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Ken's Continuing Successes with EO's system

  • #2,981
  • Nov 24, 2010 2:39am Nov 24, 2010 2:39am
Quoting Survivor
This is my first post and i am still absolutely new to system.

Wasnt last D1 close in GU good cross and reverse buy? I hope i got it right.

Sorry i am unable to post charts but should be easy to check for all.
I see your thinking Survivor.

I'm only about 1/4 of the way through the EO Hater original thread but i've only seen him take these trades on M15. I'm not sure if they play out the same way on D1 but maybe Ken can advise as he stuck with the original thread almost from the start.

I have never taken one of these trades on M15 personally as i'm not convinced that they work as well as they once did. I don't think we need to anyway. If you are trading a few pairs with this approach, you'll get solid setups most days on at least a couple of pairs without taking the cross trades.

What you will find is that on decent sized daily candles like that, the following day will begin with a retrace back up (in this case) or down the candle before a fresh move if we are starting to trend. This retrace will often give you an indication of the strength of the move as well. If it were pushed up 50%, there are still obviously some buyers with strength. If it were pushed up just 38% (fib level) then it's a strong looking move with sellers in control.

Put a fib on the daily candle, pull it from the top to the bottom and look where it is bouncing off right now? Bang on that 38.2% fib level. That's not to say it may not push further up with another push north but i'm personally looking for a short now.
  • #2,982
  • Nov 24, 2010 2:40am Nov 24, 2010 2:40am
Hi guys...

here is a view of the daily chart on EU and GU... just wanted to stress the importance of these levels that we might not see again soon (either if there is a continuation on the downside or if there is a bounce on the upside).

Sometimes it's good to have a clear view of the big picture. Hope it helps

P.S. the seel u see on the GU is just a small trade due to the break of the 15m LTL. Nothing serious thou. just wanted to quickly grab 10 pips and leave waiting for the important news we will have soon.

Trade safe guys and thank everybody for the great posts and discussions
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I don't want a job, i want money!
  • #2,983
  • Nov 24, 2010 3:16am Nov 24, 2010 3:16am
Hello,
was late online today but I was lucky to catch this E/J 5 o'clock entry. I took some profit @+20 and covered the remaining position.
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  • #2,984
  • Nov 24, 2010 4:28am Nov 24, 2010 4:28am
Nice one McFly

EU trade that I am still in, taken just after news. I only originally took this with the bottom of the range in mind but watched price around this area. After it closed through, I began to manage it with my new trade management style after taking half off at 20 pips. 65 pips locked in on the other half now and around 2:1 locked in

I think I may be being too cautious with my stops though. I put it above the resistance line (thick black) which has obviously cost be an even better R/R on this. Food for thought....
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  • #2,985
  • Nov 24, 2010 4:45am Nov 24, 2010 4:45am
Quoting Trotty
Nice one McFly

EU trade that I am still in, taken just after news. I only originally took this with the bottom of the range in mind but watched price around this area. After it closed through, I began to manage it with my new trade management style after taking half off at 20 pips. 65 pips locked in on the other half now and around 2:1 locked in

I think I may be being too cautious with my stops though. I put it above the resistance line (thick black) which has obviously cost be an even better R/R on this. Food for thought....
Your trade was better than mine . Have you added to your position after the DBHLC/bearish outside bar?
  • #2,986
  • Nov 24, 2010 4:59am Nov 24, 2010 4:59am
Quoting MCFly
Your trade was better than mine . Have you added to your position after the DBHLC/bearish outside bar?
Nah, i'm rubbish at adding to my positions to be honest. I get trading tunnel vision.

This is just one of many things that I still need to get my head around....
  • #2,987
  • Nov 24, 2010 6:39am Nov 24, 2010 6:39am
Hi Ken and All,

Are you guys doing news trading, if so how you predicting the price movement when news releases? Can you pls explain how can we predict the price movement based on the news and every technique that you are using for news trading.


Thanx!!
  • #2,988
  • Nov 24, 2010 7:14am Nov 24, 2010 7:14am
Quoting Trotty
Nah, i'm rubbish at adding to my positions to be honest. I get trading tunnel vision.

This is just one of many things that I still need to get my head around....
Yes like the most things which are related to trading is adding to a position a psychological challenge.

