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Ken's Continuing Successes with EO's system

  • #3,261
  • Dec 6, 2010 12:11pm Dec 6, 2010 12:11pm
Quoting Trotty
Hi Duffy,

The first thing I do when I read a segment from the thread is to pull up the right day on GU on MT4. I can't make head nor tail of what they're talking about unless I can see that historic data.

I haven't gone through the cable thread and i'm not aware that he's present or been present on any other forum (but would be very interested if he is), reading the thread at the same time as trading, working, following this thread and sitting through the course posted up here last week are time-consuming enough!
Thanks for the reply. On this thread, I haven't found it necessary to pull up the historical charts. Ken, and most others, have done a great job of supplying charts and analysis. That's why I turned to this thread first instead of diving first into EO's.

That one is really daunting, not only for its size, but because it pretty much demands you have the charts up at the same time to make sense out of anything that's being said.
  • #3,262
  • Dec 6, 2010 12:25pm Dec 6, 2010 12:25pm
took a short scalp on the gbp at the 1.5714 line a daily line for me

another touch entry

If you look left you will see it stalled then retested on the run down .

So it is of interest to me. I may hold this one as it is with the trend so far . Up 9 pips right now. 1:24

Saw 10 breifly may should have taken it 1:28

if your goal was 20 a day , 100 a week that would be half your daily goal.

as easy as that about 10 minutes worth of trading

Don't really like the green bodied hangman red would be better

If you don't like that touch trade there also is a upward angled channel on the 15 min which corresponded to that line 1:33
Good Trading To All ; Ken Lee
  • #3,263
  • Dec 6, 2010 12:39pm Dec 6, 2010 12:39pm
(G/U) I see that touch trade in retrospect, I was waiting for PA to test 1.5728 so I completely missed it. But I can see on the way down we had 3 wicks off of that level and then a break/retest, a sure sign of strength.. Now to just learn to see the scalps in real time
  • #3,264
  • Dec 6, 2010 12:42pm Dec 6, 2010 12:42pm
Chart
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,265
  • Dec 6, 2010 12:42pm Dec 6, 2010 12:42pm
Here are two trades that i took today on USDCAD pair.

1. SECOND CHART 15M. Neat and clean cross and reverse trade. Got out too early. Anyway, no regrets. Tomorrow will be another day IF i learn today.

2. FIRST CHART 1H. The red horizontal line goes a loong way back so i was watching! Then i have a DBHLC there. I wait. Next time she comes close enough to that line i sell. DBHLC is valid till price takes it out right? BUT 15M gets real messy there and makes me wonder if this is right trade. DOUBT gets in my head. So i close for -4. Wish i had more faith (:

Anyway not a bad day for starters. Any comments on these trades?
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Making money is easy- Just dont take losing trades
  • #3,266
  • Dec 6, 2010 12:55pm Dec 6, 2010 12:55pm
Chart
Attached Image (click to enlarge)
Click to Enlarge Name: monday a.JPG Size: 269 KB
Good Trading To All ; Ken Lee
  • #3,267
  • Edited 1:16pm Dec 6, 2010 1:01pm | Edited 1:16pm
Quoting Survivor
Here are two trades that i took today on USDCAD pair.

1. SECOND CHART 15M. Neat and clean cross and reverse trade. Got out too early. Anyway, no regrets. Tomorrow will be another day IF i learn today.

2. FIRST CHART 1H. The red horizontal line goes a loong way back so i was watching! Then i have a DBHLC there. I wait. Next time she comes close enough to that line i sell. DBHLC is valid till price takes it out right? BUT 15M gets real messy there and makes me wonder if this is right trade. DOUBT gets in my head. So i close for -4. Wish i had...

One thing that you may have not noticed is that wasn't a DBHLC as they weren't the highs the previous candle went higher which is where your entry candle retested.

The devil is in the details they say. The candle you got out on was the best entry being a hangman and bearish colored body. Again a good trade just a bit to soon .

The hard part is to keep looking for your entry even if you get out because you will find that the areas are good , but we just jump in a bit to soon ..

Good trade on the second and this one wasn't bad but if you had noticed that you got a second signal then you may have held it.

Nice Going though Ken
Good Trading To All ; Ken Lee
  • #3,268
  • Dec 6, 2010 1:10pm Dec 6, 2010 1:10pm
So how to trade that .

Pull your fib top to bottom after that first little pull back up.

Extend to the right

Look left and locate the PPA areas then look for the extremes of those areas. The edge and when price gets as close as it can to those edges . Enter. JUMP..

They are almost always good for a nice scalp and also will get you into the trend if it continues. They are what a 5:00 and 1 :00 O'Clock trade are made of. as well . Till price stalls then the MA's flatten out . And the PPa and fib is your guide.

