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Ken's Continuing Successes with EO's system

  • #3,361
  • Dec 9, 2010 11:10am Dec 9, 2010 11:10am
Quote
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.

I meant to add that price has retraced between 50-61% on that swing. (from my 1 hour chart) Allthough you can see that retracement across the board and on the daily it is looking like it retraced past the 61% level so if she is heading south I think she will do it soon.
  • #3,362
  • Dec 10, 2010 12:30am Dec 10, 2010 12:30am
Here was an easy Asian trade, with the inverted mini H&S setup again. 15M A/U chart attached.

Those PPA and trendlines were drawn before the final low -- in fact that trendline had been on the chart for several hours, maybe more then a day, I can't remember when I added it (if you zoom out you can see why).
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  • #3,363
  • Dec 10, 2010 1:46pm Dec 10, 2010 1:46pm
Quoting dr mongolia
Here was an easy Asian trade, with the inverted mini H&S setup again. 15M A/U chart attached.

Those PPA and trendlines were drawn before the final low -- in fact that trendline had been on the chart for several hours, maybe more then a day, I can't remember when I added it (if you zoom out you can see why).
Great trade mate!

That inverted hammer on gu last night turned out to hold as a right shoulder as well it seems, good stuff! They do occur more often then one should think.

Have a good weekend all
  • #3,364
  • Dec 12, 2010 9:33am Dec 12, 2010 9:33am
charts
Attached Image(s) (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,365
  • Dec 12, 2010 9:43am Dec 12, 2010 9:43am
Now e/j Learn to spot this price action look for it after you get stopped on a trade that looks to be at the right levels. Re-entries tend to be the best entries as the indescision is over by then .
Attached Image(s) (click to enlarge)
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Good Trading To All ; Ken Lee
  • #3,366
  • Dec 12, 2010 9:57pm Dec 12, 2010 9:57pm
Quoting Kenneth Lee
charts
Yeah I'm loving these H&s's.. I got in on this possible right shoulder on E/J. (1H chart attached)

The green fibs are the 50/62 drawn from that major swing, starts all the way at the bottom (109.57) up to the most recent top (111.65)
Attached Image (click to enlarge)
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  • #3,367
  • Dec 12, 2010 11:01pm Dec 12, 2010 11:01pm
Quoting dr mongolia
Yeah I'm loving these H&s's.. I got in on this possible right shoulder on E/J. (1H chart attached)

The green fibs are the 50/62 drawn from that major swing, starts all the way at the bottom (109.57) up to the most recent top (111.65)

That is the best. Higher time frame chart and a higher right shoulder. Then the fib level as confluence. Nice trade ..
Good Trading To All ; Ken Lee
  • #3,368
  • Dec 13, 2010 2:30am Dec 13, 2010 2:30am
My first trade of the day. Breakout and retest trade. My entry was late after the close of the test candle.
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  • #3,369
  • Dec 13, 2010 2:46am Dec 13, 2010 2:46am
Quoting MCFly
My first trade of the day. Breakout and retest trade. My entry was late after the close of the test candle.
http://cdn.forexfactory.com/images/icons/icon14.gif got this too at 111.06 after frankfurt close beyond range ( 1h candle ) and later London open test this line
  • #3,370
  • Dec 13, 2010 2:57am Dec 13, 2010 2:57am
Quoting kodziro
http://cdn.forexfactory.com/images/icons/icon14.gif got this too at 111.06 after frankfurt close beyond range ( 1h candle ) and later London open test this line


I took partial profit @20 Pips and covered the rest.
  • #3,371
  • Dec 13, 2010 4:52am Dec 13, 2010 4:52am
Holding covered short at 111.45 now.
Long at 110.67 that dr mongolia did was realy nice, shame i wasn`t there.
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  • #3,372
  • Dec 13, 2010 8:17am Dec 13, 2010 8:17am
I just had to post this chart. I only got two of those, so its a nice way to reinforce myself to get on and take these trades when they present themselves as well!

I absolutely dig the heck out price when it enables you to get in and out like this, one setup leads to the next. Even I could spot it! So sexy!
Attached Image
  • #3,373
  • Dec 13, 2010 8:58am Dec 13, 2010 8:58am
Quoting Storeball
I just had to post this chart. I only got two of those, so its a nice way to reinforce myself to get on and take these trades when they present themselves as well!

I absolutely dig the heck out price when it enables you to get in and out like this, one setup leads to the next. Even I could spot it! So sexy!

Great Analysis. Of the gbp/usd trades .. Shame I slept in later than usaul night at work..


Great breakouts trades on e/j as well. Thos always seem like the best and easist the hard part is when they take those trades that long wicked candle is solid red and you have to enter against it or wait for the next candle which pulled back into it a bit. Then when it starts back up get in. That can get you a zero drawdown entry.


Way to go Doc.was the homer. Kodziro , McFly and Storeball. Thanks for sharing.
Attached Image
Good Trading To All ; Ken Lee
  • #3,374
  • Dec 13, 2010 9:11am Dec 13, 2010 9:11am
Quoting Kenneth Lee
Great Analysis. Of the gbp/usd trades .. Shame I slept in later than usaul night at work..


Great breakouts trades on e/j as well. Thos always seem like the best and easist the hard part is when they take those trades that long wicked candle is solid red and you have to enter against it or wait for the next candle which pulled back into it a bit. Then when it starts back up get in. That can get you a zero drawdown entry.


