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Ken's Continuing Successes with EO's system

  • #3,121
  • Edited 6:34am Nov 30, 2010 2:24am | Edited 6:34am
Quoting dr mongolia
Awesome charts from the weekend Ken. I really appreciate them and I'm sure everyone else does as well. Also:



I can vouch for this, describes me perfectly.. I take 1/2 off after 20 way more then I would like, probably 60-70% of the time. I am getting better at it though, and I do readd after key areas, but it's definitely dragging my returns down, no doubt about it. As you say -- it's all in the charts.. I need to learn to read all the details, and I'll be better at managing these trades.

I hope everyone had a good day today, we had a lot...
I do the same Doc but actually, it's not such a bad way to trade during your "formative" months/years.

What it allows me to do is effectively cover some trades at break even whilst giving the other half plenty of breathing space. What I mean by this is if my stop is 20 pips inc spread, I take half off at 20 pips but leave my stop where it is. This way, the trade has plenty of room to develop and go back past 0 again if it needs to but even if it went all the way to take your 20 pips stop out, you will break even. My biggest problem in trading was covering far too soon and not giving trades the chance to develop because I was so scared of losing it.

Another approach I take is if the stop is quite a wide one, say 25 pips (not often but sometimes), if it now looks ok to move the stop to break even, I will bank 1/3rd at 25 pips - just to have some profit nailed for my efforts - but let the other portion carry on with my stop at BE. 2/3rds is still a nice and chunky position size but at least you won't be wiped out for nothing.

I saw Micho take a trade on the EO thread. He said it was going to be "all or nothing", didn't take any profits along the way and let his trade go 300 pips into profit and then bit by bit over a few days, slide all the way back to 0. For a guy who was/is an experienced trader, I couldn't fathom out using that much emotional energy up on something over a number of days, to wind up with nothing for your efforts.

In time, i'm sure i'll let more full positions run but just making a profit is the main aim for the foreseeable future for me.
  • #3,122
  • Nov 30, 2010 6:08am Nov 30, 2010 6:08am
These pullback entry occurencies are apprentlly a very tradeable force as you can see better than 80% in the last 10 days. Along with some PPA -S/R to support it , Seems like it would be hard to not take the trade.

I wonder does my alarm clock have a 2:00 am on it.. LOL
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Good Trading To All ; Ken Lee
  • #3,123
  • Nov 30, 2010 6:27am Nov 30, 2010 6:27am
Quoting Trotty
I do the same Doc but actually, it's not such a bad way to trade during your "formative" months/years.

Yes plus our mental preception of money will change from I need and hope to make some, to I know I will and it is easy to do so. It is one of the FUN things about trading when you get into those positive runs and your equity is steadilly climbing , That trading really comes into it's own.

The hard part is the transitonal stage where we go from survivng to making real money . Not to get over confident and to greedy. Always plan the trade and trade the plan. Even if it is $100,00 a day . But when you reach those levels . There is a definent difference in mindset of what money is , That is really when it becomes a TOOL not a necessity.

So yes by all means make a profit. but keep a eye on the prize. Even if you break your order into tenths to allow a bit to hit those homers will just re-enforce the overall trade. But to add back and hit the bottom with just a 100%, while you have also taken plenty off along the way isn't a bad first goal either.

But above all have fun with it, at that level that is really what happens. If your uncomfortable your not rading correctlly.

Have a great day Ken
Good Trading To All ; Ken Lee
  • #3,124
  • Nov 30, 2010 6:35am Nov 30, 2010 6:35am
Off for a bicycle ride , another tourist development council day here in the florida keys. What is wealth without health, ? Take care be back to try to get a trade before work ..
Good Trading To All ; Ken Lee
  • #3,125
  • Nov 30, 2010 6:57am Nov 30, 2010 6:57am
Quote
What is wealth without health, ?

so true!!!

Time is the commodity not money
  • #3,126
  • Nov 30, 2010 7:13am Nov 30, 2010 7:13am
Looking at the hammer on the EJ H1. If I understand correctly, it is in effect until the lower wick/shadow is violated.
Consistency separates luck from Skill
  • #3,127
  • Nov 30, 2010 7:35am Nov 30, 2010 7:35am
Quoting wingnut
Looking at the hammer on the EJ H1. If I understand correctly, it is in effect until the lower wick/shadow is violated.
and violated it was. . .
Consistency separates luck from Skill
  • #3,128
  • Nov 30, 2010 8:31am Nov 30, 2010 8:31am
Quoting bkg102665
I like the free version, Thanks. Dowwnloading it as I type!
Just grabbed it, I'll give it a glance over this coming weekend.
  • #3,129
  • Nov 30, 2010 8:35am Nov 30, 2010 8:35am
Quoting dr mongolia
I hope everyone had a good day today, we had a lot of clean setups. Asia is playing out well too, might have gotten the day's top on E/J and A/U but too early to know for sure, got some traffic coming up.
I hope someone is there with me on these .. Clean setups
  • #3,130
  • Nov 30, 2010 9:01am Nov 30, 2010 9:01am
Quote
up. I hope someone is there with me on these http://cdn.forexfactory.com/images/s.../moneyeyes.gif.. Clean setups

Well i'm trading with you but right now i just focus on G/U

My broker is really limiting the number of trades I can do with the new leverage requirements. I was at gomarkets they stopped serving me so I went back to ibfx and now I am seriously considering Windsor Group. When my account gets funded I will be able to manage more than one pair.