As time goes along you won't need the fib tool you will see these three levels easy enough and find yourself entering right on them not knowing you did. Till you pull them but you will know that it was in the zone. Which is all that matters.
Good Trading To All ; Ken Lee
  • #3,269
  • Dec 6, 2010 1:15pm Dec 6, 2010 1:15pm
Some may think the 38.2% are the hardest because they are a shallow retracement. But in reality they are the safest and best as they can be nothing more than profit taking . But the bears have not given up as seen by the following pushes back down.


The first retracement s are where we can get a ride on the bus for a nice bit of gains . If not the first goal is to break the previous low and you can see it never happened in all those shorts. But we got good reversal signals each time. and then we have the 62 ema and the 200 sma to help show the way.
Good Trading To All ; Ken Lee
  • #3,270
  • Dec 6, 2010 1:30pm Dec 6, 2010 1:30pm
Quoting Kenneth Lee
One thing that you may have not noticed is that wasn't a DBHLC as they weren't the highs the previous candle went higher which is where your entry candle retested.

The devil is in the details they say. The candle you got out on was the best entry being a hangman and bearish colored body. Again a good trade just a bit to soon .

The hard part is to keep looking for your entry even if you get out because you will find that the areas are good , but we just jump in a bit to soon ..

Good trade on the second and this one wasn't bad but if you had...
Thanks ken. Appreciate your comments. Am just learning things with a slow mover. Will keep in mind next time. Yes i had my doubts about that DBHLC. Just didn't know who to ask. Great help here.
Making money is easy- Just dont take losing trades
  • #3,271
  • Dec 6, 2010 2:27pm Dec 6, 2010 2:27pm
well I missed the nice break out to the northside on gu. Too bad.

I never trade these hours so I have a question.

Right now cable is hovering around 5719 area it made a high of 5735 and rejected that level.

I remeber somebody mentioned something about the Asian stroll? Was that all pairs or just some pairs in particular?

With gu rejecting 5735 level it would seem like a good spot to short or in that area.

My question is When price is doing it's Asian stroll thing does it usually act rangebound or will it make new session highs/lows?
  • #3,272
  • Dec 6, 2010 2:40pm Dec 6, 2010 2:40pm
Quoting johnnykanoo
well I missed the nice break out to the northside on gu. Too bad.

I never trade these hours so I have a question.

Right now cable is hovering around 5719 area it made a high of 5735 and rejected that level.

I remeber somebody mentioned something about the Asian stroll? Was that all pairs or just some pairs in particular?

With gu rejecting 5735 level it would seem like a good spot to short or in that area.

My question is When price is doing it's Asian stroll thing does it usually act rangebound or will it make new session highs/lows?

Asian drift on the gbp would have been the long from the bottom after London fix.

It normally is a retracement trade that just slowly drifts. in this case up,

same with e/j

They can be hard to hold being so sloooww.
Good Trading To All ; Ken Lee
  • #3,273
  • Dec 6, 2010 2:42pm Dec 6, 2010 2:42pm
EDIT: Ahh Ken replied as I was typing. Yeah, like I thought, I am not up to speed on all the Asian drift details, I need to go back and reread them.
  • #3,274
  • Dec 7, 2010 3:19am Dec 7, 2010 3:19am
May not be huge amounts to gain from this if it doesn't break the top but I am expecting a retest at the least and some decent enough pips from this, even if that's all we get.

Edited to say, just re-read the explanation for this trade and it's awful. Sorry about that, let me know if anyone doesn't understand what I am very poorly trying to articulate here!
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  • #3,275
  • Dec 7, 2010 3:47am Dec 7, 2010 3:47am
Something iv been thinking about.

Could we make an argument that touch trades infact are a higher probability trade then waiting for candlestick trigger trades?

In some form a candlestick is a lagging indicator, it is after the fact. Knowing we should take most of our entries from either a ma, trading zone or support/resistance line, then to get the tightest entry with the smallest stop isnt it more logical to take it directly of the touch?

You could say that the area is not "confirmed" with a lack of a candlestick trigger, that might be true but often enough the case is that price is not willing to give up more than the first bounce for a couple of pips profit. In those cases waiting for a candle trigger will net you a loss compared to taking it of the touch.

Of course if we're unsure of how we find our areas of interest then taking touch trades could be potentially very harmful, and you could be seeing trades everywhere. But if we know where our lines of interest are, and put our trust in those, the potential for equity growth should be bigger.

