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Attachments: Ken's Continuing Successes with EO's system
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Ken's Continuing Successes with EO's system

  • #3,321
  • Dec 8, 2010 11:05am Dec 8, 2010 11:05am
Doesn't this system seem to have similarities to Cornflower, I mean is their a risk that it will stop working when the strong trending markets end?
  • #3,322
  • Dec 8, 2010 11:07am Dec 8, 2010 11:07am
That is why I took half off, Just wasn't convinced it was ready to drop.

That 50 ema was a nice entry above look for longs below shorts. The basics are always the best to rememeber.


Trade safe Off to work for me ..
Good Trading To All ; Ken Lee
  • #3,323
  • Dec 8, 2010 11:11am Dec 8, 2010 11:11am
Quoting Stilgare
Doesn't this system seem to have similarities to Cornflower, I mean is their a risk that it will stop working when the strong trending markets end?
I don't know anything about cornflower

But this is solid Price Action trading . I have been trading this way for over 2.5 years. It is nothing but the basics which will serve you well no matter what the market does.

It is always easier to trade a strong trend . But as you can see the basics give you ample knowledge to trade what is offered . It has always been Trade what you see not what you expect.

Good luck with it. Ken
Good Trading To All ; Ken Lee
  • #3,324
  • Dec 8, 2010 11:30am Dec 8, 2010 11:30am
Plus this is another reason I try and show that we can make a living off what we can get , Just because some can make incredable gains doesn't mean that when the market ranges we can't profit. maybe not as much but maybe more than you can imagine.

So many fail by trying to follow others that would do well if they found their own path and not force themselves do to what is uncomfortable. You will progress as your knowledge does . You will see where your giving away gains. When money finally becomes a tool to make more and not like the air you need to live.

It takes time you must progress steady and surelly without fear and slowlly learn these things . Few can just go from begining to lightspeed in a few months.

Pippin who became one of the best quicklly started by looking for only 40 pips a session , which was normally one a+ trade. Then with knowledge he started looking for 100 pips a session between two pairs. Which became his low average.

Will you get it as fast no one knows not even yourself. But if you really try and understand what is happening and learn some self control it is all here to be had.

But keep your eye on the big picture a coupel of big trades a day or even one. Is really the goal. Then with time maybe the trades that last a few weeks , just making a adjustment here and there.

But if like today and you can only trade the U.S. session and it's 40 pip range. You can also learn to take a few 20 to 40 pippers to make your goals.
Good Trading To All ; Ken Lee
  • #3,325
  • Dec 8, 2010 12:17pm Dec 8, 2010 12:17pm
Ken, your last post is exactly right. I still have my own battles with getting out too early only to see that I was going in the right direction. I currently look for trades that will make enough so that "I feel good for the day".

Thank you for what you do. It's not often you see an individual with a passion but when you do it's obvious.

maximus

ps. do you remember the position sizes EO was trading (curious)
  • #3,326
  • Dec 8, 2010 3:48pm Dec 8, 2010 3:48pm
Quote
well bulls are pushing hard. In a few pips my trade will be stopped and I will have to look long we will have to see if 5820 can hold the bulls back. If it hits that area hard it will probably bounce hard even if it is going to break, or it could just break if there is enough momentum which there seems to be. Its a shame I have to leave in 5 minutes I can't trade this right now http://cdn.forexfactory.com/images/smilies/yim/sad.gif

Well its too bad I wasnt here to trade today. Gu bounced the 5820 (5835) level so hard if I were to short her at 5820 I would have collected a lot of pips on that huge bounce. I think it ended up being like a 75 pip bounce. That is one thing she is good for when she hits a level she is good for a minimum of 30 pip bounce even if she is going to continue. Ow well I am happy to be trading NY and learning more and more every day.
  • #3,327
  • Dec 8, 2010 3:59pm Dec 8, 2010 3:59pm
figured Id post a chart. I love trading!!! BTW I love the chart setups like the duck and my personal favorite the puss I mean cat
Attached Image (click to enlarge)
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  • #3,328
  • Dec 8, 2010 4:26pm Dec 8, 2010 4:26pm
Quoting johnnykanoo
figured Id post a chart. I love trading!!! BTW I love the chart setups like the duck and my personal favorite the puss I mean cat
LOL yeah the duck had my cracking up. I'm watching GU as well and waiting for a chance to short it again, another lower high and I think this is the last we'll see of the 50MA on the daily for a while.