Just to let folks know I do only risk 5% of my trading equity per trade but I don't keep all my money in with the broker. Why should I/ It's not like they are paying me interest for keeping it there.
  • #3,131
  • Nov 30, 2010 9:03am Nov 30, 2010 9:03am
anyway e/j looks like a good 5 oclock trade right now with price bouncing off the 21ema
  • #3,132
  • Nov 30, 2010 9:06am Nov 30, 2010 9:06am
quick question...

what has more "weight' right now

The fact that e/j is trending strong to the downside and has retraced to the 21 or the fact that the 1 hour has formed railroad tracks which translates to a 2hour pin which is definatly a sign of reversal?

My guess is that the trend is so strong that shorts are in order. What do you guys think?
  • #3,133
  • Nov 30, 2010 9:07am Nov 30, 2010 9:07am
Quoting Trotty
I do the same Doc but actually, it's not such a bad way to trade during your "formative" months/years
Yeah it really isn't all that bad as a learning tool. It lets you stay profitable even when you aren't sure how that particular trade should be managed.

Quoting Trotty
...I saw Micho take a trade on the EO thread. He said it was going to be "all or nothing", didn't take any profits along the way and let his trade go 300 pips into profit and then bit by bit over a few days, slide all the way back to 0. For a guy who was/is an experienced trader, I couldn't fathom out using that much emotional energy up on something over a number of days, to wind up with nothing for your efforts.
I remember reading this on the EO thread.. it was almost like watching one of those scenes in a movie, where you can tell what's about to happen, and even though it's just a movie it still makes you cringe.
  • #3,134
  • Nov 30, 2010 9:08am Nov 30, 2010 9:08am
Quoting johnnykanoo
anyway e/j looks like a good 5 oclock trade right now with price bouncing off the 21ema
I'm up a few pips because I entered at the start of the new candle after the bounce of 21ema.
  • #3,135
  • Nov 30, 2010 9:11am Nov 30, 2010 9:11am
Quoting johnnykanoo
quick question...

what has more "weight' right now

The fact that e/j is trending strong to the downside and has retraced to the 21 or the fact that the 1 hour has formed railroad tracks which translates to a 2hour pin which is definatly a sign of reversal?

My guess is that the trend is so strong that shorts are in order. What do you guys think?
To me the line in the sand was 109.00 (looking at the 15M chart you can see the PPA there from earlier, plus RN, TL, etc), when it couldn't get past that I added back on to my position. If it closes above 109 I'll probably reverse.
  • #3,136
  • Edited 9:50am Nov 30, 2010 9:38am | Edited 9:50am
got my daily min off that 21 ema line

2 trades one off the line ,then one off the retest.

I am busy installing a new a/c so not trading much .. but you can get your 20% a week easilly enough.

Damn can't follow the rules E/J
Good Trading To All ; Ken Lee
  • #3,137
  • Nov 30, 2010 9:40am Nov 30, 2010 9:40am
Plus I have a daily ( red line right there at the -100% fib level.. Confluence
Good Trading To All ; Ken Lee
  • #3,138
  • Nov 30, 2010 9:53am Nov 30, 2010 9:53am
Quoting Kenneth Lee
Plus I have a daily ( red line right there at the -100% fib level.. Confluence

E/J as well
Good Trading To All ; Ken Lee
  • #3,139
  • Nov 30, 2010 9:55am Nov 30, 2010 9:55am
Quoting Kenneth Lee
got my daily min off that 21 ema line

2 trades one off the line ,then one off the retest.

I am busy installing a new a/c so not trading much .. but you can get your 20% a week easilly enough.

Damn can't follow the rules E/J
total screen time less than 1 hr.
Good Trading To All ; Ken Lee
  • #3,140
  • Nov 30, 2010 10:35am Nov 30, 2010 10:35am
Quoting dr mongolia
Yeah it really isn't all that bad as a learning tool.

I remember reading this on the EO thread.. it was almost like watching one of those scenes in a movie, where you can tell what's about to happen, and even though it's just a movie it still makes you cringe.
It was a bit like that. Personally, i like the way Infinity seems to trade. Always taking bits of profit here and there, covering well and not trouble with stopping himself out early.

Taken a couple of decent trades but also missed entering two perfect entries whilst trying to get the orders ready and then not wanting to enter after having already missed 10-15 pips of the move.

An easy trading day today IMHO.
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