Ken's Continuing Successes with EO's system | Page 168 | Forex Factory

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Ken's Continuing Successes with EO's system

  • #3,341
  • Dec 9, 2010 4:24am Dec 9, 2010 4:24am
Quoting Trotty
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.

http://www.forexfactory.com/images/icons/icon14.gif

That is why I love frankfurt/london open ( Frankfurt try to break yesterdays high ). All we have to do is be there on time, choose right pair and place to trade in order to reduce our risk to minimum.
  • #3,342
  • Dec 9, 2010 5:02am Dec 9, 2010 5:02am
Quoting kodziro
http://www.forexfactory.com/images/icons/icon14.gif

That is why I love frankfurt/london open ( Frankfurt try to break yesterdays high ). All we have to do is be there on time, choose right pair and place to trade in order to reduce our risk to minimum.
Yeah, I was up a little late for the test of yesterday's high but this was a decent second entry
  • #3,343
  • Dec 9, 2010 6:47am Dec 9, 2010 6:47am
Different view of that breakout
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Thursday 1a.jpg Size: 168 KB
Click to Enlarge Name: Thursday 1b.JPG Size: 173 KB
Good Trading To All ; Ken Lee
  • #3,344
  • Dec 9, 2010 7:25am Dec 9, 2010 7:25am
Quoting Kenneth Lee
Different view of that breakout
Hmm, that is odd. Your first platform has the high a good deal lower than the seond. The second platform is same as my Alpari and Oanda.
  • #3,345
  • Dec 9, 2010 7:26am Dec 9, 2010 7:26am
did anyone take this gu long? It is as perfect as it gets.
There is an up channel and price bounced the bottom. I'm in at 1.5742

btw disregard the fibs they are there from the other day
Attached Image (click to enlarge)
Click to Enlarge Name: gu channel long.gif Size: 26 KB
  • #3,346
  • Dec 9, 2010 7:53am Dec 9, 2010 7:53am
Quoting Trotty
Hmm, that is odd. Your first platform has the high a good deal lower than the seond. The second platform is same as my Alpari and Oanda.

Yes sometimes I wonder about GFT , I just like the charting
Good Trading To All ; Ken Lee
  • #3,347
  • Dec 9, 2010 7:56am Dec 9, 2010 7:56am
Quoting Kenneth Lee
Yes sometimes I wonder about GFT , I just like the charting
I was thinking before that I love the way the candles are glued together that way, makes it easier to make sense of the formations.
  • #3,348
  • Dec 9, 2010 8:16am Dec 9, 2010 8:16am
I have locked in profit twice and am letting a small portion of my position go (aprox 20%) This is Chris Lori style MM he says that on the occasion that you hit a home run that little 20% will end up doubling your profits or even more. It makes sense so I close 50% at TP1 (whatever that may be) Then I close 30% at TP2 and I let 20% ride or if Im not feeling it maybe I'll let 10% ride and close an additional 10% profit.
Attached Image (click to enlarge)
Click to Enlarge Name: gu channel long2.gif Size: 26 KB
  • #3,349
  • Dec 9, 2010 8:18am Dec 9, 2010 8:18am
Quoting johnnykanoo
I have locked in profit twice and am letting a small portion of my position go (aprox 20%) This is Chris Lori style MM he says that on the occasion that you hit a home run that little 20% will end up doubling your profits or even more. It makes sense so I close 50% at TP1 (whatever that may be) Then I close 30% at TP2 and I let 20% ride or if Im not feeling it maybe I'll let 10% ride and close an additional 10% profit.

Great trade , Thanks for sharing all the advice.
Good Trading To All ; Ken Lee
  • #3,350
  • Dec 9, 2010 8:41am Dec 9, 2010 8:41am
Anyone catch the 50/50 trade on e/u ?