Of course if we get a northbound breakout instead we might be headed for the 35MA/50% fib on the daily so I'm watching for that as well..
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD Spot.png Size: 26 KB
  • #3,329
  • Dec 8, 2010 7:40pm Dec 8, 2010 7:40pm
This is my first attempt at evaluating a chart here, and I would be very interested in hearing if I'm going about this correctly. This is the H4 as of 9:30 Eastern Time.

Earlier today it looked like the H1 was forming a head and shoulders, but that has now failed. I drew a trendline over the recent peaks. It is pointing straight at a confluence of a Round Number, the Weekly R1 and the Daily R2. I also did a Fib on the last big swing down, and this same spot is almost exactly the 61.8 retracement. On top of that, looking left, there is significant S/R from a swing bottom a couple of weeks ago.

If you look at the current move (24 hour surges, followed by appox. 16 hour retracements), it looks like we might hit that level sometime around London open. Any thoughts?

(Edit: The S/R levels don't appear on the posted chart. They are from around Nov. 16)
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  • #3,330
  • Dec 8, 2010 8:05pm Dec 8, 2010 8:05pm
Quoting duffypratt
This is my first attempt at evaluating a chart here, and I would be very interested in hearing if I'm going about this correctly. This is the H4 as of 9:30 Eastern Time.
Hey,

There's never really a right or a wrong way to analyze a chart. The more times you do it the more detail you'll see. Here's my 4H attached. I zoomed out a bit to show you this trendline. I attached the daily too, same TL on it. When a TL is that clean you can be sure a lot of traders have an eye on it. If it breaks the TL you can see all the confluence around 1.5900 (50% fib level and 35 on the daily plus 200 and 150 on the 4H) so in that case it'll probably bounce off 1.5900 and retest the TL.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP 4H.png Size: 42 KB
Click to Enlarge Name: GBP_USD Spot.png Size: 26 KB
  • #3,331
  • Dec 8, 2010 8:12pm Dec 8, 2010 8:12pm
Also,

Quoting duffypratt
Earlier today it looked like the H1 was forming a head and shoulders, but that has now failed...
I see what you mean on the 1H, it's looking really sloppy, but it still hasn't closed above the pin. I think it looks a lot clearer on a zoomed-out 15M. If you look at the 15M (attached) you can see a high, a higher high, and now what may be a lower high. I sold at the wick of what I was anticipating to be the head and covered. If I get stopped out BE I'll try again until we get a close above 1.5837, the previous high, and in that case I'd look for a breakout to 1.5900.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD Spot.png Size: 33 KB
  • #3,332
  • Dec 8, 2010 9:52pm Dec 8, 2010 9:52pm
Little trade I took after work tonight. It isn't much but I only need 20 a day for 20% so half my min amount .
Attached Image (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,333
  • Dec 8, 2010 9:55pm Dec 8, 2010 9:55pm
Quoting Kenneth Lee
Little trade I took after work tonight. It isn't much but I only need 20 a day for 20% so half my min amount .
Correct me if am wrong. As i understand it, its a 1 o clock trade. You entred after the green candle closed above fast EMA. Tp is obvious at previous high.
Making money is easy- Just dont take losing trades
  • #3,334
  • Dec 8, 2010 10:03pm Dec 8, 2010 10:03pm
Quoting dr mongolia
Also,



