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Ken's Continuing Successes with EO's system

  • #3,201
  • Edited 11:21am Dec 2, 2010 11:03am | Edited 11:21am
Quoting MCFly
Hi Ken,
You reached 20% of your acc in 3 days? That's great.

Yeah do that alot but then get greedy and give some back
, So trying to only loook for a+ setups to trade after goal is met

I am going to trade two accouns later when they both get equal ,, hit goal switch to the other account . I notice Rufus lowers his risk by 1/2 once he hits his.

Whatever it takes to protect equity.
Good Trading To All ; Ken Lee
  • #3,202
  • Dec 2, 2010 11:23am Dec 2, 2010 11:23am
More worried about consistency than anything else at this point . The gains will grow. But not if we lose what we gain
Good Trading To All ; Ken Lee
  • #3,203
  • Dec 2, 2010 11:45am Dec 2, 2010 11:45am
Quoting Kenneth Lee
I hit my 20% around noon yesterday so haven't been trading much .


Awesome! Even though I know I am nowhere near that level, hearing this stuff is the kind of thing that keeps me motivated to learn as much as possible. Thanks Ken.
  • #3,204
  • Dec 2, 2010 11:46am Dec 2, 2010 11:46am
Did anybody catch these today? I just woke up and checked the chart. I missed this big juicy bus.
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  • #3,205
  • Dec 2, 2010 11:56am Dec 2, 2010 11:56am
something to think about . I know there is a lot on this chart but try and understand it . You would just note the areas and drop the un important lines as you move right ..
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Good Trading To All ; Ken Lee
  • #3,206
  • Dec 2, 2010 12:16pm Dec 2, 2010 12:16pm
I mentioned the power of the last swing prior to London open . here is todays.
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Good Trading To All ; Ken Lee
  • #3,207
  • Dec 2, 2010 12:43pm Dec 2, 2010 12:43pm
and does it work for all pairs. ???
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Good Trading To All ; Ken Lee
  • #3,208
  • Dec 2, 2010 1:01pm Dec 2, 2010 1:01pm
scalping anyone
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Good Trading To All ; Ken Lee
  • #3,209
  • Dec 2, 2010 1:19pm Dec 2, 2010 1:19pm
Quoting Kenneth Lee
Yeah do that alot but then get greedy and give some back
, So trying to only loook for a+ setups to trade after goal is met

I am going to trade two accouns later when they both get equal ,, hit goal switch to the other account . I notice Rufus lowers his risk by 1/2 once he hits his.

Whatever it takes to protect equity.
Assume you did have two accounts with the same balance. What would be the difference between 1) switching accounts once you hit 20% on the first, or 2) keeping all your capital in one account, and reducing lot size by 50% from the start? There may be a psychological difference. There may be some benefit to spreading the risk of bankruptcy loss over two brokers. But from a trading perspective, I think the two are identical.
  • #3,210
  • Dec 2, 2010 1:59pm Dec 2, 2010 1:59pm
Quoting Kenneth Lee
and does it work for all pairs. ???
Hi Ken,

May I ask you a question about the cable trade there?

So we had that push down and then 5 candles that pushed price back up to 5587, which was around the 50 fib for that swing low. Many will have enetered a short here or after the 6th bar, a long legged doji/IB. Not bad, there were obviously a few pips to be had there but what made you sure enough to go long at the point you did, given that we were still in a downtrend and had only retraced 50% of that downtrend? Was the fact that a spinning top came after the big red bar a factor in that decision or something else i'm missing?

Cheers bud

Trotty
  • #3,211
  • Dec 2, 2010 2:38pm Dec 2, 2010 2:38pm
Quoting Trotty
Not bad, there were obviously a few pips to be had there but what made you sure enough to go long at the point you did, given that we were still in a downtrend and had only retraced 50% of that downtrend? Was the fact that a spinning top came after the big red bar a factor in that decision or something else i'm missing?
I think he was looking at the Asian and US lows from yesterday but I would love to hear his answer as well. There was so much going on there in such a hurry. I left a ton of pips on the table, really only got a few trades all morning.
  • #3,212
  • Dec 2, 2010 2:58pm Dec 2, 2010 2:58pm
Quoting dr mongolia
I think he was looking at the Asian and US lows from yesterday but I would love to hear his answer as well. There was so much going on there in such a hurry. I left a ton of pips on the table, really only got a few trades all morning.
I considered that too mate. Would you not have considered those levels "compromised", so to speak, given that we had already passed through them twice without support or resistance being felt at them?
  • #3,213
  • Dec 2, 2010 3:33pm Dec 2, 2010 3:33pm
Quoting Trotty
I considered that too mate. Would you not have considered those levels "compromised", so to speak, given that we had already passed through them twice without support or resistance being felt at them?
The more I look at this particular example the less I am sure about what I would have done if I would have seen that fib confluence at the level. I took the short at the 50% fib from the main swing but didn't reverse at the fib on the "micro" swing. I did take half off there because I was worried about the session level, though. I often find that they will still turn price even if they've been broken previously in the session -- and if you zoom out a bit you can see that 1.555X has been really potent lately. If a major session/day low from the previous day has been broken in the session a lot of times price will retest that level, which is obviously what happened here, BUT it happened from above (after it had already crossed twice) and not below. (EDIT: Of course the million dollar question is how can we tell which will hold, and which will break)