50 ema and 50% fib and nice pin .
Good Trading To All ; Ken Lee
  • #3,351
  • Dec 9, 2010 8:46am Dec 9, 2010 8:46am
chart
Attached Image (click to enlarge)
Click to Enlarge Name: Thursday 1c.JPG Size: 170 KB
Good Trading To All ; Ken Lee
  • #3,352
  • Dec 9, 2010 8:48am Dec 9, 2010 8:48am
I grabbeda short scalp on the gbp after that engulfing tweezers. closed with 12 that and the 10 last night made my goal plus just not trusting the Price Action . better unemployment news should have a had different reaction . So Just happy to get my goal . Will look later for more.
Good Trading To All ; Ken Lee
  • #3,353
  • Dec 9, 2010 8:56am Dec 9, 2010 8:56am
Quoting Kenneth Lee
Anyone catch the 50/50 trade on e/u ?

50 ema and 50% fib and nice pin .
Store and I highlighted the setup. he took it and I missed it as I had work stuff to do

But, I did catch the Aussie long off the 35 sma, fib trading zone and yesterdays high after it broke past it again. TP1 locked in and stop at BE for the second bit to hopefully ride up to the top for TP2.

Will try and post the chart later.
  • #3,354
  • Dec 9, 2010 8:56am Dec 9, 2010 8:56am
Quoting Kenneth Lee
Anyone catch the 50/50 trade on e/u ?

50 ema and 50% fib and nice pin .
Caught it and banked it as Trotty said I took it of the previous candle though which rejected the 50 ema and closed below the ppa area you marked. Might be a little aggressive but worked out.

This morning when I looked at my charts I was expecting a nice bull run on the eu, has been far from it. A good reminder why we trade what we see not what we expect
  • #3,355
  • Dec 9, 2010 9:14am Dec 9, 2010 9:14am
Everyone notice on the e/u and gbp/usd . That price moved up into the engulfing candles a good entry spot if there ever was on. If you combine the engulfing with the previous candle you get a nice pin with a long wick. Best entry always in the wick for min. drawdown. e/u wasn't a great pin but still good entry . engulfing are strong signals . voiding out at times many previous candles
Good Trading To All ; Ken Lee
  • #3,356
  • Dec 9, 2010 9:15am Dec 9, 2010 9:15am
Quoting Storeball
Caught it and banked it as Trotty said I took it of the previous candle though which rejected the 50 ema and closed below the ppa area you marked. Might be a little aggressive but worked out.

This morning when I looked at my charts I was expecting a nice bull run on the eu, has been far from it. A good reminder why we trade what we see not what we expect

YOU DA MAN!



Second TP for Aussie failed and stopped at BE for .5:1 on that one.
  • #3,357
  • Dec 9, 2010 9:50am Dec 9, 2010 9:50am
Quoting Kenneth Lee
I grabbeda short scalp on the gbp after that engulfing tweezers. closed with 12 that and the 10 last night made my goal plus just not trusting the Price Action . better unemployment news should have a had different reaction . So Just happy to get my goal . Will look later for more.
My chart showed a 35/50 trade. I went short but not with a 35 pip sl. I got stopped out but when I would have used the 35 pip sl I would have made good pips. Right idea wrong sl.
  • #3,358
  • Dec 9, 2010 9:53am Dec 9, 2010 9:53am
good thing i took profit! I would have given most back. I only have 10% on and I am going to let that go for a while and see what happens. Eventually she is going to break through the 5820 stronghold and when she does I expect some good momentum.
Attached Image (click to enlarge)
Click to Enlarge Name: gu channel good thing i took profit.gif Size: 26 KB
  • #3,359
  • Dec 9, 2010 10:03am Dec 9, 2010 10:03am
actually the gu is forming what looks like a rising wedge? I'm not up on all the different nuances between wedges verses flags verses triangles ets ets but if my memory serves me right isn't this really a bearish formation even though it is sloping up? anyway I will remain nimble and trade what I see
Attached Image (click to enlarge)
Click to Enlarge Name: gu rising wedge.jpg Size: 81 KB
  • #3,360
  • Dec 9, 2010 10:20am Dec 9, 2010 10:20am
Yeah the daily is extremely bearish as well.. right on a TL, fib level, and couldn't close above the 50MA again, plus looks like we'll fail to close above it again for the 3rd day in a row.

Of course as you said we've got to stay nimble, no telling what will happen but if we enter and cover on our setups we'll be fine.
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