I see what you mean on the 1H, it's looking really sloppy, but it still hasn't closed above the pin. I think it looks a lot clearer on a zoomed-out 15M. If you look at the 15M (attached) you can see a high, a higher high, and now what may be a lower high. I sold at the wick of what I was anticipating to be the head and covered. If I get stopped out BE I'll try again until we get a close above 1.5837, the previous high, and in that case I'd look for a breakout to 1.5900.
I think we had different head and shoulders in mind. On the one you have drawn, the left shoulder is way too close to the head for my liking. I was looking back a day for the left shoulder, as you can see...
Attached Image (click to enlarge)
Click to Enlarge Name: 500474325_ MBT MetaTrader 4 - Demo Account - GBPUSD,H4.jpg Size: 91 KB
  • #3,335
  • Dec 8, 2010 10:18pm Dec 8, 2010 10:18pm
Quoting Survivor
Correct me if am wrong. As i understand it, its a 1 o clock trade. You entred after the green candle closed above fast EMA. Tp is obvious at previous high.

I actually entered late I get off work at 11 and it takes me 15 min to get home I would have entered right on that red daily line I have there. It was a retest it could be considered a 1:00 trade as well when it touched as MA's were pointing up then . It took a while to develop. One reason i closed. But yes it was clear it would mess around up here even if it does break.

The 1:00 and 5:00 trades are touch trades not based on any entry signal just decent PPA and a good level give them better odds.
Good Trading To All ; Ken Lee
  • #3,336
  • Dec 8, 2010 10:21pm Dec 8, 2010 10:21pm
Quoting duffypratt
I think we had different head and shoulders in mind. On the one you have drawn, the left shoulder is way too close to the head for my liking. I was looking back a day for the left shoulder, as you can see...

That isn't a head and shoulders with a higher right shoulder.
Attached Image (click to enlarge)
Click to Enlarge Name: 12j Head and Shoulders.jpg Size: 199 KB
Good Trading To All ; Ken Lee
  • #3,337
  • Dec 8, 2010 10:24pm Dec 8, 2010 10:24pm
Quoting Kenneth Lee
I actually entered late I get off work at 11 and it takes me 15 min to get home I would have entered right on that red daily line I have there. It was a retest it could be considered a 1:00 trade as well when it touched as MA's were pointing up then . It took a while to develop. One reason i closed. But yes it was clear it would mess around up here even if it does break.

The 1:00 and 5:00 trades are touch trades not based on any entry signal just decent PPA and a good level give them better odds.

Thanks. Much more clear now.
Sorry about dumb questions but i like to get into details- devil lies in details in trading at least
Making money is easy- Just dont take losing trades
  • #3,338
  • Dec 8, 2010 10:42pm Dec 8, 2010 10:42pm
Quoting duffypratt
I think we had different head and shoulders in mind. On the one you have drawn, the left shoulder is way too close to the head for my liking. I was looking back a day for the left shoulder, as you can see...
Yeah it all depends what you're comfortable with I suppose. I'm really just looking for a higher high (or low) and then a failure to make a new high (or low).

On the chart you attached, as Ken said you would want to include the wick of that pin in the pattern though, or at least in the classical definition of the pattern. Close price is of course always extremely important, and we will trade a signal candle like a pin inside the wick until price closes above it, but for a determining when price made an absolute higher high (or low) the wick is usually used instead of the close.
  • #3,339
  • Dec 8, 2010 10:49pm Dec 8, 2010 10:49pm
Quoting Kenneth Lee
That isn't a head and shoulders with a higher right shoulder.
Of course you are right. In my first post, I said it looked like a head and shoulders might be shaping up, and that it failed. The wick by itself might count as a failure, but the close was still below the head. And then it kept creeping up.
  • #3,340
  • Dec 9, 2010 1:18am Dec 9, 2010 1:18am
These are simple trades. If price has broken through resistance/support and the higher TF's are supporting a further move in that direction, look for a retest of the breakout area. I prefer it if the retest coincides with a fib level but this one didn't, it was with the 50 ema but without a great angle. It came up to the 50 fib and then belted down. My stop was below the 61.8% fib level.

The driver here were the H1 and H4 TF's that had a very bearish look to them.
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