank is never bad. Just try and get more, but entries first , then trade management . But Money management supresseds both those. Because without equity we don't trade at all.

Nice going ... Good deal Trotty , I went out for a while and missed it all. Now the levels are pretty strong so waiting again .
Good Trading To All ; Ken Lee
  • #2,951
  • Nov 23, 2010 8:04am Nov 23, 2010 8:04am
took a short on e/j off that rejected green pin 4 candles back

This double bottom on 4 hr just looks strong I would like it to break and retest .

this was only a scalp as that bottom being the number it is should be strong . I had been out and missed the earlier runs, So took the 13 offered.
Good Trading To All ; Ken Lee
  • #2,952
  • Nov 23, 2010 8:11am Nov 23, 2010 8:11am
Anyone take the E/J "London Fakeout" earlier? I took it at GMT 8:00, had a few pips drawdown but the overall setup was almost identical to yesterday except that price came back up and tested the level one more time before heading downward
  • #2,953
  • Nov 23, 2010 8:11am Nov 23, 2010 8:11am
GBP had a similiar trade as well.

Didn't take it though.
Good Trading To All ; Ken Lee
  • #2,954
  • Nov 23, 2010 8:16am Nov 23, 2010 8:16am
Yeah I missed G/U completely, got 0 pips on that entire move.. I was looking for price to get above 1.5956 at the London open but never got it.. but it did hit 1.5950 and then tested that level at the US open, that would have been the ideal time to short
  • #2,955
  • Edited 8:49am Nov 23, 2010 8:18am | Edited 8:49am
Quoting dr mongolia
Anyone take the E/J "London Fakeout" earlier? I took it at GMT 8:00, had a few pips drawdown but the overall setup was almost identical to yesterday except that price came back up and tested the level one more time before heading downward

I was going to mention if anyone entered off that 3:00 am our eastern time your 8:00 I think . With a proper stop the trade was good. might be a good plan to look for those then go back to sleep.

Might look back on the charts to see the precentile of winners. But seems pretty good. seem to remember Pippin doing that most mornings get in get covered back to bed. Why he was able to seeminglly trade 24 hrs a day
In reality you normally get maybe 2 enters a session for a move of any size.

One at the begining and again at the close or when another session comes into play .

EI: London Open Then U.S open Then London Fix and U.S. Fix.
Good Trading To All ; Ken Lee
  • #2,956
  • Nov 23, 2010 8:22am Nov 23, 2010 8:22am
Quoting Kenneth Lee
GBP had a similiar trade as well.

Didn't take it though.
haha, a 60 run in 20 mins, no play.
  • #2,957
  • Nov 23, 2010 8:25am Nov 23, 2010 8:25am
Quoting Buildcity
haha, a 60 run in 20 mins, no play.

I seem to remember Infinty talking about those pins like on the GBP the red one. The key to him was the lack of a lower wick. without itn wasn't a hammer and was acontinuation signal

I will look for that post.
Good Trading To All ; Ken Lee
  • #2,958
  • Nov 23, 2010 8:33am Nov 23, 2010 8:33am
Quoting Kenneth Lee
Might look back on the charts to see the precentile of winners. But seems pretty good. seem to remember Pippin doing that most mornings get in get covered back to bed. Why he was able to seeminglly trade 24 hrs a day
In reality you normally get maybe 2 enters a session for a move of any size.

One at the begining and again at the close or when another session comes into play .

EI: London Open Then U.S open Then London Fix and U.S. Fix.
I haven't looked back too thoroughly yet but it seems as long as you're there to watch the PA and set the stop manually, check the area, etc it's a reasonably safe trade; a PO would be a lot more risky, you don't want to get pulled in to the market on a momentum candle.

I'm liking it because I'm barely awake at the time so it makes it a lot easier on me, it's a simple setup to look for. This morning I decided that I was just going to look for that "fakeout" entry and the "EO-style momentum DBHLC/DBLHC" and then back to bed for a few more hours sleep.
  • #2,959
  • Nov 23, 2010 8:48am Nov 23, 2010 8:48am
Sorry can't find it,

But the idea is that a few buyers came in or a bit of profit was taken and espicially with the Resistance right at the top of the wick and then the candle rejected.

I remember the post as I had marked similiar candle as a inverted hammer looking for a long. And he said without the lower Nip or bit of wick on the bottom he would look for a continuation.

That and where it happened another good spot for a safer 5;00 entry
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #2,960
  • Edited 9:03am Nov 23, 2010 8:52am | Edited 9:03am
Quoting dr mongolia
"EO-style momentum DBHLC/DBLHC"
Did he ever give this thing an official name? I'm not talking about the classical DBHLC/DBLHC, although he definitely payed attention to those as well. This one was sort of a subset of those but he gives visual examples of this particular type all over the thread and keeps calling it a DBHLC/DBLHC, but it's really his own personal adaption. The first candle in the setup is a larger candle showing a little momentum followed by a second candle that's smaller, which has an equal or higher low and a higher close (around the halfway point of the first candle). If the second candle has a lower low that's okay as well as long as it's not by much (a quarter of the first candle's size or so) and the close is a little bit lower as well (around 1/3 up).

EO never came out and said any of the above, so I don't want to put words in his mouth, but that's my interpretation based on all the charts he posted which showed that particular setup. It seems that when he saw a classical DBHLC/DBLHC he was generally waiting or looking for an entry, but when he saw that particular subset of the DBHLC/DBLHC he was ready to enter right away.

Here's a post where he shows a chart etc: http://www.forexfactory.com/showpost...ostcount=24634

The advantage of this setup is that it gives you a small stop loss, it works on any TF, it will almost always get you back up/down to the high/low of the momentum candle at which point you can cover and take half off, and it usually runs for at least a few pips afterward.

Me and Trotty talked about this a little bit before when discussing the thread -- I think a lot of their setups were so blindingly obvious to them due to several years of screen time that it was difficult for them to explain all the subleties to novice traders. I think this is one of the subleties of that particular setup which was shown in pictures, although not really stated in words.
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