I hope you got some pips from the latest up move.
  • #2,989
  • Nov 24, 2010 7:51am Nov 24, 2010 7:51am
Quoting Trotty
Nah, i'm rubbish at adding to my positions to be honest. I get trading tunnel vision.

This is just one of many things that I still need to get my head around....

I do the same thing, but also get so focused on the pair that I'm trading to see later that another pair wouldn't have put up as much of a fight, missing good trades on other pairs.

Like last night. I got so focused on a little move of the EJ that I never noticed a nice steady move on the GU.

Still developing a big picture perspective.
Consistency separates luck from Skill
  • #2,990
  • Nov 24, 2010 9:23am Nov 24, 2010 9:23am
Anyone get the "London Fakeout" on A/U this morning? It ran up past the Asian high and then gave a 15M DBHLC, but the best entry was off the 1H 62EMA kiss which would have put you right in at the top. It bottomed out at the Asian low from last night.
  • #2,991
  • Nov 24, 2010 9:34am Nov 24, 2010 9:34am
Quoting dr mongolia
Anyone get the "London Fakeout" on A/U this morning? It ran up past the Asian high and then gave a 15M DBHLC, but the best entry was off the 1H 62EMA kiss which would have put you right in at the top. It bottomed out at the Asian low from last night.
Could be a good entry on GU now.

Hehe, sorry, nice red pin turns to bullish bar
  • #2,992
  • Nov 24, 2010 9:56am Nov 24, 2010 9:56am
Quoting wingnut
I do the same thing, but also get so focused on the pair that I'm trading to see later that another pair wouldn't have put up as much of a fight, missing good trades on other pairs.

Like last night. I got so focused on a little move of the EJ that I never noticed a nice steady move on the GU.

Still developing a big picture perspective.
As I said yesterday, we need to accept that it will all come together in time.

I'm 100% certain that everyone who is willing to give this approach their time, dedication and focus for a couple of years, will be making a solid income from it by the end of the two years. There will always be degrees of success and some of us will go on to do better than others. But, keep at it and most of it will fall in place in time.

As Dr said earlier, there are ways that we can help speed the learning process up. I've used simulators in the past but not in a while now. Although you can't see the full picture (higher TFs), they are great for learning with all the same. I should get back on it.

Just reading the orginal thread whilst being at the right historic chart that they are discussing has been a really big help to me.
  • #2,993
  • Nov 24, 2010 10:01am Nov 24, 2010 10:01am
Quoting Trotty
As Dr said earlier, there are ways that we can help speed the learning process up. I've used simulators in the past but not in a while now. Although you can't see the full picture (higher TF's), they are great for learning with all the same. I should get back on it.
Just a quick note on this in case your interested-- with the "Forex Tester 2" you can look at multiple time frames, it does cost money though (I think it's like $100 for the software). I'm not sure about the VHands one. I've seen a few others on google but I haven't tried any of them out yet, some look very nice but cost more.
  • #2,994
  • Nov 24, 2010 10:04am Nov 24, 2010 10:04am
Quoting dr mongolia
Just a quick note on this in case your interested-- with the "Forex Tester 2" you can look at multiple time frames, it does cost money though (I think it's like $100 for the software). I'm not sure about the VHands one. I've seen a few others on google but I haven't tried any of them out yet, some look very nice but cost more.

Thanks mate.

I've used VHands and that made you choose the TF.

Not sure i'd pay for a sim though, I prefer learning my lessons by losing my equity
  • #2,995
  • Nov 24, 2010 10:32am Nov 24, 2010 10:32am
Took a short on e/j took 1.5 hrs to get 10 , so I think I am done for the day .. Don't miss Friday it can be a good day has been historically. Maybe because a bunch of retail traders are off work.

I got a short on e/j last night off this same area the last run up , A engulfing and then a test off the 50 ema . also a mini head and shoulder . Always see those for what they are a test to break, a bit stronger test, then another test that is weaker.

The gbp had a very similiar setup a triple top. I had my daily line on e/j so liked the confluence better. Of course didn't hold for enough but it is all good, have made almost 20% off about 5 trades. need 10 more pips.

Trading when I feel like it and I have a bit of time rarely prime times . To day that last short was only trade other than the one last night around midnight after work. It can be done anytime just look for what is happening during the time you have to trade .