These are the kinds of details that I'm really excited to discuss.. I am very interested to hear what Ken has to say
  • #3,214
  • Dec 2, 2010 3:41pm Dec 2, 2010 3:41pm
Quoting dr mongolia
(EDIT: Of course the million dollar question is how can we tell which will hold, and which will break)

These are the kinds of details that I'm really excited to discuss.. I am very interested to hear what Ken has to say
I'm still staring at this trying to get a better feel for it..

The turn of the 1H seems to give a good clue -- we had have a DBLHC which closed across 1.555X before it got retested.. Since so many of the orders come in around the turn or are based on the turn, the 1H close prices definitely hold some clout. Anyway, just an idea, I am no stranger to being wrong
  • #3,215
  • Dec 2, 2010 10:33pm Dec 2, 2010 10:33pm
Quoting Trotty
Hi Ken,

May I ask you a question about the cable trade there?

So we had that push down and then 5 candles that pushed price back up to 5587, which was around the 50 fib for that swing low. Many will have enetered a short here or after the 6th bar, a long legged doji/IB. Not bad, there were obviously a few pips to be had there but what made you sure enough to go long at the point you did, given that we were still in a downtrend and had only retraced 50% of that downtrend? Was the fact that a spinning top came after the big red bar a factor...
This is why I don't make calls maybe I am a bit of a cowboy risking where I shouldn't but I am always interested in major fib levels and then add that previous days low , Which is one of the most important levels there is and also my s/r line right below for a safe stop level.

That is what I look for . confluence, I may not wait for signal most times . But if it fails then I wait for a candle pattern. to re enter.

But most important is knowing when the trade is dead . A close past my line would have killed it .
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,216
  • Dec 2, 2010 11:17pm Dec 2, 2010 11:17pm
Ken,

Always enjoy your analysis, especially those you classified as higher risk.

Happy trading our master mentor.

Eric

Quoting Kenneth Lee
This is why I don't make calls maybe I am a bit of a cowboy risking where I shouldn't but I am always interested in major fib levels and then add that previous days low , Which is one of the most important levels there is and also my s/r line right below for a safe stop level.

That is what I look for . confluence, I may not wait for signal most times . But if it fails then I wait for a candle pattern. to re enter.

But most important is knowing when the trade is dead . A close past my line would have killed it .
  • #3,217
  • Dec 2, 2010 11:22pm Dec 2, 2010 11:22pm
When we have a breakout what do we look for to enter as a continuation of that breakout ?

IF it doesn't do what it should what does that mean ?

So if it doesn't do what we know it should , what are we then thinking it will do ?

I know these are clear as a bell but are you always thinking this way?
Good Trading To All ; Ken Lee
  • #3,218
  • Dec 3, 2010 1:21am Dec 3, 2010 1:21am
Quoting Kenneth Lee
This is why I don't make calls maybe I am a bit of a cowboy risking where I shouldn't but I am always interested in major fib levels and then add that previous days low , Which is one of the most important levels there is and also my s/r line right below for a safe stop level.

That is what I look for . confluence, I may not wait for signal most times . But if it fails then I wait for a candle pattern. to re enter.

But most important is knowing when the trade is dead . A close past my line would have killed it .
Great, thanks for spending the time on that explanation.

I guess it was slightly higher risk than some of your trades and that's what threw me a little. It's probably being able to see these or have the stomach to risk these that sees you do 20% by half-week!!!

Cheers man
  • #3,219
  • Dec 3, 2010 2:10am Dec 3, 2010 2:10am
Just missed the near perfect trade on GU. It was the first London move so was too cautious to enter but it's playing out exactly how it should.

We had the M15 35/50 and 200, the H1 62,the 62 fib level (depending on where you pulled it from), a big round number and PPA all within 6 pips! Not too often you get that level of confluence in one go, really should have taken it in hindsight.
  • #3,220
  • Edited 5:21am Dec 3, 2010 4:01am | Edited 5:21am
Hello Ken,

I am from India and have been there in the stock market for last 2 years. I am fairly new to Forex Market and paid a bit of tuition fee as well to the market.While surfing FF I found your beautifull strategy and I am loving it and hope to make a humble turnaround.I did read all of your PDF and now going through Your's and EO's thread page by page to get deeper understanding. I did 3 trades since yday and all of them were winners.

I normally trade EU,EJ,AU and then GU once in a while.This was an EU trade.

I have explained why I took those trades.

Now I am long in EU @ 3215 and covered half @ 3246 and brought the S/L to BE for the other half.

A BIG thanks to you for your generosity and sharing culture.


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Regards
Inditrader
Regards Inditrader
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