I'm so amazed to see Ken doing 20% growth in a week or less, simply by trading a couple of hours when he got some time. To me at least, it seems like that is possible because he is in fact taking a lot of touch trades from his lines of interest. You'll also see in Chris Loris course which JohnnyKanoo posted, that even though he has a section on candle triggers I dont think iv yet seen any of his "live" examples where the entry actually is one. Then as well you got Kodziro who has a lot of examples of how he mainly trades directly of lines or with po.

Now I may very well be late to the party here just realizing this :nerd: and I know its not one or the other when we trade, but lately iv been taking a lot more touch trades and my win rate has improved.

I just find it interesting, like I pretty much do with anything that has to do with trading as im a big forex nerd but wondering what experience people have with trading touches compared to triggers?
  • #3,276
  • Dec 7, 2010 3:51am Dec 7, 2010 3:51am
Quoting Storeball
Something iv been thinking about.

Could we make an argument that touch trades infact are a higher probability trade then waiting for candlestick trigger trades?

In some form a candlestick is a lagging indicator, it is after the fact. Knowing we should take most of our entries from either a ma, trading zone or support/resistance line, then to get the tightest entry with the smallest stop isnt it more logical to take it directly of the touch?
Good argument there. I have been much more sucessful with touch trades than candles. But I think its a matter of experience and understanding what you are doing. Am sure many people here must be making huge money with both.
Making money is easy- Just dont take losing trades
  • #3,277
  • Dec 7, 2010 3:57am Dec 7, 2010 3:57am
Quoting Survivor
Good argument there. I have been much more sucessful with touch trades than candles. But I think its a matter of experience and understanding what you are doing. Am sure many people here must be making huge money with both.
For sure. I also belive Ken once said that Pippinole when he started trading eo style only took trades of triggers and still had amazing results. So there are no absolutes. I just find at least for myself that taking a greater degree of touch trades is positiv for my equity, which is what matters. But really mastering trading of touches seems to be what enables Ken, and also Buildcity if you read his posts, to just sit down in front of a chart and start making good trades in a fairly short amount of time.
  • #3,278
  • Dec 7, 2010 4:30am Dec 7, 2010 4:30am
Quoting Storeball
Something iv been thinking about.

Could we make an argument that touch trades infact are a higher probability trade then waiting for candlestick trigger trades?

In some form a candlestick is a lagging indicator, it is after the fact. Knowing we should take most of our entries from either a ma, trading zone or support/resistance line, then to get the tightest entry with the smallest stop isnt it more logical to take it directly of the touch?

You could say that the area is not "confirmed" with a lack of a candlestick trigger, that might be true...
Strangely enough, this is what i've slowly been starting to realise and have seen my trading take this route without necessarily being aware that it was.

The problem for new starters is to have faith and trust in their levels. If they haven't seen them play out dozens of times before, they just won't have the confidence to take the touch.

Once you have done it over and over though, it starts to become second nature and the idea of waiting for a candle to confirm that you are trading at the right area becomes far less important to you - you KNOW you are at the right area.

That's not to say that we stop letting candles point the way for us and I still take many trades that are either driven by the candles or based entirely on the candles but touch trades almost always give me quicker and better profit.

Using M1 with volume is another way to enter on or around you major areas of interest but maybe not something that's for everyone.
  • #3,279
  • Dec 7, 2010 5:03am Dec 7, 2010 5:03am
No man, I still make mistakes day by day..... lot to learn from Ken and you guys

But one thing is sure that we all draw the PPA ~ s/r from higher time frames, and trade off similar entries on lower TF, we just have different stuff to confirm our entries. Remember Ken did share no matter what system we used (supposed to be a good one, of course), if we removed all the MAs / Fibs / indicators from our chart, then you probably spot the same entry area.

Just my view

Eric




Quoting Storeball
For sure. I also belive Ken once said that Pippinole when he started trading eo style only took trades of triggers and still had amazing results. So there are no absolutes. I just find at least for myself that taking a greater degree of touch trades is positiv for my equity, which is what matters. But really mastering trading of touches seems to be what enables Ken, and also Buildcity if you read his posts, to just sit down in front of a chart and start making good trades in a fairly short amount of time.
  • #3,280
  • Dec 7, 2010 7:42am Dec 7, 2010 7:42am
Quoting Trotty
May not be huge amounts to gain from this if it doesn't break the top but I am expecting a retest at the least and some decent enough pips from this, even if that's all we get.

Edited to say, just re-read the explanation for this trade and it's awful. Sorry about that, let me know if anyone doesn't understand what I am very poorly trying to articulate here!

I actually took a small short from that area out of that consolidation to the left for about 18. it was to high in the previous swing to trust for a long run back down so just a scalp.

Was a quick trade after I got off work around midnight eastern time

Nice trade the breakout retest of that area I also have a 4 hr line there 1.5761.
Good Trading To All ; Ken Lee
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