Is it a continuation or is it retracement profit taking time. The charts hold all the answers you just have to learn to see them . Just like a trapper learns to stalk quarry. It isn't a born gift but a learned skill.

I am looking to maybe start looking for that pre london to early london fakeout entry. That looks to be a gold mine . just like my e/j last night if I had set a tp for yesterdays low. Oh well .. Coulda shouldas

Everyone in the US have a great carb loading Thanksgiving , and the others can take the U.S. session off and have a pint down at the pub .


Cheers.. Ken
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Good Trading To All ; Ken Lee
  • #2,996
  • Nov 24, 2010 10:33am Nov 24, 2010 10:33am
We've reached 200 pages of nuttin' but good stuff
  • #2,997
  • Nov 24, 2010 10:39am Nov 24, 2010 10:39am
Quoting Trotty
Not sure i'd pay for a sim though, I prefer learning my lessons by losing my equity http://cdn.forexfactory.com/images/s..._the_floor.gif

I hear you

I'm still trying to find a couple little things here and there that will help speed up progress for me, then I'll put it all together into a routine and force myself to stick with it indefinitely. By having a routine I think I'll be a lot more okay with "just letting it happen" since I know I'm putting myself in the best possible position for it to happen. Nothing fancy, just something like -- before session opens: plan out all trading areas (even if you don't use them, really good habit for practice); after session ends: find all missed trades and find all PPA that made the big moves; weekends: maybe use a simulator following along with the EO thread, or use it for help with trading HTFs. Just some things to give me a little more repetition each day with the things that help. I also still need to make a reference PDF for myself with some rules and an official "trading plan", I got all execited about that and then never followed through.

Do you have any kind of routine like that or have you found anything that would help to throw in there?

Oh also, another quick question for you-- How big of a deal is Thanksgiving over there across the pond? I know it's an American holiday, but is it completely "business as usual" over there? Everything in the US pretty much shuts down, so I'm anticipating a really dry US session. I might just stay up for the entire London session to get the pips in.
  • #2,998
  • Nov 24, 2010 10:54am Nov 24, 2010 10:54am
Quoting dr mongolia
I...
I've written and re-written a trading plan about 4 or 5 times now! The trouble at the start is that I just wasn't sticking with it and then the trouble later on is that I was never happy with it and didn't take it as seriously as I should so still wasn’t sticking with it.

This isn't unusual. I’ve written a few business plans in my business life and have yet to properly stick to any of them. I admire the man who does, they are probably scant in numbers. The problem for me has been that as I’m learning, I’m still a work in progress so the entries I take and the way I trade evolves each week and I need to have flexibility in me right now that a strict plan doesn't allow for.

So the only thing I am rigidly doing now is moving my stop with my new trade management plan. This is helping me enormously and allowing me to catch more of the moves than I used to.

The other routine that I’ve done in the past and really should get back into the routine of is to do a worksheet for each of the 5 pairs I trade at the start of each day. I would list W1, D1, H4 and H1 and write thoughts about what each time frame is showing and suggesting, proximity of key areas etc. This really, really helps.

Regarding thanksgiving, it's not recognised at all here. We know of it because you guys celebrate it but that's as far as it goes. When is it?
  • #2,999
  • Nov 24, 2010 10:57am Nov 24, 2010 10:57am
Quoting Kenneth Lee
...have made almost 20% off about 5 trades. need 10 more pips.
Thanks Ken, stuff like this really helps me out psychologically.. My weekly quota is 10% right now and I have to fight tooth and nail to get that. Knowing it's possible to get twice that easily/naturally in 5 trades is a morale booster.

Damnit there goes E/J, had the top and closed too early. Got the kiss of the 35 though..
  • #3,000
  • Nov 24, 2010 11:00am Nov 24, 2010 11:00am
Quoting dr mongolia
Thanks Ken, stuff like this really helps me out psychologically.. My weekly quota is 10% right now and I have to fight tooth and nail to get that. Knowing it's possible to get twice that easily/naturally in 5 trades is a morale booster.

Damnit there goes E/J, had the top and closed too early. Got the kiss of the 35 though..
Do you trade at 2%?

My growth this week is only a few % but i'm not trading at close to 2% yet. I'm planning to start scaling up to it early next year.
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