Way to go Doc.was the homer. Kodziro , McFly and Storeball. Thanks for sharing.
We're all slowly but surely catching up with you ken!
  • #3,375
  • Edited 11:02am Dec 13, 2010 9:58am | Edited 11:02am
Quoting Storeball
We're all slowly but surely catching up with you ken!
A lot of you are probablly past me. I do get some great entries but my failing is in holding the trades. I see a good many of you guys are better at that than me.

Like JohnyKanoo said last week if we can start by just leaving a tiny bit of a homerun in a trade , That could make a lot of difference in a accounts ballance and our overall trading mentality as we start to acheive greater goals by positive trading methods it will become the norm and not feel alien to us.

But the hardest part is those first view babysteps. That is what is the difference between those that seeminglly take to trading as easy as eating. They focused on each part intently and didn't waiver from the path. Tight stops, Covering trades, Adding back,

The path has room for personal adaption , but the core needs to be adhered to for great success. Get in tight and stay in till your higher time frame says get out. Don't stay to focused on the entry chart 15 min . all the time, Just because some scalp and do well at it doesn't mean that the overall goal should be changed, to have great trades with large positions.

Those that scalp using larger positon sizing than longer term traders with larger stops. Will realize the biggest gains IF they can EVER let those trades run to completion.

I don't have a answer yet for acomplishing that goal for my self . But continue to work on my own abilities to pull that off. I 100% believe that this is where the large precentage of failed traders to successful traders accures. Not in the trading itself but in the ability to control oneself.

Always keep in the forefront in your mind. That ulitmately you are the only one that has your future in the best interest and remind yourself before every trade that if you do this , SINGLE trade correctlly it will ultimatelly create a life that most can't imagine.

Trade Happy Ken
Good Trading To All ; Ken Lee
  • #3,376
  • Edited 10:41am Dec 13, 2010 10:31am | Edited 10:41am
Quoting Kenneth Lee

I don't have a answer yet for acomplishing that goal for my self . But continue to work on my own abilities to pull that off. I 100% believe that this is where the large precentage of failed traders to successful traders accures. Not in the trading itself but in the ability to control oneself.
As my entries have gotten better, I’ve been spending more and more time concerning myself with trade management rather than how to actually trade. I have slowly but surely been coming to this conclusion and have had one or two epiphanies along the way too.

Three scenarios, three traders all trading the same three entries. Trader one is a strict 1-1 r/r trader, a typical scalper maybe. Trader 2 likes to take half off and let half run. Trader 3 is an all or nothing trader. Trader 2 and 3 manage their trades the same way.

Trade entry one is 15 pips and then a reversal (15 pip stop). Trade 2 is 30 pips (15 pip stop) and the last trade is the bottom of a 120 pip run (15 pip stop. here is how the traders faired:

Trader one won on all three and was up 6% at the end. Nice!

Trader two only won two and was BE other (first). One was just a half win and the other, a full win and then some. He was up 12% after the trades.

Trader three lost the first one, got half on the second but nailed all 120 pips on the third. He was up 17% at the end.

Of course, you could say this is all cherry picked but I did some testing at the weekend and if you have a sound trade management approach, leaving your full position on until the trade is done, is easily the best approach to attain the epic gains that we are all after.

The only thing stopping you doing it is your own mind and we have to conquer that. My battle commences from here on in.
  • #3,377
  • Dec 13, 2010 12:04pm Dec 13, 2010 12:04pm
Here's an interesting trade on EJ.. I attached the daily chart. You can see the 50EMA bolded in green, intersecting with the 50% fib level, bolded in red. The red fibs are drawn from the very top of the most recent major swing to the bottom. This is esentially a 50/50 retracement trade on the daily, the type we usually use on the 15M. The only real difference is that I think there tend to be more fib traders around the major swings on the daily (so its drawn from the very top at 115.73, instead of the most recent "micro" swing top at 115.00) as opposed to on the 15M.

EDIT: I forgot to mention the specific entry opportunity, if you look at the 15M we had a DBHLC right at our key area.. I entered there but moved my stop too soon and got stopped out. Found another seat after the 10EMA bounce failed to make a new high.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_JPY Spot.png Size: 31 KB
  • #3,378
  • Dec 13, 2010 12:28pm Dec 13, 2010 12:28pm
Quoting Kenneth Lee
A lot of you are probablly past me.
Ken you are consistently pulling over 20% trading only a few hours a week! I think for almost all of us here, that is the grail.. It is truly amazing.
  • #3,379
  • Dec 13, 2010 1:05pm Dec 13, 2010 1:05pm
Heres a GU short that is similar to the EJ short.. The only difference is that the 35SMA lines up with the 50% fib instead of the 50EMA (as was the case in GU). There was also a boatload of signals on the lower TFs.. DBHLC on 15M, pin on 1H, 4H pin off 200SMA, weekly R1 (EDIT: Forgot RN too)
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD Spot.png Size: 34 KB
  • #3,380
  • Dec 14, 2010 11:18am Dec 14, 2010 11:18am
Hi all,
not much to trade today. I was away when the G/U down move started. But I was lucky that I could go long when the price on the 4hr touched the lower channel line and the 61.8% Fib. The 1 hr 200 sma was also there. My first tp was 1.5800 and my next tp is the 5815-25 area where the 15m 200sma/35sma/50ema and the 1 hr 50/62 Ma's are located.
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